Investment Rating - The industry investment rating is Neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [12] Core Insights - The report highlights that the real estate sector is experiencing mixed performance, with the Shanghai Composite Index and Shenzhen Composite Index showing slight increases, while the Shenwan Real Estate Index has decreased by 0.39% [4] - Recent land transactions in Hangzhou indicate active market engagement, with two residential plots sold for a total of 2.375 billion, reflecting competitive bidding [6] Market Performance - On March 18, 2025, the real estate sector saw significant individual stock movements, with the top five gainers being Yuehongyuan A, Yunnan Chengtou, Guangming Real Estate, China Merchants Shekou, and Hefei Urban Construction, with gains of 9.95%, 4.30%, 3.07%, 2.31%, and 2.07% respectively [5] - Conversely, the top five decliners included Waigaoqiao, Rongfeng Holdings, I Love My Home, Nanshan Holdings, and Zhujiang Shares, with declines of -3.05%, -2.30%, -2.29%, -2.07%, and -1.95% respectively [5] Sub-industry Ratings - The report does not provide specific ratings for real estate development and real estate services, indicating a lack of consensus or clear direction in these sub-sectors [3] Recent News - The report notes a policy adjustment in Henan Province, increasing housing provident fund loan limits by 20%, which may stimulate demand in the housing market [7] - Additionally, Xiamen Anju Group announced a public bond issuance plan, aiming to raise up to 1.3 billion yuan, which reflects ongoing financing activities within the sector [10]

Investment Rating - The industry investment rating is "Positive," with expectations that the overall return of the industry will exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - Google is collaborating with MediaTek to develop the next-generation Tensor Processing Unit (TPU), which is expected to begin production at TSMC next year [8]. - The electronic sector shows varied performance, with brand consumer electronics up by 0.90% and passive components down by 0.13% [4]. - Notable stock performances include Fuhang Micro up by 14.70%, and Jingsheng Electronics down by 11.45% [4]. Summary by Relevant Sections Sub-industry Ratings - The report includes ratings for various sub-industries within the electronic sector, indicating a diverse performance landscape [3]. Recommended Companies and Ratings - Specific companies are highlighted with ratings, suggesting potential investment opportunities [3]. Market Overview - The Shanghai Composite Index increased by 0.11%, while the Shenzhen Composite Index rose by 0.49%, indicating a generally positive market sentiment [4]. Company Announcements - Aohong Electronics reported a revenue of 1.29 billion yuan, a 19.45% increase year-on-year, and a net profit of 141.5 million yuan, up 6.45% [5]. - Bawei Storage plans to raise up to 1.9 billion yuan for expansion projects [5]. - Copper Peak Electronics achieved a revenue of 1.29 billion yuan, growing 18.91% year-on-year [6]. Industry Trends - The report notes a growing market penetration and revenue increase for companies involved in emerging applications such as automotive electronics and renewable energy [5][6].

2025 年 03 月 18 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 126 期 20250310-20250316）：重视供给端的变 化：钴、铁锂、BC 等 ◼ 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 电力设备及新能源 ◼ 推荐公司及评级 相关研究报告 <<新能源周报（第 125 期 20250303- 20250309）：重视未来产业，AI+是核 心>>--2025-03-11 <<【太平洋新能源】新能源周报（第 124 期 20250224-20250302）：锂电、 光伏短期景气度向好>>--2025-03- 04 <<新能源周报（第 123 期 20250217- 20250223）：把握智能化、新技术带来 的变革性机会>>--2025-02-24 证券分析师：刘强 电话： 从锂电、光伏等主产业链看，目前价格都处于大底部，也表明目前需 求处于中周期低谷；我们在这个阶段更要供给端的变化，目前钴供给 的突然减少、高端铁锂的优化、BC 的突破等是 ...

