Investment Rating - The report indicates a positive outlook for investment, suggesting a "moderate recovery + structural transition" in the economy for 2025 [57]. Core Insights - The 2025 government work report emphasizes the need to boost consumption, enhance investment efficiency, and expand domestic demand comprehensively [5][57]. - Key development goals include a GDP growth target of around 5%, a focus on employment, and a commitment to ecological improvement [5][7]. - The report outlines a proactive fiscal policy with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [5][23]. Summary by Sections 1. Overview of the 2025 Government Work Report - The report sets a GDP growth target of approximately 5%, with urban unemployment around 5.5% and over 12 million new urban jobs [5]. - It highlights the implementation of a more proactive fiscal policy and a moderately loose monetary policy [5]. 2. Interpretation of the 2025 Government Work Report Consumption - Durable goods consumption is expected to double from 150 billion yuan in 2024 to 300 billion yuan [13]. - The report aims to enhance service consumption in health, elderly care, and childcare sectors [13]. - New consumption models will be promoted, focusing on digital, green, and intelligent consumption [13]. Fixed Asset Investment - The report emphasizes the need for effective investment, with a proposed central budget investment of 735 billion yuan for 2025 [29]. - It encourages private investment in major infrastructure and social welfare projects [30]. - The focus will be on digital economy innovation, particularly in AI and 5G applications [31][32]. Government Purchases - The report outlines plans to expand high-quality public services in education and healthcare, including reforms in public hospitals and medical services [36]. Net Exports - The report aims to stabilize foreign trade and investment, promoting service trade innovation and encouraging foreign investment in various sectors [41]. 3. Investment Guidance from the 2025 Government Work Report - The report identifies key investment directions, including technology innovation, green economy, consumption upgrades, and infrastructure [57][68]. - It highlights the importance of supporting strategic emerging industries, particularly in aerospace, low-altitude economy, and biomanufacturing [59]. - The green economy is emphasized, with a focus on renewable energy, energy storage technologies, and carbon capture [60]. - Consumption upgrades are targeted to stimulate domestic demand, with specific measures to enhance consumer confidence and spending [61][62].

证券研究报告 2025 年 03 月 07 日 湘财证券研究所 公司研究 康希诺（688185.SH） MCV4 商业化进展顺利，带动公司营收快速增长 相关研究： 1. 《以创新为核心，由Biotech转 型为Biopharma》 20241216 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 1 -10 6 绝对收益 3 -10 18 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 康希诺 沪深300 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 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 公司发布2024年度业绩快报。2024年实现营收8.46亿元，同比增长137.01%； 实现归母净利润-3.79 亿元，亏损幅度显著收窄（去年同期-14.83 亿元）；EPS 为-1.53 元/股（去年同期-6.01 元/股）。 核心要点： 公司的研发管线及产品布局体现出其较强的研发创新能力。强产品力、成 功的商业化模式、丰富的在研 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - In 2024, the company achieved a revenue of 404 million yuan, representing a year-on-year growth of 47.63%. However, it reported a net loss attributable to shareholders of 198 million yuan [3][4]. - The single-port 2.5G PHY product has seen continuous growth, with initial R&D completed for the four-port 2.5G PHY, which can replace single-port 10G products in certain scenarios [4]. - The YT9230 series switching chips were showcased, with expectations for gradual market penetration, addressing a gap in the domestic full-series solutions [5]. Financial Performance - The company reported a revenue of 404 million yuan in 2024, a 48.0% increase from 2023, with a projected revenue of 452 million yuan in 2025 and 525 million yuan in 2026 [9]. - The net profit is expected to improve from a loss of 195 million yuan in 2024 to a loss of 154 million yuan in 2025, and further to a loss of 48 million yuan in 2026 [9]. - The gross margin is projected to decline slightly from 51.3% in 2024 to 49.1% in 2025 and 49.0% in 2026 [9]. Product Development - The company has successfully launched its 2.5G PHY products, with sales reaching 38.7 million yuan in the first half of 2024, indicating strong market demand [4]. - The ongoing development of new products is expected to drive revenue growth in the coming years, with the third round of new product R&D continuing [6].

