2025 年 03 月 16 日 投资策略 行胜于言 核心观点：国内正着手对长期痛点进行政策解决，而美国正在经历 "排毒"期和贸易不确定性的困扰。无论长期的结果究竟如何，请暂时对 东升西落的叙事多点信心，盘面已经做出积极反应，技术面风险可控，大 市值绩优股胜率和赔率更佳。 国内：经济长期痛点的政策推进+降准降息的宽松预期=东升预期的 强化 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券研究助理：徐梓铭 E-MAIL：xuzm@tpyzq.com 一般证券从业编号：S1190123050005 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 政策对长期痛点的着手解决：1）人口：《政府工作报告》首次提出发 放育儿补贴，呼和浩特补贴力度空前的示范效应——市场未来可想象的空 间大，力度足。2）消费：《政府工作报告》第一大任务——大力提振消费、 提高投资效益，全方位扩大国内需求。3 月 14 日最高法和国家金融监管 总局分别从法律和金融两方面对消费落地政策支持，市场反应积极。3 月 1 ...

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Forward" investment rating [1]. Core Insights - The implementation of fertility subsidy policies is expected to stimulate demand in the maternal and infant market, presenting investment opportunities in children's clothing and personal care sectors [4]. - The textile and apparel sector is entering a recovery phase driven by policy incentives and improved consumer confidence, with a better macroeconomic environment compared to 2024 [5]. - The report suggests that the market's concerns regarding tariff impacts on manufacturing are overestimated, as companies have adapted to previous tariff changes [5]. Summary by Sections Market Review - The Shanghai Composite Index increased by 1.39%, while the textile and apparel sector rose by 3.95%, outperforming the index by 2.55 percentage points [6][15]. - The beauty and personal care sector saw the highest increase at 8.18%, indicating strong market performance [6][15]. Industry Data Tracking - Retail data shows a total retail sales figure of 45,171 billion yuan in December, with a year-on-year growth of 3.7% [21]. - The Cotlook A index for cotton rose by 4.4% to 13,922, while the China cotton price index increased by 0.5% to 14,904 [26]. Company Dynamics - 361 Degrees reported a 19.6% year-on-year revenue increase to 10.07 billion yuan, with a net profit increase of 19.5% to 1.15 billion yuan [3]. - Yuyuan Group's FY24 revenue grew by 3.7% to 8.18 billion USD, with a net profit increase of 42.8% to 390 million USD [3]. - Huali Group's revenue increased by 19.35% to 24 billion yuan, with a net profit growth of 20% to 3.84 billion yuan [3]. Investment Recommendations - The report recommends focusing on high-quality companies in the textile and apparel sector, such as Anta Sports and 361 Degrees, as well as companies with strong dividend yields and favorable policy impacts [11].

相关研究报告 2025 年 03 月 17 日 行业周报 看好/维持 农林牧渔 农林牧渔 周报（第 11 期）：粮价上涨&猪鸡奶价低迷，养殖关注产能去化 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 ◼ 推荐公司及评级 | 登海种业 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | <<农业周报（第 10 期）：农产品贸易 加征关税，粮价有望继续上涨>>-- 2025-03-10 <<周报（第 9 期）：养殖产能去化，估 值底部，长期投资机会显现>>-- 2025-03-03 <<美国奶牛感染禽流感事件梳理及 对食品安全的影响>>--2025-02-17 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 报告摘要 一、市场回顾 农业板块行情表现优于大市，其中渔业和动保子行业涨幅领先。1、 上周，申万农业指数上涨 2.84%，同期，上证综指上涨 1 ...

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [49]. Core Viewpoints - The humanoid robot industry is experiencing continuous catalysts, with significant advancements in technology and increasing policy support, indicating potential investment opportunities within the supply chain [4][13]. - Recent developments include Elon Musk's announcement regarding the "Starship" carrying the "Optimus" humanoid robot to Mars, and the launch of the GO-1 model by Zhiyuan, which enhances robots' learning capabilities [4][13]. - The report emphasizes the importance of focusing on investment opportunities within the humanoid robot supply chain as technology is expected to rapidly iterate and progress towards mass production [4][13]. Summary by Sections Industry Opinion and Investment Suggestions - The humanoid robot sector is highlighted as a key area for investment, with various companies making significant technological advancements and receiving government support [4][13]. Industry Key News - The report notes a decline in the tower crane rental industry's utilization rates and rental price index due to seasonal factors, indicating a challenging environment for the engineering machinery sector [14]. - The report also mentions the successful launch of the SQS250 truck-mounted crane by XCMG, which is expected to contribute to infrastructure development along the "Belt and Road" initiative [15][17]. Key Company Announcements - The report details the financial performance of several companies, including Guozhi Technology, which reported a revenue increase of 43.82% year-on-year, and Wantong Hydraulic, which saw a decline in revenue but an increase in net profit [32]. - Strategic partnerships are being formed, such as the collaboration between Wuzhou Xinchun and Hangzhou Xinjian to enhance product offerings in the AI hardware sector [33]. Market Performance Review - During the period from March 10 to March 14, the CSI 300 index rose by 1.6%, while the machinery sector saw a modest increase of 0.1%, ranking 28th among all primary industries [39].

