{"id":869,"date":"2026-06-24T20:47:13","date_gmt":"2026-06-24T12:47:13","guid":{"rendered":"https:\/\/www.zhangting.us\/?p=869"},"modified":"2026-06-30T13:47:53","modified_gmt":"2026-06-30T05:47:53","slug":"securities-sector-fundamentals-research","status":"publish","type":"post","link":"https:\/\/www.zhangting.us\/index.php\/2026\/06\/24\/securities-sector-fundamentals-research\/","title":{"rendered":"\u8bc1\u5238\u677f\u5757\u5b8c\u6574\u7814\u7a76[\u57fa\u672c\u9762]"},"content":{"rendered":"
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\u2014 AI \u751f\u6210\uff0c\u4ec5\u4f9b\u53c2\u8003<\/span><\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n

\u8bc1\u5238\u677f\u5757\u6700\u8fd1\u6bd4\u8f83\u6d3b\u8dc3,\u6210\u4ea4\u548c\u4ef7\u683c\u4e0d\u65ad\u7a33\u5b9a\u6500\u5347,\u662f\u5426\u8574\u542b\u66f4\u591a\u7684\u673a\u4f1a,\u6211\u4eec\u5148\u4e86\u89e3\u4e0b\u5238\u5546\u57fa\u672c\u9762\u8baf\u606f<\/p>\n\n\n\n

\u8bc1\u5238\u677f\u5757 2025 \u5e74\u62a5 + 2026 \u534a\u5e74\u62a5\uff08\u4e00\u81f4\u9884\u671f\uff09\u5b8c\u6574\u6574\u7406\u7248<\/h1>\n\n\n\n

\u8bf4\u660e<\/h2>\n\n\n\n
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  1. \u7edf\u8ba1\u8303\u56f4\uff1a42 \u5bb6 A \u80a1\u4e0a\u5e02\u5238\u5546\uff1b2025 \u5e74\u62a5\u4e3a\u5df2\u62ab\u9732\u6b63\u5f0f\u8d22\u62a5\uff0c2026 \u534a\u5e74\u62a5\u4e3a\u673a\u6784\u4e00\u81f4\u9884\u6d4b\uff087-8 \u6708\u6b63\u5f0f\u62ab\u9732\uff09<\/li>\n\n\n\n
  2. \u5355\u4f4d\uff1a\u4ebf\u5143\uff1b\u589e\u901f\u4e3a\u540c\u6bd4\uff1b2026 \u4e0a\u534a\u5e74 = Q1 \u5df2\u62ab\u9732 + Q2 \u4e00\u81f4\u6d4b\u7b97<\/li>\n\n\n\n
  3. \u4e1a\u52a1\u53e3\u5f84\uff1a\u7ecf\u7eaa\u3001\u81ea\u8425\u3001\u5229\u606f\uff08\u4e24\u878d\uff09\u3001\u6295\u884c\u3001\u8d44\u7ba1\u4e94\u5927\u4e3b\u7ebf<\/li>\n<\/ol>\n\n\n\n

