Investment Rating - The report indicates a positive outlook for the consumer sector, driven by policy support, suggesting a potential recovery in consumption [2][41]. Core Insights - The A-share market has shown a general upward trend, with the overall index rising by 1.49% during the week of March 10 to March 14, 2025. The Shanghai Composite Index surpassed 3400 points, led by gains in the consumer and financial sectors [2][5]. - The report highlights that the consumer sector is expected to benefit from upcoming government initiatives aimed at boosting consumption, with a focus on policies that promote domestic demand [41][42]. - The market is currently experiencing a transition period, with a shift from old to new economic drivers, and the potential for significant valuation reconstruction in the A-share market [41]. Summary by Sections 1. Market Review - The A-share index saw a rise of 1.49% during the week, with the Shanghai 50 and CSI 300 indices increasing by 2.18% and 1.59%, respectively [5][7]. - Consumer-related industries performed notably well, with beauty care, food and beverage, and coal sectors leading the gains at 8.18%, 6.19%, and 4.84% respectively [7][38]. 2. Fund Flow - The average daily trading volume in the A-share market was 16,557 billion, a decrease of 451.91 billion from the previous week, while the average turnover rate was 1.7499% [12][15]. - Northbound trading saw an average daily turnover of 2,009.73 billion, down by 43.80 billion from the previous week [15]. 3. Valuation Changes - The overall A-share index's PE (TTM) ratio increased by 1.45% to 19.21 times, placing it at the 64.43% percentile since 2010, indicating a moderate historical level [29][37]. - The PB (LF) ratio rose by 1.47% to 1.64 times, which is at the 27.68% percentile since 2010, suggesting a relatively low historical valuation [29][37]. 4. Future Investment Outlook - The report anticipates that the consumer sector will gain more attention from investors due to its relatively low valuations and the expected policy support [41][42]. - Key investment themes include technology innovation driven by self-sufficiency, expansion of domestic demand, and high-margin dividend sectors, particularly focusing on state-owned enterprises [42].

河证券|CGS -40% -20% 0% 20% 40% 60% 80% 北证50 沪深300 ⚫⚫⚫⚫⚫⚫ 北交所日报 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 国银河证券|CGS 图1:北证成交额与换手率情况（截至 2025.03.14) ■ 成交金额（合计/亿元) -换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-12- 01-02 05:10 05-03- 0.5-0> 03:5 03-05 03:5 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.14) ■北交所算数平均涨跌幅 ■A股算数平均涨跌幅 20 15 10 5 0 -5 -10 资料来源：iFinD，中国银河证券研究院 3 中国银河证券|CGS 北交所日报 表1：涨幅前十股票的市场数据（2025.03.14/财务数据为 2024O3） | | 序号 | 代码 | 简称 | 所属行业 | 今日涨跌幅 | 市值 | 营业收入 | 归母净利润 | 市盈 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights potential investment opportunities in specific sectors such as technology, consumer, and high-dividend stocks [2][46]. Core Insights - The report indicates that the Hong Kong stock market is experiencing a rotation of hot sectors, with a focus on technology, consumer, and high-dividend sectors as key investment themes [2][46]. - It notes that the upcoming economic data release on March 17 and the Federal Reserve meeting on March 19 will significantly influence market sentiment and investment direction [2][46]. Summary by Sections Important Events - Domestic social financing increased by 2.23 trillion yuan in February, with government bond financing being a major contributor [6]. - The U.S. has imposed a 25% tariff on steel and aluminum imports, leading to retaliatory measures from trade partners, which may escalate trade tensions [15][16]. Hong Kong Market Review - The Hong Kong stock market indices experienced slight declines, with the Hang Seng Index down by 1.12% and the Hang Seng Technology Index down by 2.59% during the week [20][23]. - The average daily trading volume on the Hong Kong Stock Exchange decreased to 282.43 billion HKD, indicating a drop in market activity [26]. - The Hang Seng Index's price-to-earnings (PE) ratio is at 10.44, reflecting a 1.08% decrease from the previous week, while the price-to-book (PB) ratio stands at 1.12 [31]. Market Outlook - Short-term market movements are expected to remain volatile until key economic data and the Federal Reserve's decisions are released [46]. - Long-term investment opportunities are identified in three main areas: technology stocks with potential earnings realization, consumer sectors supported by government policies, and stable high-dividend stocks [46].

