其 他 报 告 2025年03月12日 核心观点 : 1）高端美妆在2017-2021年间高速增长之后开始受到整体宏观环境和 消费意愿影响，目前影响仍在。国货头部品牌经历近多年积淀，在产品配方与设 计、营销和品牌运营等方面的竞争力日渐增强，凭借电商渠道快速搜集消费者需 求和柔性供应链响应市场、渠道的快速变化，在500元以下价位段更有优势，不 断逼退日韩系化妆品，近两年也以不错的产品品质承接部分原高奢用户的降级需 求，市场份额不断提升。我们判断现阶段我国大众美妆赛道β仍会持续。2）目前 我国美妆运营和投融资环境下新兴品牌突围困难，龙头国货品牌预计将进一步把 握美妆市场β红利。建议关注珀莱雅、巨子生物、毛戈平、上美股份，润本股份、 福瑞达、丸美股份、华熙生物、贝泰妮等。 【平安证券】基金深度报告*"大家一起找不同"之TMT基金经理篇 *20250311 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 | 3380 | 0.41 | 1.56 | | 深证成份指数 | 10861 | 0.33 | ...

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 [33]. Core Insights - The high-end beauty market in China has experienced rapid growth from 2017 to 2021 but is currently influenced by the overall macro environment and consumer sentiment. Domestic leading brands have strengthened their competitiveness in product formulation, design, marketing, and brand operation, leveraging e-commerce channels to quickly gather consumer demand and respond to market changes. Brands like Proya and Juzhibio are expected to capture market share as they cater to the demand for quality products at lower price points, pushing out Japanese and Korean cosmetics [2][9]. - The solid-state battery technology is emerging as a significant advancement in battery performance, with potential applications in various sectors, including low-altitude flying vehicles and humanoid robots. The technology is expected to overcome the limitations of traditional liquid lithium batteries, with domestic companies actively developing solid-state battery production capabilities [4][16]. Summary by Sections Beauty Industry - The domestic beauty market has shown a significant increase in sales during promotional events, with GMV exceeding 11.3 billion yuan during the 3.8 promotional period, marking a 71.86% increase year-on-year. Skincare and makeup categories also saw substantial growth [7][8]. - Leading domestic brands like Proya, Juzhibio, and others have maintained strong positions in the market, with Proya consistently ranking first in beauty sales on platforms like Tmall [8][9]. Solid-State Battery Industry - Solid-state batteries are positioned to break through existing performance bottlenecks, with advancements in materials and technology expected to enhance energy density and safety. The industry is seeing a shift towards solid-state technology, with significant investments and developments from leading companies like CATL and Penghui Energy [4][15][16]. - The demand for solid-state batteries is driven by their superior energy density and safety features, making them suitable for applications in electric vehicles and new technology sectors. The supply chain is evolving, with companies focusing on innovative materials and production processes to meet future demands [15][16].

行 业 报 告 社会服务 2025年03月11日 行业点评 3.8大促国货美妆龙头势头持续 强于大市( 维持) 行情走势图 相关研究报告 【平安证券】行业年度策略报告*社会服务*顺应时 代：变与应变，体验消费*强于大市20241214 【平安证券】行业深度报告*社会服务*美丽消费专 题：从海外三大美妆集团中报看大众国货β机会*强于 大市20241024 【平安证券】行业深度报告*社会服务*美容护理行业 深度：国内美妆如何乘风而行*强于大市20240208 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 根据青眼情报公众号，抖音商城38好物节（2.24-3.8）期间美妆类目GMV超 113亿元，相较去年3.8大促（2024.3.1-2024.3.8下同）提升71.86%，其中护 肤类目GMV超过84亿元（同比+64.8%），彩妆类目GMV超24亿元（同比 +106%），"抖品牌"在前十榜单中寥寥。 平安观点： 证 券 研 究 报 告 淀，在产品配方与设计、营销和品牌运营等方面的竞争力日渐增强，凭 借电商渠道快速搜集消费者需求和柔性供应 ...

