Investment Rating - The industry investment rating is "Positive" indicating an expected performance that is stronger than the market benchmark index by more than 5% [18]. Core Insights - The government work report emphasizes the need to stabilize the real estate market through various measures, including adjusting restrictive policies based on city-specific conditions, optimizing land use, and enhancing financing mechanisms [1][4]. - The report suggests that the combination of supply and demand optimization, revitalization of existing assets, and the establishment of new operational models will contribute to the recovery of the real estate market [1][4]. Demand Side Summary - The report highlights that city-specific policy adjustments and the ongoing renovation of urban villages and dilapidated housing will release both rigid and improved housing demand [2]. - It is anticipated that core cities, particularly first-tier and strong second-tier cities, may further relax household registration or home purchase restrictions, thereby stimulating demand [2]. Supply Side Summary - The report indicates that controlling land supply and optimizing land resource allocation will alleviate inventory pressure, while competition for quality land in core cities will intensify [3]. - The revitalization of existing land and properties is expected to ease cash flow pressures for real estate companies, benefiting local state-owned enterprises initially, and potentially extending to central and private enterprises [3]. Financing Side Summary - The expansion of the scope for re-loaning for affordable housing is expected to enhance the participation of policy banks, local governments, and state-owned enterprises, thereby improving the effectiveness of capital deployment [4]. - The ongoing implementation of the "white list" mechanism is likely to strengthen financing support for quality projects, which may alleviate cash flow risks for private enterprises facing short-term repayment pressures [4]. Investment Recommendations - The report suggests that the government's focus on the healthy development of the real estate market through various policy tools is likely to stabilize the market gradually [4]. - Short-term attention should be given to valuation recovery opportunities arising from policy easing, while long-term focus should be on leading companies with core city resources and real estate operational capabilities, such as Poly Developments, China Resources Land, and others [4].

电力设备及新能源行业：格局、技 术、应用三重驱动，储能行业迈向 新周期 ——《新型储能制造业高质量发展行动方案》点评 事件：工信部等八部门近日印发了《新型储能制造业高质量发展行动方案》（以 下简称"方案"）。该方案以推动新型储能制造业"高端化、智能化、绿色化" 为核心目标，以"产业体系加速完善、产品性能显著增强、应用领域持续拓展" 为总体要求，提出 2024-2027 年高质量发展路径，旨在提升我国储能产业国际 竞争力，支撑新型能源体系建设。 点评如下： 产业体系加速完善：集中度提升叠加集群化布局。方案提出：目标到 2027 年 培育 3-5 家生态主导型企业，形成"主体集中、区域集聚"的产业格局，推动 长三角、粤港澳等先进产业集群建设；并强化锂/钴/镍等资源保障，支持绿色 回收，引导产能向资源富集区（内蒙古、青海等）聚集，减少低效重复建设。 锂电产业链降本效果显著，储能行业单价持续下降，但也导致部分企业出现了 亏损。我们认为，这一举措有望加速出清落后产能，提升行业集中度，行业头 部企业如宁德时代、区域性头部企业如国轩高科等有望凭借规模和技术等优势 进一步扩张市场份额。 产品性能显著增强：技术升级叠加安全性提 ...

