Investment Rating - The report suggests a "slow bull" market trend for A-shares in 2025, indicating a positive outlook for the market overall [8][38]. Core Insights - The A-share market showed a general upward trend during the week of March 10-16, 2025, with major indices like the Shanghai Composite Index rising by 1.39% and the Shenzhen Component Index by 1.24% [3][11]. - The report highlights a rebound in the year-on-year growth rate of social financing scale, which reached 8.2% in February 2025, slightly higher than January's 8% [6][31]. - Key sectors expected to perform well include technology, green economy, consumption, and infrastructure, with a focus on strategic emerging industries such as aerospace, low-altitude economy, and quantum technology [8][38]. Summary by Sections Market Performance - During the week of March 10-16, 2025, the A-share indices mostly trended upwards, with the Shanghai Composite Index closing at 3419.56 points and a weekly trading volume that remained stable [3][11]. - The strongest performing sectors included beauty care and food & beverage, with weekly gains of 8.18% and 6.19% respectively, while the weakest sectors were computer and machinery equipment, with declines of -1.36% and -0.68% [4][19]. Sector Analysis - Among the 124 secondary industries, the top gainers were coke and accessories, with weekly increases of 11.32% and 8.93% respectively, while software development and automation equipment saw declines of -2.61% and -2.29% [4][20]. - In the 259 tertiary industries, the leading sectors for weekly growth were coke III and offline pharmacies, with increases of 11.32% and 10.38% respectively [5][30]. Macroeconomic Data - The report notes that M1 and M2 growth rates have shown a decline, with M1 dropping from 1.2% in December 2024 to 0.1% in February 2025, while M2 remained steady at 7.0% [6][31]. - The government work report for 2025 emphasizes effective investment expansion, consumption stimulation, and deepening reform and opening-up policies to achieve a growth target of around 5% [8][38].

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].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [9][19]. Core Insights - The national defense budget for 2025 is set at 1.81 trillion yuan, reflecting a 7.2% increase from the previous year's execution, indicating a sustained push for defense construction [4][5]. - The defense industry index rose by 7.0% in the week of March 3 to March 7, outperforming the CSI 300 index by 5.6% [3][10]. - The current PE (TTM) for the defense industry stands at 69.10 times, placing it in the 62.5 percentile since 2012, while the PB (LF) is approximately 3.12 times, in the 54.0 percentile since 2012 [3][10]. Summary by Sections Market Review - The defense industry index has increased by 3.5% since the beginning of 2025, outperforming the CSI 300 index by 3.6 percentage points [3][10]. - The report highlights that the defense budget will focus on developing new combat capabilities and enhancing traditional military forces [5][19]. Investment Recommendations - The report suggests investing in emerging fields such as satellite internet, low-altitude economy, unmanned systems, and intelligent combat platforms, which align with future warfare trends and have significant market potential [6][19]. - It emphasizes that the current military industry is at a historically low PE valuation, with growth premiums becoming more prominent, recommending attention to undervalued leading companies [6][19].

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 ...