（编辑 王雪儿） 证券日报网讯 1月26日，华测检测在互动平台回答投资者提问时表示，公司较早布局航空材料领域，精 准锚定航空航天领域潜力。凭借专业技术实力与高效运营管理，公司匹配客户测试需求，航空材料领域 测试项目数量增长强劲，实现较快发展。针对飞行汽车、无人机等新增检测需求，公司正积极推进相关 布局，密切跟踪行业标准动态，稳步拓展客户合作，后续公司将持续夯实该领域技术与服务能力，抢抓 低空经济发展机遇，相关重大进展若达到信息披露标准，将严格依规及时披露。 ...

格隆汇1月26日丨华测检测(300012.SZ)在投资者互动平台表示，公司已完成南非Safety SA、越南开景相 关收购，相关业务正稳步推进。非洲食安检测、东南亚供应链审核业务有序拓展，公司将全力推进新兴 市场业务增长，力争实现良好发展。 ...

Core Viewpoint - 华测检测's stock price has shown a significant increase this year, with a year-to-date rise of 19.85% and a recent 5-day increase of 6.77% [1] Group 1: Stock Performance - As of January 26, 华测检测's stock price was 16.24 yuan per share, with a market capitalization of 27.329 billion yuan [1] - The stock experienced a decline of 2.05% during the trading session on January 26, with a trading volume of 4.91 billion yuan and a turnover rate of 2.09% [1] - The stock has seen a 19.24% increase over the past 20 days and a 14.13% increase over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, 华测检测 reported a revenue of 4.702 billion yuan, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting an increase of 8.78% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for 华测检测 was 76,600, a decrease of 5.62% from the previous period [2] - The average number of circulating shares per shareholder increased by 5.96% to 18,698 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.82 million shares from the previous period [3]

Group 1: Company Insights - Huace Testing expects a net profit of 1.013-1.021 billion yuan for 2025, a year-on-year increase of 10%-11% [4] - The company anticipates a Q4 net profit of 201-209 million yuan, reflecting a growth of 15%-20% year-on-year [5] - The company is focusing on strategic mergers and international expansion, which will gradually release growth momentum [5] Group 2: Military Industry Developments - Major military groups in China have held annual meetings to set goals for the 14th Five-Year Plan and outline key tasks for 2026 [7] - China Aerospace Science and Technology Corporation emphasizes breakthroughs in reusable rocket technology and the development of commercial aerospace [8] - China Commercial Aircraft Corporation is advancing the C919 aircraft's certification and commercial operations, with growing interest from Southeast Asian countries [9] Group 3: Cross-Border E-commerce Performance - The global cross-border e-commerce market is projected to reach 551.23 billion USD by 2025, with a compound annual growth rate of 15.44% from 2025 to 2034 [13] - Jihua Co. expects a net profit of 272-291 million yuan for 2025, a significant increase of 50%-60% year-on-year [13] - Huakai Yibai anticipates a net profit of 132-162 million yuan for 2025, with improved inventory management leading to a recovery in gross margin [13] Group 4: Coal Industry Trends - In Q4 2025, coal sector holdings in actively managed funds increased to 0.36%, indicating a low level of crowding and significant value [17] - The coal price is expected to be supported by tight supply and demand conditions, with a potential upward trend in the price center [19] - Major coal companies are initiating buybacks and asset injection plans, reflecting confidence in the sector's growth and stability [20] Group 5: Banking Sector Performance - Industrial Bank expects a revenue growth of 0.24% and a net profit growth of 0.34% for 2025, with asset quality remaining stable [22] - The bank's asset scale is projected to exceed 11 trillion yuan, with a year-on-year growth of 5.57% [23] - The non-performing loan ratio is stable at 1.08%, with significant reductions in new non-performing loans in key sectors [23] Group 6: Renewable Energy and Technology - Mingyang Smart Energy plans to acquire Dehua Chip, a leader in satellite energy systems, to enhance its capabilities in space photovoltaic technology [25] - The space photovoltaic market is expected to grow significantly, with Mingyang's revenue projected to reach 40.879 billion yuan by 2025, reflecting a 51% year-on-year increase [27] - The company aims to leverage its existing technologies to create synergies with Dehua Chip, enhancing its competitive position in the market [27] Group 7: Robotics Industry Developments - Tesla plans to start selling its humanoid robot Optimus by the end of next year, with ongoing testing to ensure reliability and safety [33] - The humanoid robot industry is expected to see significant growth, with over 140 companies and more than 330 products launched in 2025 [40] - Microsoft has launched its first robot-specific AI model, Rho-alpha, which enhances the adaptability and reliability of robots [41]

证券日报网讯1月23日，华测检测（300012）在互动平台回答投资者提问时表示，华测已经在林芝地区 为雅江项目建设了多个水质自动监测站，后续将继续积极争取，与相关单位共同参与雅江水电建设过程 的生态保护工作。 ...

