传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 春节档量价齐升刷新纪录，《哪吒 2》抬 高国内票房天花板 ——传媒行业分析报告 证券研究报告-行业分析报告 同步大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业月报：CES 展端侧 AI 引关注，春 节假期将至关注电影市场表现》 2025-01-16 《传媒行业专题研究：票房下滑超 20%，关 注春节档表现》 2025-01-08 《传媒行业月报：国内游戏产业多项数据创新 高 ， 文 化 企 业 最 新 免 税 政 策 发 布 》 2024-12-16 联系人：李智 投资要点： ⚫ 6 部影片齐聚，一超一强格局明显。档期内 TOP2 影片票房占比近 75%。其中《哪吒之魔童闹海》领跑春节档，档期内票房高达 48.41 亿元，票房占比超 50%，且 35.4%的排片占比明显低于票房占比， 上座率达到 52.3%，市场供不应求；《唐探 1900》票房 22.79 亿元， 票房占比 23.9%，排片占比和票房占比基本持平；《封神第二部： 战火西岐》《射雕英雄传：侠之大者》《熊出没 ...

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 -10% -5% 1% 7% 12% 18% 23% 29% 2024.02 2024.06 2024.10 2025.02 上证指数 深证成指 【财经要闻】 1、证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》，提 出八方面共 18 条政策措施，推动要素资源向科技创新、先进制造、绿色 低碳、普惠民生等重大战略、重点领域、薄弱环节集聚。 2、证监会主席吴清召开投资者座谈会强调，投资者是市场之本，保护投 资者合法权益是证券监管的首要任务。证监会将进一步推动上市公司增 强回报投资者的意识和能力，不断健全投资者保护长效机制。 3、1 月份，受春节因素影响，全国 CPI 涨幅扩大，环比由上月持平转为 上涨 0.7%，同比涨幅由上月的 0.1%扩大至 0.5%；全国 PPI 环比下降 0.2%，同比下降 2.3%。 资料来源：证监会，国家统计局，Wind 资讯 【宏观策略】 | 市场分析：软件光伏行业领涨 沪指挑战 3300 点 | | --- | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件光伏行业领涨 沪指挑战 3300 点 2025-02-06 《市场分析：半导体行业领涨 A 股震荡上扬》 2025-01-17 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 02 月 07 日 投资要点： ◼ A 股市场综述 ——市场分析 相关报告 《市场分析：通信半导体行业领涨 A 股震荡 上行》 2025-02-06 《市场分析：成长行业领涨 A 股宽幅震荡》 周五（02 月 07 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 开后震荡上扬，盘中股指在 3324 点附近遭遇阻力，午后股指震荡回 落，尾盘再度企稳回升，盘中软件开发、光伏设备、证券以及汽车 等行业表现较好；小金属、半导体、船舶制造以及教育等行业表现 较弱，沪指全天基本呈现小幅上扬的运行特征。创业板市场周五震 荡上涨，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小幅震荡上行，早盘股指低开后震荡上 扬，盘中股指在 3324 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 国内奢侈品及高档白酒消费变化 ——食品饮料行业深度分析 证券研究报告-行业深度分析 同步大市(维持) 发布日期：2025 年 02 月 07 日 -17% -10% -3% 4% 11% 19% 26% 33% 食品饮料 沪深300 2024.02 2024.06 2024.09 2025.01 资料来源：中原证券研究所，聚源 相关报告 《食品饮料行业月报：逻辑缺位，行情掉头， 量缩价降显著》 2025-01-03 《食品饮料行业年度策略：2025 年食品饮料 行业投资策略》 2024-12-17 《食品饮料行业月报：板块微幅反弹，行情呈 上下拉锯状 》 2024-12-02 联系人：李智 投资要点： 风险提示：白酒市场整体的系统性风险较大，受到宏观经济的冲击和掣肘，白酒厂 商的营收将会持续受到影响；白酒消费的降级幅度超过升级幅度，导致厂商利润率 下降；资本市场的负面预期和风险偏好变化也会影响白酒二级市场的估值。 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 ...

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 扭亏为盈，CW DFB 激光器的研发取得阶 段性成果 ——仕佳光子(688313)公司点评报告 证券研究报告-公司点评报告 买入(上调) 市场数据(2025-02-06) | 收盘价(元) | 17.70 | | --- | --- | | 一年内最高/最低(元) | 23.26/8.17 | | 沪深 300 指数 | 3,842.83 | | 市净率(倍) | 6.95 | | 流通市值(亿元) | 81.21 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 2.55 | | 每股经营现金流(元) | 0.00 | | 毛利率(%) | 25.84 | | 净资产收益率_摊薄(%) | 2.08 | | 资产负债率(%) | 28.26 | | --- | --- | | 总股本/流通股(万股) | 45,880.23/45,880.23 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所， ...

