Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - The coal sector has shown a relative performance improvement, with a decrease of 0.86% last week, outperforming the benchmark index (CSI 300) by 1.43 percentage points [6] - Domestic thermal coal prices are under pressure due to seasonal demand weakness, while overseas prices are recovering [7] - CCTD Qinhuangdao Q5500 thermal coal market price is 680 RMB/ton, down 1.45% week-on-week [7] - Focus on companies with high long-term contract ratios and stable operations, such as China Shenhua and Shaanxi Coal, as well as undervalued coking coal enterprises [9] Market Review - The coal sector's PE valuation is at 10.43 times, at the 51.96 percentile over the past decade, while the PB valuation is at 1.23 times, at the 30.59 percentile [6] - The coal sector has experienced relative returns of -17% over the past month, -10% over three months, and -21% over twelve months [5] Supply and Demand Dynamics - Domestic thermal coal supply is tightening, with production potentially affected by safety inspections in major mining areas [7] - Coking coal prices are declining, but demand is gradually improving as downstream construction activities resume [8] - The demand for non-electric industries (like steel and chemicals) is expected to seasonally rebound, which may offset the decline in heating demand [9]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][12] Core Views - The rare earth magnetic materials industry experienced a decline of 2.82% last week, underperforming the benchmark (CSI 300) by 0.53 percentage points. The industry valuation (TTM P/E) fell by 1.7x to 65.9x, currently at the 81st percentile of historical levels [5][12] - Despite a slight weakening in rare earth prices, the downward space is limited due to stable production and relatively tight supply at the mining end. The demand side has not shown significant new orders, keeping prices stable for the time being. The overall demand in the air conditioning sector remains strong, with production and sales expected to maintain steady growth in the coming quarter [12][35] Summary by Sections Market Performance - The rare earth magnetic materials industry saw a relative return of 1% over one month, 6% over three months, and 11% over twelve months. Absolute returns were 0%, 5%, and 21% respectively [4] Price Trends - Last week, the prices of light rare earth minerals remained stable, with mixed carbonate rare earth ore at 26,000 CNY/ton, and heavy rare earth minerals also holding steady [6] - The price of praseodymium-neodymium weakened slightly, with the average price of praseodymium-neodymium oxide at 444,500 CNY/ton, and the metal price down by 0.18% to 544,500 CNY/ton [7] - Dysprosium prices fell by 2.05% to 1,675 CNY/kg, while terbium prices decreased by 0.98% to 6,560 CNY/kg [8] Industry Demand - The production and sales of household air conditioners showed double-digit growth in January and February 2025, with production at 16.785 million units (up 42.9%) and sales at 16.790 million units (up 36.3%) [10][11] Investment Recommendations - The report suggests that while the rare earth raw material production remains stable and inventory is low, the overall industry performance is still at a recovery stage. The absolute and relative historical valuation levels are high, indicating potential overvaluation pressure. The recommendation to maintain an "Overweight" rating reflects the expectation of steady demand growth in the industrial sector [12][35]

证券研究报告 2025 年 3 月 18 日 湘财证券研究所 行业研究 食品饮料行业周报 消费政策持续发力，关注估值修复 相关研究： | 1.《酒企淡季控货稳价，乳品供 | | | --- | --- | | 需格局有望改善》 | 2025.02.24 | | 2.《市场预期回暖，乳制品价格 | | | 回升》 | 2025.03.03 | | 3.《政策提振信心，估值修复可 | | | 期》 | 2025.03.10 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.4 -2.0 -16.9 绝对收益 9.0 -2.6 -4.7 ❑ 消费政策持续发力，生育补贴加速乳业复苏 近期，乳品板块受到市场高度关注，主要受益于供需格局改善预期以及三 胎补贴政策的刺激。从供需角度看，上游牧场产能逐步去化，原奶供需关 系有望改善，奶价有望逐步企稳。同时，部分地区如呼和浩特的三胎补贴 政策，进一步增强了市场对乳品需求增长的预期。我们预计乳品行业在下 半年将会迎来基本面的触底回升，建议重点关注以下方向：一是具有规模 效应和产品结构升级能力的龙头企业，有望在供需改善中率先受益。二是 ...