Market Performance - The professional services sector increased by 2.07% on January 23, with XCM leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - XCM (300938) closed at 33.91, up 9.25% with a trading volume of 218,500 shares and a turnover of 727 million yuan [1] - SYST (300416) closed at 21.53, up 6.48% with a trading volume of 631,900 shares and a turnover of 1.337 billion yuan [1] - PNT (300887) closed at 13.27, up 5.23% with a trading volume of 415,300 shares and a turnover of 547 million yuan [1] - Other notable performers include WFK (600662) up 3.48%, SKN (688757) up 2.74%, and LSG (600826) up 2.56% [1] Capital Flow Analysis - The professional services sector saw a net inflow of 68.34 million yuan from institutional investors, while retail investors experienced a net outflow of 38.88 million yuan [2] - The main stocks with significant capital inflow include SYST with 80.83 million yuan and HCT (300012) with 35.37 million yuan [3] - Conversely, stocks like XCM and PNT experienced net outflows from retail investors, indicating a mixed sentiment among different investor types [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.01-1.02 billion yuan in 2025, representing a year-on-year growth of 10%-11% [4] - In Q4 2025, the company anticipates a net profit of 201-209 million yuan, with a year-on-year increase of 15%-20% [5] - The company is focusing on enhancing its competitive advantages through various strategies, including deepening its 123 strategy, upgrading service quality, increasing investment in technological innovation, and implementing digital transformation [5] - The company has shown significant improvement in cash flow, with a rapid increase in operating cash flow and optimized collection quality [5] - Strategic mergers and international expansion projects are expected to gradually release growth momentum in the long term [5] Financial Performance Summary - The company forecasts revenues of 6.608 billion yuan for 2025, with a growth rate of 9% [6] - The projected net profit for 2026 is 1.171 billion yuan, reflecting a growth rate of 15% [6] - The company maintains a stable gross margin of 49% across the forecast period [7] - The price-to-earnings (P/E) ratio is expected to be 27 for 2025, decreasing to 20 for 2027 [7]

Macro Strategy - The report highlights the investment value of the Guangfa CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year [10] - As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan, leading in scale and liquidity, with an annualized return of 29.47% and a volatility ratio of 0.89, indicating reasonable risk control [10] - The underlying index focuses on AI applications, with a high weight of GEO concept stocks, including major companies like BlueFocus and Rock Mountain Technology, which account for 31.43% of the index [10] - The report notes that the media sector is experiencing a bull market driven by AI technology transformation and the assetization of data elements, contrasting with the previous bull market driven by mobile internet traffic [10] Company Analysis Kangning Jereh Pharmaceutical-B (09966.HK) - The company is expected to have total revenues of 414 million yuan and 471 million yuan in 2025 and 2026, respectively, with a new forecast for 2027 at 563 million yuan [6] - The net profit forecast for 2025 and 2026 has been adjusted down to -115 million yuan and -97 million yuan, respectively, due to increased R&D expenses [6] - The company maintains a "Buy" rating as it anticipates a gradual reduction in losses with the upcoming domestic launch of product KN026 and the submission of JSKN003 for listing [6] Fuan Energy (002911) - The company reported a net profit of 1 billion yuan for 2025, a year-on-year increase of 17.3%, driven by strong growth in its energy and chemical business [17] - The forecast for net profit for 2025-2027 has been raised to 1 billion, 1.07 billion, and 1.12 billion yuan, respectively, reflecting a growth of 17.3%, 7.0%, and 4.4% [17] - The company maintains a "Buy" rating, supported by a stable natural gas business and diversified growth strategies [17] Huace Testing (300012) - The company expects a net profit of 1.01-1.02 billion yuan for 2025, with a growth rate of 10%-11%, and a strong performance in Q4 with a net profit increase of 15%-20% [18] - The report emphasizes the company's strategic focus on traditional markets and emerging sectors, which is expected to drive growth [19] - The company maintains an "Overweight" rating, with adjusted net profit forecasts for 2025-2027 at 1.02 billion, 1.16 billion, and 1.29 billion yuan [19] Tianfu Communication (300394) - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year increase of 40%-60% [20] - The growth is attributed to the acceleration of the AI industry and global data center construction, which has driven demand for high-speed optical devices [20] - The company is positioned to benefit from the upcoming commercial launch of its 1.6T optical engine products [20]

