Group 1 - In February, the Consumer Price Index (CPI) decreased by 0.7% year-on-year and 0.2% month-on-month, while the Producer Price Index (PPI) fell by 2.2% year-on-year and 0.1% month-on-month, influenced by the Spring Festival timing and fluctuations in international commodity prices [5][15][21] - The CPI's year-on-year decline was primarily due to a high comparison base from the previous year, with food prices dropping by 3.3%, impacting the CPI by approximately 0.60 percentage points [17][21] - The report highlights that certain sectors, such as industrial consumer goods and services, showed price increases, indicating a moderate recovery in prices despite the overall decline [5][21] Group 2 - The report indicates that the government aims for a 5% economic growth target for the year, balancing domestic and international challenges while promoting high-quality development [32][34] - Monetary policy is expected to remain moderately accommodative, with potential adjustments to reserve requirements and interest rates to ensure liquidity [32][33] - The government emphasizes the importance of stabilizing the real estate market and accelerating capital market reforms to enhance economic resilience [33][34] Group 3 - Investment opportunities are identified in sectors driven by policy and industrial trends, including artificial intelligence, low-altitude economy, humanoid robots, and aerospace [8][49] - The report suggests focusing on industries benefiting from increased domestic demand, such as food and beverage, home appliances, and automobiles [8][49] - There is a recommendation to pay attention to state-owned enterprises' market value management and the potential for valuation recovery in undervalued state-owned enterprises [8][49]

Macro Level - The economic goal is to seek progress while maintaining stability, promoting stability through progress [4] - Monetary policy is moderately loose, with an emphasis on maintaining liquidity [12] - Fiscal policy is becoming more proactive, with a focus on expanding domestic demand [16] - Real estate policy is primarily focused on stability [18] - Capital market reforms are accelerating [19] Industry Level - Consumption stimulation ranks as the top priority among the ten major tasks [4] - Development of new productive forces should be tailored to local conditions [4] - The low-altitude economy is expected to accelerate commercialization, with significant policy support [26] - The commercial aerospace sector is rapidly growing, with a market size projected to reach 2.34 trillion yuan in 2024 [30] - The humanoid robot industry is advancing quickly, with companies like Yuzhu Robotics leading in performance and functionality [24] Government Work Report Comparison - The GDP growth target for 2025 is set at around 5%, consistent with the 2024 target [7] - The urban employment target for 2025 remains at over 12 million, similar to 2024 [7] - The CPI target for 2025 is adjusted to around 2%, down from 3% in 2024, reflecting a response to deflation risks [10] - The fiscal deficit rate is projected to exceed 4% for the first time since 2009 in 2025, indicating a shift towards demand expansion [16] Technological Advancements - DeepSeek has significantly improved computing efficiency, leading to a surge in AI applications [23] - The humanoid robot sector is seeing rapid advancements in intelligence and flexibility, with ongoing product iterations [24] - The eVTOL market is entering a production phase, with companies like EHang achieving significant regulatory milestones [26]

Investment Highlights - The report indicates that the economic growth target for this year is set at 5%, reflecting a careful consideration of the complex domestic and international development environment [18] - The monetary policy is expected to remain moderately loose, with an emphasis on maintaining ample liquidity and aligning social financing scale with economic growth [18][19] - The fiscal policy is projected to be more proactive, with a deficit rate planned at around 4%, the highest since 2010, indicating a willingness to increase leverage [19] - The real estate market is prioritized for stability, with ongoing efforts to prevent and mitigate risks in key areas [19][20] - Consumer spending is highlighted as a top priority in the government's agenda, aiming to restore and expand consumption to drive economic growth [20] Market Overview - The report provides a summary of major index performances, with the Shanghai Composite Index increasing by 1.4% and the Shenzhen Component Index rising by 1.2% over the week [22] - The report also notes the performance of various sectors, with significant fluctuations observed in industries such as beauty care, food and beverage, and coal [23] - Trading volumes in the market are analyzed, showing a trend in transaction amounts across the exchanges [25]

投资要点 ➢ ➢ 请阅读最后评级说明和重要声明 chenhengfa@yd.com.cn -20% 0% 20% 40% 60% 80% 100% 000300.SH 886067.TI 7d 源达 目录 ➢ ➢ ➢ | 一、产业政策持续发力,低空经济商业化有望加速 … | | --- | | 1.低空经济是以低空飞行器为载体，辐射延伸出的新兴经济 . | | 2.顶层政策密集出台, 地方政府积极响应 . | | 3.产业端新型飞行器成熟度提升，商业化有望加速… | | 二、基建贯穿产业链始终，通用机场建设需求广阔 . | | 1.基础设施贯穿产业链始终，是低空经济发展的重要基础 . | | 2.航空基建发展空间大，通用机场建设需求广阔 | | 3.通用机场建设高景气, 25-30 年年均投资额达 659.6 亿元…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 15 | | 三、投资建议 . .. | | 四、风险提示 18 | 图表目录 | 图 1: 国家空域基础分类示意 ...

