[Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 宏观 [Table_ReportDate] 2025 年 04 月 21 日 宏观市场整体波动性减弱 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 [Table_ReportType] 宏观周报（4 月第 3 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 5) 风险提示：基本面恢复不及预期、贸易摩擦超预期升级。 CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量上涨。市场方面，主力资金吸筹增强对 市场控盘，宽基 ETF 占沪深 300 自由流通市值比率快速抬升， 降低市场波动率，市场对基本面或在趋于钝化。关税动态方 面，中美层面，关税战有缓和预期，军工板块走弱。上周四商 务部回应是否在工作层面与美方展开沟通表示，中国商务部与 美方对口部门一直保持工作层沟通，中方的立场一直很明确， 对于美方进行经贸领域磋商持开放 ...

[Table_ReportDate] 2025 年 04 月 21 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 大模型迎来多模态及推理能力双提升 TMT 行业周报（4 月第 3 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 | 一、 | 市场周度回顾 3 | | --- | --- | | 二、 | 行业要闻及重点公司公告 5 | | | 2.1 行业重要事件 5 | | | 2.2 公司公告 9 | [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（4/14-4/18）涨跌 幅为：传媒（1.91%）、通信（0.53%）、电子（-0.64%）、计 ...

装备制造 [Table_ReportDate] 2025 年 4 月 21 日 电话：0755-83199599 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 邮箱：yanggz1@csco.com.cn 电话：0755-83199599 研究助理：董李延楠 邮箱：zhaoxc@csco.com.cn 电话：0755-83199599 分析师：杨贵洲 执业证书号：S1030524060001 3 月工程机械销量继续向好 [Table_ReportType]装备制造行业周报（4 月第 3 周） [Table_S 市场行情回顾： ummary] 上周（4 月 14 日-4 月 18 日）机械设备、电力设备及汽车行业 指数涨跌幅分别为-0.73%、-0.37%及-0.79%，在 31 个申万一 级行业中排名分别为第 27、25、28 位；同期沪深 300 涨跌幅 为+0.59%。 行业观点： 请务必阅读文后重要声明及免责条款 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 [Table_Industry] [Table_Title] 邮箱：donglyn@ ...

执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 大模型迎来多模态及推理能力双提升 [Table_ReportDate] 2025 年 04 月 21 日 [Table_Author] 分析师：李时樟 TMT 行业周报（4 月第 3 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（4/14-4/18）涨跌 幅为：传媒（1.91%）、通信（0.53%）、电子（-0.64%）、计 算机（-0.84%）。板块内涨幅靠前的三级子行业分别为游戏Ⅲ （3.36%）、模拟芯片设计（3.08%）、面板（1.74%），跌幅 靠前的三级子行业分别为其他通信设备（-2.77%） ...

装备制造 [Table_ReportDate] 2025 年 4 月 21 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 [Table_S 市场行情回顾： ummary] 上周（4 月 14 日-4 月 18 日）机械设备、电力设备及汽车行业 指数涨跌幅分别为-0.73%、-0.37%及-0.79%，在 31 个申万一 级行业中排名分别为第 27、25、28 位；同期沪深 300 涨跌幅 为+0.59%。 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 3 月工程机械销量继续向好 [Table_ReportType]装备制造行业周报（4 月第 3 周） 行业观点： 请务必阅读文后重要声明及免责条款 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风 ...

