Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the need to shift from "cyclical thinking" to focusing on financial performance, highlighting the significant differences in operational efficiency among companies in the industry [5][22] - The report suggests that the current low market attention on the pig farming sector and its relatively low valuation present investment opportunities, particularly in leading companies like Muyuan Foods and Wens Foodstuff Group [5][22] - The report indicates that the overall supply of pigs is expected to be high in the long term, leading to a weak price outlook for pigs [4][21] Summary by Sections 1.1. Swine - In February, the sample of breeding sows decreased by 0.05% month-on-month, primarily due to increased culling by leading enterprises [4][21] - The latest pig price reached 14.62 CNY/kg, with an average slaughter weight of 127.92 kg [4][21] - The report anticipates downward pressure on pig prices in the short term due to rising feed costs and increased willingness to sell among farmers [4][21] 1.2. Poultry - The price of broilers has rebounded, with chick prices increasing by 7.41% month-on-month [6][23] - The report highlights the concentration of industry profits towards upstream breeding sources, indicating a new normal in the industry [6][23] - Key investment targets include leading companies in imported breeding sources and full-chain leaders like Yisheng and Shengnong Development [6][23] 1.3. Feed - The report recommends Haida Group due to its cash flow turning point and overseas growth potential [7][26] - Fish prices have shown positive trends, with various species experiencing significant year-on-year price increases [7][24] - The report notes that the capital expansion phase has ended, and leading companies are now focusing on improving market share and cash flow [9][24] 1.4. Pets - The pet industry is expected to see significant growth driven by the post-2000 generation, with a projected doubling of market space [11][27] - The report suggests focusing on high-performing brands like Guibao Pet and Zhongchong Co., which are entering a growth phase [11][28] 1.5. Agricultural Products - The USDA's March report indicates a continued upward trend in agricultural prices, with significant reductions in corn imports expected [13][29] - The report highlights that corn and soybean prices are at historical lows, with a marginal improvement in supply-demand balance expected [13][29] Market and Price Situation - The Shanghai and Shenzhen 300 Index rose by 1.59% last week, while the Agricultural Index increased by 2.84% [30][30] - The animal health sector performed the best with a 4.20% increase [30][30]

证券研究报告 计算机 行业定期报告 hyzqdatemark 2025 年 03 月 17 日 投资评级： 看好（维持） 证券分析师 宁柯瑜 SAC：S1350525020001 ningkeyu@huayuanstock.com 董佳男 SAC：S1350524110002 dongjianan@huayuanstock.com 华源证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 请务必仔细阅读正文之后的评级说明和重要声明 本周计算机行情回顾：本周市场出现回调，计算机涨跌幅-1.4%，位列申万行业倒数 第一。计算机行业已经连续上涨一段时间，出现调整也是情理之中。但我们认为， 市场对今年国产 AI 的发展已经形成共识，我们预计机会仍存在。 联系人 世纪互联发布财报，又进一步验证了 AI 产业如火如荼的发展。在公司官网的投资者 关系页披露，公司 2024Q4 共赢得新订单 252.5MW，2025 年计划交付的总容量为 400~450MW（预期同比增长 161%-194%），对 2025 全年资本支出的预期是在 100 至 120 亿元之间（24 年为 49.8 亿）。公司详细 ...

证券研究报告 医药生物 | 医疗器械 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 17 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 日 | | 03 | | 月 | 14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 89.61 | | 一 年 内 高 / 最 | | 最 | | | 低 | | | | | | （元） | | | | | | | 106.66/34.68 | | | | 总市值（百万元） | | | | | | | | | 37,324.01 | | 流通市值（百万元） | | | | | | | | | 19,080.88 | | 总股本（百万股） | | | | | | | | | 416.52 | | ...

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that despite a recent market pullback with a decline of 1.4% in the computer sector, there is strong confidence in the ongoing development of domestic AI, suggesting that opportunities still exist [4] - The financial results from Century Internet validate the robust growth of the AI industry, with new orders of 252.5MW in Q4 2024 and a projected total capacity delivery of 400-450MW in 2025, representing a year-on-year growth of 161%-194% [4] - The report emphasizes the need to closely track developments in the AI industry, particularly in large model changes and application advancements, as numerous industry changes are expected domestically and internationally [4] - There is a focus on edge AI, which is anticipated to develop significantly with the emergence of multimodal large models, leading to new hardware terminals [4] - The report highlights the upcoming Nvidia GTC conference and the increasing importance of high-voltage direct current (HVDC) applications in AI data centers, suggesting a positive outlook for related power supply companies [4] - Investment strategies should focus on industry trends and select companies with high potential, while also considering the volatility of the sector [4] Summary by Sections Market Performance - The computer sector experienced a market pullback with a decline of 1.4%, ranking last among the Shenwan industry sectors [4] AI Industry Developments - The report notes a consensus in the market regarding the development of domestic AI, with significant capital expenditures expected from companies like Century Internet [4] - The report suggests that the market has shifted from "transaction expectations" to "transaction realities" regarding AI implementation [4] Investment Recommendations - The report recommends focusing on companies with clear application directions in edge AI and 2B applications, as well as those involved in domestic computing power [4]

