Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1] Core Viewpoints - The coal prices in production areas have rebounded, while seasonal declines in daily consumption are observed. The industry is awaiting a recovery in non-electricity demand [6] - The prices of coking coal and coke are under downward pressure [20] - Steel production remains stable, but downstream steel prices continue to decline [25] - Futures prices for coking coal have slightly rebounded, and the price gap between coking coal and coke has narrowed [29] - Shipping rates for both sea and land transport continue to rise [32] Weekly Data Tracking - **Thermal Coal**: Production area coal prices have increased, with daily consumption showing seasonal decline [6] - **Coking Coal and Coke**: Prices are under pressure, with specific price data indicating fluctuations [20] - **Downstream Changes**: Daily average pig iron production across 247 sample steel mills is stable, but steel prices are decreasing [25] - **Futures Market**: Coking coal futures prices have seen a slight increase, indicating a narrowing price gap [29] - **Transportation Situation**: Both sea and land freight rates are on the rise, reflecting increased transportation costs [32] Weekly Market Review - The report provides a performance overview of major indices and coal-related stocks, highlighting a 4.97% increase in the coal sector [37] - Specific stock performances include significant weekly gains for companies such as Daya Energy and Meijin Energy [37] Weekly Perspectives - The report includes detailed stock ratings and price targets for various coal companies, indicating a mix of "Buy" and "Increase" ratings [40]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The real estate sector continues to show strong performance, with notable increases in stock prices for companies such as Kerry Properties (+7.5%), Swire Properties (+6.5%), and Link REIT (+2.1%) [3][4] - The report highlights a significant policy support from the central government aimed at stabilizing the real estate market, including measures to lower reserve requirements and interest rates, as well as adjustments to housing purchase restrictions [3][40] - The report recommends focusing on real estate and property management sectors, specifically suggesting stocks like Beike, Greentown China, China Overseas Development, and others for investment [3][41] Market Overview - The main indices showed varied performance, with the Hang Seng Property Index declining by 0.9% this week, while the Hang Seng Index fell by 1.1% [7] - The cumulative sales area in 30 major cities reached 3.13 million square meters in March 2025, reflecting a year-on-year increase of 15.3% [34] Company Performance - Notable performers in the domestic property sector include China Jinmao (+8.5%), Shenzhen Holdings (+5.9%), and Greentown China (+3.4%) [8][9] - In the property management sector, Greentown Service (+3.6%), New City Joy Service (+3.5%), and Greentown Management (+2.8%) showed strong performance [11][12] Stock Holdings and Short Selling - The report indicates an increase in Hong Kong Stock Connect holdings for companies like Greentown China and Sunac China, with respective increases of 0.50 percentage points [13][16] - The top three companies by short selling volume in the property management sector were Beike, Greentown Management, and China Overseas Development, with short selling ratios of 34.5%, 30.2%, and 27.6% respectively [19][20] Policy Support - The central government's recent meetings emphasized the need for stronger support for the real estate market, including a combination of fiscal and monetary policies aimed at stabilizing the market [3][40] - The report anticipates further policies to promote a stable and healthy development of the real estate market [40][41]

行业周报 | 轻工制造 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 16 日 | 相关研究 【兴证轻工】轻工 AI+专题（一）：AI 风 口到来，轻工领域有哪些投资机遇？- 2025.03.14 【兴证轻工】周观点：两会释放政策端 积极信号，看好内需消费主线稳中求进- 2025.03.09 【兴证轻工】周观点：木浆系浆纸价格 延续上行，建议积极关注两会与三八大 促进展-2025.03.02 分析师：林寰宇 S0190524080006 linhuanyu@xyzq.com.cn 研究助理：储天舒 chutianshu1@xyzq.com.cn 周观点：家居国补陆续展开，继续看好内需消 费主线 投资要点： 请阅读最后评级说明和重要声明 1/11 | 图 1、 | 本周轻工制造指数跑赢沪深 300 指数 0.18pct | | 3 | | | | | --- | --- | --- | --- | --- | --- | --- | | 图 2、 | 本周轻工各子行业表现 | | 3 | | | | | 图 3、 | 本周轻工个股涨跌幅前 ...