行业点评 3.8大促国货美妆龙头势头持续 强于大市( 维持) 行 业 报 告 社会服务 2025年03月11日 行情走势图 相关研究报告 【平安证券】行业年度策略报告*社会服务*顺应时 代：变与应变，体验消费*强于大市20241214 【平安证券】行业深度报告*社会服务*美丽消费专 题：从海外三大美妆集团中报看大众国货β机会*强于 大市20241024 【平安证券】行业深度报告*社会服务*美容护理行业 深度：国内美妆如何乘风而行*强于大市20240208 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 事项： 根据天猫大美妆公众号，38焕新周全周期美妆品牌成交榜上珀莱雅继续位居榜 首，第2-4名与去年38维持一致，分别为巴黎欧莱雅、兰蔻、雅诗兰黛品牌， 巨子生物旗下可复美位列第8，薇诺娜、毛戈平、珀莱雅旗下的彩棠分别在第 14、16和19位；家清品类中若羽臣旗下绽家品牌位列第15。该等国货品牌均 获得相对不错的排名。 根据青眼情报公众号，抖音商城38好物节（2.24-3.8）期间美妆类目GMV超 113亿元，相较去年3.8大促（20 ...

证券研究报告 固态电池全景图：方兴未艾，技术竞逐 证券分析师 张之尧 投资咨询资格编号：S1060524070005 皮 秀 投资咨询资格编号：S1060517070004 电力设备及新能源 强于大市（维持） 2025年3月11日 请务必阅读正文后免责条款 ※ 要点总结 2 固态电池：突破电池性能瓶颈的重要技术，前景可期。固态电池是采用固态电解质的锂离子电池。固态电解质热稳定性和电化学稳定性优 于常见的电解液，使其理论上可适配更高能量密度的正负极材料体系，并实现更高的本征安全性，因此，固态电池有望突破现有液态锂电 池材料体系的性能瓶颈。根据固态电解质的不同，固态电池技术路线可分为硫化物/氧化物/聚合物/卤化物等路线；其中氧化物和聚合物路 线存在"半固态" 的过渡方案。固态电池前景广阔，我国政策端重视固态电池路线发展，国内电池企业在硫化物全固态电池、氧化物全固 态和半固态电池方面均有布局。 需求端：动力、消费、低空等领域潜力出色。当前的技术阶段，固态电池产品能量密度和安全性优于液态电池，但循环寿命和充放倍率较 差，且成本更高。全球锂电池主要用于动力、消费、储能三大场景，各场景对电池性能的要求各有侧重。动力和消费 ...

2025年3月7日 25年全国两会期间的城投相关表述 | | | 25年全国两会期间的城投相关表述 | | --- | --- | --- | | 关键词 | 来 源 | 相应表述 | | 退平台 | 财政部长 | 从去年四季度情况看，置换政策实施后平台减少4680家，占全年减 | | | 答记者问 | 少总数的三分之二以上。下一步还要持续推进融资平台改革转型 | | | 央行行长 答记者问 | 到2024年末，与2023年初相比，约有40%的融资平台通过市场退出、 市场化转型等方式，退出了融资平台的序列。2024年末，融资平台 | | | | 经营性金融债务规模约14.8万亿元，较2023年初下降25%左右 | | 退重点 | 政府工作 报告 | 动态调整债务高风险地区名单,支持打开新的投资空间 | | 省 | 宁夏财政 | 建议支持宁夏退出债务高风险省份，加大新增专项债券的安排额度 | | | 厅长发言 | 。对照国家标准，宁夏已符合退出债务高风险省份的条件，前期宁 | | | | 夏已向国务院提出申请，请财政部等国家部委给予支持 | | 专项债 | 政府工作 | 拟安排地方政府专项债券4.4万亿元,重点 ...

Group 1: Kun Pharmaceutical Group - The company is expected to achieve a revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders is projected to be 648 million yuan, an increase of 19.86% year-on-year [2][6][8] - The strategic goal is to become a leader in the silver health industry and a top player in traditional Chinese medicine, with a five-year plan aiming for industrial revenue to reach 10 billion yuan by 2028 [2][6] - The company has three business divisions that are expected to synergize and accelerate the release of reform dividends, contributing to steady performance growth [2][7][8] Group 2: CaiXun Co., Ltd. - The company is a leading domestic email service provider, leveraging its deep integration with the "Xin Chuang" email sector and benefiting from a large user base through partnerships with China Mobile [3][10] - CaiXun has developed a comprehensive product line that includes AI capabilities, targeting both consumer and enterprise markets, which is expected to drive future growth [3][12][13] - The company is actively expanding its cloud and big data services, positioning itself as a core supplier in the national cloud infrastructure projects [3][12] Group 3: PFA Technology in Medical Field - Pulsed Field Ablation (PFA) technology is emerging as a significant advancement in atrial fibrillation treatment, offering advantages such as reduced tissue damage and shorter procedure times [3][15][17] - The market for PFA in China is projected to reach 1.3 billion yuan by 2025 and 16.3 billion yuan by 2032, with a compound annual growth rate (CAGR) of 43.73% [3][15] - Clinical trials have shown that PFA is effective and safer compared to traditional methods, leading to increased interest and potential market adoption [3][15][17]

