公 司 研 究 博菲电气公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | | | 沈唯(分析师) | 0755-23976795 | shenwei2@gtht.com | S0880523080006 | [Table_Target] 目标价格： | 55.37 | | 周志鹏(分析师) | 021-38676666 | zhouzhipeng@gtht.com | S0880523060004 | | | 本报告导读： 公司预计 2025 年实现归母净利润 1400 万元至 1980 万元，扣非后归母净利润-1500 万元至-800 万元，维持"增持"评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | ...

公 司 研 究 民爆和能化双主业协同发展 雪峰科技(603227) 雪峰科技首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 民爆+能化双轮驱动，形成"天然气→合成氨→硝酸铵→民爆产品"产业链。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,021 | 6,101 | 5,644 | 6,708 | 7,673 | | (+/-)% | 1.7% | -13.1% | -7.5% | 18.9% | 14.4% | | 净利润(归母) | 854 | 668 ...

根据工业和信息化部制造业数字化转型综合信息服务平台数据显示，截至2025年12月，重点行业数字化 转型已形成梯队分化格局，其中，汽车、船舶和电子信息制造业开展数字化改造的企业比例最高，分别 达94.4%、94.2%和93.9%。电子信息制造业和装备制造业总体处于第一梯队，消费品、原材料行业则位 于第二梯队。 报告显示，近年来，我国推动制造业数字化转型的政策体系不断健全、应用程度持续深化、供给水平明 显提升、基础保障不断夯实。在政策层面，2024年5月国务院常务会议审议通过了《制造业数字化转型 行动方案》，同年底工信部等三部门印发《制造业企业数字化转型实施指南》，针对不同规模企业提出 差异化转型策略。按照上述行动方案的目标，到2027年，工业大省大市和重点园区规上工业企业将实现 数字化改造全覆盖，到2030年力争规上工业企业基本完成一轮数字化改造。 中国信通院信息化与工业化融合研究所工程师焦贝贝说，在全球科技革命和产业变革加速演进、产业格 局深度调整背景下，制造业数字化转型是提升效率、增强韧性和实现绿色低碳发展的关键引擎。 报告指出，我国制造业数字化转型经历了筑基补短和试点攻关阶段，正迈入规模化普及的"深水区" ...

（来源：中国经济导报） 报告建议，有关方面应该聚焦企业发展和产业转型需要，以系统思维统筹推进制造业数字化转型。要以 提升发展质量和效益为目标，坚持两化深度融合主线，聚焦智能制造主攻方向，强化工业互联网等新型 基础设施底座，协同推进典型场景培育、示范改造与规模化推广，并统筹加强技术攻关、标准制定、安 全防护与政策保障，加快实现数字技术普及与智能技术探索应用。 本报讯 记者刘宝亮报道 中国信息通信研究院日前发布的《制造业数字化转型发展报告（2025年）》显 示，当前，我国制造业数字化转型覆盖广度明显提升，进入规模化普及阶段。截至2025年12月，全国规 上工业企业开展数字化改造比例达89.6%，数字化设备普及率达到57.7%。 中国信通院信息化与工业化融合研究所工程师焦贝贝说，在全球科技革命和产业变革加速演进、产业格 局深度调整背景下，制造业数字化转型是提升效率、增强韧性和实现绿色低碳发展的关键引擎。 根据工业和信息化部制造业数字化转型综合信息服务平台数据显示，截至2025年12月，重点行业数字化 转型已形成梯队分化格局，其中，汽车、船舶和电子信息制造业开展数字化改造的企业比例最高，分别 达94.4%、94.2% ...

在美银首席策略师Michael Hartnett看来，2026年的市场逻辑已发生根本性位移：AI概念内部正在剧烈分化，资金流向正从美国溢出至日韩。 面对地缘政治的迷雾与高位震荡的美股，Hartnett认为，投资者应当短期"交易石油"，中期"持有黄金"；而美股若想打破当前"极度看涨却又滞 涨"的僵局，急需中东油价崩盘或中美贸易缓和这两大"外部冲击"来破局。 市场风格剧变？ 在美银（BofA）首席策略师Michael Hartnett看来，2026年的市场逻辑已与前两年截然不同。 如果说2024年和2025年是"AI领跑者"的独角戏，那么2026年的市场风格可能会发生剧变。Hartnett认为，市场正在抛弃那些资本开支巨大的"支出 者"，转而拥抱基础设施的"建设者"： 市场正在抛弃那些资本开支巨大的"支出者"（如科技七巨头Mag7），转而拥抱基础设施的"建设者"（如半导体与原材料）；资金也在 从"被颠覆者"（软件股）撤离，流向AI技术的"应用者"（银行股）。 当然，剧烈的板块轮动也会带来风险。当前，科技、电信和金融板块合计占据标普500指数56%的权重，一旦领跌股的市值蒸发速度超过领涨股的 拉升速度，大盘将面临崩 ...

