行 业 研 究 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 20 行业周报 [Table_MainInfo] 行业基本面边际改善，关税政策持续扰动市场 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2025 年 3 月 11 日 [投资要点： Table_Summary] 行业情况及产品价格走势初判 钢铁：据我的钢铁网消息，近期建筑工地资金到位率逐渐增加，叠加气温回 暖，下游需求增加，行业基本面有望好转，但需关注国内宏观因素和海外关 税问题的影响。 铜：铜矿持续偏紧，原料端对铜价有支撑；国内铜库存实现小幅下降，若后 续国内下游需求表现较好，铜价或得到提振；需警惕宏观因素影响，若美国 继续加大关税的力度和范围，或对铜价走向有扰动。 铝：当前国内宏观经济宽松预期和光伏抢装预期对铝价有支撑，但海外关税 和贸易政策对价格有扰动，需关注国内下游需求的实际恢复情况。 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [Table_Contactor] [Table_IndInvest] 行业评 ...

金 融 工 程 研 究 基金周报 权益市场指数普遍修复，资金大量流入港股科技板块 分析师：宋旸 SAC NO：S1150517100002 2025 年 3 月 10 日 ――公募基金周报 证券分析师 宋旸 022-28451131 songyang@bhzq.com 研究助理 上周，市场主要指数估值全部上调。市盈率方面，涨幅靠前的中证 1000、中证全 指的估值历史分位数分别环比上升 4.6pct.和 3.0pct.，达到 51.6%和 56.5%，创业板 指估值历史分位数 20.0%，处于历史低位。市净率方面，涨幅靠前的上证指数、中 证 1000 估值历史分位数分别环比上升 4.7pct.和 4.3pct.，最终值为 67.4%和 32.9%， 中证 1000 指数估值历史分位数处于历史较低水平。行业方面，上月申万一级指数 市盈率估值历史分位数最高的五个行业为房地产、电子、汽车、综合、计算机，其 中，房地产行业的市盈率估值分位数已达 90.8%，未来应关注其存在的修正风险； 而上月市盈率估值历史分位数较低的五个行业为休闲服务、农林牧渔、轻工制造、 公用事业、石油石化，它们的行业市盈率估值分位数均小于 20 ...

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

Investment Rating - The industry investment rating is "Positive" for the next 12 months, indicating an expected increase in the index by over 10% compared to the CSI 300 index [35]. Core Insights - The macroeconomic environment shows signs of resilience in the US service sector, but concerns about "stagflation" are resurfacing due to significant declines in consumer spending and persistent inflation pressures [1]. - In Europe, while service inflation has eased, overall CPI growth has exceeded expectations, leading to a recovery in risk appetite within the Eurozone [1]. - Domestic manufacturing and service PMI have shown seasonal recovery post-holiday, but sustainability of this recovery remains a concern [3]. - The government has indicated a proactive stance on economic policies, emphasizing the importance of consumption, technological innovation, and stability in real estate and stock markets [3]. Summary by Sections Macroeconomic Analysis - The US economy is facing challenges with consumer spending showing the largest decline in four years, while inflation remains difficult to control [1]. - European economic indicators are stabilizing, supported by expectations of loose fiscal policies in Germany [1]. Domestic Economic Environment - Domestic PMI for manufacturing and services has rebounded, but future sustainability needs monitoring [3]. - The government has set clear economic growth and inflation targets, with a focus on flexible policies to support consumption and innovation [3]. High-Frequency Data - Real estate transactions are recovering, while prices for various commodities show mixed trends, with steel prices declining and non-ferrous metals generally rising [3].

