Investment Rating - The overall industry investment rating is neutral, with specific sub-industry ratings as follows: Chemical Pharmaceuticals - no rating, Traditional Chinese Medicine - no rating, Biopharmaceutical II - neutral, Other Pharmaceuticals - neutral [3] Core Insights - As of April 9, 2025, the pharmaceutical sector experienced a slight increase of +0.37%, underperforming the CSI 300 index by 0.62 percentage points, ranking 28th among 31 sub-industries. The best-performing sub-industries included offline pharmacies (+2.72%), hospitals (+1.97%), and medical devices (+1.27%), while the worst performers were medical R&D outsourcing (-0.98%), blood products (-0.96%), and medical consumables (+0.19%) [5] - IVIEW announced that its IVIEW-1201 (1.0% Povidone-Iodine Ophthalmic Gel) has received orphan drug designation from the FDA for the treatment of fungal keratitis. This drug demonstrates a unique bactericidal mechanism and innovative delivery method, showing advantages in rapidly killing various pathogens without developing resistance, along with long-lasting release and high safety [6] Summary by Sections Market Performance - The pharmaceutical sector's performance on April 9, 2025, was +0.37%, lagging behind the CSI 300 index by 0.62 percentage points, with offline pharmacies, hospitals, and medical devices leading the gains [5] Industry News - IVIEW's IVIEW-1201 received orphan drug status from the FDA for treating fungal keratitis, showcasing a unique mechanism and delivery method [6] - Aohua Endoscopy reported a revenue of 750 million yuan for 2024, a year-on-year increase of 10.54%, but a net profit decline of 63.68% [6] - Wanfu Biology achieved a revenue of 3.065 billion yuan in 2024, up 10.85%, with a net profit increase of 15.18% [6] - Fuyuan Pharmaceutical's subsidiary received a drug registration certificate for Dapagliflozin tablets, enhancing its product line [7] - Haixiang Pharmaceutical announced a share buyback plan with a total amount of 150-300 million yuan [7]

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The market performance overview shows significant gains across various indices, with the Shanghai Composite Index up by 1.31% and the ChiNext Index up by 2.20% [4]. - The SW Electronics sector has shown positive performance, with notable increases in semiconductor materials (+3.75%) and semiconductor equipment (+5.86%) [4]. - Individual stock performances highlight significant gains, with Hualing Co. up by 29.99% and Guomin Technology up by 20.02% [4]. Summary by Relevant Sections Market Overview - The Shanghai Composite Index increased by 1.31%, the Shenzhen Composite Index by 1.77%, and the ChiNext Index by 2.20% on the reported date [4]. - The SW Electronics sector saw various segments perform well, with passive components up by 1.11% and integrated circuit packaging and testing up by 3.08% [4]. Company Performance - Huanxu Electronics reported a March consolidated revenue of 4.991 billion yuan, a year-on-year increase of 10.23% and a month-on-month increase of 27.17% [4]. - Juchip Technology forecasted a Q1 2025 revenue of 191 million yuan, reflecting a year-on-year growth of 61.23% [5]. - Huate Gas reported a 2024 revenue of 1.395 billion yuan, a year-on-year decrease of 7.02%, while net profit increased by 7.99% [5]. Industry Developments - Boston Dynamics and Hyundai Motor Group are expanding their collaboration to produce more robots, with Hyundai planning to purchase thousands of Boston Dynamics robots in the coming years [6].

金 金融工程点评 [Table_Title] 金工 ETF 点评：宽基 ETF 单日净流入 1032.10 亿元；农林牧渔拥挤度拉满 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 一、资金流向 二、行业拥挤度监测 ◼ 根据溢价率 Z-score 模型搭建相关 ETF 产品筛选信号模型，通过滚动测算提 供存在潜在套利机会的标的，此外需警惕标的回调风险。 风险提示：本报告结论完全基于公开历史数据，建议关注的行业指数与 ETF 产品基于 构建的量化模型，仅供大家参考阅读，不构成任何投资建议。 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日农林牧渔、食品饮料、基础化工靠前，相比较而言，传媒、房地 产的拥挤度水平较低，建议关注。此外，汽车、家用电器单日拥挤度变动较 大。从主力资金流动来看，前一交易日主力资 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][16]. Core Views - The company is experiencing short-term profit pressure but is anticipated to see growth in the high-end market [1][6]. - In 2024, the company achieved revenue of 4.487 billion yuan, a year-on-year increase of 2.48%, while the net profit attributable to shareholders decreased by 64.20% to 402 million yuan [4][5]. - The revenue from RF front-end modules has significantly increased, with the sales proportion rising from 36.34% in the previous year to 42.05% in 2024 [5][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 4.487 billion yuan - 2025 Revenue: 4.903 billion yuan (growth rate: 9.28%) - 2026 Revenue: 5.873 billion yuan (growth rate: 19.79%) - 2027 Revenue: 6.835 billion yuan (growth rate: 16.37%) - 2024 Net Profit: 402 million yuan - 2025 Net Profit: 543 million yuan (growth rate: 35.24%) - 2026 Net Profit: 926 million yuan (growth rate: 70.35%) - 2027 Net Profit: 1.354 billion yuan (growth rate: 46.30%) [7][8]. - **Profitability Metrics**: - Gross margin for 2024 was 36.27%, a decrease of 9.50 percentage points year-on-year [5]. - The company’s R&D expenses increased to 9.97 billion yuan, representing 22.22% of revenue, reflecting a strategic push towards industrialization [5][6]. - **Market Position and Strategy**: - The company has established a strong resource platform and is expanding in the high-end market, with significant advancements in its 6-inch filter production line and 12-inch IPD platform [6][7]. - The company aims to enhance its product matrix with high-value products, ensuring a strategic product closure [6][7]. Stock Data Summary - Total shares: 5.35 billion, circulating shares: 4.48 billion - Total market value: 38.648 billion yuan, circulating market value: 32.361 billion yuan - 12-month high/low price: 131 yuan / 58.61 yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][9]. Core Insights - The company reported a significant increase in net profit, achieving 262.29 billion yuan, a year-on-year growth of 201.07%. The weighted average ROE reached 25.88%, up by 17.94 percentage points [4][6]. - The company's new business value (NBV) grew impressively by 106.8% to 62.53 billion yuan, with the first-year premium under NBV increasing by 7.9 percentage points to 14.6% [5][6]. - The company is focusing on channel reforms and transitioning towards long-term, premium-paying products, with individual insurance channels generating 1,159.70 billion yuan in premium income, a slight increase of 0.3% year-on-year [5][6]. Financial Performance Summary - The company achieved original insurance premium income of 1,705.11 billion yuan, a year-on-year increase of 2.78%, and total operating income of 1,325.55 billion yuan, up by 85.27% [4][5]. - The total investment assets reached 1.63 trillion yuan, reflecting a year-on-year growth of 21.1%. The net investment yield was 3.2%, while the total investment yield was 5.8% [6][7]. - Forecasted revenues for 2025-2027 are 1,215.58 billion yuan, 1,295.96 billion yuan, and 1,388.20 billion yuan, respectively, with net profits projected at 232.42 billion yuan, 257.28 billion yuan, and 287.45 billion yuan [6][7].