Investment Ratings - The report does not explicitly state an investment rating for the industry Core Insights - The financial data for February 2025 shows an increase in social financing and new loans, indicating a potential recovery in economic activity [2][11][13] - The oil market is under pressure due to recession fears in the US, but there are opportunities for recovery as the US plans to replenish its strategic oil reserves [17][18][19] - The express delivery sector has shown strong growth in early 2025, with a 22.4% year-on-year increase in package volume [21][22] - The aviation industry is expected to benefit from macroeconomic recovery, with increased ticket bookings for domestic and international flights [20][23][24] Summary by Sections Fixed Income - New loans in February 2025 amounted to 1.01 trillion yuan, with social financing reaching 2.24 trillion yuan, indicating a year-on-year increase in social financing growth to 8.2% [2][11][13] - M2 growth was stable at 7.0%, and M1 growth is expected to rise further throughout the year [12][14] Transportation - The oil price has declined significantly, with Brent crude at $69.28 per barrel, creating opportunities for refiners to improve profit margins [17][18] - The shipping market is expected to benefit from supply tightness and geopolitical uncertainties, with recommendations to focus on companies like China Merchants Energy and COSCO Shipping [19][30] Express Delivery - The express delivery industry reported a strong performance in January and February, with a total of 284.8 billion packages delivered, reflecting a 22.4% increase year-on-year [21][22] - The sector is expected to see continued demand, with major players like ZTO Express and SF Express positioned for growth [29] Aviation - The aviation sector is experiencing a rebound in ticket bookings, with domestic flight reservations up 24% year-on-year for the Qingming Festival [20][23] - The industry is expected to benefit from a long-term supply-demand imbalance, with a focus on companies like China Southern Airlines and Hainan Airlines [20][29] Metals and New Materials - Copper prices are anticipated to rise due to supply disruptions from smelting plants reducing output [30] - The demand for copper is supported by recovering downstream industries, with expectations of a bullish trend in copper prices [30] North Exchange - The North Exchange is seeing new financing projects and a stable market environment, with a focus on companies that can provide consistent dividends and growth potential [10][30]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [2] Core Views - Tencent's AI application product iteration cycle is accelerating after fully integrating DeepSeek, highlighting the importance of Tencent's top-level AI strategy shift [2][3] - The game "Whispers From The Star" has been officially announced, showcasing the demonstration effect of leading companies in the AI + gaming paradigm exploration [4] Summary by Sections Industry Performance - As of March 10-14, 2025, the Shanghai Composite Index increased by 1.39%, while the Shenzhen Component Index rose by 1.24%. The media sector ranked 14th among all industries with a growth of 1.78% [13][14] - The top five stocks in the media sector by growth were Jin Yi Film (35.12%), Hubei Broadcasting (30.74%), and Rongxin Culture (17.1%) [15] AI Applications - Domestic AI large models are accelerating in their foundational paradigms, with companies like Kunlun Wanwei and Meitu showing advantages in data, users, and application scenarios [5] Gaming Sector - The game "Whispers From The Star" is a space-themed interactive narrative game that allows players to guide NPC actions through real-time AI dialogue, indicating a potential for innovative gameplay in the AI era [4] - The gaming market is seeing significant interest in AI-driven gameplay innovations, with companies like Giant Network leading the way with their DeepSeek native game mechanics [19] Film and Television - The total box office for the week of March 10-15 was 294 million yuan, with "Nezha: Birth of the Demon Child" leading with a box office of 156.29 million yuan, accounting for 53.1% of the total [38][39] - In the drama sector, "Difficult to Please" topped the viewership charts with 210 million views, holding a market share of 12.81% [40][42] Market Trends - The report suggests continuous attention to the strategic value of leading companies in the media sector, particularly in the context of AI and gaming integration [3][4] - The report emphasizes the importance of quality content and innovative business models in driving growth within the media industry [9]

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 板块表现： 生猪 2 月第三方能繁下降，白鸡价格 环比持续回暖 ——农林牧渔行业周报（20250310-20250314） 投资要点： 生猪：第三方机构样本 2 月能繁调减。 联系人 2 月涌益能繁母猪存栏量样本环比-0.05%（前值+0.63%），主要因头部部分企业更 新种群及前期超配后淘汰带动的母猪淘汰量增加。本周涌益数据最新猪价涨至 14.62 元/kg，出栏均重增至 127.92kg，15Kg 仔猪涨至 604 元/头，175kg 标肥价差为 0.80 元/kg。短期看，市场对后市价格及肥标价差持续强势预期不足，加之饲料原料涨价 拉升增重成本，二育群体出栏意愿增强，延后的供应压力开始显现， ...