Investment Rating - Industry investment rating: "Overweight" (maintained) [3] Core Viewpoints - The steel sector experienced a seasonal demand recovery, with inventory reduction continuing [6][8] - The steel price index showed mixed trends across five major steel products, while the profitability of steel mills remained stable [7] - Short-term demand recovery is expected due to seasonal factors and supportive economic policies, with a focus on high-efficiency green steel enterprises for investment value [8] Summary by Sections Industry Performance - The steel sector rose by 1.48% last week (March 10-14), underperforming the CSI 300 index by 0.11 percentage points [5] - The sector's PE valuation stands at 16.5 times, at the 71.4 percentile over the past decade, while the PB valuation is at 1.03 times, at the 39.8 percentile [5] Supply and Demand Data - As of March 14, the operating rate of sampled steel mills was 80.6%, up by 1.07 percentage points week-on-week, with a total iron output of 2.3065 million tons [6] - Weekly apparent consumption of five major steel products reached 8.8388 million tons, a week-on-week increase of 3.61% [6] - Total inventory of five major steel products decreased to 18.293 million tons, down by 1.69% week-on-week [6] Price and Profitability Data - The price indices for five major steel products as of March 14 were as follows: rebar at 3406 CNY/ton, wire rod at 3570 CNY/ton, medium-thick plate at 3599 CNY/ton, hot-rolled coil at 3488 CNY/ton, and cold-rolled coil at 4209 CNY/ton [7] - The profitability rate of 247 sampled steel enterprises remained stable at 53% [7] Investment Recommendations - The combination of seasonal demand recovery and economic growth policies is expected to support steel prices [8] - The industry is anticipated to accelerate its transition towards high-end and green production, making high-efficiency green steel companies more attractive for investment [8] - Long-term investment value is seen in leading companies with scale advantages as the industry undergoes high-quality development and regional capacity consolidation [8]

证券研究报告 2025 年 03 月 19 日 湘财证券研究所 行业研究 国防军工行业周报 2025 年《政府工作报告》首提"深海科技" ，关注投资新机遇 ——国防军工行业周报（03.10~03.14） 相关研究： 1.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 2.《20250303湘财证券-国防军工 行业-民用航空法修订草案首次 审议，为低空经济与民航发展保 驾护航》2025.03.03 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 8.5 2.0 6.4 绝对收益 10.9 3.7 17.7 注：相对收益与沪深 300 相比 -20% 0% 20% 40% 24/03 24/05 24/07 24/09 24/11 25/01 国防军工(申万) 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001@xcsc.c ...

Investment Rating - The industry rating is maintained at "Overweight" [6][30]. Core Viewpoints - The report highlights that the strengthening of consumer finance supply is expected to optimize the retail credit structure, driven by regulatory support and financial product innovation [6][27]. - The banking sector is anticipated to benefit from a recovery in consumer credit, with non-housing retail growth likely to alleviate downward pressure on asset yields [29][30]. - Recent government actions, including consumption subsidies, are expected to stimulate consumer demand and support the recovery of non-housing retail credit [7][27]. Market Review - The banking index increased by 1.56%, outperforming the CSI 300 index by 0.29 percentage points during the period from March 10 to March 16, 2025 [4][12]. - The performance of different banking segments showed that joint-stock banks led the market, with a rise of 3.51% [4][12]. - The top-performing banks included Huaxia Bank (+5.40%), China Merchants Bank (+5.12%), and Ningbo Bank (+4.92%) [12]. Financial Market Dynamics - The central bank's net withdrawal in the open market was 191.7 billion yuan, leading to a tightening of the funding environment [5][18]. - The issuance rate of negotiable certificates of deposit (NCDs) slightly increased, with net financing from NCDs reaching 426.94 billion yuan in March [5][21]. Industry and Company Developments - The regulatory authority has mandated financial institutions to enhance consumer finance offerings, which is expected to drive the optimization of credit structures [6][25]. - The report notes that the yield levels for retail credit remain relatively high, with personal loan yields reported at 5.56% [7][27]. - The report also mentions that the non-performing loan ratio for Huaxia Bank decreased to 1.60%, indicating improved asset quality [28].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [2][68]. Core Insights - The company is positioned to benefit from the growing demand for TWS (True Wireless Stereo) products, particularly in low-penetration markets like India and Africa, which presents significant growth opportunities [17][66]. - The integration of AI capabilities in the company's products is expected to enhance the average selling price (ASP) and overall product value [23][68]. - The company's competitive pricing strategy, particularly in the TWS segment, is likely to capture a larger market share as the industry shifts towards cost-effective solutions [34][66]. Summary by Sections Section 1: TWS Opportunities and Diversified Layout - The company was established shortly after the launch of the first TWS earphones and has developed a robust product architecture with eight main product lines, including Bluetooth audio chips and AIoT chips [6][8]. - Revenue primarily comes from TWS and white-label products, with Bluetooth earphone chips accounting for 59.61% of revenue [12]. Section 2: Growth Potential in India and Africa - India's TWS market is expected to grow significantly, with 2023 sales reaching approximately 54.11 million units, still below China's peak sales [21]. - Africa's low smartphone penetration (45%) presents a substantial opportunity for TWS growth as users transition from feature phones to smartphones [22]. Section 3: AI Implementation Driving ASP Increase - The company has integrated AI functionalities into its products, enhancing their appeal and allowing for higher pricing [28]. - The collaboration with Volcano Engine has enabled the company to offer advanced AI features in its products, such as real-time translation and meeting summaries [31]. Section 4: Competitive Pricing Strategy - The company's TWS chips are priced significantly lower than the industry average, providing a strong value proposition [34]. - The adoption of the RISC-V instruction set architecture has allowed the company to maintain a cost advantage while enhancing product performance [36]. Section 5: Financial Performance and Confidence in Growth - The company has experienced rapid revenue and profit growth, with a projected recovery in 2023 following a downturn in 2022 due to external factors [43]. - The gross margin is improving as new products are launched, and the company has implemented a stock incentive plan to motivate key personnel [47][56]. Section 6: Profit Forecast and Valuation - The company is expected to achieve revenues of 18.30 billion, 23.90 billion, and 31.10 billion from 2024 to 2026, with corresponding net profits of 2.86 billion, 3.64 billion, and 4.54 billion [60]. - The report highlights the company's potential for significant growth in the TWS market, particularly in India and Africa, and the positive impact of AI on product pricing [68].

