分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 宏观环境逐步改善，建议关注科技与红利 板块 ——月度策略报告 相关报告 投资要点： 证券研究报告-月度策略 发布日期：2025 年 03 月 06 日 风险提示：政策及经济数据不及预期，风险事件冲击市场流动性。 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15页 《月度策略：经济景气水平继续回升向好，市 场有望继续回暖》 2024-11-01 《月度策略：政策牛市启动，市场有望全面反 弹》 2024-10-07 《月度策略：经济运行总体平稳，市场有望企 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 稳反弹》 2024-08-31 宏观环境。2 月央行召开 2025 年宏观审慎工作会议和发布 2024 年 4 季度中国货币执行报告。内容主要强调推动经济持续回升向好， 维护金融市场稳健运行，以及实施好适度宽松的货币政策，综合运 用多种货币政策工具，根据国 ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 2025 年政府工作报告电力及公用行业视 角：积极稳妥推进碳达峰碳中和 ——电力及公用事业行业点评报告 证券研究报告-行业点评报告 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 相关报告 《电力及公用事业行业月报：2 月以来三峡水 情回暖，陆丰核电 1 号机组全面开工》 2025-02-26 《电力及公用事业行业月报：漳州核电及 TB、 硬梁包水电机组陆续投产》2025-01-24 《电力及公用事业行业月报：11 月水电发电 量降幅收窄，核电发电量增速加快》 2024-12-26 联系人：李智 电话： 0371-65585753 | | | 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 事件： 2025 年 3 月 5 日，十四届全国人大三次会议开幕，国务院总理李强作 政府工作报告，对 2024 年工作进行总结回顾，并对 2025 年重点工作 进行展望。其中关于电力及公用事业行业的内容主要有如下方面：2024 年，我国持续推进新能源开发利用，可再生能源新增装机 3.7 亿千瓦， ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -10% -5% 1% 6% 11% 17% 22% 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 | 3,341.96 | 0.53 | | 深证成指 | 10,709.46 | 0.28 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,902.57 | 0.45 | | 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 | 3,735.54 | 0.42 | | 中证 500 | 5,950.70 | 0.22 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | ...

分析师：张刚 登记编码：S0730511010001 联系人： 李智 zhanggang@ccnew.com 021-50586990 通信机械行业领涨 A 股小幅上扬 11751 ——市场分析 相关报告 《市场分析：军工半导体行业领涨 A 股小幅 上行》 2025-03-04 《市场分析：电池医疗行业领涨 A 股震荡整 固》 2025-03-03 《市场分析：酿酒采掘行业领涨 A 股宽幅震 荡》 2025-02-28 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 03 月 05 日 投资要点： ◼ A 股市场综述 周三（03 月 05 日）A 股市场探底回升、小幅震荡上行，早盘股指平 开后震荡回落，盘中股指在 3315 点附近获得支撑，午后股指震荡回 升，盘中银行、工程机械、通信设备以及汽车整车等行业表现较 好；房地产服务、光伏设备、医疗服务以及电池酿酒等行业表现较 弱，沪指全天基本呈现小幅震荡上扬的运行特征。创业板市场周三 震荡整固，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 周三 A 股市场探底回升、小幅震荡上行，早盘股指平开后震荡回 落，盘中股指 ...

食品饮料 资料来源：中原证券 相关报告 《食品饮料行业点评报告：供需正在趋于平 衡，原奶价格有望企稳》 2025-03-03 《食品饮料行业点评报告：春江水暖，底部遍 寻，食饮或迎拐点》 2025-02-27 《食品饮料行业月报：春节消费支撑有限，节 后板块下跌较多》 2025-02-11 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情回暖，部分要素价格节后回落 11751 ——食品饮料行业月报 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 -24% -18% -12% -5% 1% 7% 13% 19% 2024.03 2024.07 2024.11 2025.03 食品饮料 沪深300 联系人：李智 投资要点： 发布日期：2025 年 03 月 05 日 风险提示：居民收入和国内市场消费修复不及预期，国内消费市场持续低迷；海外 市场面临政策调整的风险，出口关税的不确定性较大。对于美国向中国抬高关税的 做法，中国政府已经予以反制，针对商品主要是进口农产品，这将导致部分国内进 口原料的价格抬升，并导致企 ...

