关注纤维素产品的国产替代逻辑演绎 核心观点 行业报告 | 行业研究周报 本周 CS 建筑上涨 2.23%，沪深 300 上涨 2.09%，建筑跑赢大盘 0.14%。中小 市值转型标的涨幅居前，建筑央国企中，四川路桥、中国核建取得较好收 益。近期纤维素相关产品价格显著拉涨，关注国产替代逻辑带来的业绩及 估值催化，重点推荐三维化学。资金层面来看，25 年 1-4 月专项债密集发 行，建议关注后续基建实物工作量的转化节奏。顺周期层面，我们认为 25 年或为煤化工项目落地大年，预计有望获得政策加码支持。新兴业务板块， 建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建筑公司 的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 建筑装饰 证券研究报告 关注纤维素及其衍生物的国产替代进展 CA（醋酸纤维素）：是用于生产烟草过滤嘴的原材料，全球约 90%以上的醋 酸纤维素用于生产烟用二醋酸纤维素丝束，我国年均消耗 30 万吨，宜宾纸 业持股 67%的四川普什在二醋片及三醋片的生产方面具备领先优势。 CAB（醋酸丁酸纤维素）、CAP（醋酸丙酸纤维素）：物理性质和用途基本 相似，主要用作涂料添加剂。价格 ...

本周 CS 建筑上涨 2.23%，沪深 300 上涨 2.09%，建筑跑赢大盘 0.14%。中小 市值转型标的涨幅居前，建筑央国企中，四川路桥、中国核建取得较好收 益。近期纤维素相关产品价格显著拉涨，关注国产替代逻辑带来的业绩及 估值催化，重点推荐三维化学。资金层面来看，25 年 1-4 月专项债密集发 行，建议关注后续基建实物工作量的转化节奏。顺周期层面，我们认为 25 年或为煤化工项目落地大年，预计有望获得政策加码支持。新兴业务板块， 建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建筑公司 的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 关注纤维素及其衍生物的国产替代进展 行业报告 | 行业研究周报 建筑装饰 证券研究报告 关注纤维素产品的国产替代逻辑演绎 核心观点 CA（醋酸纤维素）：是用于生产烟草过滤嘴的原材料，全球约 90%以上的醋 酸纤维素用于生产烟用二醋酸纤维素丝束，我国年均消耗 30 万吨，宜宾纸 业持股 67%的四川普什在二醋片及三醋片的生产方面具备领先优势。 CAB（醋酸丁酸纤维素）、CAP（醋酸丙酸纤维素）：物理性质和用途基本 相似，主要用作涂料添加剂。价格 ...

建筑装饰 LPR 下调 10BP，流动性宽松助力项目推进 看好 ——申万宏源建筑周报（20250506-20250509） 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 2025 年 05 月 11 日 本期投资提示： 行 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.99%，沪深 300 指数+2.00%，相对收益为-0.02pct。周涨幅最大的三个子行业分别为 装饰幕墙（+7.25%）、生态园林（+5.94%）、基建民企（+4.84%）， 对应行业内三个公司：创兴资源（+21.55%）、ST 花王（+19.7 ...

证券代码：002238 证券简称：天威视讯 问题 4、领导您好，请问公司在 2025 年的市场份额有何变化？ 答：您好！在有线电视业务和宽带业务方面，公司 2025 年计划以 宽带为抓手、持续固移产品融合力度，力争用户体量稳步增长。数字 电视业务优服务、强体验，丰富大屏节目内容资源，以优质免费节目 引流，同时优化电视操作便捷性，提升用户体验，稳固现有基础用户 同时拉动电视用户不断回流。宽带业务优产品、拓渠道，充分发挥公 司全光宽带网络覆盖的资源优势，锚定宽带刚需市场，加大推动 5G 业 务和千兆光网的融合力度，提升光纤宽带业务的市场占有率。 问题 3、现在公司的各个业务占比是多少 答：您好！公司 2024 年年报已披露相关数据，具体请详见 2024 年年度报告第三节 管理层讨论与分析 四、主营业务分析 2、收入与成 本，感谢您的关注！ 问题 6、领导好！随着行业竞争的加剧，公司如何应对来自其他通 信运营商的竞争？有哪些差异化竞争优势？ 编号：2025001 答：尊敬的投资者您好！公司面临的竞争风险主要有：有线业务 发展持续承压、业务转型风险、广电 5G 市场竞争白热化、前沿人才队 伍储备不足。应对措施如下：有 ...

