携程集团-S（9961.HK）2025 年四季报点评 2026 年 02 月 27 日 国际业务表现亮眼，积极拥抱 Agent 合作 glmszqdatemark 事件：25Q4，公司实现净营收 154 亿元，yoy+21%，超 bbg 一致预期 3.5%。 利润端，25Q4 营业利润为 25 亿元，yoy+10%；经调整营业利润 32 亿元， yoy+16%，经调整营业利润率 20.8%，yoy-1pct；经调整归母净利润 35 亿元， yoy+15%，超 bbg 一致预期 8%。25Q4 公司经调整 EBITDA 为 34 亿元，经调 整 EBITDA 利润率 22%。2025 年携程核心 OTA 业务总预订额约为 1.1 万亿元， 全年净收入 624 亿元，yoy+17%；经调整经营利润 180 亿元，经调整经营利润 率 28.9%，yoy-1.5pct。截至 2025 年 12 月 31 日，现金及等价物、短期投资等 合计 1058 亿元。 旅游度假&商旅管理超预期，国际业务板块表现强劲，入境游成为核心增长支柱 之一。分业务看，25Q4 公司住宿预定收入 63 亿元，yoy+21%/qoq-22%。交 ...

香港交易所（0388.HK）2025 年年报点评 业绩再创历史新高，后续有望受益于流动性改善 glmszqdatemark 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 26 日收盘价） 2026 年 02 月 27 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 415.40 港元 | [Table_Author] | 刘雨辰 | 分析师 | | --- | --- | | 执业证书： S0590522100001 | | | liuyuch@glms.com.cn | 邮箱： | | 耿张逸 | 分析师 | | 执业证书： S0590524100001 | | | gzhy@glms.com.cn | 邮箱： | 相对走势 -20% -3% 13% 30% 2025/2 2025/8 2026/2 香港交易所 恒生指数 相关研究 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入 ...

联想集团（0992.HK）FY3Q26 业绩点评 供应链管理能力彰显，业绩稳健增长 glmszqdatemark 事件：2 月 12 日，联想集团发布 2025/26 财年第三季度业绩，FY3Q26（对应 自然年 4Q25）公司实现营收 222.04 亿美元，YoY+18%；实现调整后净利润 5.89 亿 美元，YoY+36%。 FY3Q26 业绩表现亮眼。所有业务集团均实现年比年双位数增长，集团整体营业 额突破财季历史最高纪录，达 222 亿美元，yoy+18%。在剔除非经营性非现金项目及 一次性收益与费用后，调整后净利润达到 5.89 亿美元，yoy+36%，调整后净利润率 提升至 2.7%。人工智能相关营业额 yoy+72%，占集团整体营业额近三分之一（32%）。 IDG：领先行业增长，有效化解零部件短缺及成本上涨。FY3Q26 该业务实现营 收 158 亿美元，YoY+14%。2025 年个人电脑全年市场份额为 24.9%，创历史新高， 季度市场份额同比提升 1pct 至 25.2%，保持了唯一一家市场份额突破 25%企业的纪 录；AI PC 营收实现高双位数同比增长。摩托罗拉智能手机业务于本季度创下 ...

联想集团（0992.HK）FY3Q26 业绩点评 供应链管理能力彰显，业绩稳健增长 glmszqdatemark 事件：2 月 12 日，联想集团发布 2025/26 财年第三季度业绩，FY3Q26（对应 自然年 4Q25）公司实现营收 222.04 亿美元，YoY+18%；实现调整后净利润 5.89 亿 美元，YoY+36%。 FY3Q26 业绩表现亮眼。所有业务集团均实现年比年双位数增长，集团整体营业 额突破财季历史最高纪录，达 222 亿美元，yoy+18%。在剔除非经营性非现金项目及 一次性收益与费用后，调整后净利润达到 5.89 亿美元，yoy+36%，调整后净利润率 提升至 2.7%。人工智能相关营业额 yoy+72%，占集团整体营业额近三分之一（32%）。 IDG：领先行业增长，有效化解零部件短缺及成本上涨。FY3Q26 该业务实现营 收 158 亿美元，YoY+14%。2025 年个人电脑全年市场份额为 24.9%，创历史新高， 季度市场份额同比提升 1pct 至 25.2%，保持了唯一一家市场份额突破 25%企业的纪 录；AI PC 营收实现高双位数同比增长。摩托罗拉智能手机业务于本季度创下 ...

香港交易所（0388.HK）2025 年年报点评 业绩再创历史新高，后续有望受益于流动性改善 glmszqdatemark 2026 年 02 月 27 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 415.40 港元 | [Table_Author] | 刘雨辰 | 分析师 | | --- | --- | | 执业证书： S0590522100001 | | | liuyuch@glms.com.cn | 邮箱： | | 耿张逸 | 分析师 | | 执业证书： S0590524100001 | | | gzhy@glms.com.cn | 邮箱： | 相对走势 -20% -3% 13% 30% 2025/2 2025/8 2026/2 香港交易所 恒生指数 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 29,161 | 29,627 | 30,341 | 31,151 | | 增长率（%） ...

