Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Insights - In February 2025, excavator sales in China increased by 52.8% year-on-year, reaching 19,270 units, exceeding expectations [4] - The machinery equipment industry rose by 5.5% last week, outperforming the Shanghai and Shenzhen 300 index by 4.1 percentage points [3][9] - The CMI index for February was 106.68 points, indicating a stable development phase with significant improvements in various indices, including new orders and production [5] Summary by Sections Market Review - The machinery equipment industry has shown strong performance with a 15.2% cumulative increase year-to-date, outperforming the Shanghai and Shenzhen 300 index by 16.6 percentage points [12] - The best-performing sub-sectors include engineering machinery components (59.6%) and metal products (30.3%) [12] Engineering Machinery - The domestic sales of excavators in February reached 11,640 units, a 99.4% increase year-on-year, while exports totaled 7,630 units, up 12.7% [4] - The average working hours for major engineering machinery products in February were 46.4 hours, a 70.3% year-on-year increase [5] Investment Recommendations - The report suggests focusing on sub-sectors such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment, as they are expected to benefit from economic recovery and policy support [6] Key Company Earnings Forecasts and Ratings - Companies like Huichuan Technology and Zhongwei Company are rated "Buy" with projected revenue growth and profitability improvements [20] - Sany Heavy Industry is rated "Hold" with stable growth expectations [20] Fundamental Data - The report highlights the cumulative issuance of special bonds by local governments, which is expected to support infrastructure investment and machinery demand [21]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company plans to enhance its valuation and shareholder returns through multiple measures, as it has triggered the requirement to formulate a valuation enhancement plan due to its stock price being below net asset value for 12 consecutive months [1][2] - The company achieved a sales amount of 323 billion yuan in 2024, maintaining its position as the industry leader, and has focused land acquisition in core cities to optimize inventory structure [3][4] - The company has adjusted its net profit forecasts for 2024-2026 to 5.016 billion yuan, 5.406 billion yuan, and 6.337 billion yuan respectively, reflecting a significant downward adjustment from previous estimates [4][10] Summary by Sections Valuation Enhancement Plan - The company has outlined nine specific initiatives to improve its valuation and shareholder confidence, including operational stability, diversified capital market financing, and a commitment to stable dividends [2] Sales and Market Position - In 2024, the company maintained its leading sales scale in the industry with a total sales amount of 323 billion yuan, and in the first two months of 2024, it achieved a sales amount of 34 billion yuan [3] Financial Forecasts - The company’s revenue is projected to decline by 9.8% in 2024, with a further decline of 10.3% in 2025, before a slight recovery in 2026 [10] - The adjusted earnings per share (EPS) for 2024-2026 are forecasted at 0.42 yuan, 0.45 yuan, and 0.53 yuan respectively, indicating a significant reduction from previous estimates [4][10]

证券研究报告 2025 年 03 月 05 日 湘财证券研究所 行业研究 中药行业周报 两会《政府工作报告》提出医药发展新目标 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ下跌 0.76%，医药二级板块全面回调，中药微跌 上周（2025.02.24-2025.02.28）医药生物报收 7302.5 点，下跌 2.72%；中药Ⅱ报 收 6207.73 点，下跌 0.76%；化学制药报收 10278.41 点，下跌 0.39%；生物制品 报收 5893.96 点，下跌 2.36%；医药商业报收 4850.7 点，下跌 3.57%；医疗器械 报收 6278.17 点，下跌 3.44%；医疗服务报收 5413.55 点，下跌 7.94%。医药二 级子板块全面回调，近期涨幅较大的医疗服务调整幅度最大，中药板块微跌。 从公司表现来看，表现居前的公司有：长药控股、*ST 龙津、*ST 吉药、康缘 药业、启迪药业；表现靠后的公司有：维康药业、粤万年青、康美药业、新光 药业、恩威医药。 ❑ 估值：上周中药板块 PE（ttm）为 25.84X，PB（lf）为 2.24X 上周中药 PE（ttm）为 25.84X，环比下降 0 ...

证券研究报告 2025 年 03 月 05 日 湘财证券研究所 行业研究 煤炭行业周报 供给存收紧预期，煤价跌幅放缓 相关研究： 注：相对收益与沪深 300 相比 分析师：王逸奇 证书编号：S0500524080002 Tel：(8621) 50293519 Email：wyq06893@xcsc.com | 1.《供给存在收缩预期，动力 | | | --- | --- | | 煤支撑渐强》 | 2024.12.31 | | 2.《电厂去库持续，煤价止跌》 | | | 2025.01.07 | | 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 -17% -10% -21% 绝对收益 -27% -23% -34% -12% -6% 0% 6% 12% 18% 24% 30% -25% -20% -15% -10% -5% 0% 5% 10% 煤炭(申万) 沪深300 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： ❑ 市场回顾：煤炭板块下跌 1.11%，估值周环比下跌 上周（2.24-2.28）煤炭板块（801950.SI）下跌 ...

证券研究报告 2025 年 03 月 05 日 湘财证券研究所 行业研究 机器人行业周报 北京发布具身智能行动计划，加速具身机器人产业化落地 ——机器人行业周报（02.24~02.28） 相关研究： 1.《20250218湘财证券-机械行业- Meta入局具身智能，推动人形机器 人产业化落地》2025.02.18 2.《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 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 12.3 18.2 52.0 绝对收益 14.2 16.7 61.9 -50% 0% 50% 100% 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：上海市浦东新区银城路8 ...

