证券研究报告|纺织服饰 纺织制造预增占比提升，关注终端需求回暖 [Table_ReportType] ——纺织服饰行业 2024 年业绩预告综述[Table_ReportDate] [行业核心观点 Table_Summary] ： 截至 2025 年 2 月初，纺织服饰板块共有 47 家上市公司发布 中报业绩预告，行业披露率为 44%。受消费需求疲软、金价 上行等因素影响，2024 年纺织服饰行业首次亏损及连续亏损 的上市公司占比均有上升。从二级子行业来看，纺织制造板 块表现分化，预增占比提升，随着终端需求回暖有望带来盈 利回升；服装家纺板块受全球高通胀高利率、外需疲弱、贸 易环境复杂等因素的影响，行业出口压力增加，超三成上市 公司首次出现亏损；饰品板块业绩表现分化，2024 年以来金 价的快速上涨抑制了黄金珠宝的消费需求，黄金珠宝企业业 绩出现不同程度下滑，但随着黄金饰品工艺提升以及"悦 己"消费观念的深入，黄金珠宝首饰在非婚嫁场景的渗透率 进一步提升，看好注重产品设计、运营能力强、品牌势能 强、高分红+高股息的黄金珠宝龙头企业。 投资要点： 纺服行业业绩承压，全年预盈率 43%：截至 2025 年 2 月 ...

市 场 研 究 [Table_Title] 万联晨会 周一 A 股三大指数集体收涨，截止收盘，沪指收涨 0.56%，深成指收 涨 0.52%，创业板指收涨 0.44%。沪深两市成交额 17305.27 亿元。申 万行业方面，计算机、传媒、商贸零售领涨，电力设备、煤炭、公用 事业领跌；概念板块方面，兵装重组、DRG/DIP、DeepSeek 概念涨幅 居前，Peek 材料、PVDF 概念跌幅居前。港股方面，恒生指数收涨 1.84%， 恒生科技指数收涨 2.65%；海外方面，美国三大指数集体收涨，道指 收涨 0.38%，标普 500 收涨 0.67%，纳指收涨 0.98%。 【重要新闻】 【国务院总理李强主持召开国务院常务会议，研究提振消费有关工 作】会议强调，要大力支持居民增收，促进工资性收入合理增长，支 持新型消费加快发展，促进"人工智能+消费"等。会议还审议通过 《2025 年稳外资行动方案》，研究化解重点产业结构性矛盾政策措 施；讨论并原则通过《中华人民共和国国家发展规划法（草案）》，决 定将草案提请全国人大常委会审议。 【比亚迪召开智能化战略发布会，发布"天神之眼"高阶智驾系统。】 "天神之眼"高阶智能 ...

家电行业 24Q4 基金持仓跟踪报告 [Table_ReportType] ——家用电器行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2024 年 Q4 家电行业公募基金持仓比重在连续 7 个季度持续 提升后首次出现微降，白电、家电零部件、小家电及黑电等 细分行业持仓比重均有所回落，照明设备和厨卫电器持仓比 重稳中微升。市场对于以旧换新政策透支以及关税加征等方 面有一定担忧，同时叠加前期家电板块整体表现较好，预计 多方因素综合导致公募基金持仓比重微降。展望后市，内销 方面，2025 年以旧换新政策加力推进，我们认为当前大家电 市场以更新需求为主，内销需求在以旧换新政策推动下仍有 释放空间，预计 2025 年或仍可保持稳定提升；外销方面， 关税影响预期较为充分，同时我国家电市场对美国的出口依 赖度较低，当前海外需求主要由新兴市场贡献增量，预计外 销景气度有望延续，我们维持行业"强于大市"评级。建议 持续关注股息率有一定优势的头部家电企业、地产边际改善 预期下地产后周期标的估值修复机会以及具有第二增长曲线 的相关个股。 ⚫ 重仓配置比例 2023 年以来环比首次 ...

