Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Views - The importance of the capital market is highlighted, with a focus on the allocation value of the brokerage sector. The government work report emphasizes stabilizing the real estate and stock markets, indicating a sustained increase in capital market activity, which is expected to support brokerage performance and valuation recovery. Additionally, the acceleration of mergers and acquisitions is likely to optimize the industry structure and enhance brokerage profitability. Attention is recommended for leading brokerages benefiting from increased industry concentration and those with expected mergers and acquisitions [7][31]. Summary by Sections Market Review - The brokerage sector experienced a slight increase but underperformed compared to the CSI 300 index. During the week of March 3-7, the Shanghai Composite Index rose by 1.6%, the Shenzhen Component Index by 2.2%, and the CSI 300 Index by 1.4%. The brokerage index increased by 0.7%, lagging behind the CSI 300 by 0.7 percentage points. The brokerage index's price-to-book (PB) ratio is 1.43x, with a 37% valuation percentile over the past decade. The top five performing brokerages were Guotai Junan (+5.9%), Xinda Securities (+3.5%), Huaxi Securities (+3%), Huachuang Yinxin (+2.9%), and Shouguang Securities (+2.7%) [3][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in the Shanghai and Shenzhen markets was 15,064 billion yuan, a 9.1% decrease week-on-week. Despite this decline, the trading volume remains at a relatively high level since the beginning of the year. New fund issuance saw stock, mixed, and bond funds at 7 billion, 4.4 billion, and 6.4 billion units respectively, with significant fluctuations in issuance [5][19]. - **Investment Banking**: Six companies conducted equity financing during the week, raising a total of 9.6 billion yuan, with three IPOs raising 1.7 billion yuan and three refinancing deals raising 7.9 billion yuan [23]. - **Capital Intermediation**: As of March 7, the margin financing and securities lending balance reached 19,110 billion yuan, a 0.7% increase week-on-week, marking a two-year high. The financing balance was 18,992 billion yuan, up 0.6%, while the securities lending balance was 11.7 billion yuan, up 5.9%. The margin balance accounted for 2.57% of the total market capitalization of A-shares [6][23].

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The coal sector has shown a slight increase of 0.45% recently, but it underperformed compared to the benchmark index (CSI 300) by 0.94 percentage points [5] - Domestic and international thermal coal prices are under pressure, with domestic prices at 700 RMB/ton, down 1.41% week-on-week, and international prices showing declines as well [6] - Supply of thermal coal is tightening due to safety inspections and some mines temporarily halting production, while demand is expected to decline as heating season ends [6] - Coking coal supply remains stable, with domestic prices holding steady at 1200 RMB/ton, while downstream demand is showing signs of recovery [7] - The report suggests that despite expected declines in thermal coal demand, seasonal recovery in non-electric sectors (like steel and chemicals) may offset this, leading to a potential stabilization in coal prices [8] Summary by Sections Market Review - The coal sector's PE valuation is at 10.18 times, within the 48.14% percentile over the past decade, while the PB valuation is at 1.18 times, within the 26.22% percentile [5] Supply and Demand Dynamics - Domestic thermal coal prices are weak, with a current market price of 700 RMB/ton, and international prices for Australian, European, and South African coal also declining [6] - The supply of thermal coal is slightly contracting due to safety measures and inspections, while demand is expected to decrease as the heating season concludes [6] - Coking coal prices are stable domestically, with a price of 1200 RMB/ton, and there is a gradual recovery in downstream demand as construction activities resume [7] Investment Recommendations - The report recommends focusing on leading coal companies with high long-term contract ratios and stable operations, as well as coking coal companies with low valuations and improving operational conditions, maintaining an "Overweight" rating for the industry [8]

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 疫苗行业周报 AI 赋能疫苗研发，云顶新耀 mRNA 个性化肿瘤治疗性疫苗完成首例给药 核心要点： ❑ 市场表现：上周疫苗上涨 0.67%，涨幅相对较小 1. 《多款疫苗获新进展，关注强 研发力企业》20250218 2. 《两款多联多价苗获批临床， 企业积极聚焦差异化竞争》 20250225 行业评级：增持（维持） -60 -40 -20 0 20 24/03 24/06 24/09 24/12 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -10 | -40 | | 绝对收益 | 0 | -10 | -30 | 注：相对收益与沪深 300 相比 敬请阅读末页之重要声明 相关研究： 近十二个月行业表现 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@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 上周（2025.03.03- ...

