Investment Rating - The industry rating is maintained at "Overweight" [2] Core Viewpoints - The coverage of grassroots traditional Chinese medicine (TCM) continues to expand, and the demand growth driven by the increase in grassroots penetration is promising [8] - The TCM sector has shown a slight increase of 0.8% last week, while the overall pharmaceutical sector continues its rebound [4][5] - The TCM price index has slightly decreased due to the impact of the Spring Festival, with a total index of 255.65 points, down 0.2% from the previous week [7] Summary by Sections Market Performance - Last week, the TCM sector rose by 0.8%, while the overall pharmaceutical sector increased by 2.71% [4][5] - The relative performance over the past 12 months shows a decline of 17% compared to the CSI 300 index [3] Valuation - The TCM sector's PE (ttm) is 26.87X, up 0.22X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X [6] - The PB (lf) is 2.32X, also up 0.02X week-on-week, with a one-year maximum of 2.65X and a minimum of 1.99X [6] - The TCM sector has a valuation premium of 110.86% compared to the CSI 300 index [6] Industry Trends - The number of TCM clinics has increased from over 3,000 in 2015 to 42,000 in 2024, achieving nearly full coverage in community health service centers and township hospitals [8] - The demand for TCM is expected to grow due to the aging population and ongoing policy support for TCM promotion [8] Investment Suggestions - The industry is expected to experience both price governance and consumption recovery in 2025, presenting both pressures and opportunities [9] - Key investment opportunities include focusing on price reductions, market share in hospital sales, and strong R&D capabilities [10][11] - The recovery of consumption is anticipated to be driven by macroeconomic improvement and increased domestic demand, particularly for consumer TCM products [10][11]

Investment Rating - The industry investment rating is maintained at "Buy" [1] Core Insights - After the Spring Festival, both new and second-hand housing transaction volumes are gradually recovering, with Shanghai and Shenzhen showing faster recovery [3][4] - The transaction volume of new homes in 30 major cities reached 1.15 million square meters last week (February 10-16), representing a year-on-year increase of 52% and a month-on-month increase of 76% [3][10] - The transaction volume of second-hand homes in 13 cities was 1.27 million square meters last week, showing a year-on-year increase of 239% and a month-on-month increase of 75% [4][10] Summary by Sections New and Second-hand Housing Sales Data - New housing transaction volume in first-tier cities was 300,000 square meters (year-on-year +176%, month-on-month +75%) [3][10] - Second-hand housing transaction volume in 13 cities was 1.27 million square meters, close to the level of the same period in 2023 [4][10] Key City Transaction Data - **Shanghai**: Second-hand housing daily average transactions were 673 units (year-on-year +597%, month-on-month +107%), while new housing daily average transactions were 149 units (year-on-year +298%, month-on-month +27%) [5][20] - **Guangzhou**: New housing daily average transactions were 112 units (year-on-year +153%, month-on-month +122%), while second-hand housing transactions were 1,734 units [6][24] - **Shenzhen**: Second-hand housing daily average transactions were 137 units (year-on-year +235%, month-on-month +85%), while new housing daily average transactions were 69 units (year-on-year +998%, month-on-month +117%) [6][27] - **Beijing**: Second-hand housing daily average transactions were 418 units (year-on-year +209%, month-on-month +138%), while new housing daily average transactions were 78 units (year-on-year +266%, month-on-month +85%) [6][29] Investment Recommendations - The core goal of the "stop decline and stabilize" policy is to stabilize market volume and price, with an expected acceleration in the acquisition of existing residential properties and land, alleviating developers' financial pressures [7][33] - The report suggests focusing on leading quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from active transactions [7][33]

Investment Rating - The industry investment rating is maintained at "Buy" [2] Core Views - The mechanical equipment industry has shown a cumulative increase of 3.9% in 2025, outperforming the CSI 300 index by 5.4 percentage points [11] - The report highlights that the sales of excavators in January 2025 reached approximately 12,512 units, representing a year-on-year growth of 1.1% [4] - The report anticipates that the mechanical equipment industry will benefit from various policies and economic recovery, particularly in segments such as construction machinery, industrial robots, semiconductor equipment, and industrial control equipment [5] Summary by Sections Market Review - The mechanical equipment industry experienced a decline of 0.2% last week, underperforming the CSI 300 index by 1.4 percentage points [3][8] - The best-performing segments included engineering machinery components (3.4%), lithium battery equipment (3.0%), and complete engineering machinery (2.5%) [3][8] Engineering Machinery - In January 2025, the sales of various loaders reached 7,920 units, with a year-on-year growth of 1.5% [4] - The sales of electric loaders surged to 1,086 units, marking a significant year-on-year increase of 193.5% [4] Investment Recommendations - The report suggests focusing on segments such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment due to their strong cyclical nature and potential for growth [5] Key Company Performance - The report lists top-performing companies in the mechanical equipment sector, including Weipai Ge (47.0%), Hangzhi Qianjin (34.3%), and Shangong Shenbei (27.6%) [15][17] - Year-to-date, Jikai Co. has seen a remarkable increase of 144.5%, followed by Changsheng Bearing at 110.7% [17] Fundamental Data - As of February 16, 2025, the mechanical industry’s PE (TTM) stands at 32.6 times, while the PB (LF) is at 2.5 times, indicating a relatively high valuation compared to historical averages [13]

