Investment Rating - The report maintains a positive outlook on the power equipment and new energy sector [1] Core Viewpoints - The report emphasizes the importance of changes on the supply side, particularly regarding cobalt, iron lithium, and BC [4][5] - The core viewpoint for the new energy vehicle industry indicates that a new cycle has begun in the mid and downstream sectors [4][5] - The photovoltaic industry is expected to gradually confirm a mid-term bottom, with rising component prices and improved industry self-discipline [6][12] - The wind power sector is highlighted for its potential growth, especially in offshore wind energy development [7][14] Summary by Sections 1. Industry Chain Prices - In the new energy vehicle sector, prices for ternary materials have increased, with a notable rise in electrolytic cobalt prices by over 26% [20][21] - The photovoltaic sector has seen a significant upward trend in component prices, with distributed N-type 182 components priced around 0.742-0.754 RMB/W, reflecting a 0.034 RMB/W increase from the previous week [6][12] - Wind power materials such as shipbuilding plates and steel have seen price declines, indicating a mixed pricing environment [15][20] 2. Industry News Tracking - In the new energy vehicle sector, companies like CATL and Fulin Precision have signed strategic cooperation agreements, enhancing their competitive edge in high-end iron lithium products [4][11] - The photovoltaic sector has seen Aisuke secure a 1GW solar module order from Datang Group, marking a significant breakthrough in centralized business [12][36] - The wind power sector in Jiangsu is optimizing its offshore wind power development layout, with several projects entering the construction phase [14][15] 3. Company News Tracking - In the new energy vehicle sector, Fulin Precision's partnership with CATL is expected to create new opportunities [11][16] - In the photovoltaic sector, Hengdian East Magnetic has announced its 2024 annual report, indicating ongoing developments in the industry [16][22] - In the wind power sector, companies like Hewei Electric and Baosheng Co. have released their 2024 annual reports, reflecting their operational performance [16][22]

Investment Rating - The industry investment rating is Neutral/Maintain [1] Core Viewpoints - The sales of real estate continue to stabilize, with new construction remaining at low levels. The cumulative sales area of commercial housing in China for January-February 2025 was 10,746 million square meters, a year-on-year decline of 5.1%, which is a narrowing of the decline by 7.8 percentage points compared to the previous year [4][13] - The cumulative sales amount for the same period was 1,025.9 billion, down 2.6% year-on-year, with a decline narrowing by 14.5 percentage points compared to the previous year [4][13] - The government has emphasized the need to promote the stabilization of the real estate market, leading to increased buyer confidence and a rise in new home transactions [4][7] Sales Summary - The sales area and amount for January-February 2025 showed a significant narrowing of the year-on-year decline, with the eastern region experiencing the largest reduction in sales amount decline [19] - The cumulative sales area in the eastern, central, western, and northeastern regions were 4,539/2,795/3,115/297 million square meters, with year-on-year changes of -7.30%/-0.70%/-5.90%/-3.00% respectively [19] Price Summary - The price decline for new and second-hand homes has narrowed year-on-year, with the new home price index for 70 major cities showing a year-on-year decline of 5.2% in February [5][20] - The first-tier cities saw a year-on-year decline of 3.0%, while second and third-tier cities experienced declines of 4.7% and 5.9% respectively [5][20] Development Investment Summary - Cumulative development investment for January-February 2025 was 1,072.0 billion, down 9.8% year-on-year, with the decline narrowing by 0.8 percentage points compared to the previous year [6][27] - New construction area for the same period was 6,614 million square meters, down 29.6% year-on-year, with the decline expanding by 6.6 percentage points compared to the previous year [6][28] - The completion area for January-February 2025 was 8,764 million square meters, down 15.6% year-on-year, with the decline narrowing by 12.1 percentage points compared to the previous year [32] Investment Recommendations - The report suggests that the market is showing signs of recovery, with increased buyer willingness and a narrowing of sales declines. It recommends paying attention to relevant local state-owned enterprises and developers [7][35]

