清洗和电镀设备国内龙头，平台化+差异化 打开天花板 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股收益分别为 3.24、4.04、4.63 元，根据可比公司 25 年 42 倍 PE，对应目标价为 136.08 元，首次覆盖给予买入评级。 风险提示 ⚫ 下游需求不及预期风险，国内竞争加剧，技术迭代风险，政策变化风险，假设条件 变化影响测算结果。 公司主要财务信息 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.17 | 11.85 | 9.28 | 33.89 | | 相对表现% | 1.18 | 9.18 | 7.86 | 20.53 | | 沪深 300% | 0.99 | 2.67 | 1.42 | 13.36 | | 薛宏伟 | xuehongwei@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524110001 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执业证书编号：S0860 ...

智能化筑基:筑牢安全高效基石,保障千亿资金精准落地。面对海量补贴发放的复杂需求,中国银联以技术 筑牢风控与效率双防线。 在风险防控领域,银联配合商务部"全国家电以旧换新资格核验系统",协助地方政府建立本地化服务平台, 严格执行"一人一品一补"规则,并通过"技术防控+便民服务+精准拦截+广泛宣传"闭环体系,动态拦截虚假 交易、骗补套补等风险,守护财政资金与百姓"钱袋子"。 在服务增效领域,针对"以旧换新"活动中海量补贴带来的票据管理需求,银联商务创新推出"支付即开 票"解决方案,作为首批对接国家税务总局"乐企平台"的支付机构。消费者完成支付后,系统会自动调 用"乐企平台"开具数电发票,自动补全票面必填的交易金额、商品明细、补贴标识等关键信息,同时通过 短信、电子邮箱或微信实时推送电子发票。此外,为满足"以旧换新"活动补贴核销的特殊需求,银联商务 还根据各个省份审计要求,专门开发了多种"以旧换新"个性化开票模板,自动填充政府补贴核销必填项,并 支持手工补充特殊备注,确保票据 100% 符合各地商务部门审计标准。目前,该服务已覆盖全国19省市超 万家商户,应用于家电、3C、家装等核心场景,政府审计成本显著降低,成为 ...

汽车/乘用车 吉利汽车（00175.HK） 造车成本优势延续，品牌整合驱动经营提效 2025 年 07 月 01 日 投资评级：买入（维持） | 日期 | 2025/6/30 | | --- | --- | | 当前股价(港元) | 15.960 | | 一年最高最低(港元) | 20.900/7.310 | | 总市值(亿港元) | 1,609.43 | | 流通市值(亿港元) | 1,609.43 | | 总股本(亿股) | 100.84 | | 流通港股(亿股) | 100.84 | | 近 3 个月换手率(%) | 48.18 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-07 2024-11 2025-03 吉利汽车 恒生指数 相关研究报告 ——港股公司深度报告 | 张可（分析师） | 赵旭杨（分析师） | 陈沆（联系人） | | --- | --- | --- | | zhangke1@kysec.cn | zhaoxuyang@kysec.cn | chenhang1@kysec.cn | | 证书编号：S0790523070001 | 证书编号： ...