Investment Rating - The report maintains a "Recommended" investment rating for the defense and military industry [2]. Core Viewpoints - The industry is expected to experience high prosperity in 2025, driven by both accelerated delivery of traditional equipment and explosive growth in emerging fields such as commercial aerospace and low-altitude economy [4][16]. - The demand side is characterized by a dual drive of "accelerated delivery of traditional equipment and explosive growth in emerging fields," with significant military budget allocations expected for new combat capabilities [4][15]. - The report emphasizes the importance of high-quality and low-cost production as core directives for the future of the military industry, with expectations of increased efficiency and reduced costs over the long term [13][15]. Summary by Sections 1. Industry Outlook - The report highlights the necessity of completing the "14th Five-Year Plan" and achieving the centenary military goals, with a focus on high-quality development [11][16]. - The 2025 defense budget is set at 1.81 trillion yuan, reflecting a 7.2% increase from the previous year, with a significant portion allocated to new combat capabilities and military training [15][45]. 2. Market Performance - The defense and military index saw a weekly increase of 7.44%, outperforming other sectors [18][20]. - As of March 9, 2025, there are 166 listed companies in the military sector, accounting for 2.77% of the total A-share market capitalization [26]. 3. Investment Recommendations - The report suggests that the marginal improvement in orders justifies an increase in fund positions, with a focus on "heavy orders, light performance" as the earnings reports approach [5][41]. - The military sector's current valuation is approximately 62.9%, indicating significant room for growth compared to technology stocks [5][32]. 4. Industry Dynamics - The report notes that anti-corruption measures are expected to enhance supply chain transparency, which will lower transaction costs and improve resource allocation efficiency [7][13]. - The emphasis on integrating military and civilian resources is expected to drive technological advancements and enhance combat capabilities [14][15]. 5. Company Updates - The report mentions that around 68 military companies have engaged in stock buybacks since January 2024, totaling approximately 3.858 billion yuan, reflecting confidence in the industry [41].

Investment Rating - The report maintains a "Recommended" rating for the company, anticipating a return to rapid growth in revenue and profit by 2026 [46]. Core Insights - The company is focusing on enhancing its industry advantages, with a significant increase in marketing investments leading to a rise in market share despite a decline in profit margins [4][6]. - Revenue for 2024 is projected to reach 11.927 billion yuan, a year-on-year increase of 37.82%, while net profit is expected to decline by 3.42% to 1.981 billion yuan [6][46]. - The company is expected to lead the global market in sales and revenue for robotic vacuum cleaners by 2024, with a competitive strategy that includes increased marketing in China and absorbing tariff costs in the U.S. [4][6]. Financial Performance Summary - The company's revenue for 2023 was 8.654 billion yuan, with a growth rate of 30.55%. For 2024, revenue is expected to grow to 11.927 billion yuan [47]. - The net profit for 2023 was 2.051 billion yuan, with a projected decline to 1.981 billion yuan in 2024, reflecting a profit margin decrease [47]. - The earnings per share (EPS) for 2024 is estimated at 10.73 yuan, down from 11.10 yuan in 2023, with a forecasted recovery to 13.06 yuan by 2026 [46][47]. Market Dynamics - The company is benefiting from national consumption stimulus policies, particularly in the home appliance sector, which is expected to see a significant increase in retail sales due to these initiatives [13][14]. - The cleaning appliance sector, particularly robotic vacuum cleaners, is experiencing robust growth, with a projected sales increase of 41.1% in 2024 [27][28]. - The competitive landscape is characterized by high brand concentration, with the top five brands in the robotic vacuum market holding a 93.6% market share [36]. Strategic Outlook - The company is expected to maintain a profit margin similar to the fourth quarter of 2024, with rapid market share growth anticipated in China, Europe, and the U.S. [6][11]. - The strategic focus on market share expansion is seen as a common industry approach, given the maturity of user experience in robotic vacuum cleaners [6][11].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [17]. Core Insights - The report provides insights into the trading volume and turnover rate of the North Exchange as of March 14, 2025, indicating a significant market activity [3][4]. - It highlights the average daily price changes across various sectors within the North Exchange compared to the A-share market, showcasing a competitive performance [5]. - The report lists the top ten stocks with the highest gains and losses, providing detailed financial metrics such as market capitalization, revenue, net profit, and price-to-earnings ratios [6][7]. Summary by Sections Trading Activity - The total trading amount and turnover rates are presented, showing fluctuations over time [4]. - The average turnover rate reached 16% as of March 14, 2025, indicating active trading conditions [4]. Market Performance - The average price change for stocks on the North Exchange was compared to the A-share market, with notable differences in performance [5]. - The report includes a detailed table of the top ten stocks with the highest daily gains, with "志晟信息" (Zhisheng Information) leading with a 30% increase [6]. - Conversely, the top ten stocks with the largest declines are also listed, with "星图测控" (Xingtu Measurement Control) showing a decrease of 15.11% [7]. Valuation Metrics - Valuation changes for the North Exchange and other innovation boards are illustrated, indicating trends in price-to-earnings ratios across different sectors [9][11]. - The report provides a breakdown of the price-to-earnings ratios by industry, highlighting the varying valuations within the market [11].

