晨会 证券研究报告 hyzqdatemark 2026 年 03 月 24 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年03月24日 华源晨会精粹 20260324 固定收益/银行 业绩环比回落，年金规模稳步增长——25 年企业年金基金及养老金 产品业务数据点评：2025 年四季度我国企业年金整体呈现规模持续扩容、投资收益 率环比回落的特征，建立企业数、参保职工数、积累基金等规模指标稳步增长。受 托市场维持险资主导、头部高度集聚格局，银行系机构快速崛起但占比微降，设立 企业年金计划的中小企业或在增多。投资管理机构头部效应进一步强化，险资平均 管理规模高于公募基金，多家机构规模增量与增幅表现突出。含权益类年金组合、 固定收益类年金组合及养老金产品 25Q4 季度投资收益率均较三季度明显回落，不 过 25 年全年各类投资仍实现正收益，年金市场整体保持稳健发展态势。 风险提示：经济增长超预期导致债市调整的风险；股市可能大幅走强，对债市情绪 有冲击；测算的收益可能与实际情况存在差异。 | 市场数据 | | | | | --- | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌 ...

行业定期报告 hyzqdatemark 2026 年 03 月 23 日 证券分析师 证券研究报告 建筑装饰 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 1-2 月基建迎开门红，继续关注"安全"类资产 投资评级： 看好（维持） ——建筑装饰行业周报（20260316-20260322） 投资要点： 本周观点： 联系人 1-2 月基建增速迎开门红，电热气水增速最高。2026 年 1–2 月，基础设施固定资产投 资完成额累计完成 1.88 万亿元，同比增长 11.40%。分项看，交通运输、仓储和邮政业 1-2 月累计同比+9.10%，保持较高速度增长；其中道路运输业投资同比-0.60%，传统交 通板块表现相对平稳偏弱；电力、热力、燃气 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The "14th Five-Year Plan" emphasizes the construction of a modern infrastructure system, with a focus on transportation and energy projects as key areas for future infrastructure investment [5][12] - The report suggests that infrastructure investment logic may gradually shift from traditional "stabilizing growth, stabilizing GDP" to structural investments that serve national strategies and security needs [7] - The construction industry is expected to focus on high-quality development, with urban renewal, smart construction, green and low-carbon initiatives, and international expansion as key directions [18] Market Review - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index rose by 0.76%, and the ChiNext Index increased by 2.51%. The construction decoration index rose by 4.12% during the same period [6][22] - Among individual stocks, China Energy Engineering saw a significant increase of 29.41%, followed by Ningbo Construction (+23.68%) and China Power Construction (+20.64%) [6][22] Investment Suggestions - Future infrastructure investments are expected to focus on power and water conservancy, energy security, and regional strategic development, particularly in the context of rising geopolitical uncertainties [7] - Recommended companies to watch include Sichuan Road and Bridge, China Chemical, Donghua Technology, China Power Construction, and China Energy Engineering [7] Sector Performance - Transportation infrastructure is expected to be a major support for infrastructure investment during the "14th Five-Year Plan" period, with significant projects planned for high-speed rail, national highways, and modern airport systems [9][12] - The new energy system construction is anticipated to become an important growth area for future infrastructure investments, with major clean energy projects expected to be progressively advanced [16][17]

Group 1: Fixed Income/Banking - Current oil prices are experiencing a pulse-like increase, with historical patterns showing similarities to the early 2022 Ukraine-Russia conflict, but the current price fluctuations may occur at a faster pace due to market conditions [3][11] - Supply-driven oil price increases are generally not expected to trigger monetary policy tightening, as historical experiences indicate that central banks focus on demand-side adjustments [10][11] - The bond market may experience fluctuations in March, influenced by oil prices affecting market sentiment, but long-term bond risks are considered low due to limited holdings [3][11] Group 2: Overseas/Education Research - The ongoing conflict in the Middle East is a major concern for global markets, with escalating oil prices and declining stock markets indicating investor anxiety [12][15] - The approval of a new commercial nuclear reactor in the U.S. marks a significant milestone for the nuclear energy sector, reflecting renewed policy support for advanced nuclear projects [13] - The commercial aerospace sector is expected to see revenue growth driven by government contracts and commercial agreements, despite high capital expenditures and operational losses [14][15] Group 3: Machinery/Construction - The 2026 National People's Congress emphasizes the importance of effective investment, with a focus on major infrastructure projects and the "Six Networks" initiative, which includes water and electricity networks [16][19] - The fiscal policy remains proactive, with record-high government spending and special bond issuance aimed at supporting infrastructure investments [17][19] - The construction sector is expected to benefit from stable infrastructure demand, particularly in energy security and clean energy projects [19] Group 4: Pharmaceuticals - Hutchison China MediTech reported a total revenue of $549 million for 2025, a decrease of 12.96%, while net profit surged by 1111.03% to $457 million [21][22] - The company’s oncology/immunology business generated $286 million, with significant growth in international sales, particularly for its drug, fruquintinib [22][23] - The ATTC platform is progressing into clinical validation, with multiple candidates entering trials, indicating a robust pipeline for future growth [23][24] Group 5: Home Appliances - Bosideng is expected to achieve steady revenue growth, with a projected mid-single-digit increase for the fiscal year, despite a warm winter affecting sales [26][27] - The main brand, down jackets, is anticipated to maintain growth, supported by high-profile designer collaborations [26][27] - The company is focusing on improving operational efficiency and management capabilities across its various business segments [27][28] Group 6: North Exchange - North Mining Testing is positioned as a leader in the non-ferrous metal testing sector, benefiting from rising metal prices and the domestic demand for quality control [30][31] - The testing services market is projected to reach ¥487.6 billion by 2024, with a significant shift towards larger, more concentrated firms [30][31] - The company is expanding its business model to include high-end instrument development, enhancing its competitive edge in the market [31][32]