Investment Rating - The report indicates a positive outlook for the financial industry, particularly for brokerage and insurance sectors, with specific recommendations for stocks within these categories [3][12][18]. Core Insights - The financial industry saw a weekly increase of 3.15% in the non-bank financial index, outperforming the CSI 300 index by 1.57 percentage points. The insurance sector performed particularly well with a 4.29% increase [1][8]. - The People's Bank of China is expected to implement a moderately loose monetary policy, which is anticipated to support the stability of the capital market and boost investor confidence [2][10]. - The brokerage sector is expected to benefit from improved liquidity in the capital market, with a projected revenue growth of 4% and net profit growth of 16% for 2024 [11][12]. - The insurance sector is positively influenced by the recovery of long-term interest rates and favorable consumption policies, with a projected increase in new business value (NBV) [13][14]. - The banking sector's performance is mixed, with a slight increase of 1.41%, but it is lagging behind the CSI 300 index. The sector is expected to see continued inflows of long-term capital from insurance funds [15][18]. Summary by Sections Brokerage Sector - The brokerage index increased by 2.86%, outperforming the CSI 300 index by 1.28 percentage points. The sector is expected to benefit from improved market liquidity and positive policy signals [2][10]. - Key stocks recommended include Huatai Securities, Guotai Junan, and China Galaxy, with a focus on those benefiting from increased retail investor participation [11][12]. Insurance Sector - The insurance index rose by 4.29%, driven by recovering long-term interest rates and supportive consumption policies. The sector is expected to show stable demand for savings-type insurance products [13][14]. - Recommended stocks include China Life, Ping An, and New China Life, focusing on those with strong dividend yields and stable operations [14][19]. Banking Sector - The banking index saw a modest increase of 1.41%, with state-owned banks showing slight declines. The sector is expected to benefit from ongoing capital inflows and improved asset quality [15][18]. - Recommended stocks include Agricultural Bank of China, Industrial and Commercial Bank of China, and China CITIC Bank, focusing on those with high dividend yields and solid fundamentals [18][56].

宏观点评报告 流动性偏紧的内外部原因 2 月金融数据点评 核心结论 政府债券净融资增长较快，推动社融增速回升。2 月份新增社会融资总量 22375 亿元，高于去年同期 1.5 万亿元；存量社会融资总量同比增长 8.2%， 较 1 月增速 8%回升（图表 1）。2 月社融同比多增 7416 亿元。其中人民币 贷款同比少增 3245 亿元；政府债券净融资同比多增 1.1 万亿元。1-2 月份累 计，社融同比多增 1.3 万亿元，其中政府债券净融资同比多增 1.5 万亿元， 推动整体社融增长（图表 2）。 贷款增速继续回落。2 月份新增贷款 1.01 万亿元，低于去年同期 1.45 万亿 元；存量贷款同比增长 7.3%，较 1 月增速 7.5%继续放缓（图表 3）。2 月份 贷款同比少增 4400 亿元；1-2 月份累计同比少增 2300 亿元，主要由住户部 门和非银行金融机构贷款同比少增拖累（图表 4）。2 月住户贷款减少 3891 亿元；存量住户贷款同比增长 3%，较 1 月回升、但是低于去年 12 月（图表 5）。企业住户贷款 2 月同比增长 9.1%，增速较 1 月回落，也低于去年 12 月（图表 6）。 ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Caifu (300059.SZ) [6][3] Core Views - Dongfang Caifu reported a total revenue of 11.604 billion and a net profit attributable to shareholders of 9.610 billion for 2024, representing year-on-year increases of 4.7% and 17.3% respectively [6][3] - The company experienced significant growth in Q4 2024, with revenues and net profits reaching 4.301 billion and 3.568 billion respectively, reflecting quarter-on-quarter increases of 82.3% and 79.7% due to active trading [6][3] - The brokerage's market share in margin trading increased, with a year-on-year growth of 27.2% in margin balance, reaching 58.9 billion, and a market share increase of 0.35 percentage points to 3.16% [2][3] Financial Performance Summary - For 2024, the company's operating revenue, net interest income, and net commission income were 3.111 billion, 2.381 billion, and 6.113 billion respectively, with year-on-year changes of -20.0%, +6.9%, and +23.1% [2][4] - The company's self-operated investment performance was strong, with investment income and fair value changes totaling 3.371 billion, a year-on-year increase of 50.8% [2][3] - The projected net profits for 2025 and 2026 are 10.502 billion and 11.302 billion respectively, with year-on-year growth rates of 9.3% and 7.6% [3][4] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 0.61, with a price-to-earnings (P/E) ratio of 40.1 [4][12] - The return on equity (ROE) for 2024 is expected to be 12.64%, reflecting a year-on-year increase of 0.7 percentage points [6][3] - The total revenue for 2025 is estimated to reach 14.491 billion, representing a growth rate of 24.9% [4][12]