    \u4e00\u3001\u677f\u5757\u6574\u4f53\u4e1a\u7ee9\u603b\u89c8\u8868<\/h2>\n\n\n\n

    \u8868\u683c<\/p>\n\n\n\n

    \"\u8bc1\u5238\u677f\u5757\u5b8c\u6574\u7814\u7a76[\u57fa\u672c\u9762]\"<\/figure>\n\n\n\n
    \u6307\u6807<\/th>2025 \u5168\u5e74\uff08\u5e74\u62a5\uff09<\/th>2026Q1\uff08\u4e00\u5b63\u62a5\u5b9e\u76d8\uff09<\/th>2026 \u4e0a\u534a\u5e74\uff08\u534a\u5e74\u62a5\u4e00\u81f4\u9884\u671f\uff09<\/th>\u6838\u5fc3\u53d8\u5316\u5bf9\u6bd4<\/th><\/tr><\/thead>
    \u5408\u8ba1\u8425\u4e1a\u6536\u5165<\/td>5505\uff0c\u540c\u6bd4 + 29.34%<\/td>1511\uff0c\u540c\u6bd4 + 31%<\/td>3300~3450\uff0c\u540c\u6bd4 + 25%~30%<\/td>25 \u5e74\u81ea\u8425\u62c9\u52a8\uff0c26 \u5e74\u7ecf\u7eaa + \u4e24\u878d\u53cc\u9a71\u52a8\uff0c\u589e\u901f\u5c0f\u5e45\u56de\u843d\u4f46\u76c8\u5229\u89c4\u6a21\u521b\u65b0\u9ad8<\/td><\/tr>
    \u5408\u8ba1\u5f52\u6bcd\u51c0\u5229\u6da6<\/td>2125\uff0c\u540c\u6bd4 + 38.00%<\/td>608\uff0c\u540c\u6bd4 + 16.60%<\/td>1280~1350\uff0c\u540c\u6bd4 + 22%~28%<\/td>25 \u5e74\u542b\u5e76\u8d2d\u4e00\u6b21\u6027\u6536\u76ca\uff0c26 \u5e74\u6263\u975e\u4e1a\u7ee9\u66f4\u624e\u5b9e<\/td><\/tr>
    \u884c\u4e1a\u5e73\u5747 ROE<\/td>6.91%<\/td>\u5e74\u5316 7.26%<\/td>\u5e74\u5316 7.4%~7.8%<\/td>\u6301\u7eed\u62ac\u5347\uff0c\u8d22\u5bcc + \u4fe1\u7528\u4e1a\u52a1\u589e\u539a\u51c0\u5229\u7387<\/td><\/tr>
    \u76c8\u5229\u5238\u5546\u6570\u91cf<\/td>42 \u5bb6\u5168\u90e8\u76c8\u5229<\/td>42 \u5bb6\u5168\u90e8\u76c8\u5229<\/td>42 \u5bb6\u5168\u90e8\u76c8\u5229<\/td>\u65e0\u4e8f\u635f\u6807\u7684\uff0c\u884c\u4e1a\u666f\u6c14\u5e95\u90e8\u786e\u8ba4<\/td><\/tr>
    \u4e1a\u7ee9\u6838\u5fc3\u9a71\u52a8<\/td>\u81ea\u8425\u3001\u7ecf\u7eaa\u53cc\u8f6e<\/td>\u7ecf\u7eaa\u3001\u4e24\u878d\u9ad8\u901f\u589e\u957f<\/td>\u7ecf\u7eaa\u6253\u5e95\u3001\u4e24\u878d\u5f39\u6027\u3001\u6295\u884c\u4fee\u590d<\/td>25 \u5e74\u81ea\u8425\u7b2c\u4e00\uff1b26 \u5e74\u5229\u606f\u4e1a\u52a1\u589e\u901f\u767b\u9876<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u4e8c\u3001\u5206\u4e1a\u52a1\u6536\u5165\u62c6\u89e3\u5bf9\u6bd4\u8868<\/h2>\n\n\n\n

    1\uff092025 \u5168\u5e74\u5e74\u62a5\uff0842 \u5bb6\u4e0a\u5e02\u5238\u5546\uff09<\/h3>\n\n\n\n

    \u8868\u683c<\/p>\n\n\n\n

    \u4e1a\u52a1\u677f\u5757<\/th>\u5168\u5e74\u51c0\u6536\u5165<\/th>\u540c\u6bd4\u589e\u901f<\/th>\u6536\u5165\u5360\u6bd4<\/th>\u6838\u5fc3\u903b\u8f91<\/th><\/tr><\/thead>
    \u7ecf\u7eaa\u4e1a\u52a1<\/td>1521<\/td>+43.00%<\/td>27.7%<\/td>\u5168\u5e74\u65e5\u5747\u6210\u4ea4 2.05 \u4e07\u4ebf\uff0c\u4f63\u91d1\u91cf\u4ef7\u9f50\u5347<\/td><\/tr>
    \u81ea\u8425\u6295\u8d44\uff08\u542b\u516c\u5141\uff09<\/td>1853<\/td>+6.47%<\/td>34.2%<\/td>\u5168\u5e74\u7ed3\u6784\u6027\u725b\u5e02\uff0c\u81ea\u8425\u4e3a\u7b2c\u4e00\u5927\u6536\u5165\u6765\u6e90<\/td><\/tr>
    \u5229\u606f\u51c0\u6536\u5165\uff08\u4e24\u878d\uff09<\/td>647<\/td>+29.07%<\/td>11.8%<\/td>\u4e24\u878d\u4f59\u989d\u6301\u7eed\u4e0a\u884c\uff0c\u8d44\u91d1\u6210\u672c\u4e0b\u884c<\/td><\/tr>
    \u6295\u884c\u627f\u9500\u4fdd\u8350<\/td>398<\/td>+30.21%<\/td>7.2%<\/td>\u80a1\u6743\u3001\u503a\u5238\u627f\u9500\u540c\u6b65\u56de\u6696<\/td><\/tr>
    \u8d44\u4ea7\u7ba1\u7406<\/td>465<\/td>+5.39%<\/td>8.4%<\/td>\u901a\u9053\u538b\u964d\uff0c\u4e3b\u52a8\u7ba1\u7406\u5c0f\u5e45\u4fee\u590d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    2\uff092026Q1 \u5b9e\u76d8 + 2026 \u4e0a\u534a\u5e74\u534a\u5e74\u62a5\u9884\u671f<\/h3>\n\n\n\n

