证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 银行业周报 推进重点领域信贷投放，助力信贷稳增长 | 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 -2.90 6.18 9.44 绝对收益 -0.99 5.75 20.75 分析师：郭怡萍 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：银行指数下跌 1.60%，股份行市场表现领先 本期（2025.02. ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 房地产行业数据点评 2 月新房成交逐步修复，二手房成交大幅增长 相关研究： 1. 《销售数据点评：1月新房成交 下滑，二手市场保持活跃》 2025.2.5 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 4 -11 -6 -30% -20% -10% 0% 10% 20% 30% 2024/3/4 2024/5/3 2024/7/2 2024/8/31 2024/10/30 2024/12/29 2025/2/27 沪深300 房地产(申万) | 相对收益 | 4 | -11 | -6 | | --- | --- | --- | --- | | 绝对收益 | 6 | -13 | 4 | | | | 注：相对收益与沪深 300 相比 | | 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@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： ❑ 2 月新房成交逐步修复，二手房成交在春节后显 ...

证券研究报告 2025 年 3 月 3 日 湘财证券研究所 行业研究 食品饮料行业周报 市场预期回暖，乳制品价格回升 相关研究： | 1.《春节消费氛围浓厚，大众品 | | | --- | --- | | 表现活跃》 | 2025.02.08 | | 2.《1月CPI涨幅扩大，酒企密集 | | | 控货稳价》 | 2025.02.11 | | 3.《酒企淡季控货稳价，乳品供 | | | 需格局有望改善》 | 2025.02.24 | 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 2.5 -3.0 -19.4 绝对收益 3.9 -3.4 -8.1 注：相对收益与沪深 300 相比 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： ❑ 白酒市场拓展持续推进，市场预期逐步回暖 近日，多家酒企召开经销商大会。泸州老窖在近日近日经销商大会上提出 "十五五"及远期"四个千万"发展目标，"抵达千亿万亿"目标提出白酒 营收突破一千亿 ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 房地产行业数据点评 2 月新房成交逐步修复，二手房成交大幅增长 相关研究： 1. 《销售数据点评：1月新房成交 下滑，二手市场保持活跃》 2025.2.5 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 4 -11 -6 -30% -20% -10% 0% 10% 20% 30% 2024/3/4 2024/5/3 2024/7/2 2024/8/31 2024/10/30 2024/12/29 2025/2/27 沪深300 房地产(申万) | 相对收益 | 4 | -11 | -6 | | --- | --- | --- | --- | | 绝对收益 | 6 | -13 | 4 | | | | 注：相对收益与沪深 300 相比 | | 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@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： ❑ 2 月新房成交逐步修复，二手房成交在春节后显 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [3][37]. Core Insights - The food and beverage industry showed a positive performance with a 1.77% increase from February 24 to February 28, 2025, outperforming the Shanghai Composite Index by 3.99 percentage points [5][11]. - The report highlights a recovery in market expectations, particularly in the dairy sector, with prices beginning to rise [1][8]. - Investment opportunities are identified in sectors with high valuation elasticity such as condiments, dairy products, beer, and liquor, as well as in high-demand segments like snacks and soft drinks [8][37]. Summary by Sections Market Performance - The food and beverage sector outperformed major indices, with snack foods rising by 4.30%, meat products by 3.52%, and dairy products by 3.00% during the reporting period [5][11]. - The average price of fresh milk in major production areas was reported at 3.10 CNY/kg, a year-on-year decrease of 13.90% [6][26]. Alcohol Market Dynamics - The liquor market is expanding, with companies like Luzhou Laojiao and Guizhou Zhenjiu setting ambitious revenue and market capitalization goals [7][14]. - Moutai's pricing remained stable, with the wholesale price for its original product at 2230 CNY/bottle [20][28]. Investment Recommendations - The report suggests focusing on recovery opportunities in the restaurant chain sector and highlights the potential for valuation recovery in the food and beverage sector due to improving fundamentals and increased market attention [8][37]. - Two main investment themes are proposed: sectors with high valuation elasticity and those with strong demand [8][37].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company plans to acquire 54% of Hong'an Jiyuan's equity through self-funding, enhancing its blood cell detection capabilities and expanding its ecosystem [1] - Hong'an Jiyuan focuses on the production and sales of blood cell analyzers in the POCT field, with a strong growth trajectory and established supply chain [2] - The company has ample cash reserves exceeding 4.5 billion, indicating a proactive approach to external exploration and development [3] - Revenue projections for 2024-2026 are set at 1.445 billion, 1.959 billion, and 2.491 billion respectively, with net profits of 315 million, 459 million, and 626 million [4] Summary by Sections Acquisition Details - The company will invest a total of 75.6 million to acquire 54% of Hong'an Jiyuan, which had total assets of 14.702 million and a net profit of -12.8406 million for 2024 [1] Business Expansion - Hong'an Jiyuan, established in July 2022, is rapidly expanding in the blood cell analyzer market, targeting low penetration rates in community health centers and clinics [2] - The company has developed a systematic supply chain and sales team, achieving significant installations of blood cell analyzers across multiple provinces since its product launch in 2024 [2] Financial Position - As of Q3 2024, the company holds over 4.5 billion in cash and financial assets, indicating strong liquidity for future investments [3] - The company has been actively acquiring stakes in various technology platforms since 2021, including gene sequencing and chemiluminescence [3] Financial Forecast - Revenue and net profit forecasts for 2024-2026 are maintained at 1.445 billion, 1.959 billion, and 2.491 billion for revenue, and 315 million, 459 million, and 626 million for net profit respectively [4]

