证券研究报告 "对等"关税下，地产还有哪些政策值得 期待 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年4月6日 请务必阅读正文后免责条款 1 市场运行监测 核心摘要 2 周度观点：地产还有哪些政策值得期待。特朗普"对等"关税政策出台，短期国内出口或面临冲击，稳经济稳增长背景下，或需要消 费和投资更多发力，而住房消费为最大的消费、地产投资也是投资重要组成。短期住房消费/投资尚未企稳背景下，或需要更多政策提 振，那后续还有哪些地产政策值得期待：1）核心城市限购仍有进一步松绑空间；2）进一步降息及下调公积金利率，从而降低居民实 际房贷利率；3）进一步打通收储及城改等政策堵点，持续扩大住房需求。 优质供应不足仍是短期新房约束，个别房企2025仍有增长目标。3月重点50城新房成交套数同比微降3%，百强房企销售面积同比降24%， 受制于2024年主流房企补货不足及工期影响，优质供给不足仍是制约新房成交的重要因素。从各家房企业绩会反馈来看，可售货值仍 是制约成交表现重要因素，但得益于楼市回温、货值质量提升及2025年积极补货，仍有个别房企提出销售增长目标。同时以销定投、 区域聚焦及深耕 ...

Investment Rating - The report maintains a "Recommended" rating for Jingxin Pharmaceutical (002020.SZ) [1][9] Core Views - The company has exceeded profit expectations with a total operating revenue of 4.159 billion yuan, up 3.99%, and a net profit attributable to shareholders of 712 million yuan, up 15.04% [3][6] - The innovative pipeline is expected to continue contributing to the company's growth, particularly in the treatment of chronic diseases [6][7] Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 4.159 billion yuan, net profit of 712 million yuan - 2025E: Revenue of 4.724 billion yuan, net profit of 823 million yuan - 2026E: Revenue of 5.357 billion yuan, net profit of 948 million yuan - 2027E: Revenue of 6.092 billion yuan, net profit of 1.103 billion yuan [5][8] - **Profitability Ratios**: - Gross margin is projected to be around 50.0% in 2024, improving to 52.8% by 2027 - Net margin is expected to increase from 17.1% in 2024 to 18.1% in 2027 [5][8] - **Valuation Metrics**: - P/E ratio is expected to decrease from 17.1 in 2024 to 11.1 in 2027 - P/B ratio is projected to decline from 2.0 in 2024 to 1.5 in 2027 [5][8] Business Performance - The company has shown significant growth in its core pharmaceutical business, with a notable increase in sales from the outpatient market, growing over 45% year-on-year [6][7] - The innovative drug pipeline includes successful clinical trials and new drug applications, which are expected to enhance market opportunities [6][7]

证券分析师 2025 年 04 月 06 日 基金周报 科创医药板块相对抗跌，股票型基金发行火热 基 金 周 报 证 券 研 究 报 告 | 郭子睿 | | 投资咨询资格编号 | | --- | --- | --- | | | | S1060520070003 | | | | GUOZIRUI807@pingan.com.cn | | 陈 | 瑶 | 投资咨询资格编号 | | | | S1060524120003 | | | | CHENYAO370@pingan.com.cn | 研究助理 | 任书康 | 一般证券从业资格编号 | | --- | --- | | | S1060123050035 | | | RENSHUKANG722@pingan.com.cn | | 胡心怡 | 一般证券从业资格编号 | | | S1060124030069 | | | HUXINYI184@pingan.com.cn | | 高 越 | 一般证券从业资格编号 | | | S1060124070014 | 平安观点： 基 金 报 告 GAOYUE384@pingan.com.cn 市场回顾：上周 A 股市场下行。上证指数 ...

电力设备及新能源 2025 年 4 月 6 日 行业周报 光伏行业贸易保护形势加剧，海风柔直外送技术有望升级 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 2024-04-01 2024-09-01 2025-02-01 沪深300指数 电力设备及新能源 证券分析师 | 皮秀 | 投资咨询资格编号 | | --- | --- | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 苏可 | 投资咨询资格编号 | | | S1060524050002 | | | suke904@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | zhangzhiy ao757@pingan.com.cn | 本周（2025.3.31-2025.4.3） 新 能 源 细 分 板 块 行 情 回 顾 。 风 电指数 （866044.WI）上涨 0.33%，跑赢沪深 300 指数 1.70 个百分点。截至本 周，风电板块 PE_TTM 估值约 20.21 倍。本周 申万 ...

-40% -20% 0% 20% 40% 24-01 24-05 24-09 25-01 沪深300 石油石化 基础化工 石油石化 2025 年 4 月 6 日 石油石化周报 美国宣布全面征收"对等关税"，油价下行压力加大 强于大市（维持） 行情走势图 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：美国宣布全面征收"对等关税"，油价下行压力加大。据 ifind 数据，2025 年 3 月 28 日-2025 年 4 月 4 日，WTI 原油期货收盘 价(连续)下跌 9.69%，布伦特油期货价下跌 9.98%。地缘风险存在升 温的趋势：俄乌方面，停火协议因双方互相攻击能源设施而止步，泽 连斯基明确乌和谈"红线" 强调不会削减军队规模；中东方面 ，以 色列国防军 4 月 4 日在加沙地带 ...

