[Table_Page] 投资策略|定期报告 2025 年 3 月 16 日 证券研究报告 [Table_Title] 资金持续南下 ——周度全追踪（3 月第 2 期） [Table_Summary] [[Table_Summary Table_Title] ] 报告摘要： [联系人： Table_Contacts] 毕露露 bilulu@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 [Table_Author] 㤷㈹㤵㠱ㄠ′〲㔭〳ⴱ㜠ㄱ㨰㠺㈳ 分析师： 刘晨明 SAC 执证号：S0260524020001 SFC CE NO. BVH021 liuchenming@gf.com.cn 分析师： 郑恺 SAC 执证号：S0260515090004 SFC CE No. BUU989 021-38003559 zhengkai@gf.com.cn 分析师： 赵阳 SAC 执证号：S0260524030008 gfzhaoy@gf.com.cn 分析师： 陈振威 SAC 执证号：S0260524090002 chenzhenwei@gf.com.cn 请注意，赵阳、陈振威并非香港 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 25.49 CNY and a reasonable value of 33.48 CNY per share [2]. Core Insights - The company, YunSai ZhiLian, is positioned to benefit from the growth in computing power and data elements, leveraging its strong background in cloud services, big data, and intelligent products [8]. - The demand for AI computing power is expected to double every 3.4 months, driven by the rapid evolution of AI applications [8]. - The company has made significant investments in data center infrastructure, with plans to have approximately 9,600 standard rack resources upon completion of its projects [8]. Summary by Sections Company Overview - YunSai ZhiLian is a specialized IT service provider focusing on cloud services, big data, and intelligent products, with a comprehensive business layout from "cloud" to "end" [12]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, with a concentrated shareholding structure [15]. Business Segments - The company operates three core business segments: cloud service big data, industry solutions, and intelligent products, aiming to provide comprehensive smart city solutions [23][24]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23]. Financial Analysis - The company has shown consistent revenue growth, with revenues of 45.34 billion CNY in 2022 and 52.64 billion CNY in 2023, driven by advancements in digitalization and cloud services [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from 2022 [28]. - The gross margin for cloud service big data remained stable, while the industry solutions segment saw a decline in gross margin [30]. Market Trends - The AI application trend is expected to significantly increase the demand for computing power, with the global demand for computing resources projected to grow rapidly [47]. - The Chinese market for intelligent computing power is anticipated to reach 259 billion USD by 2025, with a growth rate of 36.2% [61]. Investment Recommendations - The report forecasts revenues of 57.25 billion CNY, 65.42 billion CNY, and 76.86 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 2.1 billion CNY, 2.53 billion CNY, and 3.39 billion CNY [8]. - The valuation method used is the PS (Price to Sales) ratio, with a target PS of 7x for 2025, leading to a reasonable value of 33.48 CNY per share [8].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 25.49 CNY and a reasonable value of 33.48 CNY per share [2]. Core Insights - The company, YunSai ZhiLian, is positioned to benefit from the growth in computing power and data elements, leveraging its strong background in cloud services, big data, and intelligent products [8]. - The demand for AI computing power is expected to double every 3.4 months, indicating a robust growth trajectory for the industry [8]. - The company has made significant advancements in its IDC (Internet Data Center) layout, with plans to have approximately 9,600 standard rack resources upon completion of its projects [8]. Summary by Sections Company Overview - YunSai ZhiLian is a specialized IT service provider focusing on cloud services, big data, and intelligent products, with a comprehensive business layout from "cloud" to "end" [12]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, which provides a solid backing for its operations [15]. Business Segments - The company operates three core business segments: cloud service big data, industry solutions, and intelligent products, aiming to provide comprehensive smart city solutions [23]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23][24]. Financial Analysis - The company has shown consistent revenue growth, with revenues of 45.34 billion CNY in 2022 and 52.64 billion CNY in 2023, driven by advancements in digital transformation [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from the previous year [28]. - The company's gross margin has remained stable, with the cloud service big data segment maintaining a gross margin of around 18.5% [30]. Market Trends - The AI application trend is clear, with a significant increase in computing power demand expected as AI applications accelerate [47]. - The domestic computing power market is rapidly developing, with policies supporting the growth of AI computing infrastructure [61]. - The report highlights that the market for intelligent computing power in China is projected to reach 259 billion USD by 2025, indicating substantial growth potential [61].

