Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Views - The multi-birth subsidy policy is expected to benefit assisted reproduction and non-invasive prenatal testing (NIPT) sectors [5][6] - The pharmaceutical sector has seen a weekly increase of 1.77%, indicating a potential reversal opportunity for the industry [7][18] Summary by Sections Multi-birth Subsidy Policy - The Inner Mongolia Health Commission has implemented a subsidy policy for childbirth, providing significant financial incentives for having multiple children, which is expected to stimulate the birth rate [5][16] - The integration of assisted reproductive technology into medical insurance is accelerating, with 27 provinces and regions already including it in their coverage, enhancing the penetration rate for assisted reproduction, especially for second and third children [6][17] Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector's weekly performance shows a 1.77% increase, outperforming the CSI 300 index by 0.18 percentage points, ranking 15th among 31 sub-industries [7][21] - The offline pharmacy sector experienced the highest growth at 10.38%, followed by the pharmaceutical distribution sector at 4.91% and the hospital sector at 3.4% [21][22] Recommended and Beneficiary Stocks - Recommended stocks include International Medicine, Xinlitai, Meiyan Health, Tianshili, Yifeng Pharmacy, Dazhonglin, Shengxiang Biology, BGI, Microelectronic Physiology, and Maipu Medical [8] - Beneficiary stocks from the multi-birth policy and related sectors include Jinxin Reproductive, BGI, Berry Genomics, David Medical, and others [8][30] Sub-sector Analysis - The innovation drug sector is expected to see significant growth, particularly for leading companies with strong international capabilities and efficient commercialization [25] - The medical device sector is projected to benefit from policies promoting the replacement of old equipment, with a notable increase in procurement expected in early 2025 [29] - The IVD sector is also anticipated to grow due to AI applications and government initiatives aimed at improving health management for the elderly [33] Market Trends - The report highlights a trend of consolidation in the pharmacy sector, with a significant number of pharmacies closing, which may lead to increased market share for leading companies [38] - The medical services sector is experiencing a recovery, particularly in ophthalmology, with expectations of improved performance in 2025 [41]

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 3 月第 1 周：2025 年我 国国防预算同比增长 7.2% 》 - 2025.03.11 国防军工行业报告 "深海科技"首次写入政府工作报告，水下装备 产业迎来重要发展机遇 投资要点 | 收盘点位 | 1555.26 | | --- | --- | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 | 1 核心观点 4 | | --- | | 1.1 "深海科 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The dairy farming industry is cyclical, with supply being the main factor affecting cycles. The domestic supply of raw milk is approximately 87%, while imports account for about 13%. The report anticipates a stabilization and potential rebound in raw milk prices by 2025 due to industry capacity reduction [5][6][16]. - The company, YouRan Dairy, is the largest raw milk supplier globally and has a comprehensive business model covering the entire dairy industry chain. The report highlights that the company is expected to see significant improvements in apparent profits as raw milk prices rise [7][27][36]. - The financial forecasts predict revenue growth from 210.12 billion to 242.81 billion CNY from 2024 to 2026, with a substantial increase in net profit from -0.05 billion to 23.69 billion CNY during the same period [8][44]. Summary by Sections Company Overview - YouRan Dairy's latest closing price is 2.60 HKD, with a total market capitalization of 101.21 billion HKD. The company has a total share capital of 3.893 billion shares and an asset-liability ratio of 68.71% [4]. Industry Analysis - The report indicates that the dairy industry is experiencing a phase of capacity reduction, which is expected to lead to a stabilization of raw milk prices in 2025. The average price of raw milk has been below production costs, prompting a decrease in the national dairy cow population by 2.1% year-on-year [6][19][23]. Financial Performance - The company has shown strong cash flow performance, with operating cash flows increasing from 22.66 billion CNY in 2021 to 43.9 billion CNY in 2023. Despite apparent profit losses due to declining raw milk prices, the company's financial health remains robust [37][36]. - The report forecasts significant revenue growth, with expected revenues of 210.12 billion, 224.83 billion, and 242.81 billion CNY for 2024, 2025, and 2026, respectively. The net profit is projected to improve dramatically from -0.05 billion CNY in 2024 to 23.69 billion CNY in 2026 [8][44]. Market Position - YouRan Dairy is positioned as a leader in the dairy industry, with a comprehensive supply chain that includes breeding, feed, and dairy farming. The company has a strong partnership with Yili, which is both its largest shareholder and customer, accounting for 94.28% of its raw milk sales [31][30].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The dairy farming industry is cyclical, with supply being the main factor affecting cycles. The domestic supply of raw milk is approximately 87%, while imports account for about 13%. The report anticipates a stabilization and potential increase in raw milk prices by 2025 due to industry capacity reduction [5][6][16]. - The company, YouRan Dairy, is the largest raw milk supplier globally and has a comprehensive business model covering the entire dairy industry chain. The report highlights that the company is expected to see significant improvements in apparent profits as raw milk prices rise [7][27]. Summary by Sections Company Overview - YouRan Dairy's latest closing price is HKD 2.60, with a total market capitalization of HKD 101.21 billion. The company has a total share capital of 3.893 billion shares and an asset-liability ratio of 68.71% [4]. Industry Analysis - The report notes that the dairy industry is experiencing a reduction in capacity, with a 2.1% year-on-year decline in the national dairy cow inventory from January to October 2023. This reduction is expected to lead to a supply gap in 2026-2027 [6][23]. - The average price of raw milk fell below the cost of production, leading to significant losses in the industry. The average price in Q4 2024 is projected to be 3.11 CNY/kg, while the average cost of production is 3.3 CNY/kg [6][19]. Financial Projections - Revenue forecasts for YouRan Dairy are as follows: 2024 expected revenue of CNY 210.12 billion, 2025 at CNY 224.83 billion, and 2026 at CNY 242.81 billion, representing growth rates of 12.40%, 7.00%, and 8.00% respectively. The net profit attributable to the parent company is projected to improve significantly from a loss of CNY 0.05 billion in 2024 to a profit of CNY 23.69 billion in 2026 [8][44]. - The report anticipates that the company's EBITDA will increase from CNY 7.69 billion in 2024 to CNY 45.40 billion in 2026, indicating a strong recovery in profitability as raw milk prices rise [8][44]. Market Position - YouRan Dairy's largest shareholder is Yili, which also accounts for 94.28% of the company's raw milk sales. This close relationship is expected to enhance operational synergies [31][30]. - The company has a diversified product matrix, including various types of specialty fresh milk products, which positions it well in the market [27]. Cash Flow Analysis - The company's operating cash flow has shown consistent growth, reaching CNY 33.43 billion in the first half of 2024, significantly higher than its reported profits, indicating strong operational health [37][39].

