Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [8]. Core Insights - Recent policies aimed at boosting consumption are expected to accelerate the recovery of the food and beverage sector. The plan includes various measures to enhance consumer spending and improve the overall economic environment [6][3]. - The report highlights specific sectors within the food and beverage industry that are likely to benefit from the recovery, including frozen foods, beer, and dairy products. Recommendations include companies such as Anjuke Foods, Yanjing Beer, Chongqing Beer, and Yili Group [5][6]. Summary by Sections Policy Impact - The recent "Special Action Plan to Boost Consumption" issued by the central government aims to stimulate domestic demand and enhance consumer confidence through various initiatives, including income support and service quality improvements [3][6]. - The plan encompasses eight major categories and 30 subcategories of implementation details, targeting both urban and rural areas to address consumption constraints and enhance the overall consumer environment [6]. Sector Recommendations - The report suggests that the recovery in the restaurant sector will positively impact the supply chain for food products, particularly frozen foods and beverages [5][6]. - The snack retail chain sector is entering a new phase of competition, with opportunities for growth in discount channels and broader product categories. Companies like Three Squirrels and Wancheng Group are highlighted as potential investment opportunities [5]. - In the dairy sector, improvements in supply and demand dynamics are expected to lead to profitability recovery for leading dairy companies, with a focus on national and regional players [5][6].

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [39] Core Insights - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. The report highlights two main investment themes: expansion of wafer fabs and opportunities within the AI industry chain [33] - The top ten global foundries achieved a record revenue of $38.482 billion in Q4 2024, reflecting a quarter-on-quarter growth of nearly 10% [4][5] - The global smartphone production from the top six brands reached 335 million units in Q4 2024, marking a quarter-on-quarter increase of 9.2% [10][11] - The PC market in mainland China showed signs of recovery in Q4 2024, with a projected growth of 3% in 2025 [16][17] - The Chinese headphone and headset market is expected to see a total sales volume of 218 million units in 2024, representing a year-on-year growth of 7.6% [21][22] Summary by Sections Semiconductor Industry - The semiconductor industry is experiencing a recovery, with consumer electronics driving a new upward cycle. Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co. [33] - The top ten foundries' revenue reached $38.482 billion in Q4 2024, with TSMC leading at $26.854 billion, a 14.1% increase from Q3 2024 [6][7] - The semiconductor index has risen 11.27% since the beginning of 2025, outperforming the CSI 300 index by 9.45% [28] Smartphone Market - The top six smartphone brands produced 335 million units in Q4 2024, with Apple leading at 80.1 million units, a 57.4% increase quarter-on-quarter [12][13] - The overall smartphone production for 2024 is projected to be 1.224 billion units, a year-on-year increase of 4.9% [11][12] PC Market - The PC market in mainland China is expected to grow by 3% in 2025, with a total shipment of 41 million units [16][17] - Q4 2024 saw a 2% year-on-year growth in the PC market, driven by government subsidies and new product launches [17][19] Headphone Market - The Chinese headphone market is projected to reach 218 million units in 2024, with a sales revenue of 42.8 billion yuan, a 9.8% increase year-on-year [21][22] - Over 15 companies launched more than 20 new AI headphone products in 2024, indicating a growing trend in the market [22][23]

分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 证券研究报告 国产算力平台加速适配通义千问， 强劲推理能力领跑开源生态 计算机行业 强于大市（维持） 平安证券研究所计算机团队 2025年3月16日 资料来源：澎湃新闻，平安证券研究所 行业要闻及简评 OpenAI推出工具链降低智能体开发门槛，2025有望成为AI Agent应用之年 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）国产算力平台加速适配通义千问，强劲推理能力领跑开源生态。国家超算互联网平台接入阿里千问大模型， 对外提供千问QwQ-32B API服务，用户可免费获得100万tokens。国产算力平台加速适配QwQ-32B。QwQ-32B小参数量实现强劲推理 性能，领跑全球开源生态。2）OpenAI推出工具链降低智能体开发门槛，2025有望成为AI Agent应用之 ...