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors, while recommending an "Overweight" rating for specific companies including Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [7][30]. Core Insights - The European Union has made a preliminary anti-dumping ruling against Chinese decorative paper, imposing temporary anti-dumping duties ranging from 31.0% to 34.9% on involved companies [4][12]. - Adidas is strategically positioning itself in the Chinese sports market through a partnership with Tsinghua University, focusing on technology innovation and talent development in sports [12]. - The integration of AI models like DeepSeek by home appliance and furniture companies is expected to enhance their capabilities in customization, design, production, marketing, and customer service, thereby improving consumer experience [6][29]. Industry News - The light industry sector underperformed the CSI 300 index by 1.42 percentage points from February 17 to February 21, with a decline of 0.42% compared to the index's increase of 1.00% [6][23]. - The textile and apparel sector also lagged behind the CSI 300 index, underperforming by 1.91 percentage points during the same period, with a decline of 0.91% [6][25]. - The report highlights the performance of specific companies, noting that the top gainers in the light industry included Shengtong Co. (32.00%) and QuSleep Technology (25.83%) [24]. Company Announcements - Ruierte reported a 13.81% year-on-year decline in net profit for 2024, despite a revenue increase of 8.23% [5][22]. - Pearl River Piano has entered a strategic partnership with Lehai Musical Instruments to establish a benchmark in the national musical instrument industry [6][22].

请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行 业 研 究 行业周报 [Table_MainInfo]挖机销售预期向好，关注工程机械需求回暖 | | | | ――机械设备行业周报 | | --- | --- | --- | --- | | 分析师： 宁前羽 | SAC NO： | | S1150522070001 2025 年 3 月 6 日 | | [Table_Author] 证券分析师 | | | [Table_Summary] | | 宁前羽 | | | 投资要点： | | 022-23839174 | | |  行业要闻 | | ningqy@bhzq.com | | | | | | | | （1）2 月中国工程机械市场指数（CMI）为 106.68，同比增长 13.53%。 | | | | | （2）第 21 届天津工博会于 3 月 6 日-9 日在国家会展中心（天津）举办。 | | [Table_IndInvest] 子行业评级 | | | | | 通用设备 | | 看好 |  公司公告 | | 专用设备 | | 中性 | （1）绿的谐波将剩余超募 ...

行 业 研 究 行业月报 [Table_MainInfo]楼市企稳可期，扩大内需为首要任务 ――轻工制造&纺织服饰行业 3 月月报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 6 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | 行业发展情况 |  | 022-23839135 | 年，社会消费品零售总额家具类为 | 亿元，同比增长 | 3.60%。 | | | | | | | | | | | | | | | | | | 2024 | 1,691.10 | yuanyb@ ...

行 业 研 究 [Table_MainInfo] 挖机销售预期向好，人形机器人催化频出 ——机械设备行业 3 月月报 分析师： 宁前羽 SAC NO： S1150522070001 2025 年 3 月 5 日 [Table_Summary] 投资要点： 行情回顾 [Table_Author] 证券分析师 022-23839174 ningqy@bhzq.com 2025 年 2 月 2 日-2025 年 3 月 4 日，沪深 300 指数上涨 1.79%，申万机械 设备行业上涨 12.37%，跑赢沪深 300 指数 10.59 个百分点，在申万所有一 级行业中位于第 2 位。 截至 2025 年 3 月 4 日，申万机械设备行业 TTM 市盈率为 29.20 倍（整体法， 剔除负值），相对于沪深 300 的估值溢价率为 144.33%。 个股方面，涨幅居前的有万达轴承（332.03%）、浩淼科技（140.22%）、灵 鸽科技（138.02%）、春光药装（129.93%）、杭齿前进（114.44%），其中， 万达轴承受机器人概念带动表现较好；跌幅居前的有电光科技（-20.39%）、 应流股份（-20.28%） ...

| 公 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | 公司深度报告 | | | 司 | | | | | | | | [Table_MainInfo] | | | | | 持续推进战略转型，关注公司产品类业务进展 | | | | | 研 | | | | | | | | | | | | | | | ——拓斯达（300607）公司深度报告 | | | 究 | | S1150522070001 | | | | | | 分析师： 宁前羽 | | SAC NO： | | | | | 年 月 日 2025 03 04 | | | | | 工业机器人国产化率提升明显，机器换人为长期逻辑 | | | | | | | | | | | | | | | | | | | | | | | | [Table_Analysis] 机械设备——自动化设备 ...