自制运输船快速推进，曹妃甸基地投产，完成丹麦、德国码头布局。2025 年 10 月，公司自制的首艘甲板运输船 KING ONE 号顺利吉水，载货能力、装 卸方式、运输效率等方面完美适配大型海工装备需求，公司自建的第三艘甲 板运输船举行铺底仪式。2025 年 9 月，公司曹妃甸基地建成投产，建成全球 首条超大型浮式基础智能产线。2025 年，公司先后完成丹麦、德国海上风电 母港码头布局，分别覆盖波罗的海、北海两大欧洲海风开发区域。 证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 全年业绩中值同比增长 137%，海外海风量利齐增。公司发布 2025 年度业绩 预告。2025 年公司预计实现归母净利润 10.50-12.00 亿元，中值 11.25 亿元， 同比+137.40%；扣非净利润 10.50-12.00 亿元，中值 11.25 亿元，同比 +159.85%。公司海外海风交付规模实现快速增长，更高的产品建造标准带来 更高的附加值。此外，公司通过提供装备建造、运输、本地化安装等系统化 服务提升业务附加值，推动公司盈利水平同比显著提升。 ...

2026年1月以来，公募基金调研活动持续升温，科技成长板块成为核心布局方向，AI应用、商业航天、 创新药及半导体等领域的上市公司获得重点关注。其中，大金重工、翔宇医疗、海天瑞声、爱朋医疗、 熵基科技、美好医疗、博拓生物、天承科技、三七互娱、航天宏图等多家企业均获超百家机构调研。多 位基金经理密集调研细分赛道龙头企业，聚焦技术壁垒高、场景落地明确的优质标的，清晰反映出机构 对科技领域"技术突破+业绩兑现"的双重重视。 ...

Core Viewpoint - The trend of insurance capital (险资) research in A-shares is shifting towards a more focused and efficient approach, with a notable increase in interest in the Sci-Tech Innovation Board and the Growth Enterprise Market [1][2][3] Group 1: Research Frequency and Trends - As of January 28, 2023, insurance institutions conducted a total of 592 research visits to A-share companies, with insurance companies accounting for 281 visits and insurance asset management companies for 311 visits [1][6] - The frequency of insurance capital research has been declining, with projected visits of 30,300 in 2023, 22,300 in 2024, and 18,400 in 2025 [1][6] Group 2: Investment Strategy Shift - The decline in research frequency is a rational choice for "quality improvement and efficiency," reflecting a shift from a broad investment strategy to a more focused approach on key sectors such as hard technology and high-end manufacturing [2][7] - The emphasis on long-term investment strategies and avoidance of short-term speculative research indicates a maturation of professional institutions [2][7] Group 3: Areas of Focus - Insurance capital is primarily focusing on sectors such as industrial machinery, electronic equipment, software applications, and healthcare devices, with a particular interest in high-end manufacturing and new productivity-driven stocks [3][8] - There has been a significant increase in attention towards companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market, with 58 insurance companies and 18 asset management companies focusing on these sectors, marking an increase from the previous year [3][8] Group 4: Future Outlook - The research preference of insurance capital is driven by a dual focus on national strategy and liability matching, with an emphasis on long-term growth assets and support for critical technology development [4][9] - Looking ahead to 2026, research is expected to prioritize depth over breadth, with a potential stabilization or slight increase in research frequency, focusing on policy-supported sectors and high-quality companies with core technologies [4][9]

