大摩闭门会：春节消费-分化起点，还是整体拐点？260227_导读 全文摘要 春节假期后的消费市场分析揭示了积极的零售餐饮数据，同比增长5.7%，受益于假期延长、暖冬及消费意愿恢 复。尽管如此，市场恢复仍显缓慢，体现出理性消费与价格敏感性。讨论覆盖了多个子板块，如线下服务、旅 行、酒店、餐饮、酒类及海外增长机会，特别强调了海南免税、餐饮、黄金珠宝、酒店行业的发展趋势与投资机 遇。 大摩闭门会：春节消费-分化起点，还是整体拐点？260227_导读 2026年03月01日 00:31 关键词 消费 春节 餐饮 酒店 旅游 白酒 乳制品 啤酒 化妆品 体育用品 黄金珠宝 海南免税 海底捞 通缩 地产 估值 盈利 超额 回报 投资策略 出海 全文摘要 春节假期后的消费市场分析揭示了积极的零售餐饮数据，同比增长5.7%，受益于假期延长、暖冬及消费意愿恢 复。尽管如此，市场恢复仍显缓慢，体现出理性消费与价格敏感性。讨论覆盖了多个子板块，如线下服务、旅 行、酒店、餐饮、酒类及海外增长机会，特别强调了海南免税、餐饮、黄金珠宝、酒店行业的发展趋势与投资机 遇。此外，体育用品、互联网（电商、即时零售、以旧换新）以及北美市场服装、电 ...

人民币加速升值，3 月如何布局 西部研究月度金股报告系列（2026 年 3 月） 核心结论 1、2026 中国有望回归 2019 "价值投资元年" （1）2018 年中国正式步入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此 A 股孕育出了 2019-22 年"价值投资"的土壤：大量拥 有稳定现金流的消费（茅指数）和制造（宁组合）得到系统性重估。 （2）《人民币升值是 2026 繁荣的契机》提示：美联储降息后人民币回归长 期升值趋势，正驱动跨境资本加速回流。中国的制造和消费行业将再次拥有 大量稳定的现金流，也将重获"价值投资者"的青睐。 2、巴菲特"价值投资"的基础，是稳定现金流的"大 DCF 资产" 1945 年开始美国正式进入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此美股孕育出了巴菲特"价值投资"的土壤：大量拥有稳定 现金流且 CAPEX 较低的"大 DCF 资产"。 策略月报 巴菲特"价值投资"的理念是以合理价格买入现金流充沛的优质公司。上世 纪 60 年代以来，巴菲特重仓的美国运通/华盛顿邮报/可口可乐/苹果等公司， 都是现金流充裕且 CAPEX 较低的 ...

中新网杭州2月27日电(奚金燕)26日，江南春雨霏霏，德国总理默茨率团参访杭州，其中重要一站便是 参观在这座城市扎根31年的德企——西门子能源。 2月26日，德国总理默茨与西门子能源全球高级副总裁、大中华区负责人姚振国交谈。王刚摄 此行释放出特殊信号。在杭州数百家德企中为何选择西门子能源？这或许要从这家企业的故事说起。 从最早仅37亩土地厂房起步，数次增资扩建为6.6万平方米的智能化基地；从原先的技术空白，到如今 产品远销90多个国家和地区……30多年来，西门子能源深耕杭州，与中国市场相融共生，成为中德紧密 合作、双向互"链"的生动缩影。 从贴近中国市场到辐射全球，一家德企的"进化之路" 1995年的杭州，正处于改革开放的初期。也正是那一年，西门子能源高压开关(杭州)有限公司(简称：西 门子能源杭州工厂)正式落地杭州市钱塘区。 杭州经济技术开发区原党工委委员、管委会副主任张学宁回忆道，当时浙江经济步入快速发展期，电力 保障压力日益加大，迫切需要引进高端输配电技术与装备。 为此，张学宁所在的浙江招商代表团专程前往德国拜访西门子董事局主席，积极寻求全方位合作。与此 同时，西门子也正积极布局亚洲制造基地，双方一拍即 ...

