Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a weak trend in pig prices and a decline in broiler chicken prices, indicating potential challenges in the livestock sector [3][4] - The report provides a detailed analysis of various agricultural commodities, including grains, oils, and livestock, with specific price movements and percentage changes noted [23][24] Market Overview - The report covers the recent market performance of the agricultural sector, noting a decrease of 0.35% in the agricultural index compared to the broader market [13] - Specific stock performances are detailed, with notable declines in companies like Wen's Foodstuffs and Zhengbang Technology, while companies like Juxing Agriculture showed positive growth [13][16] Price Trends - The report details the price trends for various commodities, including: - Domestic corn at 2151.43 CNY/ton, up 1.14% [23] - Domestic pig price at 14.51 CNY/kg, down 0.96% [24] - Broiler chicken price at 3.40 CNY/500g, up 9.68% [24] - The report also notes the price of domestic soybeans at 3950.00 CNY/ton, unchanged [23] Valuation Levels - The report provides valuation metrics, with TTM (Trailing Twelve Months) PE ratios noted at 22.41 for the agricultural sector and 11.39 for the broader market [16] Important Announcements - Key announcements from the industry include significant price changes and market performance metrics for various agricultural products, reflecting the current economic conditions [21]

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a weak trend in pig prices and a decline in broiler chicken prices, indicating potential challenges in the livestock sector [3][4] - The report provides a detailed analysis of various agricultural commodities, including grains, oils, and livestock, with specific price movements and percentage changes noted [23][24] Market Overview - The report covers the market performance of the agricultural sector, noting a decrease of 0.35% in the agricultural index compared to the Shanghai and Shenzhen 300 index [13] - Specific livestock prices are detailed, with live pig prices at 14.51 yuan/kg, showing a decrease of 0.96% [24] - Broiler chicken prices are reported at 3.40 yuan per 500 grams, reflecting an increase of 9.68% [24] Price Trends - The report includes various price trends for grains, with domestic corn priced at 2151.43 yuan/ton, showing an increase of 1.14% [23] - Domestic soybean prices are noted at 3950.00 yuan/ton, remaining stable with no change [23] - The report also highlights fluctuations in edible oils, with soybean oil priced at 8408.00 yuan/ton, showing a slight increase of 0.10% [23] Individual Stock Performance - The report lists individual stock performances within the agricultural sector, with notable movements such as New Hope rising by 1.02% and *ST Aonong declining by 2.01% [13][16] - The performance of various companies in the livestock and feed sectors is analyzed, indicating mixed results across the board [13][16] Valuation Levels - The report provides valuation metrics, with TTM (Trailing Twelve Months) PE ratios for the agricultural sector at 22.41, compared to 11.39 for the broader market [16]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Concerns about recession have eased slightly, but economic cooling may continue. Despite weak manufacturing PMI data, service sector PMI rebounded unexpectedly, and non-farm payroll data was only slightly below market expectations. This has led to a recovery in US Treasury yields, with the market expecting the March FOMC meeting to maintain interest rates. However, uncertainties such as fiscal tightening, government layoffs, and tariff disruptions may continue to drive economic volatility [4][6]. - Fiscal policy may see marginal changes. A short-term spending bill to maintain government funding is set to expire on March 14, with a new proposal from House Republicans expected to extend funding until September. This proposal includes a $6 billion increase in veterans' medical care and cuts to non-defense spending, but may face opposition from House Democrats [6]. - Germany's expansionary fiscal policy is boosting the euro, with the CDU and SPD expected to form a coalition government that aims to lift the defense spending cap and create a €500 billion infrastructure fund to stimulate the economy. This proposal is anticipated to be submitted to the German parliament next week [6]. - The European Central Bank (ECB) has cut interest rates but this has not hindered the euro's upward trend. The ECB's recent decision to lower rates by 25 basis points has led to a mixed market reaction, with expectations for economic growth being adjusted downwards [6]. Summary by Sections Economic Overview - The US added 151,000 non-farm jobs in February, slightly below the expected 160,000, with the unemployment rate rising to 4.1%. The labor force participation rate fell by 0.2 percentage points to 62.4% [33]. - The US manufacturing PMI for February recorded at 50.3%, below the expected 50.8%, while the service sector PMI exceeded expectations at 53.5% [33]. Market Performance - Global stock markets showed varied performance, with the S&P 500 down 3.1% for the week and up 1.9% year-to-date. The German DAX rose by 2% for the week and 15.6% year-to-date [10][11]. - Major commodities saw WTI crude oil prices drop by 5.7% for the week, while LME copper prices increased by 3.1% [10][11]. Central Bank Dynamics - The report highlights various central bank officials' comments regarding monetary policy, indicating a cautious approach to interest rate changes amid rising inflation expectations and economic uncertainties [15][17].