Core Insights - The trend of insurance capital (险资) research in A-shares has shown a significant decline in frequency, with 2023, 2024, and 2025 projected to have 30,300, 22,300, and 18,400 instances respectively, indicating a shift towards quality over quantity in investment strategies [1][2] Group 1: Research Frequency and Focus - As of January 28, 2023, insurance institutions conducted 592 research instances on A-share companies, with a notable increase in focus on the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - Among the 592 research instances, insurance companies accounted for 281, while insurance asset management companies conducted 311, with leading firms being Taiping Pension, China People's Pension, and Changjiang Pension for insurance companies, and Taikang Asset Management, Huatai Asset Management, and Dajia Asset Management for asset management companies [1] - The focus of insurance capital has shifted towards high-end manufacturing and new productive forces, with significant attention on sectors such as industrial machinery, electronic equipment, and healthcare devices [3] Group 2: Investment Strategy and Trends - The decline in research frequency is attributed to a strategic shift from broad coverage to in-depth analysis, leveraging big data and internal research systems to focus on core targets [2] - The improvement in A-share information disclosure quality and institutional deepening has enhanced the efficiency of fundamental assessments, leading to a more concentrated approach in research activities [2] - Insurance capital is increasingly focusing on high-dividend assets and long-term allocations, moving away from short-term trading strategies, which reflects a maturation of professional institutions [2] Group 3: Future Outlook - The preference of insurance capital for research is driven by a dual focus on national strategy and liability matching, necessitating long-term growth assets [4] - It is anticipated that by 2026, the frequency of insurance capital research will stabilize or slightly increase, with a higher emphasis on quality and alignment with policy-supported sectors [4] - As confidence in the A-share market grows, insurance capital is expected to play a more prominent role as "patient capital," concentrating research on companies with core technologies and strong governance [4]

证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 风险提示：海外海风进度不及预期；原材料价格大幅上涨；行业竞争加剧。 投资建议：上调盈利预测，维持"优于大市"评级。 考虑到公司在手订单结构和海工产业链布局进展，上调 26-27 年盈利预测。 我们预计公司 2025-2027 年实现归母净利润 11.19/17.55/22.62 亿元（原预 测值为 11.94/16.55/20.96 亿元），当前股价对应 PE 分别为 38/24/19 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,325 | 3,780 | 5,646 | 8,600 | 10,663 | | (+/-%) | -15.3% | -12.6% | 49.4% | 52.3% | 24.0% | | 净利润(百万元) | 425 | 474 | 1119 | 1755 | 2262 | | (+/-%) ...

证券之星消息，1月28日风电设备板块较上一交易日下跌1.04%，振江股份领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002487 | 大全車工 | 66.22 | 5.19% | | 19.56万 | 12.48亿 | | 300569 | 天能重工 | 6.38 | 1.43% | | 41.67万 | 2.64亿 | | 688349 | 三一重能 | 28.12 | 1.15% | | 4.73万 | 1.32亿 | | 301557 | 常友科技 | 112.95 | 0.09% | | 6673.0 | 7525.60万 | | 603218 | 日月股份 | 14.23 | 0.07% | | 12.45万 | 1.76亿 | | 300185 | 通裕重丁 | 3.08 | 0.00% | | 86.61万 | 2.65亿 | | ...

Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.27% to 4151.24 points, the Shenzhen Component Index increasing by 0.09% to 14342.89 points, while the ChiNext Index fell by 0.57% to 3323.56 points [1] - The gold concept sector continued to rise, with strong performances also seen in phosphate chemicals, scarce resources, and minor metals, while sectors such as TOPCon batteries, perovskite batteries, and space station concepts experienced declines [1] Fund Manager Changes - On January 28, 26 fund managers experienced changes in their positions, with a total of 545 fund products having manager changes in the past 30 days (December 29 to January 28) [3] - On the same day, 38 fund products announced fund manager departures, involving 6 fund managers. The reasons for these changes included personal reasons, completion of agency roles, and job changes [3] Fund Manager Performance - Fund manager He Jiaqi from Huaxia Fund currently manages assets totaling 15.184 billion yuan, with the highest return product being Huaxia Dingli Bond A (002459), achieving a return of 104.14% over 9 years and 71 days [4] - Fund manager Sun Meng from Huaxia Fund manages assets of 14.764 billion yuan, with the highest return product being Huaxia Zhisheng Value Growth A (002871), which achieved a return of 162.46% over 5 years and 318 days [5] Fund Manager Appointments - On January 28, 64 fund products announced new fund manager appointments involving 21 fund managers [5] - Notable new appointments include Sun Meng as the manager for Huaxia Dingli Bond A and Huaxia Dingli Bond C [5] Fund Research Activity - In the past month (December 29 to January 28), Bosera Fund conducted the most company research, engaging with 47 listed companies, followed by Huaxia Fund, Guotai Fund, and Southern Fund, which researched 47, 38, and 38 companies respectively [8] - The chemical products industry was the most researched sector, with 205 instances, followed by the automotive parts industry with 176 instances [8] Individual Stock Research - The most researched stock in the past month was Dajin Heavy Industry, with 67 fund management companies participating in the research. Dajin Heavy Industry specializes in offshore wind power equipment [9] - In the last week (January 21 to January 28), Dajin Heavy Industry remained the top researched company, followed by Sanqi Interactive Entertainment and Xingchen Technology, with 42 and 23 fund institutions respectively [9]

