Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Views - The coal sector has shown a relative performance improvement, with a decline of 0.86% compared to a 2.29% drop in the CSI 300 index, indicating a 1.43 percentage point outperformance [7] - Domestic thermal coal prices are under pressure due to seasonal demand weakness, while overseas prices are recovering [8] - Coking coal prices are declining, but demand is gradually improving as downstream industries resume operations [9] - The report suggests that while thermal coal prices are weak, seasonal recovery in non-electric industries may offset some demand losses, leading to potential stabilization in coking coal prices [10] Summary by Sections Market Review - The coal sector's PE valuation is at 10.43 times, at the 51.96 percentile over the past decade, while the PB valuation is at 1.23 times, at the 30.59 percentile [7] Domestic and International Coal Prices - As of March 23, domestic thermal coal prices are at 680 RMB/ton, down 1.45% week-on-week, while international prices for Australian, European, and South African coal have seen slight increases [8] - Domestic coking coal prices are at 1150 RMB/ton, down 4.17% week-on-week, with international prices also declining [9] Investment Recommendations - The report recommends focusing on leading coal companies with high long-term contract ratios and stable operations, such as China Shenhua and Shaanxi Coal, as well as undervalued coking coal companies with improving operational conditions [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The rare earth magnetic materials industry experienced a decline of 2.82% last week, underperforming the benchmark (CSI 300) by 0.53 percentage points. The industry valuation (TTM P/E) fell by 1.7x to 65.9x, currently at 81% of its historical percentile [6][16] - Despite a slight weakening in rare earth prices, the downward space is limited due to stable production and relatively tight supply at the mining end. The demand side shows no significant new orders, keeping prices stable for now. The overall industry performance is still in a recovery phase from the bottom [13][39] Market Performance - Over the past 12 months, the industry has shown relative returns of 1% over one month, 6% over three months, and 11% over twelve months. Absolute returns were 0% over one month, 5% over three months, and 21% over twelve months [5] - The rare earth magnetic materials industry saw a 2.82% decline last week, with a valuation drop to 65.9x, indicating a high historical valuation level [6][16] Price Trends - Last week, the prices of light rare earth minerals remained stable, with mixed carbonate rare earth ore at 26,000 CNY/ton, and heavy rare earth minerals also holding steady [7] - The price of praseodymium-neodymium weakened slightly, with the average price of praseodymium-neodymium oxide at 444,500 CNY/ton, and the metal price down by 0.18% to 544,500 CNY/ton [8] - Dysprosium prices fell by 2.05% to 1,675 CNY/kg, while terbium prices decreased by 0.98% to 6,560 CNY/kg [9] Industry Demand - The production and sales of household air conditioners showed double-digit growth in January and February 2025, with production at 16.785 million units (up 42.9%) and sales at 16.790 million units (up 36.3%) [11][12] - The demand for new energy vehicles remains high, and the wind power sector continues to show strong growth potential despite a significant drop in new installations [13][39] Supply Dynamics - The overall capacity utilization in the industry still needs improvement, and the current overcapacity requires further demand digestion. The pressure on supply-demand balance continues to suppress industry price levels and profit margins [13][39]

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The lithium battery materials industry experienced a decline of 4.03% last week, underperforming the benchmark (CSI 300) by 1.74 percentage points. The industry valuation (TTM P/E) fell by 1.84 times to 32.34 times, currently at 21.8% of its historical percentile [5][13] - The demand for lithium battery materials is recovering, but the supply remains excessive, leading to low overall operating rates in the industry. The long-term demand in the energy storage market is expected to benefit from policy continuity and downstream procurement support, but the supply-side differentiation continues [13][50] Summary by Sections Market Performance - Last week, the lithium battery materials industry fell by 4.03%, underperforming the benchmark by 1.74 percentage points. The industry valuation decreased to 32.34 times, which is at 21.8% of its historical percentile [5][13] Positive Electrode Materials - Last week, the prices of ternary precursors remained stable, while lithium source prices decreased. The prices of ternary materials showed a slight increase, with head enterprises recovering demand. The inventory increased due to supply chain fluctuations [6][10] - The prices for ternary precursor NCM111, NCM523, NCM622, and NCM811 were stable at 80,500 CNY/ton, 79,000 CNY/ton, 81,000 CNY/ton, and 89,000 CNY/ton respectively [6] Phosphate Iron Lithium Materials - The price of phosphate iron lithium for power applications increased by 0.56% to 36,000 CNY/ton, while the storage type rose by 0.74% to 34,000 CNY/ton. The overall demand in March was stronger compared to February, driven by increased demand from the power sector [7][10] Electrolytes - The price of lithium phosphate remained stable at 60,500 CNY/ton, with solvent and additive prices mostly steady. The overall demand for electrolytes was acceptable, with slight increases in demand from leading enterprises [9][10] Negative Electrode Materials - The average market price for artificial graphite negative electrode materials remained stable at 33,400 CNY/ton, while natural graphite prices held steady at 35,600 CNY/ton. The production of negative electrode materials increased by 2.21% to 45,950 tons [10][11] Membranes - The price of dry-process membranes increased by 4.88% to 0.43 CNY/sqm, while wet-process membranes remained stable at 1.01 CNY/sqm. The production of membranes increased by 1.03% to 49,000 million sqm [11][12] Investment Recommendations - The current industry valuation is at a historical low, providing some potential for rebound. However, the overall profitability of the sector is constrained by supply-demand imbalances, and the industry is expected to maintain low prices and profitability levels [13][50]

