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 [13]. Core Insights - The report highlights that the real estate market is experiencing a downward trend, with the Shanghai Composite Index and Shenzhen Component Index both declining by 0.23% and 0.17% respectively on March 12, 2025. The Shenwan Real Estate Index fell by 0.45% [4]. - Recent developments include Nanjing's proposal to allow housing vouchers to be used for cross-district purchases, which aims to incentivize urban renewal and improve housing accessibility [7]. - The report notes that major real estate companies are showing signs of recovery, with a year-on-year increase in sales for the top 100 real estate firms in February [4]. Market Performance - The top five performing stocks in the real estate sector include Binjiang Group, Huali Family, Sunshine Shares, Zhongzhou Holdings, and Electronic City, with respective gains of 3.43%, 2.16%, 1.89%, 1.80%, and 1.78%. Conversely, the worst performers were Wanye Enterprises, Huafa Shares, China Wuyi, Hualian Holdings, and Hefei Urban Construction, with declines of -5.13%, -3.15%, -2.75%, -2.66%, and -2.12% [5]. Industry News - Far East Horizon, in collaboration with state-owned enterprises, successfully acquired a core plot in Suzhou High-speed Railway New City for 535.34 million yuan, with a floor price of 15,828 yuan per square meter and a premium rate of 5.52% [6]. - The report also mentions that the Guangzhou Yuexiu Group plans to issue bonds totaling up to 2 billion yuan, aimed at refinancing existing debts [10].

2025 年 03 月 12 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250312）：南京拟允许房票跨区安置 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 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（20250311）：成 都土拍地价创新高）>>--2025-03-11 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 报告摘要 市场行情： 2025 年 3 月 12 ...

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a substantial increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance Summary - Revenue and profit growth are driven by online recruitment services, which accounted for 98.8% of total revenue, with a year-on-year increase of 23.4% to 7.27 billion yuan [4]. - The marketing expense ratio decreased to a historical low of 28.18%, and Q4 marketing expenses fell by 1.64% to 426 million yuan, further narrowing the expense ratio to 23.38% [4]. - Research and development expenses reached 1.816 billion yuan, a 17.6% increase, supporting technological innovation and product iteration [4]. - Operating profit doubled to 1.173 billion yuan, with an operating profit margin of 15.9%, and an adjusted operating profit margin of 31.5%, marking a historical high [4]. Future Projections - For Q1 2025, the company expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - Projections for 2025 to 2027 include revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan, with growth rates of 19%, 17%, and 16% respectively [8][9]. - The expected net profits for the same period are 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

指南针(300803) 目标价: 昨收盘:89.87 2025 年 03 月 10 日 公司点评 买入/维持 非银金融 指南针 2024 年年报点评：资本市场业务快速崛起，打开财富管理空间 ◼ 走势比较 (40%) (2%) 36% 74% 112% 150% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 指南针 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.13/4.07 总市值/流通(亿元) 370.79/366.14 12 个月内最高/最低价 (元) 124.88/33.14 相关研究报告 证券分析师：夏芈卬 受益于市场回暖，业绩迎来反转。2024 年权益市场先抑后扬，9 月底 增量政策出台提振交投情绪，24Q4 沪深两市日均股基成交额 2.07 万亿 元，同比+119.25%；交投活跃带动公司 Q4 业绩高增，Q4 单季营收、归母 净利润分别为 7.52、2.14 亿元，同比分别+75.18%、+89.25%。业务端， 2024 年金融信息服务、证券服务、广告服务营收分别为 11.84、3.17、 0.27 亿元，同比分别+24.77%、+151 ...

2025 年 03 月 11 日 行业深度研究 看好/维持 医药 医药 国产软镜破局提速，天地广阔龙头大有可为 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 无评级 | | 其他医药医疗 | 无评级 | 相关研究报告 <<开立医疗（300633.SZ）：行业招标 数据改善，看好设备更新落地助力公 司业绩增长>>--2025-11-01 <<澳华内镜（688212.SH）：营收增速 短期承压，看好设备更新陆续落地后 公司业绩释放>>--2024-10-31 <<太平洋证券医药行业周报：医疗设 备招投标大幅改善，看好国产设备公 司投资机会>>--2025-01-12 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：17717408201 E-MAIL：l ...