Investment Rating - The report gives a "Buy" rating for the company, YouRan Agriculture [5]. Core Views - The report highlights that the raw milk industry is experiencing a cyclical downturn, but a reversal is expected soon due to supply adjustments and increasing demand [4][5]. - YouRan Agriculture is positioned as the leading raw milk supplier in China, benefiting from economies of scale and strong customer relationships, particularly with Yili Group [4][5]. Summary by Sections 1. Characteristics of the Raw Milk Industry - The raw milk industry is characterized by strong cyclicality, typically experiencing price fluctuations every five years, influenced by rigid supply and steadily increasing demand [3]. - Supply rigidity is due to the biological asset characteristics of dairy cows, which require at least 24 months from breeding to milk production, and the geographical concentration of production [3][4]. - High capital barriers exist for new entrants, with significant investment required to establish dairy farms, and strong quality requirements from large dairy enterprises [3][4]. 2. YouRan Agriculture Overview - YouRan Agriculture is the largest raw milk supplier in China, managing nearly 600,000 dairy cows across 96 farms, accounting for 9.7% of the national raw milk output [4]. - The company has a comprehensive supply chain covering breeding, feed, and milk production, achieving a milk yield of 12.6 tons per cow [4]. - The company has a strong customer base, with Yili Group being both the largest shareholder and customer, purchasing 12.45 billion yuan worth of raw milk in 2023, with prices approximately 20% higher than the market average [4]. 3. Raw Milk Price Cycle Characteristics - The current raw milk price cycle has been declining for 42 months since its peak in mid-2021, leading to significant capacity reduction in the industry [4]. - The report anticipates that by the second half of 2025, the raw milk industry will reach a supply-demand balance, leading to a price reversal [4][5]. 4. Profit Forecast and Valuation for YouRan Agriculture - The forecasted revenues for YouRan Agriculture from 2024 to 2026 are 2.086 billion, 2.284 billion, and 2.626 billion yuan, respectively, with net profits expected to turn positive by 2025 [5]. - The report estimates that the company's earnings per share (EPS) will improve from -0.1 yuan in 2024 to 0.6 yuan in 2026, reflecting the anticipated recovery in raw milk prices [5].

金 金融工程点评 [Table_Title] 多空趋势跟踪模型效果点评（国债版） [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 计算 T 日利率值与 T-20 日利率值的差 del。 计算 T-20 日至 T 日（不含）时间段的波动率 Vol。 若 del 的绝对值大于 N 倍的 Vol，则认为当前利率已经脱离原有的振荡区 间，形成趋势，趋势多空方向与 del 的正负情况对应；若小于等于 N 倍 的 Vol，则认为当前走势延续，趋势方向同 T-1 日。 取 N=2 进行跟踪。 结果评估： 区间年化收益：40.58bp 波动率（年化）：30.61bp 夏普率：1.33 最大回撤：43.62bp 最大回撤所处周期：163 交易日 [Table_Message]2025-03-17 太 平 洋 证 券 股 份 有 限 公 司 证 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.82 HKD [1][10]. Core Insights - The company achieved a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, and a net profit of 1.15 billion HKD, also up by 19.5% [4][10]. - The company is expected to benefit from the expansion of its "super premium" stores, which are anticipated to contribute additional revenue in 2025 [1][10]. - The company is positioned as the fourth largest domestic sports brand in China, focusing on technology-driven professional sports products and enhancing its competitive edge in children's apparel [8][10]. Revenue Breakdown - Adult footwear and apparel revenue grew by 22% and 15% respectively, reaching 4.3 billion and 3.1 billion HKD, driven by new product launches and sponsorships [5]. - Children's footwear and apparel revenue increased by 18% and 23% respectively, totaling 1.1 billion and 1.2 billion HKD, capitalizing on diverse consumer needs [5]. - Offline revenue rose by 23% to 7.3 billion HKD, with a total of 8,298 stores by the end of 2024, while e-commerce revenue grew by 12% to 2.6 billion HKD [5]. Store Expansion and Operations - The company is actively exploring new store formats, with plans to open 100 "super premium" stores in 2025, enhancing the shopping experience [6][10]. - Currently, five stores are operational, with plans to increase to ten by the end of March and approximately fifty by June [6]. Financial Metrics and Forecast - The gross profit margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [7]. - The company forecasts a sales growth of 10%-15% in 2025, with a gross margin expected to be between 40-42% [7]. - Projected net profits for 2025, 2026, and 2027 are 1.32 billion, 1.50 billion, and 1.65 billion HKD respectively, with corresponding EPS of 0.64, 0.72, and 0.80 HKD [11][10].