证券研究报告 2025 年 03 月 24 日 湘财证券研究所 行业研究 医疗服务行业周报 医保统计快报发布，支付方式变革创新产业受益 --医疗服务行业周报 3.17-3.23 相关研究： 核心要点： 上周医药生物下跌 1.41%，位列申万一级行业第 20 位 上周申万一级行业医药生物下跌 1.41%，涨幅排名位列申万 31 个一级行业 第 20 位。沪深 300 指数下跌 2.29%，医药跑赢沪深 300 指数 0.88%。申万 医药生物二级子行业医疗服务 II 报收 5544.64 点，下跌 1.65%；中药 II 报 收 6383.36 点，上涨 0.02%；化学制药Ⅱ报收 10385.97 点，下跌 1.12%； 生物制品Ⅱ报收 5962.42 点，下跌 1.10%；医药商业Ⅱ报收 5053.71 点， 下跌 2.72%；医疗器械 II 报收 6261.97 点，下跌 2.61%。细分板块来看， 医药商业跌幅较大。 从医疗服务板块公司的表现来看，表现居前的公司有：创新医疗（+5.2%）、 药明康德（+4.8%）、诺泰生物（+4.3%）、华厦眼科（+4.2%）、ST 中珠（+3.9%）； 表现靠后的公司 ...

证券研究报告 2025 年 03 月 24 日 湘财证券研究所 行业研究 机械行业周报 前 2 月我国机床和工业机器人产量保持增长，下游需 求有望持续复苏 ——机械行业周报（03.17~03.23） 相关研究： 1.《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》 2.《20250317湘财证券-机械行业： 多数品种销量保持增长，工程机械 复苏有望持续》 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 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： ❑ 上周机械设备行业下跌 0.8%，跑赢大盘 ...

行业研究 银行业周报 一季度货币政策例会召开，金融与财政协同加强 证券研究报告 2025 年 03 月 24 日 湘财证券研究所 | 1.《2025年度策略：积极政策下的 | | | --- | --- | | 股息选择》 | 2024.12.19 | | 2.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 3.《结构性工具支持宽信用，金融 | | | 风险防控取得成效》 | 2025.03.18 | 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 -1.08 4.93 13.49 | | 1.52 | 6.79 | 25.64 | | --- | --- | --- | --- | | 绝对收益 | | | | 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 市场回顾：银行指数上涨 1.10%，农商行市场表现领先 本期（2025.03.17 至 2025.03.23）银行(申万) 指数上涨 1.10%， ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - The coal sector has shown a relative performance improvement, with a decrease of 0.86% last week, outperforming the benchmark index (CSI 300) by 1.43 percentage points [6] - Domestic thermal coal prices are under pressure due to seasonal demand weakness, while overseas prices are recovering [7] - CCTD Qinhuangdao Q5500 thermal coal market price is 680 RMB/ton, down 1.45% week-on-week [7] - Focus on companies with high long-term contract ratios and stable operations, such as China Shenhua and Shaanxi Coal, as well as undervalued coking coal enterprises [9] Market Review - The coal sector's PE valuation is at 10.43 times, at the 51.96 percentile over the past decade, while the PB valuation is at 1.23 times, at the 30.59 percentile [6] - The coal sector has experienced relative returns of -17% over the past month, -10% over three months, and -21% over twelve months [5] Supply and Demand Dynamics - Domestic thermal coal supply is tightening, with production potentially affected by safety inspections in major mining areas [7] - Coking coal prices are declining, but demand is gradually improving as downstream construction activities resume [8] - The demand for non-electric industries (like steel and chemicals) is expected to seasonally rebound, which may offset the decline in heating demand [9]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][12] Core Views - The rare earth magnetic materials industry experienced a decline of 2.82% last week, underperforming the benchmark (CSI 300) by 0.53 percentage points. The industry valuation (TTM P/E) fell by 1.7x to 65.9x, currently at the 81st percentile of historical levels [5][12] - Despite a slight weakening in rare earth prices, the downward space is limited due to stable production and relatively tight supply at the mining end. The demand side has not shown significant new orders, keeping prices stable for the time being. The overall demand in the air conditioning sector remains strong, with production and sales expected to maintain steady growth in the coming quarter [12][35] Summary by Sections Market Performance - The rare earth magnetic materials industry saw a relative return of 1% over one month, 6% over three months, and 11% over twelve months. Absolute returns were 0%, 5%, and 21% respectively [4] Price Trends - Last week, the prices of light rare earth minerals remained stable, with mixed carbonate rare earth ore at 26,000 CNY/ton, and heavy rare earth minerals also holding steady [6] - The price of praseodymium-neodymium weakened slightly, with the average price of praseodymium-neodymium oxide at 444,500 CNY/ton, and the metal price down by 0.18% to 544,500 CNY/ton [7] - Dysprosium prices fell by 2.05% to 1,675 CNY/kg, while terbium prices decreased by 0.98% to 6,560 CNY/kg [8] Industry Demand - The production and sales of household air conditioners showed double-digit growth in January and February 2025, with production at 16.785 million units (up 42.9%) and sales at 16.790 million units (up 36.3%) [10][11] Investment Recommendations - The report suggests that while the rare earth raw material production remains stable and inventory is low, the overall industry performance is still at a recovery stage. The absolute and relative historical valuation levels are high, indicating potential overvaluation pressure. The recommendation to maintain an "Overweight" rating reflects the expectation of steady demand growth in the industrial sector [12][35]

