证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 医疗服务行业周报 政府工作报告：三医协同，深化医改 --医疗服务行业周报 3.3-3.9 | 相关研究： | | --- | 核心要点： 上周医药生物上涨 1.06%，位列申万一级行业第 19 位 上周医药生物报收 7380.21 点，上涨 1.06%，涨幅排名位列申万 31 个一级 行业第 19 位。沪深 300 指数上涨 1.39%，医药跑输沪深 300 指数 0.32%。 申万医药生物二级子行业医疗服务 II 报收 5556.11 点，上涨 2.63%；中药 II 报收 6218.54 点，上涨 0.17%；化学制药 II 报收 10359.67 点，上涨 0.79%； 生物制品Ⅱ报收 5932.05 点，上涨 0.65%；医药商业Ⅱ报收 4880.71 点， 上涨 0.62%；医疗器械Ⅱ报收 6360.92 点，上涨 1.32%。细分板块来看， 医疗服务涨幅较大。 从医疗服务板块公司的表现来看，表现居前的公司有：贝瑞基因（+34.4%）、 南华生物（+15.5%）、数字人（+12.6%）、金域医学（+12.3%）、美年健康 （+ ...

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 机器人行业周报 深圳发布人形机器人专项政策，关注机器人相关产业链 ——机器人行业周报（03.03~03.07） 相关研究： 1.《20250225湘财证券-机械行业- Grok3大模型发布，助力人形机器 人产业化落地》2025.02.25 1《. 20250305湘财证券-机械行业-北 京发布具身智能行动计划，加速具 身机器人产业化落地》2025.03.05 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 9.7 10.4 60.6 绝对收益 10.4 8.7 71.4 -40% -20% 0% 20% 40% 60% 80% 24/03 24/05 24/07 24/09 24/11 25/01 机器人(申万) 沪深300 注：相对收益与沪深 300 相比 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.com 地址 ...

证券研究报告 2025 年 03 月 12 日 湘财证券研究所 行业研究 银行业事件点评 政府工作报告定调积极，助力银行估值修复 相关研究： | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.72 4.43 10.15 绝对收益 1.76 3.08 21.34 事件： 1.《增量政策推进，关注银行配置 国务院新闻办举行吹风会，解读 2025 年《政府工作报告》。报告注重稳增 长与防风险，提出多项与银行相关的政策部署，对银行稳定信贷投放、降 低资金成本和巩固资产质量等具有积极作用。 核心要点： 扩内需政策 ...

证券研究报告 2025 年 03 月 12 日 湘财证券研究所 行业研究 银行业事件点评 政府工作报告定调积极，助力银行估值修复 相关研究： | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.72 4.43 10.15 绝对收益 1.76 3.08 21.34 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 事件： 1.《增量政策推进，关注银行配置 国务院新闻办举行吹风会，解读 2025 年 ...

Investment Rating - The report maintains an "Overweight" rating for the robotics industry [1][5]. Core Insights - The robotics industry experienced a 5.7% increase last week, outperforming the machinery equipment sector by 0.2 percentage points and the CSI 300 index by 4.3 percentage points. Year-to-date, the robotics sector has risen by 36.2%, surpassing the machinery equipment sector by 17.4 percentage points [3][8]. - Shenzhen has launched a special policy for humanoid robots, aiming to establish an internationally leading humanoid robot industry cluster by 2027. The plan includes breakthroughs in key components, AI chips, and multimodal perception technologies, with the goal of nurturing over 10 companies valued at over 10 billion and achieving a total industry scale exceeding 100 billion [4][5]. Summary by Sections Market Performance - The robotics sector's relative return over the past month, three months, and twelve months is 9.7%, 10.4%, and 60.6%, respectively. Absolute returns for the same periods are 10.4%, 8.7%, and 71.4% [2][8]. Policy Developments - Shenzhen's action plan for 2025-2027 aims to support breakthroughs in core technologies and the establishment of a significant number of high-value enterprises, with a focus on integrating humanoid robot technology into various applications [4][5]. Investment Recommendations - The report suggests focusing on high-precision sensors and transmission components, which have high technical barriers and clear growth prospects. These segments are expected to experience rapid growth due to supportive policies and a booming industry [5][31].

Investment Rating - The industry rating is maintained at "Overweight" [7][10][59] Core Views - The medical service sector showed a significant increase of 2.63%, outperforming other sub-sectors within the pharmaceutical industry [3][25] - The government work report emphasizes the need for coordinated development of medical services, insurance, and pharmaceuticals, aiming to enhance basic healthcare services and improve the quality of medical resources [5][57] - Despite ongoing pressures from medical insurance cost control, the establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize the industry [10][59] Summary by Sections Industry Performance - The pharmaceutical sector rose by 1.06%, ranking 19th among 31 primary industries, while the Shanghai and Shenzhen 300 Index increased by 1.39% [3][13] - The medical service sub-sector reported a closing price of 5556.11 points, with a weekly increase of 2.63% [25][32] Valuation Metrics - The current PE (ttm) for the medical service sector is 37.89X, with a historical maximum of 40.18X and a minimum of 20.88X over the past year [4][32] - The current PB (lf) stands at 3.05X, with historical extremes of 3.37X and 2.06X [4][32] Industry Dynamics - The National Healthcare Security Administration has released guidelines to standardize pricing for orthodontic treatments in public hospitals [5][56] - All secondary and above public hospitals in Ningxia have integrated the DeepSeek domestic medical model, enhancing the digitalization of healthcare services [5][56] Government Initiatives - The government work report outlines strategies for improving healthcare services, including enhancing the quality of public hospitals and optimizing drug procurement policies [5][57] - Increased financial support for residents' medical insurance and public health services is set to improve healthcare accessibility [5][57] Investment Opportunities - The report suggests focusing on high-growth areas such as ADC CDMO in pharmaceutical outsourcing and the peptide CDMO in weight-loss drug supply chains [10][59] - There is potential for recovery in profitability for third-party medical testing laboratories and consumer healthcare sectors like ophthalmology and dentistry [10][59]

