Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [8]. Core Insights - The first smartphone featuring the native HarmonyOS is set to be launched on March 20, 2025, which is anticipated to drive market interest and sales [1][5]. - The report highlights a significant increase in smartphone production among the top six global brands, with a total output of 335 million units in Q4 2024, reflecting a quarter-on-quarter growth of 9.2% [5]. - The report provides a market overview, noting declines in various electronic sectors, including passive components (-0.85%) and semiconductor materials (-3.01%) [3]. Summary by Sections Market Overview - The Shanghai Composite Index decreased by 0.39%, while the Shenzhen Composite Index fell by 1.12% [3]. - The electronic sector showed declines across multiple categories, with optical components experiencing the largest drop at -4.67% [3]. Company Announcements - Shenzhen Huaqiang reported a revenue of 21.954 billion yuan for 2024, a year-on-year increase of 6.60%, but a net profit decline of 54.43% [4]. - Huafeng Measurement Control announced a revenue of 0.905 billion yuan for 2024, marking a 31.05% increase, with a net profit growth of 32.69% [4]. Industry Developments - Huawei is set to hold a product launch event for its HarmonyOS smartphone on March 20, 2025, which is expected to attract significant consumer interest [5]. - TrendForce forecasts that Apple will lead smartphone production in Q4 2024 with 80.1 million units, a 57.4% increase quarter-on-quarter [5].

2025 年 03 月 13 日 行业日报 看好/维持 电子 电子 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 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/13 24/5/25 24/8/6 24/10/18 24/12/30 25/3/13 相关研究报告 <<太平洋电子日报(20250312)禾赛 科技与欧洲顶级主机厂达成独家定 点合作>>--2025-03-13 <<太平洋电子日报(20250311)：阿里 通义与 Manus 达成战略合作>>-- 2025-03-12 <<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 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 重要公告： 深圳华强：公司发布 24 年年报，24 年实现营业收入 219.54 亿元，同比 增长 6.60%；归属于上市公司股东的净利润 2.13 ...

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 in the next six months [10][11]. Core Views - The company's 2024 performance report shows revenue of 24 billion yuan, a year-on-year increase of 19.35%, and a net profit of 3.84 billion yuan, up 20% [4]. - The company is expected to benefit from new orders from Adidas, which began production in September 2024, contributing to revenue growth [6]. - The report highlights the company's stable partnerships with major brands like Nike and Converse, alongside successful new customer acquisition [6]. Summary by Sections Financial Performance - The company reported a net profit margin of 16.0% for 2024, with a proposed dividend of 20 yuan per 10 shares, resulting in a dividend payout ratio of 61% [4][5]. - In Q4 2024, revenue was 6.5 billion yuan, reflecting an 11.9% increase, while the net profit was 1 billion yuan, a 9.3% increase [5]. Market Position and Expansion - The company is expanding its production capacity with four new factories launched in 2024, including three in Vietnam and one in Indonesia [6]. - The report anticipates that the new factory in China and the new site in Indonesia will begin production in early 2025, aligning with order growth [6]. Profitability Forecast - The projected net profits for 2024, 2025, and 2026 are 3.84 billion yuan, 4.43 billion yuan, and 5.17 billion yuan, respectively, with corresponding PE ratios of 20, 17, and 15 [7][8]. - The company is expected to maintain steady growth driven by a combination of stable existing customers and rapid growth from new clients [7].

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 in the next six months [10][11]. Core Views - The company's 2024 performance report shows revenue of 24 billion yuan, a year-on-year increase of 19.35%, and a net profit of 3.84 billion yuan, up 20% [4]. - The company has successfully expanded its customer base, including a new partnership with Adidas, which is expected to contribute significantly to revenue growth in 2025 [6]. - The report highlights that the company is experiencing a temporary impact on profit margins due to the launch of new factories, but this is expected to stabilize as production ramps up [5]. Summary by Sections Financial Performance - The company reported a total revenue of 24 billion yuan for 2024, with a net profit of 3.84 billion yuan, resulting in a net profit margin of 16.0% [4]. - The fourth quarter revenue was 6.5 billion yuan, reflecting an 11.9% increase, while the net profit for the same period was 1 billion yuan, up 9.3% [5]. Customer and Production Expansion - The company has established stable partnerships with major international sports brands, including Nike and Converse, and has begun collaboration with Adidas, which is expected to ramp up production in September 2024 [6]. - Four new factories were launched in 2024, with additional facilities planned for 2025, aimed at meeting increasing order volumes and diversifying production locations to mitigate international trade risks [6]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.84 billion yuan in 2024, 4.43 billion yuan in 2025, and 5.17 billion yuan in 2026, with corresponding price-to-earnings ratios of 20, 17, and 15 [7][8]. - The report emphasizes the company's strong growth potential driven by a combination of stable existing customers and rapid growth from new clients, alongside orderly capacity expansion [7].

