%% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 近期，半导体产业链上下游陆续对洁净室短缺发表看法，引发市场对洁净室板块之关注。 联合研究丨行业点评 [Table_Title] 掘金洁净室第 1 期： 洁净室短缺对哪些环节造成了影响？ %% %% 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490521120001 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 2 张弛 王泽罡 张智杰 [Table_Title 掘金洁净室第2] 1 期： 洁净室短缺对哪些环节造成了影响？ [Table_Summary2] 事件描述 近期，半导体产业链上下游陆续对洁净室短缺发表看法，引发市场对洁净室板块之关注。 事件评论 风险提示 更多研报请访问 长江研究小程序 丨证券研究报告丨 cjzqdt11111 2026-02-25 请阅读最后评级说明和重要声明 洁净室布局、排气系统和电力供应等硬性条件， ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][8]. - In the medium to long term, gas generator sets are expected to be a superior choice for small to medium-sized data centers due to their advantages in mid-speed parallel operation and lower redundancy costs [6][52]. - Domestic companies like Weichai Power and Yinlun Co. are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][8]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [5][22]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a significant demand for approximately 9 GW of gas engines in North America by 2026 [6][49]. - The medium to long-term outlook indicates that gas generator sets will become the preferred choice for data centers, particularly those in the 100 MW range, due to their operational efficiency and cost advantages [52]. Supply - There is a notable shortage of gas generator capacity from overseas suppliers, while domestic companies like Weichai Power can deliver quickly and meet the growing demand [7][63]. - The current market leaders in gas engines include Caterpillar and Yanmar, with Caterpillar holding a significant market share [55][58]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the transition from gas turbines to gas generator sets as the primary power source [8][49].

行业研究丨深度报告丨通信设备Ⅲ [Table_Title] "液冷加速度"系列报告三： 液冷 0→1 后，从头部厂商表现再看行业变化 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年，是海外液冷 0→1 时刻，头部散热厂已实现液冷产品规模出货，拉动营收及盈利表现 亮眼。近期，多家散热大厂更新对外交流，我们整理了各家表述，以对液冷首年出货后，当前 的行业趋势和节奏判断做出参考。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 近期，各散热大厂均有相关更新对外交流，我们整理了各家表述，以对行业趋势和节奏判断做 出参考，可总结出几个主要关注点：1）2026 散热依然大有可为，头部散热大厂全面扩产，头 部厂商 AVC 指出订单能见度周期已开始拉长至 2028。2）2026 液冷放量主要动能仍来自于 NV 产品的全液冷需求。3）多家 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - NLRP3 inflammasome is identified as a significant target for drug development due to its role as a "receiver and converter" of inflammatory signals, indicating substantial therapeutic potential [11][12]. - NLRP3 inhibitors, particularly VTX3232, have shown remarkable anti-inflammatory effects and preliminary validation for reducing cardiovascular (CV) risks [22][28]. - The market potential for targeting NLRP3 is significant, with a potential patient population of approximately 25 million in the cardiovascular anti-inflammatory drug scenario [39]. Summary by Sections 1. NLRP3 Inflammasome: A Major Drug Target - NLRP3 acts as an intracellular sensor detecting various microbial patterns and endogenous danger signals, leading to the assembly and activation of the NLRP3 inflammasome [11]. - The NLRP3 inflammasome is linked to several common diseases, including obesity, diabetes, and cardiovascular diseases, highlighting the market potential for NLRP3-targeted therapies [12]. 2. Efficacy of NLRP3 Inhibitors - VTX3232 demonstrated a rapid and significant reduction in high-sensitivity C-reactive protein (hsCRP) levels, with an 80% reduction within the first week and a sustained effect over 12 weeks [28]. - The safety profile of VTX3232 is comparable to placebo, with adverse events occurring at similar rates across treatment groups [29]. 3. Identifying Next-Generation NLRP3 Inhibitors - BGE-102, a novel NLRP3 inhibitor, has shown promising early-phase data, indicating its potential to lower hsCRP levels significantly in obese participants [65][67]. - The competitive landscape for NLRP3 inhibitors includes several active candidates, with BGE-102 being highlighted for its unique structure and mechanism [54].

