202[Table_ReportInfo] 5 年 03 月 16 日 证券研究报告•金融工程定期报告 可转债量化月报系列（2025 年 3 月报） 股票类因子股票估值、相关性、正股动量表现较好 ——可转债因子量化跟踪（2025.2.12-3.14） [Table_Summary] 转债市场表现回顾（2025.2.12-2025.3.14） 转债表现整体弱于正股。过去一个月（2025.2.12-2025.3.14），中证转债指 数上涨 2.32%，万得转债双低指数上涨 1.06%，涨幅低于上证指数 3.06%和 深证成指 3.98%。 分风格来看，各类型可转债收益率涨幅均低于正股。受股票科技行情的带动， 偏股型转债、小盘股转债、高价转债涨幅较大。分行业来看，过去一个月，通 信、社会服务、国防军工的可转债涨幅居前，涨幅不及正股；除银行和公共事 业行业外，其他行业可转债均上涨。 可转债估值情况 过去一个月，全市场加权纯债溢价率继续上升，从 13.27%上升到 15.86%。 纯债溢价率从 2024年 9月从 0 附近触底反弹以来持续上升，回到 2023 年底 水平。过去一个月，全市场加权转股溢价率大幅下降，从 5 ...

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（3.10-3.16） 2025[Table_Summary] 年 3月第二周，陆港两地创新药板块共计 57个股上涨，51个股下跌。其中 涨幅前三为荃信生物-B（59.42%）、思路迪（39.86%）、三生制药（28.01%）。 跌幅前三为宜明昂科-B（-23.51%）、科济药业-B（-20.8%）、创胜集团-B（-17.32%）。 本周 A 股创新药板块上涨 1.73%，跑赢沪深 300 指数 0.14pp，生物医药上涨 2.41%。近 6 个月 A 股创新药累计下跌 5.64%，跑输沪深 300 指数 9.12pp， 生物医药累计下跌 2.53%。 本周港股创新药板块上涨 4.66%，跑赢恒生指数 5.78pp，恒生医疗保健上涨 1.84%。近 6 个月港股创新药累计下跌 5.37%，跑输恒生指数 21.25pp，恒生医 疗保健累计上涨 4.94%。 本周 XBI 指数下跌 0.14%，近6 个月 XBI 指数累计下跌 11.8%。 2025 年 3 月第二周创 ...

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with a focus on the "old-for-new" policy driving growth [1]. Core Insights - February data shows a year-on-year increase of 54%, although there was a month-on-month decline. The impact of the Spring Festival and previous high orders in January are noted as contributing factors [3][23]. - The report emphasizes the importance of the "old-for-new" policy, which is expected to stimulate demand and support the upgrade of medical equipment, particularly in the imaging and robotic surgery sectors [12][17]. - The overall market for medical devices is projected to grow significantly, with a target of a 25% increase in investment by 2027 compared to 2023 levels [8]. Summary by Category Medical Imaging - In February, the medical imaging sector generated 3.9 billion yuan, reflecting an 82% year-on-year increase [4]. - The report highlights a strong demand for imaging equipment, particularly in the context of the "old-for-new" policy [12]. Life Information and Support - The life information and support segment reported 700 million yuan in February, a 23% increase year-on-year [35]. - This category includes critical devices such as dialysis machines and monitors, which are expected to see stable growth [35]. Endoscopes - Soft endoscopes generated 500 million yuan in February, marking a 62% increase, while hard endoscopes saw a slight decline of 3.2% [43]. - The demand for soft endoscopes is driven by increasing penetration in gastrointestinal diagnostics [47]. Surgical Robots - Surgical robots experienced a remarkable growth of 266% in February, with sales reaching 330 million yuan [51]. - The report suggests that this segment will continue to benefit from technological advancements and policy support [12]. Centralized Procurement - The report anticipates that centralized procurement of medical devices will continue to expand in 2025, leading to increased competition and potential price reductions [9][11]. - The focus will be on provincial and city-level procurement initiatives, with a variety of devices being targeted [11]. Key Companies - Major players such as Mindray, United Imaging, and Kaili Medical are highlighted, with Mindray achieving 610 million yuan in February, an 85% increase [56]. - United Imaging reported a slight decline in sales, while Kaili Medical saw a significant increase of 108% [62][59].