证券研究报告 2025 年 03 月 04 日 湘财证券研究所 行业研究 锂电材料行业周报 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 相关研究： | 《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 | | 《上周正极材料开工下降，负极材料成本上 | | | 行持续压缩利润》 | 20250218 | 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 14 -4 3 绝对收益 16 -4 16 -20% -5% 10% 25% 40% -30% -5% 20% 45% 70% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 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 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：上周锂电材料行业上涨 2.51%，跑赢基准 4.73pct 上周锂电材料行业上涨 ...

证券研究报告 2025 年 03 月 05 日 湘财证券研究所 行业研究 煤炭行业周报 供给存收紧预期，煤价跌幅放缓 相关研究： | 1.《供给存在收缩预期，动力 | | | --- | --- | | 煤支撑渐强》 | 2024.12.31 | | 2.《电厂去库持续，煤价止跌》 | | | 2025.01.07 | | 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 -17% -10% -21% 绝对收益 -27% -23% -34% -12% -6% 0% 6% 12% 18% 24% 30% -25% -20% -15% -10% -5% 0% 5% 10% 煤炭(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：王逸奇 动力煤供给存在收紧预期，短期内需求难有起色。供给端，上周中国煤炭 工业协会、中国煤炭运销协会联合发布倡议书，倡议煤炭企业要有序推动 煤炭产量控制，维护生产供需平衡；同时发挥好进口煤补充调节作用，有 效控制劣质煤进口量。预计在行业协会的引导下，煤炭企业将进一步提高 产销自律性以及对于进口低卡煤的控制，有助于缓解当前供给宽松的压 力。 ...

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Viewpoints - The government work report emphasizes new goals for the pharmaceutical industry, focusing on enhancing basic medical services and promoting the development of traditional Chinese medicine (TCM) [3] - The TCM sector experienced a slight decline of 0.76% last week, with the overall pharmaceutical sector showing a broader pullback [1][4] - The TCM sector's current PE (ttm) is 25.84X, with a PB (lf) of 2.24X, indicating a valuation premium of 105.83% relative to the CSI 300 index [2][4] Market Performance - Last week, the TCM sector reported a slight decline, with the TCM II index closing at 6207.73 points, down 0.76% [1] - The overall pharmaceutical sector saw a decline of 2.72%, with the medical services sector experiencing the largest drop at 7.94% [1] Valuation - The TCM sector's PE (ttm) decreased by 0.23X week-on-week, while the PB (lf) decreased by 0.01X [2] - The TCM sector's PE is at the 24.71% percentile and PB at the 4.63% percentile over the past decade [2] Government Policy Impact - The government aims to enhance the quality and accessibility of healthcare services, which is expected to benefit the TCM industry [3] - The report highlights the importance of integrating TCM into the broader healthcare system, promoting a full industry chain from cultivation to consumption [3] Investment Opportunities - The report suggests that the TCM industry may see opportunities arising from price governance and consumption recovery in 2025 [4] - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies with strong R&D capabilities and market share [4][8]

证券研究报告 2025 年 03 月 04 日 湘财证券研究所 行业研究 锂电材料行业周报 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 相关研究： 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 14 -4 3 绝对收益 16 -4 16 -20% -5% 10% 25% 40% -30% -5% 20% 45% 70% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 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 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：上周锂电材料行业上涨 2.51%，跑赢基准 4.73pct | 《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 | | 《上周正极材料开工下降，负极材料成本上 | | | 行持续压缩利润》 | 20250218 | 行业评级：增持（维持） 上周锂电材料行业上涨 ...

Investment Rating - The report maintains an "Overweight" rating for the robotics industry [1]. Core Insights - The robotics industry experienced a decline of 7.8% in the last week, underperforming the machinery equipment sector by 5.3 percentage points and the CSI 300 index by 5.5 percentage points. However, since the beginning of 2025, the robotics sector has risen by 26.7%, outperforming the machinery equipment sector by 14.9 percentage points. As of February 28, 2025, the robotics sector's PE (TTM) stands at 166.97 times, placing it in the 99.4th percentile since 2012, while the PB (LF) is approximately 6.43 times, in the 88.1st percentile since 2012 [3][8]. Summary by Sections Market Review - The robotics industry saw a 7.8% drop from February 24 to February 28, 2025, lagging behind the machinery equipment sector and the CSI 300 index. Year-to-date, the sector has increased by 26.7% [3][8]. Policy Developments - Beijing has launched the "Embodied Intelligence Technology Innovation and Industry Cultivation Action Plan (2025-2027)," aiming to achieve breakthroughs in over 100 key technologies and produce at least 10 internationally leading hardware and software products by 2027. The plan also targets the deployment of 10,000 embodied robots and the cultivation of a trillion-yuan industry cluster [4][5]. Investment Recommendations - The "Embodied Intelligence Technology Innovation and Industry Cultivation Action Plan" is expected to have a profound impact on the robotics industry, accelerating technological innovation, expanding application scenarios, optimizing the industrial ecosystem, and driving market growth. Investors are advised to focus on high-precision sensors and transmission components, which are expected to experience rapid growth due to policy support and industry development [5][32].