Group 1 - The core point of the news is that Daikin Heavy Industries has seen a significant increase in its stock price, rising 5% to 66.10 CNY per share, with a total market capitalization of 42.155 billion CNY and a trading volume of 1.079 billion CNY [1] - Daikin Heavy Industries has experienced a continuous stock price increase for 10 consecutive days, with a cumulative increase of 0% during this period [1] - The company specializes in the production and sales of wind power tower structures and thermal power boiler steel structures, with wind power equipment accounting for 94.54% of its main business revenue [1] Group 2 - Nord Fund has a significant holding in Daikin Heavy Industries, with the Nord Growth Advantage Mixed Fund (570005) reducing its holdings by 59,600 shares in the fourth quarter, now holding 25,500 shares, which represents 1.08% of the fund's net value [2] - The fund has achieved a return of 4.83% this year, ranking 4983 out of 8864 in its category, and a return of 41.18% over the past year, ranking 3105 out of 8126 [2] - The fund manager, Hao Xudong, has a tenure of over 10 years with a best return of 113.75% during his management period, while the co-manager, Guo Jiting, has a tenure of over 6 years with a best return of 37.62% [3]

记者｜庞华玮 编辑｜包芳鸣 2026年伊始，A股市场迎来机构调研热潮。 截至1月26日，已有超过500家上市公司接受机构调研，其中工业机械、电子元件、电气设备、 半导体及汽车零配件等行业成为关注重点。 其中，"硬科技"与"出海"主线尤为突出。 在个股层面，大金重工、翔宇医疗、海天瑞声等14家公司获得超百家机构扎堆调研，其中大金 重工以209家机构调研数量位居第一。 机构调研热潮 新年伊始，机构调研活跃。Wind数据显示，截至1月26日，开年以来共有512家A股上市公司 接受了机构调研，调研总次数达801次。这一数据保持了较高的市场热度。 值得关注的是，个股层面，超百家机构扎堆调研14家A股公司，这些个股涨幅显著。 其中，大金重工以209家机构调研数量领先，这家电气设备公司受到了市场的广泛关注。 此外，医疗行业的翔宇医疗、爱朋医疗、美好医疗和博拓生物等分别获得208家、177家、125 家和117家机构调研；计算机行业的海天瑞声、熵基科技、能科科技和航天宏图，分别获得207 家、132家、107家和101家机构调研；汽车领域的超捷股份，获138家机构调研；工业机械领 域的耐普矿机，获132家机构调研；电子领域的 ...

Group 1 - The public fund industry is maintaining a high-intensity research pace ahead of the Spring Festival, focusing on key sectors such as commercial aerospace and consumer goods [1][2] - Commercial aerospace remains a significant area of interest, with companies like Xingchen Technology, Taili Technology, and Chaojie Co. receiving intensive research from multiple public funds [2][3] - Xingchen Technology has been a focal point, with 23 fund companies conducting research in the past week, emphasizing its servo technology and future applications in motion control [2][3] Group 2 - Taili Technology is also under scrutiny, with several fund companies exploring its development strategies in the aerospace sector, particularly its core material technology [3] - Chaojie Co. has been engaged by various fund companies, focusing on its manufacturing of commercial rocket structures and its completed production line for 2024 [3] - Additionally, Dajin Heavy Industry, a supplier of offshore wind power equipment, has attracted attention from 47 fund companies due to its expanding overseas business, particularly in Europe and emerging markets like Japan and South Korea [4][5] Group 3 - The longest Spring Festival holiday is increasing interest in the consumer sector, with companies in food and beverage, as well as tourism and entertainment, receiving attention from multiple public funds [5] - The consumer sector is expected to present structural investment opportunities, especially as macro policies aimed at expanding domestic demand continue to take effect [5]