[Table_Reportdate] 2025年04月08日 标配 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -33% -23% -12% -1% 10% 21% 32% 24-04 24-07 24-10 25-01 申万行业指数:社会服务(0746) 沪深300 [相关研究 table_product] 1.春节档票房亮眼，旅游人次达5.01 亿——春节消费数据点评 [Table_NewTitle 清明消费稳增， ] 旺季将至关注投资机会 ——清明节消费数据点评 [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 简 评 社 会 服 务 [table_invest] ➢ 清明假期旅游人次及收入同比稳定增长，延续改善趋势。根据文旅部数据，从出游人次来 看，清明假期3天国内旅游出游人数1.26亿人次，同比增长6.3%。从旅游收入看，国内旅 游收入575.49亿元，同比增长6.7%。从 ...

伍可心 S0630522120001 wkx@longone.com.cn [table_stockTrend] -26% -17% -8% 2% 11% 20% 30% 24-04 24-07 24-10 25-01 申万行业指数:医药生物(0737) 沪深300 [Table_Reportdate] 2025年04月08日 超配 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 [相关研究 table_product] 1.关注业绩边际变化——医药生物 行业周报（2025/3/24-2025/3/30） 2.关注医疗体系高质量发展——医 药 生 物 行 业 周 报 （ 2025/3/17- 2025/3/23） 3.关注医疗服务消费投资机会—— 医药生物行业周报（ 2025/3/9- 2025/3/14） [Table_NewTitle 关注国产替代、内需方向 ] ——医药生物行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 市场表现： 上周（3月31日-4月3日）医药生物板块整体上 ...

[Table_Reportdate] 2025年04月08日 超配 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 ——医药生物行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 市场表现： 上周（3月31日-4月3日）医药生物板块整体上涨1.20%，在申万31个行业中排第3位, 跑赢沪深300指数2.57个百分点。年初至今，医药生物板块整体上涨4.77%，在申万31个 行业中排第7位，跑赢沪深300指数6.64个百分点。当前，医药生物板块PE估值为27.2倍， 处于历史中低位水平，相对于沪深300的估值溢价为130%。上周，子板块涨幅前三的为化 学制药(申万)、中药Ⅱ(申万)、医药商业(申万)，涨幅分别为3.45%、1.53%、1.48%。个股 方面，上周上涨的个股为344只（占比72.57%），涨幅前五的个股分别为多瑞医药 （56.32%）、伟思医疗（31.80%）、哈三联（31.15%）、润都股份（27.01%）、圣诺生物 （21.54%）。 伍可心 S0630522120001 ...

[Table_Reportdate] 2025年04月08日 [晨会纪要 Table_NewTitle] 20250408 [证券分析师： Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn [table_main] 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1.1. 对美加征关税对农产品价格的影响——农林牧渔行业简评 | 3 | | --- | --- | | 1.2. 扬杰科技（300373）：汽车电子需求持续旺盛，拟收购贝特电子完善业务版图 | | | ——公司简评报告 | 4 | | 2025/3/31- 1.3. 美国关税超预 ...

[Table_Reportdate] 2025年04月07日 [table_invest] 超配 [证券分析师 Table_Authors] 3.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 [Table_NewTitle 关税波动加剧，重视内需改善 ] ——食品饮料行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞争加剧的影响；食品安全的影响。 行 业 研 究 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 1.青岛啤酒（600600）：整装待发， 修复可期——公司简评报告 2.年报陆续发布，关注基本面表现— —食品饮料行业周报（2025/3/24- 2025/3/30） 证券研 ...

[Table_Reportdate] 2025年04月07日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 1.青岛啤酒（600600）：整装待发， 修复可期——公司简评报告 2.年报陆续发布，关注基本面表现— —食品饮料行业周报（2025/3/24- 2025/3/30） 3.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 [Table_NewTitle 关税波动加剧，重视内需改善 ] ——食品饮料行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞争加剧的影响；食品安全的影响。 行 业 研 究 证券研 ...

