2026 年 02 月 03 日 海圣医疗（920166）：国内麻醉监护 耗材头部企业，募投扩产提高市场 份额 ——北交所新股申购策略报告之一百六十 证 券 研 究 相关研究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 A0230522010003 wangyq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 购 策 略 报 告 ⚫ 基本面：深耕麻醉监护领域，产品线种类丰富。公司 2000 年成立，总部位于浙江省绍兴 市，主要产品包括麻醉类、监护类、手术及护理类三大类医疗器械，涵盖气道与呼吸管理、 生命信息监测、椎管及神经阻滞等八大系列，广泛应用于麻醉科、ICU 病房、急诊科等 临床科室的终端需求。根据中国医疗器械行业协会出具的证明文件，2023 年公司在国内 麻醉、监护类医用耗材市场的市场份额名列前茅。核心技术具备竞争优势，国内外客户资 源优质。公司已在核心技 ...

2026 年 02 月 03 日 "税收法定原则"的落地 ——就近期部分行业涉税相关问题的探讨 证 券 研 究 报 告 证券分析师 董易 A0230519110003 dongyi@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 董易 A0230519110003 dongyi@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 大 类 资 产 配 置 相关研究 - ⚫ 伴随着《中华人民共和国增值税法》在 2026 年 1 月 1 日起施行，而此前的《中华人民 共和国增值税暂行条例》同时废止，部分涉税安排在近期有所更新。我们认为，鉴于国务 院在 2025 年 12 月 19 日已经通过《中华人民共和国增值税法实施条例》，随后财政部 和税务总局在 2026 年 1 月 30 日已发布《关于增值税征税具体范围有关事项的公告》， 相关细则已经较为明确，以互联网、金融为代表的服 ...

Investment Rating - The report rates the EDA industry as "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The EDA industry is entering an accelerated development phase, driven by active IPOs and mergers and acquisitions [5]. - The report highlights two significant events in January 2026: the performance forecast of Gaolun Electronics and the increase in shareholding by state-owned investment [5]. - The long-term outlook for the EDA industry suggests the emergence of 2-3 major players through mergers and acquisitions, with state capital playing a crucial role in this growth [5]. Summary by Sections Key Events - Gaolun Electronics forecasts a revenue of 487 million yuan for 2025, a year-on-year increase of 16.21%, and a net profit of 36 million yuan, marking a turnaround from a loss of 95.97 million yuan in the previous year [5]. - State-owned investment increased its stake in Gaolun Electronics by 5%, highlighting the company's strategic importance in the EDA sector [5]. Industry Trends - The report emphasizes the importance of domestic technology paths in semiconductor manufacturing, which creates independent market opportunities for local EDA companies due to the lack of support from foreign EDA tools [5]. - The report notes that the EDA industry is experiencing a surge in IPO activities, with three new companies entering the IPO process, reflecting the overall growth trend in the sector [5]. - The report stresses the need for EDA companies to possess comprehensive platform capabilities to enhance competitiveness, underscoring the role of EDA firms as integration platforms for local industries [5]. Related Companies - Key companies mentioned include Huada Jiutian, Gaolun Electronics, and Guangli Micro, each with distinct advantages in the EDA market [5].