Core Viewpoint - The recent market sell-off of AI-related stocks is seen as an emotional overreaction, creating opportunities for active fund managers to identify companies with real competitive advantages [1] Group 1: Market Sentiment and Investment Opportunities - The sell-off has indiscriminately affected all stocks associated with AI, leading to a focus on disruptive risks while overlooking growth opportunities [1] - This broad sell-off provides a significant window for active managers to select companies that can effectively implement AI and build competitive moats [1] Group 2: Sector Allocation and Recommendations - Newberger Berman maintains an overweight position in non-tech sectors, including small-cap stocks and certain cyclical industries [1] - Strong momentum is noted in sectors such as energy, materials, and real estate, which are currently underrepresented in many U.S. investor portfolios [1] Group 3: Software Industry Perspective - Contrary to the prevailing pessimism in the software industry, there is a belief that focusing on companies deeply integrated into customer experience processes is crucial [2] - Companies that have integrated AI into their solutions are seen as better positioned to leverage external AI capabilities and gain a competitive edge [2] Group 4: Market Outlook - Despite the absence of monetary policy easing, the current cyclical rebound is viewed as sustainable [2] - Investors are encouraged to diversify into small-cap stocks and international markets, as economic momentum and cyclical recovery continue [2]

Core Insights - The announcement of the first "billion-yuan county" in Guangdong, specifically in Boro County, marks a significant milestone in the region's economic development, with a GDP of 1005.45 billion yuan projected for 2025, reflecting a 5.5% year-on-year growth [2][4] - Experts highlight that while the achievement is commendable, challenges such as regional economic imbalances and structural weaknesses in the county economies persist, necessitating long-term efforts for sustainable development [1][3][4] Economic Development - Boro County's economic growth is supported by a stable manufacturing sector, with five major industrial clusters in electronics, intelligent equipment, new materials, new energy, and modern food, each exceeding 10 billion yuan [2] - The "Hundred Million Project" in Guangdong is expected to accelerate county economic growth, with projections indicating an increase in the number of billion-yuan counties to 62 by 2024 [2][4] Regional Disparities - Despite Guangdong's overall GDP ranking first in the country, county-level GDP accounts for only 12.4% of the provincial total, significantly lower than the national average of 38.3% [3] - The economic development of Guangdong's counties is uneven, with the Pearl River Delta region outperforming other areas, while counties in the eastern and western parts of Guangdong lag behind [5][6] Structural Challenges - Experts point out that many counties in Guangdong face issues such as low industrial bases, homogeneous industrial structures, and a lack of leading enterprises, which hampers their economic competitiveness [6][7] - The reliance on traditional agriculture and low-value manufacturing limits the counties' ability to attract investment and create jobs, further complicating the push for new urbanization [6][9] Recommendations for Improvement - To enhance county economic vitality, experts suggest a focus on tailored development strategies that leverage local resources and strengths, rather than a one-size-fits-all approach [9] - There is a call for reforms to empower counties through decentralization and improved resource allocation, which could stimulate local economies and align them more closely with the Greater Bay Area's economic dynamics [8][9]

