Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][31]. Core Insights - "Nezha 2" has surpassed 10 billion in box office revenue, setting records for both domestic box office and audience numbers in China, with a total of 10.747 billion RMB and 219 million viewers as of February 15 [4][24]. - The media sector is experiencing rapid growth driven by the success of high-quality content, particularly in the context of cultural and technological integration [31]. Summary by Sections Recent Market Performance - From February 10 to February 14, the Shenwan Media Index increased by 15.43%, with notable gainers including Light Media and Zhejiang Shuzi Culture [8]. Industry News - The DeepSeek Media Industry Application Innovation Alliance was established on February 11, focusing on the application of large models in the media sector [12]. - The "Golden Promoter" award for media operations was announced, highlighting innovations in AI and integrated marketing strategies [13]. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. Game and film sectors with performance recovery, recommending companies like 37 Interactive Entertainment and Light Media. 2. High-dividend, low-valuation publishing companies, recommending firms like Zhongnan Media and BlueFocus. 3. Companies in the IP industry chain, recommending Pop Mart and CITIC Publishing [31]. Key Company Announcements - Wanda Film announced a reduction in registered capital due to share buybacks, while Oriental Pearl's management increased their shareholdings, indicating confidence in the company's future [18][19]. Box Office and IP Sales - The success of "Nezha 2" has led to a surge in sales of related IP merchandise, with Pop Mart's blind box figures selling out rapidly [26][28].

证券研究报告 银行/非银金融 报告日期：2025 年 02 月 17 日 关注长期资金入市和险企建仓对市场的影响 ——行业周报 行业研究报告 请认真阅读文后免责条款 券商：市场延续上涨趋势，关注政策与并购机会。证监会《关于 资本市场做好金融 "五篇大文章"的实施意见》，支持新产业新 业态新技术领域的科技型企业发行上市，持续支持优质未盈利科 技型企业发行上市等，这将为券商带来更多的业务机会。随着数 字化转型的推进，证券公司积极运用大数据、人工智能等先进技 术，提升业务处理效率和服务质量，推动行业向更加智能化、个 性化的方向发展。行业整合与竞争加剧，头部券商优势凸显将引 领行业发展，同时中小券商能够寻求差异化，实现弯道超车。关 注基本面受益于权益市场回暖的强 beta 券商，以及具备并购重组 机会的大中型券商。监管政策催化和市场交投热度提升将长期有 利于上市券商业绩和估值双提升，维持行业"推荐"评级。关注 标的：国联证券(601456.SH)、浙商证券(601878.SH)、方正证券 (601901.SH)等。 保险:关注险资入市，投资端机遇与挑战并存。保险板块整体表现 稳定，市场关注度持续提升。险企在政策支持和 ...

