Investment Rating - The industry investment rating is maintained as "Buy" [2][7][31] Core Insights - New home sales have slightly declined, while second-hand home transactions continue to grow, indicating a stronger market for second-hand properties compared to new homes [4][10][31] - The government is expected to implement policies to stabilize the real estate market, which may include easing restrictive measures and accelerating the acquisition of existing properties and idle land [7][31] Summary by Sections New and Second-Hand Housing Sales Data - In the week of March 3-9, new home sales in 30 major cities amounted to 1.47 million square meters, reflecting a month-on-month decrease of 33% and a year-on-year decrease of 7.6% [4][10] - Second-hand home sales in 13 cities reached 1.92 million square meters, showing a month-on-month increase of 2% and a year-on-year increase of 66% [4][10] Key City Transactions - **Shanghai**: Second-hand home daily average transactions reached 858 units, a year-on-year increase of 57% [5][15] - **Guangzhou**: Second-hand home transactions rose to 2,540 units, a year-on-year increase of 16% [6][20] - **Shenzhen**: Second-hand home daily average transactions were 199 units, a year-on-year increase of 54% [6][23] - **Beijing**: Second-hand home daily average transactions were 550 units, a year-on-year increase of 41% [6][28] Investment Recommendations - The report suggests focusing on leading real estate companies with low financial risks, strong land acquisition capabilities, and reasonable land reserves, as well as top second-hand housing intermediaries benefiting from active transactions [7][31]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a focus on potential investment opportunities following the "Two Sessions" policy signals [3]. Core Insights - The manufacturing sector has returned to an expansion phase, with a PMI of 50.2 in February 2025, indicating improved production and new orders [8]. - The construction industry has shown significant improvement, with a PMI of 52.7 in February 2025, driven by post-holiday resumption of work and supportive fiscal policies [13]. - There has been a notable increase in corporate credit demand, with new RMB loans reaching 4.78 trillion yuan in January 2025, reflecting a recovery in the real economy [16]. - The government work report highlights a commitment to maintaining a GDP growth target of around 5% for 2025, alongside a historic high fiscal deficit rate of 4% [27][28]. Summary by Sections 1. Manufacturing Sector Recovery - The manufacturing PMI rose to 50.2 in February 2025, with production and new orders indices at 52.5 and 51.1 respectively, indicating a return to expansion [8]. - Export orders have improved, with a new export orders index at 48.6, suggesting better-than-expected export performance despite tariff impacts [8]. 2. Significant Growth in Corporate Credit - In January 2025, the new social financing scale reached 7.06 trillion yuan, with new RMB loans contributing significantly to this growth [16]. - The increase in corporate credit demand is attributed to enhanced confidence in the economy and supportive government policies [23]. 3. Government Work Report Highlights - The report sets a GDP growth target of 5% for 2025, maintaining consistency with previous years [27]. - The fiscal deficit rate is set to rise to 4% in 2025, reflecting a strong commitment to fiscal expansion [28]. - The government plans to increase the special bond quota to 4.4 trillion yuan in 2025, with a focus on infrastructure and debt resolution [29].

证券研究报告 2025 年 03 月 07 日 湘财证券研究所 公司研究 康希诺（688185.SH） MCV4 商业化进展顺利，带动公司营收快速增长 相关研究： 1. 《以创新为核心，由Biotech转 型为Biopharma》 20241216 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 1 -10 6 绝对收益 3 -10 18 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 康希诺 沪深300 注：相对收益与沪深 300 相比 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 公司发布2024年度业绩快报。2024年实现营收8.46亿元，同比增长137.01%； 实现归母净利润-3.79 亿元，亏损幅度显著收窄（去年同期-14.83 亿元）；EPS 为-1.53 元/股（去年同期-6.01 元/股）。 核心要点： ❑ 受益于 MCV4 商业化的快速推进，公司营收实现快速增长 公司目前已上市产品共五款，其中 ...