行业点评 | 有色金属 钴价已突破 25 万元/吨，钴供需结构有望好转 事件：根据 25 年 2 月 21 日由刚果金总理和矿业部长签署的新法规，国有企 业 EGC(Entreprise Generale du Cobalt)成为唯一有权出口所谓手工钴的实 体。2025 年 2 月 24 日，全球最大钴供应国刚果（金）宣布暂停钴出口四个 月，以应对国际市场供应过剩导致的钴价持续低迷。该政策自 2 月 22 日生 效，计划三个月后评估效果并决定是否调整。作为全球钴供应链的核心节点， 刚果（金）此举或引发钴价短期波动，并对中国钴产业链上下游企业形成挑 战与机遇。 截至 3 月 13 日，钴价已达 26.1 万元/吨，较 2 月 24 日涨幅达 64.15%。中 国钴平均价格自 2025 年 2 月 24 日起明显上涨。截至 25 年 3 月 13 日，钴 价在刚果金宣布暂停出口后显著上涨，预计价格将持续提升。2024 年刚果 （金）国内生产总值超 700 亿美元，矿业产值占 GDP 的 30%-40%，是经 济核心支柱，刚果金即使不希望贱卖矿产，也仍需要出口矿物维持国家经济 收入，故我们判断四个月后或将有限地放开 ...

行业周报 | TMT 继续把握科技浪潮下的投资机会 TMT 科技行业每周评议 核心结论 整体策略： 本周我们继续推荐 AI 软件应用，看好国产 AI 算力产业链大 β，同时维持对 于人形机器人带动的相关电子产业及港股互联网领域价值重估的投资机会 的推荐，关注华为春季发布会。 MaaS 带来软件公司的重估。MaaS 是把模型包进软件里，表现形式是应用 软件，内核是 token。软件公司重估的机遇在于模型驱使的更新频率变快， 使得客户愿意为服务付费，从而使得软件公司的现金流更稳定。相关公司： 用友网络、金蝶国际、汉得信息、鼎捷数智、赛意信息、新致软件、迈富时、 博思软件、泛微网络、致远互联、虹软科技、金山办公、合合信息、福昕软 件、万兴科技。 重视国产 AI 算力产业链大 β。AI 算力的最优产品形态尚未最终确定，技术 迭代会形成新的产业趋势。英伟达 GTC 大会召开在即，技术创新或将再次 涌现。建议重视渗透率低且加速提升的技术商用趋势，关注 CPO、AEC 和 液冷。关注云厂商估值重估、算力租赁和 IDC 租赁需求改善、设备端交换机、 服务器、光互联、铜互连、液冷、电源等产业链环节的新机会。重视端侧 AI 硬件 ...

——彩虹股份（600707.SH）首次覆盖报告 公司深度研究 | 彩虹股份 液晶面板利润稳增，玻璃基板加速替代 【盈利预测】我们预计彩虹股份 2024-2026 年营收分别为 125.3、157.4、 187.3 亿元，归母净利润分别为 13.06、23.78、35.94 亿元，参考可比公司 估值给予彩虹股份 2025 年 17 倍 PE 估值，对应 2025 年目标市值 404.30 亿元，首次覆盖，给予"买入"评级。 【报告亮点】考虑到面板行业回暖，公司在玻璃基板方面有较高壁垒，有望 率先在国产化进程中受益。我们认为，一方面 LCD 面板行业的供需格局优 化有望带动行业利润的修复，面板业务有望稳中有进，另一方面，彩虹股份 的玻璃基板业务随着产能持续扩张有望迅速发展成为第二成长曲线。 【主要逻辑】（一）液晶面板业务：面板周期凛冬已过，供需格局持续优化。 液晶面板业务作为公司深耕多年的基石业务，一方面，公司积极优化商业策 略和业务结构使其保持稳定的市场竞争力。另一方面，面板供需格局持续优 化叠加下游需求走强，行业有望景气上行。短期看，TV 面板涨价趋势已经 开启。中长期看，电视大尺寸化加速利好中长期面板需求， ...

证券研究报告 医药生物行业生命科学服务系列报告（一） ——海外公司 Bio-Techne & Thermo Fisher 西部证券研发中心 2025年3月14日 分析师 | 李梦园 S0800523010001 邮箱地址 limengyuan@research.xbmail.com.cn 分析师 | 谭雨露 S0800524100004 邮箱地址 tanyulu@research.xbmail.com.cn 核心结论 CONTENTS 目 录 CONTENTS 目 录 02 Thermo Fisher 公司概述 01 Bio-Techne 公司概述 生命科学服务国内相关标的 03 Bio-Techne 公司介绍 3.1 3.6 4.5 5.0 5.6 6.4 7.1 7.4 9.3 11.1 11.4 11.6 5.9 15.2% 26.4% 10.3% 12.8% 14.2% 11.0% 3.5% 26.0% 18.7% 2.8% 2.0% 6.7% 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 10 12 14 2013 2015 2017 2019 2021 2023 2025 ...

