Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the implementation of a subsidy policy for the replacement of old heavy-duty trucks, which is expected to accelerate the update of high-emission vehicles and create investment opportunities in the heavy truck industry chain [1][4] - The subsidy policy will be effective from January 1, 2025, to December 31, 2025, and will support the replacement of trucks that meet the National III and IV emission standards [4] - The report notes significant growth in the sales of new energy heavy-duty trucks, with a 304% year-on-year increase in February 2025, indicating a strong market trend [4] Summary by Sections Policy Changes - The 2025 subsidy policy expands the scope of eligible vehicles to include natural gas heavy-duty trucks, which is expected to drive further growth in this market segment [4] - The policy introduces differentiated subsidy standards based on the type of scrapped vehicle and the timing of its scrapping, which aims to incentivize the early replacement of older trucks [4] Market Performance - In February 2025, the commercial vehicle market in China sold 313,300 units, a year-on-year increase of 25%, indicating a robust recovery in the sector [4] - The report anticipates that the total sales of heavy-duty trucks in 2025 could reach 1 million units, driven by the new subsidy policy and the growth of new energy vehicles [4] Investment Recommendations - The report suggests focusing on companies such as China National Heavy Duty Truck Group, CIMC Vehicles, and Weichai Power as potential investment opportunities within the heavy truck sector [4]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that the market expectations for infant formula companies are likely to improve, leading to a valuation uplift. Key companies to watch include China Feihe, Mengniu Dairy, Yili, New Hope Liuhe, and Miaokelando in the Hong Kong and A-share markets. Additionally, the report notes a potential recovery in the upstream raw milk cycle, with a focus on Modern Dairy [5] - The report emphasizes the benefits of recent fertility policies, which are expected to boost the mother and baby market. The introduction of substantial birth subsidies in cities like Hohhot is anticipated to enhance birth rates and positively impact related sectors such as children's clothing, home textiles, and educational products [7] - The report suggests that the dairy industry will benefit from initiatives like the "One Cup of Milk" policy, which provides electronic vouchers for milk purchases to pregnant women, thereby stimulating milk consumption and aiding dairy companies in managing excess supply [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown an absolute return of 11.88%, with a relative return of -0.38% compared to the CSI 300 index [2] Investment Highlights - The report identifies four key sectors for investment: 1. Dairy products, focusing on infant formula companies 2. Baby products retail chains, with a focus on Kid King and Aiyingshi 3. Toy and stationery companies, highlighting Blokus and Morning Glory [5][7] - The report anticipates that the mother and baby market size will continue to grow due to supportive fertility policies [7]

Investment Rating - Industry rating: "Overweight (Maintain)" [4] Core Insights - The report highlights the government's "Special Action Plan to Boost Consumption," which aims to enhance consumer confidence through various measures, including increasing income, optimizing supply, and improving the consumption environment [1] - The plan includes eight key areas with 30 specific actions, focusing on income growth for urban and rural residents, consumer capability support, service consumption enhancement, and improving the consumption environment [1] - The report emphasizes that addressing employment and income stability is crucial for boosting consumer confidence and spending [6] - The report identifies significant potential in the service consumption sector, particularly in tourism and cultural activities, which are still in their early stages in China [6] Summary by Sections Recent Industry Performance - The industry has shown a relative return of -0.04% over the past month, -14.31% over the past three months, and a positive 4.78% over the past year compared to the CSI 300 index [5] - Absolute returns were 1.67% for the last month, -11.89% for the last three months, and 17.0% for the last year [5] Investment Recommendations - The report suggests focusing on various sectors based on the action plan: 1. Human resources services sector, with a focus on companies like Keri International and Beijing Human Resources [6] 2. Maternal and infant industry chain, including Kid King, Aiyingshi, and dairy companies like Yili and China Feihe [6] 3. Tourism sector, recommending companies like Songcheng Performance, Jiuhua Tourism, and Changbai Mountain [6] 4. Domestic consumer brands and new consumption models, highlighting companies like Dengkang Oral Care, Baiya Shares, and Juzi Biology [6] 5. Two-wheeler sector, focusing on companies like Ninebot and Aima Technology [6]

