其 他 报 告 2025年03月05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 | 3324 | 0.22 | -1.72 | | 深证成份指数 | 10679 | 0.28 | -3.46 | | 沪深300指数 | 3885 | -0.08 | -2.22 | | 创业板指数 | 2190 | -0.29 | -4.87 | | 上证国债指数 | 223 | 0.00 | -0.15 | | 上证基金指数 | 6995 | 0.34 | -2.23 | | | | 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 | 22942 | -0.28 | -2.29 | | 中国香港国企指数 | 8367 | -0.62 | -2.88 | | 中国台湾加权指数 | 22597 | -0.70 | -2.85 | | 道琼斯指数 | 425 ...

证券研究报告 海外MNC动态跟踪系列（八） 默沙东：K药卫冕药王宝座，索特西普表现亮眼 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 研究助理： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 一般证券从业资格编号:S1060124120037 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年3月4日 请务必阅读正文后免责条款 行业观点 2025 年，默沙东重点数据读出如下： 2 事件：2月4日，默沙东公布2024年业绩，总营收641.68亿美元，同比增长7%。2024年全年每股收益为7.65美元（按非GAAP计算），2024年研发 支出为179亿美元。从营收情况看，业绩主要由帕博利珠单抗、四价/九价人乳头瘤病毒疫苗和动物保健板块贡献，其中帕博利珠单抗2024年实 现销售额295亿美元，继续蝉联"药王"宝座，HPV疫苗2024年实现收入86亿美元，动物保健板块2024年实现收入59亿美元 ...

证券研究报告 海外MNC动态跟踪系列（八） 默沙东：K药卫冕药王宝座，索特西普表现亮眼 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 研究助理： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 一般证券从业资格编号:S1060124120037 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年3月4日 请务必阅读正文后免责条款 行业观点 2025 年，默沙东重点数据读出如下： 2 事件：2月4日，默沙东公布2024年业绩，总营收641.68亿美元，同比增长7%。2024年全年每股收益为7.65美元（按非GAAP计算），2024年研发 支出为179亿美元。从营收情况看，业绩主要由帕博利珠单抗、四价/九价人乳头瘤病毒疫苗和动物保健板块贡献，其中帕博利珠单抗2024年实 现销售额295亿美元，继续蝉联"药王"宝座，HPV疫苗2024年实现收入86亿美元，动物保健板块2024年实现收入59亿美元 ...

策略配置 2024 年 3 月 3 日 多元资产月报（2025 年 3 月） AI 创新引领中国资产重估，特朗普政策扰动全球市场 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 刘璐 | 投资咨询资格编号 | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 张亚婕 | 投资咨询资格编号 | | | S1060517110001 | | | ZHANGYAJIE976@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 郑子辰 | 投资咨询资格编号 | | | S1060521090001 | | | ZHENGZICHEN160@pingan.com.cn ...

证券研究报告 持续关注传媒行业一季度表现 传媒行业 强于大市（维持） 平安证券研究所 新消费团队 分析师：王源 S1060524010001（证券投资咨询） 邮箱：WANGYUAN468@pingan.com.cn 2025年3月3日 请务必阅读正文后免责条款 周观点 投资策略 由于国家利好政策的加持激励，文化娱乐产业供给端将呈现多元增长趋势，传媒行业也将持续修复上行。基于可选消费的稳健修 复逻辑，传媒行业细分领域或将迎来上行机遇。建议布局业绩确定性较强、股息率高且分红率稳健的行业头部。具体来看： 1）游戏及IP：由于国家鼓励文娱消费政策的支持，游戏板块或将迎来新一轮产品周期。同时，在AIGC等技术加持下，游戏公司 有望实现降本增效。我们看好行业头部游戏公司的运营表现，建议关注三七互娱，完美世界，吉比特等。 2)影视院线：行业供给端逐渐恢复，影片数量呈较好的增长趋势，经过不断的修复与调整，头部公司业绩逐渐修复。我们认为， 政策端的持续加持及国家对文娱消费的鼓励，将助力影视院线行业景气向上。加之，影视院线行业估值性价比较高，我们看好头 部院线及制作头部企业业绩稳健恢复，建议关注：万达电影、光线传媒。 3)广告营 ...

