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 [39]. Core Insights - The pharmaceutical and biotechnology sector saw an overall increase of 1.77% from March 9 to March 14, ranking 15th among 31 industries in the Shenwan index, outperforming the CSI 300 index by 0.18 percentage points [3][13]. - Year-to-date, the sector has risen by 3.99%, ranking 16th among 31 industries, and has outperformed the CSI 300 index by 2.17 percentage points [14]. - The current PE valuation for the pharmaceutical and biotechnology sector is 26.59 times, which is at a historically low level, with a valuation premium of 123% compared to the CSI 300 index [17]. Market Performance - The top three sub-sectors in terms of growth were pharmaceutical commerce (6.44%), traditional Chinese medicine II (2.63%), and biological products (1.63%) [3][13]. - A total of 353 stocks (74.47% of the sector) increased in value last week, with the top five performers being Jincheng Pharmaceutical (42.43%), Saili Medical (34.47%), Dongfang Ocean (25.00%), Laobaixing (22.47%), and Dajia Weikang (21.14%) [22]. Industry News - On March 13, the government of Hohhot announced policies to promote population aggregation and high-quality development, including free newborn screening and integration of medical and elderly care services [4][28]. - The "Consumption Promotion Special Action Plan" issued by the central government on March 16 aims to activate the healthcare industry through four main paths: expanding medical insurance, empowering technology, upgrading elderly services, and international openness [5][32]. Investment Recommendations - The report suggests focusing on investment opportunities in medical services, chain pharmacies, second-class vaccines, innovative drug chains, and medical equipment sectors [6][35]. - Recommended stocks include Huaxia Eye Hospital, Laobaixing, Kangtai Biological, Tebao Biological, and Nuotai Biological [36]. Summary of Policies - Hohhot's policies aim to lower childbirth costs and improve medical security, which is expected to stimulate maternal and infant health testing and consumption in the short term, benefiting the child health and elderly care industries in the long term [28][30]. - The "Consumption Promotion Special Action Plan" emphasizes the importance of intelligent medical devices, innovative drugs, community elderly care, internet medical services, and high-end specialized medical services [5][32].

[证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@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 [Table_Reportdate] 2025年03月18日 [晨会纪要 Table_NewTitle] 20250318 [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 [Table_Report] ➢ 1.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 ➢ 2.海外数据波动与国内资产的确定性——资产配置周报（2025/03/10-2025/03/14） ➢ 1.国新办召开新闻发布会，介绍提振消费有关情况 ➢ 2.美国2月零售销售低于预期 ➢ 3.经合组织因贸易紧张局势下调全球经济增长展望 | 1.1. 开门红已现，关注后续政策落实——国内观察：2025 1-2 ...

跑输 [Table_Reportdate] 2025年03月17日 超配 行 业 周 报 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [table_stockTrend] [相关研究 table_product] 1.关注药品价格新趋势——医药生 物行业周报（2025/3/3-2025/3/9） 2.轻舟已过，耐心布局—医药生物行 业2025年度策略 3.收入端企稳，利润端可期——医药 生物行业2024年三季报业绩综述 [Table_NewTitle 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_main] 投资要点： ➢ 市场表现： 上周（3月9日-3月14日）医药生物板块整体上涨1.77%，在申万31个行业中排第15位, 跑赢沪深300指数0.18个百分点。年初至今，医药生物板块整体上涨3.99%，在申万31个 行业中排第16位，跑赢沪深300指数2.17个百分点。当前，医药生物板块P ...

1.券业并购重组预期升温，险企对外 开放再深化——非银金融行业周报 （20250224-20250302） 2.资本市场助力书写金融"五篇大文 章"，险资投资黄金试点启动——非 银 金 融 行 业 周 报 （ 20250203- 20250209） 3.落实长周期考核，助力培育耐心资 本——中长期资金系列研究（一） [Table_Reportdate] 2025年03月17日 超配 业 周 报 陶圣禹 S0630523100002 tsy@longone.com.cn 63% [table_stockTrend] -29% -14% 2% 17% 32% 48% 24-03 24-06 24-09 24-12 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] [Table_NewTitle 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_main] 投资要点： 行 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 ...

[Table_Reportdate] 2025年03月17日 超配 业 周 报 陶圣禹 S0630523100002 tsy@longone.com.cn 63% [table_stockTrend] -29% -14% 2% 17% 32% 48% 24-03 24-06 24-09 24-12 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.券业并购重组预期升温，险企对外 开放再深化——非银金融行业周报 （20250224-20250302） 2.资本市场助力书写金融"五篇大文 章"，险资投资黄金试点启动——非 银 金 融 行 业 周 报 （ 20250203- 20250209） 3.落实长周期考核，助力培育耐心资 本——中长期资金系列研究（一） [Table_NewTitle 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_main] 投资要点： 行 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 ...