非银行金融行业：支持民企高质量 发展，多元化融资空间打开 2025 年 3 月 5 日 看好/维持 非银行金融 行业报告 事件：近日，中国人民银行、全国工商联、金融监管总局、中国证监会、国家 外汇局联合召开金融支持民营企业高质量发展座谈会。工商银行、人保集团、 中信证券、国担基金等 4 家金融机构及上海证券交易所负责人作经验交流。 点评： 会议提出多项举措，提升民营企业融资的可得性和便利性。重点包括实施好适 度宽松的货币政策，发挥好结构性货币政策工具作用，引导金融机构"一视同 仁"对待各类所有制企业，增加对民营和小微企业信贷投放。同时，强化债券 市场制度建设和产品创新，持续发挥"第二支箭"的撬动引领作用。此外，资 本市场作用同样重要，抓好"科创板八条""服务现代化产业体系十六条""并 购六条"等政策落实落地，支持民营企业通过资本市场发展壮大。金融机构要 强化金融服务能力建设，进一步畅通民营企业股、债、贷等多元化融资渠道， 加大各类金融资源要素投入。 我们认为，民营企业多渠道融资离不开资本市场的大力支持，券商在做好融资 媒介的同时亦承载资金供给职能，而险企在中长期资金供给方面则起到支持和 引导作用，有望带动更多 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 15.534 billion RMB in 2024, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 1.204 billion RMB, reflecting a significant year-on-year growth of 2208.66% [3]. - The functional products segment saw a robust revenue growth of 23.54% to 11.622 billion RMB, driven by strong sales of methionine, with both liquid and solid methionine achieving record sales [3]. - The specialty products segment's revenue increased by 3.61% to 3.913 billion RMB, with stable growth in poultry and swine products, strong sales of selenium products, and good performance in palatability and mycotoxin management products [3]. - The company's overall gross margin improved significantly by 8.83% to 30.21%, with the functional products segment's gross margin increasing by 13 percentage points to 26.02% due to high production stability and effective supply chain management [3]. Production Capacity and Market Position - The company has two methionine production platforms located in Europe and Nanjing, China, with a total annual capacity increase of 80,000 tons from the European platform expansion since Q3 2021 and a new liquid methionine plant in Nanjing with an annual capacity of 180,000 tons that commenced operations in September 2022 [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027, to meet global demand and strengthen the company's leadership in the methionine industry [4]. - The company is also exploring the feasibility of establishing another methionine production platform in the dollar zone to mitigate geopolitical risks [4]. Financial Forecasts - The company is projected to achieve net profits of 1.637 billion RMB, 1.852 billion RMB, and 2.025 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61, 0.69, and 0.75 RMB [5][6]. - The current stock price corresponds to P/E ratios of 18, 15, and 14 for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 15.534 billion RMB in 2024, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 1.204 billion RMB, reflecting a significant year-on-year growth of 2208.66% [3]. - The functional products segment saw a robust revenue growth of 23.54% to 11.622 billion RMB, driven by strong sales of methionine, with both liquid and solid methionine achieving record sales [3]. - The specialty products segment's revenue increased by 3.61% to 3.913 billion RMB, with stable growth in poultry and swine products, strong sales of selenium products, and good performance in palatability and mycotoxin management products [3]. - The company's overall gross margin improved significantly by 8.83% to 30.21%, with the functional products segment's gross margin increasing by 13 percentage points to 26.02% due to high production stability and effective supply chain management [3]. Production Capacity and Market Position - The company has two methionine production platforms located in Europe and Nanjing, China, with a total annual capacity increase of 80,000 tons from the European platform expansion since Q3 2021 and a new liquid methionine plant in Nanjing with an annual capacity of 180,000 tons that commenced operations in September 2022 [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027, to meet global demand and strengthen the company's leadership in the methionine industry [4]. - The company is also exploring the feasibility of establishing another methionine production platform in the dollar zone to mitigate geopolitical risks [4]. Financial Forecasts - The company is projected to achieve net profits of 1.637 billion RMB, 1.852 billion RMB, and 2.025 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61, 0.69, and 0.75 RMB [5]. - The current stock price corresponds to P/E ratios of 18, 15, and 14 for the years 2025, 2026, and 2027, respectively [5].

风险提示：经济数据大幅低于预期，外部环境恶化。 （分析师：林阳 执业编码：S1480524080001 电话：021-65465572 ） 2025 年 3 月 4 日星期二 东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴策略】多头趋势不改 结构性牛市延续（20250304） 多头趋势不改，短期调整是布局良机。我们是市场中较早提出春季行情将开 启的机构，核心在于我们坚定看好 A 股进入牛市周期，并且在行情的特点上， 我们着重强调了结构性的重要性，我们认为，大科技和消费将会是行情的核 心板块，春季行情随着 DeepSeek 开源和机器人标志性事件催化如期展开，作 为国家未来科技的核心竞争力体现，本轮行情的爆发力较好，板块快速上涨 引发了市场的赚钱效应，上周出现的调整我们并不认为是行情结束的标志， 核心原因是产业仍处于快速发展的初期阶段，技术和热点层出不穷日新月异， 在新技术变革大潮中资本市场永远会走在其中，我们认为，短期调整的主要 原因是热点板块的交易拥挤度较高，市场的资金获利压力增加，涨速过快且 鱼龙混杂，市场需要调整消化获利盘降低交易拥挤度，重新审视产业发展中 的核心机会，我们相信市场的核心公司仍将会随 ...

Investment Rating - The report gives a "Buy" rating for Zhonggu Logistics, indicating a positive outlook for the company's future performance [6][14]. Core Views - Zhonggu Logistics is a leading player in the domestic container shipping industry in China, with a robust logistics network and strong profitability despite industry challenges [1][19]. - The company has a high dividend payout ratio, which is attractive to investors, with a commitment to distribute at least 60% of its cumulative distributable profits over the next three years [14][19]. Summary by Sections Company Overview - Zhonggu Logistics, established in 2003, is a leader in domestic container shipping, integrating rail and road resources to form a comprehensive logistics network [1][7]. - The company has developed a multi-modal logistics system centered on waterway transport, covering major coastal and inland ports across China [2][19]. Business Expansion and Profitability - The company ranks second in terms of capacity and revenue in the domestic container shipping sector, with a strong focus on maintaining high profit margins and stable earnings [3][55]. - Despite industry volatility, Zhonggu has managed to maintain a profit margin of around 13%, showcasing its operational efficiency [47][60]. Competitive Advantages - Zhonggu's profitability is supported by its refined management capabilities and cost advantages in shipbuilding, allowing it to optimize logistics processes and reduce operational costs [4][71]. - The company has invested in a self-developed comprehensive management system that enhances efficiency across the entire logistics chain [65][64]. Industry Demand Drivers - The long-term growth of the domestic container shipping industry is supported by trends such as the shift from road to water transport and the increasing adoption of multi-modal logistics [5][13]. - The report highlights that the proportion of water transport in China's logistics is expected to rise, driven by government initiatives to improve multi-modal transport infrastructure [5][13]. Financial Forecast and Recommendations - The projected net profits for Zhonggu Logistics from 2024 to 2026 are estimated at 1.6 billion, 1.77 billion, and 2.04 billion yuan, respectively, with corresponding PE ratios indicating attractive valuations [14][15]. - The company is committed to high shareholder returns, with a dividend yield forecasted to reach 5.2%, 5.7%, and 6.6% over the next three years [14][19].