海外宏观 2025 年 3 月 4 日 宏观动态跟踪报告 "美国例外论"反转 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 报 告 一、 "美国例外论"缘起 对投资者而言，"美国例外论"（American Exceptionalism）代表一类观点，即美国的经济、政治和美元资产具备独特优势， 使其在全球周期中持续跑赢其他市场。这一观点在 2023-2024 年得到强化。2023-2024 年，美股标普 500 指数和纳斯达克 综指分别累计上涨 53.2%和 84.5%，表现好于绝大多数非美地区股票指数。同时，美元指数由 103 附近上升至 108 附近， 涨 ...

Group 1: Market Overview - In February, the domestic market showed a continuous recovery in fundamentals, with the A-share market driven by a growth style leading to a spring rally [2][7] - The bond market experienced a marginal tightening of liquidity, with a negative carry leading to a flattening of the government bond yield curve [7] - The RMB exchange rate showed narrow fluctuations, slightly weakening overall, maintaining a high correlation with the USD [7] Group 2: Economic Indicators - High-frequency and leading economic indicators indicate a seasonal recovery in production, with manufacturing PMI returning to the expansion line, reflecting improvements in both supply and demand [3][9] - The overall procurement scale for medical devices in 2024 is projected to be 137.1 billion, a year-on-year decrease of 20%, primarily due to the pace of equipment updates [5][16] - The procurement scale in December 2024 reached 25.3 billion, a year-on-year increase of 49%, indicating a significant recovery in the fourth quarter [5][16] Group 3: Investment Opportunities - The report highlights the potential for structural opportunities in the Hong Kong stock market, particularly in technology stocks, following a significant rise [3][10] - The medical device sector is expected to benefit from ongoing equipment updates and a notable trend towards high-end domestic products, with leading companies like Mindray and United Imaging gaining market share [5][18] - The report recommends focusing on sectors that are likely to receive policy support, particularly those at low levels that may experience a recovery [12][13] Group 4: Fund Allocation Strategies - In March, the report suggests a shift in fund allocation from aggressive technology growth to a more balanced growth and dividend assets to mitigate market volatility [12][13] - The sentiment index for the A-share market indicates a bullish outlook for the next month, driven by increased financing and momentum indicators [12][13] - The report emphasizes the importance of policy signals from the Two Sessions in influencing market trends and styles [12][13]

