资讯汇总 [table_Header]2025.03.17 【产业观察】上市公司破产重整监管优化升级 产业研究中心 摘要： 风险提示：宏观环境变化，资本市场调整，产业政策更新，科技产业在商业化 落地等阶段发展不及预期。 | [Table_Authors] | 赵子健(分析师) | | --- | --- | | | 021-38032292 | | | zhaozijian@gtjas.com | | 登记编号 | S0880520060003 | | | 孙欣欣(分析师) | | | 021-38038562 | | | sunxinxin025677@gtjas.com | | 登记编号 | S0880525010001 | [Table_Report] 往期回顾 【ESG 产业观察】政府工作报告提出加快经济社 会发展全面绿色转型，国务院办公厅发布《关于 做好金融"五篇大文章"的指导意见》 2025.03.11 【科技周报】我国学者新成果为探索光学领域提 供全新视角 2025.03.11 【ESG 周报】ESG 指数有所回暖，绿色债券稳步 发行 2025.03.10 【双碳周报】全国碳市场碳排放额累计成交 ...

股票研究/[Table_Date] 2025.03.16 新股上市逐步常态化，申购收益环比提升 ——次新市场周报（2025 年 3 月第 2 周） | [table_Authors] 王政之(分析师) | 施怡昀(分析师) | 王思琪(分析师) | | --- | --- | --- | | 021-38674944 | 021-38032690 | 021-38038671 | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 S0880517060002 | S0880522060002 | S0880524080007 | [Table_Report] 相关报告 科技企业 IPO 支持力度再强化，当周新股上市恢 复 2025.03.11 新股精要—国内领先的半导体第三方检测分析实 验室胜科纳米 2025.03.10 新股精要—国内主要的汽车座椅锁供应商之一浙 江华远 2025.03.09 新股精要—华南地区电线电缆行业领军企业新亚 电缆 2025.03.04 新股精要—国内领先的铜基材料生产 ...

金价持续上行，动销拓店阶段承压 老凤祥(600612) ——老凤祥 2024 年业绩快报点评 批零贸易业[Table_Industry] /可选消费品 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | [Table_Target] | 上次评级: | 增持 | | 目标价格： | | 64.48 | | | 上次预测: | 61.12 | | Table_CurPrice] [当前价格： | | 53.23 | 本报告导读： 金价屡创新高，终端动销阶段承压，影响加盟商拿货意愿，2024Q4 动销拓店阶段承 压；2025Q2 有望迎来终端动销边际回温。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 63,010 | 71,436 | 56,793 | 59,937 | 64,155 | | (+/-)% | 7.4% | 13.4% | -20.5% | 5.5 ...

本周硫磺涨幅居前，关注周期与成长标的 [Table_Industry] 基础化工 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.12 基础化工《推动房地产市场回稳，地产链化工品 股 票 研 究 研 究 报 告 请务必阅读正文之后的免责条款部分 行 ——基础化工行业周报 | [table_Authors] 沈唯(分析师) | 钱伟伦(分析师) | 王瑞健(研究助理) | | --- | --- | --- | | 0755-23976795 | 021-38038878 | 021-38031022 | | shenwei024936@gtjas.com | | qianweilun027712@gtjas.com wangruijian028700@gtjas.com | | 登记编号S0880523080006 | S0880523040003 | S0880123070136 | 本报告导读： 政策端积极 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - The pet economy is experiencing robust growth, with a focus on the launch of new products from domestic brands [3]. - Corn spot prices continue to rise, surpassing 2260 RMB/ton, indicating a positive outlook for corn prices in 2025 due to reduced imports [2]. - The livestock sector is facing supply accumulation, leading to weaker price expectations [4]. Summary by Relevant Sections Seed Industry - Corn spot prices have risen, breaking through 2260 RMB/ton, continuing the upward trend since the beginning of the year. The outlook for corn prices in 2025 is optimistic due to potential reductions in imports from the U.S. [2]. Pet Industry - Leading domestic pet companies are increasing their R&D efforts, with significant breakthroughs expected in pet health and nutrition. Recent collaborations and product launches, such as the strategic partnership between Zhongchong Co. and the Chinese Academy of Food Fermentation Industry, highlight innovation in pet food [3]. Livestock Industry - The livestock sector is experiencing supply accumulation, which is expected to weaken price forecasts. The average price of live pigs is currently 14.58 RMB/kg, with a slight increase noted [6]. The report suggests that the industry may face a period of losses due to high costs and declining piglet prices [5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares. For the pig sector, stocks such as Muyuan Foods and Wens Foodstuffs are highlighted. In the pet sector, recommended stocks include Guobao Pet, Zhongchong Co., and Petty Shares [5].