Core Viewpoint - Ambu's aScope 5 Cysto HD has received FDA approval for use in percutaneous nephrolithotomy (PCNL), marking a significant advancement in the application of disposable endoscopes in complex urological surgeries, enhancing the platform's capabilities in minimally invasive procedures [2][15]. Product Development and Features - The aScope 5 Cysto HD is a high-resolution, bidirectional flexible endoscope designed initially for bladder examinations and ureteral observations, now expanded to include kidney stone surgeries [3][14]. - The endoscope has a diameter between 4.8 to 5.4 mm, with a tip deflection of up to 210°, and features a CMOS image sensor supporting 1080p HD imaging, providing superior visualization in complex anatomical areas [5][15]. - The single-use nature of the aScope 5 Cysto HD significantly reduces the risk of cross-contamination and simplifies the preparation and cleaning processes compared to traditional reusable endoscopes [5][15]. Clinical Application and Advantages - In PCNL procedures, the aScope 5 Cysto HD can assist in stone localization, enhance stone fragmentation efficiency, and confirm the absence of residual stones post-surgery [10][11]. - The system supports dual visualization by integrating with Ambu's aScope 5 Uretero, allowing simultaneous display and control of two endoscopes, which saves time and reduces anesthesia exposure during surgery [9][10]. Market Position and Strategy - Ambu holds over 50% market share in the global disposable endoscope market, with its aScope series utilized in over 8,000 medical institutions [12]. - The company’s strategy focuses on a "procedure-oriented + platform synergy" approach, differentiating itself from traditional reusable endoscope manufacturers [12][16]. Future Outlook - Ambu plans to initiate larger-scale clinical trials in 2026 to further validate the aScope 5 Cysto HD's adaptability and long-term efficacy across various patient demographics and surgical complexities [13]. - The company is also exploring the expansion of its aScope platform into gastroenterology and respiratory fields, aiming for multidisciplinary collaboration and integration of advanced features like 4K imaging and AI navigation [13][16].

Core Insights - The public fund industry in China is undergoing a significant transformation from a star-driven model to a platform-based operation, with total assets reaching 33.74 trillion yuan by May 2025, marking a historical high [1] - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development in public funds, emphasizing the need for a "platform-based, integrated, multi-strategy" research and investment system [1] Industry Challenges - The active equity investment research system faces five core pain points: over-reliance on individual fund managers, lack of systematic management mechanisms, ineffective management tools for star managers, misalignment of talent assessment and incentive mechanisms, and absence of digital talent training [3] - The industry is challenged by market volatility and intense competition, leading to instability in excess returns, prompting a shift towards reducing dependence on individual capabilities for sustainable operations [3] Transformation Initiatives - Fund companies are responding to the CSRC's action plan by leveraging AI and big data to build research and investment platforms, initiating a wave of "three transformations" (professionalization, standardization, and digitalization) [4] - Companies like China Europe Fund are integrating industrialization concepts into their research systems, focusing on specialized roles and standardized processes to enhance efficiency [4] Technological Advancements - Emerging technologies such as AI and big data are becoming the foundation for building next-generation research and investment platforms [5] - For example, Fortune Fund has developed an intelligent research system that integrates data, algorithms, and computing power, significantly improving research efficiency and reducing the time for investment decision-making [5]

Core Viewpoint - The article emphasizes the trend of asset management companies moving towards platformization, which enhances operational efficiency and drives down fees, benefiting large, capable asset management institutions [1][2]. Group 1: Platformization in Asset Management - Asset management companies are embedding technology platforms across all business segments, including client acquisition, portfolio construction, management, and post-investment risk management [1]. - According to McKinsey's research, leading global asset management firms are actively promoting the process of platformization across various areas such as sales, marketing, investment management, and risk/compliance management [2]. Group 2: Historical Development of Platformization - The origin of platformization in asset management can be traced back to the 1980-2000 period, where risk control and pricing became the starting point for platform development [2]. - From 2000 to 2008, intensified competition in custody services led to the platformization of these services to enhance breadth and efficiency [2]. - The financial crisis from 2008 to 2015 prompted stricter regulations, which accelerated the attempts to platformize trading operations, although only multi-broker platforms survived [2]. - Since 2015, technological capabilities have differentiated various segments of asset management, promoting the comprehensive functionality of platforms and their direct client engagement [2]. Group 3: Advantages of Platformization - Distinctive platforms have emerged in various segments, such as BlackRock's Aladdin for risk control, Goldman Sachs' Marquee for pricing, and AmundiALTO for custody outsourcing, each creating core advantages in data collection, trading efficiency, and operational services [3]. - Platformization enhances overall industry efficiency, favoring large asset management institutions with strong platform capabilities, and promoting brokerage firms with competitive advantages in platformization and institutional service capabilities [3]. - The platformization of asset management drives the outsourcing and centralization of scalable segments, improving operational efficiency and leading to a decline in industry fees [3].

| 华安研究 2025年7月金股组合 | 归母净利润 | （百万 | ） | 归母净利润增速 | 营业收入 | （百万） | 营业收入增速 | eps | pe(pb有说明 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | ...