Economic Overview - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, up from 3.7% in the previous period[3] - Fixed asset investment (FAI) grew by 4.1% year-on-year, compared to 3.2% previously[3] - The industrial added value for large-scale industries rose by 5.9% year-on-year, slightly down from 6.2% in December 2024[3] Industrial Performance - The high-tech manufacturing sector showed significant growth, with added value increasing by 9.1%, accelerating by 1.2 percentage points from December 2024[3] - The equipment manufacturing sector outperformed the overall industrial growth, achieving a year-on-year increase of 10.6%[3] - Industrial production growth remained stable, with a slight decline of 0.3 percentage points from the previous month[3] Consumer Trends - The consumption recovery is still dependent on further policy implementation, with the service retail sector growing by 4.9% year-on-year, down 1.3 percentage points from 2024[3] - The automotive sector's sales lagged behind last year, while non-automotive retail sales grew by 4.8%[3] - The expansion of the "old-for-new" policy is showing effects, particularly in categories like communication equipment and jewelry, which saw notable increases[3] Investment Insights - High-tech industry investment rose by 9.7% year-on-year, significantly above the overall FAI growth rate[3] - Infrastructure investment maintained a high growth rate of 9.94%, while narrow infrastructure investment slightly declined to 5.6%[5] - Real estate sales for new homes fell by 5.1% year-on-year, indicating a need for new policy measures to stabilize the market[3] Risks and Outlook - Potential risks include slower-than-expected policy implementation and ongoing downward pressure in the real estate market[5] - The U.S. economic recession poses a risk to exports, necessitating a focus on expanding domestic demand as a key policy direction for the year[3]

[Table_Reportdate] 2025年03月17日 [开门红已现，关注后续政策落实 Table_NewTitle] ——国内观察：2025年1-2月经济数据 [证券分析师 Table_Authors] ➢ 事件：3月17日，国家统计局公布2025年1-2月经济数据。1-2月社零总额同比4.0%，前值 3.7%；固投同比4.1%，前值3.2%；规上工业增加值同比5.9%，前值6.2%。 ➢ 核心观点：1-2月经济数据整体偏积极。高技术产业是较大亮点，高技术制造业增加值及高 技术产业投资均明显高于整体水平。工业生产增速小幅回落但维持相对高位，装备制造表 现好于整体；社零及固投增速较去年12月均有所改善，"两新"政策的扩容加力效果开始 显现；地产销售新房要弱于二手房，仍需要新一轮的政策加力，投资端土拍溢价率回升是 积极的信号，未来需要关注专项债收储的进度及规模。全年来看，一方面美国存在衰退风 险，另一方面关税压力或逐步显现，二季度后出口或面临压力，扩大内需仍是全年的政策 主线，关注两会后政策的落实节奏。 ➢ 工业生产小幅回落但相对稳定，高技术及装备制造表现较好。1-2月规模以上工业增加值 同比5.9%，较 ...

[Table_Reportdate] 2025年3月17日 标配 行 业 周 报 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 海外科技股2024Q4业绩回暖， DeepSeek大模型引燃AI云与端热情 ——半导体行业2月份月报 2. AI Agent产品Manus亮相，AI眼 镜驱动消费电子新一轮增长——电 子行业周报（2025/3/3-2025/3/9） 3. 英伟达Blackwell芯片需求高涨， 小米新机与新车发布拉动市场热情 ——电子行业周报（2025/2/24- 2025/3/2） [Table_NewTitle] 北方华创拟取得芯源微控制权，关注 GTC大会带来的AI产业链机遇 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 ——电子行业周报2025/3/10-2025/3/16 [ ...

Investment Rating - The report suggests a positive outlook for the electronics sector, highlighting a moderate recovery in demand and recommending focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The upcoming NVIDIA GTC 2025 conference is expected to unveil new AI chip platforms, which could create opportunities in the AI industry chain [5][10]. - North China Huachuang is projected to rank sixth among the top ten global semiconductor equipment suppliers in 2024, indicating significant growth and strategic acquisitions to enhance its supply capabilities [5][12]. - The electronics industry is currently experiencing a mild recovery, with a recommendation to focus on specific sectors that are expected to rebound [5][6]. Summary by Sections Industry News - NVIDIA's GTC conference will feature over 1,000 presentations and 300 live demonstrations, focusing on advancements in semiconductor chips and AI technologies [10]. - North China Huachuang plans to acquire control of ChipSource through a two-step strategy, enhancing its semiconductor equipment capabilities [10][12]. - TSMC reported a 43.1% year-on-year revenue increase in February 2025, with a strong outlook for its 2nm process technology [12]. Market Performance - The report notes that the electronics sector underperformed the broader market, with the Shenzhen 300 index rising by 1.59% while the Shenwan Electronics Index fell by 0.62% [21][23]. - As of March 14, 2025, various sub-sectors within the electronics industry showed mixed performance, with semiconductor equipment down by 4.29% and electronic components up by 6.68% [23][26]. Investment Recommendations - The report recommends focusing on the following sectors for investment: 1. AIOT sector, with companies like Lexin Technology and Hengxuan Technology [5][6]. 2. AI innovation-driven sector, including computing chips and optical devices [5][6]. 3. Upstream supply chain for semiconductor equipment and materials [5][6]. 4. Consumer electronics, which is expected to rebound [5][6].

[Table_Reportdate] 2025年03月17日 [晨会纪要 Table_NewTitle] 20250317 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 wangyang@longone.com.cn [Table_Report] ➢ 1.海外数据波动与国内资产的确定性——资产配置周报（2025/03/10-2025/03/14） ➢ 2.通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025年2月美国CPI ➢ 1.中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》 ➢ 2.国务院第八次全体会议：要更加注重加大政策力度和激发市场力量良性互动、协同发力 ➢ 3.央行：着力推动提升重大战略、重点领域和薄弱 ...