格隆汇2月25日｜光大证券研报指出，受益于AI、医药、新能源等下游需求的提升，2025年中船特气电 子特种气体和三氟甲磺酸系列产品持续放量，业绩稳健增长。然而由于相关气体产品价格仍处于历史偏 低水平，公司业绩略低于此前预期。我们下调公司2025-2026年盈利预测，新增2027年盈利预测。预计 2025-2027年公司归母净利润分别为3.47（前值为3.93）/4.52（前值为4.80）/6.01亿元。公司为国内电子 特种气体行业龙头，随着终端需求的持续提升，以及公司自身产能建设的落地与释放，公司业绩有望维 持较好增速，维持"增持"评级。 ...

截至发稿，田光远累计任职时间4年355天，现任基金资产总规模791.33亿元，任职期间最佳基金回报 168.19%， 任职期间最差基金回报-46.65%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，嘉实基金旗下1只基金位居中船特气十大流通股东。嘉实上证科创板芯片ETF（588200）三 季度减持16.8万股，持有股数360.16万股，占流通股的比例为2.48%。根据测算，今日浮盈赚取约806.77 万元。 嘉实上证科创板芯片ETF（588200）成立日期2022年9月30日，最新规模396.58亿。今年以来收益 13.84%，同类排名454/5570；近一年收益59.66%，同类排名260/4305；成立以来收益167.16%。 嘉实上证科创板芯片ETF（588200）基金经理为田光远。 2月25日，中船特气涨5.02%，截至发稿，报46.90元/股，成交1.70亿元，换手率2.57%，总市值24 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【银行】金融股又到"春播"时？——银行&保险业春节后投资展望 春节期间（2月15日~2月23日），A股处于假期休市状态，港股银行、非银金融板块表现较好，分别累计上涨 1.9%、4%，非银金融跑赢恒指2.1个百分点。马年开年金融股是否进入再投资区间，对其投资逻辑如何展望？ 银行股投资：银行板块进入"春播"时间窗口，收获时间需等风格切换；保险股投资：基本面持续向好，资负共 振下保险股估值有望进一步上修。 春晚机器人演出颇具亮点，现阶段表演及演出场景仍为人形机器人最容易落地的方向；部分企业掌握演出 场景渠道资源，且前期与头部人形机器人企业有较为深度的合作，有主题性配置价值。周期品领域，玻纤 仍在价格上行的通道：电子布及电子纱受 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 AI拉动特气需求，25年公司业绩稳步增长 2025年，受益于人工智能的快速发展，高端芯片、高端显示面板等下游需求快速提升，进而带动公司三氟 化氮、六氟化钨等主要电子特种气体销量的增长。2025年5月，公司内蒙子公司高纯电子气体项目（一 期）年产7500吨三氟化氮和年产10000吨超纯氨项目获得安全生产许可证，新增项目的投产与爬坡也为公 司电子特种气体业务全年的销量释放提供了保障。此外，受益于医药、新能源等领域应用的扩大，公司三 氟甲磺酸系列产品持续放量。公司目前拥有660吨/年三氟甲磺酸和600吨/年双（三氟甲磺酰）亚胺锂产 能，产能规模位列世界第一。其中，双（三氟甲磺酰）亚胺锂可作为锂电（如固态电池）电解液添加剂使 用。 持 ...

2026 年 2 月 24 日 公司研究 AI 等需求拉动电子特气放量，25 年公司业绩稳健增长 ——中船特气（688146.SH）跟踪点评 增持（维持） 当前价：43.84 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：周家诺 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 市场数据 | 总股本(亿股) | 5.29 | | --- | --- | | 总市值(亿元)： | 232.09 | | 一年最低/最高(元)： | 24.14/52.40 | | 近 3 月换手率： | 242.93% | 股价相对走势 -16% 4% 24% 44% 65% 02/25 05/25 08/25 11/25 中船特气 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -6.50 | 2.68 | 28.90 | | 绝对 | -7.49 | 7.45 | 46.30 | | 资料来源： ...