证券研究报告 2025 年 03 月 20 日 湘财证券研究所 行业研究 医疗服务行业周报 医疗需求有望提振，关注民营医疗服务 --医疗服务行业周报 3.10-3.16 相关研究： 核心要点： 上周医药生物上涨 1.77%，位列申万一级行业第 15 位 上周申万一级行业医药生物上涨 1.77%，涨幅排名位列申万 31 个一级行业 第 15 位。沪深 300 指数上涨 1.59%，医药跑赢沪深 300 指数 0.18%。申万 医药生物二级子行业医疗服务 II 报收 5637.41 点，上涨 1.46%；中药 II 报 收 6381.97 点，上涨 2.63%；化学制药 II 报收 10503.32 点，上涨 1.39%； 生物制品Ⅱ报收 6028.67 点，上涨 1.63%；医药商业Ⅱ报收 5194.99 点， 上涨 6.44%；医疗器械 II 报收 6430.00 点，上涨 1.09%。细分板块来看， 医药商业涨幅居前。 从医疗服务板块公司的表现来看，表现居前的公司有：澳洋健康（+18.1%）、 创新医疗（+10.7%）、皓宸医疗（+8.9%）、普瑞眼科（+7.8%）、华厦眼科 （+7.5%）；表现靠后的公司 ...

证券研究报告 2025 年 03 月 13 日 湘财证券研究所 公司研究 微电生理（688351.SH）业绩点评 2024 年实现扣非归母净利润转正，下半年营收增速放缓 相关研究： | 1.《2024H1业务发展迅速，新产品 | | --- | | 助力业绩增长》 2024.09.27 | 公司评级：增持（维持） 近十二个月公司表现 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 6.8 | -8.8 | -29.5 | | 绝对收益 | 8.3 | -10 | -19.7 | 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 2024 年营收同比增长 25.51%，扣非归母净利润转正 ❑ 多路线并进，PFA 项目积极推进中 公司在完成"射频+冷冻"协同布局的同时，积极推进 PFA 项目研发进度， 全面覆盖"冰、火、电"三大能 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has demonstrated steady growth in performance, with significant price-volume effects observed [1] - The core product series, Wuling, has maintained robust growth, with stable procurement prices and a vast market in grassroots medical terminals [3] - The company is leveraging its unique products and favorable policies to expand its market presence, particularly in traditional Chinese medicine [8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% [2] - The first quarter of 2025 is projected to yield a net profit of 178-189 million yuan, reflecting a growth of 24.99%-32.71% [2] Product Analysis - The Wuling series, including Wuling capsules, has shown a revenue growth of 17.14% in 2024, with Wuling capsules' sales volume and revenue increasing by 22.62% and 15.96%, respectively [3] - The Bailing series has been selected for national procurement, which is expected to enhance its competitive edge and facilitate volume growth despite a short-term price decline [5] Market Strategy - The company has effectively implemented a "one body, two wings" strategy, resulting in significant revenue growth in traditional Chinese medicine products, with a 45.82% increase in Chinese medicine pieces and a 145.34% increase in formula granules in 2024 [7] - The marketing strategy has been upgraded, and the company is exploring new sales channels, including internet and e-commerce [8] Earnings Forecast - The company forecasts revenues of 2.60 billion yuan, 3.21 billion yuan, and 3.81 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 534 million yuan, 713 million yuan, and 912 million yuan [9]