国泰君安晨报 2025 年 03 月 18 日 国泰君安证券股份有限公司 研究所 [Table_Summary] 重点推荐： 1、策略，大国博弈的竞争已从经贸关系转向科技创新，将驱动投资逻辑和估值观念改变。2025 年投资的主战场在科技，中国科技资产迎来价值觉醒。 2、主动配置，调整战术性大类资产配置，上修 A 股至超配，下修原油至低配，维持黄金超配。 3、建筑，推荐低估值高股息央国企：中国交建/中国能建/中国建筑等。 4、建材，将水泥行业的供需收缩比喻成龟兔赛跑，需求只需要弱假设进入跌幅放缓区间，供给 优化的积累有望转化成盈利改善的确定性。 5、易鑫集团，公司是第三方汽车金融的领军者，包括交易平台业务和自营融资两种模式，渠道、 科技、资金三重优势下有望实现高增。 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 A 股策略专题：《中国科技资产的价值觉醒》2025-03-14 方奕（分析师）021-38031658、田开轩（分析师）021-38038673、苏徽（分析师）021-386764 ...

股票研究 /[Table_Date] 2025.03.16 2024 年收入稳健增长，至尊浓缩引领行业变革 蓝月亮集团(6993) ——蓝月亮集团更新报告 [Table_Industry] 耐用消费品 毛利率显著提升，推广开支增加拖累净利 2024.03.28 渠道改革成效渐显，有望重回增长轨道 2023.12.03 | 财务摘要（百万港元） | 2021 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,597 | 7,947 | 7,324 | 8,503 | 9,389 | 10,381 | | (+/-)% | 8.6% | 4.6% | -7.8% | 16.1% | 10.4% | 10.6% | | 毛利润 | 4,439 | 4,595 | 4,540 | 5,187 | 5,727 | 6,332 | | 净利润 | 1,014 | 611 | 325 | -706.6 | 406.0 | 587.7 | | (+/-)% | -22.5% | -39. ...

股票研究 /[Table_Date] 2025.03.17 技术积累深厚的中科院环保平台 中科环保(301175) 其他公用事业 [Table_Industry] /公用事业 | [table_Authors] 徐强(分析师) | 邵潇(分析师) | 评级 | 增持 | | --- | --- | --- | --- | | 010-83939805 | 0755-23976520 | 目标价格 | 7.12 | | xuqiang@gtjas.com | shaoxiao@gtjas.com | | | | 登记编号 S0880517040002 | S0880517070004 | Table_CurPrice] [当前价格： | 5.63 | 请务必阅读正文之后的免责条款部分 [Table_Invest] 首次覆盖 [Table_Market] 交易数据 | 52 周内股价区间（元） | 4.20-6.14 | | --- | --- | | 总市值（百万元） | 8,287 | | 总股本/流通A股（百万股） | 1,472/622 | | 流通 B 股/H 股（百万股） | 0/0 | [Table ...

策 略 研 究 被动再度买入电子，延续流出主要宽基 [Table_Authors] 方奕(分析师) ——被动资金流动性周观察 本报告导读： 上周被动资金净流出继续收窄，成交占比下降，两融余额回落。科创 50/科创芯片/ 机器人等 ETF 净流入，沪深 300/上证 50/中证 500 等 ETF 净流出。行业层面，电子 时隔五周大幅净流出后，上周重启净流入且规模居首，此外计算机/机械也获净流入。 投资要点： 策略研究 /[Table_Date] 2025.03.16 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan026724@gtjas.com | [Table_Report] 相关报告 外资交易热度抬升，杠杆资金延续流入 2025.03.14 促进企业温室气体信息自愿披露 2025.03.12 沪深 300ETF 延续流出趋势 2025.03.09 银行业保险业绿色金融高质量发展 2 ...

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 13.85 CNY, maintaining the previous rating of "Accumulate" [2][3]. Core Views - The report indicates that Ping An Bank's revenue growth for 2024 is in line with expectations, while the growth rate of net profit attributable to shareholders is slightly lower. The asset quality remains stable, and the peak risk pressure in retail has passed. The target price is maintained at 13.85 CNY, with an "Accumulate" rating [3][4]. Financial Summary - **Revenue**: - 2023A: 164,699 million CNY - 2024A: 146,695 million CNY (down 8.4%) - 2025E: 140,552 million CNY (down 10.9%) - 2026E: 143,905 million CNY (down 4.2%) - 2027E: 150,694 million CNY (up 2.4%) [5] - **Net Profit (attributable to shareholders)**: - 2023A: 46,455 million CNY - 2024A: 44,508 million CNY (down 4.2%) - 2025E: 44,645 million CNY (up 0.3%) - 2026E: 46,557 million CNY (up 4.3%) - 2027E: 49,408 million CNY (up 6.1%) [5] - **Net Asset Value per Share**: - 2023A: 20.74 CNY - 2024A: 21.89 CNY - 2025E: 23.46 CNY - 2026E: 25.15 CNY - 2027E: 26.97 CNY [5] - **Return on Equity**: - 2023A: 11.4% - 2024A: 10.1% - 2025E: 9.6% - 2026E: 9.3% - 2027E: 9.3% [5] Market Data - **Current Price**: 11.97 CNY - **Market Capitalization**: 232,289 million CNY - **52-week Price Range**: 9.65 - 12.88 CNY [6] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 is 1.06%, consistent with the three-stage ratio. The attention rate and overdue rate have decreased slightly, indicating a stabilization in asset quality [18][19].