近期《新财富》创富榜500强一公布，TikTok张一鸣、DeepSeek梁文峰、Shein许仰天这几位手握未上市超级企 业的大佬，直接靠千亿级身价把热搜刷爆了。毕竟这三家公司在全球火爆的一塌糊涂，没上市就这么猛。但与 TikTok受地缘政治影响暂无法上市、DeepSeek尚无上市意愿不同，Shein这几年上市之路可谓一波三折，先前赴 美赴英筹备IPO都没成，近期《财经》说它打算转道港股。之前估值千亿美金闹得是全球皆知，现在都瞅着它 到底能值多少钱。 为啥大家这么关注Shein的估值？这里面的门道可不少。《新财富》榜单里，许仰天的个人财富是810亿元，和 去年持平。但业内人士都觉得，这数据可能低估了。要知道，之前有报道称许仰天持有Shein约37%的股份，红 杉中国、泛大西洋资本集团、阿布扎比主权财富基金这些投资界大佬，都是Shein的重要股东。按这个股份比 例反推，Shein的估值或仅300亿美元左右，这与巅峰估值相差悬殊，也难怪市场对其真实价值充满好奇。 事实上，Shein近年来估值如同过山车般忽高忽低，连媒体都快写不过来了。2022年4月，F轮融资后，它的投 后估值高达1000亿美元，风光无限，站在了行业 ...

Q&A 日联科技 20260626 摘要 瑞凌科技已构建全系列 X 射线检测产品矩阵，包括闭管、开管及大功率 X 射线源，2024 年推出 180 千瓦 B 型 X 射线管等新品，并计划在 2025 年扩大生产规模，满足市场对高精度和高穿透性检测的需求。 公司通过国内外六大研发生产基地实现全球化布局，国内基地侧重核心 部件及不同类型设备的生产，海外基地则服务当地客户及头部厂商，提 升全球市场响应速度和竞争力。 瑞凌科技下游应用领域广泛，涵盖集成电路、电子制造、新能源电池、 焊接及材料检测等，并积极拓展食品异物检测、汽车零部件、航空军工 等新应用场景，降低对单一行业的依赖。 2025 年 1-4 月新增订单同比翻番，预计上半年订单接近翻番，受益于 消费电子和锂电产业回暖，以及核心部件 X 光管技术的提升，显著扩大 了业务范围和客户群体。 公司一季度应收账款增长 40%，存货增长 20%，合同负债增长 26%， 固定资产增长 35%，表明业务扩张，对全年业绩具有积极影响，订单转 化周期平均为一到两个季度，集成电路类订单转化较快。 今年（2025 年），之前较为低迷的消费电子和锂电产业出现了显著改善。自 2022 ...

会议预告 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 中国 成都 邛崃 固态电池的产业化浪潮正加速来临。 半固态电池开始面向储能等领域出货，全固态电池也已进入 以大容量电芯开发、中试线落地、路测等为典型特征的 工程化验证关键阶段 。 此背景下， 为固态电池产业供应 单一 材料或设备，已非 核心看点 。 新的竞争分野开始出现： 少数 具备 平台化能力的公司正凭借其综合优势脱颖而出，重塑产业的竞争逻辑。 这种平台化能力体现在 两大路径 ： 一是横向构建多元化的前沿材料矩阵，二是纵向打通"材料 +设备"的深度协同。 近期市场动态显示，在这两个方向上均有代表性企业脱颖而出。 华盛锂电 是"横向材料平台化"的典型代表 ，该公司以电解液添加剂业务起家，现已将版图扩张至 固态电池的多个核心领域。 2025年6月17日， 华盛锂电的子公司华盛联赢宣布与江苏恒流科技达成战略合作，共同进军单壁 碳纳米管的研发 、生 ...