Investment Rating - The industry rating is "Buy" with the previous rating also being "Buy" [5] Core Viewpoints - The report highlights a rebound in new housing demand despite a decrease in new housing transaction volume, indicating a potential recovery in the real estate market [5] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including financial support for urban renewal and housing purchases [15][16] - The report notes that the second-hand housing market is showing signs of recovery, with significant year-on-year increases in transaction volumes [37][44] Summary by Sections 1. Industry Policy and Fundamental Tracking - Recent policies include the inclusion of old urban residential areas in renewal projects and the promotion of financial products to lower home purchase barriers [15][16] - The central government is focusing on stabilizing the real estate market through various financial measures, including potential interest rate cuts [15][16] 2. Key City Transaction Situation - In the 11th week of 2025, the monitored 51 cities recorded a total housing transaction area of 3.2838 million square meters, a 10.0% decrease from the previous week and a 1.6% decrease year-on-year [19][24] - The first-tier cities showed a 5.2% increase in transaction volume compared to the previous week, with significant year-on-year growth [30][34] 3. Key Company Tracking - The report includes a valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" based on their projected earnings and market performance [6] 4. Real Estate Development Sector Investment View - The report suggests that if supply and demand can align effectively, the market's recovery will be supported by favorable policies and consumer confidence [5] 5. Property Management Sector Investment View - The property management sector is experiencing a slight recovery, with the average price-to-earnings ratio reported at 7.7x [5]

Investment Rating - The industry rating is "Buy" with the previous rating also being "Buy" [5] Core Insights - The report highlights a rebound in new housing demand despite a decrease in new housing transaction volume, indicating a potential recovery in the real estate market [5] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including financial support for urban renewal and housing purchases [15][16] - The report notes a significant increase in second-hand housing transactions, suggesting a shift in market dynamics [37][44] Summary by Sections 1. Industry Policy and Fundamental Tracking - Recent policies include the inclusion of old urban residential areas in renewal projects and the promotion of financial products to lower home purchase barriers [15][16] - The central government is focusing on stabilizing the real estate market through various financial measures, including potential interest rate cuts [15][18] 2. Key City Transaction Situation - In the 11th week of 2025, the monitored 51 cities recorded a total housing transaction area of 3.2838 million square meters, a 10.0% decrease from the previous week and a 1.6% decrease year-on-year [19][24] - First-tier cities showed a 5.2% increase in transaction volume compared to the previous week, with significant year-on-year growth [24][30] 3. Key Company Tracking - The report includes a valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" based on their projected earnings and market conditions [6] 4. Real Estate Development Sector Investment View - The report suggests that if supply and demand can align effectively, the market's recovery will be supported by favorable policies and consumer confidence [5][15] 5. Property Management Sector Investment View - The property management sector is showing signs of recovery, with a slight increase in stock prices despite overall market fluctuations [5][6]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is positioned as a leader in the field of regenerative medicine, particularly in neurosurgery, with a diverse range of products driving significant revenue growth [19][25]. - The implementation of centralized procurement across multiple regions is expected to be a key factor in the company's performance release [19][26]. - The company's financial performance is projected to improve significantly, with expected revenues of 286 million yuan in 2024, 367 million yuan in 2025, and 482 million yuan in 2026, alongside a substantial increase in net profit [2][26]. Summary by Sections Company Overview - The company, established in 2008, focuses on high-performance implantable medical devices for neurosurgery, offering solutions for cranial repair, cerebrospinal fluid sealing, and hemostatic products [19][21]. - It has registered 10 Class III medical devices and holds over 250 effective patents, with products used in over 1,700 hospitals across China [19][21]. Financial Performance - The company reported a revenue of 195 million yuan in 2022, with a year-on-year growth of 27%, and an expected revenue of 231 million yuan in 2023, reflecting an 18.2% increase [2][26]. - In the first three quarters of 2024, the company achieved a revenue of 190.94 million yuan, a year-on-year increase of 30.98%, and a net profit of 52.80 million yuan, up 107.68% [26]. Product Development and Market Position - The company has successfully entered multiple provincial centralized procurement programs, enhancing its market penetration and sales volume [19][24]. - The artificial dura mater products have seen significant sales growth, with a reported revenue of 122.05 million yuan in the first half of 2024, a 42.38% increase year-on-year [24]. - The company is also expanding its product offerings in hemostatic materials, with the absorbable regenerated cellulose product expected to break the long-standing import monopoly in the market [24][25]. Management and Corporate Structure - The management team has extensive experience in the medical device industry, contributing to the company's stable governance and strategic direction [39][43]. - The company has implemented stock incentive plans to align employee interests with long-term business goals, enhancing motivation and performance [46][47].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The new birth policy in Hohhot exceeds expectations, which may benefit the children's clothing sector if more regions implement similar policies. It is recommended to focus on leading domestic children's clothing companies like Semir Apparel, whose brand Balabala holds a dominant market share [6] - The State Council Information Office will hold a press conference on March 17 to discuss measures to boost consumption, which is favorable for the downstream clothing and home textile sectors. Companies such as Semir Apparel, Weigao Medical, Biyinlefen, Baoxini, Jin Hong Group, and Hong Kong-listed Anta Sports and Li Ning are expected to perform well in 2024 and 2025 [6] - The home textile sector is expected to benefit from a stabilization in the real estate market and an increase in wedding demand in 2025. Companies like Mercury Home Textiles and Fuanna are recommended for attention [6] - The discount retail sector is thriving, with a focus on the developments of HLA and its strategic partnership with JD.com [6] Industry Performance Review - During the period from March 10 to March 14, the Shanghai Composite Index rose by 1.39%, the ChiNext Index increased by 1.08%, and the textile and apparel sector (SW) surged by 4.64%, ranking 4th among 31 primary industries [17] - The light industry manufacturing sector (SW) rose by 2.99%, ranking 12th [17] Data Tracking - The cotton price index for 2024/2025 in China is reported at 14,903 [6] - In February 2025, revenue figures for major Taiwanese footwear OEMs showed significant year-on-year growth, with companies like Zhiqiang and Fengtai reporting increases of 78.35% and 7.21%, respectively [6] - The transaction area of commercial housing in 30 major cities increased by 26.26% year-on-year during the period from March 3 to March 9 [6] Company Valuation and Financial Analysis - The latest PE (TTM) for the textile and apparel industry is 21.08, with historical highs and lows of 63.14 and 14.98, respectively, indicating a relatively high value [22] - Key companies in the sector, such as Biyinlefen, Anta Sports, and Semir Apparel, have been rated as "Buy" with reasonable valuations projected for 2024 and 2025 [7]