证券研究报告 钢铁 报告日期：2025 年 02 月 17 日 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 联系人：彭越 执业证书编号：S0230124010004 节后开工：板材需求复苏好于长材 ——钢铁行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 \ 邮箱：pengy@hlzq.com 《社会库存相对低位，节后钢价震荡偏 强—钢铁行业周报》2025.02.10 《底部渐明，节前钢价震荡反弹—钢铁 行业周报》2025.01.21 《淡季供需双降，贸易商冬储意愿谨慎 —钢铁行业周报》2025.01.13 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 2 月 14 日，五大钢材合计产量 813.72 万吨， 周环比上升 0.63%，同比上升 1.20%;247 家钢铁企业铁水日均产 量 227.99 万吨，周环比下降 0.20%，同比上升 1.53%;247 家钢铁 企业高炉产能利用率 85.6%，周环比下降 0.16 pct，同比上升 1.63 pct;87 家独立电弧炉钢厂产能利用率 13.61%,周环比上升 10.34 pct,同比上升 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [2][7] Core Viewpoints - The report indicates a recovery in demand for steel, particularly in flat steel products, which is outperforming long steel products [4][5] - The social inventory of steel has increased week-on-week but decreased year-on-year, indicating a mixed supply-demand scenario [28][29] - The report highlights the resilience of the steel market fundamentals despite slow recovery in demand, supported by expectations from upcoming political meetings [50][52] Supply Side Summary - As of February 14, 2025, the total production of five major steel products reached 8.1372 million tons, with a week-on-week increase of 0.63% and a year-on-year increase of 1.20% [14] - The average daily pig iron production from 247 steel enterprises was 2.2799 million tons, showing a slight week-on-week decrease of 0.20% but a year-on-year increase of 1.53% [14] - The capacity utilization rate of blast furnaces was 85.6%, down 0.16 percentage points week-on-week but up 1.63 percentage points year-on-year [14] Demand Side Summary - The total consumption of five major steel products was 6.6235 million tons, reflecting a week-on-week increase of 15.05% and a year-on-year increase of 38.38% [18] - The daily transaction volume of construction steel by mainstream traders was 70,800 tons, up 60.34% compared to the pre-holiday period, indicating steady demand recovery [18] - Monthly steel exports reached 9.7269 million tons, with a month-on-month increase of 4.83% and a year-on-year increase of 25.87% [18] Inventory Summary - As of February 14, 2025, the total social inventory of five major steel products was 12.7975 million tons, up 11.54% week-on-week but down 11.60% year-on-year [28] - The total factory inventory of five major steel products was 5.4275 million tons, reflecting a week-on-week increase of 3.63% and a year-on-year decrease of 17.20% [30] Cost Summary - The price index for Australian iron ore (62% Fe) was 810.8 RMB/wet ton, up 1.01% week-on-week but down 19.00% year-on-year [43] - The comprehensive price index for scrap steel was 2,547.17 RMB/ton, showing a week-on-week increase of 0.10% but a year-on-year decrease of 16.13% [43] - The price index for low-sulfur coking coal was 1,378.16 RMB/ton, down 0.61% week-on-week and down 43.20% year-on-year [44] Price Summary - As of February 14, 2025, the Mysteel absolute price index for ordinary steel was 3,579.2 RMB/ton, down 1.02% week-on-week and down 15.43% year-on-year [46] - The Mysteel absolute price index for special steel was 9,487.73 RMB/ton, showing a slight week-on-week increase of 0.03% and a year-on-year decrease of 2.50% [46] - The global steel price index was 196.5 points, reflecting a week-on-week increase of 0.87% and a year-on-year decrease of 17.16% [46]

Investment Rating - The investment rating for the beauty care industry is "Recommended" (maintained) [2][27]. Core Viewpoints - The Chinese medical beauty industry is rapidly enhancing its global position through technological innovation and internationalization. The increasing consumer pursuit of beauty and health is leading to a diversification of medical beauty products, indicating a broad market outlook [27]. - Recent breakthroughs include the approval of hair transplant robots and advancements in weight loss drugs, highlighting the industry's innovative progress [3][4]. Summary by Relevant Sections Recent Market Performance - From February 10 to February 14, 2025, the Shenwan Beauty Care Index rose by 1.41%. The top five performing stocks in the sector included Kedi-B, Jieya Co., Bavi Co., Perfect Medical, and Liangmian Needle, while the bottom five included Runben Co., Marubi, Dengkang Oral, Sihuan Pharmaceutical, and Fulejia [8][9]. Industry News - Blue Science Medical's new cosmetic raw material, "Ginseng Galacturonic Acid Oligosaccharide," has been successfully registered, marking a significant step in the modern scientific application of ginseng in cosmetics. This new material is expected to generate a market potential exceeding 1 billion yuan [11]. - Shanghai Moyang Biotechnology showcased its self-developed hydroxyapatite microsphere facial filler at the 2025 IMCAS Paris International Conference, aiming for global market entry [4][23][26]. Investment Recommendations - The report suggests focusing on the following companies: 1) Giant Biological, 2) Haohai Biological, 3) Huaxi Biological, 4) East China Pharmaceutical, and 5) Runben Co. [27]. - The earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a positive outlook for their financial performance in the coming years [29].

证券研究报告 汽车 报告日期：2025 年 02 月 17 日 2025 年乘用车市场进入淘汰期，车企加速整合&扩张 ——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 加速推进智驾平权—汽车行业事件点评 报告》2025.02.11 权，2025 年智驾平权有望加速—汽车行 业周报》2025.02.10 风险提示：宏观经济波动风险；相关政策不及预期；原材料价格 波动风险；地缘政治风险；重点车型销量不及预期；智能驾驶进 展不及预期；第三方数据误差风险；重点关注公司业绩不及预期。 表：重点关注公司及盈利预测 | 2025/02/14 | | EPS（元） | | | | PE | | 投资 | 股票简称 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股价（元） 2023A | 2024E | 2025E | 2026E | ...