Group 1 - Industry investment rating: Real estate sector rated as "Outperform" [2][33] - Core viewpoint: Focus on the performance of newly launched "good houses" in March and April, with a 5.6% week-on-week increase in new home transactions in 50 key cities, while daily average transactions in March (as of the 14th) decreased by 29.1% year-on-year [4][8] - The real estate market is shifting from "availability" to "quality," with new regulations expected to drive demand for high-quality housing in 2025 [4][8] Group 2 - Market performance: Weekly new home transactions in 50 key cities reached 16,000 units, up 5.6% week-on-week, while second-hand home transactions in 20 key cities reached 23,000 units, up 9.3% week-on-week [4][8] - Inventory status: Inventory in 16 cities increased by 0.2% to 9,123 million square meters, with a depleting cycle of 19 months [12][8] - Capital market monitoring: The real estate sector saw a 0.48% increase in stock prices, underperforming the CSI 300 index, which rose by 1.59% [23][8] Group 3 - Individual stock recommendations: Focus on companies with light historical burdens and strong product capabilities, such as China Overseas Development, China Resources Land, and Greentown China [4][8] - Policy environment: Shenzhen has increased the housing provident fund loan limit, and the Ministry of Natural Resources and the Ministry of Finance emphasized the use of local government bonds to support land reserves [5][8] - Capital market monitoring: The issuance of domestic real estate bonds was 4.81 billion yuan this week, with a net financing amount of 1.59 billion yuan [20][8]

证券分析师 刘璐 投资咨询资格编号：S1060519060001 陈蔚宁 投资咨询资格编号：S1060524070001 2025年3月16日 2025年第5期总第120期 请务必阅读正文后免责条款 证券研究报告 【另类资产观察】REITs或震荡，可转 债可采用高价+低价策略组合 权益普涨，带动可转债上涨1.54%。本期权益普涨，成长、小盘表现最佳，新兴周期、TMT延续强势；3月17日国新办将举行提振消费主题新闻发 布会，消费板块亦整体上涨6%；另外，供给收缩（煤炭行业限产倡议、刚果钴出口禁令等）导致大宗商品板块上涨5%。正股拉动可转债上涨， 本期可转债涨跌幅，新兴周期（2.81%）＞TMT（2.66%）＞大宗商品（2.42%）＞传统周期（1.41%）＞消费（1.23%）＞稳定（0.71%）。 策略展望 REITs或进入震荡阶段。2月下旬的REITs下跌并未持续，进入3月后REITs反弹，但亦未突破2月21日高点；日均成交额也由2月中下旬7-9亿元的 规模降至6亿元左右的水平，行情的驱动似减弱；板块上也较难看到明显的主线，偏稳定、偏周期都有表现较好的板块。叠加季报交易期已过， 下期市场可能缺乏增量信息，REI ...