证券研究报告|电子 [Table_Title] 2024 年业绩预喜率较高，继续关注 AI 端侧 及自主可控板块 [Table_ReportType] ——电子行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] SW 电子行业共 283 个公司披露 2024 全年业绩预告，占比约 59.5%，披 露率高于 A 股整体。截止 2025 年 2 月 6 日，A 股共 2812 个公司披露 2024 全年业绩预告情况，披露率为 52.1%。分行业看，SW 电子行业共 283 家公司披露 2024 全年业绩预告，披露率为 59.5%，略高于 A 股整体 披露率，处于申万各一级行业中上游。 投资要点： ⚫ SW 电子行业科创板 2024 全年业绩预告披露率最高。分板块看，SW 电 子行业已披露 2024 全年业绩预告的 283 个标的中，北证、创业板、科 创板、主板的业绩披露率分别为 41.2%/59.9%/63.9%/57.1%，SW 电子行 业除北证板块的披露率略低于 A 股全行业外，创业板、科创板以及主板 的披露率均高于 A 股全行业，其中科创板披露率最高，达 63. ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 02 月 10 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 地方两会召开，明确发展目标 春节旅游迎开门红 文化游与冰雪游表现亮眼 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,303.67 | 1.01% | | 深证成指 | 10,576.00 | 1.75% | | 沪深 300 | 3,892.70 | 1.30% | | 科创 50 | 1,018.80 | 0.75% | | 创业板指 | 2,174.35 | 2.53% | | 上证 50 | 2,608.09 | 1.07% | | 上证 180 | 8,518.73 | 1.16% | | 上证基金 | 6,887.25 | 1.20% | | 国债指数 | 224.24 | 0.01% | | [Table_InterIndex] | 国际市场表现 | | | - ...

策略研究|策略跟踪报告 地方两会召开，明确发展目标 [Table_ReportType] ——策略跟踪报告 [Table_ReportDate] [Table_Title] [Table_ReportList] 相关研究 中长期资金入市步伐有望加快 推动中长期资金入市，促进资本市场长期健 康发展 证监会研究部署 2025 年重点工作 策 略 研 究 策 略 跟 踪 报 告 证 券 研 究 报 告 [Table_RightTitle] 2025 年 02 月 07 日 | | | | [Table_Authors] 分析师: | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 020-32255208 | | 邮箱： | gonghj@wlzq.com.cn | 3245 ⚫ 多地召开两会，明确今年工作重点。截至 2 月 6 日，31 个 省（自治区、直辖市）已全部召开了地方两会，公布了 2025 年经济社会发展的主要预期目标，明确各地产业发展思路 及年度工作重点。多个主要经济大省明确坚持稳中求进工 作基调，扎实推动高质量发展，推动经济持续回升向 ...

证券研究报告|社会服务 [Table_Title] 春节旅游迎开门红 文化游与冰雪游表现亮 眼 [Table_ReportType] ——旅游行业 2025 年春节黄金周数据跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 经文旅部数据中心测算，2025 年春节假期 8 天，全国国内出游 5.01 亿人次，同比增长 5.9%；国内出游总花费 6770.02 亿元，同比增长 7.0%。今年春节是首个"非遗版"春节，各地乘申遗东风推出多彩文 化民俗活动，博物馆过大年成为热门选择，客流保持高位，文化游氛 围浓厚。冰雪游持续火热，滑雪旅游度假地人气高涨，冰灯艺术游园 会、冰雪旅游演艺等新场景、新业态、新玩法也为冰雪旅游注入新的 活力。建议关注：1）经营业绩稳定、有效满足个性化与多元化需求 的景区与演艺公司；2）受益于出入境恢复带来口岸免税回暖以及市 内免税政策松绑的免税龙头。 投资要点： 春节旅游市场景气度维持高位。全国国内旅游出游人次同比增长 5.9%， 国内游客出游总花费同比增长 7.0%，在去年同期高基数下稳步增长。 跨境游市场景气度维持高位，国外旅客数量增长亮眼。假 ...