    \u8868\u683c<\/p>\n\n\n\n

    \u4e1a\u52a1\u677f\u5757<\/th>26Q1 \u51c0\u6536\u5165<\/th>Q1 \u540c\u6bd4<\/th>26H1 \u9884\u671f\u589e\u901f<\/th>\u534a\u5e74\u62a5\u4e1a\u52a1\u7279\u5f81<\/th><\/tr><\/thead>
    \u7ecf\u7eaa\u4e1a\u52a1<\/td>473<\/td>+44.22%<\/td>+40%~48%<\/td>\u65e5\u5747\u6210\u4ea4\u7a81\u7834 3 \u4e07\u4ebf\uff0c\u6210\u4ea4\u4e2d\u67a2\u5927\u5e45\u62ac\u5347\uff0c\u677f\u5757\u57fa\u672c\u76d8<\/td><\/tr>
    \u5229\u606f\u51c0\u6536\u5165\uff08\u4e24\u878d\uff09<\/td>148<\/td>+87.93%<\/td>+70%~80%<\/td>\u589e\u901f\u5168\u4e1a\u52a1\u7b2c\u4e00\uff0c\u4e24\u878d\u4f59\u989d\u6301\u7eed\u521b\u65b0\u9ad8\uff0c\u7b2c\u4e8c\u589e\u957f\u66f2\u7ebf<\/td><\/tr>
    \u6295\u884c\u4e1a\u52a1<\/td>89<\/td>+32.66%<\/td>+35%~45%<\/td>IPO \u653e\u91cf\u3001\u6e2f\u80a1\u627f\u9500\u7206\u53d1\uff0c\u589e\u901f\u663e\u8457\u9ad8\u4e8e 2025 \u5168\u5e74<\/td><\/tr>
    \u8d44\u4ea7\u7ba1\u7406<\/td>135<\/td>+33.28%<\/td>+20%~25%<\/td>\u57fa\u91d1\u53d1\u884c\u56de\u6696\uff0c\u5f7b\u5e95\u6446\u8131 2025 \u5e74\u4f4e\u901f\u589e\u957f<\/td><\/tr>
    \u81ea\u8425\u6295\u8d44\u6536\u76ca<\/td>584<\/td>+17.84%<\/td>+10%~20%<\/td>Q1 \u5e02\u573a\u6ce2\u52a8\u538b\u5236\u6536\u76ca\uff0c\u4e8c\u5b63\u5ea6\u56de\u6696\uff0c\u5934\u90e8\u7a33\u5065\u3001\u4e2d\u5c0f\u5206\u5316\u4e25\u91cd<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u4e09\u3001\u5934\u90e8 8 \u5bb6\u5238\u5546 2025 \u5e74\u62a5 + 2026 \u534a\u5e74\u62a5\u9884\u671f\u5bf9\u7167\u8868<\/h2>\n\n\n\n

    \u4e00\u7ebf\u5934\u90e8\uff08\u51c0\u5229\u767e\u4ebf\u68af\u961f\uff09<\/h3>\n\n\n\n