相关研究 【兴证海外地产】海外地产周报 （2025.03.03-2025.03.09）：地产板块继 续表现强势-2025.03.09 海外行业周报 | 地产建筑业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 【兴证海外地产社服】海外地产周报 （2025.02.24-2025.03.02）：地产板块接 力上涨-2025.03.02 【兴证海外地产】海外地产周报 （2025.02.17-2025.02.23）：2 月 LPR 维持不变-2025.02.23 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 分析师：严宁馨 S0190521010001 请注意: 严宁馨并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 yanningxin@xyzq.com.cn 分析师：孙钟涟 S0190521080001 请注意: 孙钟涟并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 sunzhonglian@xyzq.com.cn 海外地产周报（2025.03.10-2025.0 ...

行业周报 | 电力设备 证券研究报告 【兴证电新】积极布局固态电池、AIDC 电气、人形机器人三条主线-2025.03.02 【兴证海外新能源】行业跟踪报告：光 伏供给侧有望出清，行业拐点可期- 2025.02.24 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：武圣豪 S0190524030007 wushenghao@xyzq.com.cn 英伟达年度 GTC 大会在即，有望助力 AIDC 电气景气度 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 16 日 | 相关研究 【兴证电新】继续深耕三大未来产业— —固态电池、AIDC 电气、人形机器人- 2025.03.09 投资要点： 推荐标的 | AIDC 电气设备 明阳电气、金盘科技、科士达 | | | --- | --- | | 机器人 | 科达利 | | 锂电 | 宁德时代、亿纬锂能、科达利、中伟股份、璞泰来、特锐德、厦钨新能 | | 电力设备 | 许继电气、平高电气、中国西电、思源电气、明阳电气、望变电气 | | 光伏 | 通威股份，阿特 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the positive momentum in the real estate market, with key cities showing improved transaction volumes and price stability [4] - The introduction of national subsidies for home furnishings is expected to boost demand, with leading companies like Oppein and Sophia participating [4] - The report suggests that the home furnishing sector is currently undervalued, with a price-to-earnings ratio between 10-15x, and anticipates a recovery in performance for leading companies [4] - In the paper industry, prices for various types of paper are experiencing fluctuations, with some categories seeing price increases due to rising costs and demand recovery [4] - The report emphasizes the importance of AI technology in the home furnishing sector, recommending companies that are integrating AI into their products [4] Summary by Sections 1. Market Review - The light industry sector outperformed the market, with a weekly increase of 1.76% compared to the 1.59% rise in the CSI 300 index [6] - Sub-sectors such as home furnishings and paper showed positive performance, with home furnishings up by 2.66% [6] 2. Paper Sector Tracking - The average price of waste paper is 1522 CNY/ton, up 1.7% week-on-week [14] - Prices for various paper products, including corrugated paper and boxboard, have shown slight declines, while cultural paper prices have seen some increases [18][25] 3. Home Furnishing Sector Tracking - The report notes a significant drop in housing transactions in major cities, with a 28.78% decrease in sales [28] - Retail sales in the home furnishing sector reached 100.5 billion CNY in February 2025, reflecting a year-on-year increase of 15.6% [36] 4. Other Sector Tracking - The report provides insights into the performance of various commodities, including oil and polyethylene, with Brent crude oil priced at 70.05 USD/barrel [45][47]