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 [13]. Core Insights - The report highlights that the real estate market is showing signs of stabilization, with recent land auctions in Chengdu achieving record high prices, reflecting renewed investor interest [7]. - The report notes that the overall market sentiment is positive, as evidenced by the increase in major stock indices, including the Shanghai Composite Index and the Shenzhen Component Index [4]. - The report emphasizes the importance of local government policies in supporting land reserves and managing idle land, which could impact future real estate development [6]. Summary by Sections Market Performance - On March 11, 2025, the equity market saw most sectors rise, with the Shanghai Composite Index increasing by 0.41% and the Shenzhen Component Index by 0.33% [4]. - The real estate index rose by 0.1%, indicating a slight recovery in the sector [4]. Individual Stock Performance - The top five performing stocks in the real estate sector included Shahe Co., Shanghai Lingang, and Shenzhen Zhenye A, with gains of 10.05%, 7.77%, and 4.81% respectively [5]. - Conversely, the worst performers included Rongfeng Holdings and Binjiang Group, with declines of -4.06% and -2.78% respectively [5]. Industry News - The Ministry of Natural Resources and the Ministry of Finance issued a notice to prioritize the disposal of idle land and support land reserves through local government special bonds [6]. - In Chengdu, three residential land parcels were sold for a total of 5.065 billion yuan, with the highest bid achieving a floor price of 31,700 yuan per square meter, marking a 70.43% premium [7]. Company Announcements - China Jinmao established three property companies in Shanghai, Guangzhou, and Chengdu, with a total registered capital exceeding 13.9 billion yuan [10].

2025 年 03 月 11 日 行业周报 看好/维持 医药 ◼ 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 | | 太平洋医药日报（20250311）：Mineralys 在研疗法 lorundrostat 三期临床成功 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 11 日，医药板块涨跌幅-0.13%，跑输沪深 300 指数 0.45pct，涨跌幅居申万 31 个子行业第 29 名。各医药子行业中，血液制 品(+0.71%)、疫苗(+0.33%)、其他生物制品（+0.02%）表现居前，医疗设 备（-0.77%)、体外诊断(-0.75%)、医疗研发外包（-0.66%)表现居后。个 股方面，日涨幅榜前 3 位分别为赛力医疗(+10.02%)、海思科(+6.99%)、 博瑞医药(+6.73%)；跌幅 ...

2025 年 03 月 11 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250311)：阿里通义与 Manus 达成战略合作 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <<太平洋电子日报(20250310): 智 元启元大模型发布，台积电 2 月营收 同比增 43%>>--2025-03-10 << 太 平 洋 电 子 周 报 20250301- 20250309：我国加快发展端侧大模 型，AI 板块催化不断持续热度不 减>>--2025-03-10 <<太平洋电子日报(20250307) ：AI 板块热度不断>>--2025-03-07 证券分析师：张世杰 今日市场行情速览：上证指数（+0.41%）；深证综指（+0.34%）；创业板综 （+0.18%）；科创 50（-0.40%）；沪深 300（+0.32%） 今日 SW 电子板块行情：品牌消费电子（-1.85%）；被动元件（+0.54%）； 电子化学品Ⅲ（-0.30%）； ...

2025 年 03 月 10 日 公司点评 买入/维持 指南针(300803) 目标价: 昨收盘:89.87 非银金融 指南针 2024 年年报点评：资本市场业务快速崛起，打开财富管理空间 ◼ 走势比较 (40%) (2%) 36% 74% 112% 150% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 指南针 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.13/4.07 总市值/流通(亿元) 370.79/366.14 12 个月内最高/最低价 (元) 124.88/33.14 相关研究报告 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190124010010 事件：指南针发布 2024 年年度报告。报告期内，公司实现营业收入 15.29 亿元，同比+37.37%；实现归母净利润 1.04 亿元，同比+43.50%； ROE（加权）为 5.27%，同比+1 ...

2025 年 03 月 11 日 公司点评 买入/维持 股票数据 | 总股本/流通(亿股) | 5.59/3.02 | | --- | --- | | 总市值/流通(亿元) | 107.01/57.78 | | 12 个月内最高/最低价 | 23.09/14.76 | | (元) | | 相关研究报告 <>--2024-10-21 <>--2024-08-30 <<医药业务回暖，动保业务弹性可 期>>--2024-08-29 国邦医药(605507) 目标价: 25.00 昨收盘:19.15 股票回购彰显信心，看好业绩弹性释放 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 3 月 10 日，公司发布回购计划，公司拟以集中竞价交易方式 回购股份，回购金额在 ...