投资要点 ➢ ➢ ➢ 请阅读最后评级说明和重要声明 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 7d 源达 目录 | 一、资讯要闻及点评……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 二、周观点 | | 三、市场概览 … .. | | 7 1.主要指数表现 | | 2.申万一级行业涨跌幅… | | 3.两市交易额 | | 4.本周热点板块涨跌幅 9 | | 四、投资建议 10 | 图表目录 | 图 1: 申万一级行业涨跌幅情况 | | --- | | 图 2： 两市成交额情况 | | 图 3： 本周热点板块涨跌幅 … | | | | --- | 2 ➢ % 源达 一、资讯要闻及点评 ● 2025 年政府工作报告 3 月 5 日，国务院总理 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250224-20250302） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有恒锋工具、汇川技术、隆利科技、斯迪克、 宁波银行、冰轮环境等。近7天机构调研数前二十的热门公司有安培龙、广信材 料、隆利科技、芯原股份等，上述公司中评级机构家数大于或等于10家的有5家， 分别为杭州银行、华利集团、齐鲁银行、顶点软件和浙江鼎力，其中杭州银行和 齐鲁银行公布了2024年业绩快报且归母净利润相较于2023年实现同比增长，杭 州银行同比增长18.07%，齐鲁银行同比增长17.77%。 ➢ 本周A股上市公司重要股东增持情况 2025年2月24日至2025年2月28日，共计3家公司发布了重要股东增持进展情况 公告，分别为歌尔股份、方大特钢和康缘药业。2025年2月24日至2025年2月28 日发布公告的公司中，评级机构家数大于10家的为歌尔股份。 ➢ 本周A股上市公司回购情况 2025年2月24日至2025年2月28日，共计85家公司发布回购情况公告，以评级机 构家数大于10家（含10家）为基准，筛选出18家公司，但18家公司拟回购金 ...

0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 7d 源达 投资要点 ➢ ➢ ➢ ➢ 目录 | 一、资讯要闻及点评…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 二、周观点 | | 三、市场概览 . шынышышыныны 6 | | 6 1.主要指数表现 | | ２.申万一级行业涨跌幅… | | 7 3.两市交易额 | | 4.本周热点板块涨跌幅 7 | | 四、投资建议 9 | 图表目录 | 图 1: 申万一级行业涨跌幅情况 | | --- | | 图 2： 两市成交额情况 | | 图 3： 本周热点板块涨跌幅 … | | | | --- | 2 % 源达 一、资讯要闻及点评 ● 中央一号文件首 ...

投资要点 ➢ ➢ ➢ ➢ 请阅读最后评级说明和重要声明 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 成交额(亿元) 收盘价 7d 源达 目录 | 一、资讯要闻及点评 3 | | --- | | 二、市场概览 … | | 1.主要指数表现 .. | | 7 2.申万一级行业涨跌幅 | | 8 3.两市交易额 | | 8 4.本周热点板块涨跌幅. | | 三、投资建议 9 | 图表目录 | 图 1：2025 年 1 月 70 个大中城市新建商品住宅销售价格指数 … | | --- | | 图 2： 2025 年 1 月 70 个大中城市二手住宅销售价格指数 | | 图 3： 申万一级行业涨跌幅情况 | | 图 4：两市成交额情况 | | 图 5: 本周热点板块涨跌跌跌跌跌跌跌跌跌跌跌跌跌跌跌跌跌跌跌 | | -- | | --- | | | 2 % 源达 一、资讯要闻及点评 ● 习主席出席民营企业座谈会并发表重要讲话 中共中央总书记、国家主席、中央军委主席习近平 17 日上午 ...

投资要点 ➢ ➢ ➢ ➢ -20% -10% 0% 10% 20% 30% 40% 50% 000300.SH 515070.SH 请阅读最后评级说明和重要声明 | 一、"低成本、高性能、强推理"三位一体，DeepSeek 模型持续迭代升级 3 | | | --- | --- | | 1.DeepSeek 模型密集更新，用户数将持续高速增长 | 3 | | 2.低成本：DeepSeek 位于模型性价比最优范围，较 OpenAI 等同类模型大幅下降 | 4 | | 3.高性能&强推理：Deepseek 算法能力突出，模型性能跻身世界前列 | 7 | | 二、DeepSeek 驱动模型平价化，建议关注算力、AIAgent 和端侧的投资机会 9 | | | 1.DeepSeek 驱动模型平价化，算力需求大幅增长 | 9 | | 端应用大有可为 2.AIAgent 市场空间广阔，B 端、C | 10 | | 引领开源技术生态，低成本高性能利好端侧 爆发 3.DeepSeek AI | 12 | | 三、投资建议 15 | | | 四、风险提示 16 | | | 4 | | --- | | 4 | | 5 | | 5 ...

➢ ➢ ➢ 投资要点 ➢ ， 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 7d 源达 目录 | 一、资讯要闻及点评 .. | | --- | | 二、市场概览 … | | 1.主要指数表现 .. | | 7 2.申万一级行业涨跌幅. | | 7 3.两市交易额 | | 4.本周热点板块涨跌幅 8 | | 三、投资建议 9 | 图表目录 | 图 1：我国 CPI 情况 . | | --- | | 图 2：我国 PPI 情况 . | | 图 3：美国 CPI 情况 . | | 图 4：最新美联储利率矩阵 ມານມານເມນນນາງງາມມາມມາມມາມມາດ 2 | | 图 5： 申万一级行业涨跌幅情况 | | 图 6： 两市成交额情况 | | 图 7： 本周热点板块涨跌幅 | | | | --- | 2 % 源达 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 ...