2025 年 04 月 07 日 投资策略 资金净流入，交投活跃度下降。上周全 A 成交额 4.54 万亿，较前一 周下降，换手率 5.27%，较前一周下降，融资供给端中基金、ETF 净流入， 两融资金净流出；资金需求端 IPO 规模为 4.87 亿元，再融资规模 69.67 亿元。市场资金合计净流入 46.46 亿元，流动性转强。 国内流动性：上周公开市场操作净回笼资金 5019 亿元，DR007 下行， R007 同步下行，R007 与 DR007 利差缩小，金融机构间流动性未见明显分 层。利差来看，10 年期国债收益率下降 8bp，1 年期国债收益率下降 5bp， 国债期限利差缩小；10 年期美债收益率下行，10 年期国债收益率下行， 中美利差倒挂程度减轻；市场预期 5 月美联储不降息概率下降至 51%。 流动性与仓位周观察——4 月第 1 期：杠杆资金加速流出 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 证券分析师：张冬冬 E-MAIL：zhangdd@tpyz ...

业 研 究 基础化工 化工周报（3/31-4/6）： 溴素、钛白粉、制冷剂等产品价格相对强势 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/4/8 24/6/19 24/8/30 24/11/10 25/1/21 25/4/3 相关研究报告 << 化 工 新 材 料 周 报 （ 20250331- 20250406）：溴素价格继续上涨，EVA 价格趋稳>>--2025-04-07 <<国光股份 2024 年报点评： 低成本 +新商业模式推动，公司业绩创新 高>>--2025-04-03 <<华鲁恒升 2024 年报点评： 双基地 效能提升，公司业绩韧性凸显>>-- 2025-04-03 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 制冷剂：即将进入需求旺季，主要制冷剂品种的价格和毛利均出现 上涨。建议关注：巨化股份、三美股份、永和股份。 超高分子量聚乙烯 UHMWPE： ...

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

2025-04-07 公司点评 买入/维持 智明达（688636） 目标价：60.00 昨收盘：39.48 国防军工 产品订单大幅增长，看好全年业绩表现 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 智明达 沪深300 股票数据 | 总股本/流通(亿股) | 1.13/1.13 | 1.76/0.97 | | --- | --- | --- | | 总市值/流通(亿元) | 44.44/44.42 | 88.08/44.24 | | 12 个月最高/最低(元) | 42.77/24.37 | 59.68/43.90 | 相关研究报告 【太平洋证券】国防军工 2025 年度策略： 聚焦新域新质，迎接景气拐点 智明达（688636）深度报告："嵌入"国家 重点领域，迎接智能化时代发展新机遇 事件：公司发布 2025 年一季度业绩预告，经财务部门初步测算，预 计 2025 年第一季度实现营业 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 52.20 [1][10]. Core Insights - The company reported a significant revenue growth of 74.24% year-on-year, reaching 114.77 billion yuan in 2024, with a net profit of 2.29 billion yuan, reflecting a 28.55% increase [3][4]. - The company continues to hold a leading position in the industry, ranking second globally in server sales and first in China, as well as leading in storage installation capacity and liquid-cooled servers [4]. - The demand for AI infrastructure is expected to remain strong, with projected earnings per share (EPS) of 2.12, 2.60, and 3.12 yuan for 2025, 2026, and 2027 respectively [5][6]. Financial Performance - The company's gross margin for 2024 was 6.85%, a decrease of 3.16 percentage points from the previous year, while the net margin was 2.00%, down 0.73 percentage points [4]. - The total revenue forecast for the next few years is as follows: 142 billion yuan in 2025, 170 billion yuan in 2026, and 205 billion yuan in 2027, with growth rates of 23.73%, 19.72%, and 20.59% respectively [6][12]. - The net profit is expected to grow to 3.12 billion yuan in 2026 and 4.59 billion yuan in 2027, with growth rates of 22.75% and 19.93% respectively [8][12]. Market Position and Product Development - The company has launched several AI-related products, including the "Yuan 2.0-M32" open-source large model and the AI general server NF8260G7, positioning itself to benefit from the growing AI computing demand [4][5]. - The report highlights the increasing demand for servers driven by customer needs, contributing to the company's rapid revenue growth [4].