证券研究报告·公司点评报告·软件开发 2025 年 04 月 28 日 证券分析师 王紫敬 云赛智联（600602） 2024 年年报和 2025 年一季报点评：上海算 力建设风来，算力领军云赛启航 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,264 | 5,623 | 6,380 | 7,110 | 7,908 | | 同比（%） | 16.09 | 6.82 | 13.47 | 11.44 | 11.23 | | 归母净利润（百万元） | 192.91 | 202.39 | 222.17 | 243.89 | 262.18 | | 同比（%） | 6.70 | 4.92 | 9.77 | 9.78 | 7.50 | | EPS-最新摊薄（元/股） | 0.14 | 0.15 | 0.16 | 0.18 | 0.19 | | P/E（现价&最新摊薄） | 161.36 | 153.80 | 140.11 ...

证券研究报告：固定收益报告 发布时间：2025-04-28 研究所 生产：焦炉、高炉、沥青开工率升高，化工、轮胎下降 4 月 25 日当周，焦炉产能利用率升高 1.86 pct，高炉开工率升 高 0.77 pct，螺纹钢产量减少 0.11 万吨，沥青开工率升高 2.0 pct； 受检修季影响，PX 开工率下降 0.37 pct，PTA 下降 3.48 pct；汽车 全钢胎、半钢胎开工率分别下降 2.97 pct、0.33 pct。 需求：商品房成交持续回落，BDI 指数企稳回升 4 月 27 日当周，商品房成交面积持续回落；航运指数 SCFI 下降 1.66%，CCFI 上涨 1.03%，BDI 上涨 8.88%。4 月 20 日当周，商品房存 销比升高，土地成交面积连续两周下降，住宅用地成交溢价率下降； 电影票房较前一周下降 0.2 亿元；汽车厂家日均零售增加 10818 辆， 日均批发增加 7309 辆。 物价：原油、猪肉价格下降，有色、黑色系商品上涨 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号 ...

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 政策定调积极，期待进一步增量政策 2025 年 04 月 27 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）财政部下达水利发展资金 471 亿元，聚焦保安全惠民生促发展加 力支持水利建设：资金聚焦三个方向，重点支持包括中小河流治理、 山洪沟治理和水利工程维修养护，农村供水和农业节水，以及地下水 超采区生态补水、幸福河湖建设和水土保持整县推进工作。财政发力 重点支持水利领域，有望支撑水利投资延续快速增长，利好相关工程 和材料企业。 ◼ 周观点：（1）政治局会议指出要强化底线思维，充分备足预案，要加 紧实施更加积极有为的宏观政策，根据形势变化及时推出增量储备政 策，加强超常规逆周期调节，面对外部冲击影响，定调更加积极，利 好基建地产链条景气度企稳回升。一季度经济开门红，基建投资累计 同比增速 5.8%，财政发力支持下基建投资延续景气态势。增量的财政 政策支持和融资端的改善对投资端和实物量的效果将逐渐显现，同时 扩内需预期增强，基建投资和重点区域建设有望政策加码。我们建议 关注估值仍处历史低位、业绩稳健的基建龙 ...

开局稳、开门红。记者从国网江苏省电力有限公司获悉，今年一季度，江苏全社会用电量攀升至 1992.62亿千瓦时，同比增长1.4个百分点。高端制造创新引擎驱动产业跃迁，生物医药行业用电同比增 长23%；全省数据服务业用电表现突出，同比增加41.4%，高于全国增速；因地制宜发展新型能源产 业，风能原动设备制造用电量激增52.5%……一系列电力数据折射经济增长新动能，助力江苏经济发 展"更高、更新、更绿"。 更高：高端智造集群领跑转型赛道 电力是经济发展的晴雨表，反映经济活力、彰显发展潜力、折射经济韧性。作为工业和制造业大 省，一季度，江苏高端智造产业升级动能持续释放，从"水陆空"三个维度的用电细分数据可窥一斑。 传统优势产业同步推进智能升级。一季度，江苏船舶制造业用电量增幅超9%。在沪东中华等龙头 企业带动下，全省船舶工业聚焦LNG运输船、邮轮等高附加值船型，应用数字孪生建模、智能焊接机 器人等先进技术，电力消耗的结构性增长，成为产业向高端跨越的鲜明注脚。 在生物医药领域，全省研发投入与政策扶持形成叠加效应，带动行业用电量同比增长23%，创新药 企呈集群式发展态势。苏州生物医药产业园营商环境相关负责人称："当前园区 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from more proactive fiscal policies and moderate monetary policies, with an emphasis on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction index rose by 0.56% this week, outperforming the Shanghai and Shenzhen 300 index by 0.16 percentage points, with notable gains in small and mid-cap stocks related to transformation [1][25] - The first quarter of 2025 saw significant growth in new orders for major construction companies, indicating a recovery in traditional infrastructure sectors [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting highlighted the need for more proactive macroeconomic policies to stabilize employment, businesses, and market expectations, with a focus on increasing fiscal spending and issuing special bonds [2][13] - The meeting's optimistic stance on policies suggests potential improvements in physical construction volumes, particularly in infrastructure and housing sectors [2][19] Market Performance - The construction index's performance this week included significant gains in construction decoration, design services, and landscaping, with leading stocks such as Hanjia Design (+31%) and Sanwei Chemical (+22%) [1][25][30] - The construction sector's performance historically shows that it tends to underperform the Shanghai and Shenzhen 300 index in the month following the Politburo meetings, but this year may differ due to positive policy signals [2][19] Investment Recommendations - Focus on infrastructure-related investment opportunities, particularly in high-growth regions such as Sichuan, Xinjiang, and Tibet, as well as cyclical sectors [1][30] - Recommendations include traditional construction blue-chip stocks and emerging business directions such as data centers and cleanroom technologies, with specific companies highlighted for their growth potential [31][32][33]