伯特利（603596.SH）系列点评十三 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 26 日收盘价） 2026 年 02 月 26 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 53.50 元 | 拟收购豫北转向控股权 智能电动齐驱 glmszqdatemark [Table_Author] 分析师 崔琰 风险提示：客户销量不及预期；原材料上涨；收购进展不及预期；关税风险等。 | 执业证书： S0590525110023 | | | --- | --- | | 邮箱： | cuiyan@glms.com.cn | | 分析师 | 白如 | | 执业证书： S0590525110025 | | | 邮箱： | bairu@glms.com.cn | [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,937 | 12,345 | 15,140 | 18,760 | ...

伯特利（603596.SH）系列点评十三 拟收购豫北转向控股权 智能电动齐驱 glmszqdatemark 风险提示：客户销量不及预期；原材料上涨；收购进展不及预期；关税风险等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,937 | 12,345 | 15,140 | 18,760 | | 增长率（%） | 33.0 | 24.2 | 22.6 | 23.9 | | 归属母公司股东净利润（百万元） | 1,209 | 1,319 | 1,612 | 2,005 | | 增长率（%） | 35.6 | 9.1 | 22.2 | 24.3 | | 每股收益（元） | 1.99 | 2.17 | 2.66 | 3.31 | | PE | 27 | 25 | 20 | 16 | | PB | 4.9 | 4.1 | 3.5 | 2.9 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 26 日收盘 ...

北美发电景气度持续高涨，看好燃机+天然气发动机 glmszqdatemark 2026 年 02 月 26 日 推荐 维持评级 [Table_Author] | 分析师 | 李哲 | | --- | --- | | 执业证书： S0590525110028 | | | 邮箱： | lizhe_yj@glms.com.cn | | 分析师 | 刘晓旭 | | 执业证书： S0590524040006 | | | 邮箱： | xxliu@glms.com.cn | 相对走势 -20% 0% 20% 40% 2025/2 2025/8 2026/2 机械 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 燃机行业点评 事件：特朗普推动 AI 巨头自建电厂。特朗普近期指出电网老化已无法满足 AI 发 展所需的庞大电力需求，要求科技公司自建电厂。3 月 4 日，亚马逊、微软等七 大科技巨头将齐聚白宫，正式签署"电费缴纳者保护承诺"。巨头们将承诺为新建 AI 数据中心自建或采购电力，不再依赖公共电网，旨在确保 AI 发展的同时避免 居民电费上涨。 AI 数据中心的迅猛发展 ...

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

Investment Rating - The report indicates a positive investment outlook for the craft beer industry, highlighting its structural prosperity and growth potential [3]. Core Insights - The craft beer sector in China is experiencing significant growth, with a projected market size increase from 125 billion yuan in 2019 to 632 billion yuan by 2024, reflecting a CAGR of 38.3%, which is substantially higher than the 2.6% growth of industrial beer [3][10]. - The report emphasizes that craft beer represents a high-end direction in the industry, catering to the diverse and personalized consumption trends in the Chinese market [3][11]. - The company, Jinxing Beer, is positioned as a leading player in the craft beer segment, ranking as the third largest craft beer producer in China with a market share of 14.6% as of Q3 2025 [3][31]. Summary by Sections 1. Craft Beer Industry Overview - The craft beer market in China is projected to grow from 632 billion yuan in 2024 to 1,821 billion yuan by 2029, maintaining a CAGR of 23.6% [3][10]. - By 2024, craft beer is expected to account for 9% of the total beer market by retail value, increasing to 20% by 2029 [3][10]. 2. Jinxing Beer: A New Force in Craft Beer - Jinxing Beer is the eighth largest beer company in China and the largest flavored craft beer producer, focusing on innovation within the craft segment [3][31]. - The company has seen rapid revenue growth, with projected revenues of 3.6 billion yuan in 2023, 7.3 billion yuan in 2024, and 11.1 billion yuan in Q1-Q3 2025, reflecting year-on-year growth rates of 105% and 191% respectively [3][39]. 3. Revenue Growth and Profitability - The company's revenue from craft beer reached 8.7 billion yuan in Q1-Q3 2025, accounting for 78% of total revenue, with a staggering year-on-year growth of 2,332% [3][39]. - The net profit margin has improved significantly, with net profit margins of 3.4%, 17.2%, and 27.5% for 2023, 2024, and Q1-Q3 2025 respectively [3][48]. 4. Competitive Landscape - The craft beer market is characterized by a fragmented competitive landscape, with a CR5 of only 22%, indicating significant opportunities for growth and market entry [3][18]. - Jinxing Beer leads the flavored craft beer segment with a market share of 15% [3][18]. 5. Product and Market Strategy - Jinxing Beer has developed a diverse product matrix, including innovative craft beers that incorporate traditional Chinese elements, such as tea flavors [3][31]. - The company has adopted a dual-channel strategy, enhancing both online and offline sales, with significant growth in online sales following the launch of its craft beer products [3][40]. 6. Financial Analysis - The report highlights a strong improvement in gross margins, driven by a shift in product mix towards higher-margin craft beers, with gross margins increasing from 27.3% in 2023 to 47.0% in Q1-Q3 2025 [3][48]. - The company plans to utilize raised funds for production capacity expansion, brand enhancement, and product innovation to sustain growth [3][59].