发挥算电协同优势建设东数西算，投建绿电氢氨醇和绿色燃料 中国能建(601868) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 定增获得中国证监会同意注册批复，深度参与"东数西算"建设，抢抓新能源/氢能 /可控核聚变/抽水蓄能/压气储能/重力储能/特高压/雅下发展机遇。 投资要点： [维持增持。 Table_Summary] 维持预测 2025-2026 年 EPS0.21/0.22 元增 3.7/7.2%，预测 2027 年 EPS 为 0.24 元增 6.0%。2026 年两会政府工作报告要求实施超大规模 智算集群 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 2 月销量点评：总销量同环比提升，出 海新能源表现强势超预期 报告要点 [Table_Summary] 公司发布 2026 年 2 月客车销量。宇通 2 月销售客车 1806 辆，同比+15.0%，环比+4.5%，其 中大中客车销量 1410 辆，同比+1.7%，环比+6.5%；2026 年 1-2 月共销售客车 3534 辆，同 比-14.2%，大中客销量 2734 辆，同比-20.1%。全球客车龙头，长期成长性较好+持续高分红能 力，凸显投资价值。国内市场，座位客车持续增长，"以旧换新"政策加码，促进新能源公交增 长；海外市场，全球化+高端化战略推进，出口凸显盈利水平，支撑公司业绩持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summar ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4]. Core Views - The company is expected to achieve a revenue of 52.823 billion yuan in 2025, a year-on-year decrease of 6.99%, with a net profit attributable to shareholders of 1.755 billion yuan, down 9.99% year-on-year [3]. - In Q4 2025, the company is projected to achieve a revenue of 4.822 billion yuan, representing a year-on-year growth of 14.5%, and a net profit of 317 million yuan, up 82.49% year-on-year [3]. - The company is actively optimizing its franchise stores, closing 499 stores to reach a total of 5,142, while opening 16 new direct stores, bringing the total to 213 [3]. - The company is focusing on product innovation, including themed stores and collaborations with popular IPs, which are expected to enhance customer engagement and sales [3][4]. Financial Performance Summary - The company anticipates a significant increase in Q4 profits due to rising gold prices and effective pricing strategies post-tax reform [4]. - The net profit estimates for 2025-2027 have been slightly adjusted to 1.755 billion, 1.871 billion, and 1.973 billion yuan respectively, with corresponding P/E ratios of 12.5, 11.7, and 11.1 times [4]. - The company is expected to maintain a gross margin of around 9% in the coming years, with a projected revenue growth of 4% in 2026 and 2027 [12].

发挥算电协同优势建设东数西算，投建绿电氢氨醇和绿色燃料 中国能建(601868) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 定增获得中国证监会同意注册批复，深度参与"东数西算"建设，抢抓新能源/氢能 /可控核聚变/抽水蓄能/压气储能/重力储能/特高压/雅下发展机遇。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 40 ...

动向解读 ➢ "化工、交通"两大领域三大主业。公司坚定立足实体经济，以现有产业为基础，围绕产业链布局， 现已形成"化工、交通"两大领域三大主业的业务格局。新材料化工业务生产基地位于内蒙古乌海市， 已布局 30 万吨/年 BDO、36 万吨/年电石产能，未来将向上筹备兰炭、绿电等产能，向下拓展 PBAT 等新材料产能，向全球规模领先的 BDO 及可降解塑料一体化龙头企业目标奋进。轨道交通业务重点 布局"珠三角"、"长三角"以及国家"一带一路"沿线所覆盖的云南省、四川省等省份，致力于高 铁建设和城市地铁等项目的开拓发展。橡胶制品产业和化纤产业生产基地均位于三门县内，主要产品 有橡胶输送带、传动 V 带、聚酯切片及涤纶工业丝，公司是我国输送带及橡胶 V 带领域的龙头企业之 一。 Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 8 Mar 2026 环球富盛理财有限公司 三维股份Sanwei Holding Group (603033.CH ) "反内卷"共同维护市场健康，聚酯化纤盈利有望修复 'Anti involu ...

证券研究报告 计算机 | IT 服务Ⅱ 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 08 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 2026 | 年 | 03 | 月 | 06 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 165.31 | | | 一 年 内 最 最 | 高 | / | 低 | | | | | | | （元） | | | | | | 217.30/114.00 | | | | 总市值（百万元） | | | | | | | 9,870.56 | | | 流通市值（百万元） | | | | | | | 7,239.99 | | | 总股本（百万股） | | | | | | | 59.71 | | | 资产负债率（%） | | | | | | | 80.36 | ...

