今日（5月27日），A股市场主要指数走弱，沪指收盘下跌0.18%，市场全天成交额1.02万亿元。收盘上 涨个股超2600只，下跌2576只，其中，收盘股价涨停的有95只，跌停的有5只。 盘面上，农化制品板块午后大幅拉升，中旗股份"20cm"涨停，中农联合、广信股份、利尔化学等涨 停。 大消费股全天表现强势，饮料制造、服装家纺等涨幅居前。 23股收盘价创历史新高 不含近一年上市的次新股，今日共有23股收盘价创历史新高，从行业属性来看，机械设备、医药生物、 食品饮料行业创新高的个股较为集中，分别有6只、5只、2只个股出现在名单中。 收盘价创历史新高股中，今日股价平均上涨6.98%，涨停的有哈焊华通、金龙羽（维权）、京华激光 等，涨幅居前的有三生国健、常山药业、新天地等。 | | | 5月27日收盘价创历史新高股 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 | 日涨幅 | 行业 | | | | (元) | (%) | | | 301137 | 哈婷华通 | 39.59 | 20.01 | 机械设备 | | 688336 | 三生国健 | 58.90 | ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨景旺电子（603228.SH） [Table_Title] 景旺电子 2024 年报及 2025 年一季报点评：深 耕汽车，拥抱 AI 报告要点 [Table_Summary] 景旺电子发布 2024 年报及 2025 年一季报：2024 年，公司实现营业收入 126.59 亿元，同比增 长 17.68%；实现归母净利润 11.69 亿元，同比增长 24.86%；实现毛利率和净利率 22.73%和 9.16%，分别同比-0.44pct 和+0.69pct。2025 年一季度，公司实现营业收入 33.43 亿元，同比 增长 21.90%；实现归母净利润 3.25 亿元，同比增长 2.18%；实现毛利率和净利率 20.78%和 9.87%，分别同比-3.83pct 和-1.70pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 [Table_Summary2] 事件描述 景旺电子发布 2024 年报及 2025 ...

[Table_Summary] 东山精密发布 2025 年一季报：2025 年一季度，公司实现营业收入 86.02 亿元，同比增长 11.07%；实现归母净利润 4.56 亿元，同比增长 57.55%。从盈利能力来看，2025 年一季度， 公司分别实现毛利率和净利率 14.13%和 5.31%，分别同比+0.53pct 和 1.57pct。 分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨东山精密（002384.SZ） [Table_Title] 东山精密 2025 年一季报点评：业绩大幅增长， 光电显示与精密制造持续向好 报告要点 [Table_Author] 杨洋 高伊楠 SAC：S0490517070012 SAC：S0490517060001 SFC：BUW100 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东山精密（002384.SZ） cjzqdt11111 [Table_Title 东山精密 2025 2] 年一季报点评：业绩大幅增长， 光电显示与精密制造持续向好 [Table_Summary2] 事件描述 公司基础 ...