证券研究报告 2025 年 3 月 18 日 湘财证券研究所 行业研究 食品饮料行业周报 消费政策持续发力，关注估值修复 相关研究： | 1.《酒企淡季控货稳价，乳品供 | | | --- | --- | | 需格局有望改善》 | 2025.02.24 | | 2.《市场预期回暖，乳制品价格 | | | 回升》 | 2025.03.03 | | 3.《政策提振信心，估值修复可 | | | 期》 | 2025.03.10 | 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 6.4 -2.0 -16.9 绝对收益 9.0 -2.6 -4.7 ❑ 消费政策持续发力，生育补贴加速乳业复苏 近期，乳品板块受到市场高度关注，主要受益于供需格局改善预期以及三 胎补贴政策的刺激。从供需角度看，上游牧场产能逐步去化，原奶供需关 系有望改善，奶价有望逐步企稳。同时，部分地区如呼和浩特的三胎补贴 政策，进一步增强了市场对乳品需求增长的预期。我们预计乳品行业在下 半年将会迎来基本面的触底回升，建议重点关注以下方向：一是具有规模 效应和产品结构升级能力的龙头企业，有望在供需改善中率先受益。二是 ...

Investment Rating - Industry investment rating: "Overweight" (maintained) [3] Core Viewpoints - The steel sector experienced a seasonal demand recovery, with inventory reduction continuing [6][8] - The steel price index showed mixed trends across five major steel products, while the profitability of steel mills remained stable [7] - Short-term demand recovery is expected due to seasonal factors and supportive economic policies, with a focus on high-efficiency green steel enterprises for investment value [8] Summary by Sections Industry Performance - The steel sector rose by 1.48% last week (March 10-14), underperforming the CSI 300 index by 0.11 percentage points [5] - The sector's PE valuation stands at 16.5 times, at the 71.4 percentile over the past decade, while the PB valuation is at 1.03 times, at the 39.8 percentile [5] Supply and Demand Data - As of March 14, the operating rate of sampled steel mills was 80.6%, up by 1.07 percentage points week-on-week, with a total iron output of 2.3065 million tons [6] - Weekly apparent consumption of five major steel products reached 8.8388 million tons, a week-on-week increase of 3.61% [6] - Total inventory of five major steel products decreased to 18.293 million tons, down by 1.69% week-on-week [6] Price and Profitability Data - The price indices for five major steel products as of March 14 were as follows: rebar at 3406 CNY/ton, wire rod at 3570 CNY/ton, medium-thick plate at 3599 CNY/ton, hot-rolled coil at 3488 CNY/ton, and cold-rolled coil at 4209 CNY/ton [7] - The profitability rate of 247 sampled steel enterprises remained stable at 53% [7] Investment Recommendations - The combination of seasonal demand recovery and economic growth policies is expected to support steel prices [8] - The industry is anticipated to accelerate its transition towards high-end and green production, making high-efficiency green steel companies more attractive for investment [8] - Long-term investment value is seen in leading companies with scale advantages as the industry undergoes high-quality development and regional capacity consolidation [8]