国泰海通晨报 2025 年 12 月 19 日 [汤蔚翔 Table_Authors] (分析师) 国泰海通证券股份有限公司 研究所 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 侯欢(分析师) 021-23185643 houhuan@gtht.com S0880525040074 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com S0880525040019 宏观快报点评：《广义财政仍需加力》2025-12-18 狭义收入：增速回落。 2025 年 1-11 月，全国一般公共预算收入同比增长 0.8%。其中，11 月当 月收入持平于 2024 年同期，增速边际回落。本月狭义预算收入增速创下半年新低。从主要分项看，在 基数抬升的情况下，个人所得税、增值税收入仍有不错表现。不过，企业所得税收入受到较大扰动， 同比增速转负。此外，在低基数下，消费税收入增速有所回落，出口退税收入降幅明显。考虑到下半 年房地产需求调整，经济增长的内生动能还需增 ...

Macro Research - The US job market is showing signs of gradual slowdown, with November non-farm employment increasing by 64,000, slightly above the expected 50,000, but the October figures were significantly revised down by 105,000 due to a one-time impact from the end of employment related to Trump's delayed resignation plan [2][9] - The unemployment rate rose by 0.2 percentage points to 4.6%, slightly above the expected 4.5%, primarily influenced by an increase in labor force participation, while the U6 unemployment rate increased significantly from 8.0% to 8.7%, indicating growing pressure on marginal labor and part-time workers [3][10] Home Appliance Research - Anfu Technology has strategically invested in Suzhou Yilong Micro, becoming a leading investor, which is part of its efforts to build a second growth curve [2][4] - The investment in the optical chip sector allows Anfu to share in Yilong Micro's high growth potential and develop a dual layout of "electric + optical," showcasing its forward-looking industrial layout and strong resource integration capabilities [6][26] Company Tracking Report: Anfu Technology - Anfu Technology's acquisition of Yilong Micro is progressing steadily, focusing on increasing its core business in power banks while investing in high-potential hard technology sectors [4][23] - The expected EPS for Anfu Technology from 2025 to 2027 is projected to be 1.03, 1.72, and 1.91 yuan, reflecting year-on-year growth of 58.6%, 66.2%, and 10.9% respectively [4][23] - The target price for Anfu Technology is set at 51.60 yuan, maintaining a "buy" rating based on a 30x PE for 2026 [4][23] Company Overview: Yilong Micro - Yilong Micro focuses on the research, design, and production of photonic integrated chips for data center optical communication, established in Suzhou in 2021 with a core team of high-level national talents and returnee PhDs [6][25] - The company has developed a proprietary technology platform for silicon photonic heterogeneous integration and has been recognized as a "future star" in China's science and technology innovation [6][25] Investment Outlook - The investment in Yilong Micro is expected to enhance Anfu Technology's growth trajectory and open up new valuation ceilings, leveraging the complementary industrial resources from Anfu and its shareholders [6][26] - The overall strategy reflects a commitment to advancing from technology research and development to large-scale production and market application [6][26]

该系列活动由北京证监局指导，北上协主办，三家上市公司分别承办，北京上市公司董事、董事会秘 书、证券事务代表、相关领域负责人、媒体记者以及协会秘书处专职工作人员等140余人参加活动。 此次调研座谈活动以"调研参观+座谈交流"的形式开展。各参与调研活动的上市公司代表不仅实地走进 上市公司，观看生产车间及项目地，在座谈交流环节，更是围绕"上市公司如何合理使用并购重组工具 将公司做强做大做优"展开热烈讨论。 近期，北京上市公司协会（以下简称"北上协"）结合当前并购重组的热门背景，根据北京证监局的指导 意见以及北京上市公司的实际需求，围绕以"并购重组与做强做大做优"为专题组织会员单位走进中航机 载系统股份有限公司（以下简称：中航机载）、中国中车股份有限公司（以下简称：中国中车）以及中 国长江电力股份有限公司（以下简称：长江电力）三家行业龙头上市公司。 北上协李洪海秘书长表示，新"国九条"颁布以来，A股市场并购重组活动显著活跃，尤其是在科技、高 端制造、央国企整合等领域。国泰君安吸收海通证券打造世界级投行、中国船舶吸收合并中国重工打造 世界级船王、中国神华一次性整合13家核心能源企业打造7000亿元煤炭巨头以及前不久中金 ...