Investment Rating - Industry investment rating: "Increase Holdings" (maintained) [4] Core Viewpoints - The "Special Action Plan to Boost Consumption" issued by the central government aims to enhance consumer confidence through measures such as increasing income, optimizing supply, and improving the consumption environment. This plan includes 30 key actions across 8 areas, indicating a significant government initiative to address economic downturn pressures and promote consumption recovery and upgrading [1][6] - The first part of the plan emphasizes increasing urban and rural residents' income as a primary task to enhance consumption capability. It suggests measures like increasing employment support and improving minimum wage standards, which are essential for boosting consumer confidence [6] - The second part focuses on consumer capability support actions, highlighting the establishment of childcare subsidy systems and improving social security, which are crucial for alleviating residents' concerns about consumption [6] - The plan also proposes expanding cultural, sports, and tourism consumption, as well as enhancing service consumption, indicating a significant market potential in the service sector [6] Summary by Relevant Sections Recent Industry Performance - Relative returns over the past month: -0.04%, past three months: -14.31%, past twelve months: +4.78% - Absolute returns over the past month: +1.67%, past three months: -11.89%, past twelve months: +17.0% [5] Investment Recommendations - Focus on sectors benefiting from income growth, such as human resources services, with specific companies like Keri International and Beijing Human Resources highlighted [6] - Emphasis on the maternal and infant industry chain, with companies like Kid King and Yili Group recommended due to increased childcare support [6] - Attention to the tourism sector, with companies like Songcheng Performance and Jiuhua Tourism suggested for investment as service consumption expands [6] - Recommendations for domestic consumer brands and new consumption models, including companies like Dengkang Oral and Juyou Biotechnology [6] - Support for the two-wheeler sector, with companies like Ninebot and Aima Technology noted for their potential in the consumption upgrade [6]

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company, Fangzheng Valve Group Co., Ltd., is a leading manufacturer in the valve industry, focusing on product optimization and high-quality service [5][8] - The global industrial valve market is expected to grow from $73.2 billion in 2020 to $79.0 billion in 2022, with a projected CAGR of 3.97% from 2022 to 2026 [5] - The company has a strong competitive position in the mid-to-high-end valve market, supported by its robust R&D capabilities and brand recognition [5] Summary by Sections Company Overview - Fangzheng Valve was established in 1992 and specializes in the design, manufacturing, and sales of industrial valves [8] - The company has achieved significant industry certifications, including API and CE, and serves major clients such as Shell and BP [9] Financial Forecast - Revenue is projected to grow from 615.65 million yuan in 2022 to 777.42 million yuan in 2024, with a CAGR of 14.44% [4] - Net profit is expected to increase from 43.01 million yuan in 2022 to 66.74 million yuan in 2024, reflecting a growth rate of 10.14% [4] - The company's P/E ratio is forecasted to decrease from 56.74 in 2022 to 36.57 in 2024, indicating improving valuation [4] Market and Product Strategy - The company is focusing on optimizing its product structure, particularly in the mid-to-high-end valve segment, which has shown a significant increase in revenue share [5][11] - The product range includes ball valves, gate valves, and other types, with ball valves accounting for approximately 45.83% of revenue in 2023 [11] Management and R&D Team - The management team is relatively young but experienced, with key figures having over a decade of experience in the industry [20] - The R&D team consists of 70 members, representing 10.48% of total employees, with a focus on innovative product development [25]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report highlights the acceleration of transformation and upgrading in the civil explosives sector, which is expected to benefit the machinery equipment industry [4] - The "Consumption Boost Action Plan" released by the central government aims to enhance income levels and ensure consumer capacity, providing a solid demand foundation for machinery equipment [5] - The plan emphasizes various measures to increase income for farmers and improve living standards, which will indirectly boost demand for construction and agricultural machinery [5] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 7.03% over one month, 12.75% over three months, and 14.56% over twelve months compared to the CSI 300 index [3] Policy Impact - The "Consumption Boost Action Plan" includes initiatives to support the elderly, enhance tourism infrastructure, and promote the upgrade of durable consumer goods, which will drive demand for related machinery [5] - Specific measures include promoting the installation of elevators in multi-story buildings and supporting the development of tourism equipment, which will benefit the machinery sector [5] Market Opportunities - The report suggests focusing on listed companies in the machinery equipment sector that align with the highlighted areas of growth, such as construction machinery and agricultural equipment [5]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the significant potential for the glutathione market, driven by increasing health and beauty demands, product innovation, and supportive policies [10][11] - The recent suspension of imports of glutathione from Japan's KYOWA HAKKO BIO CO., LTD. is expected to create a supply shortage, leading to price increases and potential shifts in the global glutathione industry landscape [10][11] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -15.34% compared to the CSI 300 index, with absolute returns of -3.11% [3] Market Demand and Growth - The glutathione market is experiencing steady growth, with the market size increasing from approximately 930 million RMB in 2021 to 1.121 billion RMB in 2023, and is expected to continue growing [10] - The Asia-Pacific region holds the largest share of the global glutathione market at 60%, with North America and Europe following [10] Key Market Players - Major suppliers in the glutathione market include Kyowa Hakko Bio Co. Ltd., Wuhan Grand Hoyo Co. Ltd., and Ningbo Honor Chemtech Co. Ltd., with Kyowa Hakko Bio being the largest producer [10][11] Future Outlook - The Chinese glutathione market is projected to expand from 19.43 million USD in 2023 to 23.09 million USD by 2030, increasing its global market share [10] - The report suggests that domestic companies may increase R&D investments and enhance production technologies in response to the changing market dynamics [11]

