Investment Rating - The industry is rated positively, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [85]. Core Insights - The foldable screen is identified as the next frontier for smartphones, with significant growth potential in the Chinese market, projected to maintain a 19.8% CAGR over the next five years [2][26]. - The foldable smartphone supply chain is maturing, with key components like flexible OLED displays and hinges seeing substantial increases in BOM (Bill of Materials) costs, with foldable devices costing nearly 70% more than non-foldable counterparts [2][39]. - Major Chinese manufacturers, particularly Huawei, are leading the foldable smartphone market, with Huawei surpassing Samsung in global shipments for the first time in Q1 2024 [30][28]. Summary by Sections 1. Foldable Screens: The Next Frontier for Smartphones - The smartphone market is entering a phase of structural innovation, with foldable screens becoming a focal point for hardware advancements [6][8]. - The high-end smartphone market is expanding, with foldable devices contributing to this growth as they offer unique user experiences [21][19]. - China is projected to maintain a dominant position in the foldable smartphone market, capturing around 40% of the global share [26][23]. 2. Maturing Supply Chain for Foldable Smartphones - The BOM for foldable smartphones has significantly increased, with key components like display modules and mechanical structures seeing over 50% value increases [39][2]. - Flexible OLED materials are essential for foldable devices, with the market for UTG (Ultra-Thin Glass) and CPI (Colorless Polyimide) solutions rapidly expanding [45][50]. - The hinge market for foldable devices is expected to exceed 7.8 billion yuan by 2024, with a CAGR of 24.71% from 2023 to 2028 [61][58]. 3. Key Companies - **Pegatron Holdings**: Positioned to benefit from the PCB industry upgrade, with a diverse product line including FPC and HDI [74]. - **Luxshare Precision**: Deeply integrated with major consumer electronics clients, poised to benefit from a wave of device upgrades driven by AI [78]. - **Changying Precision**: A leading manufacturer of precision components, expected to accelerate hinge adoption in the consumer electronics sector [83].

Group 1 - The report indicates a weakening liquidity in the market, with a total A-share trading volume of 6.3 trillion yuan, a decrease from the previous week, and a turnover rate of 7.5%, also down from the previous week. The net outflow of funds amounted to 43.91 billion yuan [9][10] - The IPO financing scale was 28.12 billion yuan, while the refinancing scale reached 64.8 billion yuan, indicating a decline in market activity [9][10] - The report highlights that the net withdrawal of funds from the open market was 1429 billion yuan, with the DR007 and R007 rates rising, leading to an expansion of the interest rate spread between them [12][14] Group 2 - The report notes a decrease in the issuance scale of equity funds, which was 138.91 billion yuan, down from the previous week [24] - The report identifies the top five sectors where equity funds increased their positions: pharmaceuticals, food and beverage, household appliances, non-bank financials, and banks, while the sectors with the largest reductions were computers, machinery, communications, electronics, and defense [25][26] - The report states that the net outflow of margin financing was 149.65 billion yuan, with the trading volume of margin financing accounting for 8.62% of the total A-share trading volume [29] Group 3 - The report indicates that the total amount of restricted shares released was 465.38 billion yuan, with the electronics, machinery, and automotive sectors having the largest release scales [42] - The report mentions that the market expects an 80% probability that the Federal Reserve will not cut interest rates in May [20][19] - The report highlights that the interest rate spread between 10-year and 1-year government bonds has widened, reflecting changes in market conditions [12][17]

2025 年 03 月 31 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250331）：全国首单"商改保"REITs 在上 交所上市 走势比较 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 推荐公司及评级 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告摘要 市场行情： 2025 年 3 月 31 日，今日权益市场大部分板块下跌，上证综指和 深证成指分别下跌 0.46%和 0.97%，沪深 300 和中证 500 分别下跌 0.71%和 0.98%，申万房地产指数下跌 1.80%。 个股表现： 相关研究报告 <<太平洋房地产日报（20250328）：杭 州挂牌出让 4 宗地块，成交楼面价纪 录再次被刷新>>--2025-03-28 <<太平洋房地产日报（20250327 ...

2025 年 03 月 31 日 投资策略 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 估值与盈利周观察——3 月第 4 期：市场估值普跌，红利领涨 市场普跌，红利占优。上周宽基指数估值普跌，红利表现最优，微盘 股指数表现最弱。整体看，市场估值普跌，当前各宽基指数估值处于一年 来偏高分位。从 PE、PB 偏离度的角度看，消费板块估值普遍较为便宜。 向前看，本周市场 ERP 小幅上升，处于一倍标准差附近。 市场表现：红利、消费、沪深 300 表现最好；微盘股、国证 2000、 成长表现最弱。 行业表现：医药生物、食品饮料、农林牧渔涨幅前三，计算机、国防 军工、通信表现最弱。 相对估值：创业板指/沪深 300 相对 PE 上升，创业板值/沪深 300 相 对 PB 下降。 全 A ERP：ERP 小幅上升，处于一倍标准差附近。 一级行业估值：各行业估值处于近一年偏高分位，非银金融、煤炭、 公用事业、交通运输、农林牧渔估值处于近一年低位 ...