Core Viewpoint - China Shipbuilding Special Gas (中船特气) has reported a recovery in performance for the year 2025, with significant growth in revenue and net profit after two years of decline [1][2][3]. Financial Performance - In 2025, the company achieved an operating revenue of 2.26 billion yuan, representing a year-on-year increase of 15.88% [1][2]. - The net profit attributable to shareholders reached 347 million yuan, up 12.92% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 239 million yuan, reflecting a growth of 15.82% [1][2]. Historical Context - The company experienced a decline in net profit for two consecutive years in 2023 and 2024, with net profits of 335 million yuan and 304 million yuan, down 12.55% and 9.24% respectively [2][3]. - Prior to its listing in 2023, the company had shown consistent growth in both revenue and net profit [2]. Product and Market Expansion - The growth in 2025 is attributed to increased sales of core products and the expanding application of new-generation information technologies, particularly in advanced chips and display panels [3]. - The company has a strong product portfolio, including over 90 types of products, with more than 70 types of electronic special gases [4]. Capacity and Investment - As of mid-2025, the company has the world's largest production capacity for ultra-pure nitrogen trifluoride at 18,500 tons per year [4]. - The company plans to invest approximately 870 million yuan in a new project to produce 3,383 tons of high-purity hydrogen sulfide and other electronic gases [5][6]. - The company has a strong cash position, with cash reserves of 2.954 billion yuan and no short-term debt [6]. International Business - The company has successfully expanded its international business, exporting products to 15 countries and regions, with overseas revenue accounting for about 27% of total operating income [6].

Market Overview - As of February 6, 2026, the Shanghai Composite Index fell by 0.25% to close at 4065.58 points, the Shenzhen Component Index decreased by 0.33% to 13906.73 points, and the ChiNext Index dropped by 0.73% to 3236.46 points [1] - In the overnight U.S. market, the Dow Jones Industrial Average rose by 2.47%, the Nasdaq Composite increased by 2.18%, and the S&P 500 gained 1.97%. The Philadelphia Semiconductor Index surged by 5.70% [1] Semiconductor Industry Insights - The Semiconductor Industry Association (SIA) reported that total sales for the industry reached $791.7 billion in 2025, with an expected growth of 26% in 2026. The market is projected to reach the $1 trillion milestone faster than initially anticipated, which is a positive sign for the entire business sector [2] - Changfei Advanced announced the completion of over 1 billion yuan in Series A+ financing, led by Jiangcheng Fund and Changjiang Industrial Group. The funds will primarily be used for the technology layout of the silicon carbide power semiconductor industry chain, aiming to capture the global market in emerging fields [2] - China Shipbuilding Special Gas announced a projected total revenue of 2.26 billion yuan for 2025, reflecting a year-on-year growth of 15.88% (adjusted). The net profit attributable to the parent company is expected to be 347 million yuan, a 12.92% increase (adjusted) [2] Semiconductor Price Trends - Huafu Securities observed that semiconductor price increases are affecting various categories, including memory, wafer foundry, power, analog, MCU, and passive components. The main reasons identified include: 1) AI infrastructure demand exceeding industry expectations; 2) Storage capacity constraints impacting other categories; 3) Rising upstream metal prices increasing costs and creating demand for price adjustments [3] - The semiconductor price increase is expected to be sustainable, and related investment opportunities are recommended [3] - Relevant ETFs include the Sci-Tech Semiconductor ETF (588170), which tracks the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (60%) and materials (25%). The semiconductor equipment and materials sectors are crucial for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic substitution under the AI revolution [3]

