| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,206 | 1,525 | 1,830 | 2,398 | 3,107 | | (+/-)% | 4.6% | 26.4% | 20.0% | 31.1% | 29.5% | | 净利润(归母) | 180 | 225 | 275 | 354 | 442 | | (+/-)% | 19.6% | 25.1% | 22.1% | 28.9% | 24.7% | | 每股净收益(元) | 0.75 | 0.94 | 1.14 | 1.47 | 1.83 | | 净资产收益率(%) | 5.8% | 7.0% | 7.9% | 9.4% | 10.7% | | 市盈率(现价&最新股本摊薄) | 162.92 | 130.23 | 106.69 | 82.78 | 66.37 | 港交所聆讯通过，全球化战略加速 兆威机电(003021) 公司赴港上市聆讯通过点评 | [姓名tabl ...

津巴布韦收紧锂精矿出口，供给扰动再现 [Table_Industry] 其他小金属 碳酸锂行业事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | 本报告导读： 津巴布韦禁止锂精矿出口，在短期对全球锂的供给造成较大扰动，预期锂价偏强运 行。 [Table_Report] 相关报告 其他小金属《指标再度收紧，供给刚性挺价》 2025.04.23 其他小金属《开采指标下调，钨矿供应偏紧》 2024.03.20 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 事 件 快 评 股票研究 /[Table_Date] 2026.02.26 [Table_Summary] 维持"增持"评级。碳酸锂行业供给偏紧，库存持续去化，津巴布 韦禁 ...

股票研究 /[Table_Date] 2026.02.26 [Table_Industry] 资本货物/工业 港交所聆讯通过，全球化战略加速 兆威机电(003021) 公司赴港上市聆讯通过点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘麒硕(分析师) | 0755-23976666 | liuqishuo@gtht.com | S0880525080005 | 本报告导读： 公司通过港交所主板上市聆讯，全球化战略加速。前瞻布局机器人赛道，汽车、电 子业务需求旺盛，看好公司业绩增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,206 | 1,525 | 1,830 | 2,398 ...

管理焕新，否极泰来可期 华润饮料(2460) 华润饮料（2460）更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [当前价格 Table_CurPrice] (港元)： | 10.47 | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | | 本报告导读： 在管理改善的背景下，公司向内提效率，向外扩渠道、扩品类，中长期超额收益可 期。 投资要点： 风险提示：行业竞争加剧；成长异常上行；食品安全风险 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E ...

Group 1: Non-ferrous Metals - The report emphasizes the importance of the supply-demand balance in the non-ferrous metals sector, highlighting that macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal prices [2][3] - In the precious metals segment, a decline in risk appetite has led to price adjustments, with the U.S. Treasury Secretary's comments on a strong dollar and expectations of a reduction in the Fed's balance sheet contributing to this trend [2] - For copper, while macro pressures persist, the establishment of a strategic reserve for copper concentrate by the domestic non-ferrous industry association is expected to provide support against overseas supply disruptions [3] Group 2: Energy Metals - The lithium carbonate market has seen strong demand, with a continuous reduction in inventory over the past four weeks, although there are concerns regarding the resumption of production at key mines in Jiangxi [4] - The cobalt sector is facing high prices due to tight raw material supplies, while companies are extending their reach into the electric vehicle supply chain to enhance competitive advantages [4] Group 3: Rare Earths and Strategic Metals - The price of praseodymium and neodymium oxide continues to rise due to a tight supply-demand balance, with pre-holiday stocking needs supporting price increases [5] - Tungsten prices are experiencing upward pressure driven by supply-demand dynamics, with leading companies raising long-term contract prices significantly [5] Group 4: Automotive Industry - The heavy truck market in January showed strong performance, with a year-on-year increase of 46% in domestic heavy truck sales, driven by the successful implementation of the "old-for-new" policy [14][16] - The report forecasts that heavy truck sales in 2026 will reach 760,000 units, with a slight year-on-year decline of 5.3%, while wholesale sales are expected to grow by 1.5% [15] Group 5: Pharmaceutical Industry - The demand for anticoagulant drugs is expanding, with the global market size reaching $52.9 billion in 2023 and projected to exceed $110 billion by 2033, driven by aging populations and increasing cardiovascular disease prevalence [11][12] - The report highlights the emergence of next-generation anticoagulants targeting Factor XI (FXI) as a promising area for development, with several candidates entering clinical trials [12][13] Group 6: Company-Specific Insights - The report on China Giant Glass indicates that the recent price increases in traditional electronic fabrics are expected to significantly enhance the company's profit margins, with a target price adjustment reflecting this trend [27][30] - 聚杰微纤 is positioned to benefit from its transition to high-end industrial applications, with projections indicating substantial revenue growth driven by technological advancements in the ultra-fine fiber sector [31][32]

配用电全球化布局，持续突破海外市场 三星医疗(601567) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 房青(分析师) | 021-23185603 | fangqing@gtht.com | S0880525040112 | 本报告导读： 公司智能配用电业务拥有全球化营销及运营体系，海外配电重点突破欧洲、中东、 拉美优势市场，国内配用电业务保持行业领先。 投资要点： | | | [Table_Invest] 首次覆盖 评级 增持 目标价格 32.40 | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 21.21-30.20 | | --- | --- | | 总市值(百万元) | 36,535 | | 总股本/流通A股(百万股) | 1,405/1,405 | | 流通 B股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要( ...

春节消费高景气，关注性价比、情绪价值和体验 [Table_Industry] 社会服务业 2026 年春节消费调研观察 春节线下零售和服务消费高景气，下沉市场客流更旺盛、线下消费更火热。 投资要点： [Table_Report] 相关报告 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 社会服务业《乐购新春方案出台，关注春节消费 表现》2026.02.08 社会服务业《政策推动、供求双旺，景区板块迎 黄金投资期》2026.02.07 社会服务业《政策支持服务消费发展，关注春节 数据》2026.02.01 票 研 究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读 ...

风险提示：行业竞争加剧；成长异常上行；食品安全风险 管理焕新，否极泰来可期 华润饮料(2460) 华润饮料（2460）更新报告 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,515 | 13,521 | 11,104 | 12,465 | 13,945 | | (+/-)% | 7.1% | 0.0% | -18% | 12% | 12% | | 毛利润 | 6,035 | 6,397 | 5,067 | 5,785 | 6,520 | | 净利润 | 1,329 | 1,637 | 956 | 1,211 | 1,489 | | (+/-)% | 34.3% | 23.1% | -42% | 27% | 23% | | PE | - | 13.08 | 23.11 | 18.25 | 14.84 | | PB | - | 2.19 | 1.86 | 1.70 | 1.53 | | 资料来源：Wind，国泰海通证券研究 | | | | | | ...

"产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 投资要点： 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

投资要点： "产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...