食品饮料 2025 年 03 月 16 日 行业周报 看好/维持 食品饮料 消费政策预期提振，关注估值修复机会 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 子行业评级 | 酒类 | 无评级 | | --- | --- | | 饮料 | 无评级 | | 食品 | 无评级 | |  推荐公司及评级 | | | 泸州老窖 | 买入 | | 山西汾酒 | 买入 | | 今世缘 | 买入 | | 迎驾贡酒 | 买入 | | 卫龙美味 | 买入 | | 东鹏饮料 | 买入 | | 甘源食品 | 买入 | | 立高食品 | 买入 | 相关研究报告 <<东鹏饮料：全年圆满收官，来年高 增可期>>--2025-03-10 <<蜜雪冰城：供应链壁垒与下沉红利 双轮驱动，全球化打开长期空间>>-- 2025-03-04 <<莲花控股：利润表现亮眼，调味品 主业份额持续提升>>--2025-01-27 证券分析师：郭梦婕 E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 ...

普洛药业(000739) 昨收盘:15.28 医药生物 原料药制剂一体化布局加速，CDMO 有望迎来新通胀时代 走势比较 (20%) (8%) 4% 16% 28% 40% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 股票数据 2025 年 03 月 17 日 公司深度研究 买入/维持 | 总股本/流通(亿股) | 11.69/11.69 | | --- | --- | | 总市值/流通(亿元) | 178.67/178.61 | | 12 个月内最高/最低价 | 18.96/12.23 | | (元) | | 相关研究报告 <<普洛药业（000739）2021 年一季报 点评：Q1 业绩超预期，产能建设进入 提速期>>--2021-04-20 <<普洛药业（000739）2020 年年报点 评：全年业绩略预期，CDMO 业务进入 加速期>>--2021-03-12 <<普洛药业（000739）2020 年三季报 点评：Q3 业绩符合预期，公司业务结 构改善明显>>--2020-10-22 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com ...

2025 年 03 月 15 日 公司点评 增持/维持 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 ■ 事件 粤高速 A(000429) 目标价: 昨收盘:13.29 粤高速 A，2024 年报点评，业绩承压，迎来管养费政策曙光 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 24/3/14 24/5/26 24/8/7 24/10/19 24/12/31 25/3/14 粤高速A 沪深300 ◼ 股票数据 总股本/流通(亿股) 20.91/13.03 总市值/流通(亿元) 277.87/173.21 12 个月内最高/最低价 (元) 14.98/9.46 相关研究报告 <<粤高速 22 年点评，公路扩建继续， 分红承诺继续>>--2023-04-10 证券分析师：程志峰 近日，粤高速 A 披露 2024 年报。本报告期，实现营业总收入 45.7 亿，同比减-6.34%；归母净利 15.62 亿，同比减-4.39%；扣非的归母 净利 16.45 亿，同比减-3.55%；基本每股收益 0.75 元，加权 RO ...

2025 年 03 月 16 日 公司点评 增持/维持 共同药业(300966) 昨收盘:19.66 股票回购彰显长期发展信心，产能投放有望驱动收入快速增长 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/3/15 24/5/26 24/8/6 24/10/17 24/12/28 25/3/10 股票数据 | 总股本/流通(亿股) | 1.15/0.77 | | --- | --- | | 总市值/流通(亿元) | 22.66/15.07 | | 12 个月内最高/最低价 | 23.8/13.43 | | (元) | | 相关研究报告 <>--2025-01-19 <>--2024-10-25 <>-- 2024-08-29 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 2 月 25 日，公司发布股票回购预案，公司拟以集中竞价交易 方式回购股份，回购金额在 2,000 万元到 3,000 ...

2025-03-16 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.03.10-2025.03.16)：中伊俄举行"安全纽带-2025"联合演习 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 报告摘要 本周要闻： 中伊俄举行"安全纽带-2025"联合演习 3 月 11 日，随着参加中伊俄"安全纽带-2025"联合演习的舰艇 靠泊伊朗恰巴哈尔港，此次联演海上演习阶段圆满结束。此次联演以 "共创和平与安全"为主题，于 3 月 9 日拉开帷幕，分为集结准备、 海上演习、港岸总结三个阶段举行，旨在深化各参演国家军队之间的 ...

传媒互联网 行 za[Table_Message 2025-]03-16 行业深度 看好/维持 [ 传媒互联网 Table_Title] 从中美流媒体行业差异看奈飞：全球化和商业化深耕驱动增长 ◼ 走势比较 0 5,000 10,000 15,000 20,000 2024-03-15 2024-09-15 2025-03-15 奈飞 爱奇艺 标普500 ◼ 子行业评级 影视 看好 ◼ 相关研究报告 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 一年该股与沪深 300 走势比较 [Table_Summary] 报告摘要 ➢ 内容、用户、全球化是中美流媒体行业的差异所在 中美长视频流媒体龙头爱奇艺和奈飞的营收差距为 10 倍，利润差距为 80 倍，市值则相差 180 倍。我们认为，流媒体的"南橘北枳"反映的 是中美两国行业层面的差异。具体来看：1）内容：美国影视行业由于 创作题材自由度较高，且长期积累的工业化制作体系成熟，因此 ...