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 ...

宏观研究 宏观月度数据点评 CPI 同比由正转负，PPI 同环比负增长 —— 2 月通胀数据点评 相关研究： | 1. 《CPI同比转正，PPI仍表现 | | | --- | --- | | 偏弱》 | 2024.03.11 | | 2. 《CPI和PPI同比小幅上涨》 | 2024.05.15 | | 3. 《食品项拖累减小，有色金 | | | 属涨价明显》 | 2024.06.12 | | 4. 《核心CPI偏低，PPI降幅再 | | | 度扩大》 | 2024.09.10 | | 5. 《食品CPI同比上涨明显， | | | PPI同比降幅扩大》 | 2024.11.15 | 证券研究报告 2025 年 3 月 12 日 湘财证券研究所 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 月我国 CPI 同比增长-0.7%，前值增长 0.5%；PPI 同比增长-2.2%，前值 增长-2.3%。 ❑ CPI 同比由正转负 2 月国内 CPI ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][31] Core Viewpoints - The importance of the capital market is highlighted, with a focus on the value of brokerage sector allocation. The government work report emphasizes stabilizing the real estate and stock markets, indicating a positive outlook for the capital market's activity, which is expected to support brokerage performance and valuation recovery [7][31] - The report notes that the brokerage index has a price-to-book (PB) ratio of 1.43x, with a historical valuation percentile of 37% over the past decade, suggesting potential for valuation improvement [3][10] Market Review - The brokerage sector experienced a slight increase but underperformed compared to the CSI 300 index, with the brokerage index rising by 0.7% while the CSI 300 index increased by 1.4% during the week of March 3-7, 2025 [3][10] - The top five performing brokerages were Guotai Junan (+5.9%), Xinda Securities (+3.5%), Huaxi Securities (+3%), Huachuang Yuxin (+2.9%), and Shouguang Securities (+2.7%) [3][10] - Conversely, the bottom five performers included Everbright Securities (-0.9%), Tianfeng Securities (-0.9%), Western Securities (-1.1%), Guolian Securities (-1.8%), and China Galaxy (-2.2%) [4][10] Industry Weekly Data Brokerage Business - The average daily stock trading volume in the Shanghai and Shenzhen markets was 15,064 billion yuan, a decrease of 9.1% week-on-week, following four consecutive weeks of growth [5][15] - New fund issuance saw a significant drop in stock and bond funds, with stock funds at 7 billion units (-71%) and bond funds at 64 billion units (-64%), while mixed funds surged to 44 billion units (+588%) due to a low base effect [5][19] Investment Banking Business - Six companies conducted equity financing during the week, raising a total of 9.6 billion yuan, with three IPOs accounting for 1.7 billion yuan and three refinancing deals totaling 7.9 billion yuan [5][23] Capital Intermediary Business - As of March 7, 2025, the margin trading balance reached 19,110 billion yuan, marking a 0.7% increase week-on-week and the highest level in nearly two years. The financing balance was 18,992 billion yuan (+0.6%), while the securities lending balance was 117 billion yuan (+5.9%) [6][23] - The stock pledge quantity was 3,178 billion shares, accounting for 3.94% of the total share capital, with a total pledge market value of 2.83 trillion yuan (+2.1%) [6][23] Investment Recommendations - The report suggests focusing on leading brokerages that will benefit from increased industry concentration and those expected to engage in mergers and acquisitions, maintaining the "Overweight" rating for the industry [7][31]

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 煤炭行业周报 供给收缩，煤价有望止跌 相关研究： | 1.《供给存在收缩预期，动力 | | | --- | --- | | 煤支撑渐强》 | 2024.12.31 | | 2.《电厂去库持续，煤价止跌》 | | | 2025.01.07 | | 行业评级：增持（维持） 核心要点： ❑ 市场回顾：煤炭板块上涨 0.45%，估值周环比上涨 上周（3.3-3.7）煤炭板块（801950.SI）上涨 0.45%，同期沪深 300 上涨 1.39%，行业跑输基准指数（沪深 300）0.94 个百分点。煤炭行业板块 PE 估值为 10.18 倍，处于近十年来 48.14%分位点；板块 PB 估值为 1.18 倍， 处于近十年来 26.22%分位点，估值周环比上涨。 ❑ 供给收缩，需求仍有下滑预期 国内外动力煤价格弱势运行。国内方面：截至 3 月 9 日，CCTD 秦皇岛 Q5500 动力煤市场价为 700 元/吨，周环比下跌 1.41%。海外方面：截至 3 月 9 日，澳洲 NEWC、欧洲 ARA 和南非查理德 RB 动力煤现货价最新价 格为 10 ...

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 医疗服务行业周报 政府工作报告：三医协同，深化医改 --医疗服务行业周报 3.3-3.9 | 相关研究： | | --- | 核心要点： 上周医药生物上涨 1.06%，位列申万一级行业第 19 位 上周医药生物报收 7380.21 点，上涨 1.06%，涨幅排名位列申万 31 个一级 行业第 19 位。沪深 300 指数上涨 1.39%，医药跑输沪深 300 指数 0.32%。 申万医药生物二级子行业医疗服务 II 报收 5556.11 点，上涨 2.63%；中药 II 报收 6218.54 点，上涨 0.17%；化学制药 II 报收 10359.67 点，上涨 0.79%； 生物制品Ⅱ报收 5932.05 点，上涨 0.65%；医药商业Ⅱ报收 4880.71 点， 上涨 0.62%；医疗器械Ⅱ报收 6360.92 点，上涨 1.32%。细分板块来看， 医疗服务涨幅较大。 从医疗服务板块公司的表现来看，表现居前的公司有：贝瑞基因（+34.4%）、 南华生物（+15.5%）、数字人（+12.6%）、金域医学（+12.3%）、美年健康 （+ ...

