证券研究报告 | 策略报告 gszqdatemark 2026 03 01 年 月 日 投资策略 3 月策略观点与金股推荐：布局"涨价"扩散，博弈政策催化 一、3 月市场观点：布局"涨价"扩散，博弈政策催化 二月以来，多重因素正在推动资金定价向"涨价"条线倾斜。其一，叙事层面，AI 科技革命的叙事定价逻辑开始向实物资产"外溢"；其二，供需层面，在逆全球化 的大背景下，地缘变数的增多进一步带动了各国的资源战略调整，致使生产端实 际供需偏紧的局面可能将在更多商品中陆续显现；其三，价格数据层面，无论是海 外还是国内，通胀数据呈现同步上行，产业链中的涨价环节也有所扩散；其四，资 金轮动视角下，尽管 AI 产业的长期趋势无虞，但融资扩张与资本回报的矛盾越久， 资金定价的分歧也将更易放大。每一次科技条线的颠簸，都难免引发资金分流，而 在非 AI 需求尚未确认转强之前，兼顾供给约束基础和需求改善预期的"涨价"条 线显然比其他方向更具吸引力，也更容易在资金轮动中受益。 大势层面，中期趋势向好，市场有望震荡再向上。中期维度，分子与分母共振向好 的期待没有改变。盈利层面，供需双向发力的政策路径明确，价格端修复的趋势延 续，上游向 ...

Group 1: March Market Insights - The report emphasizes a shift towards "price increase" strategies driven by multiple factors, including the narrative of the AI technology revolution spilling over into physical assets, tightening supply-demand dynamics due to geopolitical changes, and rising inflation data both domestically and internationally [1][6][8] - The mid-term outlook remains positive, with expectations of a market rebound supported by dual forces of supply and demand, alongside continued macro liquidity easing [2][8] - The report suggests focusing on sectors that exhibit both supply constraints and demand improvement, such as chemicals, refining, steel, and non-ferrous metals, as well as areas driven by sustained AI demand like storage and PCB [2][8] Group 2: Stock Recommendations - Yanzhou Coal Mining Company (600188.SH) is highlighted for its performance elasticity, with significant increases in coal production and sales expected to enhance profitability [3][9] - Nanshan Aluminum (600219.SH) is noted for its strategic shift towards a technology-driven model and overseas resource expansion, which is anticipated to unlock new profit ceilings [3][13] - Dongyangguang (600673.SH) is recognized for its integration of AIDC and advancements in liquid cooling solutions, positioning it as a leader in AI infrastructure [3][17][20] - Whirlpool (600983.SH) is expected to benefit from the support of major shareholders and a focus on cost reduction and efficiency improvements [3][21] - Ugreen Technology (301606.SZ) is projected to see significant growth driven by its NAS products and expansion in overseas markets [3][23] - Yanjing Beer (000729.SZ) is anticipated to benefit from a recovery in the restaurant sector and a focus on high-margin products [3][26] - Fuling Power (600452.SH) is positioned for growth through its dual business model and collaboration with State Grid, enhancing its operational efficiency [3][28]

2月22日一早，不到7点半，辽宁本溪本钢板材热连轧厂2300生产作业区作业长耿明璐已在工作岗位。 参加班组班前会、查看轧制计划、明确重点品种生产要点……春节假期值班，工作一如往常。"热轧工 序上游连着炼钢，下游连着冷轧，必须保持稳定生产。"耿明璐说。 隆隆声中，烧得通红的钢坯从加热炉中送出，经过粗轧、精轧、冷却、卷取等流程，变成用于生产管线 钢、汽车板、高强钢等产品的钢卷。 2025年，耿明璐带领班组成功突破28毫米超厚规格钢和2190毫米超宽规格钢的轧制。"轧线过钢通道最 窄的部位不足2300毫米，要想轧制2190毫米宽的钢板，必须对生产参数和来料尺寸进行非常精准的把 控。"耿明璐回忆，"通道的开口度、钢坯宽度……在可能出现问题的每一处，我们都进行了测量和验 证。" 精益求精的辛劳，换来产品下线时的成就感。"这条产线生产的产品，90%以上是非常规钢种，用在重 大工程建设、新能源汽车产业等领域。"耿明璐语带自豪。 通过技术创新、流程优化，2300生产作业区不断突破设计产能。2025年，作业区年产突破600万吨。新 的一年，耿明璐充满期待："我们正在着手智慧工厂建设，未来将实现整条产线的集中控制，产品产量 和质 ...

