分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车传媒行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：汽车半导体行业领涨 A 股小幅 上扬》 2025-03-27 《市场分析：机器人汽车行业领涨 A 股小幅 整理》 2025-03-26 《市场分析：能源电力行业领涨 A 股小幅整 理》 2025-03-25 联系人： 李智 电话： 0371-65585629 ◼ A 股市场综述 周五（03 月 28 日）A 股市场探底回升、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3346 点附近获得支撑，午后股指维持震 荡，盘中文化传媒、汽车、多元金融以及贵金属等行业表现较好； 化肥、化纤、采掘以及农药兽药等行业表现较弱，沪指全天基本呈 现小幅震荡整理的运行特征。创业板市场周五震荡回落，创业板成 分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场探底回升、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3346 点附近获得支撑，午后股指维持震荡，盘中文 化传媒、汽车、多元金融以及贵金属等行业表现较好；化 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [2][5]. Core Insights - The new materials index outperformed the CSI 300 index in March, with a rise of 1.67% compared to the CSI 300's 1.09%, marking a 0.58 percentage point advantage [5][10]. - The new materials sector is expected to continue its growth trajectory, driven by increasing demand from the manufacturing industry and the integration of technologies such as artificial intelligence [5][21]. - The overall valuation of the new materials index, with a PE ratio of 26.68, is at the 80.40 percentile of historical valuations since 2022, indicating a rapid recovery in sector valuation [5][21]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in March, with a trading volume of 10,588.61 billion yuan, reflecting a 5.81% decrease from the previous month [10]. - In March, 101 out of 170 stocks in the new materials sector increased in value, with the top gainers being Yunlu Co. (25.41%), Baotai Co. (25.13%), and Haiyou New Materials (24.79%) [17][20]. Key Industry Data Tracking - In March, basic metal prices generally increased, with copper rising by 6.42% and tin by 8.50% [5][36]. - Global semiconductor sales reached $56.52 billion in January, marking a 17.9% year-on-year increase [5][41]. - The export volume of superhard materials and products in January-February was 29,000 tons, a 5.74% increase year-on-year, but the export value fell by 23.37% [5][49]. Industry Dynamics - The report highlights the establishment of the Shanghai Integrated Circuit Investment Fund Phase III and the issuance of the "Implementation Plan for High-Quality Development of the Aluminum Industry," indicating ongoing policy support for the sector [1][5]. - The integration of AI technologies is expected to drive innovation and growth within the new materials industry [5][47].

分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-86537085 《铝产业高质量发展实施方案》印发，上 海集成电路产投基金三期成立 新材料 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：AI+新材料推动行业创新 发展，日本 EDP 公司开发出 30x30mm 金刚 石单晶》 2025-02-28 《新材料行业月报：中国团队研发钻石薄膜制 备新技术，力量钻石半导体高功率散热片金刚 石项目建成投产》 2025-01-20 《新材料行业年度策略：赋能制造业，把握国 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 03 月 28 日 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 新材料指数 沪深300 产替代和自主创新机会》 2024-12-05 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 新材料相对沪深 300 指数表现 2022- 03 2022- 11 2023- 06 20 ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 投资要点： 风险提示：全球系统风险不确定性；经济增长和业绩不及预期；市场流 动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 河南资本市场月报 （2025 年第 2 期） 证券研究报告 发布日期：2025 年 3 月 28 日 第 1页/共 19页 11722 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 经济运行情况：2025 年 1-2 月我国财政政策靠前发力，有效需求边 际改善，主要经济指标均较 2024 年全年进一步回升，整体而言开 局平稳、情绪积极；1-2 月河南省主要经济指标在上年基础上继续 回升向好，内生发展动能进一步增强，在"四高四争先"部署谋划 下，河南省改革发展信心再度提振，有望助推经 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The demand for optical chips is continuously growing, driven by the expansion of computing infrastructure and the "Chasing Light and Chips" initiative in Henan Province, which supports domestic chip breakthroughs [1] - The global computing power scale is expected to grow at a rate exceeding 50% over the next five years, with intelligent computing accounting for over 90% of this growth [7][12] - Optical chips are critical components for data transmission in AI servers, with demand significantly higher than traditional servers [7][47] Summary by Sections 1. Computing Power as a New Productive Force - The global computing power scale reached 1397 EFLOPS in 2023, a 54% year-on-year increase, with intelligent computing accounting for 63% of the total [12][19] - The rapid growth of AI is driving a transformation of data centers into computing centers, with significant capital expenditure increases from major cloud providers [24][27] 2. Optical Chips as Core Components - Optical chips are essential for high-speed, low-latency data transmission in AI servers, with their cost share in different speed optical modules typically ranging from 30% to 70% [7][57] - The global optical chip market is projected to grow at a compound annual growth rate of 14.86% from 2023 to 2027, with high-speed optical chips experiencing even faster growth [60] 3. Henan Province's Support for Computing Industry - Henan Province aims to establish a computing infrastructure with 350,000 standard racks and a computing power scale exceeding 120 EFLOPS by the end of 2026 [7][8] - The province has identified the optical industry chain as a key focus, targeting a revenue of 50 billion yuan for the optical core industry by 2025 [7][8] 4. Domestic Chip Manufacturers - Shijia Photon, a leading optical chip supplier in China, has developed a complete industrial chain from design to manufacturing and testing [8] - The company is positioned as a "hidden champion" in the optical chip sector, contributing to China's chip industry breakthroughs [8]

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -8% -3% 3% 8% 14% 19% 25% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,373.75 | 0.15 | | 深证成指 | | 10,668.10 | 0.23 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.41 | 0.33 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,771.11 | 0.36 | | 中证 | 500 | 5,957.60 | 0.15 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801. ...