Investment Rating - The report maintains an "Overweight" rating for the medical services industry [6]. Core Views - The medical and biological sector saw a rise of 2.71%, ranking fifth among the 31 primary industries in the Shenwan index, outperforming the CSI 300 index by 1.53% [1][11]. - The medical services sub-sector benefited significantly from AI applications in diagnosis and treatment, leading to a notable increase in its performance [21]. - The report highlights the potential of AI in enhancing drug design and development, particularly through CRO services [54][70]. Summary by Sections Industry Performance - The medical and biological sector closed at 7368.10 points, with a weekly increase of 2.71% [1][11]. - The medical services sub-sector reported a closing of 5380.99 points, up by 6.51% [21]. - Notable performers in the medical services sector included companies like Di'an Diagnostics (+46.3%) and Meinian Health (+31.6%) [2][25]. Valuation Metrics - The current PE (ttm) for the medical services sector is 36.66X, with a PB (lf) of 2.96X [3][26]. - The PE has increased by 2.24X and the PB by 0.19X compared to the previous week [3][26]. - Historical valuation indicates that the medical services sector is at a 23.84% historical percentile [3][26]. Industry Dynamics and Announcements - The National Healthcare Security Administration is implementing a "Medical Insurance Imaging Cloud Index" to improve efficiency and reduce redundant examinations [4][52]. - Tianjin has introduced a plan to enhance its healthcare service system, aiming for a more efficient and high-quality medical service framework by 2025 [4][53]. Future Outlook - The report emphasizes the ongoing transformation in the medical sector due to AI, particularly in areas like AI-assisted diagnosis and drug development [54][70]. - It suggests focusing on high-growth areas such as ADC CDMO in pharmaceutical outsourcing and improving profitability in third-party testing laboratories [70].

证券研究报告 2025 年 2 月 18 日 湘财证券研究所 行业研究 医疗耗材行业周报 第五批耗材国采即将落地执行 相关研究： 核心要点： ❑ 医疗耗材板块震荡上行，上周上涨 1.97% 上周，医药生物报收 7368.1 点，上涨 2.71%，涨幅排名位列申万一级行业 第 5 位，跑赢沪深 300 指数 1.53 个百分点；医疗服务报收 5380.99 点，上 涨 6.51%；中药 II 报收 6446.65 点，上涨 0.8%；化学制药报收 10078.98 点， 上涨 0.71%；生物制品报收 5993.86 点，上涨 1.61%；医药商业报收 5147.41 点，上涨 4.18%；医疗器械报收 6428.22 点，上涨 4.81%。医疗耗材报收 5358.26 点，上涨 1.97%。医疗板块整体震荡上行。 ❑ 医疗耗材板块 PE（ttm）34.31X，PB（lf）2.42X 当前医疗耗材板块 PE 为 34.31X，相较上周环比上升 0.56 个百分点，近一 年 PE 最大值为 56.19X，最小值为 25.89X；当前 PB 为 2.42X，近一年 PB 最大值为 2.92X，最小值为 1.65X。 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [9][19]. Core Views - The launch of the "National Low-altitude Traffic One Network" project presents new investment opportunities, as the low-altitude economy is recognized as a strategic emerging industry with a vast market potential across various sectors including drone development, operation services, flight training, and aviation tourism [6][19]. - The defense and military industry index decreased by 0.6% last week, underperforming the CSI 300 index by 1.8%. Since the beginning of 2024, the industry index has increased by 3.7%, lagging behind the CSI 300 index by 11.1 percentage points [3][10]. - As of February 14, 2024, the defense and military industry PE (TTM) stands at 66.21 times, positioned at the 57.0 percentile since 2012, while the PB (LF) is approximately 2.98 times, at the 48.0 percentile since 2012 [3][10]. Summary by Sections Market Review - The defense and military industry index fell by 0.6% from February 10 to February 14, 2024, underperforming the CSI 300 index by 1.8%. The industry index has risen by 3.7% since the start of 2024, but this is 11.1 percentage points lower than the CSI 300 index [3][10]. - The current PE (TTM) for the industry is 66.21, and the PB (LF) is about 2.98, indicating a moderate valuation compared to historical data [3][10]. Investment Recommendations - The initiation of the "National Low-altitude Traffic One Network" project is expected to drive investment in the low-altitude economy, which encompasses various sectors such as drone manufacturing and logistics. The project is anticipated to enhance market potential and attract more capital into the industry, supporting high-quality development [6][19].

