2025 年 03 月 13 日 公司点评 买入/维持 华利集团(300979) 目标价: 昨收盘:64.61 24 年业绩快报点评：业绩符合预期，期待 Adidas 订单新增量 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/13 24/5/24 24/8/4 24/10/15 24/12/26 25/3/8 华利集团 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 11.67/11.67 | | --- | --- | | 总市值/流通(亿元) | 754/753.99 | | 12 个月内最高/最低价 | 85/55.31 | | (元) | | 相关研究报告 <<24Q3 财报点评：量增驱动稳健增 长，积极扩产、期待新客放量>>-- 2024-11-03 <<华利集团 24H1 财报点评：业绩表 现亮眼，订单饱满扩产提速>>-- 2024-08-26 <<华利集团 24Q1 财报点评：表现超 预期，看好全年弹性释放>>--2024- 04-28 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券分析师 ...

◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/12 24/5/23 24/8/3 24/10/14 24/12/25 25/3/7 2025 年 03 月 12 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250312)：禾赛科技与欧洲顶级主机厂达成多 年独家定点合作 相关研究报告 <<太平洋电子日报(20250311)：阿里 通义与 Manus 达成战略合作>>-- 2025-03-12 <<太平洋电子日报(20250310): 智 元启元大模型发布，台积电 2 月营收 同比增 43%>>--2025-03-10 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 今日市场行情速览：上证指数（-0.23%）；深证综指（+0.13%）；创业板综 （+0.02%）；科创 50（-0.73%）；沪深 300（-0.36%） E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com ...

Group 1: Bond Market - The bond market has stabilized and rebounded as expected, with all maturities of interest rate bonds rising, particularly the long end outperforming the short end. The market has fully priced in the interest rate cut expectations, and the 10-year government bond futures have stabilized after reaching a technical support level [3][16][18] - The 1-year government bond yield has fully priced in the expected interest rate cut for this year, and the yield curve is currently flat, indicating a lower probability of making significant bets [18][16] Group 2: Stock Market - The A-share market has shown a mixed performance, with sectors that performed well yesterday declining today, indicating a fragmented market. The small-cap index has performed well, while the tech and North Star indices have lagged [4][21] - The technology sector's long-term bull market remains intact, but short-term trading is crowded, leading to potential volatility. Investors are advised to take profits and focus on low-position stocks in consumer, medical, and dividend sectors [4][21][22] Group 3: US Stock Market - The US stock market indices have continued to decline, with the Dow Jones index experiencing a significant drop. The market is expected to undergo a monthly-level adjustment, with investors advised to wait for long-term buying opportunities [4][23] - Recent economic data from the US has underperformed expectations, leading to rising inflation expectations and signs of stagflation. The market's perception of the "Trump Put" has shifted towards a "Trump Recession" narrative [23][26] Group 4: Foreign Exchange Market - The onshore RMB against the USD was reported at 7.2425, up 147 basis points from the previous close. The market is betting on a European recovery narrative, leading to a significant depreciation of the USD index [5][29] - The CNY/USD has strong support around 7.1, and it is expected to remain stable in the range of 7.1-7.4 in the short term. However, there is potential for depreciation due to ongoing trade war pressures [29][5] Group 5: Commodity Market - The Wenhua Commodity Index has slightly declined by 0.04%, with the non-ferrous sector leading gains. However, the overall market is expected to experience downward risks after a short-term fluctuation, and a cautious approach is recommended [5][32]

2025 年 03 月 12 日 行业日报 中性/维持 房地产 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 房地产 太平洋房地产日报（20250312）：南京拟允许房票跨区安置 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250311）：成 都土拍地价创新高）>>--2025-03-11 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 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 12 ...