市公司 防疫 公司古 | 公 | | --- | | 司 | | 研 | | 究 | | / | | 公 | | 司 | | 市场数据: | 2026年02月26日 | | --- | --- | | 收盘价（元） | 73.18 | | 一年内最高/最低(元) | 97.00/46.15 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 1.23 | | 流通 A 股市值 (百万元) | 1.464 | | 上证指数/深证成指 | 4,146.63/14,503.79 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 12.59 | | 资产负债率% | 31.07 | | 总股本/流通 A 股 (百万) | 100/20 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大需对 | 信势： 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 A02305240800 ...

随着我国自贸"朋友圈"不断扩大，越来越多的企业利用自贸协定带来的降税优势挖掘新市场的贸易 增长点。位于嘉兴的浙江亚特电器股份有限公司是一家从事园林工具、电动工具和智能产品研发、设计 和生产的企业。今年1月，该公司首次为其生产的锂离子电池组等产品申领了中国-厄瓜多尔自贸协定原 产地证书，预计该批货物可在进口国减免关税约9.9万元。"这批订单的成功交付是公司2026年外贸'开 门红'的重要成果，与该客户的首年合作有望达到1000万元。"公司外销部经理魏烈斌说。 新华社客户端浙江频道2月25日电（记者唐弢）原产地证书是出口产品在国外享受关税优惠待遇的 凭证，素有"纸黄金"之称。2026年伊始，RCEP等自贸协定持续深化实施，关税减让红利加速释放，为 新一年浙江企业开拓国际市场带来了实打实的政策优惠。1月份，杭州海关共签发各类自贸协定原产地 证书12.6万份，货值306.1亿元，同比分别增长3.4%和1.9%，助力企业享受进口国关税减让超15亿元。 浙江鸿盛化工有限公司是一家为下游染料、轮胎、农药等行业提供化学中间品的高新技术企业，借 助中国-东盟、RCEP等自贸协定税收优惠，企业在东南亚等地的市场份额不断提升。"1 ...

智通财经APP获悉，创科实业(00669)盘中涨超5%，截至发稿，涨3.84%，报124.3港元，成交额9.12亿港 元。 小摩此前发布研报称，电动工具行业正重新步入增长轨道，推动因素包括供应链及库存调整正常化、利 率周期更有利，以及公司自身的催化剂。针对创科实业，该行预期Milwaukee品牌收入增长将重新加 速，因总市场规模快速扩张。同时，在退出沃尔玛的HART品牌后，公司将重新聚焦消费业务，尤其是 家得宝的Ryobi品牌。 消息面上，美国最高法院宣布特朗普政府实施多项关税无效。随后特朗普将全球关税提高至15%，为期 150天。花旗认为，这项裁决对大多数中国出口商而言总体上属于利好消息，因为其美国客户现需支付 更高对等关税，并不是根据第122条款额外征收的15%关税，故在美国销售业务占更高的公司应该受益 更多。该行较看好创科实业。 ...