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 [17]. Core Viewpoints - The report emphasizes that the apparel manufacturing and export-related companies are likely to benefit from the recovery in discretionary consumption, with apparel and home goods companies continuing to enjoy overseas market advantages [2]. - It suggests that after valuation adjustments, apparel brand companies may enter a new growth phase, with a focus on selecting leading companies in niche markets that show improved market share and valuation [2]. - The report identifies key investment themes, including a top-down approach favoring leading companies in apparel manufacturing and a bottom-up approach targeting strong performance and high dividend yield stocks [2]. Summary by Sections Industry Performance - The textile and apparel sector increased by 0.86%, while the light industry sector rose by 0.19%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.22% [4]. - Among the 31 primary industries, the textile and apparel sector ranked 5th in terms of performance, while the light manufacturing sector ranked 8th [4]. Key Companies in Apparel Manufacturing - **Shenzhou International**: Recognized as the world's largest vertically integrated garment manufacturer, benefiting from high production efficiency and strong management capabilities. The company is expected to maintain a high share of core customer orders due to the concentration of international clients [7]. - **Huali Group**: A leading manufacturer of sports and leisure footwear, with advantages in capacity utilization and cost control. The company anticipates a recovery in order volume as major clients reduce inventory [7]. - **Fuchun Dyeing and Weaving**: A top global sock yarn manufacturer, utilizing a "warehouse-based production" model to ensure cost control and stable delivery times, which supports sustainable growth [7]. - **Jiansheng Group**: A leading manufacturer of cotton socks and seamless sportswear, expecting improved order volumes as overseas brand clients reduce inventory [7]. Key Companies in Apparel Brands - **Bosideng**: A leading domestic down jacket brand, focusing on product iteration and expanding its product matrix to include functional apparel, which is expected to drive sustainable growth [9]. - **Hailan Home**: A major men's apparel brand with strong performance in both online and offline channels, and steady overseas market expansion [9]. - **Baoxini**: A mid-to-high-end men's apparel brand with a well-established brand matrix, anticipating growth through improved store efficiency and expansion [9]. - **Fuanna**: A leading home textile company increasing its offline store openings, which is expected to enhance overall performance [9]. Valuation Performance of Key Companies - The report includes a valuation table for key companies in the apparel and light industry sectors, providing insights into market capitalization, earnings per share (EPS), price-to-earnings (P/E) ratios, and dividend yields [11][13].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The wind power sector is experiencing accelerated export growth, with China's wind turbine exports reaching 5.19 GW in 2024, a year-on-year increase of 41.7% [7][15]. - The photovoltaic (PV) equipment sector is facing challenges, with companies like JinkoSolar and Aotaiwei implementing debt-to-equity swaps to address cash flow issues [8]. - India's new mandatory energy storage policy for solar projects is expected to create opportunities for Chinese energy storage companies in the Indian market [9]. Summary by Sections Wind Power - In 2024, China's wind turbine exports are projected to reach 5.19 GW, with major players like Goldwind and Envision Energy leading the market [7][15]. - Envision Energy's overseas orders have significantly increased, with a record 10 GW in 2024, compared to 4 GW in 2023 [16]. - The wind power index has shown a slight increase of 0.04% this week, outperforming the CSI 300 index by 2.27 percentage points [17]. Photovoltaic - Companies in the PV sector are resorting to debt-to-equity swaps to mitigate cash flow issues, with JinkoSolar and Aotaiwei both increasing their stakes in downstream company Runyang [8]. - The overall PV industry is facing significant losses, with upstream polysilicon production expected to decrease by 32%-46% in 2025 [8]. - The current price pressures in the PV supply chain are expected to continue, impacting the financial health of manufacturing companies [8]. Energy Storage and Hydrogen - India's new policy mandates that all renewable energy projects include at least 10% co-located energy storage systems, potentially leading to a significant increase in storage capacity by 2030 [9]. - The energy storage sector is experiencing a decline in the index by 0.58%, with a current overall P/E ratio of 28.23 [4]. - The hydrogen sector is showing resilience, with a slight increase of 0.33% in the index, and a P/E ratio of 31.58 [4]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable export conditions [9]. - In the photovoltaic sector, attention should be given to companies like Longi Green Energy and Tongwei Co., as they may benefit from policy changes and industry self-regulation [9]. - In energy storage, companies like Sungrow Power Supply and Upwind Electric are recommended due to strong demand growth [9].

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 [28]. Core Insights - Australian superannuation funds are projected to increase their investments in the U.S. to AUD 1 trillion over the next decade, with current investments at approximately AUD 400 billion [2][9][10]. - New Jersey has committed to fully funding its pension system for the fifth consecutive year, with a budget proposal of USD 72 billion for the 2025 fiscal year [3][11]. Summary by Sections Australian Pension Investments - The Australian superannuation industry, currently valued at AUD 2.6 trillion, plans to accelerate its investment in the U.S. market, with expectations of reaching AUD 1 trillion in the next ten years. This is driven by the U.S. market's innovation and depth, with about 20% of current Australian retirement fund assets already allocated to the U.S. [2][9][10]. - Aware Super noted that 70% of new funds are directed overseas, with two-thirds going to the U.S. [9]. New Jersey Pension Funding - New Jersey's Governor announced a budget proposal of USD 58.1 billion for the 2025 fiscal year, which includes a USD 7.2 billion contribution to the state pension system, marking a shift from previous practices of underfunding [3][11]. - The state aims to stabilize its pension funding after years of financial strain and underpayment, which had led to significant pension asset shortfalls [3][11]. Overseas Pension Dynamics - The U.S. employer groups are supporting FedEx in a legal dispute regarding pension benefits for married retirees, highlighting ongoing challenges in pension management [8][12]. - The Korean sovereign wealth fund KIC reported an 8.5% return for 2024, attributed to strong equity investments [14]. - The People's Pension in the UK is reallocating USD 35 billion to focus on responsible investment strategies, enhancing transparency and flexibility in asset management [15]. Domestic Pension Policies and Developments - The Chinese Ministry of Finance is focusing on improving the pension system and enhancing social security measures, including gradual retirement age reforms and increasing basic pension levels [21][22]. - Qingdao has implemented a pension advisory system to assist the elderly in accessing resources and services [21][22]. - Shanghai has released guidelines for the construction and service of specialized elderly day care centers to improve care for seniors with disabilities [21][22].