其 他 报 告 2025年03月18日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3426 | 0.19 | 1.39 | | 深证成份指数 | 10958 | -0.19 | 1.24 | | 沪深300指数 | 3997 | -0.24 | 1.59 | | 创业板指数 | 2215 | -0.52 | 0.97 | | 上证国债指数 | 222 | -0.13 | -0.24 | | 上证基金指数 | 7173 | -0.18 | 0.76 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24146 | 0.77 | -1.12 | | 中国香港国企指数 | 8928 | 0.57 | -0.40 | | 中国台湾加权指数 | 22119 | 0.69 | -2.69 | | 道琼斯指数 | 41842 | ...

Investment Rating - The industry investment rating is "Outperform the Market" [23] Core Viewpoints - The report indicates that the sales performance is better than investment, with a focus on the "good houses" entering the market for absorption [1][5] - National statistics show that real estate investment in January-February 2025 decreased by 9.8% year-on-year, with a notable decline in new construction and completion rates [5] - The report highlights a slight decline in sales, with a 5.1% decrease in sales area and a 2.6% decrease in sales revenue compared to the previous year, although the decline is less severe than in 2024 [5][6] - The average selling price of commercial housing in January-February 2025 was 9,547 yuan per square meter, reflecting a year-on-year increase of 2.6% [5] - The report suggests that the real estate market may experience a strategic opportunity for product innovation and a bottoming cycle, particularly if "good houses" emerge [5][6] Summary by Sections Investment Performance - Real estate investment in January-February 2025 was 1.1 trillion yuan, down 9.8% year-on-year, with significant regional variations [5] - New construction decreased by 29.6% year-on-year, while completions fell by 15.6% [5] Sales Performance - The total sales area of commercial housing was 1.1 million square meters, down 5.1% year-on-year, with sales revenue at 1 trillion yuan, down 2.6% [5] - The report notes that the sales price in major cities has stabilized, with a slight increase in first-tier cities [5] Funding and Financial Health - Funds available to real estate companies decreased by 3.6% year-on-year, with a slight decline in deposits and prepayments [5][6] - The report emphasizes the importance of focusing on companies with lighter historical burdens and strong product capabilities for potential investment opportunities [6]

Investment Rating - The industry investment rating is "Outperform the Market" [28] Core Insights - The report highlights that the sales performance is better than investment, with a focus on the "good houses" entering the market for absorption [1][6] - National real estate development investment and sales data for January-February 2025 show a decline in investment by 9.8% year-on-year, with new construction down by 29.6% and completed projects down by 15.6% [2][6] - The report anticipates that the recovery in investment will lag behind sales, with land acquisition and construction still under pressure [6] Summary by Sections Sales Performance - In January-February 2025, the national sales area of commercial housing decreased by 5.1% year-on-year, while sales revenue fell by 2.6% [6] - The average selling price of commercial housing was 9,547 yuan per square meter, reflecting a year-on-year increase of 2.6% [6] - The report suggests that with increased supply of high-quality residential properties, the "good houses" are expected to stabilize and form a price anchor [6][7] Investment Trends - Real estate investment in the eastern, central, western, and northeastern regions saw year-on-year declines of 11.4%, 8.7%, 3.3%, and 21.4% respectively [6] - The report indicates that the funding available to real estate companies decreased by 3.6% year-on-year, with personal mortgage loans down by 11.7% [6][7] Future Outlook - The report suggests that the short-term focus should be on the absorption performance of "good houses" entering the market, while the medium-term may present strategic opportunities for product innovation and market recovery [6][7] - Companies with lighter historical burdens, optimized inventory structures, and strong product capabilities are expected to benefit first [6][7]