Investment Rating - Investment rating: None [2] Core Insights - The US stock market experienced significant volatility this week, particularly in the technology sector, with the Nasdaq index dropping over 2.4% [3][6] - Concerns over a potential US economic recession, uncertainty regarding tariff policies, and rising bond yields have contributed to a shift in investor risk appetite [3][6] - The US is the largest consumer of uranium globally, with an annual demand of 47 million pounds, and the government is expected to push for domestic production to reduce reliance on foreign supplies [15] Market Performance - The Hang Seng Technology Index closed at 5880.8, down 2.6%, underperforming the Hang Seng Index by 1.5 percentage points [6][8] - The Philadelphia Semiconductor Index closed at 4598.8, down 0.7%, outperforming the Nasdaq 100 and S&P 500 indices [6][8] - Top gainers this week included Intel (+17%), NANO NUCLEAR ENERGY (+12%), and NUSCALE POWER (+12%), while top losers included Adobe (-12%), Bilibili (-11%), and Apple (-11%) [8][12] Uranium Market Insights - UEC reported a sales and service revenue of $49.75 million for FY2Q25, primarily from uranium inventory sales, with a net loss of approximately $10.23 million due to operational expenses [14] - The cumulative production shortfall for uranium is projected to reach approximately 43.5 million pounds by 2026 and over 1 billion pounds by 2040 [15] Cryptocurrency Market Overview - The total market capitalization of cryptocurrencies decreased to $2.71 trillion, down from $2.92 trillion the previous week [19] - The cryptocurrency market sentiment is currently in a state of extreme fear, with a Fear and Greed Index reading of 18 [21] - This week saw a significant net outflow of $921 million from core cryptocurrency ETFs, indicating a bearish trend in the market [24] Upcoming Events - Key upcoming earnings reports include Xiaomi Group on March 18, Tencent Holdings on March 19, and Micron Technology on March 20 [18] - In the cryptocurrency sector, Stronghold Digital Mining Inc is set to release its earnings forecast on March 19 [31]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics sector shows strong demand with a year-on-year growth of 22.4% in the volume of express deliveries for January and February, totaling 28.48 billion pieces and generating revenue of 221.04 billion yuan, which is an 11.2% increase [4] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for upward movement in stock prices. Current booking data suggests a short-term rebound, presenting a value opportunity for investors [10][12] - The shipping sector is experiencing a tightening supply due to limited new orders for oil tankers and an aging fleet, while demand is expected to rise due to increased non-OPEC production and sanctions on oil trade with Iran and Russia [12] Summary by Sections Express Logistics - The express delivery industry reported a total of 135.9 billion pieces in February, with a year-on-year growth of 58.8% and revenue of 99.09 billion yuan, up 30.4% [21][24] - Major companies to watch include Zhongtong Express, YTO Express, and Shentong Express, which are positioned for long-term growth and recovery [12] Airline Industry - The airline sector is characterized by low long-term supply growth, with demand expected to benefit from macroeconomic recovery. The current booking data indicates a potential rebound, making it a good time for investment [10] - Key companies to focus on include China National Aviation Holding, Southern Airlines, and Hainan Airlines [10][12] Shipping and Vessels - The oil tanker market is expected to see sustained demand growth due to limited new orders and increased sanctions on oil trade, while the dry bulk shipping market is anticipated to recover as environmental regulations push out older vessels [12] - Companies to consider include China Shipping Development and COSCO Shipping Energy Transportation [12]

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 zhengbingqian@huayuanstock.com 美股温和反弹，等待下周利率决议 投资评级： 无 ——海外科技周报（25/3/10-25/3/14） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 海外 AI：本周美股市场经历了显著波动，尤其是科技股表现疲软。纳斯达克指数在本周累计下跌超过 2.4%，周 四单日跌幅达 1.96%，反映出科技股遭遇持续抛售压力。市场波动的主要原因包括对美国经济衰退的担忧、关税 政策的不确定性以及债券收益率上升，这些因素共同扭转了投资者的风险偏好，周前期 VIX 恐慌指数飙升，创下 近期高点。尽管如此，科技股在周后期显示出一定韧性，但市场情绪仍趋于谨慎。此外，本周美国本土铀矿企业 UEC 发布财报，本周 UEC 发布 FY2Q25 季度报告 ...