行业跟踪报告 | 电子 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 相关研究 【兴证电子】半导体设备皇冠上的明 珠，自主可控大势所趋—光刻机行业深 度报告-2025.03.04 【兴证电子】周报：国补点燃中国智能 手机市场，看好端侧 AI 硬件创新浪潮和 国产算力需求-2025.03.02 ⚫ 比亚迪开创全面智驾时代。比亚迪于 2025 年 2 月 10 日晚在深圳总部召开智能化战略 发布会，开创全民智驾时代。比亚迪在发布会宣布全系车型搭载天神之眼高阶智驾，将 实现 10 万级以上车型全系标配，10 万级以下车型多数搭载。发布会上展示"天神之眼 C"全球独创"前视三目"5R12V12U 方案。比亚迪有望带动各个车厂自动驾驶进展迅 速。比亚迪宣布未来将投入 1000 亿元研发资金，全面升级智驾技术，全系标配高阶智 驾，推动智驾平价。首批 21 款车型覆盖 20 万级至 10 万以下价格带，助力高级智驾首 次下探至最低 7 万级市场。 ⚫ 智驾带来车载摄像头数量、像素双增量。车载摄像头是 ADAS 系统（高级驾驶辅助系 统）、汽车自动驾驶的核心传感设备。伴随自动驾驶等级持续提 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Insights - The banking wealth management market saw a slight increase in the total scale, reaching 29.92 trillion yuan by the end of February 2025, with a month-on-month growth of 150.4 billion yuan [4][9] - The issuance scale of bank wealth management products in February 2025 was 466.2 billion yuan, an increase of 60.5 billion yuan from the previous month, with a notable rise in the proportion of medium to long-term products [18] - The performance benchmark for newly issued wealth management products has declined across various terms, reflecting the impact of a low-interest-rate environment [21][22] Summary by Sections 1. Existing Wealth Management Market Overview - As of the end of February 2025, the existing scale of bank wealth management products was 29.92 trillion yuan, with cash management products accounting for 23.4%, fixed income products 74.4%, mixed products 2.0%, equity products 0.1%, and commodity and financial derivatives 0.05% [9][12] 2. Wealth Management Product Issuance Market Overview - The issuance scale of bank wealth management products in February 2025 was 466.2 billion yuan, with a significant increase in the proportion of products with a term of over one year, which accounted for 56.2% of the total issuance [18] - The performance benchmarks for various terms of wealth management products have decreased, with the 1-3 month benchmark at 2.39%, down 6 basis points from the previous month [21][22] 3. Wealth Management Product Net Value Tracking - The annualized yield for cash management products was 1.60%, while fixed income products saw a significant decline to 1.02%, down 95 basis points from the previous month [31] - The number of wealth management products with a net value below par increased to 2,996, representing 4.31% of the total, indicating a rise in the breaking net value ratio [38] 4. Industry Dynamics - Several banks have lowered the performance benchmarks for their wealth management products, with some products now having a benchmark below 2%, reflecting the ongoing low-yield environment and regulatory adjustments [43]

| 行业评级 | 推荐(维持) | | --- | --- | | 报告日期 | 2025 年 03 月 10 日 | 行业周报 | 钢铁 证券研究报告 相关研究 【兴证金属】钢铁：钢价震荡等待方向， 关注两会政策释放力度-2025.03.02 【兴证金属】钢铁：宏观预期定价上行驱 动，需求修复博弈弹性-2025.02.23 【兴证金属】钢铁：短期利好兑现，关注 旺季需求成色-2025.02.17 S0190518030002 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 酵 投资要点： 两会政策符合预期，供给侧政策或徐徐展开，继续推荐钢铁板块的投资机会 分析师：蔡屹 caiyi@xyzq.com.cn 供给侧政策或徐徐展开，板块行情有望持续发 本期市场对两会政策预期的博弈逐步降温，随着对钢铁供给端限产的传闻持续发酵，铁矿 价格中枢快速下移，带动成材成本端支撑走弱，矿价跌幅相对成材而言更大。从需求端看， 本期螺纹钢表观需求为 220.4 万吨，需求恢复斜率有所放缓，但钢材库存整体仍然处于绝 对低位，并有所去库。我们此前判断，本轮需求回升力度偏慢不仅有其自身需求偏弱的原 因，还有节奏进度的 ...

行业跟踪报告 | 美容护理 证券研究报告 | | | 相关研究 【兴证美护】美护板块 2024 年中报总结： 线下美护需求放缓，化妆品表现分化，个 护增长具备韧性-2024.09.05 【兴证美护】美容护理 2024 中期策略： 国货崛起正当时，从价格优势到产品优势 -2024.06.27 S0190519050001 daiky@xyzq.com.cn luyan23@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 彩妆专题：解锁彩妆市场潜力，明星型、毛戈 平等 IP 型、国风型品牌打造路径拆解 投资要点： 风险提示：化妆品行业监管趋严 、品牌力下滑、负面舆论新闻的冲击等。 请阅读最后评级说明和重要声明 1/22 彩妆行业疫情后恢复增长，底妆为其最大细分赛道。中国彩妆行业为百亿级市场规模， 2023 年市场规模达 618 亿元，同比+11%。受疫情影响，2019 - 2022 年 CAGR 为-2%， 但疫情后随着人们外出增加和悦己需求提升，预计 2023 - 2028 年将以 7%的速度增长。 其中底妆是最大细分赛道，2023 年底妆市场规模达 312 亿元，占 ...