[Table_IndustryInfo] 2025 年 03 月 15 日 证券研究报告•行业研究•医药生物 医药行业周报（3.10-3.14） 持续看好业绩和估值匹配的创仿企业 投资要点 西南证券研究院 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：陈辰 执业证号：S1250524120002 电话：021-68416017 邮箱：chch@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -22% -13% -5% 3% 11% 19% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 医药生物 沪深300 | 数据来源：聚源数据 | | --- | | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 368 | | 行业总市值（亿元） | 48,861.39 | | 流通市值（亿元） | 43,566.59 | | 行业市盈率 TTM | 31.8 | | 沪深 300 市盈率 TTM | ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, particularly on innovative and generic enterprises that align with performance and valuation [6][13]. Core Insights - The pharmaceutical sector is currently experiencing a valuation at historical lows, with significant discrepancies compared to overseas pharmaceutical companies. Increased R&D investments in innovative generic enterprises are expected to yield results, leading to improved financial statements starting in 2025. The sector is characterized by "low valuation + high growth" attributes, and policy catalysts are anticipated to enhance capital inflows, accelerating valuation recovery [13][14]. - The report identifies three main investment themes for 2025: innovation and international expansion, thematic investments, and dividend strategies. The innovation and international expansion theme focuses on innovative drugs supported by favorable policies and successful clinical data. The thematic investment theme highlights opportunities in weight-loss drugs, AI medical imaging, and traditional Chinese medicine. The dividend strategy emphasizes stable growth assets with high and sustainable cash flows [15][16]. Summary by Sections Investment Strategy and Key Stocks - The report highlights key stocks such as 恒瑞医药 (Hengrui Medicine), 亿帆医药 (Yifan Pharmaceutical), and 康辰药业 (Kangchen Pharmaceutical) among others, indicating strong growth potential and positive earnings forecasts [7][18]. Market Performance - The pharmaceutical index rose by 1.77% during the week, outperforming the CSI 300 index by 0.18 percentage points. Year-to-date, the sector has increased by 3.99%, also surpassing the CSI 300 index by 2.17 percentage points [6][12][27]. Valuation Metrics - The current valuation level (PE-TTM) for the pharmaceutical industry stands at 27.31 times, with a premium of 75.11% relative to the entire A-share market. The premium relative to the CSI 300 index is 123.66% [27][28]. Subsector Performance - The best-performing subsector for the week was offline pharmacies, which increased by 10.4%. Year-to-date, the top three performing subsectors are hospitals, medical R&D outsourcing, and raw materials, with increases of 13.8%, 12.5%, and 7.4% respectively [6][32]. Recommended Combinations - The report provides a detailed list of recommended stocks across various categories, including a stable combination featuring 上海莱士 (Shanghai Raas), 贝达药业 (Betta Pharmaceuticals), and 云南白药 (Yunnan Baiyao) [7][16]. Recent Developments - Recent developments in the industry include successful clinical data presentations for innovative drugs and ongoing international licensing agreements, indicating a robust pipeline for future growth [14][21].

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（3.10-3.14） 预计 25 年汽车报废更新达 500 万辆，关注机器人/智能化发展 智能汽车：华为 2 月智驾报告显示，2 月智驾总里程 2.68 亿公里，人均智驾 投资要点 西南证券研究院 [Table_Author] 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 联系人：郭瑞晴 电话：13379781776 邮箱：grq@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -13% -4% 5% 15% 24% 33% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 汽车 沪深300 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 265 | | 行业总市值（亿元） | 47,517.36 | | 流通市值（亿元） | 40,560.65 | | 行业市盈率 T ...

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（3.10-3.14） 预计 25 年汽车报废更新达 500 万辆，关注机器人/智能化发展 智能汽车：华为 2 月智驾报告显示，2 月智驾总里程 2.68 亿公里，人均智驾 投资要点 西南证券研究院 [Table_Author] 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 联系人：郭瑞晴 电话：13379781776 邮箱：grq@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -13% -4% 5% 15% 24% 33% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 汽车 沪深300 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 265 | | 行业总市值（亿元） | 47,517.36 | | 流通市值（亿元） | 40,560.65 | | 行业市盈率 T ...

