Investment Rating - The industry investment rating is maintained at "Overweight" [3][9]. Core Views - The market performance of the Chinese medicine sector showed a slight increase of 0.17% last week, while the overall pharmaceutical sector rebounded [2][5]. - The report highlights the continuous expansion of grassroots traditional Chinese medicine coverage, which is expected to drive demand growth [3]. - The revival of centralized procurement for traditional Chinese medicine is noted, with eight products entering the proposed selection list [3]. Market Performance - The Chinese medicine sector's PE (ttm) is reported at 25.89X, with a slight increase of 0.05X week-on-week, and the PB (lf) remains stable at 2.24X [7]. - The relative performance of the Chinese medicine sector compared to the CSI 300 index shows a decline of 4% over the past month and 21% over the past year [5]. Investment Suggestions - The report suggests looking for investment opportunities amid price governance and consumption recovery, indicating a dual scenario of pressure and opportunity in 2025 [9]. - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies with strong R&D capabilities and market share [10][11][12].

证券研究报告 2025 年 03 月 13 日 湘财证券研究所 行业研究 国防军工行业周报 国防支出预算较上年执行数增长 7.2%，国防建设有望持续推进 ——国防军工行业周报（03.03~03.07） 相关研究： 1.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 2.《20250303湘财证券-国防军工 行业-民用航空法修订草案首次 审议，为低空经济与民航发展保 驾护航》2025.03.03 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.3 0.9 10.6 绝对收益 5.0 -0.7 21.4 -20% 0% 20% 40% 24/03 24/05 24/07 24/09 24/11 25/01 国防军工(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001@xcsc.com 上周国防军工行业指 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9]. Core Views - The market performance of the Chinese medicine sector showed a slight increase of 0.17% last week, while the overall pharmaceutical sector rebounded [2][5]. - The report highlights the ongoing expansion of grassroots traditional Chinese medicine coverage, which is expected to drive demand growth [3]. - The revival of centralized procurement for traditional Chinese medicine products is noted, with eight products entering the proposed selection list [3]. Market Performance - The Chinese medicine sector's PE (ttm) is reported at 25.89X, with a slight increase of 0.05X week-on-week, and the PB (lf) remains stable at 2.24X [7]. - The relative performance of the Chinese medicine sector compared to the CSI 300 index shows a decline of -4% over one month, -11% over three months, and -21% over twelve months [5]. Investment Suggestions - The report suggests looking for investment opportunities amid price governance and consumption recovery, indicating a dual scenario of pressure and opportunity in 2025 [9]. - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies with strong R&D capabilities and market share [10][11][12].

证券研究报告 2025 年 03 月 13 日 湘财证券研究所 行业研究 国防军工行业周报 国防支出预算较上年执行数增长 7.2%，国防建设有望持续推进 ——国防军工行业周报（03.03~03.07） 相关研究： 1.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 2.《20250303湘财证券-国防军工 行业-民用航空法修订草案首次 审议，为低空经济与民航发展保 驾护航》2025.03.03 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.3 0.9 10.6 绝对收益 5.0 -0.7 21.4 -20% 0% 20% 40% 24/03 24/05 24/07 24/09 24/11 25/01 国防军工(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新 ...