Investment Rating - Industry investment rating: Buy (maintained) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing declines, highlighting the importance of real estate in maintaining macroeconomic stability [3][4] - Specific measures include adjusting restrictive policies based on city conditions, promoting the renovation of urban villages and dilapidated housing, and controlling new real estate supply [5][6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative return of 3% over the past month, but a negative return of 12% over the past three months and a slight negative return of 4% over the past year compared to the CSI 300 index [2][3] Demand Side - Policies will continue to relax restrictions, including lowering mortgage rates and down payment ratios, which are at historical lows. The report anticipates further loosening of purchase restrictions in various cities [5] - The Ministry of Housing and Urban-Rural Development plans to implement 1 million urban village renovations and dilapidated housing improvements, which will directly increase sales of new and second-hand homes [5] Supply Side - The report indicates a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, supporting land acquisition and stock housing purchases [6] - The report maintains a stance on controlling new land supply, which is expected to continue to shrink, but with better locations and relaxed price limits, project turnover and profit margins are likely to improve [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active stock housing transactions. The industry maintains a "Buy" rating [8]

相关研究： | 1.《特斯拉FSD入华，智能驾驶 | | | --- | --- | | 有望加速发展》 | 2025.02.28 | | 2.《四季度AI PC渗透率达到 | | | 23%，AI Agent有望推动AI PC放 | | | 量》 | 2025.02.27 | | 3.《阿里巴巴宣布巨额资本开支 | | | 计划，国产算力有望迎来景气周 | | | 期》 | 2025.02.26 | 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 3.17 10.64 33.92 绝对收益 5.80 11.21 44.99 -20.00% 0.00% 20.00% 40.00% 60.00% 24-03 24-04 24-05 24-06 24-07 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 电子(申万) 沪深300 注：相对收益与沪深 300 相比 证券研究报告 2025 年 3 月 8 日 湘财证券研究所 行业研究 电子行业点评报告 政府工作报告发布，大力支持 AI 发展 联系人：李杰 证书编号：S05005 ...

政策提振信心，估值修复可期 相关研究： | 1.《1月CPI涨幅扩大，酒企密集 | | | --- | --- | | 控货稳价》 | 2025.02.11 | | 2.《酒企淡季控货稳价，乳品供 | | | 需格局有望改善》 | 2025.02.24 | | 3.《市场预期回暖，乳制品价格 | | | 回升》 | 2025.03.03 | 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 3.8 -3.5 -17.9 绝对收益 6.5 -2.9 -6.8 证券研究报告 2025 年 3 月 10 日 湘财证券研究所 行业研究 食品饮料行业周报 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@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： ❑ 3 月 3 日-3 月 7 日，食品饮料行业上涨 0.74% 上周，上证指数上涨 1.56%，深证成指上涨 2.19%，沪深 300 指数上涨 1.39%， 创业板指上涨 1.61%。申万食品饮料行业上涨 0.74%，涨跌幅排 ...