    \u8868\u683c<\/p>\n\n\n\n

    \u5238\u5546<\/th>2025 \u5168\u5e74\u8425\u6536<\/th>2025 \u8425\u6536\u540c\u6bd4<\/th>2025 \u5f52\u6bcd\u51c0\u5229<\/th>2025 \u51c0\u5229\u540c\u6bd4<\/th>2026 \u4e0a\u534a\u5e74\u9884\u671f\u51c0\u5229<\/th>\u4e0a\u534a\u5e74\u540c\u6bd4\u533a\u95f4<\/th>\u6838\u5fc3\u4f18\u52bf<\/th><\/tr><\/thead>
    \u4e2d\u4fe1\u8bc1\u5238<\/td>748.54<\/td>+28.80%<\/td>300.76<\/td>+38.58%<\/td>168~176<\/td>+33%~39%<\/td>\u5168\u4e1a\u52a1\u9f99\u5934\uff0c\u6295\u884c\u3001\u81ea\u8425\u3001\u8d44\u7ba1\u884c\u4e1a\u7b2c\u4e00\uff0c\u5747\u8861\u6297\u6ce2\u52a8<\/td><\/tr>
    \u56fd\u6cf0\u6d77\u901a<\/td>631.07<\/td>+87.40%<\/td>278.09<\/td>+113.52%<\/td>130~142<\/td>+22%~30%<\/td>\u5408\u5e76\u8d1f\u5546\u8a89\u589e\u539a 25 \u5e74\u5229\u6da6\uff0c\u4e24\u878d\u89c4\u6a21\u884c\u4e1a\u7b2c\u4e00\uff0c\u7ecf\u7eaa\u5e02\u5360\u9886\u5148<\/td><\/tr>
    \u534e\u6cf0\u8bc1\u5238<\/td>358.10<\/td>+6.83%<\/td>163.84<\/td>+6.70%<\/td>92~98<\/td>+28%~34%<\/td>\u7ebf\u4e0a\u8d22\u5bcc\u7ba1\u7406\u3001\u5206\u4ed3\u4f63\u91d1\u3001\u884d\u751f\u54c1\u4f18\u52bf\u7a81\u51fa<\/td><\/tr>
    \u5e7f\u53d1\u8bc1\u5238<\/td>354.93<\/td>+34.33%<\/td>137.02<\/td>+42.20%<\/td>78~84<\/td>+45%~52%<\/td>\u7ecf\u7eaa\u3001\u8d44\u7ba1\u5747\u8861\uff0c\u81ea\u8425\u5f39\u6027\u5f3a<\/td><\/tr>
    \u4e2d\u56fd\u94f6\u6cb3<\/td>283.02<\/td>+24.34%<\/td>125.20<\/td>+30.10%<\/td>70~75<\/td>+25%~32%<\/td>\u592e\u4f01\u6e20\u9053\u4f18\u52bf\uff0c\u4e24\u878d\u7a33\u5b9a\u589e\u957f<\/td><\/tr>
    \u62db\u5546\u8bc1\u5238<\/td>249.72<\/td>+19.53%<\/td>123.50<\/td>+18.91%<\/td>66~71<\/td>+20%~27%<\/td>\u8d22\u5bcc\u7ba1\u7406\u3001\u57fa\u91d1\u4ee3\u9500\u7a33\u5065<\/td><\/tr>
    \u4e2d\u91d1\u516c\u53f8<\/td>284.03<\/td>+33.50%<\/td>97.91<\/td>+46.30%<\/td>52~57<\/td>+48%~55%<\/td>\u6295\u884c\u3001\u8de8\u5883\u3001\u673a\u6784\u4e1a\u52a1\u589e\u901f\u9886\u8dd1\u5934\u90e8<\/td><\/tr>
    \u4e2d\u4fe1\u5efa\u6295<\/td>233.22<\/td>+22.41%<\/td>94.39<\/td>+30.10%<\/td>50~55<\/td>+35%~42%<\/td>\u80a1\u6743\u6295\u884c\u4f18\u52bf\u663e\u8457\uff0c\u5317\u4ea4\u6240\u9879\u76ee\u50a8\u5907\u5145\u8db3<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u56db\u3001\u5238\u5546\u68af\u961f\u4e1a\u7ee9\u7279\u5f81\u6c47\u603b<\/h2>\n\n\n\n

    1. \u5934\u90e8\u7efc\u5408\u5238\u5546\uff08\u4e0a\u8868 8 \u5bb6\uff09<\/h3>\n\n\n\n