非银行业|行业深度研究报告 证券研究报告 2025年3月11日 2025年非银行业春季策略 —— 积极政策下博弈非银板块中枢提升机遇 夏芈卬 证券分析师： S1190523030003 分析师登记编号： 王子钦 研究助理： S1190124010010 一般证券业务登记编号： P2 报告摘要 ➢ 非银行情复盘：强β属性凸显 24年申万非银金融指数涨幅排名第二，较大盘超额收益显著。申万证券指数累计上涨29.57%，较沪深300的超额收益为14.88%；申万保险 指数涨幅35.59%，较沪深300的超额收益为20.90%；申万多元金融指数涨幅16.50%，较沪深300的超额收益为1.81%；中证金融科技主题指 数涨幅31.54%，较沪深300的超额收益为16.86%。 ➢ 券商：交易量中枢有望上移 券商三季报营收增速回升，盈利降幅逐季收窄，自营业务仍是业绩的主要支撑。展望25年：1）随着政策持续落地，权益市场交投情绪显 著回暖，25年交易量中枢有望抬升；2）居民资产配置转换或加速，被动化将成为资管主要增量方向；3）低基数下投行业务增速企稳， 并购重组有望贡献业务增量。 ➢ 保险：资负共振或将持续 上市险企三季报业 ...

2025 年 03 月 12 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250312)：禾赛科技与欧洲顶级主机厂达成多 年独家定点合作 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/12 24/5/23 24/8/3 24/10/14 24/12/25 25/3/7 相关研究报告 <<太平洋电子日报(20250311)：阿里 通义与 Manus 达成战略合作>>-- 2025-03-12 <<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 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 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（-0.23%）；深证综指（+0.13%）；创业板综 （+0.02%）；科创 50（-0.73 ...

2025 年 03 月 13 日 行业点评 看好/维持 医药 医药 脑机接口医疗应用前景广阔，医保前瞻性立项助力行业发展 事件：2025 年 3 月 11 日，国家医保局发布《神经系统类医疗服务价 格项目立项指南（试行）》，其中专门为脑机接口新技术前瞻性单独立项， 设立了"侵入式脑机接口置入费"、"侵入式脑机接口取出费"、"非侵入式 脑机接口适配费"等价格项目，这意味着，一旦脑机接口技术成熟，快速 进入临床应用的收费路径已经铺好。 脑机接口医疗应用前景广阔，2030 年全球潜在市场规模达 400 亿 近年来，脑机接口技术取得了显著进展，已经逐渐从实验室研究走向 市场应用层面，发展前景广阔。根据麦肯锡估算，预计在 2030—2040 年 间，全球脑机接口在医疗领域应用的潜在市场规模有望达到 400 亿—1450 亿美元，其中严肃医疗应用的潜在市场规模介于 150 亿—850 亿美元，而 消费医疗应用的潜在市场规模介于 250 亿—600 亿美元。 国内脑机接口监管逐步成熟，科技之光有望加速照进现实 近年来，随着人工智能、神经生物学、传感器等技术提升，脑机接口 技术快速发展。我国"十四五"规划已将"脑科学与类脑研 ...

医药 医药 2025 年 03 月 13 日 行业点评 看好/维持 脑机接口医疗应用前景广阔，医保前瞻性立项助力行业发展 事件：2025 年 3 月 11 日，国家医保局发布《神经系统类医疗服务价 格项目立项指南（试行）》，其中专门为脑机接口新技术前瞻性单独立项， 设立了"侵入式脑机接口置入费"、"侵入式脑机接口取出费"、"非侵入式 脑机接口适配费"等价格项目，这意味着，一旦脑机接口技术成熟，快速 进入临床应用的收费路径已经铺好。 脑机接口医疗应用前景广阔，2030 年全球潜在市场规模达 400 亿 近年来，脑机接口技术取得了显著进展，已经逐渐从实验室研究走向 市场应用层面，发展前景广阔。根据麦肯锡估算，预计在 2030—2040 年 间，全球脑机接口在医疗领域应用的潜在市场规模有望达到 400 亿—1450 亿美元，其中严肃医疗应用的潜在市场规模介于 150 亿—850 亿美元，而 消费医疗应用的潜在市场规模介于 250 亿—600 亿美元。 近年来，随着人工智能、神经生物学、传感器等技术提升，脑机接口 技术快速发展。我国"十四五"规划已将"脑科学与类脑研究"列为国家 重点前沿科技项目。2025 年 1 月 ...

2025 年 03 月 12 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250312)：禾赛科技与欧洲顶级主机厂达成多 年独家定点合作 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/12 24/5/23 24/8/3 24/10/14 24/12/25 25/3/7 相关研究报告 <<太平洋电子日报(20250311)：阿里 通义与 Manus 达成战略合作>>-- 2025-03-12 <<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 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 重要公告： 深南电路：公司发布 24 年年报，24 年实现营业收入 179.07 亿元，同比 增速32.39%；归属于上市公司股东的净利润18.78亿元，同比增速34.29%； 扣除非经常性损益后的净利润 17.40 亿元，同比增速 74.34%。 永新光学：公司拟与上海汇勤股权投资管理有限公司及其他有限合伙人共 同投资设 ...

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].