NLRP3："抗炎"能力初步验证，心血管 领域又一潜在重磅靶点 ——美股生物科技前瞻系列 长江证券研究所医药研究小组 2026-02-25 %% %% %% %% research.95579.com 1 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 彭英骐 分析师 刘长洪 SAC执业证书编号：S0490524030005 SAC执业证书编号：S0490525070007 SFC执业证书编号：BUZ392 %% %% %% %% research.95579.com 2 目 录 01 NLRP3炎症小体：炎症信号的"接收转化 器"，成药潜力巨大 02 NLRP3抑制剂抗炎效果突出，用于降低CV 风险初步验证 03 寻找下一个优质NLRP3抑制剂 04 风险提示 %% research.95579.com 3 01 NLRP3炎症小体：炎症信号的"接收转化器"， 成药潜力巨大 %% %% %% %% research.95579.com 4 NLRP3炎症小体是人体炎症信号的"接收转化器" %% %% %% %% research.95579.com 5 ➢ NLRP3是一种细胞 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report emphasizes the strengthening expectation of price increases for electronic fabrics, driven by explosive demand and capacity constraints, indicating a "super cycle" characterized by strong demand rigidity and prolonged duration [5][6] - The report identifies three main lines for 2026: the stock chain, the Africa chain, and the AI chain, suggesting strategic focus areas for investment [8] Summary by Relevant Sections Basic Situation - Cement shipments are experiencing seasonal declines, with an average shipment rate of approximately 9% in key regions, a month-on-month decrease of about 15 percentage points, and a year-on-year decrease of about 4 percentage points [7][22] - Glass inventory has slightly increased, with a total inventory of 51.63 million weight boxes, a month-on-month increase of 2.14 million weight boxes, reflecting a 4.32% growth [7][30] Outlook for 2026 - The stock chain focuses on optimizing demand and clearing supply varieties, with residential renovation demand expected to rise from 50% currently to nearly 70% by 2030 [8] - The Africa chain highlights undervalued growth opportunities in the African market, recommending leading companies such as Keda Manufacturing and Huaxin Cement [8] - The AI chain looks at the industrial upgrade of special electronic fabrics, with a focus on Low-Dk products and domestic substitution opportunities [8] Price and Inventory - The national average price for cement before the festival was 346.29 yuan/ton, with a month-on-month decrease of 0.32 yuan/ton and a year-on-year decrease of 47.90 yuan/ton [23] - The national average price for glass before the festival was 63.24 yuan/weight box, with a month-on-month increase of 0.06 yuan/weight box and a year-on-year decrease of 11.07 yuan/weight box [32]

[Table_Summary] 我们认为，从练内功到带农户，从富农户到兴产业，德康农牧在生猪养殖行业探索了一条真正 实现联农带农和富农强农的产业振兴之路。深耕育种打牢养殖根基，成功构建起高壁垒的自主 繁育体系；二号农场重构养殖环节的生产关系，最大程度激发农户养殖的潜力和动能；"百村百 万"工程带动二号农场模式的快速落地，更好地赋能乡村振兴从而实现强农富农。在生猪养殖 行业进入高质量发展新时代，德康农牧以"不难不做"的企业基因，将行业难题系统性地转化 为自身强大的护城河，最终形成"低投入、高周转、高回报"的生猪养殖体系，持续重点推荐。 分析师及联系人 [Table_Author] 顾熀乾 陈佳 SAC：S0490519060003 SAC：S0490513080003 SFC：BQT624 [Table_scodeMsg1] 港股研究丨公司深度丨德康农牧（02419.HK） [Table_Title] 德康农牧深度系列二：联农标杆，富农典范 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% resea ...

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 重卡新视界系列之燃气发电机组：北美缺电持续 演绎，燃气机组迎"主电"新机遇 %% %% %% %% research.95579.com %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 短期来看，北美电力缺口持续扩大，燃气轮机作为主电源供不应求，导致难以缓解当下电力紧 缺局面，燃气发电机组凭借交付速度优势有望成为燃气轮机的主要替代；中长期来看，未来百 兆瓦级别的中小数据中心，燃气机组凭借中高速并联以及低冗余优势下或将成为更优选择。目 前海外卡特彼勒、颜巴赫等燃气机组供给有限，国内企业凭借产能优势可实现快速交付，同时 看好国内相关产业链在本轮机遇下充分受益，重点推荐潍柴动力、银轮股份。 分析师及联系人 [Table_Author] 高伊楠 张永乾 吴优 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 20 %% %% research.95579.com 2 [Table_Title 重卡新视界系列之燃气发电机组：北美缺电持 2] ...

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 假期金属价格走强，看好节后配置机遇 报告要点 [Table_Summary] 铜铝节后易涨难跌，重视板块机会。商品端，铜铝节后易涨难跌，中长期经济底部与逆全球化 促进供需结构优化，弹性可期：1）短期，美国对降息及铜关税态度，依然是短期工业金属价格 走势的主导因素，在二者并未发生根本性转变之前，维持铜铝趋势看涨判断，节后国内金三银 四旺季、中美会谈、联储主席换届等均构成催化；2）中期，美联储降息引领全球趋势宽松促进 铜铝周期上行；3）长期，逆全球化加剧各国对资源争夺，铜铝中枢趋势上行。 分析师及联系人 [Table_Author] 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报 ...

丨证券研究报告丨 [Table_scodeMsg2] 联想集团（00992.HK） cjzqdt11111 [Table_scodeMsg1] 港股研究丨公司点评丨联想集团（00992.HK） [Table_Title] 龙头穿越周期，多项业务创历史新高 报告要点 [Table_Summary] 联想 FY2026Q3（对应日历年 2025Q4，下同）实现营收 222.04 亿美元，同比增长 18%；毛 利率 15.1%，同比下降 0.6pct；归母净利润 5.46 亿美元，同比下降 21%，主因一次性重组费 用、认股权证的非现金公允价值收益等非现金项目的影响；经调整净利润 5.89 亿美元，同比增 长 36%。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 龙头穿越周期，多项业务创历史新高 [Table_Summary2] 事件描述 联想 FY2026Q3（对应日历年 2025Q4，下同）实现营收 222.04 亿美元 ...