证券代码：301083 证券简称：百胜智能 江西百胜智能科技股份有限公司 2024年度网上业绩说明会投资者关系活动记录表 | | | | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与百胜智能（301083）2024年度业绩说明会的全体投资者 | | 时间 | 2025年05月09日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 董事长 刘润根 | | | 财务总监 万鸿艳 | | 上市公司接待人员姓名 | 董事会秘书 黄丽君 | | | 独立董事 罗小平 | | | 保荐代表人 杨猛 | | | 1.请问公司未来如何应对市场竞争，提升市场份额？ | | | 答:尊敬的投资者，您好！公司应对市场竞争、提升市场份额 | | 投资者关系活动主要内容 | 的措施如下：2025年加快国际市场开拓，加强国际销售网络布局； | | ...

东莞证券近日发布电力设备及新能源行业双周报：根据iFinD，截至2025年5月8日，电 力设备板块PE(TTM)为24.50倍。子板块方面，电机Ⅱ板块PE(TTM)为51.04倍，其他电源设 备Ⅱ板块PE(TTM)为40.69倍，光伏设备板块PE(TTM)为17.54倍，风电设备板块PE(TTM)为 30.52倍，电池板块PE(TTM)为23.79倍，电网设备板块PE(TTM)为24.11倍。 以下为研究报告摘要： 截至2025年5月8日，近两周涨幅前十的个股里，中超控股、华民股份和振江股份三家公 司涨幅在申万电力设备板块中排名前三，涨幅分别达 38.95%、29.66%和28.37%。截至2025年5月8日，近两周跌幅前十的个股里，华西能 源、沐邦高科和合纵科技表现较弱，分别跌28.74%、28.38%和26.91%。 估值方面：根据iFinD，截至2025年5月8日，电力设备板块PE(TTM)为24.50倍。子板块 方面，电机Ⅱ板块PE(TTM)为51.04倍，其他电源设备Ⅱ板块PE(TTM)为40.69倍，光伏设备 板块PE(TTM)为17.54倍，风电设备板块PE(TTM)为30.52倍，电池板块PE ...

宏观日报 | 2025-05-09 关注基建行业相关投资项目开展 中观事件总览 生产行业：关注运输、基建投资项目推进。 1）国家发改委副主任郑备在新闻发布会上表示，民企促进法全文贯 穿了平等对待、公平竞争、同等保护、共同发展的原则，国家发展改革委将重点从破壁垒、拓空间、优服务等方 面推动落实。今年还将在交通运输、能源、水利、新型基础设施、城市基础设施等重点领域，推出总投资规模约3 万亿元的优质项目。 服务行业：云服务业务稳步增长。 1）工信部数据显示，今年一季度，我国软件和信息技术服务业稳健增长，完 成业务收入31479亿元，同比增长10.6%。分领域看，信息技术服务收入保持两位数增长，达到20820亿元，占全行 业收入近七成。其中，云计算、大数据服务共实现收入3540亿元，同比增长11.1%。一季度软件业务利润总额也保 持了两位数增长，达到11.6%。一季度软件业务出口增速由负转正，出口达到131亿美元，同比增长2.4%。 数据来源：央视新闻，iFind，华泰期货研究院 行业总览 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 上游：1）能源：国际油价受关税影响持续回落。2）有色：锌 ...

Market Overview - The Shanghai Composite Index rose by 0.28% to close at 3352.0 points, with a daily high of 3359.73 points [1] - The Shenzhen Component Index increased by 0.93% to close at 10197.66 points, reaching a high of 10222.81 points [1] - The ChiNext Index saw a rise of 1.65%, closing at 2029.45 points, with a peak of 2036.1 points [1] ETF Market Performance - The median return of stock ETFs was 0.58%, with the highest return from the Huaxia ChiNext 50 ETF at 2.82% [2] - The top-performing industry index ETF was the Yongying Guozheng Commercial Satellite Communication Industry ETF, yielding 2.73% [2] - The top strategy index ETF was the Huaxia ChiNext Low Volatility Value ETF, returning 1.33% [2] - The best-performing thematic index ETF was the Fuguo CSI Communication Equipment Thematic ETF, which achieved a return of 4.36% [2] ETF Performance Rankings - The top three ETFs by return were: - Fuguo CSI Communication Equipment Thematic ETF (4.36%) - Guotai CSI All-Share Communication Equipment ETF (3.9%) - Yinhua CSI 5G Communication Thematic ETF (3.21%) [5] - The three ETFs with the largest declines were: - Huaan CSI Shanghai-Hong Kong Gold Industry Stock ETF (-1.94%) - Yongying CSI Shanghai-Hong Kong Gold Industry Stock ETF (-1.79%) - ICBC Credit Suisse CSI Shanghai-Hong Kong Gold Industry Stock ETF (-1.74%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - Huaxia SSE 50 ETF (inflow of 1.471 billion) - Huatai-PB CSI 300 ETF (inflow of 622 million) - Huaxia SSE Sci-Tech Innovation Board 50 ETF (inflow of 620 million) [8] - The three ETFs with the largest outflows were: - Huaxia CSI Robot ETF (outflow of 416 million) - Huaxia SSE Sci-Tech Innovation Board Comprehensive ETF (outflow of 349 million) - Huaan ChiNext 50 ETF (outflow of 337 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (554 million) - Huatai-PB CSI 300 ETF (364 million) - Guotai CSI All-Share Securities Company ETF (223 million) [11] - The highest margin selling amounts were: - Southern CSI 1000 ETF (39.97 million) - Huatai-PB CSI 300 ETF (21.88 million) - Southern CSI 500 ETF (16.99 million) [12] Institutional Insights - Everbright Securities noted that the communication sector still presents structural opportunities, with the long-term logic of operators remaining valuable and certain growth segments showing positive prospects [13] - Galaxy Securities suggested that the communication and new infrastructure sectors are likely to see upward revisions in expectations, driven by policies like Digital China and the continuous emergence of new AI applications [14]