丨证券研究报告丨 公司研究丨点评报告丨生益科技（600183.SH） [Table_Title] 生益科技 2025 年一季报点评：AI 赋能成长，业 绩步入高增 报告要点 [Table_Summary] 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 26.86%；实现归母净利润 5.64 亿元，同比增长 43.76%。从盈利能力来看，2025 年一季度， 公司分别实现毛利率和净利率 24.60%和 11.31%，分别同比+3.30pct 和+2.18pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 生益科技（600183.SH） cjzqdt11111 [Table_Title 生益科技 2025 2] 年一季报点评：AI 赋能成长，业 绩步入高增 [Table_Summary2] 事件描述 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady growth in Q1 2025, achieving operating revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit attributable to shareholders of 491 million yuan, up 29.47% year-on-year. The gross margin and net margin for Q1 2025 were 24.74% and 10.29%, reflecting a year-on-year change of -0.45 percentage points and +0.71 percentage points respectively [2][5]. - The growth in performance is attributed to the increasing demand in high-speed network communication, computing power, and server-related sectors, as well as the ongoing trends in electric and intelligent vehicles. The company is expected to benefit from structural opportunities in the downstream market, particularly in the PCB business, driven by AI and intelligent driving [11]. - The company is focusing on strategic customer development and product introduction in the PCB sector, particularly in data centers and automotive electronics, while also enhancing its capabilities in the packaging substrate business [11]. Financial Performance and Forecast - For the fiscal year 2025, the company is projected to achieve a net profit attributable to shareholders of 2.531 billion yuan, with expected profits of 3.034 billion yuan and 3.549 billion yuan in 2026 and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 21.89, 18.27, and 15.61 [11][18].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a significant increase in performance for Q1 2025, achieving revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit attributable to shareholders of 0.921 billion yuan, a year-on-year increase of 339.22% [2][5]. - The company's gross margin improved to 33.37%, up 13.88 percentage points year-on-year, and the net profit margin reached 21.35%, an increase of 12.59 percentage points year-on-year [10]. - The growth in profitability is attributed to the rapid increase in orders for high-value products driven by AI computing power business, which began mass production in Q4 2024 [10]. - The company is well-positioned to capitalize on the AI wave, leveraging its technological advantages and deepening relationships with leading international clients [10]. - The company expects a quarter-on-quarter net profit growth of no less than 30% in Q2 2025, with a year-on-year increase of over 360% for the first half of 2025 [10]. - Forecasted net profits for 2024, 2025, and 2026 are 5.138 billion yuan, 6.569 billion yuan, and 8.053 billion yuan, respectively, with corresponding PE ratios of 12.55, 9.82, and 8.01 [10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.12 billion yuan and a net profit of 9.21 billion yuan, marking substantial year-on-year growth [2][5]. - The gross margin and net profit margin saw significant improvements, indicating enhanced profitability [10]. Business Strategy - The company is focusing on AI and high-end product development, achieving breakthroughs in AI server fields and high-speed data transmission products [10]. - The strategic emphasis on R&D and product innovation is expected to sustain growth and improve market position [10]. Future Outlook - The company anticipates continued strong performance in the upcoming quarters, driven by AI-related product demand and market recovery in traditional sectors [10]. - Long-term growth prospects remain positive, with expectations of increasing high ASP product shipments [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 0.952 billion yuan in Q1 2025, representing a year-on-year growth of 23.68% - The net profit attributable to the parent company was 0.078 billion yuan, with a year-on-year increase of 2.04% - The gross margin and net margin for Q1 2025 were 21.91% and 8.25%, reflecting a year-on-year change of +2.70 percentage points and -1.75 percentage points respectively [2][5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 0.952 billion yuan, which is a 23.68% increase compared to the previous year - The net profit attributable to the parent company was 0.078 billion yuan, showing a growth of 2.04% year-on-year - The gross margin was reported at 21.91%, an increase of 2.70 percentage points, while the net margin was 8.25%, a decrease of 1.75 percentage points [2][5] Market Position and Strategy - The company is focusing on high-end markets, particularly in the PCB sector, with an emphasis on high-density interconnect (HDI) boards and high-layer boards - The demand for PCBs is expected to grow due to the increasing applications in AI servers, high-speed networks, and smart terminals - The company aims to enhance its high-margin customer sales ratio and improve its supply capabilities for high-end HDI products [12] Future Outlook - The company is projected to achieve net profits of 0.346 billion yuan, 0.434 billion yuan, and 0.541 billion yuan for the years 2025, 2026, and 2027 respectively - Corresponding price-to-earnings ratios are expected to be 52.39, 41.81, and 33.52 for the same years [12][19]

《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建 立"差别化"的审查机制：一方面放宽盟国对美投资限制，另一方面严格管控与"外国对 手"国家的双向投资活动。 文：国金宏观宋雪涛/联系人厉梦颖 随着对等关税和对等反制的升级，市场担心贸易摩擦可能向其他领域蔓延，在此背景下，2月21日特朗 普政府出台的《美国优先投资政策》备忘录引发关注。 就在《美国优先投资政策》发布一个月前的1月20日，特朗普政府发布的《美国优先贸易政策》备忘录 已释放信号——将重新评估上届政府的对外投资法规。 《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建立"差别化"的审 查机制： 一方面放宽盟国对美投资限制，另一方面严格管控与"外国对手"国家的双向投资活动 。 虽然目前公布的只是政策框架，但特朗普政府已明确要求相关政府部门启动配套法规制定程序，为后续 出台具体监管措施铺平道路。 特朗普第一任期和拜登政府时期，均颁布过一些对外投资限制命令。 比如特朗普第一任期的2020年11月12日第13959号行政命令，2021年6月3日第14032号行政命令 （对第13959号的修订），拜登政府时期的 ...

《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建 立"差别化"的审查机制：一方面放宽盟国对美投资限制，另一方面严格管控与"外国对 手"国家的双向投资活动。 文：国金宏观宋雪涛/联系人厉梦颖 随着对等关税和对等反制的升级，市场担心贸易摩擦可能向其他领域蔓延，在此背景下，2月21日特朗 普政府出台的《美国优先投资政策》备忘录引发关注。 就在《美国优先投资政策》发布一个月前的1月20日，特朗普政府发布的《美国优先贸易政策》备忘录 已释放信号——将重新评估上届政府的对外投资法规。 《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建立"差别化"的审 查机制： 一方面放宽盟国对美投资限制，另一方面严格管控与"外国对手"国家的双向投资活动 。 虽然目前公布的只是政策框架，但特朗普政府已明确要求相关政府部门启动配套法规制定程序，为后续 出台具体监管措施铺平道路。 特朗普第一任期和拜登政府时期，均颁布过一些对外投资限制命令。 比如特朗普第一任期的2020年11月12日第13959号行政命令，2021年6月3日第14032号行政命令 （对第13959号的修订），拜登政府时期的 ...