Investment Rating - The industry investment rating is "Overweight" indicating that the EDA industry is expected to outperform the overall market [13]. Core Insights - The EDA industry is entering an accelerated development phase, driven by active IPOs and mergers and acquisitions [5][3]. - The report highlights two key events in January 2026: the performance forecast of Gaon Electronics and the increase in shareholding by state-owned investment [5]. - Gaon Electronics is projected to achieve a revenue of 487 million yuan in 2025, a year-on-year increase of 16.21%, and is expected to turn a profit with a net profit of 36 million yuan [5]. - The report emphasizes the potential of EDA integration platforms, predicting the emergence of 2-3 comprehensive giants in the next five years, supported by state capital and large funds [5]. - The report identifies three main viewpoints: the opportunities arising from the divergence of domestic process paths, the active IPO and M&A activities, and the importance of industry chain collaboration and policy/capital support [5]. Summary by Sections Key Events - In January 2026, two significant events occurred in the domestic EDA industry: Gaon Electronics' performance forecast and the increase in shareholding by state-owned investment [5]. - Gaon Electronics expects to achieve a revenue of 487 million yuan in 2025, a 16.21% increase year-on-year, and a net profit of 36 million yuan, marking a turnaround from a loss of approximately 95.97 million yuan in the previous year [5]. Industry Trends - The EDA industry is experiencing an acceleration in development, with three new companies entering the IPO process, each positioned in different segments of the industry [5]. - The report notes that recent M&A activities in the EDA sector have seen increasing transaction values, focusing on core areas of digital IC design, indicating a shift towards advanced fields [5]. Investment Opportunities - The report highlights the importance of domestic process divergence, which creates opportunities for local EDA companies due to the lack of support from overseas EDA tools for new domestic technologies [5]. - It emphasizes the necessity for EDA companies to possess comprehensive platform capabilities to enhance competitiveness and the role of EDA listed companies as important integration platforms for local EDA industries [5]. Related Companies - Key companies mentioned include Huada Jiutian, Gaon Electronics, and Guangliwei, each with distinct advantages and growth potential in the EDA sector [5].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - Simplify issued a China Commodity ETF, which mainly invests in futures listed on Chinese commodity exchanges, using a quantitative long - short model for variety selection [1][4]. - In the past week, US equity products had an inflow of over $30 billion, while silver ETFs had an outflow of over $2 billion, and gold ETFs had a relatively stable inflow [1][8]. - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have seen significant gains, especially aerospace and defense ETFs, with some products rising nearly 18% [1][10]. - In December 2025, the total non - money mutual funds in the US decreased by $0.09 trillion compared to November. From January 14th to 21st, the outflow of domestic equity funds narrowed, international equity products had an outflow, and bond products had an increased inflow [1][14]. 3. Summary by Directory 3.1 US ETF Innovation Products: Simplify Issues China Commodity ETF - Last week, there were 15 new ETFs issued in the US, including Simplify's China Commodity ETF, which invests in Chinese commodity exchange futures and uses a quantitative model for variety selection [1][4]. - First Eagle issued two active US equity ETFs, T. Rowe Price issued an innovation ETF, Harrison Street issued an infrastructure active ETF, and TrueShares issued a stock hedge ETF [5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Silver ETFs Lead Outflows - In the past week, US equity products had an inflow of over $30 billion, with significant inflows into Nasdaq ETFs and emerging market ETFs. Commodity and alternative products had a slight outflow after increased volatility, and silver ETFs had an outflow of over $2 billion [1][8]. - Vanguard's S&P 500 ETF's two - week inflow was close to zero, Nasdaq ETFs had the largest two - week inflow, and gold ETFs had a relatively stable inflow last week [9]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Show Significant Gains - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have had significant gains. State Street's industrial ETF rose nearly 7%, and aerospace and defense ETFs generally rose over 10%, with Global X's product rising nearly 18% [10][11]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November. The S&P 500 declined by 0.05% in December, and the scale of domestic equity products decreased by 1.03% [14]. - From January 14th to 21st, the outflow of domestic equity funds further narrowed to $1.11 billion, international equity products had an outflow of $2.69 billion, and bond products had an inflow that expanded to $8.47 billion [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has reported a significant increase in net profit for FY26H1, with an expected growth of 216%-231% year-on-year, and a growth of 315%-337% when excluding perpetual bond interest [6] - The integration of pulp and paper production has shown significant benefits, contributing to improved profitability [6] - The company is expected to increase its chemical pulp production capacity to 743 million tons by FY27, enhancing its cost advantages [6] - The industry supply-demand dynamics are improving, with some paper prices rebounding, which is expected to contribute positively to the company's profitability [6] Financial Data and Profit Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 59.496 billion RMB - FY2025: 63.241 billion RMB - FY2026E: 73.954 billion RMB - FY2027E: 80.367 billion RMB - FY2028E: 85.478 billion RMB - Net profit attributable to ordinary shareholders is projected to grow significantly, with estimates of 3.789 billion RMB for FY2026, 4.671 billion RMB for FY2027, and 5.702 billion RMB for FY2028 [5][7] - The company's earnings per share (EPS) is expected to reach 1.00 RMB for FY2026 and 1.22 RMB for FY2028 [5] Industry Context - The company operates in the light manufacturing sector, specifically in the paper industry, which is experiencing a recovery in demand and pricing [6] - The report highlights that the company has a significant production capacity exceeding 20 million tons, which provides substantial economies of scale [6]