根据克而瑞的数据，2025 年 2 月 top100 房企销售金额同比增长 1.3%，单月 销售转跌为涨。2 月单月销售同比增速最高的 5 家房企为电建/保利置业/华发/ 越秀/中海。 操盘销售额 top100： 房地产百强房企 1-2 月销售数据点 评：2 月操盘金额同比止跌，市场 延续回稳态势 2025 年 3 月 4 日 看好/维持 房地产 行业报告 1-2 月，top100 房企实现销售金额（操盘）4,157.6 亿元，同比增速为-1.2%， 前值为-3.2%。其中，2 月单月实现销售金额（操盘）1,881.6 亿元，同比增速 为 1.3%，前值为-3.2%。 1-2 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（操盘）同比增速分别为 0.3%/1.2%/-13.5%/-8.4%/5.1%。其中， 2 月单月同比增速分别为 13.8%/9.8%/-30.3%/-23.9%/-5.8%。 1-2 月，top10 / top11~top20 / top21~top30 / top31~top50 / to ...

中谷物流（603565.SH）：行业低谷彰显 盈利韧性，高分红具备较强吸引力 中谷物流是我国内贸集装箱龙头企业。公司成立于 2003 年，通过持续整合全 国范围内的铁路及公路资源，形成了"公、铁、水"三维物流网络，建立了以 水路运输为核心的多式联运综合物流体系。 公司物流基础设施完善，航线网络覆盖面广 公司长期深耕内贸集运行业，已经通过港口、航线、联运线路的有机结合，构 筑了全方位、多层次的多式联运综合物流体系。港口方面，目前公司的航运网 络覆盖全国 25 个沿海主要港口与超过 50 个内河港口，并采取"双核战略" 对港口资源进行有效配置；航线方面，公司航线通达全国沿海及各江河流域的 主要水系，形成了以"京津冀经济带"、"长江经济带"、"粤港澳大湾区"以及 "一带一路南北海上大通道"构成的"三横一纵"的大海运、大物流体系；公 司铁路快线网则与水路网络形成了有效的互补，强化了公司物流网络的覆盖， 有效提升了公司竞争力。 公司业务规模稳健扩张，利润率高，盈利稳定性强 公司控制运力及营收水平在内贸集装箱航运领域排名第二，仅次于中远海控旗 下的泛亚航运。公司持续强化规模优势，订购的 18 艘 4600TEU 大型内贸 ...

Investment Rating - The report assigns a "Recommended" rating to the company [9]. Core Viewpoints - The company has demonstrated strong capabilities in technological innovation and market expansion, establishing itself as a leading brand in the domestic industrial internet communication sector since its inception in 2001 [3][12]. - The domestic industrial communication market is still in its early stages, currently accounting for only 20% of the global market share [4][23]. - The company is strategically positioning itself to benefit from the accelerated investment in the power grid, with significant growth expected in the electricity sector by 2025 [4][31]. Summary by Relevant Sections Company Overview - The company has evolved through three major phases: "Startup - Deepening - Innovation Leadership," successfully launching the first domestic industrial-grade converter and expanding its product line to include embedded industrial Ethernet modules and switches [3][12]. - It has gained recognition as a "National High-tech Enterprise" and has established a strong brand presence in key sectors such as smart energy, smart cities, smart transportation, and industrial internet [3][12]. Market Analysis - The global industrial internet communication equipment industry generated revenues of $2.65 billion in 2018 and $3.08 billion in 2019, with industrial Ethernet switches being the primary market segment [4][27]. - In 2020, the domestic industrial communication market was valued at 4.21 billion yuan, indicating a 20% share of the global market [4][27]. Investment Opportunities - The report highlights that the total investment in the power grid by State Grid and Southern Grid is expected to exceed 825 billion yuan by 2025, marking a significant increase from 2024 [4][31]. - The company’s new power system communication solutions are designed to enhance real-time monitoring and intelligent management of power equipment, which is crucial for improving operational efficiency and reducing energy consumption [4][37]. Financial Forecast - The company is projected to achieve revenues of 357 million yuan, 446 million yuan, and 558 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 34 million yuan, 64 million yuan, and 97 million yuan [5][45]. - The price-to-earnings (PE) ratios are expected to be 56X, 30X, and 19X for the same years [5][45].