Group 1 - The report highlights that the Shanghai Stock Exchange has tightened the issuance of municipal investment bonds, making it more difficult for weaker quality issuers to finance [2][7][8] - The newly implemented guidelines include increased scrutiny on issuers with high proportions of inventory and receivables, as well as those with low EBITDA relative to interest expenses [12][8] - The special treasury bond injection into four major banks is expected to enhance their core Tier 1 capital adequacy ratios by approximately 1 percentage point, with the Agricultural Bank of China likely to receive additional support due to its lower capital adequacy [9][10] Group 2 - Credit bond yields have generally declined, with notable compressions in credit spreads across various sectors, particularly in the banking sector, which saw a reduction of 8 basis points [3][4][18] - The report indicates that the credit spreads for municipal investment bonds have also compressed, with no overdue non-standard municipal bonds reported in recent weeks [19][22] - The strategy outlook suggests focusing on short-duration opportunities as credit spreads may widen in the future due to lower supply of credit bonds compared to interest rate bonds [6][30]

证券研究报告 【利率债观察】关税落地后的债市怎么看？ 证券分析师 刘璐 投资咨询资格编号：S1060519060001 郑子辰 投资咨询资格编号：S1060521090001 近两周核心观点 市场表现 近两周国债收益率曲线牛平，10Y国债回落至1.79%。3月下旬利率自高点回落，央行对资金态度回暖，MLF结构性降息，叠加贸易战关税压力、股 市阶段性回调，债市3月下半月收复了上半月近一半的跌幅，10Y国债1.8%暂时成为下旬新的波动锚。近两周整体来看，25年3月21日-4月2日，收 益率曲线整体偏走平，10Y国债收益率下行4.2BP至1.79%，3Y-7Y国债收益率下行2-7BP。 MLF结构性降息后，央行态度似有缓和，但市场利率和政策利率利差仍不低。截至04月02日，OMO余额为7585亿元，较03月20日减少7409亿元。4 月2日较3月20日，R001下行5.25BP至1.79%，R007下行5.80BP至1.91%。当前DR007较政策利率高34.18BP、R007较政策利率高40.51BP。 机构行为方面，负carry缓和后市场杠杆率上行，基本接近中位数；基金维持净买入，小行净卖出同业存单，保险配债规 ...

2025 年 4 月 6 日 宏观深度报告 中国产能周期：变化、机遇与挑战 证券分析师 | 钟正生 投资咨询资格编号 | | | --- | --- | | S1060520090001 | | | zhongzhengsheng934@pingan.com.cn | | | 张璐 | 投资咨询资格编号 | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | | 常艺馨 投资咨询资格编号 | | S1060522080003 CHANGYIXIN050@pingan.com.cn 平安观点： 宏 观 报 告 宏 观 深 度 报 告 证 券 研 究 报 告 目前宏观政策和市场的一个重要关切在于，中国产能周期能否较快回稳，这关 系到增长内生动能的变化、物价指标的趋向。本文着眼于 2024 年下半年以来产 能周期在总量和结构层面的积极变化，资本开支层面的优化调整，展望 2025 年 产能周期面临的外部挑战和内部机遇。 产能周期的新变化。2024 年四季度，中国产能利用率企稳回升，需求端回暖是 主要带动力量。结构上，中下游行业是产能周期企稳的主要带动，主要包括计算 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-over-year increase of 38.08%. The net profit attributable to shareholders was 271 million yuan, up 28.15% year-over-year [4][7] - The precursor product sales significantly increased, with revenue from this segment reaching 578 million yuan, accounting for 24.6% of total revenue, and showing a year-over-year growth of 70.3% [7] - The specialty gas business generated 1.506 billion yuan in revenue, making up 64.05% of total revenue, with a year-over-year increase of 22.33% [7] - The company is transitioning from a focus on LED to a more balanced growth across IC, LED, and LCD industries, with IC revenue growing by 106% year-over-year [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.352 billion yuan, with a gross profit margin of 41.2% and a net profit margin of 11.5% [6][10] - The company’s total expenses decreased to 22.95% of revenue, down from 29.79% in 2023, indicating improved cost management [7] Revenue Breakdown - The precursor business saw a sales volume increase of 83.39%, with a sales gross margin of 48.61%, up 8.71 percentage points year-over-year [7] - The specialty gas segment's sales volume increased by 25.07%, despite a decline in sales gross margin to 39.95% [7] Future Projections - The company expects to achieve a net profit of 362 million yuan in 2025, with a projected P/E ratio of 59.3 [8][10] - Revenue is forecasted to grow to 3.072 billion yuan in 2025, with a year-over-year growth rate of 30.6% [6][10]

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) [1][8] Core Views - The company achieved a total revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year [3][4] - The gross profit margin improved significantly to 37.00%, an increase of 2.26 percentage points, driven by lower raw material costs and production efficiency enhancements [6][8] - The product matrix continues to expand, with all categories showing effective growth, particularly soy sauce, which generated revenue of 13.758 billion yuan, up 8.87% year-on-year [6][8] - The company has optimized its channel network, achieving balanced revenue growth across different regions, with the southern region showing the fastest growth at 12.88% [6][8] Financial Performance Summary - In 2024, the company reported a revenue of 26.901 billion yuan, with a net profit of 6.344 billion yuan and a gross profit margin of 37.00% [3][6] - The forecast for 2025-2027 indicates a steady growth in net profit, with estimates of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan respectively [8][10] - The earnings per share (EPS) are projected to increase from 1.14 yuan in 2024 to 1.52 yuan by 2027 [10][11] Financial Ratios - The net profit margin is expected to remain stable, with projections of 23.6% for 2025 and 24.2% for 2027 [10] - The return on equity (ROE) is forecasted to be 20.5% in 2024, gradually decreasing to 18.8% by 2027 [10] - The company's asset-liability ratio is projected to decrease from 23.1% in 2024 to 19.5% in 2027, indicating improved financial stability [10]