策略配置研究 2025 年 3 月 16 日 策 略 动 态 跟 踪 报 告 证 券 研 究 报 告 年初以来，国产 AI 浪潮持续发酵引发全球资金对中国科技资产重估。本篇 报告将系统对比在 A 股、港股、美股上市的中国科技资产（Wind 行业分 类的信息技术、通讯服务、医疗保健、汽车与零配件、国防军工、电气设 备行业，以及部分消费行业互联网公司）的主要特征。 一是科技资产含量方面，美股上市的中资股科技资产含量更高，港股、美 股的龙头效应强于 A 股。截至 3 月 11 日，A 股、港股、美股上市的中资 实体企业中，科技股的数量占比分别为 46%、34%、52%，市值占比分别 为 50%、61%、92%。在科技资产内部，A 股、港股、美股上市的中资科 技股市值 CR10 集中度分别为 19%、70%、87%，营收 CR10 分别为 29%、 58%、83%，归母净利润 CR10 分别为 37%、77%、107%。 二是行业结构方面，A股科技资产的制造业含量更高，美股、港股的科技 服务类公司含量更高。A 股科技资产中，制造业市值占比约 78%，软件服 务行业市值占比仅 9%。港股中，科技服务与科技制造的市值比约 ...

Investment Rating - The report gives a "Buy" rating for Shanghai Pharmaceuticals [1] Core Views - The industrial potential of Shanghai Pharmaceuticals is gradually being realized, with dual drivers of revenue growth from innovative drugs and traditional Chinese medicine [8] - The company has a strong national background and a comprehensive industry chain layout, which positions it well for future growth [8] - The commercial segment is experiencing stable growth, with innovative business areas becoming highlights [8] Summary by Sections 1. Company Overview - Shanghai Pharmaceuticals has a deep state-owned background and a solid leading position in the industry [11] - The company focuses on pharmaceutical research, manufacturing, distribution, and retail, covering seven major therapeutic areas [16] 2. Pharmaceutical Industry - The company has a broad layout in innovative drugs and has made acquisitions to enhance its traditional Chinese medicine segment, which has become a second growth curve [26] - As of 2024, the company has 60 new drug pipelines, with 46 being innovative drugs [41] 3. Commercial Segment - The pharmaceutical commercial segment is the main source of revenue, achieving an operating income of 242.87 billion yuan in 2023, a year-on-year increase of 13.5% [19] - The CSO business has significant growth potential, with sales reaching 2.9 billion yuan in 2023, a year-on-year increase of approximately 50% [8] 4. Financial Forecast and Valuation - The company is expected to achieve net profits of 4.917 billion yuan, 5.608 billion yuan, and 6.283 billion yuan in 2024, 2025, and 2026 respectively [8] - The report anticipates a recovery in profitability, with net profit margins gradually returning to previous levels [22]

证券研究报告 金融行业周报 ——信贷增速环比下滑，消费金融服务深化 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年3月16日 1 核心观点 信贷增速环比下滑，消费金融服务深化 1、信贷增速环比下滑，社融增量保持平稳。3月14日，央行发布2月金融数据。1）新增人民币贷款：2025年2月新增人民币贷款增加10100亿元， 同比少增4400亿元，余额同比增速7.3%(Wind一致预期为7.4%)。分部门看，住户贷款少增3891亿元，其中，短期贷款少增2741亿元，中长期贷 款少增1150亿元;企(事)业单位贷款增加10400亿元，其中，短期贷款增加3300亿元，中长期贷款多增5400亿元，票据融资多增1693亿元。2）社 融规模：2025年2月社会融资规模增量为2.23万亿元(Wind一致预期为2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [1][8]. Core Insights - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit of 840 million yuan, which is a 14.2% increase year-on-year. A cash dividend of 2.40 yuan per 10 shares is proposed [3][7]. - The report highlights improvements in gross margin and cost efficiency, with a gross margin of 12% in 2024, up 0.4 percentage points from the previous year. The management expense ratio decreased by 0.4 percentage points to 3.5% [7][8]. - The company has a strong presence in property management, managing 2,296 projects across 162 cities, with a total managed area of 365 million square meters [7][8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 17.17 billion yuan, 2025E: 18.46 billion yuan, 2026E: 19.81 billion yuan, 2027E: 21.15 billion yuan [6][9]. - 2024 Net Profit: 840 million yuan, 2025E: 914 million yuan, 2026E: 992 million yuan, 2027E: 1.068 billion yuan [6][9]. - **Profitability Ratios**: - Gross Margin: 12% in 2024, expected to remain stable at 12% in 2025 and 2026, with a slight increase to 12.1% in 2027 [10]. - Net Margin: 4.9% in 2024, projected to reach 5.0% in subsequent years [10]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.79 yuan, increasing to 0.86 yuan in 2025, 0.94 yuan in 2026, and 1.01 yuan in 2027 [10][11]. Market Position and Strategy - The company is positioned as a leading state-owned enterprise in property management, benefiting from strong resource endowments and market expansion advantages. It is expected to continue to thrive amid industry restructuring [8][9]. - The report notes a slight adjustment in EPS forecasts due to better-than-expected gross margin improvements, indicating a positive outlook for the company's financial performance [8].

