相关研究： 证券研究报告 2025 年 2 月 11 日 湘财证券研究所 行业研究 食品饮料行业周报 1 月 CPI 涨幅扩大，酒企密集控货稳价 | 1.《酒企加大分红力度，关注新 | | | --- | --- | | 渠道红利》 | 2025.01.06 | | 2.《旺季催化，关注板块性价比 | | | 优势》 2025.01.14 | | | 3.《春节消费氛围浓厚，大众品 | | | 表现活跃》 2025.02.08 | | 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 -4.8 -5.9 -25.7 绝对收益 -1.5 -9.2 -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： ❑ 2 月 5 日-2 月 7 日，食品饮料行业下跌 0.10% 上周，上证指数上涨 1.63%，深证成指上涨 4.13%，沪深 300 指数上涨 1.98%， 创业板指上涨 5.36% ...

Investment Rating - The industry rating is maintained at "Overweight" [7][10][40] Core Views - The public utility sector has underperformed, with a weekly increase of 0.17%, lagging behind the CSI 300 index by 1.81 percentage points [2][13] - The carbon market remains low in trading volume, with a total transaction volume of 10,000 tons and an average price of 93 yuan/ton [3][20] - The Three Gorges Reservoir's inflow has increased week-on-week, while the water level has slightly decreased [4][23] - Domestic natural gas prices have slightly decreased, while international markets show mixed trends [5][27] - The introduction of comprehensive market-based pricing for renewable energy is expected to benefit green electricity companies in the long term [6][35] Summary by Sections Market Performance - The public utility sector's performance is ranked 26th among first-level industries, with sub-sectors showing varied performance: thermal power up 0.31%, hydropower down 2%, solar power up 4.51%, and wind power up 2.23% [2][13][14] Carbon Market - The national carbon market's total transaction volume is 6.32 billion tons, with a cumulative transaction value of 432.1 billion yuan [3][20] Water Resource Management - The average inflow at the Three Gorges Reservoir is 5,600 cubic meters per second, with a week-on-week increase of 17.72% [4][23] Natural Gas Prices - The national LNG ex-factory price is 4,263 yuan/ton, showing a week-on-week decrease of 0.28% [5][27] Renewable Energy Policy - The new policy aims to establish a market-driven pricing mechanism for renewable energy, with a target of over 40% renewable energy capacity by 2030 [6][35] Investment Recommendations - The report suggests focusing on thermal power leaders in regions with tight supply-demand dynamics and stable performance, as well as high-dividend water nuclear leaders [7][10][40]

Investment Rating - The industry maintains a "Buy" rating [9][30] Core Insights - The impact of the Spring Festival holiday has led to a year-on-year decline in new and second-hand housing transactions, but a significant month-on-month recovery is observed [3][12] - The core goal of this year's policy is to stabilize the market, with expectations for accelerated progress in the acquisition of existing properties and land, as well as increased demand from urban village renovations [6][30] Summary by Sections New and Second-hand Housing Sales Data - For the week of February 3-9, new housing transaction area in 30 major cities was 660,000 square meters, down 67% year-on-year but up 380% month-on-month [3][12] - In first-tier cities, new housing transactions were 170,000 square meters (down 56% year-on-year, up 1060% month-on-month) [3][12] - Second-hand housing transactions in 13 cities totaled 730,000 square meters, down 46% year-on-year but up 1123% month-on-month [3][12] Key City Transaction Data - **Shanghai**: Second-hand housing daily average transactions were 325 units (down 22% year-on-year), while new housing daily average was 117 units (down 36% year-on-year) [4][17] - **Guangzhou**: New housing daily average was 51 units (down 56% year-on-year, up 1211% month-on-month) [5][23] - **Shenzhen**: Second-hand housing daily average was 74 units (up 686% year-on-year, up 1976% month-on-month) [5][25] - **Beijing**: Second-hand housing daily average was 165 units (down 63% year-on-year), with new housing at 42 units (down 72% year-on-year) [5][27] 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 transactions [6][30]