人民日报记者 胡婧怡 宋朝军 窦皓 钢坯火红，映照传统产业提质升级的进程；绿电聚合，显现新兴产业成长壮大的澎湃动能；人形机 器人身姿灵动，是未来产业加速培育的生动写照……"十五五"开局之年，春天里，让我们透过3个镜 头，观察现代化产业体系建设的稳健步伐，感受劳动者的奋斗热情。 ——编者 辽宁本钢板材 镜头一：非常规钢生产不断突破设计产能 2月22日一早，不到7点半，辽宁本溪本钢板材热连轧厂2300生产作业区作业长耿明璐已在工作岗 位。 参加班组班前会、查看轧制计划、明确重点品种生产要点……春节假期值班，工作一如往常。"热 轧工序上游连着炼钢，下游连着冷轧，必须保持稳定生产。"耿明璐说。 隆隆声中，烧得通红的钢坯从加热炉中送出，经过粗轧、精轧、冷却、卷取等流程，变成用于生产 管线钢、汽车板、高强钢等产品的钢卷。 作业区温度有30多摄氏度，一圈走下来，耿明璐的额头渗出细密的汗珠。"生产主要通过机房远程 操控，但现场跟踪仍必不可少。"耿明璐解释，"遇到信号波动、带钢轧破甩尾等不稳定情况时，现场人 员可以第一时间发现情况、降低损失。" 2025年，耿明璐带领班组成功突破28毫米超厚规格钢和2190毫米超宽规格钢的轧制 ...

春节期间，记者来到位于北京顺义李桥镇的北京首钢冷轧薄板有限公司。这家公司每年生产约150万吨 汽车板，供应奔驰、比亚迪、大众、理想、本田、小米等众多造车企业。 走进首钢冷轧工厂，阵阵轰鸣声中，一卷卷汽车板被送上几百米长的生产线。站在30米高的退火炉前， 目送汽车板攀高、跃低，场面格外震撼。 让汽车用上国产板并不容易。曾几何时，高端汽车板生产技术被少数国际巨头垄断；而如今，首钢等国 内钢铁企业已经打破壁垒，掌握了高端汽车板的自主制造技术。2025年初，首钢冷轧还凭借67个数字化 用例的规模化应用成功入选"灯塔工厂"。 汽车板在流水线上飞舞，一刻不停。"作为流程工业的典型代表，产线停一次车就意味着几十万的损 失。"冷轧制造部部长马永伟说，冷轧生产涉及的工艺约束条件多，轧制力控制达3000多吨，带钢运行 速度每分钟1200米，任何参数波动都可能导致整卷产品报废。 一边是参数波动带来的报废风险，另一边是众多车企的大量个性化订单。冷轧公司70余家汽车主机厂 中，单月个性化订单超过1200种，14000多个钢卷要在各条生产线上24小时连续运行……要更好满足新 形势下的生产需求，向"新"向"智"成为传统产业转型发展的必答题 ...

（来源：千龙网） 记者一路走一路看，在镀锌车间，450摄氏度的带钢从退火炉中涌出，瞬间浸入锌锅。出口处的气刀喷出氮气，正按照AI模型的指令自动调整高 度与压力。测厚仪显示，锌层3克命中率（每平方米锌层重量与目标值的差值在正负3克以内）超过99%。 春节期间，记者来到位于北京顺义李桥镇的北京首钢冷轧薄板有限公司。这家公司每年生产约150万吨汽车板，供应奔驰、比亚迪、大众、理 想、本田、小米等众多造车企业。 走进首钢冷轧工厂，阵阵轰鸣声中，一卷卷汽车板被送上几百米长的生产线。站在30米高的退火炉前，目送汽车板攀高、跃低，场面格外震撼。 让汽车用上国产板并不容易。曾几何时，高端汽车板生产技术被少数国际巨头垄断；而如今，首钢等国内钢铁企业已经打破壁垒，掌握了高端汽 车板的自主制造技术。2025年初，首钢冷轧还凭借67个数字化用例的规模化应用成功入选"灯塔工厂"。 汽车板在流水线上飞舞，一刻不停。"作为流程工业的典型代表，产线停一次车就意味着几十万的损失。"冷轧制造部部长马永伟说，冷轧生产涉 及的工艺约束条件多，轧制力控制达3000多吨，带钢运行速度每分钟1200米，任何参数波动都可能导致整卷产品报废。 一边是参数波动 ...