行业周报 | 建筑材料 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 【兴证建材】周观点：淡季静待政策发酵， 关注行业底部机遇-2024.12.24 【兴证建材】周观点：地产利好政策持续 发力，关注玻璃底部机会-2024.12.15 S0190522100003 投资要点： 请阅读最后评级说明和重要声明 1/28 分析师：季贤东 jixiandong@xyzq.com.cn 施工旺季临近，关注建材提价行情 地产贝塔因素更为积极，积极布局零售建材先手。我们认为，随着新一轮地产利好政策 持续加码，对建材业绩至关重要的贝塔因素已经转向。从长期维度来看，消费建材龙头 企业依托渠道结构优化+零售品类拓展，实现经营质量和市场份额的持续提升，或将在 未来存量为主的市场中铸就长牛基础。基于此，我们认为消费建材拐点已现，建议积极 布局以获先手。从竞争格局来看，在零售市场占主导地位的消费建材龙头有望长期制胜， 推荐三棵树、东鹏控股、兔宝宝，建议关注北新建材、东方雨虹、伟星新材。 2024 年，水泥需求延续去年下滑态势，供需矛盾持续加剧，水泥价格重心继续下移。 展望 2025 年，我们认为，在地 ...

行业周报 | 房地产 证券研究报告 相关研究 【兴证地产】2025 年 2 月房地产行业回 顾：小阳春如期而至-2025.03.12 【兴证地产】新房二手房周报：政府工作 报告三处提及稳住楼市相关表述 -2025.03.09 【兴证地产】专项债收购存量闲置土地进 展跟踪-2025.03.05 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 03 月 16 日 新房二手房周报：深圳提高住房公积金贷款额 度，两部门联合发文明确收储细则 投资要点： 投资建议："止跌回稳"成为地产核心逻辑，我们认为地产基本面将迎来长期持续修复。看 好地产板块配置机会。推荐保利发展、招商蛇口、滨江集团、华发股份，建议关注金地集 团等。 风险提示：政策落地不及预期，基本面恢复不及预期，风险化解不及预期。 请阅读最后评级说明和重要声明 1/14 分析师：靳璐瑜 我们跟踪 15 个城市新房+二手房合计成交面积：本周成交面积 374.9 万方，环比 +2.9%，同比+34.6%。3 月以来，新 ...

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 16 日 | 相关研究 【兴证电新】继续深耕三大未来产业— —固态电池、AIDC 电气、人形机器人- 2025.03.09 【兴证电新】积极布局固态电池、AIDC 电气、人形机器人三条主线-2025.03.02 【兴证海外新能源】行业跟踪报告：光 伏供给侧有望出清，行业拐点可期- 2025.02.24 行业周报 | 电力设备 证券研究报告 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：武圣豪 S0190524030007 wushenghao@xyzq.com.cn 英伟达年度 GTC 大会在即，有望助力 AIDC 电气景气度 投资要点： 推荐标的 | AIDC 电气设备 明阳电气、金盘科技、科士达 | | | --- | --- | | 机器人 | 科达利 | | 锂电 | 宁德时代、亿纬锂能、科达利、中伟股份、璞泰来、特锐德、厦钨新能 | | 电力设备 | 许继电气、平高电气、中国西电、思源电气、明阳电气、望变电气 | | 光伏 | 通威股份，阿特 ...

行业周报 | 房地产 证券研究报告 相关研究 【兴证地产】2025 年 2 月房地产行业回 顾：小阳春如期而至-2025.03.12 【兴证地产】新房二手房周报：政府工作 报告三处提及稳住楼市相关表述 -2025.03.09 【兴证地产】专项债收购存量闲置土地进 展跟踪-2025.03.05 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 03 月 16 日 新房二手房周报：深圳提高住房公积金贷款额 度，两部门联合发文明确收储细则 投资要点： 投资建议："止跌回稳"成为地产核心逻辑，我们认为地产基本面将迎来长期持续修复。看 好地产板块配置机会。推荐保利发展、招商蛇口、滨江集团、华发股份，建议关注金地集 团等。 风险提示：政策落地不及预期，基本面恢复不及预期，风险化解不及预期。 请阅读最后评级说明和重要声明 1/14 分析师：靳璐瑜 我们跟踪 15 个城市新房+二手房合计成交面积：本周成交面积 374.9 万方，环比 +2.9%，同比+34.6%。3 月以来，新 ...