行业研究 锂电材料行业周报 上周行业小幅下跌，成本端支撑三元前驱体及材料价格上涨 相关研究： | 《上周锂源价格下跌，淡季需求仍偏弱，锂 | | --- | | 电铜箔加工费有所下滑》 20250304 | | 《上周隔膜行业控库降低开工，负极利润受 | | 压下或推涨新单价格》 20250225 | 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 -2 6 绝对收益 9 -3 18 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 证券研究报告 2025 年 03 月 10 日 湘财证券研究所 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周锂电材料行业跌 0.21%，跑输基准 1.59pct 上周锂电材料行业略跌 0.21%，跑输基准（沪深 300）1.59pct。行业估值 （市盈率 TTM）回落 0.51x 至 35.12x，当前处于 34.6%历史分位。 ❑ 正极材料：上周成本 ...

Investment Rating - Industry investment rating: Buy (Maintain) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing systemic risks, with specific measures to promote a "stop decline and stabilize" approach [3][4] - The report indicates that the real estate sector plays a crucial role in stabilizing the macro economy, suggesting that the policy will continue to be accommodative this year [4] - Demand-side policies will focus on adjusting restrictive measures based on city-specific conditions, with expectations for further relaxation of purchase restrictions and tax adjustments to stimulate demand [5] - Supply-side measures include controlling new land supply and supporting the acquisition of existing properties, with local governments given more autonomy in the acquisition process [6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative performance of -4% over the past 12 months compared to the CSI 300 index, with an absolute return of 7% [2][3] Demand Side - Policies will be implemented to reduce restrictive measures, including lowering mortgage rates and down payment ratios, which are at historical lows [5] - The government plans to implement 1 million units of urban village and dilapidated housing renovations, which will directly increase sales of new and second-hand homes [5] Supply Side - The report highlights a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [6] - The land supply will continue to be controlled, but the quality of new land will improve, potentially enhancing project profitability [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active transactions [8]

公司研究 裕太微（688515.SH）业绩快报点评 2024 年营收增长 47.63% 单口 2.5G PHY 持续放量 证券研究报告 2025 年 3 月 6 日 湘财证券研究所 ❑ 单口 2.5G PHY 持续放量，4 口 2.5G PHY 完成初步研发 2022 年底，公司 2.5G PHY 量产出货，2023 年实现单品营收 2085.92 万元， 2024 年上半年，则实现了 3870.94 万元的单品营收，2.5G PHY 产品在 2024 年放量增长。公司 4 口 2.5G PHY 已完成初步研发，4 口 2.5G PHY 可以在 部分场景从速率上替代单口 10G 产品。运营商客户从 2020 年开始筹备家庭 接入网从千兆向 2.5G 产品的升级，到 2024 年开始逐步招标、落标，裕太 微配合客户进行方案设计及标准制定，在 2022 年完成了单口 2.5G 产品研 发，到 2024 年开始陆续出货并在营收端得到体现。 ❑ 展示 YT9230 系列交换芯片，市场渗透率有望逐步提升 在去年的 IC China 展上，裕太微展示了新品 YT9230 系列交换芯片，YT9230 系列交换芯片由 MAC ...

Investment Rating - The report indicates a positive outlook for investment, suggesting a "moderate recovery + structural transition" in the economy for 2025 [57]. Core Insights - The 2025 government work report emphasizes the need to boost consumption, enhance investment efficiency, and expand domestic demand comprehensively [5][57]. - Key development goals include a GDP growth target of around 5%, a focus on employment, and a commitment to ecological improvement [5][7]. - The report outlines a proactive fiscal policy with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [5][23]. Summary by Sections 1. Overview of the 2025 Government Work Report - The report sets a GDP growth target of approximately 5%, with urban unemployment around 5.5% and over 12 million new urban jobs [5]. - It highlights the implementation of a more proactive fiscal policy and a moderately loose monetary policy [5]. 2. Interpretation of the 2025 Government Work Report Consumption - Durable goods consumption is expected to double from 150 billion yuan in 2024 to 300 billion yuan [13]. - The report aims to enhance service consumption in health, elderly care, and childcare sectors [13]. - New consumption models will be promoted, focusing on digital, green, and intelligent consumption [13]. Fixed Asset Investment - The report emphasizes the need for effective investment, with a proposed central budget investment of 735 billion yuan for 2025 [29]. - It encourages private investment in major infrastructure and social welfare projects [30]. - The focus will be on digital economy innovation, particularly in AI and 5G applications [31][32]. Government Purchases - The report outlines plans to expand high-quality public services in education and healthcare, including reforms in public hospitals and medical services [36]. Net Exports - The report aims to stabilize foreign trade and investment, promoting service trade innovation and encouraging foreign investment in various sectors [41]. 3. Investment Guidance from the 2025 Government Work Report - The report identifies key investment directions, including technology innovation, green economy, consumption upgrades, and infrastructure [57][68]. - It highlights the importance of supporting strategic emerging industries, particularly in aerospace, low-altitude economy, and biomanufacturing [59]. - The green economy is emphasized, with a focus on renewable energy, energy storage technologies, and carbon capture [60]. - Consumption upgrades are targeted to stimulate domestic demand, with specific measures to enhance consumer confidence and spending [61][62].

