Investment Rating - The report indicates a positive outlook for the food and beverage sector, which has shown significant gains, while technology sectors have underperformed [3][4]. Core Insights - The food and beverage sector led the gains among the CITIC primary industries with a weekly increase of 6.24%, while the computer and electronic sectors experienced declines of -1.2% and -0.56% respectively [4][11]. - Financing balances have increased significantly in the non-bank financial sector, with notable inflows into metals and electronics [5][17]. - The report highlights a shift in ETF investments, with substantial inflows into TMT sectors, particularly in semiconductor and robotics ETFs, while consumer sectors saw net outflows [19][21]. Summary by Sections Industry Index Performance - The food and beverage sector had the highest weekly increase at 6.24%, followed by coal at 4.97% and non-bank financials at 3.22% [4][14]. - Year-to-date, the computer sector leads with a 20.19% increase, while coal has declined by 9.09% [16]. Financing Balance Changes - The top five industries with the largest increases in financing balances are non-bank financials (33.68 billion), electronics (25.35 billion), and automobiles (22.63 billion) [5][17]. ETF Fund Flows - The top five ETFs with net inflows include the Sci-Tech Chip ETF (12.88 billion) and the Robotics ETF (10.76 billion), while the consumer sector ETFs saw significant outflows [19][21]. Diffusion Index Industry Rotation - The diffusion index indicates that banking, comprehensive finance, and non-bank finance sectors are currently leading, with food and beverage showing a notable increase [25][30]. - The report suggests a focus on banking, non-bank finance, and electronics for March 2025, with an average return of 1.07% [30]. GRU Factor Industry Rotation - The GRU factor analysis ranks comprehensive finance and food and beverage as top performers, while sectors like communication and household appliances have seen declines [33][35]. - The GRU model suggests a shift into food and beverage while exiting public utilities, with a reported weekly return of 1.49% [35].

证券研究报告：金融工程报告 2025 年 3 月 16 日 研究所 - 2025.02.10 《全面牛市正在到来，微盘有望修复前 高 ——微盘股指数周报 20250209》 - 2025.02.10 近期研究报告 《QwQ-32b 媲美 DeepSeek-R1-671b， Manus 引发智能体浪潮——AI 要闻周报 20250310》 - 2025.03.10 《ETF 资金仍聚焦科创芯片与机器人， 主题行情下行业轮动有效性回撤—— 行业轮动周报 20250309》- 2025.03.09 《泛科技大幅回调，融资资金和 ETF 资 金逆市流入 — — 行业轮动周报 20250302》 - 2025.03.03 《高波不再持续，多数风格切换——中 邮因子周报 20250302》 – 2025.03.03 《3 月胜率最高的策略：多微盘空 1000 ——微盘股指数周报 20250302》 – 2025.03.02 《Deepseek 背景综述及在金融领域应 用场景初探》 - 2025.02.26 《扩散指数有高位回调风险 ——微盘 股指数周报 20250216》 - 2025.02.17 《基本面回撤，高波风格 ...

证券研究报告：金融工程报告 2025 年 3 月 17 日 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 近期研究报告 —行业轮动周报 20250209》 - 2025.02.10 《全面牛市正在到来，微盘有望修复 前高——微盘股指数周报 20250209》 - 2025.02.10 《基本面表现强势，风格切换加速— —中邮因子周报 20250126》 - 2025.01.27 《节前融资资金大幅净流出，ETF 资 金聚焦机器人以及红利——行业轮动 周报 20250126》 - 2025.01.26 金工周报 OpenAI 发布搭建智能体新工具，谷歌发布轻量级 模型 Gemma 3——AI 动态汇总 20250317 《微盘领涨创下历史新高，4 月临近仍 有调整压力 ——微盘股指数周报 20250316》 - 2025.03.17 《小市值强势，动量风格依旧——中 邮因子周报 20250309》 - 202 ...

