Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The performance of Jitu Express and JD Logistics is expected to improve significantly in 2024 [4] - The shipping industry is facing potential sanctions against Iran, which may benefit VLCC compliance demand and freight rates [5] - The air transport sector is experiencing a long-term low growth in supply, while demand is expected to benefit from macroeconomic recovery [15] - The express delivery sector shows resilient demand, with terminal prices at historical low levels, limiting downward space [16] Industry Dynamics Tracking Shipping Vessels - The SCFI composite freight index decreased by 5.2% to 1436 points [5] - The BDTI index fell by 0.5% to 882 points, while the BCTI index dropped by 5.3% to 656 points [6] - The BDI index increased by 14.0% to 1263 points, indicating a rise in bulk shipping rates [6] Air Transport - Brunei has implemented visa-free entry for Chinese citizens, which is expected to stimulate international route demand [8] - The low-altitude economy has been highlighted in the government work report, indicating a focus on emerging industries [10] Express Logistics - Jitu Express reported a revenue of $10.26 billion in 2024, a year-on-year increase of 15.9% [11] - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, a year-on-year increase of 9.7% [12] Supply Chain Logistics - The logistics sector is showing signs of recovery, with a significant increase in freight logistics activity [13] Sub-industry Data Tracking Express Logistics - In December 2024, the national express service business volume reached 17.8 billion pieces, a year-on-year increase of 34.3% [25] Road and Rail - In December 2024, road passenger volume was 987 million, a year-on-year increase of 155.32% [36] Air Transport - In January 2025, civil aviation completed a passenger transport volume of approximately 65 million, a year-on-year increase of 13.2% [38] Shipping Vessels - The Clarksons comprehensive freight rate was $23,843 per day, reflecting a 1.14% increase from the previous week [47]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The gout treatment market in China, with over ten million patients, is expected to welcome significant new drugs, particularly focusing on Yipinhong [3][11] - The pharmaceutical sector has shown signs of recovery after four consecutive years of decline, with multiple bottom signals indicating potential for valuation recovery in 2025 [4][40] - Key factors for growth in 2025 include the scaling of domestic innovation, improved international competitiveness, an aging population driving demand for chronic disease treatments, and the positive impact of AI in the pharmaceutical sector [4][40] Summary by Sections Gout Treatment Market - The prevalence of hyperuricemia and gout in China has significantly increased, with hyperuricemia affecting 13.3% of the population and gout affecting 1% to 3% [11] - Current treatments for gout have notable clinical deficiencies, leading to a market opportunity for new URAT1 inhibitors [12][14] - New URAT1 inhibitors are being developed, with several candidates in clinical trials, including AR882 from Yipinhong, which has shown promising results [16][29] Industry Outlook - The pharmaceutical index increased by 1.06% from March 3 to March 7, with a total of 335 stocks rising and 150 falling during this period [6][40] - The report emphasizes the importance of innovation, international expansion, and addressing the needs of an aging population as key drivers for the industry [40] - Specific stocks to watch include Yipinhong, Hotgen Biotech, and others that are positioned for growth in the innovative drug sector [4][40] Clinical Trials and Drug Development - Multiple new URAT1 inhibitors are in various stages of clinical trials, with significant data supporting their efficacy and safety [16][24][29] - For instance, the new drug multi-tinore (by Eisai) has shown a 73.6% success rate in lowering uric acid levels in clinical trials, significantly outperforming existing treatments [24] - AR882 has demonstrated a long-lasting effect in reducing uric acid levels and has shown good safety profiles in trials [29][31]

