Investment Rating - The industry rating is "Overweight," indicating an expected increase of over 10% relative to the benchmark index in the next 6 to 12 months [12]. Core Insights - The financial data for February shows a significant increase in social financing, driven by government bond financing, particularly the accelerated issuance of local government special bonds [5][6]. - The total social financing in February amounted to 22,333 billion yuan, reflecting a year-on-year increase of 7,374 billion yuan [5]. - The net financing from government bonds reached 16,967 billion yuan, a year-on-year increase of 10,956 billion yuan, indicating strong government support for financing [5][6]. - The report highlights a notable decline in household loans, with a reduction of 3,891 billion yuan in February, suggesting fluctuations in consumer demand and home-buying intentions [4][5]. Summary by Sections Financial Data Overview - The social financing stock grew by 8.19% year-on-year in February, with a notable increase in local government special bond issuance [3][5]. - The total new RMB loans in February were 10,100 billion yuan, a decrease of 4,400 billion yuan year-on-year [3][4]. Loan Breakdown - Household loans decreased by 3,891 billion yuan, while corporate loans increased by 10,400 billion yuan, indicating a shift in lending dynamics [4][5]. - Short-term loans for enterprises showed a year-on-year increase, while medium to long-term loans decreased, reflecting varying demand across sectors [4][5]. Deposits and Savings - Total RMB deposits increased by 44,200 billion yuan in February, with a year-on-year increase of 34,600 billion yuan, indicating strong deposit growth [7]. - Fiscal deposits also saw a significant increase, suggesting a slower pace of fiscal expenditure [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][33]. Core Insights - The company reported a revenue of 12.022 billion yuan for 2024, reflecting a year-on-year growth of 4.77%. However, the net profit attributable to shareholders decreased to 1.031 billion yuan, down 2.29% year-on-year [2][5]. - The CDMO (Contract Development and Manufacturing Organization) segment is expected to be a significant growth driver, with revenue projected at 1.884 billion yuan for 2024, despite a decline of 6.05% [3][4]. - The API (Active Pharmaceutical Ingredients) segment is anticipated to generate 8.651 billion yuan in revenue for 2024, showing an increase of 8.32% [4]. - The formulation segment is expected to achieve revenue of 1.256 billion yuan in 2024, with a slight growth of 0.51% [4]. Financial Performance Summary - The company achieved a total revenue of 11.474 billion yuan in 2023, with a year-on-year growth rate of 8.81% [2]. - The projected revenues for 2025, 2026, and 2027 are 12.815 billion yuan, 14.218 billion yuan, and 15.941 billion yuan, respectively, with growth rates of 6.59%, 10.95%, and 12.12% [2][5]. - The net profit attributable to shareholders is forecasted to be 1.119 billion yuan in 2025, reflecting an 8.55% year-on-year growth [2][5]. Business Segment Analysis - The CDMO segment has shown a rapid increase in project numbers, with 1,601 quoted projects (+77%) and 996 ongoing projects (+35%) [3]. - The API segment is expanding its production capacity with the completion of new high-end production facilities and plans for additional projects [4][12]. - The formulation segment is also set to enhance its production capabilities with new facilities under design, aiming to improve overall production efficiency [4][12].

水泥边际持续改善，生育补贴首落地关注建材最受益品种 建筑材料 证券研究报告/行业定期报告 2025 年 03 月 16 日 | 分析师：孙颖 | | --- | | 执业证书编号：S0740519070002 | | Email：sunying@zts.com.cn | | 分析师：聂磊 | | 执业证书编号：S0740521120003 | | Email：nielei@zts.com.cn | | 分析师：刘铭政 | | 执业证书编号：S0740524070003 | | Email：liumz01@zts.com.cn | | 分析师：王鹏 | | 执业证书编号：S0740523020001 | | Email：wangpeng07@zts.com.cn | | 分析师：张昆 | | 执业证书编号：S0740524050001 | | Email：zhangkun06@zts.com.cn | | 分析师：农誉 | | 执业证书编号：S0740524120001 | Email：nongyu@zts.com.cn | 重点公司基本状况 | 增持 | 评级： | （维持） | 股价 | EPS | PE ...

Email：zhangky04@zts.com.cn 资产配置框架系列报告： 1 重新认识美林时钟 ——大类资产配置框架研究系列 1 2 以普林格时钟为鉴，我们 如何搭建资产配置框架？ ——大类资产配置框架研究系列 2 3 基于普林格时钟框架，中 美行业轮动规律有哪些共同 的特点？ ——大类资产配置框架研究系列 3 近期铜价上涨的逻辑 ——全球资产配置跨资产观察周报（3.10-3.16） 证券研究报告/策略定期报告 2025 年 03 月 16 日 分析师：何佳烨 执业证书编号：S0740523060002 Email：hejy01@zts.com.cn 联系人：张可迎 资产配置周期系列报告： 资产配置深度报告：库存周期与普林 格时钟有什么关系？ ——大类资产配置周期研究系列之 一 资产配置跨资产研究系列报告： 大类资产触底顺序有何规律？-资产 配置跨市场研究系列之一 资产配置深度报告：美国也有"股债 跷跷板"吗？-资产配置跨市场研究系 列之二 报告摘要 本周铜价快速上行，COMEX 铜价周二至周四连续拉升 3 月 14 日，COMEX 铜达 4.86 美元/磅，LME 铜达 9793 美元/吨，沪铜主力合约 ...