相关研究： | 《新能源全面入市，存量增量分类施 | | | --- | --- | | 策》 | 2025.02.11 | | 《电力系统调节能力优化方案发布，保 | | | 障新能源消纳利用》 | 2025.01.14 | 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 -3 -7 -14 绝对收益 -2 -7 -2 注：相对收益与沪深 300 相比 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@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 证券研究报告 2025 年 3 月 11 日 湘财证券研究所 行业研究 公用事业行业周报 政府工作报告强调绿色低碳，关注新能源高质量发展 核心要点： ❑ 本周公用事业(申万)下跌 0.5%，跑输沪深 300 指数 1.89 个百分点 截至 2025 年 3 月 7 日，本周沪深 300 上涨 1.39%，创业板指上涨 1.61%， 公用事业(申万)下跌 0.5%，跑输沪深 300 指数 1.89 个百分点，在申万一级 行业 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The government work report emphasizes green and low-carbon development, focusing on high-quality development of new energy [7][27] - The public utility sector has underperformed, with a decline of 0.5% in the past week, lagging behind the CSI 300 index by 1.89 percentage points [4][11] - The report suggests that traditional fossil energy usage will continue to decline, while electricity consumption is expected to grow steadily in the long term [8][32] Industry Performance - Over the past month, the public utility sector has shown a relative return of -3%, -7% over three months, and -14% over twelve months [3] - The average inflow to the Three Gorges Reservoir has increased by 10.09% week-on-week, indicating stable water storage [5][21] - Domestic LNG prices have slightly decreased by 1.6% week-on-week, while the US market has seen a significant increase of 15.24% [6][24] Government Initiatives - The government aims to reduce energy consumption per unit of GDP by 3% by 2025 and improve ecological quality [7][27] - The report outlines plans for expanding the carbon emissions trading market and promoting the development of offshore wind power [7][27] Investment Recommendations - The report recommends focusing on regional thermal power leaders with tight supply-demand dynamics and strong dividend-paying water and nuclear leaders [8][32] - Continuous improvement in green electricity consumption and realization of environmental value is anticipated [8][32] Company Updates - Xiongrong Environment expects a revenue of 9.05 billion yuan in 2024, a year-on-year increase of 11.90% [29] - New Tian Green Energy reported a 35.18% increase in power generation in February 2025 compared to the previous year [29]

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 疫苗行业周报 AI 赋能疫苗研发，云顶新耀 mRNA 个性化肿瘤治疗性疫苗完成首例给药 核心要点： ❑ 市场表现：上周疫苗上涨 0.67%，涨幅相对较小 1. 《多款疫苗获新进展，关注强 研发力企业》20250218 2. 《两款多联多价苗获批临床， 企业积极聚焦差异化竞争》 20250225 行业评级：增持（维持） -60 -40 -20 0 20 24/03 24/06 24/09 24/12 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -10 | -40 | | 绝对收益 | 0 | -10 | -30 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com ❑ 估值：上周疫苗板块 PE（ttm）为 34.02X，PB（lf）为 1.88X 上周疫苗板块 PE（ttm）为 34.02X，环比上升 0 ...

证券研究报告 2025 年 3 月 11 日 湘财证券研究所 ——药品行业周报（3.3-3.9） 相关研究： | 核心要点 | | --- | A 股医药生物上涨 1.1% 上周医药生物上涨 1.1%，位列全市场一级行业涨幅第 19 位，跑输万得全 A 1.37 pp。13 个三级行业中 11 个子行业呈现上涨，其中体外诊断、原料 药涨幅居前。药品制造相关行业均呈现上涨，原料药、生物药及化学制剂 分别上涨 2.08%、0.63%、0.53%。 全行业估值水平方面，3 月 10 日医药生物 PE-TTM（剔除负值）为 26.87X， 位于负 1 倍标准差以上位置，PB 2.54X，低于负 1 倍标准差。 全球主要生物科技板块有所分化，A 股生科及恒生生科呈现上涨，涨幅分 别为 2.9%、2.7%，纳指生科下跌 0.3%。 投资建议 创新药多元支付机制建设持续推进，2025 年有望成为政策落地转折年， 首先首版丙类医保目录将于年内推出，其次 2025 年政府工作报告中明确 指出健全药品价格形成机制，进一步支持创新药政策有望落地新举措。全 链条支持创新药政策持续深化，加快推进创新药高质量发展。同时政府工 作报告中提 ...