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - Trade friction has led to tariff countermeasures, focusing on cost changes in the breeding industry and the procurement advantages of leading feed companies [3] - The report emphasizes a shift from cyclical thinking to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [6][26] - The overall supply of pigs is expected to be high in the long term, leading to a weak price outlook for pigs [5][25] Summary by Sections 1. Swine Industry - The price difference for standard pigs is at a two-year high, but expectations for future prices are weak, leading to increased willingness to sell [5][25] - The latest pig price is 14.45 CNY/kg, with an average weight of 127.06 kg for market pigs [5][25] - The Ministry of Agriculture reported a breeding sow inventory of 40.62 million heads, exceeding the 105% capacity control threshold [5][25] 2. Poultry Industry - Chicken prices have rebounded, with the latest chick price at 2.7 CNY/bird, up 8% week-on-week [7][27] - The report highlights the concentration of industry profits towards upstream sources, indicating a new normal [7][27] - Key investment targets include leading imported breeding source companies and full-chain leaders like Yisheng and Shengnong [7][27] 3. Feed Industry - Fish prices are rising while feed prices are declining, with a recovery in aquaculture profitability expected in 2024 [8][28] - The report recommends Hai Da Group due to its cash flow turning point and overseas growth potential [11][30] - The report notes that the capital expansion phase has ended, and leading companies are entering a new phase of stable cash flow [10][28] 4. Pet Industry - Sales data for January-February 2025 shows a decline in pet food sales, with cat and dog food sales at 1.377 billion and 0.682 billion CNY, down 17.5% and 28.7% year-on-year [12][31] - The report suggests focusing on high-performing brands like Guibao and Zhongchong, which are entering a growth phase [16][32] 5. Agricultural Products - Tariff countermeasures are expected to have limited impact on domestic agricultural supply, with a trend of price recovery anticipated [17][35] - The report mentions that the prices of corn and soybeans are at the bottom, with a marginal improvement in the supply-demand balance [17][35] 6. Market and Price Situation - The Shanghai Composite Index closed at 3944.01, up 1.39% week-on-week, while the Agricultural Index rose 1.04% [36][38] - The report indicates that the pet food sector performed the best with a 4.14% increase [36][38]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the ongoing "risk-off" sentiment in the market as investors await the resolution of current disturbances [3] - The report emphasizes the importance of technological innovation and the integration of new production capabilities as outlined in the government work report [3][14] - The report identifies the IT distribution leader, Weishi Jiajie, as a key beneficiary of the domestic large model and cloud vendor competition [3][14] Market Performance Summary - The Hong Kong technology sector experienced a strong rebound, with the Hang Seng Technology Index closing at 6037.4, up 8.4%, outperforming the Hang Seng Index by 2.8 percentage points [6][8] - The Philadelphia Semiconductor Index closed at 4629.6, down 2.9%, but still outperformed the Nasdaq 100 and S&P 500 indices [6][8] - The report notes that the U.S. tech sector continued to pull back, with the AI + energy sector leading the decline [8] Cryptocurrency Market Overview - As of March 7, 2025, the total market capitalization of cryptocurrencies reached $2.92 trillion, an increase from $2.81 trillion the previous week [19] - The total trading volume for cryptocurrencies on March 7, 2025, was $127.1 billion, accounting for 4.35% of the total market capitalization [19] - The report indicates that the cryptocurrency market sentiment is currently in a state of fear, with a Fear and Greed Index reading of 30 [20] Key Events and Trends - The report discusses the significant outflow from cryptocurrency ETFs, totaling $739 million for the week, indicating a bearish trend in the market [24] - The report mentions that the price of core cryptocurrency assets has declined significantly due to changes in U.S. government policy and increased regulatory scrutiny [28] - The report highlights the upcoming earnings reports from various companies in the AI and cryptocurrency sectors, which may impact market sentiment [17][31]

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [4] Core Insights - The report emphasizes the potential of domestic open-source models to overcome computational and chip limitations, accelerating technological catch-up. Major internet companies are expected to undergo value reassessment in AI development, with a focus on companies like Tencent, Alibaba, Kuaishou, and Bilibili [4] - Tencent's AI products are rapidly iterating, with the launch of "Hunyuan Turbo S," which has doubled the articulation speed and reduced initial latency by 44%. This indicates a proactive shift in Tencent's AI business strategy [4] - The report highlights the importance of companies that embrace new technologies and possess data, user, and application advantages, suggesting a focus on companies like Kunlun Wanwei, Meitu, and others [5] Summary by Sections Industry Performance - The media sector ranked fifth among all industries with a 5.16% increase from March 3 to March 7, 2025 [10][14] AI Developments - The report discusses the launch of the AI Agent product Manus by the Monica.im team, which has achieved state-of-the-art performance in GAIA benchmark tests, surpassing similar models from OpenAI. Manus features autonomous planning and learning capabilities, indicating significant advancements in AI applications [6][23] Gaming Sector - The report suggests exploring the potential of AI in gaming, particularly in mobile internet games that have weaker commercialization. Companies like Tencent, NetEase, and others are recommended for their innovative approaches [7] Film and Television - The report notes that quality content like "Nezha: The Devil's Child" is expected to drive box office demand and suggests monitoring key film producers and cinema companies [7][39] - In the television sector, the report highlights the performance of popular series, with "Nan Hong" leading in viewership [44] Internet Companies - The report indicates that major internet companies like Tencent and Alibaba are showing resilience in their financial performance, with a focus on strategic adjustments in their organizational structures [8] Publishing and Media - The report advises monitoring state-owned publishing companies as they explore new business models and continue to push for industry consolidation [9] AI Investment Events - The report details ten AI investment events, with significant funding rounds, including a $2 billion investment in SSI, indicating strong market interest in AI and frontier technology [29][30]

