市场研究部 2025 年 3 月 17 日 汽车产业链数据观察 截至 3 月 10 日，浮法平板玻璃(4.8/5mm)市场价为 1349.60 万元/吨， 周环比下降 3.86%。锌锭(0#)市场价为 2.38 万元/吨，较 2 月 28 日 上涨 0.67%；铝锭(A00)市场价为 2.07 万元/吨，较 2 月 28 日上涨 1.94%。1 月中国钢铁类大宗商品价格指数为 99.59，环比下降 1.69%，同比下降 14.75%；中国橡胶类大宗商品价格指数为 56.87， 环比下降 4.82%，同比上涨 17.62%。 截至 3 月 14 日，碳酸锂均价为 7.49 万元/吨，周环比回落 0.32%， 月环比下降 2.17%；截至 3 月 13 日，磷酸铁锂动力型均价在 3.43 万元/吨，周环比上涨 1.48%，月环比下降 6.16%；截至 3 月 14 日， 三元材料 523 均价为 102.83 万元/千克，较上周上涨 4.10%，月环 比上涨 8.85%；截至 3 月 10 日，电解液（三元圆柱 2.6Ah）均价为 1.99 万元/吨，周环比回落 1.00%，月环比回落 1.00%；截至 3 月 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [24] Core Viewpoints - The domestic market showed signs of recovery with a slight decline in trading volume, as evidenced by the Shanghai Composite Index closing at 3358.73 points, down 0.39%, and the Shenzhen Component Index at 10736.19 points, down 0.99% [4][8] - Among the 30 sectors tracked, 7 sectors experienced gains, with coal, steel, and oil & petrochemicals leading the increases, while electronics, computers, and machinery saw significant declines [4][8] - The total trading volume for the A-share market was 16484 billion, indicating a decrease compared to the previous day [4][8] Domestic Market Overview - The Shanghai Composite Index closed at 3358.73 points, down 0.39% [4][8] - The Shenzhen Component Index closed at 10736.19 points, down 0.99% [4][8] - The ChiNext Index fell by 1.15%, and the Sci-Tech 50 Index decreased by 2.11% [4][8] - The trading volume for the entire A-share market was 16484 billion, which is lower than the previous day [4][8] - Among the 30 sectors, coal, steel, and oil & petrochemicals showed the highest gains, while electronics, computers, and machinery had the largest declines [4][8] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.3%, the S&P 500 down 1.39%, and the Nasdaq down 1.96% [2][4] - Notable declines included Facebook dropping over 4% and Apple falling more than 3% [2][4] - Chinese concept stocks showed mixed results, with Yatsen Global rising over 13% and NIO falling more than 7% [2][4] Driving Factors - The People's Bank of China emphasized the need for a moderately loose monetary policy, indicating potential for rate cuts and reserve requirement ratio reductions [9][11] - The report highlights the importance of supporting technological innovation, consumption, and stabilizing foreign trade through targeted financial measures [9][12] - A total of 1494 stocks rose while 3777 fell on the same day, indicating a challenging market environment [9]

Investment Rating - The report maintains a "Positive" rating for the photovoltaic industry, indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [3][36]. Core Insights - The photovoltaic equipment sector has entered a bottoming phase after previous corrections, suggesting potential investment opportunities in companies with high N-type product ratios and those leading in perovskite technology [3]. - The industry is experiencing price stability across the supply chain, with key materials such as silicon and solar glass showing little to no price fluctuation [2][24]. Summary by Sections 1. Market Performance Review - During the week of March 3 to March 7, 2025, the Shanghai Composite Index increased by 1.39%, while the photovoltaic equipment index decreased by 0.64%, underperforming the broader index by 0.75 percentage points [14][17]. - Notable performers in the photovoltaic equipment sector included companies like Optec and Muban High-Tech, while companies such as Dike and Arctech saw significant declines [21][22][23]. 2. Supply Chain Price Trends - As of March 5, 2025, the transaction price for silicon material was 42 CNY/kg, remaining stable; silicon wafer prices increased by 0.02 CNY/piece; battery prices rose by 0.002 CNY/W; and module prices increased by 0.01 CNY/W [2][24]. 3. Industry News - Jiangsu Province is expanding distributed photovoltaic applications and promoting large-scale offshore photovoltaic development as part of its green transition policies [30]. - In Jiangxi Province, a target has been set for a minimum of 95% utilization of renewable energy by 2025, aiming for maximum utilization and stable consumption of new energy [31]. - The U.S. Energy Information Administration (EIA) predicts that by 2025, solar, storage, and wind energy will account for 93% of total installed power capacity [33].