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% year-on-year [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a significant increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance - The total market capitalization of BOSS Zhipin is 60.814 billion HKD, with a total share capital of 900 million shares [3]. - The company maintained a low marketing expense ratio of 28.18%, with Q4 marketing expenses decreasing by 1.64% year-on-year to 426 million yuan [4]. - Research and development expenses increased to 1.816 billion yuan, a 17.6% year-on-year growth, supporting technological innovation and product iteration [4]. Future Projections - For Q1 2025, BOSS Zhipin expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - The company forecasts revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 19%, 17%, and 16% [8][9]. - The projected net profit for the same years is 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

2025 年 03 月 11 日 行业深度研究 看好/维持 医药 医药 国产软镜破局提速，天地广阔龙头大有可为 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 无评级 | | 其他医药医疗 | 无评级 | 相关研究报告 <<开立医疗（300633.SZ）：行业招标 数据改善，看好设备更新落地助力公 司业绩增长>>--2025-11-01 <<澳华内镜（688212.SH）：营收增速 短期承压，看好设备更新陆续落地后 公司业绩释放>>--2024-10-31 <<太平洋证券医药行业周报：医疗设 备招投标大幅改善，看好国产设备公 司投资机会>>--2025-01-12 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：17717408201 E-MAIL：l ...

2025 年 03 月 11 日 行业日报 中性/维持 房地产 太平洋房地产日报（20250311）：成都土拍地价创新高 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 房地产 推荐公司及评级 相关研究报告 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 <<从中央经济工作会议看 2025 房地 产行业>>--2025-01-23 证券分析师：徐超 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 报告摘要 市场行情： 2025 年 3 月 11 日，今日权益市场大部分板块上涨，上证综指和 深证成指分别上涨 0 ...

2025 年 03 月 11 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250311)：阿里通义与 Manus 达成战略合作 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <<太平洋电子日报(20250310): 智 元启元大模型发布，台积电 2 月营收 同比增 43%>>--2025-03-10 << 太 平 洋 电 子 周 报 20250301- 20250309：我国加快发展端侧大模 型，AI 板块催化不断持续热度不 减>>--2025-03-10 <<太平洋电子日报(20250307) ：AI 板块热度不断>>--2025-03-07 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyz ...

2025 年 03 月 11 日 投资策略 策略日报(2025.03.11) 大类资产跟踪 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 分析师登记编号：S1190123050005 债券市场：各期限利率债普跌，长端跌幅大于短端。基本面上债市已 完全计入降息预期，技术面日线破位后在半年线附近创出新低，如果有标 志性 K 线出现后企稳，多头可在控制风险的同时可尝试进行建仓。 股票市场：两市缩量上涨，吃肉喝酒板块带领指数走强。从技术上来 看，科技板块的长线牛市并未结束，但短期内交易较为拥挤，容易呈现出 暴涨暴跌的走势，投资者可适当获利了结，关注红利、消费、医疗等低位 股。 美股：三大股指全线大幅下跌，且跌破年线，中期调整未结束，维 持美股月度级别调整的判断。美国滞胀若隐若现，"美国例外论"受到市 场质疑，市场从 Trump Put 交易转向 Trump Recession。市场恐慌加剧， 但长期美股牛市基本面不改，投资者应静待美股的长期买点出现。 外汇市场：在岸人民币兑美元北京时 ...

2025 年 03 月 11 日 行业周报 看好/维持 医药 太平洋医药日报（20250311）：Mineralys 在研疗法 lorundrostat 三期临床成功 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 11 日，医药板块涨跌幅-0.13%，跑输沪深 300 指数 0.45pct，涨跌幅居申万 31 个子行业第 29 名。各医药子行业中，血液制 品(+0.71%)、疫苗(+0.33%)、其他生物制品（+0.02%）表现居前，医疗设 备（-0.77%)、体外诊断(-0.75%)、医疗研发外包（-0.66%)表现居后。个 股方面，日涨幅榜前 3 位分别为赛力医疗(+10.02%)、海思科(+6.99%)、 博瑞医药(+6.73%)；跌幅 ...