Core Insights - The article highlights the rapid transformation of the global power tools industry towards lithium battery technology and smart manufacturing, with Zhejiang Plade Electric Co., Ltd. emerging as a leader in this segment due to its strong technological foundation and efficient manufacturing system [1][4] Group 1: Company Overview - Plade is headquartered in Jinhua, Zhejiang, covering an area of 150 acres, and has established a fully integrated intelligent system encompassing R&D, production, and sales [1] - The company went public on the Shenzhen Stock Exchange's ChiNext board on May 30, 2023, marking a significant milestone in its capital journey and reflecting market recognition of Chinese manufacturing value [1] Group 2: Technological Innovation - Plade has upgraded its production lines to a high-speed chain system to accommodate the "variety and small batch" production characteristics of power tools, enhancing production flexibility [1] - The company utilizes digital twin technology for real-time management of production operations, integrating 5G and industrial internet, and has been recognized as a "future factory" by the Ministry of Industry and Information Technology [2] - Plade is the first globally to apply infrared temperature measurement technology in hot air gun products, achieving full coverage from general to professional levels [2] Group 3: Business Model - The company employs a "dual-wheel drive" strategy, maintaining stability through ODM (Original Design Manufacturing) while pursuing growth via OBM (Own Brand Manufacturing) [2] - This model ensures a high degree of certainty in growth amidst fierce market competition [2] Group 4: Global Expansion - Plade established a manufacturing base in Thailand in 2018, which serves as a core hub for expanding into Europe, Southeast Asia, and Belt and Road Initiative markets [3] - The Thai factory has developed comprehensive service capabilities, with local talent in key management positions to enhance operational efficiency and market responsiveness [3] Group 5: Strategic Developments - In 2023, Plade founded a subsidiary, Pucheng Electronics, focused on core components like motors and controls, enhancing its self-research capabilities and quality control systems [3] - The company aims to create long-term value for investors by focusing on its core business and ensuring steady performance growth [3]

Core Viewpoint - The company, Heertai (002402), is experiencing steady growth in its electric tools business segment, driven by capacity expansion, technological development, and a shift in the supply chain within the industry [1] Group 1: Business Development - The company has successfully expanded its customer base and product categories in recent years [1] - Customer development is progressing smoothly, and the company is delivering products according to customer demands [1] - Revenue from this business segment is expected to maintain stable growth through 2025 [1] Group 2: Future Strategy - The company plans to continue its focus on the intelligent and green development of electric tool products [1] - There will be an increased effort in expanding business with new customers [1] - The company aims to enhance its dual capability in customer and product expansion [1]

Core Viewpoint - The report by Zhiyan Consulting highlights a decline in the production of electric hand tools in China, indicating potential challenges in the industry from 2025 onwards [1] Industry Summary - In December 2025, the production of electric hand tools in China was 17.87 million units, representing a year-on-year decrease of 13.6% [1] - The cumulative production of electric hand tools for the entire year of 2025 was 198.7 million units, showing a cumulative decline of 7.5% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [1]

Core Viewpoint - Bosch Group anticipates a slight increase in sales to €91 billion in 2025, with a real growth rate of 4.2% after adjusting for currency effects [1] Group 1: Financial Performance - Bosch's projected sales for 2025 are €91 billion, reflecting a 4.2% real growth rate after currency adjustments [1] - In China, Bosch achieved sales of approximately ¥149.8 billion (about €18.46 billion) in the 2025 fiscal year, marking a year-on-year growth of 4.9% [6] Group 2: Strategic Initiatives - Bosch is advancing its 2030 strategy, aiming to be among the top three suppliers in key global markets while maintaining profitability [3] - The company is focusing on building a more competitive cost structure and flexible production capacity to achieve its strategic goals [3] Group 3: Business Development and Innovations - Bosch's vehicle motion management system has received positive market feedback, and the company secured €10 billion in customer orders for smart driving solutions and related technologies [4] - Bosch Comfort Technology aims to nearly double its sales to €8 billion in the medium term, establishing itself as a leading HVAC supplier [4] - The company plans to launch around 2,000 new products by 2027, optimizing product development processes to reduce average time to market by two months [4] - Bosch is investing €2.5 billion in artificial intelligence by the end of 2027, showcasing AI-powered high-performance computing platforms for future smart cockpit applications [4] Group 4: Market Position and Future Outlook - Bosch's Chairman, Dr. Stefan Hartung, emphasized the need to enhance competitiveness amid increasing industry competition and a challenging macroeconomic environment [1] - The company expects significant acceleration in market momentum for software-defined mobility over the next decade [3] - Bosch's operations in China are crucial for transitioning technology from innovation to large-scale application, with ongoing investments in sustainable technologies [9]