行业报告 | 行业研究周报 建筑材料 证券研究报告 建材板块 Q1 持仓环比略升，关注雅下水电站、高端 电子布等机会 行情回顾 过去五个交易日（0421-0425）沪深 300 涨 0.38%，建材（中信）涨 0.05%， 所有板块中其他专用材料板块涨幅最大为+3.21%，陶瓷板块则跌幅最大为 -4.31%。个股中，北京利尔（+11.5%），中旗新材（+11.3%），方大集团（+10.8%）， 豪美新材（+9.5%），海南发展（+7.9%），涨幅居前。上周我们重点推荐组合 的表现：华新水泥（-4.0%）、 三棵树(-1.6%)、濮耐股份（+6.8%）、中材科 技（+8.7%）、华润建材科技（+0.0%）、西部水泥(+6.8%)。 建材板块 Q1 持仓环比略升，关注雅下水电站、高端电子布等机会 据 Wind，0419-0425 一周，30 个大中城市商品房销售面积 154.15 万平米， 同比-19.48%。中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势 和经济工作。会议强调，要加紧实施更加积极有为的宏观政策，用好用足更 加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期 特别国 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 财政发力更加积极，稳内需诉求进一步提升 核心观点 本周 CS 建筑上涨 0.56%，跑赢沪深 300 0.16pct。中小市值转型的相关标的 如汉嘉设计、美晨科技以及化工工程板块三维化学、中国化学等涨幅居前。 4 月 25 日召开政治局会议，明确指出用好用足更加积极的财政政策和适度 宽松的货币政策，加快地方政府专项债券、超长期特别国债等发行使用， Q1 央国企订单也印证基建景气向上。建议重点关注中西部基建（四川，新 疆，西藏等）及顺周期板块的投资机会。新兴业务板块，建议继续关注与 算力、IDC、洁净室等相关的投资机会，以及部分中小市值建筑公司的转型 机遇。 财政发力更加积极，稳内需诉求进一步提升 4 月 25 日政治局会议召开，会议强调要加紧实施更加积极有为的宏观政策， 用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项 债券、超长期特别国债等发行使用，适时降准降息，加力支持实体经济。 根据形势变化及时推出增量储备政策，加强超常规逆周期调节。从过去五 年来看，20-24 年政治局会议之后一个月建筑板块都跑输于沪深 300，但 20-23 年在开 ...