证券研究报告：金融工程报告 2025 年 3 月 16 日 研究所 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理：金晓杰 SAC 登记编号:S1340124100010 E研ma究il所:jinxiaojie@cnpsec.com 近期研究报告 近期研究报告 《QwQ-32b 媲美 DeepSeek-R1-671b， Manus 引发智能体浪潮——AI 要闻周 报 20250310》 - 2025.03.10 《小市值强势，动量风格依旧——中 邮因子周报 20250309》 - 2025.03.10 《泛科技大幅回调，融资资金和 ETF 资金逆市流入行业轮动周报 20250302》 - 2025.03.03 《高波不再持续，多数风格切换—— 中邮因子周报 20250302》– 2025.03.03 《3 月胜率最高的策略：多微盘空 1000——微盘股指数周报 20250302》 – 2025.03.02 《Deepseek 背景综述及在金融领域应 用场景初探》 - 2025.02.26 《扩散指数有高位回调风险—— ...

Group 1: Economic Financing Trends - The financing demand from the real economy is stabilizing, with new momentum supporting resilience, as evidenced by a year-on-year increase of 526 billion RMB in new loans under social financing in January-February 2025, totaling 5.87 trillion RMB[15] - Non-bank financial institutions issued 836 billion RMB in new loans in January-February 2025, a decrease of 3,458 billion RMB compared to the same period last year, indicating a decline in regulatory support for capital markets[15] - The year-on-year decrease in medium- and long-term loans is attributed to a slowdown in real estate and infrastructure investments, with residential medium- and long-term loans down by 1,449 billion RMB[3] Group 2: Real Estate Market Dynamics - The real estate market is experiencing a price-volume trade-off, with residential medium- and long-term loans decreasing despite a 0.56% year-on-year increase in sales area in 30 major cities, indicating a disconnect between sales volume and price stability[19] - In January-February 2025, the sales volume of the top 100 real estate companies was 4,157.3 billion RMB, reflecting a year-on-year decline of 1.27%[18] - The inventory constraints are limiting new supply, with non-financial companies' medium- and long-term loans decreasing by 6,000 billion RMB year-on-year, primarily due to a slowdown in real estate investment[24] Group 3: Infrastructure Investment Insights - Government bond financing reached 2.39 trillion RMB in January-February 2025, an increase of 1.49 trillion RMB year-on-year, primarily driven by debt repayment funds[4] - The issuance of new special bonds was 596.78 billion RMB, which, while up by 1,934.15 billion RMB from last year, remains significantly lower than the levels seen in 2023 and 2022[4] Group 4: Policy and Economic Outlook - The central government has allocated 10.34 trillion RMB for transfer payments, with an 8.4% year-on-year increase, suggesting a focus on stimulating consumption[34] - Assuming 70% of the transfer payment funds are used to promote consumption, this could increase consumption growth by 0.92 percentage points, given a consumption multiplier of 0.8[34]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The multi-birth subsidy policy is expected to benefit sectors such as assisted reproduction and non-invasive prenatal testing (NITP) [5][6] - The pharmaceutical sector saw a weekly increase of 1.77%, outperforming the CSI 300 index by 0.18 percentage points, ranking 15th among 31 sub-industries [7][18] - Various sub-sectors within the pharmaceutical industry experienced different levels of growth, with offline pharmacy stocks showing the highest increase of 10.38% [21][36] Summary by Sections Multi-birth Subsidy Policy - The Inner Mongolia Health Commission announced a subsidy policy that provides 10,000 yuan for the first child, 50,000 yuan for the second child, and 100,000 yuan for the third child, paid annually until the child reaches 10 years old [5][16] - The inclusion of assisted reproductive technology in medical insurance across 27 provinces is expected to increase penetration rates for assisted reproduction, especially for second and third births [6][17] Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector's increase of 1.77% indicates a potential reversal opportunity, with offline pharmacies leading the growth [7][18] - The performance of various sub-sectors includes: - Offline pharmacies: +10.38% - Pharmaceutical distribution: +4.91% - Hospital sector: +3.4% - Blood products: +2.9% - Traditional Chinese medicine: +2.63% [21][22] Recommended and Benefiting Stocks - Recommended stocks include: International Medical, Xinlitai, Meinian Health, Tianshili, Yifeng Pharmacy, Dazhonglin, Shengxiang Biology, BGI, Microelectronic Physiology, and Maipu Medical [8] - Benefiting stocks from the multi-birth policy and related sectors include: Jinxin Reproductive, BGI, Berry Genomics, David Medical, and others [8][28][32] Sub-sector Insights - The innovation drug sector is expected to see significant growth due to the performance of leading companies with strong international capabilities [23] - The medical device sector is projected to benefit from government policies promoting domestic products and the increasing demand for AI applications in medical imaging and surgery [27][24] - The IVD sector is anticipated to grow due to the aging population and the government's focus on cognitive function screening [31] Market Trends - The overall market sentiment is improving, with expectations of a recovery in the pharmaceutical sector driven by favorable policies and increasing consumer demand [6][18]