Market Overview - The A-share market experienced a rebound with the Shanghai Composite Index rising by 1.27% to close at 3,270.66 points, the Shenzhen Component Index increasing by 2.26%, and the ChiNext Index up by 2.8%. The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan [2][7] - In the industry sectors, automotive, electronics, and computer industries led the gains, while concept sectors such as DeepSeek, humanoid robots, and AI glasses also saw increases [2][7] - The Hong Kong stock market also showed strong performance, with the Hang Seng Index closing up 1.43% at 20,891.62 points and the Hang Seng Tech Index rising by 2.62% [2][7] - Internationally, the US stock indices had mixed results, with the Dow Jones down 0.28% at 44,747.63 points, while the S&P 500 and Nasdaq rose by 0.36% and 0.51%, respectively [2][7] Important News - According to the latest VAT invoice data from the State Taxation Administration, the average daily sales revenue of consumption-related industries during the Spring Festival holiday increased by 10.8% compared to the previous year. Notably, home appliances and audio-visual equipment sales surged by 166.4%, while mobile communication devices saw a growth of 181.9% [3][8] - The third China International Supply Chain Promotion Expo is scheduled to be held in Beijing from July 16 to 20, 2025, covering an area of 120,000 square meters and featuring six major supply chain categories [3][8] Film Industry Insights - The Spring Festival box office reached a new high, with total earnings of 9.51 billion yuan, marking an 18.6% year-on-year increase. The first day of the festival saw a record box office of 1.81 billion yuan [9][10] - The significant increase in audience attendance, with 187 million viewers, was a major driver of box office growth, alongside a slight rise in average ticket prices to 50.8 yuan [9][10] - The competition during the Spring Festival was intense, with the top films showing significant box office concentration. The leading film, "Nezha: The Devil Child Comes to the World," grossed 4.839 billion yuan, accounting for 51% of the total box office [10][11] - The film "Nezha" broke the record for the highest box office for a single Chinese film, surpassing "The Battle at Lake Changjin" [10][11] - The strong performance of the Spring Festival box office is expected to boost confidence in the film market for 2025, potentially stimulating overall industry output and related consumer spending [11]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Insights - The Spring Festival box office performance exceeded expectations, achieving a total box office of 9.51 billion yuan, a year-on-year increase of 18.6%, setting a new record for the Spring Festival box office [1][2] - The significant increase in audience attendance, reaching 187 million viewers, was the main driver of box office growth, with an average ticket price rising slightly to 50.8 yuan [1] - The competition during the Spring Festival was intense, with the top films showing a clear gradient and high concentration, where the first-tier film "Nezha" contributed 4.839 billion yuan, accounting for 51% of the total box office [2] - "Nezha" broke the record for the highest box office for a single Chinese film, surpassing "The Battle at Lake Changjin" with a total box office expected to reach 9.537 billion yuan [2] Summary by Sections Box Office Performance - The Spring Festival box office reached 9.51 billion yuan, a year-on-year increase of 18.6%, with daily box office figures remaining strong throughout the festival [1] - The first day of the festival saw a record high of 1.81 billion yuan, with subsequent days maintaining over 1.2 billion yuan [1] Audience Engagement - Audience attendance surged to 187 million, significantly contributing to the box office growth, alongside a slight increase in average ticket prices [1] Film Concentration - The top films showed a high concentration, with the first and second tiers accounting for 74% of the total box office, indicating a competitive landscape [2] Investment Recommendations - The strong performance of the Spring Festival is expected to boost confidence in the film market for 2025, suggesting a focus on quality film production companies and cinema chains [3]

Market Overview - On the first trading day of the Year of the Snake, the A-share market opened high but closed lower, with the Shanghai Composite Index down 0.65% at 3,229.49 points, while the Shenzhen Component Index rose 0.08% and the ChiNext Index fell 0.04% [1][6] - The total trading volume of the Shanghai and Shenzhen stock markets was 1.29 trillion yuan [1][6] - In terms of industry performance, sectors such as computer, media, and electronics led the gains, while coal, building materials, and food and beverage sectors lagged [1][6] - Concept stocks like DeepSeek, MLOps, and Zhipu AI saw increases, whereas sectors like copper cable high-speed connection, F5G concept, and glyphosate experienced declines [1][6] Important News - The 2025 Spring Festival box office in China reached 9.51 billion yuan, with 187 million viewers, setting new records for both box office and attendance [2][6] - The film "Nezha: Birth of the Demon Child" grossed over 5.6 billion yuan, contributing approximately 950 million to 1.01 billion yuan in revenue for Light Media as of February 4 [2][6] - Premier Li Qiang chaired the seventh plenary meeting of the State Council, emphasizing the need for targeted development goals and increased counter-cyclical adjustments to address prominent issues [7]