股票研究 /[Table_Date] 2026.03.08 核心高管拟增持，彰显长期发展信心 比音勒芬(002832) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 控股股东一致行动人&公司高管增持 1-2 亿元，彰显发展信心。主品牌比音勒芬持 续优化升级，多品牌矩阵捕捉多元机会。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,536 | 4,004 | 4,237 | 4,619 | 4,987 | | (+/-)% | 22.6% | 13.2% ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.24 CNY per share, based on a projected PB of 0.96 for 2026 [6][4]. Core Insights - The core management transition is smooth, ensuring strategic continuity and operational stability, which is crucial for future growth [10][14]. - The company is expected to see a turning point in asset quality as it accelerates the clearance of existing risks, with a projected improvement in non-performing loan ratios [10][23]. - The transformation towards corporate banking has shown significant results, with an increase in the proportion of demand deposits, indicating a robust growth strategy [10][38]. - The diversified profit centers are enhancing the company's fundamentals, with a strong contribution from subsidiaries and improved fee income expected as market conditions stabilize [10][48]. Financial Forecast and Investment Recommendations - The forecasted growth rates for net profit attributable to the parent company are 8.1%, 10.2%, and 10.6% for the years 2025, 2026, and 2027 respectively, with corresponding BVPS of 35.06, 38.96, and 43.27 CNY [4][5]. - The current A-share price corresponds to PB ratios of 0.90, 0.81, and 0.73 for the years 2025, 2026, and 2027 [4][5]. - The report suggests that the company's historical valuation supports the target price, which reflects a favorable investment opportunity [4][6]. Company Financial Information - The projected operating revenue for 2023 is 61.585 billion CNY, with a year-on-year growth of 6.4%, increasing to 87.772 billion CNY by 2027 [5]. - The net profit attributable to the parent company is expected to grow from 25.535 billion CNY in 2023 to 35.754 billion CNY in 2027, with a growth rate of 10.7% in 2023 [5]. - The company maintains a strong return on equity (ROE) and return on assets (ROA), with ROE expected to remain above 12% [18][42].

证券研究报告 港股通 中国平安 (601318 CH/2318 HK) 25 年预览：全年盈利稳步增长，四季 度有所回落 华泰研究 动态点评 2026 年 3 月 06 日│中国内地/中国香港 保险 中国平安公告将于 2026 年 3 月 26 日发布年度业绩，我们预计 2025 年公司 归母净利润同比增速达 6.8%，低于 2025 年前三季度的表现（11.5%）。公 司在经历 3Q25 加仓二级权益后，利润表现对股市波动更为敏感，我们认为 4Q25 利润表现或受股市扰动，预计同比有所下滑。此外，资产减值压力仍 然存在，或在四季度显现；公司四季度股价上行，导致发行的可转债价值下 跌，亦会对该季度利润产生压力。需要指出的是，2024 年利润已经属于历 史较高水平，会带来基数压力。剔除短期投资波动和非经常性影响，我们预 计 2025 营运利润有望保持稳健增长（+8.8%）。展望 2026 年，分红险有 望推动 NBV 保持有韧性的增长，财险承保表现有望向好，维持"买入"。 投资波动、减值、转债损失扰动 4Q25 利润表现 公司 2025 年三季度积极加仓交易性二级权益资产，在此背景下，公司利润 表现对股市波动更 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 37.8 yuan, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][16]. Core Insights - The company's revenue for 2025 reached 17.099 billion yuan, a year-on-year increase of 25.86%, while the net profit attributable to shareholders was 2.972 billion yuan, up 36.75% year-on-year [2]. - The increase in gold prices significantly contributed to the company's performance, with gold and silver prices rising by 43% and 35% respectively in 2025 [8]. - The company plans to produce 7-8 tons of gold in 2026, maintaining production levels for other metals [8]. - The company has made significant investments in resource exploration, with a total of 112 million yuan spent, resulting in a substantial increase in resource reserves [8]. - The company is also advancing its overseas projects, including the construction of the Twin Hills gold mine in Namibia, expected to commence production in the first half of 2027 [8]. Financial Summary - In 2025, the company achieved a gross profit margin of 31.83%, an increase of 1.9 percentage points year-on-year [8]. - The projected net profits for 2026, 2027, and 2028 are 4.776 billion yuan, 7.161 billion yuan, and 7.655 billion yuan respectively, reflecting year-on-year growth rates of 60.7%, 49.9%, and 6.9% [9]. - The company’s earnings per share (EPS) for 2025 is projected at 1.07 yuan, with estimates of 1.72 yuan, 2.58 yuan, and 2.76 yuan for the following years [9].