证券研究报告：食品饮料|行业周报 2025 年 3 月 16 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 18638.17 | | --- | --- | --- | | 52 | 周最高 | 20128.95 | | 52 | 周最低 | 14118.56 | 行业相对指数表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -28% -23% -18% -13% -8% -3% 2% 7% 12% 17% 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《估值底部、安全边际充足，关注两会 内需相关政策》 - 2025.03.03 食品饮料行业报告 （2025.03.10-2025.03.15） 促内需政策逐步落地，消费预期持续修复 l 投资要点 l 03 月 10 日- ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Views - The government work report emphasizes a strong focus on boosting consumption in 2025, with a GDP growth target of around 5%. The implementation of more proactive fiscal policies and moderate monetary policies is expected to enhance domestic demand and consumption [4][14] - Recent policies, such as the introduction of child-rearing subsidies in Hohhot, are anticipated to stimulate demand in the baby and child-related sectors, benefiting companies in this space [5][15][16] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 18638.17, with a weekly high of 20128.95 and a low of 14118.56 [1] Recent Performance - The food and beverage sector index (801120.SL) increased by 6.19% over the week, outperforming the CSI 300 index by 4.61 percentage points. All ten sub-sectors within the industry saw gains, with the highest increase in other alcoholic beverages at +8.41% [8][21] - Notable individual stock performances included Panda Dairy (+18.72%), Western Pastoral (+18.29%), and Baihe Co. (+16.88%) [21] Policy Impact - The government is implementing measures to enhance consumer spending, including special actions to improve consumption capacity and environment, which are expected to drive economic growth [4][14] - Child-rearing subsidies in cities like Hohhot and Tianmen have shown positive effects on birth rates, which in turn supports demand for baby products, benefiting companies like China Feihe, Yili, and Mengniu [5][16][17] Market Trends - The dynamic price-to-earnings ratio for the food and beverage industry is currently at 22.80, indicating a robust market outlook [21] - The overall sentiment in the market is positive, with expectations of continued recovery in consumer spending driven by government policies [4][14]

证券研究报告：医药生物|行业周报 2025 年 3 月 16 日 行业投资评级 强于大市 |维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 7510.75 | | 52 周最高 | 8490.25 | | 52 周最低 | 6070.89 | 多胎补贴政策下，辅助生殖、NIPT 等板块有望受益 行业相对指数表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:古意涵 SAC 登记编号:S1340523110003 Email:guyihan@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《基因测序仪行业格局迎巨变，国产替 代有望提速》 - 2025.03. ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The concept of "Deep Sea Technology" has been included in the government work report for the first time, indicating significant growth opportunities for the underwater equipment industry [4][10] - The government aims to promote the large-scale application of new technologies and products in emerging industries, including deep sea technology, commercial aerospace, and low-altitude economy [4][10] - The underwater combat capabilities are considered an important component of new domain combat power, with technologies such as underwater acoustic detection and communication, and UUV technology expected to play a crucial role [11] Summary by Sections Industry Overview - The closing index for the defense and military industry is 1555.26, with a 52-week high of 1712.48 and a low of 1113.62 [1] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [12][13] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Zhizao, Guorui Technology, and Guangdong Hongda [12][13] Market Performance - The military industry index increased by 2.57% this week, ranking 9th among 31 first-level industries [14] - The top ten performing stocks in the military sector this week include Zhongke Haixun (+62.42%) and Hongyuan Electronics (+23.80%) [16] Valuation Levels - As of March 14, 2025, the military industry index stands at 11204.55, with a PE-TTM valuation of 78.84 and a PB valuation of 3.55, both at historical mid-levels [19] Key Data Tracking - The report tracks various aspects, including private placements and stock incentive data for military companies [22][25] - The report highlights significant growth in the low-altitude economy and military trade markets, with the U.S. maintaining a dominant position in global arms exports [28][30]