ERN DE STER 行业日报 | 北交所 市场震荡调整,深海科技亮相政府工作报告 证券研究报告 2025年03月14日 北交所市场点评 -- -20250313 ● 核心结论 行情回顾:1)指数层面:3月13日北证50 收跌-3.1%,成交额达419.7 亿 元,较昨日下跌 0.6 亿元。2)个股层面:当日北交所264家公司中 112家 上涨,152 家下跌,4 家涨停。其中涨幅前五的个股分别为:凯腾精工 (+30.0%)、克莱特(+30.0%)、美心翼申(+30.0%)、坤博精工(+30.0%)、 安徽风凰(+22.6%),跌幅前五的个股分别为:天铭科技(-12.5%)、华 原股份(-11.1%)、中泰航达(-9.7%)、浩森科技(-8.7%)、威博液压(-8.5%)。 新闻汇总:1)央行:根据国内外经济金融形势和金融市场运行情况,择机 | 分析师 | | --- | | 曹森元 S0800524100001 | | 19821289688 | | caosenyuan@research.xbmail.com.cn | | 相关研究 | | 北交所:定向可转债审批加速,助力北交所再 | | -20250 ...

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors within the industry [3]. Core Insights - The financial industry experienced a mixed performance this week, with the non-bank financial index rising by 1.24%, lagging behind the Shanghai and Shenzhen 300 index by 0.14 percentage points. The banking index increased by 1.13%, also underperforming the broader index [1][8]. - The government work report indicated a focus on stabilizing the real estate and stock markets, which is expected to benefit brokerage firms as intermediaries in capital market stability [2][11]. - The report highlights the potential for insurance companies to benefit from long-term investment reforms and the expected recovery in the economy, which may improve their asset performance [14][15]. Summary by Sections Brokerage Sector - The brokerage sector saw a weekly increase of 0.73%, underperforming the Shanghai and Shenzhen 300 index by 0.66 percentage points. The sector's price-to-book (PB) ratio is currently at 1.43x [11][12]. - The number of new accounts opened in February reached 2.8359 million, a month-on-month increase of 80.6%, indicating a warming market and potential for A-share IPO normalization [2][12]. - Recommended stocks include Huatai Securities, Guotai Junan, China Galaxy, and Dongfang Caifu, with a focus on those benefiting from increased retail investor participation [3][13]. Insurance Sector - The insurance sector rose by 1.72%, outperforming the Shanghai and Shenzhen 300 index by 0.33 percentage points. The 10-year government bond yield has seen a slight increase, indicating a potential recovery in the sector [14][15]. - The report emphasizes the importance of long-term investment reforms and the establishment of private equity funds by major insurers to invest in quality listed companies [14][15]. - Recommended stocks include China Life, Ping An, and New China Life, focusing on those with stable dividends and strong asset performance [3][15]. Banking Sector - The banking index increased by 1.13%, lagging behind the Shanghai and Shenzhen 300 index by 0.26 percentage points, with a current PB ratio of 0.65x [16][17]. - The government plans to issue 500 billion yuan in special bonds to support state-owned commercial banks in capital replenishment, with the first round of funding expected to start by the end of June [17][18]. - Recommended banks include China Merchants Bank, Hangzhou Bank, and Ningbo Bank, focusing on those with strong retail business and regional economic momentum [3][18].

证券研究报告 水泥拐点或至：行业供需端新变化及当前情况梳理 西部证券研发中心 2025年3月13日 分析师 | 张欣劼 S0850518020001 核心观点 水泥行业拐点或至 请务必仔细阅读报告尾部的投资评级说明和声明 2 • 需求端：房屋新开工拐点将近，需求或比预期好。100城三线城市住宅拿地面积已连续两月回正，2025年1、2月累计同比 +38.87%、+16.00% ，300城三线城市拿地面积也有所好转，1、2月累计同比+0.53%、-11.80%（24年11、12月累计同比 分别为-17.64%，-20.68%） 。若三线城市拿地回暖信号进一步传导至300城全样本拿地面积，有望拉动整体地产新开工面 积提升，促进水泥需求端改善。 • 供给端：1）2025年3月6号，国家发展改革委主任表示将分行业出台化解重点产业结构性矛盾具体方案，推动落后低效产能 退出，扩大中高端产能供给，让供给侧更好地适应市场需求的变化。2）限制超产政策执行落地可期。24年10月工信部推出 的《水泥玻璃行业产能置换实施办法》提出生产线实际日产量不得超过备案产能的110%、超产产能在2025年底前需补齐产 能指标，因此，我们预计202 ...