超跌确定性资产，依然占优 煤炭 证券研究报告/行业定期报告 2025 年 03 月 15 日 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn 上市公司数 37 行业总市值(亿元) 17,442.32 行业流通市值(亿元) 17,043.63 超跌确定性资产》2025-03-09 配置机遇》2025-03-02 逐步配置》2025-02-23 动力煤方面，京唐港动力末煤价格周环比下跌 7 元/吨。供应方面，截至 2025 年 3 月 14 日，462 家样本矿山动力煤日均产量 579.50 万吨，周环比上涨 1.65%，同比上涨 0.47%。需求方面，截至 2025 年 3 月 13 日，25 省综合日耗煤 545.40 万吨，相比于 上周减少 10.70 万吨，周环比减少 1.92%，同比下降 0.82%。截至 3 月 14 日，京唐 港动力末煤(Q5500)山西产平仓价 686 元/吨，相比于上周下跌 7 元/吨，周环比下降 1.01%，相比于去年同期下跌 166 元/吨，年同比下降 19.48%。 焦煤及焦炭方面， ...

GDC2025 召开在即，游戏+AI 迎新进展 投资评级说明 | | 评级 | 说明 | | | --- | --- | --- | --- | | 股票评级 | 买入 | 预期未来 | 个月内相对同期基准指数涨幅在 6~12 15%以上 | | | 增持 | 预期未来 | 6~12 个月内相对同期基准指数涨幅在 5%~15%之间 | | | 持有 | 预期未来 | 6~12 个月内相对同期基准指数涨幅在-10%~+5%之间 | | | 减持 | 预期未来 | 6~12 个月内相对同期基准指数跌幅在 10%以上 | | 行业评级 | 增持 | 预期未来 | 个月内对同期基准指数涨幅在 6~12 10%以上 | | | 中性 | 预期未来 | 6~12 个月内对同期基准指数涨幅在-10%~+10%之间 | | | 减持 | 预期未来 | 个月内对同期基准指数跌幅在 6~12 10%以上 | 传媒 证券研究报告/行业点评报告 2025 年 03 月 16 日 | 评级： 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | -- ...

农药涨价有望持续；持续关注龙头白马 基础化工 证券研究报告/行业定期报告 2025 年 03 月 15 日 | 分析师：孙颖 | 执业证书编号：S0740519070002 | | --- | --- | | Email：sunying@zts.com.cn | 分析师：聂磊 | | 执业证书编号：S0740521120003 | Email：nielei@zts.com.cn | | 分析师：王鹏 | 执业证书编号：S0740523020001 | | Email：wangpeng07@zts.com.cn | 分析师：张昆 | | 执业证书编号：S0740524050001 | Email：zhangkun06@zts.com.cn | | 分析师：刘铭政 | 执业证书编号：S0740524070003 | | Email：liumz01@zts.com.cn | 分析师：农誉 | | 执业证书编号：S0740524120001 | Email：nongyu@zts.com.cn | | 基本状况 | | 上市公司数 425 行业总市值(亿元) 35,060.52 行业流通市值(亿元) 31,323.25 ...

执业证书编号：S0740523110002 Email：mazh@zts.com.cn 股份制银行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：马志豪 | 总股本(百万股) | 19,405.92 | | --- | --- | | 流通股本(百万股) | 19,405.57 | | 市价(元) | 11.97 | | 市值(百万元) | 232,288.84 | | 流通市值(百万元) | 232,284.70 | 1、《详解平安银行 2024 中报：净利 润同比增+1.9%；调结构继续、中期 分红方案落地》2024-08-19 2、《详解平安银行 2024 年一季报： 净利润同比增 2.3%；调结构继续、 拨备释放利润增速企稳》2024-04-24 详解平安银行 2024 年报： 调结构显效，营收降幅收窄，资产质量夯实 平安银行（000001.SZ） 证券研究报告/公司点评报告 2025 年 03 月 16 日 | 评级： | 增持（维持） | 公司盈利预测及 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's operating performance meets expectations, and shareholder confidence is reflected in increased holdings [2]. - The acquisition of Shaanxi Coal Power Group is expected to enhance profitability sustainably [4]. - The company has successfully increased coal production to offset the impact of declining coal prices [4]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%. The net profit attributable to shareholders was 22.196 billion yuan, a decrease of 3.97% [4]. - The company’s coal production reached 170 million tons in 2024, up 4.13% year-on-year, and continued to show an upward trend in early 2025 [4]. Profitability Forecast - The report projects operating revenues for 2024, 2025, and 2026 to be 184.145 billion yuan, 165.491 billion yuan, and 168.457 billion yuan, respectively. The net profit attributable to shareholders is forecasted to be 22.196 billion yuan, 18.207 billion yuan, and 19.309 billion yuan for the same years [4][5]. - The earnings per share (EPS) are expected to be 2.29 yuan, 1.88 yuan, and 1.99 yuan for 2024, 2025, and 2026, respectively [4][5]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 8.8X for 2024, 10.8X for 2025, and 10.1X for 2026 [4]. - The price-to-book (P/B) ratios are expected to be 1.8 for 2024, 1.6 for 2025, and 1.4 for 2026 [4]. Dividend Policy - The company has committed to a cash dividend payout ratio of no less than 60% from 2022 to 2024, with a projected dividend yield of 6.80% for 2024 [4].