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by more than 5% over the next six months [14]. Core Insights - The total wind power bidding scale from March 3 to March 7, 2025, reached 14,202.5 MW, with 11 projects involved, including a significant procurement of 13 GW by China Energy Construction [2][11]. - The total winning bid scale during the same period was 1,070 MW, with an average winning price of 1,914 CNY/kW. The highest winning price was 2,151 CNY/kW for a project by SANY Heavy Energy, while the lowest was 1,580 CNY/kW for a project by Dongfang Electric [3][12]. Summary by Sections Wind Power Bidding Scale - The wind power bidding scale totaled 14,202.5 MW, with projects divided into four packages for both onshore and offshore wind turbines [2][11]. Winning Bid Scale - The winning bid scale amounted to 1,070 MW, with a notable average winning price of 1,914 CNY/kW. The highest and lowest winning prices were 2,151 CNY/kW and 1,580 CNY/kW, respectively [3][12]. Investment Recommendations - It is recommended to focus on investment opportunities in the offshore wind sector, particularly in areas such as submarine cables, offshore engineering, and foundation piles, as well as companies with strong capabilities in securing overseas contracts [4].

Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [38]. Core Insights - The wind power equipment sector index increased by 3.22% during the week of March 3 to March 7, 2025, outperforming the broader electric power equipment index, which rose by 0.64% [13][16]. - The report highlights significant growth in domestic wind turbine bidding, with a total of 119.1 GW of capacity bid from Q1 to Q3 of 2024, representing a year-on-year increase of 93% [23]. - The average bidding price for 3MW wind turbines in Q3 2024 was 1475 RMB/KW, reflecting a quarter-on-quarter increase of 10 RMB/KW [23]. Summary by Sections 1. Wind Power Sector Weekly Market Review - The Shanghai Composite Index rose by 1.39% during the week, while the electric power equipment sector index lagged behind, ranking 23rd among 31 sectors [13]. - The performance of individual companies in the wind power equipment sector varied, with Hengrun Co., Zhenjiang Co., Feiwo Technology, New Strong Union, and Jinlei Co. showing notable gains, while Jixin Technology, Tianneng Heavy Industry, and Goldwind Technology experienced declines [20] [21][22]. 2. Bidding and Major Raw Material Price Trends - The report notes fluctuations in raw material prices, with iron ore futures closing at 774 RMB/ton, down 3.2% week-on-week [26]. - The prices of copper and aluminum increased by 3.2% and 2.1%, respectively, with copper priced at 9664 USD/ton and aluminum at 2693 USD/ton [26]. 3. Company and Industry Events - A significant development in the UK involves the testing of a 28MW "super turbine," supported by government funding for a new testing center [33]. - The National Forestry and Grassland Administration is promoting the rational use of forest and grassland for wind farm projects to support high-quality renewable energy development [34]. - Seven offshore wind projects received the first batch of CCER certifications, with a total of 5,911,108 tons of CCER issued [35].

房地产行业周度观察 上周房地产行业指数表现 上周（2025.3.3-2025.3.7）房地产（申万）板块下跌 0.91%，沪深 300 指数上涨 1.39%，房地产板块落后沪深 300 指数 2.3 个百分点。 和其他行业对比，房地产行业涨幅位列申万行业第 29 位。今年以来， 沪深 300 指数上涨 0.23%，房地产板块下跌 1.98%，房地产累计落后 沪深 300 指数 2.21 个百分点。子板块中，上周房地产开发板块下跌 0.94%，房地产服务板块下跌 0.24%。 房地产行业周度数据跟踪 上周（2025.3.3-2025.3.9）30 大中城市房地产新房成交面积 146.98 万平方米，同比上涨 13.24%，环比下跌 32.55%。30 大中城市房地 产新房累计成交面积 1543.67 万平方米，同比上涨 11.27%。从库存 消化周期来看，上周 10 大城市存销比为 97.49，其中一线城市为 63.66，二线城市为 147.64。上周 7 个城市房地产二手房成交面积 176.77 万平方米，同比上涨 53.86%，环比上涨 3.21%。7 个一二线 城市二手房累计成交面积 1398.57 万平 ...