[Table_Reportdate] 2025年04月07日 非 银 金 融 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -28% -11% 7% 24% 42% 59% 76% 24-04 24-07 24-10 25-01 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.从湘财合并大智慧，看中小券商与 金融科技跨界整合新路径——非银 金融行业简评 [table_invest] 超配 行 业 周 报 2.年报业绩亮眼，把握发展基础夯实 下的非银板块低位配置机遇——非 银 金 融 行 业 周 报 （ 20250324- 20250330） 3.湘财拟合并大智慧引导券业并购 创新，长端利率企稳改善险资再配置 收 益 — — 非 银 金 融 行 业 周 报 （20250310-20250316） [Table_NewTitle 险资股权投资范围扩容， ] 防范关税政策 下的市场冲击 ——非银金融行业周报（20250331-20250406） [table_ ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights the impact of increased tariffs on agricultural products imported from the United States, with a 34% tariff imposed starting April 10, 2025, following previous tariffs on specific products [4]. - China is a major consumer of agricultural products, with significant imports from the U.S. in 2024 amounting to approximately $24.9 billion, representing 15% of total imports from the U.S. and 12% of China's total agricultural imports [4][5]. - The report notes a shift towards increased imports from Brazil, with the dependency on U.S. imports expected to decrease over time, particularly for soybeans, which saw a reduction in U.S. import dependency to 21% in 2024 [4]. - Short-term price increases for agricultural products are anticipated due to the new tariffs, especially for high-dependency items like soybeans, although the price elasticity may be limited by production and substitution factors [4]. - The report suggests focusing on investment opportunities in pig, poultry, and beef farming sectors, as well as domestic pet brands that are increasingly replacing foreign products [4]. Summary by Sections Tariff Impact - The report discusses the new 34% tariff on all U.S. imports and previous tariffs on specific agricultural products, which cumulatively raise tariffs to 49% or more for most agricultural goods [4]. Import Dependency - In 2024, the U.S. was the second-largest source of agricultural imports for China, with soybeans being the most significant at $12.04 billion, accounting for 48% of U.S. agricultural imports [4][5]. - The report provides detailed statistics on various agricultural products, highlighting the dependency on U.S. imports for items like cotton and sorghum, with respective dependencies of 35% and 67% [5]. Market Dynamics - The report emphasizes the diversification of import sources, with Brazil, Australia, and Argentina becoming increasingly important suppliers, which may mitigate the impact of U.S. tariffs [4]. - It also notes that the domestic consumption of imported meat products is relatively low, suggesting limited direct impact from the tariffs on domestic prices [4]. Investment Recommendations - The report recommends focusing on sectors such as pig, poultry, and beef farming, as well as the domestic pet food market, which is expected to grow as local brands gain market share [4].

Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook for the next six months [1][33]. Core Insights - The non-banking financial index experienced a decline of 1.3% last week, but outperformed the CSI 300 by 0.1 percentage points. The brokerage and insurance indices also saw declines of 1.8% and 0.7%, respectively, with significant excess returns noted in the securities index [4][8]. - Mergers and acquisitions in the brokerage sector are accelerating, driven by the merger of Xiangcai and Dazhihui, which is expected to enhance business synergy and customer acquisition [4][31]. - The insurance sector is seeing an expansion in the scope of equity investments, allowing insurance funds to invest in technology and modern agriculture, which aligns with national strategic goals [4][31]. Summary by Sections Market Review - The overall market saw declines, with the Shanghai Composite Index down 0.3% and the Shenzhen Component down 2.3%. The non-banking financial index fell 1.3%, while the multi-financial index rose by 0.3% [8][9]. Market Data - Average daily trading volume for stock funds was 13,897 billion yuan, a decrease of 7% week-on-week. The margin trading balance was 1.9 trillion yuan, down 1% from the previous week [17][4]. Industry News - The Financial Regulatory Bureau issued a notice expanding the scope of equity investments for insurance funds, promoting investments in strategic emerging industries [31]. - The China Securities Regulatory Commission held discussions on deepening capital market reforms, focusing on private technology enterprises [31]. Investment Recommendations - For brokerages, it is suggested to focus on mergers and acquisitions, high financial ratios, and improving return on equity. Large, financially robust brokerages are recommended for investment [4]. - In the insurance sector, attention should be given to large comprehensive insurance companies that have competitive advantages under the new regulatory framework [4].

[Table_Reportdate] 2025年04月07日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-04 24-07 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.东方电缆（603606）：公司业绩稳 步提升，在手订单再创新高——公司 简评报告 2.硅片供不应求加剧，风电招、开标 规模持续增长——新能源电力行业 周报（2025/03/24-2025/03/28） 3.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） [Table_NewTitle 光伏 ] 4月下游维持抢装，苏、粤海风项目 启动全面建 ...