Core Viewpoint - The company is making significant investments in high-end PCB production capacity to meet the growing demand in sectors such as high-speed computing servers and next-generation networking switches [2][3]. Investment and Project Details - The company has finalized a 3.3 billion RMB investment to establish high-end PCB capacity, focusing on advanced products like high-layer count and high-frequency boards [2]. - The project will utilize approximately 66,678.4 square meters of land in Kunshan High-tech Zone, with a construction period of 2 years [2]. - Upon completion, the project is expected to add 140,000 square meters of high-end PCB capacity, generating an estimated annual revenue of 3.05 billion RMB and a net profit of about 500 million RMB [2]. Future Expansion Plans - In addition to the current project, the company plans to invest approximately 4.3 billion RMB in a new AI chip-related PCB expansion project, set to begin construction in late June 2025 [3]. - The first phase of this project aims for an annual production of 180,000 square meters of high-density interconnect boards, with a second phase targeting an additional 110,000 square meters [3]. Financial Performance - The company has shown strong financial growth, with projected revenues of approximately 18.9 billion RMB in 2025, a year-on-year increase of about 42% [4]. - The net profit attributable to the parent company is expected to reach around 3.82 billion RMB, reflecting a year-on-year growth of approximately 47.74% [4]. - The gross margin for the PCB business is anticipated to improve to about 35.85%, an increase of approximately 3.39 percentage points year-on-year [4]. Market Position and Product Applications - The company is a well-established player in the PCB industry, with a stable product matrix in automotive electronics and communication equipment [3]. - In 2024, the communication market segment is projected to generate 10.093 billion RMB in revenue, a year-on-year increase of 71.94%, accounting for 75.65% of total revenue [3]. - The share of AI server and HPC-related PCB products in the communication market revenue is expected to rise from 21.13% in 2023 to 31.48% in 2024 [3].

证券日报网讯 2月13日，宝钢股份在互动平台回答投资者提问时表示，公司作为中国最大的现代化钢铁 联合企业，主营业务聚焦于高端钢铁产品的研发、生产与销售，核心产品包括汽车板、家电板、电工 钢、镀锡板、能源及管线用钢等高技术含量、高附加值板材，广泛应用于汽车制造、家电、船舶、石油 化工及基础设施建设等领域。宝钢股份在成为中国市场主要钢材供应商的同时，产品出口海外四十多个 国家和地区。 （编辑 袁冠琳） ...

Group 1 - The company exports approximately 500,000 tons of products to the European Union each year, including hot-rolled, cold-rolled, automotive sheets, tinplate, and silicon steel among various types [2]

Summary of Nanshan Aluminum Industry Conference Call Company Overview - **Company Name**: Nanshan Aluminum Industry - **Industry**: Aluminum Production - **Founded**: Established in 1993, originally as Longkou Xinhua Plush Factory in July 1989 [2][3] Key Points and Arguments Industry Dynamics - The electrolytic aluminum industry is experiencing increasing prosperity, with domestic production capacity facing limitations, leading to overseas expansion opportunities [1][3] - Nanshan Aluminum has established a significant presence in Indonesia with a 4 million ton alumina production line, ensuring raw material supply [1][3][15] - Future plans include a 1 million ton electrolytic aluminum capacity in Indonesia, enhancing profitability in a high-margin environment [1][19] Financial Performance - Revenue growth from CNY 222.3 billion in 2020 to CNY 335 billion in 2024, with a CAGR of 10.7% [5] - Net profit increased from CNY 2.05 billion to CNY 4.83 billion during the same period, with a CAGR of 23.9% [5] - For the first three quarters of 2025, revenue reached CNY 26.3 billion, up 9% year-on-year, and net profit was CNY 3.77 billion, up 8% year-on-year [6] Product Segmentation - Core business segments include cold-rolled products and alumina, with cold-rolled products accounting for over 50% of revenue [6][7] - High-end product sales increased from 12.66% in 2021 to 14% in the first half of 2025, with corresponding gross margins improving from 19.89% to 23% [7] Cost Structure and Profitability - The company maintains a competitive cost structure, with alumina production costs in Indonesia significantly lower than domestic prices [9][16] - Gross margin for alumina reached 48.7% in the first half of 2025, reflecting strong operational efficiency [8][15] Shareholder Returns - Nanshan Aluminum has a strong commitment to shareholder returns, with a cumulative cash dividend of CNY 16 billion and an average payout ratio of 45% since listing [11][12] - A special dividend of CNY 2.584 per share was announced for 2025, totaling CNY 3 billion [12] Market Position and Future Outlook - The company is positioned as a leader in the aluminum industry, benefiting from both domestic and international resource advantages [32] - The global demand for aluminum, particularly in the automotive and aerospace sectors, is expected to grow, with significant opportunities in lightweight materials [22][24] - The electrolytic aluminum market is projected to face supply constraints due to limited new capacity and increasing demand from sectors like electric vehicles and energy storage [25][31] Investment Recommendation - Given the company's strong growth prospects, competitive positioning, and commitment to shareholder returns, a "Buy" rating is recommended [32] Additional Important Information - The company has engaged in multiple share buybacks, totaling CNY 1.7 billion to CNY 3.4 billion, indicating strong confidence in its market value [13] - Nanshan Aluminum's international expansion includes plans for additional electrolytic aluminum capacity in Indonesia, with a focus on sustainable energy initiatives [20][21] This summary encapsulates the key insights from the conference call regarding Nanshan Aluminum's strategic positioning, financial performance, and market outlook, providing a comprehensive overview for potential investors.