证券研究报告 2025 年 3 月 3 日 湘财证券研究所 宏观研究 宏观月度数据点评 制造业景气度重回扩张区间 ——2 月 PMI 数据点评 相关研究： 1. 《生产端重回扩张区间，服 务业景气度回落》 2024.10.08 2. 《制造业和服务业景气度回 升》 2024.11.05 3. 《非制造业景气度回升明 显》 2025.01.06 4. 《制造业和非制造业景气度 均有所回落》 2025.02.05 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 事件 2 月制造业 PMI 录得 50.2，前值为 49.1；PMI 建筑业指数录得 52.7，前 值为 49.3；PMI 服务业指数录得 50.0，前值为 50.3。 ❑ 制造业供需景气度回升 ❑ 投资建议 2月份制造业景气度重回扩张区间，同时建筑业的景气度大幅提升，表 明当前国内经济预期有所好转。我们认为当前宏观经济起底回升的趋 势已经形成，且伴随宏观增量政策的协同发力，预计 2025 年中国 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The rare earth permanent magnet industry experienced a decline of 3.85% last week, underperforming the benchmark (CSI 300) by 1.63 percentage points. The industry valuation (TTM P/E) fell to 88.17x, currently at 98% of its historical percentile [4][11] - Prices of rare earth raw materials continued to rise, with light rare earth minerals showing significant week-on-week increases. For instance, the price of mixed carbonate rare earth minerals rose by 3.85% to 27,000 CNY/ton, while the price of heavy rare earth minerals like dysprosium saw fluctuations [5][6] - The demand side remains weak, with limited new orders being released, and high inventory levels in the market. However, the air conditioning production and sales maintain a good trend, indicating potential stability in the upcoming quarter [11] Summary by Sections Market Performance - The rare earth permanent magnet materials industry saw a relative return of 7% over one month, 8% over three months, and 34% over twelve months, with absolute returns of 9% for both one and three months, and 47% over twelve months [3][4] Price Trends - Prices for various rare earth minerals have shown upward trends, with notable increases in light rare earth minerals and fluctuations in heavy rare earth prices. For example, the average price of praseodymium-neodymium oxide rose by 0.68% to 444,000 CNY/ton [5][6][7] Industry Chain Tracking - The domestic air conditioning production in January 2025 was 16.67 million units, a year-on-year decline of 4.2%, while total sales reached 17.73 million units, a year-on-year increase of 8.7%. The production decline was attributed to the timing of the Spring Festival [9][10] Investment Recommendations - The report suggests that while the rare earth metals are supported by policy-induced supply constraints, the demand side remains weak. The overall market sentiment is cautious, with expectations of stable production in the rare earth sector. The industry is still facing overcapacity and competitive differentiation, which may pressure prices and profits [11][33]

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 1.《20240812湘财证券-国防军工 行业-千帆星座首批组网卫星成 功发射，关注相关产业链发展》 2024.08.12 2.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.8 -6.1 2.9 绝对收益 3.7 -7.6 12.9 -20% -10% 0% 10% 20% 30% 40% 24/03 24/05 24/07 24/09 24/11 25/01 国防军工(申万) 沪深300 行业评级：增持（维持） 注：相对收益与沪深 300 相比 行业研究 国防军工行业周报 民用航空法修订草案首次审议，为低空经济与民航发展保驾护航 ——国防军工行业周报（02.24~02.28） 相关研究： 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001 ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 国防军工行业周报 民用航空法修订草案首次审议，为低空经济与民航发展保驾护航 ——国防军工行业周报（02.24~02.28） 行业评级：增持（维持） 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 相关研究： 1.《20240812湘财证券-国防军工 行业-千帆星座首批组网卫星成 功发射，关注相关产业链发展》 2024.08.12 2.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.8 -6.1 2.9 绝对收益 3.7 -7.6 12.9 -20% -10% 0% 10% 20% 30% 40% 24/03 ...

相关研究： 证券研究报告 2025 年 03 月 04 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周稀土原料端价格延续上行，钕铁硼价格仅小幅跟涨 | 《上周行业大幅上涨，政策支撑稀土原料价 | | | --- | --- | | 格上行，钕铁硼跟涨》 | 20250224 | | 《上周行业大幅跑输基准，钕铁硼价格涨后 | | | 趋稳》 | 20250217 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7 8 34 绝对收益 9 9 47 -20% -5% 10% 25% 40% -20% 5% 30% 55% 80% 稀土永磁材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周稀土永磁材料行业下跌 3.85%，跑输基准 1.63pct 上周稀土永磁行业下跌 3.85%，跑输 ...

证券研究报告 2025 年 03 月 06 日 湘财证券研究所 策略研究 策略点评 2025 年统筹发展和安全，指向科技、能源与消费 ——对 2025 年政府工作报告在策略方向的解读 核心要点： 政府工作报告指引 2025 年经济发展核心方向"统筹发展和安全" 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 中国人寿金融中心10楼 2025 年 3 月 5 日，国务院总理李强作政府工作报告指出：2025 年中国经济 发展的核心方向是"统筹发展和安全"，通过扩大有效投资、提振消费、深 化改革开放等多维度政策推动经济增长目标（5%左右）的实现。报告中提 到的重点领域和配套政策，指引未来投资方向。 地址：上海市浦东新区银城路88号 继续发力科技创新：深化战略新兴产业，与"人工智能+"行动 2025 年政府工作报告中，科技创新领域侧重二个方向：一个是战略性新兴 产业，尤其是商业航天、低空经济，要求政策支持安全健康发展，推动技 术应用示范和产业融合集群发展；另一个是生物制造、量子科技、6G，重 点培育具身智能等前沿领域。 2025 ...