证券研究报告 2025 年 03 月 07 日 湘财证券研究所 公司研究 康希诺（688185.SH） MCV4 商业化进展顺利，带动公司营收快速增长 相关研究： 1. 《以创新为核心，由Biotech转 型为Biopharma》 20241216 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 1 -10 6 绝对收益 3 -10 18 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 康希诺 沪深300 注：相对收益与沪深 300 相比 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 公司发布2024年度业绩快报。2024年实现营收8.46亿元，同比增长137.01%； 实现归母净利润-3.79 亿元，亏损幅度显著收窄（去年同期-14.83 亿元）；EPS 为-1.53 元/股（去年同期-6.01 元/股）。 核心要点： 公司的研发管线及产品布局体现出其较强的研发创新能力。强产品力、成 功的商业化模式、丰富的在研 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - In 2024, the company achieved a revenue of 404 million yuan, representing a year-on-year growth of 47.63%. However, it reported a net loss attributable to shareholders of 198 million yuan [3][4]. - The single-port 2.5G PHY product has seen continuous growth, with initial R&D completed for the four-port 2.5G PHY, which can replace single-port 10G products in certain scenarios [4]. - The YT9230 series switching chips were showcased, with expectations for gradual market penetration, addressing a gap in the domestic full-series solutions [5]. Financial Performance - The company reported a revenue of 404 million yuan in 2024, a 48.0% increase from 2023, with a projected revenue of 452 million yuan in 2025 and 525 million yuan in 2026 [9]. - The net profit is expected to improve from a loss of 195 million yuan in 2024 to a loss of 154 million yuan in 2025, and further to a loss of 48 million yuan in 2026 [9]. - The gross margin is projected to decline slightly from 51.3% in 2024 to 49.1% in 2025 and 49.0% in 2026 [9]. Product Development - The company has successfully launched its 2.5G PHY products, with sales reaching 38.7 million yuan in the first half of 2024, indicating strong market demand [4]. - The ongoing development of new products is expected to drive revenue growth in the coming years, with the third round of new product R&D continuing [6].

Investment Rating - Industry investment rating: Buy (maintained) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing declines, highlighting the importance of real estate in maintaining macroeconomic stability [3][4] - Specific measures include adjusting restrictive policies based on city conditions, promoting the renovation of urban villages and dilapidated housing, and controlling new real estate supply [5][6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative return of 3% over the past month, but a negative return of 12% over the past three months and a slight negative return of 4% over the past year compared to the CSI 300 index [2][3] Demand Side - Policies will continue to relax restrictions, including lowering mortgage rates and down payment ratios, which are at historical lows. The report anticipates further loosening of purchase restrictions in various cities [5] - The Ministry of Housing and Urban-Rural Development plans to implement 1 million urban village renovations and dilapidated housing improvements, which will directly increase sales of new and second-hand homes [5] Supply Side - The report indicates a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, supporting land acquisition and stock housing purchases [6] - The report maintains a stance on controlling new land supply, which is expected to continue to shrink, but with better locations and relaxed price limits, project turnover and profit margins are likely to improve [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active stock housing transactions. The industry maintains a "Buy" rating [8]