证券研究报告 3月电视与显示器面板价格预期上涨, 4Q24 NAND Flash营收季减6.2% 电子行业 强于大市（维持） 平安证券研究所 TMT团队 2025年3月10日 请务必阅读正文后免责条款 分析师：陈福栋 S1060524100001(证券投资咨询) 邮箱: CHENFUDONG847@pingan.com.cn 徐勇 S1060519090004(证券投资咨询) XUYONG318@pingan.com.cn 核心摘要 行业要闻及简评：1）TrendForce：3月电视面板与显示器面板价格预期上涨。中国以旧换新政策仍刺激一定的需求，中国品牌采购动能不 差,预估3月电视面板价格维持上涨趋势，但不排除涨幅可能开始收敛。32"预估上涨0.5美元，43"预估上涨1美元，55"与65"预估上涨1 美元，75"预估上涨2美元。受惠于电视面板价格持续上涨，MNT面板价格可望在3月份全面上涨,不过受关税问题等因素影响，整体市场需 求的不确定性正在增加，因此面板厂商与客户之间对于涨幅的想法仍有显著落差。整体而言,Open Cell预估上涨0.1-0.2美元，面板模块， 21.5"FHD预估上涨0.1-0.2美元， ...

证券研究报告 3月电视与显示器面板价格预期上涨, 4Q24 NAND Flash营收季减6.2% 电子行业 强于大市（维持） 平安证券研究所 TMT团队 2025年3月10日 核心摘要 行业要闻及简评：1）TrendForce：3月电视面板与显示器面板价格预期上涨。中国以旧换新政策仍刺激一定的需求，中国品牌采购动能不 差,预估3月电视面板价格维持上涨趋势，但不排除涨幅可能开始收敛。32"预估上涨0.5美元，43"预估上涨1美元，55"与65"预估上涨1 美元，75"预估上涨2美元。受惠于电视面板价格持续上涨，MNT面板价格可望在3月份全面上涨,不过受关税问题等因素影响，整体市场需 求的不确定性正在增加，因此面板厂商与客户之间对于涨幅的想法仍有显著落差。整体而言,Open Cell预估上涨0.1-0.2美元，面板模块， 21.5"FHD预估上涨0.1-0.2美元，23.8"FHD预估上涨0.2-0.3美元，27"FHD预估上涨0.1美元。2）TrendForce：因消费性电子产品需求疲 软，4Q24 NAND Flash营收季减6.2%。4Q24，因PC、智能手机等持续去化库存，供应链大幅调整采购订单，造成NA ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is a leading domestic email provider, leveraging AI to expand its business boundaries and enhance value [7][14]. - The company has established a comprehensive product line focusing on collaborative office solutions, smart channels, and cloud and big data services, which are crucial for enterprise digital transformation [15][18]. - The company is well-positioned to benefit from the growth in the domestic cloud and AI sectors, supported by its strong partnerships with major clients like China Mobile and Huawei [7][18]. Summary by Sections 1. Leading Domestic Email Provider with Full-Stack AI Layout - The company started with mobile email services and has evolved into an industrial internet technology and service provider, focusing on enterprise digital transformation [14]. - It has developed three core product lines: collaborative office, smart channels, and cloud and big data, enhancing its service offerings [15]. - The company has a strong focus on R&D, with significant investments leading to a robust technical foundation and innovation capabilities [24][26]. 2. Collaborative Office Product Advantages and Digital Employees - The RichMail email system is fully compatible with domestic innovation requirements, addressing the growing demand for domestic replacements in email systems [41][47]. - The company is enhancing its product capabilities with AI integration, which is expected to drive growth in its collaborative office solutions [51]. 3. Smart Channels and User Operation Capabilities - The company has developed smart channel products that leverage its partnership with China Mobile, resulting in a user base in the millions [7][18]. - It is actively participating in the 5G messaging platform sector, which is expected to open new growth opportunities [7][18]. 4. Cloud Services and Infrastructure Development - The company is a key supplier in the national cloud services sector, collaborating closely with major telecom operators to expand its cloud offerings [8][18]. - It is also developing intelligent computing infrastructure to support its cloud and big data services, enhancing its competitive edge [8][18]. 5. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 16.97 billion, 20.33 billion, and 24.61 billion yuan from 2024 to 2026, with respective growth rates of 13.4%, 19.8%, and 21.1% [8]. - The net profit forecast for the same period is 2.94 billion, 3.56 billion, and 4.39 billion yuan, with growth rates of -9.4%, 21.2%, and 23.2% [8].