Investment Rating - The report gives a "Buy" rating for Shanghai Pharmaceuticals (601607.SH) [1] Core Views - Shanghai Pharmaceuticals is positioned for growth with its industrial potential gradually being realized, driven by both innovative drugs and traditional Chinese medicine [7] - The company has a strong national presence in the pharmaceutical distribution sector, with over 2,000 quality brand pharmacies and more than 300 hospital supply chain service projects [7] - The CSO (Contract Sales Organization) business has shown significant growth, with sales reaching 2.9 billion yuan in 2023, a year-on-year increase of approximately 50% [7] - The company is expected to achieve net profits of 4.917 billion yuan, 5.608 billion yuan, and 6.283 billion yuan in 2024, 2025, and 2026 respectively [7] Summary by Sections 1. Company Overview - Shanghai Pharmaceuticals has a deep state-owned background and a comprehensive industrial chain layout, making it a leading player in the pharmaceutical sector [10] - The company has a strong focus on research and development, with a significant increase in R&D investment from 1.389 billion yuan in 2018 to 2.6 billion yuan in 2023 [29] 2. Pharmaceutical Industry - The innovative drug pipeline is extensive, with 60 projects in clinical research, including 46 innovative drugs [25][39] - Key products include I001, X842, and I037, which are expected to drive future growth [31][33][34] 3. Traditional Chinese Medicine - The company has eight major direct-controlled Chinese medicine enterprises and nine core Chinese medicine brands, with several recognized as top enterprises in the industry [40] - The acquisition of a 10% stake in Shanghai Huanhua Pharmaceutical is expected to enhance the company's market presence and internationalization efforts [7] 4. Financial Performance - The company achieved total revenue of 242.87 billion yuan in 2023, a year-on-year increase of 13.5%, with the pharmaceutical commercial sector contributing 93.31% of total revenue [18] - The gross profit margin for the pharmaceutical industrial sector was 58.5% in 2023, indicating strong profitability [18]

海外宏观 2025 年 3 月 16 日 宏观动态跟踪报告 美股调整之鉴：当下与 2024 年有何异同？ 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 | | | ZHANGLU15@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 动 态 跟 踪 券 研 究 报 告 报 告 证 共性：源于衰退担忧，叠加外部冲击。今年 2-3 月美股较快调整，而最近一 次类似调整在 2024 年 7-8 月。两次调整时间均达到或超过 14 个交易日， 标普 500 指数均下跌 8-10%左右，纳指调整幅度达 12-14%左右。两次美股 调整的背景有不少共性。第一，导火索都是经济数据引发的衰退担忧。2024 年 7 月，美国失业率上升触发"萨姆规则"，引燃 ...

公 司 报 告 房地产 2025年03月17日 招商积余(001914.SZ) 业绩稳增，质效并进 相关研究报告 【平安证券】招商积余（001914.SZ）*季报点评*业 绩稳健增长，规模再上台阶*推荐20241031 证券分析师 杨侃 投资咨询资格编号 S1060514080002 事项： 公司公布2024年年报，全年实现营业收入171.7亿元，同比增长9.9%，归母净 利润8.4亿元，同比增长14.2%，拟向全体股东每10股派发现金红利2.40元 （含税），不送红股，不以公积金转增股本。 平安观点： 推荐 ( 维持) 股价:10.84元 行情走势图 司 年 报 点 评 研 究 报 告 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,627 | 17,172 | 18,460 | 19, ...