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Views - The importance of the capital market is highlighted, with a focus on the allocation value of the brokerage sector. The government work report emphasizes stabilizing the real estate and stock markets, indicating a sustained increase in capital market activity, which is expected to support brokerage performance and valuation recovery. Additionally, the acceleration of mergers and acquisitions is likely to optimize the industry structure and enhance brokerage profitability. Attention is recommended for leading brokerages benefiting from increased industry concentration and those with expected mergers and acquisitions [7][31]. Summary by Sections Market Review - The brokerage sector experienced a slight increase but underperformed compared to the CSI 300 index. During the week of March 3-7, the Shanghai Composite Index rose by 1.6%, the Shenzhen Component Index by 2.2%, and the CSI 300 Index by 1.4%. The brokerage index increased by 0.7%, lagging behind the CSI 300 by 0.7 percentage points. The brokerage index's price-to-book (PB) ratio is 1.43x, with a 37% valuation percentile over the past decade. The top five performing brokerages were Guotai Junan (+5.9%), Xinda Securities (+3.5%), Huaxi Securities (+3%), Huachuang Yinxin (+2.9%), and Shouguang Securities (+2.7%) [3][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in the Shanghai and Shenzhen markets was 15,064 billion yuan, a 9.1% decrease week-on-week. Despite this decline, the trading volume remains at a relatively high level since the beginning of the year. New fund issuance saw stock, mixed, and bond funds at 7 billion, 4.4 billion, and 6.4 billion units respectively, with significant fluctuations in issuance [5][19]. - **Investment Banking**: Six companies conducted equity financing during the week, raising a total of 9.6 billion yuan, with three IPOs raising 1.7 billion yuan and three refinancing deals raising 7.9 billion yuan [23]. - **Capital Intermediation**: As of March 7, the margin financing and securities lending balance reached 19,110 billion yuan, a 0.7% increase week-on-week, marking a two-year high. The financing balance was 18,992 billion yuan, up 0.6%, while the securities lending balance was 11.7 billion yuan, up 5.9%. The margin balance accounted for 2.57% of the total market capitalization of A-shares [6][23].

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The coal sector has shown a slight increase of 0.45% recently, but it underperformed compared to the benchmark index (CSI 300) by 0.94 percentage points [5] - Domestic and international thermal coal prices are under pressure, with domestic prices at 700 RMB/ton, down 1.41% week-on-week, and international prices showing declines as well [6] - Supply of thermal coal is tightening due to safety inspections and some mines temporarily halting production, while demand is expected to decline as heating season ends [6] - Coking coal supply remains stable, with domestic prices holding steady at 1200 RMB/ton, while downstream demand is showing signs of recovery [7] - The report suggests that despite expected declines in thermal coal demand, seasonal recovery in non-electric sectors (like steel and chemicals) may offset this, leading to a potential stabilization in coal prices [8] Summary by Sections Market Review - The coal sector's PE valuation is at 10.18 times, within the 48.14% percentile over the past decade, while the PB valuation is at 1.18 times, within the 26.22% percentile [5] Supply and Demand Dynamics - Domestic thermal coal prices are weak, with a current market price of 700 RMB/ton, and international prices for Australian, European, and South African coal also declining [6] - The supply of thermal coal is slightly contracting due to safety measures and inspections, while demand is expected to decrease as the heating season concludes [6] - Coking coal prices are stable domestically, with a price of 1200 RMB/ton, and there is a gradual recovery in downstream demand as construction activities resume [7] Investment Recommendations - The report recommends focusing on leading coal companies with high long-term contract ratios and stable operations, as well as coking coal companies with low valuations and improving operational conditions, maintaining an "Overweight" rating for the industry [8]

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 疫苗行业周报 AI 赋能疫苗研发，云顶新耀 mRNA 个性化肿瘤治疗性疫苗完成首例给药 核心要点： ❑ 市场表现：上周疫苗上涨 0.67%，涨幅相对较小 1. 《多款疫苗获新进展，关注强 研发力企业》20250218 2. 《两款多联多价苗获批临床， 企业积极聚焦差异化竞争》 20250225 行业评级：增持（维持） -60 -40 -20 0 20 24/03 24/06 24/09 24/12 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -10 | -40 | | 绝对收益 | 0 | -10 | -30 | 注：相对收益与沪深 300 相比 敬请阅读末页之重要声明 相关研究： 近十二个月行业表现 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@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 上周（2025.03.03- ...

相关研究： | 《新能源全面入市，存量增量分类施 | | | --- | --- | | 策》 | 2025.02.11 | | 《电力系统调节能力优化方案发布，保 | | | 障新能源消纳利用》 | 2025.01.14 | 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 -3 -7 -14 绝对收益 -2 -7 -2 注：相对收益与沪深 300 相比 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@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 证券研究报告 2025 年 3 月 11 日 湘财证券研究所 行业研究 公用事业行业周报 政府工作报告强调绿色低碳，关注新能源高质量发展 核心要点： ❑ 本周公用事业(申万)下跌 0.5%，跑输沪深 300 指数 1.89 个百分点 截至 2025 年 3 月 7 日，本周沪深 300 上涨 1.39%，创业板指上涨 1.61%， 公用事业(申万)下跌 0.5%，跑输沪深 300 指数 1.89 个百分点，在申万一级 行业 ...