2026 年 02 月 02 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 18 期 观点精粹: 最新报告摘要 超豪市场自主替代空间大，尊界放量有望助力江淮盈利改善——汽车行业深度报告--行业 PPT 报告 2026 年 3 月白卡纸价格再提涨，白卡纸龙头盈利曲线修复可期--博汇纸业/造纸(600966/213601) 公司动态研 究 有机硅行业系列深度报告："反内卷"协同共振，供需平衡逐步修复--行业 PPT 报告 扩散动量因子的应用及探讨--固定收益点评 发布正面盈利预告，预期 2025 年度核心经营利润同比增长 44.8%-51.2%--锅圈/食品加工(02517/213404) 点 评报告（港股美股） 预计 2025 年归母净利润 3 亿元+，AI 驱动高速连接放量增长--华丰科技/军工电子Ⅱ(688629/216505) 科创板 公司普通报告 经营业绩全面向好，C/B 双端 AI 应用均成核心驱动--科大讯飞/软件开发(002230/217104) 公司点评 生物医药深度报告：国 ...

Investment Rating - The report provides a positive investment rating for the regenerative medicine sector, highlighting specific companies as key investment opportunities [1]. Core Insights - The regenerative medicine platform company is positioned in the high-end manufacturing field of neurosurgery, with a projected revenue growth of 30% and a net profit increase of 43% in Q1-Q3 of 2025. The company is expected to enter a product harvest phase from 2025 to 2027, stabilizing net profit margins and increasing profits [1]. - The report emphasizes the benefits of centralized procurement, with the company achieving significant growth by trading price for volume, projecting a 21% revenue increase and a 93% net profit growth in 2024 [1]. - The report identifies new product approvals and expanded indications as key growth drivers, with expectations of a 100% growth rate for certain products from 2025 to 2026 [1]. Summary by Relevant Sections Regenerative Medicine - The regenerative medicine company is expected to see a revenue increase of 30% and a net profit increase of 43% in Q1-Q3 of 2025, entering a product harvest phase from 2025 to 2027 [1]. - The company benefits from centralized procurement, achieving a 21% revenue increase and a 93% net profit growth in 2024 [1]. - New product approvals are anticipated to drive a 100% growth rate from 2025 to 2026 [1]. Automotive - The automotive sector shows a positive outlook with the introduction of a second brand expected to enhance performance significantly compared to Q3 [1]. - The company is projected to achieve a revenue of 1,099 million in 2026, with a growth rate of 37% [1]. Paper Industry - The white cardboard paper industry is expected to see a recovery in downstream demand, with the company positioned to benefit from high market concentration and improved pricing power [1]. - The company anticipates a revenue increase of 407 million in 2026, with a growth rate of 123% [1]. Chemical Industry - The chemical sector is experiencing high demand, with the agricultural market showing signs of recovery [1]. - The company is projected to achieve a revenue of 2,078 million in 2026, maintaining a growth rate of 14% [1]. Mining - The mining sector is benefiting from rising gold and copper prices, with the company expected to see a 54% increase in net profit [1]. - The projected revenue for 2026 is 50,478 million, with a growth rate of 10% [1].