Investment Rating - The industry investment rating is Neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [12] Core Viewpoints - The report highlights the implementation of urban village and dilapidated housing renovations as a key strategy to stimulate housing demand and promote a stable real estate market [5] - The overall real estate market in China is described as stable, with ongoing adjustments in certain regions, and a focus on tailored policies to release housing demand potential [5] - The report notes that the real estate sector is experiencing a gradual recovery, with the Shanghai Composite Index and Shenzhen Composite Index showing slight increases [3] Market Performance - On March 17, 2025, the real estate sector index rose by 0.96%, with notable individual stock performances including Quzhou Development and Bright Real Estate, which saw increases of 10.17% and 10.15% respectively [4] - The report also mentions the performance of individual stocks, with the top five gainers and losers in the real estate sector [4] Sub-industry Ratings - The report does not provide specific ratings for sub-industries such as real estate development and real estate services [3] Company Announcements - Shenzhen Metro Real Estate plans to launch approximately 4,300 housing units this year, including around 2,000 units designated for talent housing [7] - A land parcel in Zhengzhou was acquired by China Railway for 240 million yuan, with a floor price of 3,322 yuan per square meter [6]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The pharmaceutical sector showed a slight increase of +0.02% on March 17, 2025, outperforming the CSI 300 Index by 0.26 percentage points, ranking 20th among 31 sub-industries [5]. - Notable performers within the pharmaceutical sub-industries included other biological products (+1.13%), blood products (+0.63%), and medical consumables (+0.34%), while hospitals (-1.28%), offline pharmacies (-1.04%), and medical devices (-0.53%) lagged behind [5]. - Geron announced the approval of its telomerase inhibitor Rytelo (imetelstat) by the European Commission for treating transfusion-dependent anemia in adults with myelodysplastic syndromes, marking a significant advancement in the industry [6]. Summary by Sections Market Performance - On March 17, 2025, the pharmaceutical sector's performance was +0.02%, outperforming the CSI 300 Index by 0.26 percentage points, with various sub-industries showing mixed results [5]. Industry News - Geron's Rytelo received EU approval as a monotherapy for treating transfusion-dependent anemia in adults with myelodysplastic syndromes, previously approved by the FDA in June 2024 [6]. Company News - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, a decrease of 2.73% year-on-year, while net profit was 9.450 billion yuan, down 1.63% year-on-year [6]. - Dong-E E-Jiao announced a revenue of 5.921 billion yuan for 2024, an increase of 25.57% year-on-year, with net profit rising by 35.29% to 1.557 billion yuan [6].

Investment Rating - The industry investment rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - Samsung SDI plans to establish a solid-state battery production line, which is a significant development in the electronic industry [1][7]. - The report highlights a mixed performance in the electronic sector, with certain sub-sectors like optical components and LED showing positive growth, while others like semiconductor equipment are declining [2][6]. - The report notes that companies like Aohong Electronics and Bawei Storage are experiencing revenue growth, with Aohong's revenue increasing by 19.45% year-on-year [3][4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.19%, while the Shenzhen Composite Index rose by 0.14% [2]. - The electronic sector showed varied performance, with passive components down by 0.45% and optical components up by 1.18% [2]. Company Performance - Aohong Electronics reported a revenue of 1.29 billion yuan, a 19.45% increase year-on-year, and a net profit of 141.5 million yuan, up 6.45% [3]. - Bawei Storage plans to raise up to 1.9 billion yuan through a specific stock issuance to fund expansion projects [3]. - Copper Peak Electronics achieved a revenue of 128.8 million yuan, an 18.91% increase, and a net profit of 9.57 million yuan, up 10.36% [4]. Sub-industry Performance - The report indicates that the electronic sector's sub-industry performance is mixed, with some areas like electronic chemicals and consumer electronic components showing growth, while semiconductor equipment is facing declines [2][6].