策略研究 · 周度报告 政策驱动消费板块修复加速 2025 年 03 月 16 日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:王雪莹 相关研究 2025-03-09，中国股市叙事：估值正悄然重构 2025-03-05，对 A 股市场投资的启示：2025 年政府 工作报告释放哪些重要信号? 2025-02-21,南向资金与国际资金结构同频还是分 肢3 2025-02-19，DeepSeek 冲击波：AI 赋能加速市场 聚势重构 2025-02-12，地方两会对 A 股投资结构有哪些启 示? 2025-02-07, 金融"五篇大文章"共绘发展蓝图- 《关于资本市场做好金融"五篇大文章"的实施意 见》解读 2025-02-05，10%关税加征队 A 股的结构性冲击: 中美关税再升级,A 股出口链"压力测试" 2025-02-04，海外市场多变局，国内消费掀热潮 2025-01-30. 美联储捍卫独立性,市场定价鹰派 2025-01-24,中长期资金入市政策解读:耐心资本与 长期资 ...

北交所周报 市场交投活跃,北交所再现定向可转债发行 2025年03月15日 核心观点 分析师 范想想 ☎：010-8092-7663 网：fanxiangxiang _yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 网: zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 2. 【银河北交所】深化国企改革,迈向高质量发展- 北交所国央企专题报告 3. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 www.chinastock.com.cn 证券研究报告 2025-03-14 相对沪深 300 表现图 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2024 中期策略_新质生产力赋能 北证，关注国央企投资价值 请务必阅读正文最后的中国银河证券股份有限公司免责声明 北证 50 指数周涨跌幅为+1.33%。北交所 264 家上市公司中,有 214 家公 ● 司周涨幅为正,美心翼申(+99.23%)涨幅领先,其次是克莱特(+79.77%)、 润普食品(+4 ...

策略研究 · 周度报告 港股热点轮动预期加速 2025 年 03 月 16 日 核心观点: 分析师 杨超 ☎：010-8092-7696 中国银河证券|CGS 目录 Catalog | 一、 本周重要事件 | . | | --- | --- | | (一) 国内方面 | | | (二) 海外方面 . | | | 二、 本周港股市场回顾 | | | (一) 指数涨跌幅. | | | (二) 资金流动 . | | | (三) 估值与风险溢价 | | | 三、 港股市场投资展望 | .. | | 四、 风险提示 | .. | 極: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13，地方两会对 A 股投资结构有哪些启示? 2025-02-04，春节假期热点跟踪：海外市场多变局，国 内消费掀热潮 2024-12-31, 2024年全球大类资产投资展望:变局·择 机 2024-12-27，2025年港股投资展望：潮涌·博弈 2024-12-26，2025年 ...

—— 2024 年年报点评 维持评级 高峰 钱德胜 | 市场数据 | 2025-03-13 | | --- | --- | | 股票代码 | 002916.SZ | | A 股收盘价(元) | 128.00 | | 上证指数 | 3358.73 | | 总股本(万股) | 51,287.75 | | 实际流通 A 股(万股) | 51,155.43 | | 流通 A 股市值(亿元) | 655 | -20% 0% 20% 40% 60% 80% 100% 300 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ · 电子行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 17907.45 | 21921.86 | 26598.97 | 29835.03 | | 收入增长率% | 32.39 | 22.42 | 21.34 | 12.17 | | 归母净利润(百万元) | 1877.57 | 2372.82 | 2801.21 | 3232.48 | | 利润增速% | 34.29 | 26.38 | 18.05 | 1 ...