Investment Rating - The report indicates a positive outlook for the consumer sector, suggesting a gradual improvement in the fundamentals of the industry in 2025 [2][4]. Core Insights - The consumer sector has shown a steady increase, with March retail sales growing by 5.9% year-on-year, exceeding market expectations. The growth is attributed to the effectiveness of the "old-for-new" policy, particularly in durable goods like home appliances and furniture, which saw significant year-on-year increases of 35.1% and 29.5% respectively [4][5]. - The report highlights the continuous introduction of consumption-boosting policies, with a focus on enhancing service quality and expanding consumption scenarios. The Ministry of Commerce and other departments have proposed 48 specific measures aimed at revitalizing traditional service sectors and exploring new consumption areas [4][5]. - The report emphasizes the importance of domestic demand in light of ongoing trade tensions, recommending attention to companies benefiting from national policy support and those in high-growth sectors [4][5]. Summary by Sections Market Weekly Review - The consumer sector experienced a broad increase, with textile and apparel, beauty care, food and beverage, retail, home appliances, and social services showing weekly gains of +1.57%, +0.43%, +0.24%, +0.24%, +0.18%, and +0.14% respectively [4][5]. - Notable stock performances included Anji Food (+50.00%), Haidar (+17.38%), and Guoguang Chain (+61.10%), while West China Animal Husbandry (-17.36%) and Xinguang Co. (-8.75%) faced declines [4][5]. Industry News and Key Company Announcements - The report discusses various industry news, including the introduction of new policies in Qingdao to support consumption and housing for families with multiple children, as well as the release of a strategic plan by Juewei Food focusing on AI-driven transformations in the retail chain industry [4][5]. - Key company announcements include significant revenue growth for companies like Encounter Small Noodles, which reported a compound annual growth rate of 66.2% from 2022 to 2024, and a notable increase in sales for home appliances in Inner Mongolia due to the "old-for-new" policy [4][5].

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Investment Rating - The report indicates a positive outlook for the consumer sector, suggesting a gradual improvement in the fundamentals of the industry in 2025 [2][4]. Core Viewpoints - The consumer sector has shown a steady recovery, with March retail sales increasing by 5.9% year-on-year, driven by effective policies such as the trade-in program [4]. - The report highlights the importance of government policies in boosting domestic consumption, especially in the context of ongoing trade tensions [4]. - The report emphasizes the potential for growth in various segments, including duty-free, emotional consumption, and tourism-related industries [4]. Summary by Sections Market Weekly Review - The consumer sector experienced an overall increase, with textile and apparel, beauty care, food and beverage, retail, home appliances, and social services showing weekly gains of +1.57%, +0.43%, +0.24%, +0.24%, +0.18%, and +0.14% respectively [4]. - Notable stock performances included Anji Food (+50.00%), Haidar (+17.38%), and Guoguang Chain (+61.10%) [4]. - March retail sales reached a total of 5.9% year-on-year growth, with significant contributions from essential consumer goods [4]. Industry News and Key Company Announcements - The Ministry of Commerce and other departments released a work plan focusing on enhancing service consumption, proposing 48 specific measures to improve service quality and stimulate consumption [4][15]. - Companies like Juewei Foods and Encounter Small Noodles are expanding rapidly, with Encounter Small Noodles achieving a compound annual growth rate of 66.2% from 2022 to 2024 [15][16]. - The report notes that the trade-in policy has significantly boosted sales in home appliances, with over 35.7 million units sold, generating sales of approximately 124.7 billion yuan [4][17].

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 减肥药 BD 有望加速 [Table_ReportDate] 2025 年 04 月 21 日 [Table_ReportType] 医药生物行业周报（4 月第 3 周） [Table_S 行业ummary 观点：] [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（4 月 14 日-4 月 18 日）医药生物收 跌-0.36%，反弹力度小于 Wind 全 A（0.39%）和沪深 300（0.59%），市场偏好避险板块。从板块来看，贸易 战中波及程度最小的化学制剂（0.62%）、中药（0.6%） 和线下药店（0.19%）小幅收涨，血液制品（-4.39%）、 其他生物制品（-1.78%）和疫苗（-1.49%）回调明显。 从个股来看，重组方向躁动明显，涨幅前三的 ...

[Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 宏观 [Table_ReportDate] 2025 年 04 月 14 日 公司具备证券投资咨询业务资格 证券研究报告 关税战短期利空出尽 [Table_ReportType] 宏观周报（4 月第 2 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 5) 风险提示：基本面恢复不及预期、贸易摩擦超预期升级。 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场放量下跌。全周市场围绕关税线索博弈。周一 至周二，在贸易摩擦升级预期下，流动性紧张拖累市场，国内 应对聚焦在维稳市场上，宽基成交放量，市场企稳。周三隔夜 美对中"对等 ...