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The "Consumption Promotion Action Plan" is expected to boost demand for related products, particularly in real estate, childcare, and daily consumer goods [1] - The refrigerant market is entering a demand peak, with prices for major refrigerants showing an upward trend due to supply concerns and increased domestic consumption [2][3] - The report suggests focusing on companies such as Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Tongyi Zhong in the ultra-high molecular weight polyethylene (UHMWPE) sector [3] Summary by Sections 1. Key Industry and Product Tracking - The "Consumption Promotion Action Plan" aims to enhance domestic demand across various sectors, including real estate-related products like refrigerants and coatings, childcare products like adhesive for diapers, and daily consumer goods such as textiles and food additives [1] 2. Refrigerants - The refrigerant market is experiencing price increases, with R142b priced at 27,000 CNY/ton (up 2,000 CNY/ton), R22 at 35,750 CNY/ton (up 250 CNY/ton), and R134a at 45,500 CNY/ton (up 500 CNY/ton) [2][3] - The report highlights the positive outlook for major refrigerant varieties as demand peaks, suggesting investment in companies like Juhua Co., Sanmei Co., and Yonghe Co. [3] 3. Polyurethane - MDI prices are declining due to weak downstream demand, with the average price for polymer MDI at 17,000 CNY/ton (down 750 CNY/ton) and pure MDI at 18,200 CNY/ton (down 400 CNY/ton) [14][15] 4. Agricultural Chemicals - Phosphate fertilizer prices are rising, with diammonium phosphate at 3,358 CNY/ton (up 20 CNY/ton) and monoammonium phosphate at 3,316 CNY/ton [20][21] - Glyphosate prices remain stable at 22,909 CNY/ton, with a decrease in profit margins [17] 5. Fluorochemicals - Prices and margins for R22 and R134a are increasing, driven by rising export orders and domestic consumption incentives [27] - The price of R22 is 35,750 CNY/ton, and R134a is 45,500 CNY/ton, reflecting a positive market trend [27]

2025 年 03 月 17 日 行业周报 看好/维持 医药 医药 太平洋医药日报（20250317）：Rytelo 在欧盟获批上市 ◼ 走势比较 （来源：Geron，太平洋证券研究院） (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 医药 沪深300 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 17 日，医药板块涨跌幅+0.02%，跑赢沪深 300 指数 0.26pct，涨跌幅居申万 31 个子行业第 20 名。各医药子行业中，其他生 物制品(+1.13%)、血液制品(+0.63%)、医疗耗材（+0.34%）表现居前，医 院（-1.28%)、线下药店(-1.04%)、医疗设备（-0.53%)表现居后。个股方 面，日涨幅榜前 3 位分别为金城医药(+11.53%)、荣昌生物(+11.09%)、东 方 ...

2025 年 03 月 17 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250317）：加力实施城中村和危旧房改造 走势比较 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250314）：中 国房地产业协会召开民营房企座谈 会>>--2025-03-14 <<太平洋房地产日报（20250313）：长 沙和金华义乌市出让地块>>--2025- 03-13 <<太平洋房地产日报（20250312）：南 京拟允许房票跨区安置>>--2025- 03-12 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524 ...

2025 年 03 月 17 日 行业周报 看好/维持 基础化工 基础化工 化工周报（3/10-3/16）： 《提振消费专项行动方案》有望拉动相关产品需求增长 ◼ 走势比较 报告摘要 1.重点行业和产品情况跟踪 《提振消费专项行动方案》有望拉动相关产品需求增长。3 月 16 日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》 （以下简称行动方案）。行动方案涵盖 8 个方面 30 条内容，旨在大力 提振消费，全方位扩大国内需求，以增收减负提升消费能力，以高质 量供给创造有效需求，以优化消费环境增强消费意愿，针对性解决制 约消费的突出矛盾问题。受此政策影响，相关产品需求有望提升。重 点关注：房地产后周期相关产品，比如制冷剂、涂料等；生育养育保 障产品，比如纸尿裤用胶粘剂等；日用品相关产品，比如日用化学品， 涤纶、锦纶、氨纶等纺织服装材料，以及代糖等食品添加剂。 即将进入需求旺季，制冷剂价格上涨。受配额缩减影响，市场对 供给端担忧仍存，供需关系有望持续改善。空调出口订单持续增长， 国内"以旧换新"政策加码，刺激终端消费热情，带动内贸情绪积极 提升。截至 3 月 16 日，二代制冷剂 R142b 价格为 2 ...

2025 年 03 月 18 日 行业日报 看好/维持 电子 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 电子 太平洋电子日报(20250317)：三星 SDI 计划建设全固态电池生产线 ◼ 推荐公司及评级 相关研究报告 << 太 平 洋 电 子 周 报 20250310- 20250314：台达将于 GTC 展出锂离子 超级电容方案>>--2025-03-16 <<太平洋电子日报(20250313)首款 搭载原生鸿蒙正式版手机预计于 3月 20 日发布>>--2025-03-14 报告摘要 今日市场行情速览：上证指数（+0.19%）；深证综指（+0.14%）；创业板综 （+0.05%）；科创 50（-0.45%）；沪深 300（-0.24%） 今日 SW 电子板块行情：品牌消费电子（-0.59%）；被动元件（ ...