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The construction materials sector is expected to benefit from the government's emphasis on building quality housing, leading to increased demand for construction materials and improved quality requirements [15][16] - The retail construction materials, cement, and fiberglass sectors are anticipated to perform well in the first quarter, with retail construction materials showing resilience due to a recovery in second-hand housing transactions [16][18] - The cement industry is experiencing a price increase, with the national average price rising by 1.6% week-on-week, driven by companies' proactive price hikes to improve profitability [16][32] - The fiberglass market is supported by strong demand in wind power and electronic yarn sectors, while the glass market is facing price declines but is expected to stabilize [16][32] Summary by Sections 1. "Good Housing" Policy Impact - The "Good Housing" initiative aims to enhance the quality of housing, which will increase the demand for construction materials and improve their quality standards [15] - The government is focusing on both new housing and the renovation of old housing, which will further drive demand for construction materials [15] 2. Consumer Construction Materials - The retail construction materials sector is expected to recover first, supported by favorable policies and strong performance from leading companies [16][32] - Key companies to watch include Sanke Tree, Rabbit Baby, North New Materials, and others, which are expected to show strong operational resilience [16][32] 3. Cement Sector - The national average cement price has increased to 397 RMB/ton, a year-on-year increase of 37.5%, with companies actively pushing for price hikes to enhance profitability [16][32] - The cement industry is currently at a historical low in terms of valuation, with companies like Conch Cement and Huaxin Cement being favored [16][32] 4. Glass and Fiberglass Markets - The float glass market is experiencing price declines, with the average price at 1315 RMB/ton, down 31.7% year-on-year, while photovoltaic glass is seeing good sales [16][32] - The fiberglass market is stable, with prices for direct yarn showing a year-on-year increase of 24.38%, supported by demand in various sectors [16][32]

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 月底资金面将缓和，但需重视经济复苏 ——银行资负跟踪 20250316 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-16 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 许洁 SAC 执证号：S0260518080004 SFC CE No. BNU965 021-38003625 xujie@gf.com.cn -14% -5% 4% 12% 21% 30% 03/24 05/24 08/24 10/24 12/24 03/25 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | ...

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report emphasizes a strong outlook for a cyclical recovery, driven by fiscal stimulus and improving economic indicators, suggesting that March will see an acceleration in economic recovery [20][21][22] Summary by Sections Industry Performance - The banking sector saw an overall increase of 1.3% during the observation period from March 10 to March 14, 2025, ranking 21st among all industries [18] - The A-share banking stocks performed better than H-share counterparts, with notable increases in stocks like Huaxia Bank (up 5.99%) and Ningbo Bank (up 4.67%) [18][19] Investment Recommendations - The report suggests that the fiscal spending peak is approaching, which will significantly enhance economic demand, indicating a positive trend for the banking sector [20][21] - It highlights that the market remains pessimistic, but the overall impact of increased deficit rates and social financing expansion will likely boost economic recovery in the first half of the year [21][22] Financial Forecasts - The earnings growth expectations for A-share banks in 2025 remain largely unchanged from previous forecasts, indicating stability in profit projections [19] - The average price of bank convertible bonds increased by 0.25%, outperforming the Zhongzheng convertible bond index by 0.10 percentage points [19] Valuation Metrics - As of March 14, 2025, the banking sector's price-to-earnings (P/E) ratio is 6.31x, and the price-to-book (P/B) ratio is 0.66x, reflecting a valuation that is in line with historical averages [48]