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 行业研究 煤炭行业数据点评 3 月进口量或难维持，煤价有望筑底 ——2 月煤炭进口数据点评 相关研究： 1.《日耗逐步提升&政策预期 偏强，旺季行情有望释放》 2024.11.11 2.《电厂日耗加速释放，动力 煤价格有望止跌》 2024.11.18 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 -17% -10% -21% 绝对收益 -27% -23% -34% -12% -6% 0% 6% 12% 18% 24% 30% -25% -20% -15% -10% -5% 0% 5% 10% 煤炭(申万) 注：相对收益与沪深 300 相比 分析师：王逸奇 证书编号：S0500524080002 Tel：(8621) 50293519 Email：wyq06893@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 ❑ 协会倡议书控制劣质煤进口量&印尼 HBA 新政，进口煤预期缩量 中国煤炭工业协会、中国煤炭运销协会联合发布倡议书，倡议煤炭企业要 有序推动煤炭产量控 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The rare earth permanent magnet industry saw a price increase of 6.02% last week, outperforming the benchmark (CSI 300) by 4.63 percentage points [4] - The industry valuation (TTM P/E) rebounded to 93.48x, currently at 98.8% of its historical percentile [4] - The demand for rare earth materials is expected to remain stable, with good performance in air conditioning production and sales, while the supply side is anticipated to maintain stability [11] Summary by Sections Market Performance - Over the past month, the industry has shown a relative return of 4%, a 3-month return of 7%, and a 12-month return of 39% [3] - Absolute returns for the same periods are 5%, 6%, and 51% respectively [3] Price Trends - Last week, prices for light rare earth minerals showed a decline, with mixed carbonate rare earth ore prices dropping by 3.7% to 26,000 CNY/ton, and other specific minerals also experiencing price reductions [5] - The average price of praseodymium-neodymium fell by 0.68% to 441,000 CNY/ton, while the metal price decreased by 1.28% to 540,000 CNY/ton [6] - Dysprosium prices continued to weaken, with the average price dropping by 0.58% to 1,700 CNY/kg [7] Industry Outlook - Domestic air conditioning production is expected to grow by 13.5%, 10.3%, and 14.7% year-on-year from March to May 2025 [9][10] - The overall demand in the industrial sector remains strong, with stable production in the new energy vehicle sector and a narrowing decline in elevator production [11] - The industry is facing overcapacity and a competitive landscape that has not changed, with prices still constrained by the speed of supply-demand balance [11]

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 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 9.4 10.5 17.3 绝对收益 10.7 9.9 28.6 -30% -20% -10% 0% 10% 20% 30% 40% 24/03 24/05 24/07 24/09 24/11 25/01 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 行业研究 机械行业周报 2 月我国挖机销量增长 53%至 1.9 万台，超预期 ——机械行业周报（03.03~03.09） 相关研究： 1.《20250224湘财证券-机械行业：1 月我国叉车销量约9.4万台，同比下 降15.4%》 2.《20250303湘财证券-机械行业： 2月我国制造业PMI为50.2%，环比 回升1.1个百分点》 ❑ 工程机械：2025 年 2 月我国挖掘机销量为 19270 台，同比增长 52.8% 据中国工程机械工业协会数据，2025年2月，我国共销售挖掘机19270 台，同比增长 52.8%，增速环比上升 51.7pct。其中国内销量 11640 台，同 比增长 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The lithium battery materials industry experienced a slight decline of 0.21% last week, underperforming the benchmark (CSI 300) by 1.59 percentage points. The industry valuation (TTM P/E) decreased by 0.51x to 35.12x, currently at 34.6% of its historical percentile [4][5] - The market shows signs of a slight recovery in demand for certain segments, but overall supply-demand imbalances persist, with most segments maintaining low prices and profitability [13][45] Summary by Sections Market Performance - The lithium battery materials industry fell by 0.21% last week, underperforming the CSI 300 benchmark by 1.59 percentage points. The industry valuation decreased to 35.12x, which is 34.6% of its historical percentile [4][5] Positive Material Trends - The cost side supported price increases for ternary materials, with prices for NCM111, NCM523, NCM622, and NCM811 rising by 13.82%, 10.61%, 8.7%, and 5.52% respectively. Meanwhile, lithium carbonate prices slightly increased by 0.6% to 75,300 CNY/ton [5][6] Electrolyte and Anode Material Insights - The average price of artificial graphite anode materials rose by 1.28% to 33,100 CNY/ton, while natural graphite prices remained stable at 35,600 CNY/ton. The overall production of anode materials increased by 1.04% to 43,795 tons [10] - Electrolyte prices remained stable at low levels due to oversupply and poor profitability, with the average price of lithium hexafluorophosphate dropping by 1.6% to 61,500 CNY/ton [8][9] Phosphate Lithium and Ternary Material Developments - The price of lithium iron phosphate for power applications remained stable at 35,700 CNY/ton, while production increased by 9.47% to 58,958 tons. The demand in the new energy market showed slight recovery [7] - The ternary cathode material production increased by 1.97% to 12,947 tons, with an operating rate rising by 0.74 percentage points to 38.73% [6] Overall Industry Outlook - The current supply-demand imbalance continues to affect the industry, with short-term demand showing slight recovery signs. However, the overall profitability remains constrained due to excess supply and cost-cutting pressures from downstream sectors [13][45]