Core Viewpoint - The electronic information industry in China is expected to experience significant growth due to advancements in electronic information technology and the promotion of new infrastructure strategies represented by 5G and data centers [2] Company Performance - In 2024, the company achieved a revenue of 943 million yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 20.26% [2] - The core business focuses on the research, production, and sales of thermal management materials and devices, with revenue from these products reaching 928 million yuan, accounting for 98.37% of total revenue [2] Production Efficiency and Strategy - The company has improved production efficiency through continuous optimization of production processes and increased automation, contributing to the significant growth in net profit for 2024 [3] - Future strategies include further optimizing production processes, enriching product structure, enhancing product added value, and strengthening market development [3] Client Relationships and Market Expansion - The company has established long-term stable partnerships with well-known manufacturers such as vivo and OPPO, and has successfully certified new clients like Google and Dixon in 2024 [3] - The company aims to deepen cooperation with existing major clients and continuously explore high-quality domestic and international customer resources [3] Technological Advancements - The company has developed several core technologies, including powder blending technology and surface modification processes, and is one of the few in the industry capable of mass production of mid-to-high-end thermal interface materials and heat pipes [3][4] - The company’s mass-producible heat pipes and temperature equalization plates have thicknesses as low as 0.3mm and 0.22mm, respectively, with corresponding heat transfer capacities exceeding 5W [4] Research and Development Investment - As of the end of 2024, the company invested 69.59 million yuan in R&D, a year-on-year increase of 25.75% [4] - Ongoing R&D projects include high heat flow density temperature equalization plates and various types of temperature equalization plates for mobile phones [4][5] Market Outlook - The demand for thermal management products is expected to grow due to the rapid development of downstream markets such as consumer electronics and automotive electronics [5] - The smartphone and laptop markets are projected to maintain high shipment volumes, while the automotive electronics sector, particularly in electric vehicles, will also drive demand for thermal management solutions [5] Future Development Strategy - The company plans to leverage its advantages in technology, brand, customer resources, and automated production to drive innovation and enhance its competitive position in the thermal management field [6]

Group 1 - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures aimed at optimizing the fee structure for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] - Multiple free cash flow ETFs, including the Jiashi National Index Free Cash Flow ETF and the Fangzheng Fubon CSI All Index Free Cash Flow ETF, are set to be listed for trading on May 13 [1] - A significant redemption occurred in the Fuan Da CSI A500 Index Enhanced Fund, marking the first instance of large-scale redemptions for funds related to the CSI A500 Index [1] Group 2 - The market experienced a low open but closed higher, with the Shanghai Composite Index rising by 0.28%, the Shenzhen Component Index by 0.93%, and the ChiNext Index by 1.65%. The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 174.9 billion yuan from the previous trading day [2] - Key sectors that saw gains included aerospace, communication equipment, and transportation equipment, while only a few sectors like precious metals and fertilizers experienced declines [2] - Specific stocks such as Galaxy Electronics, Hainengda, and Sichuang Electronics reached their daily limit up, with communication equipment ETFs and 5G ETFs showing strong performance, with a peak increase of 4.36% [2] Group 3 - Several gold-related ETFs experienced collective declines, with the highest drop recorded at 1.94% [4] - The performance of various gold ETFs included a drop of 1.94% for the Gold Stock ETF 1 and a decrease of 1.79% for the Gold Stock ETF [4] Group 4 - The digital economy and new infrastructure policies are expected to bolster the upgrade of computing networks, with the communication and new infrastructure sectors likely to see upward adjustments in expectations [5] - The recovery of the ICT foundational optical network industry chain is anticipated to stimulate further demand for optical modules and energy-saving temperature control [5]