行业跟踪报告 | 电子 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 相关研究 【兴证电子】半导体设备皇冠上的明 珠，自主可控大势所趋—光刻机行业深 度报告-2025.03.04 【兴证电子】周报：国补点燃中国智能 手机市场，看好端侧 AI 硬件创新浪潮和 国产算力需求-2025.03.02 【兴证电子】周报：阿里巴巴资本开支 超预期，看好端侧 AI 硬件创新浪潮和国 产算力需求-2025.02.23 分析师：姚康 S0190520080007 yaokang@xyzq.com.cn 分析师：仇文妍 S0190520050001 qiuwenyan@xyzq.com.cn 研究助理：刘珂瑞 liukerui@xyzq.com.cn 比亚迪开启全民智驾时代，车载摄像头迎机遇 投资要点： 请阅读最后评级说明和重要声明 1/20 ⚫ 比亚迪开创全面智驾时代。比亚迪于 2025 年 2 月 10 日晚在深圳总部召开智能化战略 发布会，开创全民智驾时代。比亚迪在发布会宣布全系车型搭载天神之眼高阶智驾，将 实现 10 万级以上车型全系标配，10 万级以下车型多数搭载。发布会上展示"天神 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - The banking industry is experiencing a slight increase in the scale of existing wealth management products, with a total of 29.92 trillion yuan as of the end of February 2025, reflecting a month-on-month growth of 150.4 billion yuan [4][9] - The issuance scale of bank wealth management products has risen, with a total issuance of 466.2 billion yuan in February 2025, an increase of 60.5 billion yuan from the previous month [18] - The performance benchmark for wealth management products has declined, with various products seeing reductions in their benchmarks due to a low interest rate environment and regulatory adjustments [7][22] Summary by Sections 1. Existing Wealth Management Market Overview - As of the end of February 2025, the existing scale of bank wealth management products is 29.92 trillion yuan, with a slight increase of 150.4 billion yuan from the previous month [4][9] - The top three institutions by wealth management product scale are: - China Merchants Bank Wealth Management: 2.45 trillion yuan - Industrial Bank Wealth Management: 2.18 trillion yuan - Xinyin Wealth Management: 2.09 trillion yuan [9] 2. Wealth Management Product Issuance Market Overview - The issuance scale of bank wealth management products in February 2025 is 466.2 billion yuan, up 60.5 billion yuan from the previous month [18] - The proportion of long- and medium-term wealth management products has increased, with products over one year accounting for 56.2% of the total issuance [18] - The performance benchmarks for various products have decreased, with 1-3 month products at 2.39%, down 6 basis points from the previous month [21][22] 3. Wealth Management Product Net Value Tracking - The annualized yield for cash management products is 1.60%, down 4 basis points from the previous month, while fixed income products yield 1.02%, down 95 basis points [31] - The number of wealth management products with net value below par has increased, with 2,996 products (4.31% of total) reported as below par as of the end of February 2025 [38] 4. Industry Dynamics - Several banks have lowered the performance benchmarks for their wealth management products, with some products now having benchmarks below 2%, reflecting the impact of a low interest rate environment and regulatory changes [7][43]

行业跟踪报告 | 美容护理 证券研究报告 | | | 相关研究 【兴证美护】美容护理行业 2025 年投资 策略：基本面企稳，龙头公司彰显风采 -2024.12.14 【兴证美护】美护板块 2024 年中报总结： 线下美护需求放缓，化妆品表现分化，个 护增长具备韧性-2024.09.05 【兴证美护】美容护理 2024 中期策略： 国货崛起正当时，从价格优势到产品优势 -2024.06.27 S0190519050001 daiky@xyzq.com.cn luyan23@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 彩妆专题：解锁彩妆市场潜力，明星型、毛戈 平等 IP 型、国风型品牌打造路径拆解 投资要点： 请阅读最后评级说明和重要声明 1/22 彩妆行业疫情后恢复增长，底妆为其最大细分赛道。中国彩妆行业为百亿级市场规模， 2023 年市场规模达 618 亿元，同比+11%。受疫情影响，2019 - 2022 年 CAGR 为-2%， 但疫情后随着人们外出增加和悦己需求提升，预计 2023 - 2028 年将以 7%的速度增长。 其中底妆是最大细分赛道，2023 ...