Investment Rating - The industry investment rating is "Overweight" (maintained) [3] Core Insights - The heparin industry is experiencing a mild recovery, positively impacting financial reports. The demand side continues to improve, suggesting a potential continuation of the recovery trend [5][7] - The prices of major raw materials have shown a stable trend, with heparin prices increasing by 2% month-on-month. However, prices for some vitamins and caffeine have decreased [5][10] - The vitamin sector shows a mixed price trend, with some products remaining stable while others have seen declines. Iodine prices remained flat, and caffeine prices have dropped by 1.1% [6][10] Summary by Sections 1. Major Raw Material Price Trends - Heparin raw material prices have increased by 2% month-on-month, indicating a mild recovery in the global heparin industry. The supply-demand relationship is showing signs of moderate recovery [5][10] - Vitamin prices are mixed, with some maintaining stability while others, such as Vitamin A and B2, have decreased [5][10] - Iodine prices have remained stable, while caffeine prices have decreased significantly, reaching a near ten-year low [6][10] 2. Investment Recommendations - The raw material drug sector is showing a recovery trend, with inventory depletion nearing its end and a replenishment cycle beginning. The vitamin and steroid sectors are leading the price increases [7][42] - Long-term prospects for raw material drug companies are positive, with ongoing technological upgrades and business model improvements. The industry is entering a phase of high-quality development, warranting an "Overweight" rating [7][42]

Investment Rating - The industry rating is "Buy" (maintained) [7] Core Viewpoints - Multiple regions have announced idle land storage plans, with Guangdong publishing the first batch of storage project lists. This initiative aims to alleviate liquidity and debt pressures for local governments and real estate companies while adjusting the supply-demand relationship in the land market [2][3] - The Ministry of Natural Resources issued a notice in November 2024 regarding the use of local government special bond funds to recover idle land, providing detailed guidelines for the acquisition process and pricing [3] - The characteristics of the storage projects indicate that most are led by local state-owned enterprises, with acquisition discount rates ranging from 10% to 20% [4] Summary by Sections Land Storage Progress - As of February 11, 2025, Guangdong Province has announced plans for 161 parcels of land covering approximately 6.85 million square meters, with a total storage amount of about 35.4 billion [3] - The city with the largest storage fund is Huizhou (12.7 billion), followed by Zhuhai (6.6 billion) [3] Project Characteristics - The announced projects primarily consist of residential (over 50%) and commercial (over 30%) land, with most parcels acquired at or below original transaction prices [4] - Approximately 70% of the parcels have acquisition prices that are 80%-100% of the original transaction price, with an average discount of about 10% for parcels sold between 2020 and 2023 [4] Investment Recommendations - The current core objective of the real estate market policy is to stabilize volume and price. The acceleration of land storage will help ease liquidity and debt pressures for local governments and real estate companies, thus adjusting market supply and demand [5] - It is recommended to focus on leading quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from active transactions [5]

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 机械行业事件点评 2024 年机床工具行业收入下降 5.2%，降幅持续收窄 相关研究： 1《. 20241121湘财证券-机械行业： 机床协会发布9月数据，收入降幅 环比收窄》 2.《20250102湘财证券-机械行 业：协会发布2024年11月数据， 金切机床订单增速回升》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 3.0 9.1 18.1 绝对收益 5.7 7.6 34.4 注：相对收益与沪深 300 相比 -20% -10% 0% 10% 20% 30% 40% 24/02 24/04 24/06 24/08 24/10 24/12 机械设备(申万) 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@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： ❑ 机床工具协会发布 2024 年全年数据，全行业收入同比下降 5.2% 行业研究 1 机床工具行业相关数据 (20 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 机器人行业周报 Meta 入局具身智能，推动人形机器人产业化落地 ——机器人行业周报（02.10~02.14） 相关研究： 核心要点： 上周机器人行业下跌 3.5%，跑输沪深 300 指数 4.7 个百分点 上周（02 月 10 日-02 月 14 日），机器人行业下跌 3.5%，跑输机械设备 行业 3.4 个百分点，跑输沪深 300 指数 4.7 个百分点。2025 年年初至今，机 器人板块上涨 23.8%，跑赢机械设备 15.4 个百分点。估值方面，截至 2 月 14 日，机器人板块 PE(TTM)为 156.82 倍，位于 2012 年至今 99.1%分位数； PB(LF)约 6.04 倍，位于 2012 年至今 84.8%分位数。 投资建议 Meta 入局具身智能，推动人形机器人产业化落地 Meta 入局具身智能领域，特别是 AI 驱动的人形机器人，对机器人行业 和投资领域都具有深远的意义。从行业发展来看，Meta 凭借其在 AI 技术、 深度学习和自然语言处理方面的深厚积累，将加速人形机器人在感知、交互 和自主学习能力上的技术 ...