执业证书编号：S1410524050001 行业评级：增持（维持） 证券研究报告·行业点评报告 2025 年 3 月 18 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.25 -4.02 -15.34 绝对收益 1.96 -1.6 -3.11 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：《神经系统医疗服务价格项目立项指 南》为脑机接口技术的临床应用以及商业 化奠定发展基石 – 2025.03.14 2. 江海证券-行业点评报告-医药生物行 业：2025 政府工作报告首次提及制定"创 新药目录"，支持创新药发展 – 2025.03.11 3. 江海证券-行业点评报告-医药生物行 业：晚期胃癌新药临床试验设计指导原则 发布，助力精准医疗加速发展 – 2025.02.19 业：激发支付与供给两端新活力：医保钱 包开通地扩容，天津市全链条力推生物医 药创新 – 2025.02.14 业：糖尿病新药怡诺轻开出全国首张处方 – 2025.02.13 医药生物行业 4. 江海证券-行业点评报告-医药生物行 5. 江海证券-行 ...

证券研究报告·行业点评报告 2025 年 3 月 18 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.03 12.75 14.56 绝对收益 8.28 14.65 26.51 数据来源：聚源 注：相对收益与沪深 300 相比 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 机械设备行业 提升收入并保障消费能力，为机械设备提供下游需求端基础。作为提振消费的 重要环节之一，方案在提升收入水平、保障消费能力方面提出要推动工资性收 入合理提升，增加财产性收入渠道，多措施并举提升农民群体收入，扎实化解 拖欠账款的问题，加强生育养育保障力度与教育支撑力度，提升养老医疗以及 重点群体基本生活的保障能力。我们认为，不论是针对群众收入增长或是保障 消费能力，都是对最终产品消费者的消费能力的提升保障，政策落实的影响将 通过产业链向上传导至至具体消费产 ...

证券研究报告·金融工程报告 2025 年 3 月 17 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.03.17 ◆市场表现：2025 年 3 月 14 日, 各宽基指数（表 1）全部上涨，其中上证 50（2.85%） 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和创业板指（2.8%）涨幅最大。当年涨跌情况，中证 2000（14.13%）涨幅最大， 其次是中证 1000（10.3%）和中证 500（6.54%），中证全指（6.03%）和创业板指 （3.97%）涨幅扩大，而沪深 300（1.82%）涨幅最小。 ◆均线比较：所有跟踪指数已超过其 5 日、10 日及 20 日均线。中证 1000 距离其 5 日均线位置较接近，创业板指距离其 20 日均线位置较接近，上涨确认程度相对低。 ◆资金占比与换手：2025 年 3 月 14 日, 中证 2000（25.87%）交易金额占比最高， 相关研究报告 态 2025.03.14 A 股市场快照：宽基指数每日投资动 态 2025.03.13 A 股 ...