证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 体外诊断行业周报 AI 应用于体外诊断领域逐渐成熟 --体外诊断行业周报 2.3-2.9 相关研究： 核心要点： 上周医药生物上涨 3.21%，体外诊断上涨 3.76% 上周医药生物报收 7173.35 点，上涨 3.21%，涨幅排名位列申万 31 个一级 行业第 9 位。沪深 300 指数上涨 1.98%，医药跑输沪深 300 指数 1.23%。 申万医药生物二级子行业医疗服务 II 报收 5051.92 点，上涨 7.47%；中药 II 报收 6395.52 点，上涨 1.84%；化学制药 II 报收 10007.70 点，上涨 1.92%； 生物制品Ⅱ报收 5898.82 点，上涨 2.72%；医药商业Ⅱ报收 4940.79 点， 上涨 2.59%；医疗器械Ⅱ报收 6133.15 点，上涨 3.81%。三级行业中体外 诊断报收 7666.01 点，上涨 3.76%。 从体外诊断板块公司的表现来看，表现居前的公司有：安必平（+12.9%）、 仁度生物（+9.7%）、达安基因（+8.0%）、浩欧博（+7.6%）、睿昂基因（+7.5%） ...

Investment Rating - The industry rating is maintained at "Overweight" [3][7][17] Core Insights - The insurance sector has shown steady growth in life insurance, with a robust liability side and new changes on the asset side expected to improve [2][10] - Premium income for insurance companies reached 5.70 trillion yuan in December 2024, reflecting a year-on-year growth of 11.2%, although the growth rate is slowing down [3][10] - The introduction of policies to accelerate the entry of medium- and long-term funds into the market is expected to enhance the asset side of insurance companies, reducing the risk of interest spread losses [3][10] Summary by Sections 1. Liability and Asset Side Performance - The liability side remains robust, with the asset side expected to see new changes that will improve the overall performance of insurance companies [2][10] - The second batch of long-term stock investment trials for insurance funds is set to be implemented in the first half of 2025, which may help in reducing interest spread losses [3][10] 2. Life Insurance Growth - Cumulative original premium income for life insurance reached 4.01 trillion yuan, with a year-on-year growth of 13.2% [4][11] - The cumulative original premium income for life insurance specifically was 3.19 trillion yuan, growing by 15.4% year-on-year [4][11] - Monthly premium income growth for life insurance showed a positive trend, indicating steady growth despite some fluctuations [4][11] 3. Non-Life Insurance Performance - Cumulative original premium income for property insurance reached 1.69 trillion yuan, with a year-on-year growth of 6.5% [5][15] - The growth rate for car insurance premiums was 5.4%, supported by increased consumer policies driving car sales [5][15] - Non-car insurance premium growth has slowed, with health and liability insurance showing faster growth rates of 16.6% and 8.1%, respectively [6][15] 4. Investment Recommendations - The expectation of stable capital market conditions is likely to improve asset returns for insurance companies [7][17] - The dynamic adjustment of preset interest rates is anticipated to alleviate cost pressures on the liability side [7][17] - The overall outlook for both asset and liability sides is positive, which may enhance the matching of returns and reduce interest spread losses [7][17]

1 月我国挖机销量约 1.25 万台，同比增长 1.1% 证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 机械行业事件点评 相关研究： 1《. 20250108湘财证券-机械行业： 12月我国挖机销量约1.9万台，同 比增长16%》 2.《20250210湘财证券-机械行 业：1月小松中国挖机开工66.2 小时，同比下降17.3%》 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 7.8 6.5 19.6 绝对收益 11.8 0.5 35.0 注：相对收益与沪深 300 相比 -20% -10% 0% 10% 20% 30% 40% 24/02 24/04 24/06 24/08 24/10 24/12 机械设备(申万) 沪深300 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： ❑ 2025 年 1 月我国挖掘机销量为 12512 台，同比增长 1.1% 据中国工程机械工业协会数据 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][7] Core Viewpoints - The medical consumables sector has shown a fluctuating upward trend, with a recent increase of 1.69% [4] - The current PE (ttm) for the medical consumables sector is 33.75X, which is an increase of 0.54 percentage points from the previous week, while the PB (lf) is 2.38X, remaining at historical lows [5][15] - Recent supportive policies for the consumables industry have been frequent, indicating a clear stance on supporting innovation in product development, review, and market promotion [19] Summary by Sections Industry Performance - The medical consumables sector reported a recent increase of 1.69%, with the overall medical and biological sector rising by 3.21% [4][10] - The sector's performance over the past 12 months shows a relative return of -12% compared to the CSI 300 index [3] Valuation Metrics - The medical consumables sector's PE has ranged from a maximum of 56.19X to a minimum of 25.89X over the past year, while the current PB is at 2.38X, with historical maximum and minimum values of 2.92X and 1.65X respectively [5][15] Industry Dynamics and Company Announcements - The U.S. has placed Illumina, Inc. on an unreliable entity list, affecting normal trade with Chinese companies [6][18] - Boston Scientific reported a 170.6% increase in global net sales for its electrophysiology business in Q4 2024, driven by strong market acceptance of its FARAPULSE™ system [6][18] Investment Recommendations - The report suggests focusing on companies with improving performance in orthopedic consumables and those with rich product lines and high innovation in high-value consumables such as interventional and electrophysiology products [19]

