晨会纪要 证券研究报告 2026 年 03 月 31 日 核心结论 分析师 【医药生物】英科医疗（300677.SZ）首次覆盖深度报告：手套行业供需改 善，龙头深筑成本和产能优势 英科医疗为全球一次性防护手套龙头，具备突出的成本、产能和资金优势， 在中国和全球产能和收入规模领先。我们看好一次性手套行业落后产能逐步 出清，供需格局持续优化趋势下，公司持续扩建丁腈手套产能，提升市占率 和盈利能力，业绩增长具备较强的确定性。我们预计公司 2025/2026/2027 年 EPS 分别为 1.96/2.76/3.43 元。首次覆盖，给予"买入"评级。 【传媒】心动公司（02400.HK）2025 年业绩点评：TapTap 平台建设持续 深化，关注《心动小镇》海外表现 预 计 公 司 26/27/28 年 营 业 收 入 分 别 为 66.76/73.50/80.91 亿元， YoY+16%/10%/10%，归母净利润分别为 18.99/22.54/24.87 亿元，同比 +24%/19%/10%，TapTap 平台建设持续深化，关注《心动小镇》海外表现， 维持"买入"评级。 【建筑装饰】中国能建（601868.SH） ...

Group 1 - China's foreign trade shows strong resilience, with total import and export value reaching 3.9 trillion yuan in November, a year-on-year growth rate of 4.1%, marking ten consecutive months of growth [2] - Exports in November amounted to 2.35 trillion yuan, while imports were 1.55 trillion yuan, with year-on-year growth rates of 5.7% and 1.7% respectively, indicating sustained vitality in foreign trade [2] - The cumulative import and export value for the first eleven months reached 41.21 trillion yuan, reflecting a year-on-year growth of 3.6%, consistent with the previous ten months [2] Group 2 - The diversification of export markets has shown positive results, with trade with ASEAN growing by 8.5%, and exports to Africa, Latin America, and the EU increasing by 18.7%, 5.6%, and 5.4% respectively [2] - Over 110 countries and regions experienced simultaneous growth in exports and imports with China in the first eleven months, an increase of over 20 compared to the same period last year [2] Group 3 - The export structure is evolving, with green travel and winter sports equipment emerging as significant growth areas in international markets [4] - The export of electric bicycles is rapidly increasing, with sales on cross-border e-commerce platforms surging, exemplified by a 40-fold increase in sales during the 2025 Black Friday period [4][5] - The demand for winter sports equipment, such as ice skates and ski apparel, has also seen double-digit growth, particularly in North America and Central and Eastern Europe [4][5]