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 机器人行业周报 深圳发布人形机器人专项政策，关注机器人相关产业链 ——机器人行业周报（03.03~03.07） 相关研究： 1.《20250225湘财证券-机械行业- Grok3大模型发布，助力人形机器 人产业化落地》2025.02.25 1《. 20250305湘财证券-机械行业-北 京发布具身智能行动计划，加速具 身机器人产业化落地》2025.03.05 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 9.7 10.4 60.6 绝对收益 10.4 8.7 71.4 -40% -20% 0% 20% 40% 60% 80% 24/03 24/05 24/07 24/09 24/11 25/01 机器人(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 ...

证券研究报告 2025 年 03 月 12 日 湘财证券研究所 行业研究 银行业事件点评 政府工作报告定调积极，助力银行估值修复 相关研究： | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.72 4.43 10.15 绝对收益 1.76 3.08 21.34 事件： 1.《增量政策推进，关注银行配置 国务院新闻办举行吹风会，解读 2025 年《政府工作报告》。报告注重稳增 长与防风险，提出多项与银行相关的政策部署，对银行稳定信贷投放、降 低资金成本和巩固资产质量等具有积极作用。 核心要点： 扩内需政策 ...

证券研究报告 2025 年 03 月 12 日 湘财证券研究所 行业研究 银行业事件点评 政府工作报告定调积极，助力银行估值修复 相关研究： | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.72 4.43 10.15 绝对收益 1.76 3.08 21.34 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 事件： 1.《增量政策推进，关注银行配置 国务院新闻办举行吹风会，解读 2025 年 ...

Investment Rating - The report maintains an "Overweight" rating for the robotics industry [1][5]. Core Insights - The robotics industry experienced a 5.7% increase last week, outperforming the machinery equipment sector by 0.2 percentage points and the CSI 300 index by 4.3 percentage points. Year-to-date, the robotics sector has risen by 36.2%, surpassing the machinery equipment sector by 17.4 percentage points [3][8]. - Shenzhen has launched a special policy for humanoid robots, aiming to establish an internationally leading humanoid robot industry cluster by 2027. The plan includes breakthroughs in key components, AI chips, and multimodal perception technologies, with the goal of nurturing over 10 companies valued at over 10 billion and achieving a total industry scale exceeding 100 billion [4][5]. Summary by Sections Market Performance - The robotics sector's relative return over the past month, three months, and twelve months is 9.7%, 10.4%, and 60.6%, respectively. Absolute returns for the same periods are 10.4%, 8.7%, and 71.4% [2][8]. Policy Developments - Shenzhen's action plan for 2025-2027 aims to support breakthroughs in core technologies and the establishment of a significant number of high-value enterprises, with a focus on integrating humanoid robot technology into various applications [4][5]. Investment Recommendations - The report suggests focusing on high-precision sensors and transmission components, which have high technical barriers and clear growth prospects. These segments are expected to experience rapid growth due to supportive policies and a booming industry [5][31].

Investment Rating - The industry rating is maintained at "Overweight" [7][10][59] Core Views - The medical service sector showed a significant increase of 2.63%, outperforming other sub-sectors within the pharmaceutical industry [3][25] - The government work report emphasizes the need for coordinated development of medical services, insurance, and pharmaceuticals, aiming to enhance basic healthcare services and improve the quality of medical resources [5][57] - Despite ongoing pressures from medical insurance cost control, the establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize the industry [10][59] Summary by Sections Industry Performance - The pharmaceutical sector rose by 1.06%, ranking 19th among 31 primary industries, while the Shanghai and Shenzhen 300 Index increased by 1.39% [3][13] - The medical service sub-sector reported a closing price of 5556.11 points, with a weekly increase of 2.63% [25][32] Valuation Metrics - The current PE (ttm) for the medical service sector is 37.89X, with a historical maximum of 40.18X and a minimum of 20.88X over the past year [4][32] - The current PB (lf) stands at 3.05X, with historical extremes of 3.37X and 2.06X [4][32] Industry Dynamics - The National Healthcare Security Administration has released guidelines to standardize pricing for orthodontic treatments in public hospitals [5][56] - All secondary and above public hospitals in Ningxia have integrated the DeepSeek domestic medical model, enhancing the digitalization of healthcare services [5][56] Government Initiatives - The government work report outlines strategies for improving healthcare services, including enhancing the quality of public hospitals and optimizing drug procurement policies [5][57] - Increased financial support for residents' medical insurance and public health services is set to improve healthcare accessibility [5][57] Investment Opportunities - The report suggests focusing on high-growth areas such as ADC CDMO in pharmaceutical outsourcing and the peptide CDMO in weight-loss drug supply chains [10][59] - There is potential for recovery in profitability for third-party medical testing laboratories and consumer healthcare sectors like ophthalmology and dentistry [10][59]