Investment Rating - The investment rating for the computer industry is "Positive" (首次) [1] Core Insights - The report highlights that the computer sector has shown a significant increase of 6.7% this week, ranking third among the Shenwan industries, driven by the announcement of several computing power leasing orders and the emergence of Manus [3][4] - Manus is compared to last year's Kimi moment, marking a pivotal point in recognizing the capabilities of "task-oriented AI" in the 2.0 era, which is expected to enhance user experience and operational efficiency [4] - The report emphasizes the importance of the trend towards virtualization and cloud deployment, suggesting that companies like 深信服 could benefit from the increasing demand for virtualization products as businesses adopt AI agents [5] Summary by Sections Market Performance - The computer sector has experienced a notable increase of 6.7% this week, indicating strong market interest and institutional focus on software segments [3] Manus and AI Trends - Manus represents a significant shift in the understanding of AI applications, showcasing the capabilities of task-oriented AI, which can execute long tasks and operate asynchronously in cloud environments [4] - The report suggests that the emergence of Manus could lead to a broader recognition of the potential of AI applications in various industries [4] Investment Opportunities - The report recommends focusing on companies that are likely to benefit from the ongoing trends in AI and virtualization, including those involved in computing power and AI applications [6] - Specific companies to watch include 浪潮信息, 华勤技术, and 移远通信, which are positioned to capitalize on the growth in AI and cloud services [6]

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 09 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 美国关税叠加欧洲经济增长预期抬升，外盘铜价大涨 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/3/3-2025/3/7） 投资要点： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：美国关税叠加德国大规模财政刺激提升欧洲经济增长预期，外盘铜价大涨。本周美铜/伦 铜/沪铜分别上涨 3.28%/3.01%/1.93%。本周二 ...

证券研究报告 贵金属 行业定期报告 hyzqdatemark 2025 年 03 月 09 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 方皓 fanghao@huayuanstock.com 板块表现： 关税与地缘局势持续反复，金价维持高位震荡 投资评级： 看好（维持） ——贵金属双周报（2025/2/24-2025/3/8） 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 贵金属板块：金银价格持续震荡。近两周，伦敦现货黄金下跌 0.10%至 2931.15 美 元/盎司，上期所黄金下跌 0.72%至 679.48 元/克，沪金持仓量下跌 11.97%至 32.28 万手；伦敦现货白银下跌 1.32%至 32.50 美元/盎司，上 ...

证券研究报告 航运港口 行业点评报告 hyzqdatemark 2025 年 03 月 08 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： OPEC+复产一波三折，合规油贸添增量 投资评级： 看好（维持） ——航运船舶市场系列（十一） 资料来源：第一财经公众号，财经早餐公众号，日经中文网，隆众资讯公众号，华源证券研究所 图表 2：OPEC+减产行为短期内刺激油价，但油价整体保持震荡下行 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 5页 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 事件：3 月 4 日，OPEC+宣布将从 2025 年 4 月起增加石油产量 13.8 万桶/日，并计 划到 2026 年逐步恢复 220 万桶/日产量。OPEC+从 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - Maersk announced a significant increase in freight rates for routes from the Far East to Europe and the Mediterranean, with rates for major Asian ports to Rotterdam rising to $2,600/TEU and $4,000/FEU, effectively doubling the previous rates [2] - Shipping companies are actively raising rates to support long-term contract prices, especially in the context of a seasonal demand recovery expected in March and April [2] - The current shipping market is experiencing a traditional off-peak season, with the SCFI composite freight index dropping to 1,515.29 points, a 5% decrease week-on-week, and a 39.5% decline since the beginning of 2025 [2] - There is a notable "rate inversion" in the European line, where spot market prices are lower than the long-term contract prices, increasing the risk of contract defaults by shippers [2] - The expectation of a seasonal recovery in demand in March and April is anticipated to drive freight rates up, as factories resume operations post-Chinese New Year [2] - The delay in the resumption of shipping through the Red Sea is expected to support the bottom of European line freight rates due to increased transportation costs and reduced effective capacity [2] - In April, the European line capacity remains sufficient, with an average weekly capacity of 316,000 TEU, and a maximum of 2 blank sailings per week, which is 120% of the same period in 2024 [2][7] Summary by Sections - **Market Performance**: Shipping companies are showing a strong willingness to raise prices, with several companies issuing price increase notices for European routes [2] - **Demand Recovery**: March and April typically see a seasonal recovery in demand, with expectations of increased freight volumes on European lines [2][4] - **Capacity and Pricing Dynamics**: The European line capacity is adequate, and the potential for price increases exists if demand rebounds alongside any increase in blank sailings [2][7]