Group 1: Lithium Battery - The lithium battery index increased by 1.31%, outperforming the Shanghai and Shenzhen 300 index which decreased by 2.22% [2][18] - The macro policy encourages the development of the new energy vehicle industry, with significant sales growth in January 2025 [18] - Short-term investment opportunities are suggested based on industry prosperity and market trends [18] Group 2: Chemical Industry - The CITIC basic chemical industry index fell by 0.27%, while the Shanghai and Shenzhen 300 index fell by 2.22%, indicating better performance than the benchmark [3][21] - 26 sub-industries within the chemical sector increased, with modified plastics and electronic chemicals leading the gains [21] - Investment focus is recommended on potassium fertilizer, polyester filament, and organic silicon industries due to their growth potential [21][24] Group 3: New Materials - The new materials index decreased by 0.46%, slightly outperforming the Shanghai and Shenzhen 300 index [4][26] - New materials are supported by national policies as a strategic emerging industry, with growth driven by advancements in commercial aerospace and robotics [26][27] - Investment suggestions include thermal barrier coatings and rare earth permanent magnet materials [27] Group 4: Light Industry Manufacturing - The light industry manufacturing index rose by 0.38%, outperforming the Shanghai and Shenzhen 300 index by 2.60 percentage points [5][29] - The paper industry is expected to benefit from rising prices of imported pulp and government policies to stimulate consumption [29][31] - The home furnishing sector is showing signs of recovery, with potential growth driven by promotional activities [29][31] Group 5: Agriculture, Forestry, Animal Husbandry, and Fishery - The agriculture, forestry, animal husbandry, and fishery index fell by 0.91%, but still outperformed the Shanghai and Shenzhen 300 index by 1.31 percentage points [6][34] - The pig farming sector is expected to see improved profitability in 2024 due to reduced supply and cost pressures [37] - Investment focus is suggested on the pig farming and pet food sectors as they approach performance turning points [34][37] Group 6: Securities - The securities index fell by 2.97%, underperforming the Shanghai and Shenzhen 300 index by 0.75 percentage points [9][42] - Despite recent declines, the securities sector is expected to enter a new upward cycle, with average valuations remaining below historical levels [42][43] - Continuous attention to the securities sector is recommended as it maintains a structural market [42] Group 7: Machinery - The CS machinery sector decreased by 1.84%, outperforming the Shanghai and Shenzhen 300 index by 0.38 percentage points [10][44] - Investment suggestions include traditional engineering machinery and high-speed rail equipment due to stable fundamentals [44][48] - The sector is experiencing adjustments in AI and robotics themes, indicating potential volatility [48] Group 8: Photovoltaics - The photovoltaic industry rose by 1.01%, outperforming the Shanghai and Shenzhen 300 index [11][50] - The sector is experiencing significant transaction volume, with expectations for continued growth in global photovoltaic installations [50][51] - Investment focus is recommended on leading companies in the photovoltaic supply chain, particularly in polysilicon and module manufacturing [51] Group 9: Power and Utilities - The power and utilities index fell by 1.03%, outperforming the Shanghai and Shenzhen 300 index by 1.19 percentage points [12] - The sector is poised for growth due to increasing electricity demand from new energy systems and market reforms [12] - Investment suggestions include large hydro and nuclear power companies with strong dividend yields [12] Group 10: Media - The media sector fell by 8.06%, significantly underperforming the Shanghai and Shenzhen 300 index [13] - The impact of AI on the media industry is highlighted, with potential for growth in gaming and content creation [13][14] - Long-term investment focus is suggested on gaming companies benefiting from AI integration [14]

