装备制造 [Table_ReportDate] 2025 年 3 月 17 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 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 抢装潮下光伏行业排产上调 [Table_ReportType]装备制造行业周报（3 月第 2 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（ ...

[Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportDate] 2025 年 03 月 17 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] 关注英伟达 GTC 大会 TMT 行业周报（3 月第 2 周） [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业周涨跌幅为：传媒 （1.78%）、通信（0.60%）、电子（-0.62%）、计算机（-1.36%）， TMT 板块除传媒外跑输沪深 300（1.59%）。TMT 板块内涨幅 靠前的三级子行业分别为印制电路板（8.63%）、通信线缆 及配套（5.29%）、电视广播Ⅲ（4.26%），跌幅靠前的三级 ...

大消费 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn [Table_ReportDate] 2025 年 3 月 17 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 公司具备证券投资咨询业务资格 证券研究报告 呼和浩特育儿补贴政策率先落地 [Table_ReportType] 大消费行业周报（3 月第 2 周） [Table_Summary] 行业观点： 风险提示：行业复苏及出生率不及预期、宏观经济增长放缓等风 险。 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 本 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Offline pharmacies and pharmaceutical distribution significantly outperformed the index with increases of 10.38% and 4.91% respectively, while in vitro diagnostics (0.77%), raw materials (0.83%), and other biological products (0.89%) lagged behind [3][9] - The report highlights the ongoing "Weight Management Year" initiative launched by the National Health Commission, emphasizing the need for continuous efforts in managing obesity and related chronic diseases [3][12] - The introduction of a pricing guide for brain-computer interface services by the National Medical Insurance Administration aims to accelerate the clinical application of new technologies [3][12] Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Key performers included offline pharmacies (10.38%) and pharmaceutical distribution (4.91%), while in vitro diagnostics (0.77%) and raw materials (0.83%) underperformed [3][9] - Top gainers included Kingmed Diagnostics (42.43%), Sanyou Medical (34.47%), and Dongfang Ocean (25%), while the largest declines were seen in Shuangcheng Pharmaceutical (-16.56%), Haichuang Pharmaceutical-U (-12.21%), and Ailis (-11.09%) [3][10] Industry News and Key Company Announcements - The National Health Commission's initiative on weight management aims to address obesity and its associated health risks, with a focus on chronic disease prevention [3][12] - The National Medical Insurance Administration has established pricing for brain-computer interface services, facilitating the transition of innovative technologies to clinical use [3][12] - Roche announced a collaboration with Zealand Pharma to develop a long-acting insulin analog, with a total transaction value of $5.3 billion [3][12] - Clinical trials for various drugs, including those for obesity and hypertension, have shown promising results, indicating potential market opportunities [3][14][16][18]

[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 [Table_Title] 国家卫健委将持续推进体重管理 [Table_ReportDate] 2025 年 03 月 17 日 [Table_ReportType] 医药生物行业周报（3 月第 2 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度市场回顾。本周医药生物收涨 1.77%，跑赢 Wind 全 A（1.49%）和沪深 300（1.59%）。从板块来看，线 下药店（10.38%）、医药流通（4.91%）大幅跑赢指数， 体外诊断（0.77%）、原料药（0.83%）和其他生物制品 （0.89%）跑输指数。从个股来看，涨幅前三的个股为 金域医学（42.43%）、塞力医疗（34.47% ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors such as maternal and infant retail, milk powder, infant care, toys, children's clothing, and education due to supportive policies [4]. Core Views - The consumer sector has shown a positive trend with significant weekly gains across various sub-sectors, including beauty care (+8.18%), food and beverage (+6.19%), and textiles and apparel (+3.95%) [4]. - The implementation of a child-rearing subsidy policy in Hohhot is expected to encourage other local governments to follow suit, potentially boosting consumer spending in related sectors [4]. - A special action plan to stimulate consumption is set to be announced, with a focus on identifying bottom opportunities in the food and beverage sector, which is currently at a historical low valuation [4]. Summary by Sections Market Weekly Review - The consumer sector experienced an overall increase, with notable gains in beauty care, food and beverage, textiles and apparel, social services, retail, and home appliances [4]. - Key stocks that led the gains include Panda Dairy (+18.72%), Hengtai Lighting (+33.61%), and Mingpai Jewelry (+47.93) [4]. Industry News and Key Company Announcements - Hohhot's child-rearing subsidy policy includes a one-time payment of 10,000 yuan for the first child, 50,000 yuan for the second child, and 100,000 yuan for the third child, aimed at alleviating the financial burden of raising children [4]. - The upcoming announcement of a consumption stimulation plan by the National Development and Reform Commission is anticipated to provide further support to the food and beverage sector [4]. - The food and beverage sector is currently at a mid-to-long-term bottom, with a PE-TTM of approximately 21.6 times, close to historical lows [4].