前瞻性产业研究 本期重点：欧盟养老金扩大国防股投资 第一，美共和党参议员拟禁止美国养老金投资中国。印第安纳州参议员和 众议员提出了一项名为《保护美国人退休储蓄法案》的法案，旨在禁止受 《雇员退休收入保障法》（ERISA）监管的退休计划对被视为"外国对手国 家"的公司进行未来投资，这些国家包括中国、俄罗斯、朝鲜和伊朗。 第二，纽约州参议员要求 NYSRF 出售特斯拉股权。纽约州20 多名参议员 致信纽约州审计长，敦促他开始剥离纽约州养老基金（NYSRF）直接拥有 的特斯拉股票。该信函指出，特斯拉因反工会行为、企业透明度不足以及 职场歧视或不当行为等指控而受到批评。同时，马斯克领导唐纳德·特朗 普总统的政府效率部（DOGE）期间，参与了各个联邦机构的大规模裁员和 预算削减，导致特斯拉在其最忠实客户群体中的声誉下降。根据 CNBC报 道，特斯拉在 2024 年 2 月股价暴跌 28%；且有消息称特斯拉 2024 年四 季度利润同比下降 71%。鉴于特斯拉的持续波动和利润大幅下降，纽约州 参议员认为需要认真评估相关投资对养老基金稳定性产生的影响。 第三，欧洲养老金拟放开投资国防股的禁令。由于特朗普的一系列政策， 欧盟 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [39]. Core Insights - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key focus areas include the expansion of wafer fabrication plants and opportunities within the AI industry chain [33]. - The top ten global foundries achieved a record revenue of $38.482 billion in Q4 2024, reflecting a quarter-on-quarter growth of nearly 10% [4][5]. - The smartphone market saw a significant increase, with the top six brands producing 335 million units in Q4 2024, marking a 9.2% quarter-on-quarter growth [10][11]. - The PC market in mainland China is projected to grow by 3% in 2025, following a rebound in Q4 2024 [16][17]. - The Chinese headphone and headset market is expected to reach 218 million units in 2024, with a year-on-year growth of 7.6% [21][22]. Summary by Sections Semiconductor Industry - The semiconductor industry is experiencing a recovery, with a focus on the expansion of wafer fabrication and AI-related investments. Recommended companies include Northern Huachuang, Zhongwei Company, and Tuojing Technology [33]. - The top ten foundries' revenue reached $38.482 billion in Q4 2024, with TSMC leading at $26.854 billion, a 14.1% increase from the previous quarter [6][7]. Smartphone Market - The top six smartphone brands produced 335 million units in Q4 2024, with Apple leading at 80.1 million units, a 57.4% increase quarter-on-quarter [12][13]. - The overall smartphone production for 2024 is expected to grow by 4.9% year-on-year, with a modest increase of 1.5% projected for 2025 [11][12]. PC Market - The PC market in mainland China showed signs of recovery, with a 2% year-on-year growth in Q4 2024. The market is expected to grow by 3% in 2025, driven by government subsidies and new product launches [16][17]. Headphone Market - The Chinese headphone market is projected to sell 218 million units in 2024, with a 9.8% increase in sales revenue. The AI headphone segment is rapidly expanding, with over 15 companies launching more than 20 new AI headphone models [21][22].

证券研究报告 国产算力平台加速适配通义千问， 强劲推理能力领跑开源生态 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年3月16日 请务必阅读正文后免责条款 行业要闻及简评：1）国产算力平台加速适配通义千问，强劲推理能力领跑开源生态。国家超算互联网平台接入阿里千问大模型， 对外提供千问QwQ-32B API服务，用户可免费获得100万tokens。国产算力平台加速适配QwQ-32B。QwQ-32B小参数量实现强劲推理 性能，领跑全球开源生态。2）OpenAI推出工具链降低智能体开发门槛，2025有望成为AI Agent应用之年。OpenAI于3月12日凌晨 发布了一系列全新的开发工具和API，旨在简化智能体的开发过程、提高开发效率、为智能体开发者构建平台。OpenAI ...

食品饮料周报 生育补贴提振信心，关注糖酒会 反馈 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年3月16日 请务必阅读正文后免责条款 食品饮料周报-观点 白酒行业 食品行业 资料来源：iFind，平安证券研究所 本周白酒指数（中信）累计涨跌幅+6.67%。涨跌幅前三的个股为：岩石股份（+11.34%）、酒鬼酒（+10.48%）、古井贡酒 （+9.84%）；涨跌幅后三的个股为金种子酒（+2.84%）、洋河股份（+1.53%）、皇台酒业（+1.30%）。 观点：生育补贴提振信心，关注糖酒会反馈。节后白酒动销平稳，行业马太效应明显，核心大单品表现稳健，据今日酒价，3月16 日25年茅台原箱批价维持在2225元，节后 ...

华发股份(600325.SH) 销售稳居千亿阵营，投资审慎债务合理 推荐 ( 维持) 公 司 报 告 房地产 2025年03月16日 股价:5.8元 行情走势图 相关研究报告 【平安证券】华发股份（600325.SH）*季报点评*聚 焦核心区域，回购彰显信心*推荐20241030 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599.9亿元，同比下降16.8%，归母 净利润9.5亿元，同比下降48.2%，拟每10股派发现金红利1.04元（含税）。 平安观点： 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) | 72,145 | 59,992 | 62,032 | 57,070 | 50,792 | | ...