证券研究报告 机械设备 报告日期：2025 年 02 月 17 日 1 月挖机销量同比+1.1%，制造业 PMI 淡季回落 ——机械设备行业周报 华龙证券研究所 最近一年走势 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《人形机器人催化频出，持续关注产业 新进展—机械设备行业周报》2025.01.20 《人形机器人量产在即，12 月挖机开工 2025.01.13 2025.01.07 摘要： 请认真阅读文后免责条款 2024 年 7 月 18 日，交通运输部等十三部门关于印发《交通运输 大规模设备更新行动方案》的通知，指出七大更新行动，并指出 2028 年为主要目标达成的时间节点。从需求角度：2024 年 11 月 5 日，国铁集团发布第二次 350 公里复兴号动车组招标公告公布， 共计招标 80 组，截至 2024 年 11 月合计招标已达 245 组。政策推 动更新需求释放，行业估值中枢有望上移。可关注：中国中车 （601766.SH）、中铁工业(600528.SH)、中国通号(688009.SH)等。 | 证券代码 | 证券简称 | 收盘 | | | EPS（元） | ...

——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 加速推进智驾平权—汽车行业事件点评 报告》2025.02.11 证券研究报告 汽车 报告日期：2025 年 02 月 17 日 2025 年乘用车市场进入淘汰期，车企加速整合&扩张 权，2025 年智驾平权有望加速—汽车行 业周报》2025.02.10 托举重卡需求向上—汽车行业事件点评 报告》2025.01.11 摘要： 请认真阅读文后免责条款 5 . 本周观点：2025 年乘用车市场进入淘汰期，车企加速整合&扩张。 我们认为 2025 年乘用车市场将进入淘汰期，主要原因系新能源竞 争进入下半场，自主厂商在电动化优势的基础上加大智能化投入， 在比亚迪等头部车企引领下推动智驾平权，合资厂商等部分转型 较慢、智驾投入不足的车企对应产能将加速出清，乘用车市场格 局有望收敛。为应对淘汰期，各车企加速整合与扩张。汽车国央 企有望通过合并提升新能源竞争力。控股长安 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [2][22]. Core Viewpoints - The food and beverage sector is expected to benefit from proactive consumption policies aimed at boosting demand recovery, with a focus on enhancing consumer spending and exploring consumption potential [4][22]. - The recent performance of the food and beverage sector, which saw a 2.34% increase, outperformed the Shanghai Composite Index by 1.04 percentage points, ranking eighth among 31 primary industries [4][22]. Summary by Relevant Sections Recent Market Performance - From February 10 to February 14, 2025, the food and beverage index rose by 2.34%, with the sub-sectors showing varied performance: pre-processed foods (+3.40%), liquor (+3.13%), and beer (+1.55%) [9][22]. - Notable individual stock performances included Rock Shares (+25.75%) and Yiming Foods (+12.67%) [9]. Key Industry Developments - The State Council emphasized the importance of boosting consumption, particularly in sectors with strong growth potential, which is expected to positively impact the food and beverage sector [4][22]. - The liquor segment, particularly high-end brands like Moutai, is anticipated to recover as consumer spending increases, with current valuations at historically low levels [23][24]. Company Recommendations - The report suggests focusing on specific companies within the liquor sector, including Kweichow Moutai (600519.SH), Wuliangye (000858.SZ), and Shanxi Fenjiu (600809.SH), as they are expected to benefit from the anticipated recovery in consumer demand [23][24]. - In the snack and frozen food segments, companies like Haitian Flavoring (603288.SH) and Anjuke Foods (603345.SH) are recommended due to expected improvements from the recovery of the restaurant industry [24]. Price Trends - Recent price fluctuations for Moutai show a range between 2230 CNY and 2250 CNY per bottle, indicating market volatility but also a stable demand outlook [13][23]. - The average price of fresh milk as of February 7, 2025, was reported at 3.12 CNY per kilogram, reflecting a 14% year-on-year decrease, which may lead to improved margins for dairy companies [24].

一、市场分析 DeepSeek 延续火爆，两市缩量有待观察 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3322.17 | 0.56 | | 深证成指 | 10631.25 | 0.52 | | 中小 100 | 6619.64 | 0.44 | | 创业板指 | 2183.88 | 0.44 | | 沪深 300 | 3901.06 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44470.41 | 0.38 | | 纳斯达克 | 19714.27 | 0.98 | | 标普 500 | 6066.44 | 0.67 | | 英国富时 100 | 8767.8 | 0.77 | | 日经 225 | 38801.17 | 0.04 | | 恒生指数 | 21521.98 | 1.84 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.3127 | 0.04 | | 欧元兑美元 | 1.0306 | -0.01 | | ...