Investment Rating - The report maintains an "Outperform" rating for the company [2][3] Core Views - The company is expected to see significant growth in its instant delivery segment, driven by increasing demand and strategic positioning within the market [3][4] - The company has reported a strong performance forecast for 2025, with net profit expected to be no less than RMB 238 million, representing an 80% increase from 2024 [3][4] - The report highlights the company's independent third-party platform as a key differentiator, enabling it to capture market opportunities and enhance customer relationships with major brands [3][4] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 12.4 billion - 2024: RMB 15.746 billion - 2025E: RMB 22.051 billion - 2026E: RMB 30.202 billion - 2027E: RMB 39.568 billion - Year-on-year revenue growth rates are projected at: - 2023: 20.80% - 2024: 26.98% - 2025E: 40.04% - 2026E: 36.96% - 2027E: 31.01% [3][7] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: RMB 51 million - 2024: RMB 132 million - 2025E: RMB 238 million - 2026E: RMB 452 million - 2027E: RMB 755 million - Year-on-year net profit growth rates are projected at: - 2023: -117.63% - 2024: 161.81% - 2025E: 80.03% - 2026E: 89.46% - 2027E: 67.04% [3][7] - Earnings per share (EPS) is expected to increase from RMB 0.06 in 2023 to RMB 0.82 in 2027 [3][7] - The report notes a decrease in the price-to-earnings (PE) ratio from 48x in 2025E to 15x in 2027E, indicating a favorable valuation compared to peers [3][4]

2026 年 02 月 03 日 Simplify 发行中国商品 ETF，白银 ETF 流出靠前 ——海外创新产品周报 20260202 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：Simplify 发行中国商品 ETF。上周美国共 15 只新发产品，Simplify 发行中国商品 ETF，主要投资于在中国商品交易所上市的期货品种，产品主要通过 Altis Partners 基于估值、动量的量化多空模型进行品种选择，覆盖能源、谷物、工业投入品、 金属等品种。 ⚫ 美国 ETF 资金流向：白银 ETF 流出靠前。过去一周 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has reported a significant increase in net profit for FY26H1, with an expected range of RMB 2.15-2.25 billion, representing a year-on-year growth of 216%-231%. After excluding perpetual bond interest of RMB 201 million, the attributable net profit is expected to be RMB 1.95-2.05 billion, reflecting a year-on-year increase of 315%-337% [8] - The integration of pulp and paper operations has shown significant effects, contributing to improved profitability. The company has a total of 5.43 million tons of pulp capacity, with plans to increase this to 7.43 million tons by FY27 [8] - The industry supply-demand dynamics are improving, with some paper prices rebounding, which is expected to contribute to profit elasticity [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - FY2024: RMB 59.496 billion (5% growth) - FY2025: RMB 63.241 billion (6% growth) - FY2026E: RMB 73.954 billion (17% growth) - FY2027E: RMB 80.367 billion (9% growth) - FY2028E: RMB 85.478 billion (6% growth) [7] - Attributable net profit forecasts are: - FY2024: RMB 751 million - FY2025: RMB 1.767 billion - FY2026E: RMB 3.789 billion - FY2027E: RMB 4.671 billion - FY2028E: RMB 5.702 billion [7] - The company’s earnings per share (EPS) are projected to be: - FY2024: RMB 0.16 - FY2025: RMB 0.38 - FY2026E: RMB 0.81 - FY2027E: RMB 1.00 - FY2028E: RMB 1.22 [7]

Investment Rating - The report maintains a rating of "Outperform" for the company [1] Core Insights - The company is expected to see significant growth in its revenue and net profit, with a projected revenue of RMB 22.05 billion in 2025, representing a year-on-year growth of 40.04% [2] - The demand for instant retail is rapidly increasing, and the company is well-positioned to capture this growth, especially with the strategic focus of major players like Alibaba on instant retail [5] - The company's independent third-party platform is a key differentiator, allowing it to serve a diverse range of clients and enhance its logistics capabilities [5] - The profit forecast has been adjusted downwards due to short-term impacts from new rider recruitment and share payments, but long-term growth prospects remain strong [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 12.4 billion - 2024: RMB 15.746 billion - 2025E: RMB 22.051 billion - 2026E: RMB 30.202 billion - 2027E: RMB 39.568 billion - Net profit attributable to ordinary shareholders is expected to be: - 2023: RMB 51 million - 2024: RMB 132 million - 2025E: RMB 238 million - 2026E: RMB 452 million - 2027E: RMB 755 million - The company’s earnings per share (EPS) is projected to grow from RMB 0.06 in 2023 to RMB 0.82 in 2027 [2][6]