Company Overview - The company specializes in cellulose ether, known as "industrial MSG," which has excellent properties such as thickening, water solubility, and film-forming, widely used in various industries including construction, pharmaceuticals, food, and more [3][4]. Industry Overview Cellulose Ether Applications - Cellulose ether is categorized into construction grade, pharmaceutical grade, and food grade, each with distinct applications and higher value in pharmaceutical and food grades compared to construction grade [5][6]. Construction Grade Cellulose Ether - The construction industry is the primary demand area for cellulose ether, utilized for improving the performance of building materials like premixed mortar and tile adhesives [6][7]. - The market for construction-grade cellulose ether is expected to grow due to ongoing urbanization in China, with the urbanization rate projected to reach 67% by the end of 2024, indicating significant demand for construction materials [7][10]. Pharmaceutical Grade Cellulose Ether - Pharmaceutical-grade cellulose ether is crucial for drug formulations, including controlled-release preparations, with a growing market driven by an aging population and increasing healthcare needs [16][17]. - The demand for pharmaceutical-grade cellulose ether is expected to rise as policies promote high-quality development in the pharmaceutical industry [18][19]. Food Grade Cellulose Ether - Food-grade cellulose ether is recognized as a safe food additive, used in various food products to enhance texture and moisture retention, with increasing awareness of health benefits likely to boost its market [22][23]. - The application of cellulose ether in plant-based meat products is expanding, with the global plant-based meat market projected to grow significantly, further driving demand for food-grade cellulose ether [24][25]. HEC Overview - Hydroxyethyl cellulose (HEC) is a significant non-ionic cellulose ether with diverse applications in coatings, daily chemicals, and pharmaceuticals, with a growing market due to environmental regulations favoring water-based products [26][29]. - The demand for HEC in the construction coatings sector is substantial, with the global coatings market expected to continue its growth trajectory [30][31]. Market Trends - The construction industry is transitioning towards green and smart building practices, which will enhance the demand for cellulose ether as a key additive in sustainable construction materials [11][12]. - The pharmaceutical sector is witnessing a shift towards high-quality excipients, with cellulose ether playing a vital role in innovative drug delivery systems [21][22]. - The food industry is increasingly adopting cellulose ether as a health-oriented additive, with potential growth in plant-based food products [24][25].

Core Viewpoint - Zhongci Electronics reported a net profit increase of 10.04% year-on-year for 2024, despite a slight revenue decline of 1.01% compared to the previous year, highlighting the company's resilience in a challenging market environment [1]. Financial Performance - The company achieved a revenue of 2.648 billion yuan in 2024, down 1.01% from the previous year [1]. - The net profit attributable to shareholders reached 539 million yuan, reflecting a growth of 10.04% year-on-year [1]. - A cash dividend of 4.2 yuan per 10 shares (including tax) is proposed [1]. Business Segments - Zhongci Electronics specializes in third-generation semiconductor devices and modules, with a significant focus on GaN communication base station RF chips and devices, which are crucial for 5G communication infrastructure [1]. - The company holds the leading market share in GaN base station power amplifiers in China, with its products recognized for their advanced technology and quality [1]. - In the SiC power semiconductor sector, the company’s subsidiary has competitive advantages in technical parameters and manufacturing costs, targeting applications in electric vehicles, industrial power supplies, and smart grids [1]. Product Offerings - The electronic ceramics product line includes housings for optical communication devices, wireless power devices, infrared detectors, and high-power laser devices, among others, serving various industries such as telecommunications, transportation, and consumer electronics [2]. - The company is recognized as the largest manufacturer of high-end electronic ceramic housings in China, continuously innovating in materials and manufacturing techniques [2]. Future Plans - For 2025, the company plans to enhance fundraising management and actively advance several key projects, including the construction of a precision manufacturing production line for GaN microwave products and a research center for communication power amplifiers and microwave integrated circuits [2].

Core Viewpoint - Shangwei Co., Ltd. is at a critical turning point in its operational development, with the recent acquisition of shares by Fuhua Chemical signaling a phase of "value reconstruction" for the company [1][4]. Group 1: Share Acquisition and Ownership Structure - Fuhua Chemical acquired 36 million shares of Shangwei Co., representing 5.79% of the total share capital, through a judicial auction, bringing its total holdings to 127 million shares or 25.35% [1][5]. - Prior to this, Fuhua Chemical had already acquired 91 million shares through two previous auctions, indicating a strategic move to become a significant shareholder [4][5]. Group 2: Implications for Shangwei Co., Ltd. - The entry of Fuhua Chemical is seen as a major positive development for Shangwei Co., as it alleviates operational risks stemming from the controlling shareholders' equity pledges and judicial freezes [7]. - The collaboration with the Leshan state-owned platform, Leshan High-tech Investment Development Group, is expected to further stabilize the company's equity structure and signal long-term positive prospects [7]. Group 3: Strategic and Operational Synergies - Analysts believe that the partnership will create a multi-layered risk mitigation system, combining state-owned support with private enterprise relief, which is beneficial for gradually resolving historical risks [7]. - Fuhua Chemical's extensive industry resources, including technology and brand strength, may enhance Shangwei Co.'s competitiveness and profitability through strategic cooperation and resource integration [10]. Group 4: Market Position and Future Prospects - Shangwei Co. is recognized as a leading enterprise in the special cable sector, which is crucial for new infrastructure and energy transition, positioning it to benefit from structural growth in downstream markets [10]. - The removal of equity constraints is expected to lead Shangwei Co. into a new development cycle, potentially increasing profit elasticity in the future [11].