宏观 [Table_ReportDate] 2025 年 03 月 10 日 [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 [Table_Title] [Table_Report] 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 政府工作报告定调积极 [Table_ReportType] 宏观周报（3 月第 1 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、关税超预期升级。 [Table_Industry] 2 [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：上周市场缩量上涨。政策方面，政府工作报告整体积 极，"出台实施政策要能早则早、宁早勿晚"，赤字率抬升至 4%的历史新高，消费、科技版块重要性凸显，财政货币政策均 有倾斜，基 ...

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 [Table_ReportDate] 2025 年 03 月 10 日 [Table_Author] 分析师：李时樟 TMT [Table_Title] 国内应用端迎来新催化 TMT 行业周报（3 月第 1 周） [Table_S 行业ummary 观点：] 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 板块内一级行业周涨跌幅为：计算机 （6.74%）、传媒（5.16%）、通信（2.81%）、电子（2.74%）。 受益于 Manus 发布，TMT 板块整体跑赢沪深 300（1.39%）。 TMT 板块内涨幅靠前的三级子行业分别为其他通信设备 （12.00%）、横向通用软件（10.94%）、安防设备（10.78% ...

大消费 [Table_ReportDate] 2025 年 3 月 10 日 [T分析师able_A：uthor 罗鹏 ] 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 政府工作报告聚焦新型消费与服务消费 [Table_ReportType] 大消费行业周报（3 月第 1 周） [Table_Summary] 行业观点： 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 请务必阅读文后重要声明及免责条款 风险提示：行业复苏及出生率不及预期、宏观经济增长放缓等。 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 风险。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [5] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.06%, underperforming compared to the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare sector experienced a significant rebound [10][11] - Key sectors that performed well include in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%). Conversely, offline pharmacies (-0.59%) and medical devices (-0.08%) saw declines [10][11] - The government work report emphasized strengthening basic medical and health services, implementing a health-first development strategy, and promoting the coordinated development of healthcare, medical insurance, and pharmaceuticals [12][14] - On March 8, Huawei announced the establishment of a healthcare division, aiming to integrate its expertise in 5G, cloud computing, and edge computing to develop AI-assisted diagnostic solutions [12][14] Weekly Market Review - The pharmaceutical and biotechnology sector increased by 1.06%, lagging behind the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare direction showed a notable rebound [10] - The top-performing sub-sectors included in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%), while offline pharmacies (-0.59%) and medical devices (-0.08%) were the worst performers [10][11] - The top three gaining stocks were Hotgen Biotech (38.63%), Berry Genomics (34.39%), and Anbiping (25.72%), while the top three losing stocks were Jiangsu Wuzhong (-14.34%), ST Sansheng (-9.83%), and Baile Tianheng-U (-9.44%) [12][14] Industry News and Key Company Announcements - The government work report highlighted the need to enhance basic medical services and improve the healthcare system, including reforms in public hospitals and drug procurement policies [12][14] - Huawei's new healthcare division aims to leverage its technological strengths to accelerate the development of medical AI models for clinical applications [12][14] - On March 8, Ausgen announced that the FDA accepted its new drug application for AUKONTALS, a treatment for amyotrophic lateral sclerosis, with a decision expected by October 23, 2025 [12][14] - CloudTop announced the successful administration of its mRNA personalized cancer vaccine EVM16 in a clinical trial, marking a significant milestone in its development [12][14]