证券研究报告 2025 年 3 月 3 日 湘财证券研究所 行业研究 公用事业行业周报 《2025 年能源工作指导意见》发布，深化绿色低碳转型 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 -4 -11 绝对收益 -1 -4 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 核心要点： ❑ 本周公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13 个百分点 截至 2025 年 2 月 28 日，本周沪深 300 下跌 2.22%，公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13pct，在申万一级行业中排名第 19 位。子板 块中，火电上涨 0.46% ...

Investment Rating - The industry rating is maintained at "Overweight" [6][9]. Core Insights - The banking sector is experiencing a tightening of the funding environment, with a net injection of 433.1 billion yuan from the central bank, while short-term interest rates have slightly decreased but remain high [5][18]. - The growth of inclusive small and micro enterprise loans has slowed, with a balance of 32.93 trillion yuan in 2024, reflecting a year-on-year increase of 14.6%, which is lower than the over 20% growth seen in the past five years [6][26]. - Green finance is gaining traction, with green loans reaching 36.60 trillion yuan in 2024, showing a year-on-year growth rate of 21.7%, indicating a strong focus on sustainable financing [7][28]. Market Review - The banking index fell by 1.60% during the period from February 24 to March 2, 2025, underperforming the CSI 300 index by 0.61 percentage points, with joint-stock banks showing relatively better performance [3][12]. - The top-performing banks included CITIC Bank (+3.92%) and Qilu Bank (+1.52%), while the worst performers were China Construction Bank (-3.08%) and Changsha Bank (-3.49%) [12]. Funding Market - The funding market remains tight, with the average issuance rate of interbank certificates of deposit rising significantly, and net financing of certificates of deposit decreased to 497.95 billion yuan [5][21]. - The average issuance rates for one-year interbank certificates of deposit for major banks and joint-stock banks are 1.99% and 2.00%, respectively, reflecting an increase compared to previous values [21][22]. Industry and Company Dynamics - A meeting was held to promote the financing coordination mechanism for small and micro enterprises, aiming to enhance the efficiency of financing and improve service levels from banking institutions [6][25]. - The implementation plan for high-quality development of green finance aims to establish a comprehensive green finance system over the next five years, focusing on optimizing industrial structure and improving environmental quality [7][27]. Investment Recommendations - The report suggests focusing on two main lines: first, high-quality regional banks are expected to provide higher dynamic dividend yields during economic recovery; second, state-owned large banks still hold significant high dividend value [9][30].

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 钢铁行业周报 需求继续回升，库存增幅继续放缓 相关研究： | 1.《冬储意愿偏弱，钢价震荡下 | | | --- | --- | | 行》 | 2024.12.24 | | 2.《去库持续，关注冬储进程》 | | | 2024.12.30 | | 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 5 2 -3 绝对收益 7 1 7 -0.3 -0.2 -0.1 0 0.1 0.2 0.3 钢铁(申万) 沪深300 注：相对收益与沪深 300 相比 ❑ 五大材钢价微降，钢厂盈利率微增 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 核心要点： ❑ 市场回顾：钢铁板块上涨 3.18%，估值上升 上周（2.24-2.28）钢铁板块（801950.SI）上涨 3.18%，同期沪深 300 下跌 2.22%，行业跑赢基准指数（沪深 300） ...