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人新品持续推出，关注头部进展 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 440 | | 行业总市值（亿元） | 39,319.71 | | 流通市值（亿元） | 38,298.40 | | 行业市盈率 TTM | 35.9 | | 沪深 300 市盈率 TTM | 12.8 | 相关研究 请务必阅读正文后的重要声明部分 机器人行业周报（0310-0316） 相关标的：人形机器人硬件端核心环节：1）丝杠及设备，标的包括贝斯特 （3005 ...

Financing Growth - The total social financing (社融) stock increased by 8.2% year-on-year in January-February 2025, with a growth rate up by 0.2 percentage points compared to January[2] - In February 2025, the social financing scale increased by 22,333 billion RMB, which is 7,374 billion RMB more than the same period last year, marking three consecutive months of year-on-year growth[2] - The new RMB loans issued to the real economy increased by 58,700 billion RMB in January-February, a slight increase of 526 billion RMB year-on-year[2] Government Support - Government bond financing saw a significant year-on-year increase of 10,956 billion RMB, reaching 16,967 billion RMB in February 2025[2] - Local government bond issuance in January-February 2025 increased by 9,189 billion RMB compared to the same period last year, the highest level for this period historically[2] - The issuance of refinancing special bonds for replacing hidden debts reached 9,542 billion RMB in the first two months of 2025[2] Credit Trends - The proportion of new RMB loans in the total social financing scale decreased to approximately 29.13% in February, down by 44.8 percentage points from January and 36.2 percentage points year-on-year[2] - Corporate credit demand remains weak, with medium to long-term loans decreasing by 6,000 billion RMB year-on-year, despite a total increase of 58,200 billion RMB in corporate loans[2] - Resident loans increased by only 547 billion RMB in January-February, a decrease of 3,347 billion RMB year-on-year, indicating cautious consumer behavior[2] Monetary Policy Outlook - The monetary policy remains "moderately loose," with the urgency for further easing not strong in the short term due to better performance in credit data[2] - Structural monetary policy tools are expected to play a larger role, with potential expansions in special re-loans aimed at promoting consumption[2] - The M2 growth rate was stable at 7.0% year-on-year, while M1 growth slowed to 0.1%, indicating a need for further confidence in the real economy[3]

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of March 16, 2025 [1]. Core Insights - The low-altitude economy sector is on the verge of a significant breakthrough, supported by clear top-level guidance and government policies aimed at promoting its development [5][15]. - The low-altitude economy index increased by 7.09% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 by 4.12 and 4.10 percentage points, respectively [5][9]. - Key partnerships and projects, such as the collaboration between BYD and DJI on the "Lingyuan" drone system, highlight technological advancements and integration within the industry [18][20]. - Significant investments in low-altitude infrastructure, such as the 20.5 billion yuan project in Shaoxing, mark a pivotal shift from pilot exploration to comprehensive implementation [20]. Summary by Sections Market Review - The low-altitude economy sector outperformed the market, with notable increases in relevant indices [5][9]. - The government has emphasized the importance of developing low-altitude economic applications in its 2025 work report, indicating a strong policy backing [15][16]. Policy Dynamics - The 2025 government work report outlines initiatives to foster the low-altitude economy, including large-scale application demonstrations of new technologies [15]. - Local governments, such as Zhengzhou and Hubei, have introduced substantial financial incentives to support low-altitude economic enterprises, with rewards reaching up to 20 million yuan [16][17]. Industry Developments - BYD and DJI launched the "Lingyuan" drone system, which integrates drone technology with vehicles, showcasing innovation in the sector [18][19]. - The first portable relay drone by the State Grid has been deployed, enhancing inspection efficiency by 200% [21]. - SF Express has signed a contract to purchase 100 large unmanned transport aircraft, indicating a growing trend in logistics applications [22]. Important Company Announcements - EHang completed its first flight in Mexico, expanding its operational footprint to 19 countries [29]. - WanFeng Aowei announced the acquisition of Volocopter for 10 million euros, aiming to accelerate its development in the low-altitude sector [30].