行业周观点 中原证券行业周观点 —2025 年第八期：2 月 24 日-2 月 28 日 证券研究报告-行业周观点 ⚫ 锂电池 本期锂电池指数上涨 1.31%，板块跑赢沪深 300 指数。结合行业景气度、产业链价格 及市场走势，短期建议关注板块投资机会。 ⚫ 化工 本期中信基础化工行业指数下跌 0.27%，同期沪深 300 指数下跌 2.22%，行业表现 强于沪深 300 指数，在 30 个中信一级行业中位列第 12 位。中信三级子行业中，26 个子行业上涨，7 个子行业下跌，改性塑料、电子化学品和其他塑料制品板块表现居 前。本周卓创资讯跟踪的化工产品涨跌比弱于上周。建议继续关注钾肥、涤纶长丝和 有机硅行业。 ⚫ 新材料 本期新材料指数下跌 0.46%，同期沪深 300 指数下跌 2.22%，行业表现略强于沪深 300 指数。新材料作为国家战略新兴产业，成长性属性确定，受到国家大力支持。 在新型工业化推进与产业结构深度调整的背景下，商业航天、算力、人形机器人、 超导等下游领域的快速发展将带动对上游新材料的需求，建议关注热障涂层、稀 土永磁材料、金刚石散热材料、高温超导材料在下游技术领域的应用进程。 ⚫ 轻工制 ...

国际市场表现 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | 30,772.79 | -0.67 | | 标普 | 500 | 3,801.78 | -0.45 | | 纳斯达克 | | 11,247.58 | -0.15 | | 德国 | DAX | 12,756.32 | -1.16 | | 富时 | 100 | 7,156.37 | -0.74 | | 日经 | 225 | 26,643.39 | 0.62 | | 恒生指数 | | 22,941.77 | -0.28 | 资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 03 月 05 日 资料来源：Wind,中原证券 -15% -10% -5% 1% 6% 11% 16% 22% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 军工半导体行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：电池医疗行业领涨 A 股震荡整 固》 2025-03-03 《市场分析：酿酒采掘行业领涨 A 股宽幅震 荡》 2025-02-28 《市场分析：电池消费行业领涨 A 股震荡整 ◼ A 股市场综述 周二（03 月 04 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上行，盘中股指在 3327 点附近遭遇阻力，午后股指维持震 荡，盘中航天航空、半导体、汽车零部件以及电子元件等行业表现 较好；电池、能源金属、煤炭以及酿酒等行业表现较弱，沪指全天 基本呈现小幅震荡上扬的运行特征。创业板市场周二震荡上扬，创 业板成分指数全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 固》 2025-02-27 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 03 月 04 日 投资要点： 周二 A 股市场低开高走、小幅震荡上行，早盘股指低开后震荡上 行，盘中股指在 3327 点 ...

Investment Rating - The report maintains an investment rating of "Market Perform" for the light industry manufacturing sector [6]. Core Insights - The light industry manufacturing sector saw a 3.23% increase in February 2025, outperforming the CSI 300 index by 1.32 percentage points, ranking 17th among 30 primary industries [16][18]. - The report highlights a positive trend in the paper and home furnishing segments, with expectations for price increases in paper products due to rising raw material costs and improved market conditions in real estate [6][69]. Summary by Sections 1. Industry Performance Review - The light industry manufacturing index outperformed the market, with a 3.23% increase in February 2025, compared to a 1.91% increase in the CSI 300 index [16]. - Most sub-sectors within light industry manufacturing experienced gains, with "Other Light Industry" leading at 13.10% [18]. - Over 65% of stocks in the sector rose, with notable performers including Qunxing Toys and Yazhen Home [21]. - The sector's PE (TTM) ratio stood at 30.10, indicating a valuation at the 41.42 percentile over the past decade [22]. 2. Key Industry Data Tracking 2.1. Paper Industry - The paper and paper products industry reported a cumulative revenue of 1,456.62 billion yuan in 2024, a 3.9% year-on-year increase [25]. - Prices for waste yellow board paper fell by 5.59% in February 2025, influenced by rising inventories and reduced demand [29]. - The price of imported needle and broadleaf pulps fluctuated, with needle pulp priced at 6,501 yuan/ton and broadleaf pulp at 4,792 yuan/ton as of February 28, 2025 [32]. - The average price for boxboard paper was 3,691 yuan/ton, down 2.24% from the previous month [36]. 2.2. Home Furnishing - The real estate market showed signs of recovery, with new residential sales area increasing by 4.46% year-on-year in December 2024 [74]. - The furniture manufacturing sector's revenue grew by 0.4% in 2024, but profit margins faced pressure, with total profits declining by 0.1% [79]. - The implementation of the "old-for-new" policy has positively impacted sales, with the building materials and home furnishing market showing a good start in 2025 [82].