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, indicating a stable outlook in line with the broader market performance [1]. Core Insights - The mechanical sector has shown strong growth, particularly in excavator sales, which have doubled year-on-year, signaling a recovery in the industry cycle [18][24]. - The report highlights the increasing production and demand for humanoid robots and related technologies, suggesting a positive trend in automation and robotics [33][39]. Summary by Sections 1. Mechanical Sector Performance - In March, the CITIC mechanical sector rose by 3.27%, outperforming the CSI 300 index by 0.75%, ranking 11th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as lifting and transportation equipment, oil and gas equipment, and mining metallurgy machinery saw significant gains, with increases of 19.83%, 13.38%, and 12.9% respectively [4][10]. 2. Engineering Machinery - Excavator sales reached 19,270 units in February, a 52.8% increase year-on-year, with domestic sales growing by 99.4% [18][24]. - The report anticipates continued recovery in the engineering machinery sector, driven by equipment updates and increased export competitiveness [32]. 3. Robotics - Industrial robot production increased by 27% year-on-year in the first two months of 2025, with service robots growing by 35.7% [33][39]. - The report emphasizes the emergence of humanoid robots, with several companies launching advanced models that enhance operational capabilities in various sectors [33][36]. 4. Investment Strategies - The report recommends focusing on traditional engineering machinery companies with stable fundamentals and high dividend yields, such as SANY Heavy Industry and XCMG [5]. - It also suggests investing in leading companies in the humanoid robot sector and core components, highlighting firms like Estun and Harmonic Drive [5].

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 挖掘机国内销量高增长，人形机器人产品 密集发布 ——机械行业月报 证券研究报告-行业月报 同步大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -14% -8% -2% 5% 11% 18% 24% 30% 2024.03 2024.07 2024.11 2025.03 机械 沪深300 相关报告 《机械行业月报：人工智能主题持续，继续推 荐 人 形 机 器 人 、 算 力 设 备 相 关 板 块 》 2025-02-24 《机械行业月报：人形机器人加速落地，持续 推荐行业向好的机器人、工程机械、船舶板块》 2025-01-20 《机械行业月报：人形机器人量产突破，挖掘 机、工业机器人产销持续复苏》 2024-12-23 联系人：李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788号T1座 22楼 投资要点： ⚫ 3 月中信机械板块上涨 3.27%，跑赢沪深 300 指数 0.75%）2.52 个百分点，在 ...

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 相关报告 《电力设备及新能源行业月报：深化新能源 上网电价市场化改革政策出台，光伏组件价 格有所上调》 2025-02-28 《电力设备及新能源行业月报：电气设备双 轮驱动：机器人概念快速升温与电网建设稳 健发力》 2025-02-28 《电力设备及新能源行业专题研究：BC 电池 平台型技术优势明显，关注龙头商业化进 程》 2025-02-19 22 楼 光伏产业链价格反弹，关注政策刺激 影响 ⚫ 政策刺激光伏抢装，企业开工率预计有所回升。2025 年 1-2 月国 内新增光伏装机容量 39.47GW，同比增长 7.49%，国内光伏装机 同比放缓受装机基数、2024 年年底大量装机以及淡季来临等因素 有关，预计随着"430"、"531"等政策节点的靠近，阶段性抢装 有望带来 4 月、5 月光伏装机增速的明显回升。供给端，2 月我国 多晶硅产量为 9.23 万吨，环比下降 4.55%，根据企业排 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry is experiencing a price rebound driven by policy stimuli, with a notable increase in installation rates expected in the coming months due to upcoming policy deadlines [6][18]. - The photovoltaic sector's performance has shown significant differentiation among sub-industries, with some segments like diamond wire and photovoltaic power stations performing better than others [11][14]. - The report highlights the importance of upcoming policy nodes ("430" and "531") that are expected to drive a surge in demand and installation rates in April and May [6][29]. Summary by Sections Industry Performance Review - The photovoltaic industry index rose by 0.41% in March, underperforming the Shanghai and Shenzhen 300 index, which had a return of 1.09% [9]. - The average daily trading volume for the photovoltaic sector decreased slightly, indicating a contraction in market activity [9]. Industry and Company Dynamics - The National Energy Administration has released the 2025 Energy Work Guidance, emphasizing the enhancement of energy supply capabilities and the increase of renewable energy installations [15]. - In the first two months of 2025, the domestic newly installed photovoltaic capacity was 39.47 GW, a year-on-year increase of 7.49% [18]. - The report notes a temporary improvement in the supply-demand balance in the photovoltaic industry due to policy-driven demand spikes [6]. Key Data Points - The average price of multi-crystalline silicon was reported at 39 RMB/kg, reflecting a slight increase [32]. - The average price of N-type silicon wafers and TOPCon battery cells has also seen upward trends, indicating a tightening supply situation [33][34]. - The report indicates that the operating rates of silicon wafer manufacturers have increased, with some reaching 60-80% [29]. Investment Recommendations - The report suggests focusing on companies in the photovoltaic supply chain that are expected to benefit from the upcoming demand surge, particularly in areas like photovoltaic glass and integrated component manufacturers [6][29]. - It emphasizes the need to monitor companies with significant losses and clear capacity reduction expectations in the mid-term [6].