| 收盘点位 | | 4975.62 | | --- | --- | --- | | 52 | 周最高 | 4979.91 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 证券研究报告：有色金属|行业周报 2025 年 3 月 15 日 行业投资评级 强于大市|维持 行业基本情况 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《 美 元 走 弱 ， 金 属 价 格 普 涨 》 - 2025.03.11 有色金属行业报告 （2025.3.10 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company aims to become a global leader in remote health monitoring, leveraging opportunities in the health IoT and digital health services sectors [4] - Revenue projections for 2024-2026 are estimated at 1.025 billion, 1.225 billion, and 1.443 billion yuan, with year-on-year growth rates of 16%, 20%, and 18% respectively [5] - The company has shown significant improvement in profitability, with net profit forecasts for 2024-2026 at 62.18 million, 88.65 million, and 124.03 million yuan, reflecting growth rates of 81%, 43%, and 40% respectively [5] Company Overview - The company was founded in 2002 and has shifted its focus towards smart health, aiming to align with national strategies for "Healthy China" and "Digital China" [18] - The largest shareholder, Pan Weichao, holds 33.14% of the company and has extensive experience in the home medical electronics sector [20] - The company has actively optimized its customer and product structure since 2022, leading to a significant increase in gross margin [21] Financial Performance - In 2023, the company reported a gross margin of 30.94%, up 7.24 percentage points year-on-year, despite a revenue decline of 16.98% [21] - For the first nine months of 2024, revenue reached 755.6 million yuan, a 24.39% increase year-on-year, with net profit at 51 million yuan, up 232.83% [22] Business Segments - The company operates in two main segments: health IoT and digital health services, focusing on medical-grade health IoT devices and remote health management solutions [27] - The health IoT segment includes medical-grade devices and RPM solutions, while the digital health services segment encompasses digital blood pressure management and remote ECG services [27] Product Development - The company has introduced new products such as hearing aids and smart ECG clothing, with the smart ring expected to launch in 2025 [6] - The company has established strong partnerships with leading health IoT companies, enhancing its market presence [35] Market Potential - The global market for home medical devices is projected to grow significantly, with the wearable medical device market in China valued at 22.08 billion yuan in 2023 [34] - The wearable device market is expected to reach 431.74 billion USD by 2034, indicating substantial growth opportunities for the company [41]

2025 年 3 月 15 日 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 4975.62 | | --- | --- | --- | | 52 | 周最高 | 4979.91 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 有色金属 沪深300 证券研究报告：有色金属|行业周报 资料来源：聚源，中邮证券研究所 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《 美 元 走 弱 ， 金 属 价 格 普 涨 》 - 2025.03.11 有色金属行业报告 （2025.3.10 ...

行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 1777.06 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 证券研究报告：机械设备|深度报告 行业相对指数表现（相对值） -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:傅昌鑫 SAC 登记编号:S1340524070004 Email:fuchangxin@cnpsec.com 近期研究报告 《民营企业座谈会意义重大，继续重点 看好 AI+等新技术方向》 - 2025.02.19 深度解析 Figure、1X ⚫ 投资要点 Helix 模型推动人形机器人能力泛化，拓展智能物流客户。近日， Figure 公司正式推出了 Helix 模型，这是一款具备 ...

证券研究报告：机械设备|深度报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 1777.06 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | ⚫ 投资要点 Helix 模型推动人形机器人能力泛化，拓展智能物流客户。近日， Figure 公司正式推出了 Helix 模型，这是一款具备类人推理能力的 视觉-语言-动作（VLA）模型，模型在架构设计上做出了重大调整，采 用准分层式框架，为模型带来了全新的性能表现。1）模型对象的泛 化；2）全身上半身精准控制；3）两台机器人协同合作完成任务的场 景；4）首个完全在嵌入式 GPU 上运行分层式大小脑架构的机器人， 无需依赖边缘部署或云端算力。 行业相对指数表现（相对值） -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S134052211000 ...

证券研究报告：医药生物 | 公司深度报告 2025 年 3 月 14 日 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.58 | | --- | --- | | 总股本/流通股本（亿股）2.17 | / 1.61 | | 总市值/流通市值（亿元）34 | / 25 | | 52 周内最高/最低价 | 17.56 / 7.55 | | 资产负债率(%) | 34.2% | | 市盈率 | 97.56 | | 第一大股东 | 潘伟潮 | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 乐心医疗(300562) 公司医疗垂直领域大模型赋能慢病管理设备，"AI + 可穿戴 + 医疗"有望迎来爆发 l 公司致力于成为"远程健康监测全球领导者" 乐心医疗紧抓健康 IoT 和数字健康服务行业高速发展机遇，积极 顺应"健康中国"和"数字中国"建设国家战略发展方向，凭借多年 在智能健康硬件、大 ...