1、投资建议 行业研究 市场研究部 2025 年 3 月 10 日 有色金属周度观察 周度有色指数表现 上周（20250303-20250309）有色金属板块涨跌幅为 7.1%，在中信 行业指数中，涨跌幅按大小排第 2 位。分板块看，上周涨跌幅表现较 好的是铅锌(中信)12%；表现较差的锂 2.6%。从公司表现看，上周涨 跌幅从大到小排列，居前的为华钰矿业 47.8%、永茂泰 40.8%、宜安 科技 32.2%、湖南黄金 29.4%、华锡有色 25.1%；居后的为利源股份 -9.0%、中润资源-8.9%、济南高新-3.8%、大地熊-3.3%、东方锆业- 3.0%。 有色行业数据周度观察 贵金属主要是黄金和白银，根据最新数据（20250303-20250309）， SHFE 黄金区间涨跌幅为 1.1%，SHFE 白银涨跌幅为 2.0%。 工 业 金 属 品 种 价 格 基 本 均 上 涨 。 具 体 看 ， 六 大 工 业 金 属 品 种 （20250303-20250309）区间涨跌幅如下：（以期货收盘价-活跃合约 为指标计算）：阴极铜为 1.6%，铝 0.8%，铅为 0.9%，锌 1.0%，锡为 2.5%， ...

| 公司评级 | | 行业评级 | | | --- | --- | --- | --- | | 强烈推荐 | 预期未来 6个月内股价相对市场基准指 | 看好 | 预期未来 6 个月内行业指数优于市场指数 5% | | | 数升幅在 15%以上 | | 以上 | | 推荐 | 预期未来 6个月内股价相对市场基准指 | 中性 | 预期未来 个月内行业指数相对市场指数持平 6 | | | 数升幅在 5%到 15% | | | | 中性 | 预期未来 6个月内股价相对市场基准指 | 看淡 | 预期未来 6 个月内行业指数弱于市场指数 5% | | | 数变动在-5%到 5%内 | | 以上 | | 卖出 | 预期未来 6个月内股价相对市场基准指 | | | | | 数跌幅在 15%以上 | | | 行业研究 | 市场研究部 | 年 | 月 | 日 | 2025 | 3 | 12 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 看好 | 阿里发布 ...

行业研究 市场研究部 2025 年 3 月 11 日 交运行业周报（2025/3/3-3/9） 行情综述 上周沪深 300 指数上涨 1.39%，申万交运行业指数小幅小幅小涨 0.15%，落后大盘 1.24 个百分点，在 31 个申万一级行业中排名第 26。上周二级细分行业中，物流板块（+0.70%）、航空机场板块 （+0.48%）和航运港口板块（+0.45%）实现上涨，铁路公路板块 （-1.00%）出现回落。上周三级行业中，涨幅最大的三个板块为公 路货运（+6.53%）、仓储物流（+1.09%）和航运（+1.05%）；跌 幅最大的三个板块为高速公路（-2.56%）、港口（-0.61%）和原材 料供应链服务（-0.19%）。 个股：上周交运板块 132 家上市公司中，71 家实现上涨，涨幅前三 为华光源海(+15.14%)、传化智联（+9.52%)和怡亚通(+8.21%)；跌 幅前三为皖通高速（-8.70%)、粤高速 A（-8.35%)和普路通(-5.76%)。 估值方面：截至 2025 年 3 月 9 日，申万交运板块 PE（TTM） 16.35 倍，位于近 5 年的 66.06%分位点。 投资建议 根据 ...

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by more than 5% over the next six months [6]. Core Insights - The introduction of Tesla's Full Self-Driving (FSD) in China is expected to accelerate the development of intelligent driving, enhance the regulatory framework, and promote the commercialization of autonomous taxis, while intensifying competition in the high-end market [2]. - High-end intelligent driving is becoming more accessible, with companies like BYD and Geely offering advanced driving systems at lower price points, making high-end features available for under 100,000 yuan [3]. - The competitive landscape is shifting towards leading new energy vehicle manufacturers such as XPeng, Li Auto, Xiaomi, and Leap Motor, with significant delivery increases noted in early 2025 [4]. Summary by Sections Intelligent Driving Industry - The launch of Tesla's FSD in China is a pivotal moment for the intelligent driving industry, expected to push for advancements in regulations and standards [2]. - The competition in the high-end market is heating up, with major players like Huawei and XPeng introducing their own advanced driving systems [2]. High-End Intelligent Driving Accessibility - BYD has introduced its "Tian Shen Zhi Yan" intelligent driving system across all models, significantly reducing costs and making advanced features available for under 100,000 yuan [3]. - Geely has launched its "Qian Li Hao Han" intelligent driving system, which includes various levels of features and is set to enhance its market presence [3]. Competitive Landscape - In early 2025, XPeng led the new energy vehicle sector with 30,453 deliveries, followed by Li Auto and Leap Motor, indicating a strong competitive environment [4]. - Companies are adopting differentiated strategies to capture niche markets, with new models being introduced to boost sales during traditionally slow periods [4]. Future Outlook - The report anticipates that L2+ intelligent driving will proliferate in the market below 150,000 yuan, with urban navigation assistance (NOA) penetration in mid-to-high-end models expected to rise [7]. - The shift towards end-to-end large model technology may redefine industry standards, contrasting Tesla's pure vision approach with the prevalent "LiDAR + high-precision map" strategy in China [7].