Investment Rating - The report indicates a positive outlook for the refrigerant sector, suggesting to focus on companies such as Juhua Co., Sanmei Co., and Yonghe Co. [5] Core Insights - The bromine price has significantly increased due to tight supply, with the market average price reaching 29,000 RMB/ton, a rise of 5,500 RMB/ton or 23.40% compared to the previous week [3] - The refrigerant market is entering a demand peak, with prices for major refrigerants like R22, R32, R134a, and R125 continuing to rise due to increased air conditioning export orders and domestic consumption incentives [4][28] - The report highlights the stable growth in demand for UHMWPE fibers in military applications and potential growth in technology sectors, recommending attention to Tongyi Zhong [5] Price Tracking of Key Chemical Products - Bromine inventory remains low, with imports in January-February 2025 down by 32.23% year-on-year [3] - The average price of R22 is 36,000 RMB/ton, up by 250 RMB/ton from last week, while R32 has increased by 1,500 RMB/ton to 47,000 RMB/ton [4][28] - MDI prices have decreased, with the average price for polymer MDI at 16,050 RMB/ton, down by 550 RMB/ton [16] Agricultural Chemicals - Phosphate and urea prices have seen slight increases, with urea priced at 1,940 RMB/ton, up by 4.36% from last week [23] - Glyphosate prices remain stable at 23,009 RMB/ton, with a negative profit margin of -956.64 RMB/ton [18] Fluorochemical Sector - The fluorochemical industry is experiencing price increases for refrigerants, with R134a at 46,000 RMB/ton, reflecting a significant rise in demand [26][28] - The prices of upstream materials like fluorite and hydrofluoric acid have also increased, supporting the price rise in refrigerants [26]

宏观 证券研究报告 |点评报告 2025/3/31 3月PMI数据点评—— 经济回升势头进一步明确 徐超 S1190521050001 证券分析师： 分析师登记编号： 万琦 S1190524070001 证券分析师： 分析师登记编号： 目录 1、经济进一步回归常态化运行，制造业PMI延续回升态势 2、服务及建筑业共同支撑，非制造业持续扩张 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 图表1：PMI数据主要分项 | ➢ | | | 中国3月非制造业PMI50.8，前值50.4。 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 图表1：PMI数据主要分项 | | | | | | | | | | | | | | | 项 目 | 较前值 | 2025/3 | 2025/2 | 2025/1 | 2024/12 | 2024/11 | 2024/10 | 2024/9 | 2024/8 | 2024/7 | 2024 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) with a target price based on the last closing price of 76.87 [1] Core Insights - Midea Group achieved a total revenue of 409.08 billion yuan in 2024, representing a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.29% year-on-year [4][10] - The company reported a strong performance in Q4 2024, with total revenue of 88.73 billion yuan, a 9.10% increase year-on-year, and a net profit of 6.84 billion yuan, reflecting a 13.92% year-on-year growth [4][10] - Midea Group's dividend distribution plan includes a total payout of 26.71 billion yuan, with a dividend ratio of 69.3% [7] Revenue Breakdown - In 2024, Midea Group's revenue from the ToB business exceeded 100 billion yuan, with the smart home segment generating 269.53 billion yuan, a 9.41% increase year-on-year [5] - The COLMO and Toshiba high-end brands saw retail sales growth of 45% year-on-year, with COLMO's market share in the high-end segment significantly increasing [5] - The company's online and offline revenue reached 85.62 billion yuan and 321.53 billion yuan respectively, with year-on-year growth of 10.72% and 9.10% [6] Profitability Metrics - Midea Group's gross margin for Q4 2024 was 25.20%, a decrease of 3.62 percentage points year-on-year, while the annual gross margin for manufacturing was 28.24%, an increase of 0.75 percentage points [6] - The net profit margin for Q4 2024 improved to 7.49%, up 0.75 percentage points year-on-year, indicating overall cost optimization [6] Future Projections - The report forecasts Midea Group's net profit attributable to shareholders for 2025, 2026, and 2027 to be 42.90 billion yuan, 46.96 billion yuan, and 50.45 billion yuan respectively, with corresponding EPS of 5.60 yuan, 6.13 yuan, and 6.59 yuan [10] - The expected PE ratios for the same years are projected to be 13.73, 12.54, and 11.67 [10] Strategic Initiatives - Midea Group is focusing on technological advancements, with over 11,000 new patents granted in 2024 and participation in the formulation of 230 technical standards [9] - The company is expanding its global presence through the successful listing of H shares and establishing a comprehensive sales network in multiple overseas markets [9]

Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8] Core Views - The company's total revenue for 2024 reached 77.51 billion, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion, an increase of 1.41% year-on-year [4][8] - The hotel operation segment showed a revenue of 50.67 billion, down 5.01% year-on-year, while hotel management revenue increased by 11.6% to 21.68 billion [5][8] - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by the end of the year, with a focus on expanding mid-to-high-end hotel offerings [5][6] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 18.62 billion, down 1.05% year-on-year, and a net profit of 831 million, down 24.71% year-on-year [4][5] - The overall RevPAR for all hotels was 134 yuan, a decrease of 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6][8] - The gross margin improved slightly to 38.36%, and the net margin increased to 10.58% [6][8] Growth and Expansion - The company plans to continue upgrading existing hotels and expanding its membership program, with a total membership of 197 million, a growth of 30.8% year-on-year [7][8] - The company aims to achieve net profits of 933 million, 1.088 billion, and 1.249 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9] Market Outlook - The report is optimistic about the hotel industry's recovery driven by policy stimulus, projecting a relative increase in stock price compared to the CSI 300 index [8][12]

Investment Rating - The report maintains a "Buy" rating for the company Jin Hong Gas (688106) [1] Core Views - The company's performance is under short-term pressure, but the on-site gas production business is experiencing rapid growth [1][9] - The company reported a revenue of 2.525 billion yuan for 2024, a year-on-year increase of 4.03%, and a net profit attributable to shareholders of 201 million yuan, a year-on-year decline of 36.12% [4][5] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (before tax) [4] Revenue and Profit Analysis - The revenue breakdown for 2024 includes: - Bulk gases: 973 million yuan - Specialty gases: 963 million yuan - On-site gas production: 278 million yuan - Rental income: 213 million yuan - Clean coal gas: 0.39 million yuan [5] - The gross profit for these segments was: - Bulk gases: 304 million yuan - Specialty gases: 267 million yuan - On-site gas production: 173 million yuan - Rental income: 39 million yuan [5] - The average price of specialty gases dropped from 5.71 yuan/kg in 2023 to 3.68 yuan/kg in 2024, with the gross margin decreasing from 40.36% to 27.69% [5] Future Projections - The company has secured substantial orders in electronic bulk gas and on-site gas production, with total contract amounts reaching 8.8 billion yuan, of which 8.58 billion yuan is pending fulfillment [6] - The projected net profits for 2025, 2026, and 2027 are estimated at 280 million yuan, 370 million yuan, and 419 million yuan respectively, corresponding to PE ratios of 32, 24, and 21 times [6][7] Financial Metrics - The company’s financial metrics for 2024 and projections for 2025-2027 include: - Revenue growth rates: 4.03% for 2024, 14.99% for 2025, 10.30% for 2026, and 7.78% for 2027 [7] - Net profit growth rates: -36.12% for 2024, 39.07% for 2025, 32.12% for 2026, and 13.25% for 2027 [7] - Diluted earnings per share (EPS) are projected to be 0.42 yuan for 2024, increasing to 0.87 yuan by 2027 [7]

Investment Rating - The report does not explicitly provide an investment rating for the media and internet industry Core Insights - The recent release of OpenAI's GPT-4o image generation model and the significant update to the Agents SDK supporting the MCP protocol indicate that overseas companies are focusing not only on enhancing the performance of foundational models but also on integrating these models deeply with application scenarios. This is exemplified by GPT-4o's potential to assist in creative implementations in design and advertising, while the MCP protocol is expected to reduce the development difficulty and integration costs for agents. In contrast, domestic companies are primarily concentrating on leveraging the engineering optimization benefits of reinforcement learning to continue advancing the performance of large models [3] Summary by Sections Industry Performance Data - The domestic gaming market's actual sales revenue reached 27.935 billion yuan in February 2025, marking a year-on-year growth of 12.30% [13] - The top three mobile games in the iOS sales ranking as of March 29, 2025, were "Love and Deep Space," "Honor of Kings," and "Dungeon and Fighter: Origin" [13] AI Sector - In February 2025, the global AI product web traffic rankings were led by ChatGPT with 4.04 billion visits, followed by New Bing with 1.41 billion visits, and DeepSeek with 571 million visits [22] - In the domestic market, DeepSeek led with 571.4 million visits, followed by Nano AI Search with 307.1 million visits, and Qwen with 58.8 million visits [24] Film Industry - As of March 29, 2025, the total box office for domestic films reached 24.257 billion yuan, with a single-day box office of 6.9 million yuan [25] - The top three films on March 29, 2025, were "Nezha: The Devil's Child," "Violence: Infinite Kill," and "Anger Water West Flow" [26] Television Ratings - On March 27, 2025, the top-rated dramas in the CSM 71 provincial satellite TV golden theater were "Heart Club," "Like Brocade," and "Northbound" [28] Variety Shows - As of March 28, 2025, the top three variety shows by broadcast index were "Ride the Wind 2025," "The Cat in the Box Season 2," and "Wife's Romantic Travel 2025" [32] Advertising Market - In the first seven months of 2023, advertising spending increased by 5.4% year-on-year, with July showing an 8.7% increase compared to the same month last year [38]