Core Viewpoint - The report provides an overview of various ETFs tracking different indices, highlighting their composition, performance, and sector allocations. Group 1: Index Overview - The Hongli ETF tracks the China Securities Dividend Index, composed of 100 stocks with high and stable cash dividend yields, primarily from the banking, coal, and transportation sectors, which together account for over 50% of the index [1]. - The Value ETF tracks the National Value 100 Index, consisting of 100 stocks with prominent value characteristics, with over 65% of the index made up of consumer discretionary, financial, and industrial sectors [1]. - The Free Cash Flow ETF follows the National Free Cash Flow Index, which includes 100 stocks with high free cash flow levels, with over 70% from industrial, materials, and consumer discretionary sectors, combining high dividends with growth potential [1]. Group 2: Performance Metrics - The annualized return for the China Securities Dividend Index from 2013 to 2026 is 11.2%, with notable fluctuations in individual years, including a peak of 58% in 2014 and a decline of 16% in 2019 [2]. - The National Value 100 Index shows an annualized return of 18%, with significant highs of 64% in both 2014 and 2015, and a low of -16% in 2019 [2]. - The National Free Cash Flow Index has an annualized return of -18.7%, with a peak of 57% in 2014 and a low of -49% in 2022 [2].

Group 1 - The global asset market has entered a "Risk-off" mode due to multiple events, including a cooling job market and a retreat in AI industry narratives, leading to a significant decline in cryptocurrency markets and a drop in US Treasury yields [3][11] - There has been a noticeable shift from growth to value in global stock markets, driven by concerns over AI technology evolving from an enabler to a disruptor, resulting in a sell-off of major software stocks [3][13] - The earnings signals from key tech stocks during the earnings season, such as AMD, ARM, and Qualcomm, have not met optimistic market expectations, raising doubts about their ability to deliver on capital expenditure commitments [3][18] Group 2 - The current concerns in the capital market regarding the AI industry are indicative of the first phase of the trading cycle nearing its end, as the market begins to reassess the true impact of AI technology on various industries [4][26] - The differentiation within the AI sector has already begun, with hardware and software performance diverging since Q4 2025, marking the start of a broader market style shift [4][31] - The capital market is expected to transition into a second phase where the focus will shift back to the actual technological impacts of AI, leading to increased volatility and differentiation among sectors [4][27] Group 3 - The domestic A-share market has also experienced a significant style shift, with domestic demand-related assets outperforming, despite external demand not showing signs of weakness [5][40] - Recent data indicates a strong performance in South Korea's exports and a record high in China's port container throughput, suggesting a synchronized recovery between internal and external demand [5][48] - The consumption and financial sectors in China are showing high potential returns, with specific attention to the stabilization of premium liquor prices and the upcoming consumption data post-holiday [5][46] Group 4 - As the global AI industry cycle transitions into its second phase, the focus is shifting towards tangible assets that cannot be easily disrupted by AI, with a revaluation of global physical assets beginning [5][53] - Specific investment recommendations include revaluing physical assets based on low inventory and demand stabilization, as well as focusing on sectors like energy, metals, and Chinese equipment exports that are positioned for recovery [5][53] - The financial sector is expected to benefit from the expansion of capital markets and a bottoming out of long-term asset returns, highlighting opportunities in non-bank financials [5][53]

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company specializes in the research, production, and sales of specialty molecular sieves and catalytic new materials, with ongoing projects laying a foundation for future growth [2][20]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.16, 1.39, and 1.66 yuan respectively, with a target price set at 34.75 yuan based on a 25x PE valuation for 2026 [17][12]. - The company has established a comprehensive core process technology system covering the entire chemical industry chain, successfully developing multiple proprietary technology packages [12][20]. Financial Summary - Total revenue is projected to grow from 550 million yuan in 2023 to 1,528 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.6% [4][13]. - Net profit attributable to shareholders is expected to increase from 77 million yuan in 2023 to 293 million yuan in 2027, with a significant rebound in 2024 showing an 89.2% increase [4][13]. - The company’s net asset return rate is projected to rise from 2.9% in 2023 to 8.9% in 2027, indicating improving profitability [4][13]. Production Capacity and Utilization - The company plans to increase its production capacity for specialty molecular sieves and catalysts by 3,000 tons in 2025 and an additional 3,300 tons by February 2026 [18][12]. - The utilization rates for the specialty molecular sieves and catalysts series are estimated to be 72%, 64%, and 77% for the years 2025 to 2027 respectively [18]. Market Position and Competitive Analysis - The company is positioned within the specialty molecular sieve industry, with comparable companies such as Jianlong Micro-Nano and Kaili New Materials showing an average PE of 23x for 2026 [19][17]. - The report emphasizes the strategic importance of the company's products in energy conservation and environmental protection, highlighting its role in the emerging materials sector [20].