Investment Rating - The industry investment rating is Neutral, indicating that the expected overall return in the next six months will be between -5% and 5% relative to the CSI 300 index [12]. Core Insights - The report highlights the implementation of urban village and dilapidated housing renovations as a key strategy to stimulate housing demand and promote a stable real estate market [5]. - The overall real estate market in China is described as stable, with some regions still undergoing adjustments, and there is a focus on tailored policies to reduce restrictive measures [5]. - The report notes that the Shanghai and Shenzhen stock indices saw slight increases, while the real estate index rose by 0.96% on the reporting date [3]. Market Performance - On March 17, 2025, the top five performing stocks in the real estate sector were Quzhou Development, Guangming Real Estate, China Merchants Jinling, Waigaoqiao, and Nandu Property, with respective increases of 10.17%, 10.15%, 9.96%, 6.67%, and 5.31% [4]. - Conversely, the five stocks with the largest declines included Shahe Shares, Jingji Zhinong, Huafa Shares, Binjiang Group, and Hefei Urban Construction, with decreases of -4.95%, -2.84%, -1.99%, -1.55%, and -1.38% [4]. Sub-industry Ratings - The report does not provide specific ratings for real estate development and real estate services, indicating a lack of current assessment in these areas [3]. Company Announcements - Shenzhen Metro Real Estate plans to launch approximately 4,300 housing units this year, including around 2,000 units designated for talent housing [7]. - China Railway secured a residential land plot in Zhengzhou for 240 million yuan, with a floor price of 3,322 yuan per square meter, indicating a stable land acquisition environment [6].

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The "Consumption Boost Action Plan" is expected to drive demand growth for related products, particularly in real estate, childcare, and daily consumer goods [1] - The refrigerant market is entering a demand peak, with prices for major refrigerants showing an upward trend due to supply concerns and increased domestic consumption [2][3] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Tongyi Zhong in the ultra-high molecular weight polyethylene (UHMWPE) sector [3] Summary by Sections 1. Key Industry and Product Tracking - The "Consumption Boost Action Plan" aims to enhance domestic demand across various sectors, including real estate-related products like refrigerants and coatings, childcare products like adhesive for diapers, and daily consumer goods such as textiles and food additives [1] - Refrigerant prices are rising, with R142b priced at 27,000 CNY/ton (up 2,000 CNY/ton), R22 at 35,750 CNY/ton (up 250 CNY/ton), and R134a at 45,500 CNY/ton (up 500 CNY/ton) as of March 16 [2][3] 2. Detailed Product Price Tracking - Among 58 monitored products, notable price increases include calcium carbide (up 3.05%), palm oil (up 2.54%), and Brent crude oil (up 2.38%), while significant declines were seen in acrylic acid (down 8.03%) and vitamin E (down 5.51%) [11] - The report highlights that MDI prices are declining due to weak demand, with the average price for polymer MDI at 17,000 CNY/ton (down 750 CNY/ton) and pure MDI at 18,200 CNY/ton (down 400 CNY/ton) [15] 3. Agricultural Chemicals - Phosphate fertilizer prices are rising, with diammonium phosphate at 3,358 CNY/ton (up 20 CNY/ton) and monoammonium phosphate at 3,316 CNY/ton [20] - Glyphosate prices remain stable at 22,909 CNY/ton, with a weekly production of 10,400 tons [17] 4. Fluorochemical Sector - R22 and R134a prices are increasing, driven by rising export orders and domestic consumption incentives, with R22 at 35,750 CNY/ton and R134a at 45,500 CNY/ton [27] - The supply concerns are exacerbated by quota reductions, leading to an improved supply-demand relationship [27]

2025 年 03 月 17 日 行业周报 看好/维持 医药 医药 太平洋医药日报（20250317）：Rytelo 在欧盟获批上市 ◼ 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 医药 沪深300 ◼ 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 17 日，医药板块涨跌幅+0.02%，跑赢沪深 300 指数 0.26pct，涨跌幅居申万 31 个子行业第 20 名。各医药子行业中，其他生 物制品(+1.13%)、血液制品(+0.63%)、医疗耗材（+0.34%）表现居前，医 院（-1.28%)、线下药店(-1.04%)、医疗设备（-0.53%)表现居后。个股方 面，日涨幅榜前 3 位分别为金城医药(+11.53%)、荣昌生物(+11.09%)、东 方海洋(+10.17%)；跌幅榜前 3 位 ...

2025 年 03 月 18 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250317)：三星 SDI 计划建设全固态电池生产线 ◼ 推荐公司及评级 相关研究报告 报告摘要 今日市场行情速览：上证指数（+0.19%）；深证综指（+0.14%）；创业板综 （+0.05%）；科创 50（-0.45%）；沪深 300（-0.24%） << 太 平 洋 电 子 周 报 20250310- 20250314：台达将于 GTC 展出锂离子 超级电容方案>>--2025-03-16 <<太平洋电子日报(20250313)首款 搭载原生鸿蒙正式版手机预计于 3月 20 日发布>>--2025-03-14 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@tpyzq.com 分析师登记编号：S1190523080001 今日 SW 电子板块行情：品牌消费电子（-0.59%）；被动元件（ ...