证券研究报告 2025 年 3 月 11 日 湘财证券研究所 行业研究 药品行业周报 创新主线修复延续，关注支持政策持续落地 ——药品行业周报（3.3-3.9） 相关研究： | 核心要点 | | --- | A 股医药生物上涨 1.1% 上周医药生物上涨 1.1%，位列全市场一级行业涨幅第 19 位，跑输万得全 A 1.37 pp。13 个三级行业中 11 个子行业呈现上涨，其中体外诊断、原料 药涨幅居前。药品制造相关行业均呈现上涨，原料药、生物药及化学制剂 分别上涨 2.08%、0.63%、0.53%。 全行业估值水平方面，3 月 10 日医药生物 PE-TTM（剔除负值）为 26.87X， 位于负 1 倍标准差以上位置，PB 2.54X，低于负 1 倍标准差。 全球主要生物科技板块有所分化，A 股生科及恒生生科呈现上涨，涨幅分 别为 2.9%、2.7%，纳指生科下跌 0.3%。 投资建议 创新药多元支付机制建设持续推进，2025 年有望成为政策落地转折年， 首先首版丙类医保目录将于年内推出，其次 2025 年政府工作报告中明确 指出健全药品价格形成机制，进一步支持创新药政策有望落地新举措。全 链条支持创新 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [2] Core Insights - The "Four Accounts" of finance collectively form a complete system of national finance, with interconnections that allow for mutual supplementation and coordination [34] - The General Public Budget is primarily funded by tax revenues, with expenditures focused on livelihood and infrastructure development [34] - The Government Fund Budget relies on specific revenues such as land use rights transfer fees for designated public projects [34] - The State Capital Operation Budget reflects the income and expenditures of state-owned capital, while the Social Insurance Fund Budget is dedicated to social insurance revenues and expenditures [34] - Long-term investment opportunities may arise in industries related to aging populations, such as healthcare and elderly care services, influenced by government policy adjustments in healthcare and long-term care insurance [34] Summary by Sections General Public Budget - Revenue is mainly derived from tax income, with non-tax income as a supplement [6][12] - Expenditures are high in livelihood and infrastructure, with a significant portion allocated to local spending and increasing transfer payments [6][12] Government Fund Budget - The primary revenue source is land use rights transfer fees, with expenditures being strictly defined and allocated [20] State Capital Operation Budget - Revenue sources are diverse, including profit income and dividends, with overall expenditures showing an upward trend but a recent decline [25][27] Social Insurance Fund Budget - Dominated by insurance fee income and fiscal subsidies, with the largest expenditure being on basic pension insurance for employees [29][31]

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 公司研究 保利发展（600048.SH） 销售规模领先行业，拿地聚焦一二线城市 相关研究： 核心要点： ❑ 销售：前两个月销售规模领先行业，销售均价上涨 公司发布销售情况简报，2 月公司实现签约面积 78.29 万平方米，同比减少 17.39%；签约金额 159.95 亿元，同比增加 2.38%。累计来看，1-2 月公司 实现签约面积 155.49 万平方米，同比减少 27.19%；签约金额 340.11 亿元， 同比减少5.39%。从均价来看，2月销售均价为20430元/平，同比增长23.9%； 1-2 月销售均价为 21873 元/平，同比增长 30%。 根据中指研究院数据，1-2 月公司全口径销售金额、销售面积分别位居行业 第一、第二；权益销售金额和面积均排名第一，销售规模维持行业领先。 从市占率看，1-2 月公司在 TOP100 房企中的全口径销售金额和销售面积市 占率分别为 7.6%、6.1%，同比分别+0.05pct、-1pct。 ❑ 投资：拿地聚焦一二线城市，节奏明显加快 从投资端看，2 月公司新增项目 6 个，计容建面 61.39 ...