Market Overview - As of February 6, 2026, the Shanghai Composite Index fell by 0.25% to close at 4065.58 points, the Shenzhen Component Index decreased by 0.33% to 13906.73 points, and the ChiNext Index dropped by 0.73% to 3236.46 points [1] - In the overnight U.S. market, the Dow Jones Industrial Average rose by 2.47%, the Nasdaq Composite increased by 2.18%, and the S&P 500 gained 1.97%. The Philadelphia Semiconductor Index surged by 5.70% [1] Semiconductor Industry Insights - The Semiconductor Industry Association (SIA) reported that total sales for the industry reached $791.7 billion in 2025, with an expected growth of 26% in 2026. The market is projected to reach the $1 trillion milestone faster than initially anticipated, which is a positive sign for the entire business sector [2] - Changfei Advanced announced the completion of over 1 billion yuan in Series A+ financing, led by Jiangcheng Fund and Changjiang Industrial Group. The funds will primarily be used for the technology layout of the silicon carbide power semiconductor industry chain, aiming to capture the global market in emerging fields [2] - China Shipbuilding Special Gas announced a projected total revenue of 2.26 billion yuan for 2025, reflecting a year-on-year growth of 15.88% (adjusted). The net profit attributable to the parent company is expected to be 347 million yuan, a 12.92% increase (adjusted). The growth is driven by advancements in artificial intelligence and increased demand for advanced chips and display panels [2] Semiconductor Price Trends - Huafu Securities observed that semiconductor price increases are affecting various categories, including memory, wafer foundry, power, analog, MCU, and passive components. The main reasons identified are: 1) AI infrastructure demand exceeding industry expectations; 2) Memory capacity constraints impacting other categories; 3) Rising upstream metal prices increasing costs and creating demand for price adjustments [3] - The firm remains optimistic about the sustainability of semiconductor price increases and suggests monitoring related investment opportunities [3] - Relevant ETFs include the Sci-Tech Semiconductor ETF (588170), which tracks the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (60%) and materials (25%). The semiconductor equipment and materials sectors are crucial for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic substitution under the AI revolution [3]

Core Viewpoint - The company, China Shipbuilding (Handan) Special Gas Co., Ltd. (referred to as "China Shipbuilding Special Gas"), reported strong financial performance for 2025, with significant growth in revenue and profit, driven by increasing demand in the electronic specialty gas market and the expansion of its product applications in various emerging industries [1][2]. Company Performance - In 2025, the company achieved total revenue of 2.26 billion yuan, a year-on-year increase of 15.88% [1] - The net profit attributable to shareholders reached 347 million yuan, up 12.92% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 239 million yuan, reflecting a growth of 15.82% [1] - Total assets exceeded 7.24 billion yuan, marking a 14.38% increase year-on-year, indicating a robust financial position [1] Industry Outlook - The global electronic specialty gas market has shown steady growth, with a market size of approximately 4.54 billion USD in 2021 and a projected compound annual growth rate (CAGR) of 7.33% from 2021 to 2025, expected to exceed 6 billion USD by 2025 [2] - In China, the electronic specialty gas market is anticipated to reach 42 billion yuan by 2030, with the electronic bulk gas market expected to reach 28.8 billion yuan [2] - The domestic market is experiencing accelerated localization, with certain products like nitrogen trifluoride and tungsten hexafluoride achieving scale exports and entering the supply chains of major international manufacturers such as TSMC and Samsung [2] Competitive Position - The company has made significant advancements in research and development, achieving breakthroughs in high-purity electronic-grade nitrogen trifluoride and tungsten hexafluoride, which have entered the supply chains of leading domestic and international chip manufacturers [2] - As a leading domestic enterprise, the company’s products are competitive in terms of purity and stability, positioning it to benefit from the ongoing trend of domestic substitution in the electronic specialty gas sector [3]

Financial Performance Summary - In 2025, the company achieved total operating revenue of 2,259.98 million yuan, representing a year-on-year increase of 15.88% [5] - The net profit attributable to the parent company was 347.04 million yuan, up 12.92% year-on-year [5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 238.64 million yuan, reflecting a growth of 15.82% [5] - By the end of 2025, total assets reached 7,235.25 million yuan, an increase of 14.38% year-on-year [5] - The equity attributable to the parent company was 5,764.81 million yuan, up 3.80% year-on-year [5] - The earnings per share attributable to the parent company was 10.89 yuan, also a 3.80% increase year-on-year [5] Business Operations and Market Factors - The development of new information technologies, such as artificial intelligence, has increased market demand for advanced chips and display panels, driving growth in the company's main product, electronic specialty gases [5] - The application of trifluoromethanesulfonic acid series products in pharmaceuticals and new energy sectors has been expanding, leading to continuous volume growth [5] Use of Funds - The company plans to use 360 million yuan of its excess raised funds to permanently supplement its working capital, which accounts for 29.93% of the total excess funds [32][34] - This decision aims to meet liquidity needs, improve the efficiency of fund utilization, and reduce financial costs [32][34]