Core Insights - The Ministry of Industry and Information Technology (MIIT) will continue to promote innovation and iterative upgrades in humanoid robot technology, aiming to drive the development of the broader computational intelligence industry [2] - MIIT will enhance the quality inspection and testing of humanoid robot products, focusing on network and data security, and will conduct research on technology ethics and management services [2] - The ministry plans to strengthen support for humanoid robots through the National Artificial Intelligence Industry Investment Fund and establish an open-source community for humanoid robots [2] Company and Industry Summary - KaiLong High-Tech focuses on intelligent testing of dexterous hands and components, covering whole machines, parts, and application scenario testing, emphasizing "environmental protection + industry" [3] - JiZhi Co. plans to acquire PuMai Technology to integrate testing capabilities from core components (joints) to whole machine performance (motion accuracy, jitter), aiming to create a one-stop solution [3] - GuangDian Measurement provides comprehensive testing capabilities covering the entire robot industry chain, including software, chips, and environmental reliability, and has undertaken orders related to embodied robots [3] - HuaCe Testing specializes in consumer robots (e.g., delivery and vacuum robots), offering safety, energy efficiency, and electromagnetic compatibility services, equipped with a large darkroom [3] - WeiKai Testing actively develops inspection and testing service capabilities in the robotics field and participates in building public technical service platforms [3] - The Electronic Fifth Research Institute of MIIT is actively involved in enhancing testing service capabilities for robots, providing technical support for the industry [3] - ZhongQi Testing focuses on testing capabilities in the robotics sector [3] - ShenHao Technology specializes in intelligent inspection robots, developing proprietary inspection robot products for the power grid and rail transit sectors [3] - YiJiaHe is a leading company in electric grid inspection robots and is also involved in humanoid robots [3] - Wuhan TeRuiSheng Electronic Technology focuses on pipeline inspection robots and CCTV pipeline inspection systems [3] - Jiangsu SuJian Intelligent Equipment and Machinery Testing Certification Co. specializes in testing, certification, and technical consulting for industrial robots, service robots, and related components [3] - The National Robot Testing and Evaluation Center provides authoritative third-party testing and CR certification, establishing industry standards and covering a comprehensive testing capability network for industrial, service, and special robots [3] - Tianqi Co. and Junpu Intelligent are industry crossovers that provide application-level testing and validation for their own or partners' robotic products based on deep understanding of specific industrial scenarios (e.g., automotive manufacturing) [3]

Core Insights - The Ministry of Industry and Information Technology (MIIT) plans to promote humanoid robot technology innovation and upgrade, aiming to drive the development of the broader computing intelligence industry [1] - MIIT will enhance the quality inspection and testing of humanoid robot products, focusing on network and data security, and will conduct research on technology ethics [1] - The ministry aims to strengthen the support of the National Artificial Intelligence Industry Investment Fund for humanoid robots and establish an open-source community for humanoid robots [1] Company and Industry Overview - KaiLong High-Tech focuses on intelligent testing of dexterous hands and components, covering complete machines, parts, and application scenario testing, emphasizing "environmental protection + industry" [2] - Jizhi Co., Ltd. plans to acquire PuMai Technology to integrate testing capabilities from core components to complete machine performance [2] - Guodian Measurement provides comprehensive testing capabilities covering the entire robot industry chain, including software, chips, and reliability [2] - Huace Testing specializes in consumer robots, offering safety, energy efficiency, and electromagnetic compatibility testing services [2] - Weikai Testing Technology actively develops inspection and testing services for the robotics field and participates in building public technology service platforms [2] - The National Robot Testing and Evaluation Center provides authoritative third-party testing and CR certification, with comprehensive testing capabilities for industrial, service, and special robots [3] - Jiangsu Sujian Intelligent Equipment focuses on testing, certification, and technical consulting for industrial robots, service robots, and related components [3] - Tianqi Co. and Junpu are industry cross-players providing application-level testing and validation for robot products based on specific industrial scenarios [3]