证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 煤炭行业周报 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 -7% 1% -11% 绝对收益 -21% -23% -27% -12% -6% 0% 6% 12% 18% 24% 30% -20% -10% 0% 10% 20% 煤炭(申万) 沪深300 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 核心要点： 去库缓慢，关注寒潮影响 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 | | ❑ 市场回顾：煤炭板块下跌 0.9%，估值周环比下跌 上周（2.5-2.9）煤炭板块（801950.SI）下跌 0.9%，同期沪深 300 上涨 2%， 行 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The lithium battery materials industry experienced a rebound last week, with a 4.96% increase, outperforming the benchmark by 3.4 percentage points. The industry valuation (TTM P/E) rose to 33.34x, which is at a historical percentile of 30.9% [4][13] - Supply and demand are slowly recovering, but short-term demand is expected to decline due to pre-holiday stockpiling. The market remains concentrated among leading companies, and overall capacity utilization is low, leading to challenges in price increases across most segments [13] Summary by Sections Market Performance - The lithium battery materials industry rose by 4.96% last week, outperforming the benchmark (CSI 300) by 3.4 percentage points. The industry valuation (TTM P/E) increased to 33.34x, reflecting a historical percentile of 30.9% [4][3] Positive Material Trends - The prices of ternary precursor materials remained stable, while lithium carbonate prices adjusted downwards. The prices of positive materials are generally stable, with supply and demand in a recovery phase [5][6] - The production of ternary positive materials increased by 3.46% to 12,567 tons, with an operating rate of 37.6%. Inventory levels decreased by 2.56% to 13,680 tons [6] Phosphate Lithium Trends - The price of lithium iron phosphate for power applications remained stable at 35,800 CNY/ton, while the energy storage type increased by 0.75% to 33,800 CNY/ton. Production increased by 2.14% to 54,947 tons, with an operating rate of 42.9% [7] Electrolyte Market - The prices of raw materials for electrolytes remained stable, with overall supply and demand slowly recovering. The industry profit expectations remain low [8][9] Anode Material Insights - The average price of artificial graphite anode materials remained at 32,700 CNY/ton, while natural graphite prices also held steady. Production decreased by 1.83% to 39,145 tons, with an operating rate of 43.06% [10] Separator Market - The prices of dry and wet separators remained stable, but inventory levels continued to rise due to oversupply. The market is expected to remain weak in the short term [11] Copper Foil Market - The average market price for lithium battery copper foil slightly increased, with processing fees remaining stable [12] Investment Recommendations - The industry is in a recovery phase post-holiday, but short-term demand is expected to decline. The market remains supported by policies and high demand in the energy storage sector. However, price increases across most segments are challenging due to supply chain pressures and low profitability [13][47]

证券研究报告 2025 年 02 月 10 日 湘财证券研究所 行业研究 国防军工行业周报 《军队装备科研条例》发布，推动军工行业高质量发展 ——国防军工行业周报（02.03~02.07） 相关研究： 1.《20240812湘财证券-国防军工 行业-千帆星座首批组网卫星成 功发射，关注相关产业链发展》 2024.08.12 2.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.8 -9.0 10.0 绝对收益 3.8 -14.2 25.7 -20% 0% 20% 40% 60% 24/02 24/04 24/06 24/08 24/10 24/12 国防军工(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：上海市浦东新区银城路 ...