Key Points - The report indicates that the domestic consumption market is expected to continue a stable growth trend in the first quarter, supported by the government's policies to promote consumption [4][7] - The global manufacturing PMI for January was reported at 50%, reflecting a slight increase of 0.5 percentage points month-on-month, marking three consecutive months of slight growth [4][7] - The communication semiconductor industry is leading the A-share market's upward trend, with a focus on investment opportunities in semiconductor, consumer electronics, gaming, and automotive sectors [6][8] - The electrical equipment sector outperformed the market, with an increase of 1.53% in January, while the overall market saw a decline of 2.59% [14] - The photovoltaic industry is expected to see a record high in new installations in 2024, with a year-on-year growth of 27.80% in new installations [17][18] - The report highlights that the AI industry is facing increased sanctions from the U.S., which may impact China's AI computing supply capabilities [32][34] - The agricultural sector, particularly the pig farming industry, is experiencing price fluctuations, with a year-on-year increase in prices despite a recent decline [34][35] - The report emphasizes the importance of monitoring policy implementation and external factors that may affect economic recovery and market performance [6][8]

《市场分析：成长行业领涨 A 股宽幅震荡》 2025-02-06 《市场分析：半导体行业领涨 A 股震荡上扬》 2025-01-17 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信半导体行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：通信家电行业领涨 A 股小幅上 行》 2025-01-16 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 证券研究报告-市场分析 发布日期：2025 年 02 月 06 日 投资要点： ◼ A 股市场综述 周四（02 月 06 日）A 股市场低开高走、震荡上行，早盘股指低开后 震荡上扬，盘中股指在 3263 点附近遭遇阻力，午后股指维持震荡， 尾盘再度震荡走高，盘中电机、半导体、游戏以及汽车等行业表现 较好；贵金属、银行、珠宝首饰以及煤炭等行业表现较弱，沪指全 天基本呈现震荡上扬的运行特征。创业板市场周四震荡上涨，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建 ...

Investment Rating - The report upgrades the investment rating of the company to "Accumulate" [5][11] Core Views - The company is expected to see a significant improvement in performance in 2025 after a disappointing 2024, where net profit is projected to drop by 70.93% to 76.74% compared to the previous year [7][5] - The main revenue source, the influenza vaccine, faced a price reduction of over 40% in June 2024, impacting sales and overall profitability [7][5] - Despite the challenges, the company continues to invest in innovative vaccine development and maintain a high level of R&D expenditure [7][5] Financial Summary - Revenue for 2024 is estimated at 1,600 million, a decrease of 33.62% from 2023, with a projected recovery to 2,200 million in 2025 [5][8] - Net profit for 2024 is expected to be between 215 million and 250 million, a significant decline from 860 million in 2023, but is forecasted to rebound to 806 million in 2025 [5][8] - Earnings per share (EPS) are revised down to 0.36 for 2024, with expectations of 1.34 and 1.23 for 2025 and 2026 respectively [5][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Insights - The company, Ailis (688578), reported a significant performance in 2024, with total revenue expected to reach 3.55 billion yuan, a year-on-year increase of 76%. The net profit attributable to shareholders is projected to be 1.43 billion yuan, reflecting a 121.99% increase [7]. - The core product, Fumetnib, has been included in the national medical insurance directory for two indications, contributing to a steady increase in market share and sales revenue. The company has also implemented cost control measures to enhance profitability [7]. - The expansion of indications for Fumetnib is ongoing, with recent approvals for clinical trials aimed at new treatment applications, which are expected to further boost the company's performance [7]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 3.55 billion yuan, net profit of 1.44 billion yuan - 2025: Revenue of 4.22 billion yuan, net profit of 1.67 billion yuan - 2026: Revenue of 5.28 billion yuan, net profit of 1.94 billion yuan [8][9]. - Earnings per share (EPS) are projected to be 3.19 yuan in 2024, 3.72 yuan in 2025, and 4.32 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 21.96, 18.85, and 16.22 respectively [8][9].

Market Overview - The A-share market experienced a high opening followed by a decline, with significant fluctuations observed on February 5, 2025. The index found support around 3228 points, and sectors such as software development, internet services, gaming, and home appliances performed well, while aviation, insurance, banking, and liquor sectors lagged behind [2][3][7] - The Shanghai Composite Index closed at 3229.49 points, down 0.65%, while the Shenzhen Component Index rose slightly by 0.08% to 10164.22 points. The ChiNext Index saw a minor decline of 0.04% [7][8] Future Market Outlook and Investment Recommendations - The current average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 13.84 times and 35.73 times, respectively, indicating a suitable environment for medium to long-term investments [3][16] - The total trading volume for both markets reached 13005 billion, above the median of the past three years, suggesting robust market activity [3][16] - Recent policy signals from the Political Bureau meeting indicate a commitment to more proactive macroeconomic policies aimed at stabilizing the real estate and stock markets, enhancing counter-cyclical adjustments, and boosting consumption through active fiscal and moderately loose monetary policies [3][16] - The Chinese economy is projected to maintain a recovery trend in 2025, with GDP growth expected to reach around 5%. Key economic indicators such as consumption, investment, and exports are anticipated to improve, supporting corporate earnings growth [3][16] - The report suggests focusing on short-term investment opportunities in sectors like software development, internet services, gaming, and home appliances, as these areas are expected to perform well in the current market environment [3][16]