证券研究报告 2025 年 3 月 3 日 湘财证券研究所 行业研究 公用事业行业周报 《2025 年能源工作指导意见》发布，深化绿色低碳转型 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 -4 -11 绝对收益 -1 -4 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 核心要点： ❑ 本周公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13 个百分点 截至 2025 年 2 月 28 日，本周沪深 300 下跌 2.22%，公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13pct，在申万一级行业中排名第 19 位。子板 块中，火电上涨 0.46% ...

Investment Rating - The industry rating is maintained at "Overweight" [6][9]. Core Insights - The banking sector is experiencing a tightening of the funding environment, with a net injection of 433.1 billion yuan from the central bank, while short-term interest rates have slightly decreased but remain high [5][18]. - The growth of inclusive small and micro enterprise loans has slowed, with a balance of 32.93 trillion yuan in 2024, reflecting a year-on-year increase of 14.6%, which is lower than the over 20% growth seen in the past five years [6][26]. - Green finance is gaining traction, with green loans reaching 36.60 trillion yuan in 2024, showing a year-on-year growth rate of 21.7%, indicating a strong focus on sustainable financing [7][28]. Market Review - The banking index fell by 1.60% during the period from February 24 to March 2, 2025, underperforming the CSI 300 index by 0.61 percentage points, with joint-stock banks showing relatively better performance [3][12]. - The top-performing banks included CITIC Bank (+3.92%) and Qilu Bank (+1.52%), while the worst performers were China Construction Bank (-3.08%) and Changsha Bank (-3.49%) [12]. Funding Market - The funding market remains tight, with the average issuance rate of interbank certificates of deposit rising significantly, and net financing of certificates of deposit decreased to 497.95 billion yuan [5][21]. - The average issuance rates for one-year interbank certificates of deposit for major banks and joint-stock banks are 1.99% and 2.00%, respectively, reflecting an increase compared to previous values [21][22]. Industry and Company Dynamics - A meeting was held to promote the financing coordination mechanism for small and micro enterprises, aiming to enhance the efficiency of financing and improve service levels from banking institutions [6][25]. - The implementation plan for high-quality development of green finance aims to establish a comprehensive green finance system over the next five years, focusing on optimizing industrial structure and improving environmental quality [7][27]. Investment Recommendations - The report suggests focusing on two main lines: first, high-quality regional banks are expected to provide higher dynamic dividend yields during economic recovery; second, state-owned large banks still hold significant high dividend value [9][30].

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 钢铁行业周报 需求继续回升，库存增幅继续放缓 相关研究： | 1.《冬储意愿偏弱，钢价震荡下 | | | --- | --- | | 行》 | 2024.12.24 | | 2.《去库持续，关注冬储进程》 | | | 2024.12.30 | | 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 5 2 -3 绝对收益 7 1 7 -0.3 -0.2 -0.1 0 0.1 0.2 0.3 钢铁(申万) 沪深300 注：相对收益与沪深 300 相比 ❑ 五大材钢价微降，钢厂盈利率微增 分析师：王逸奇 证书编号：S0500524080002 Tel：(8621) 50293519 Email：wyq06893@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： ❑ 市场回顾：钢铁板块上涨 3.18%，估值上升 上周（2.24-2.28）钢铁板块（801950.SI）上涨 3.18%，同期沪深 300 下跌 2.22%，行业跑赢基准指数（沪深 300） ...

| 1.《电生理业务高速增长，海内外 | | --- | | 业绩持续向好》 2024.09.13 | 公司评级：增持（维持） 近十二个月公司表现 证券研究报告 2025 年 02 月 28 日 湘财证券研究所 公司研究 惠泰医疗（688617.SH）业绩点评 2024 年业绩符合预期，PFA 产品上市有望带来新增量 相关研究： -20% 0% 20% 40% 60% 惠泰医疗 沪深300 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -2.7 | 15.5 | 44.1 | | 绝对收益 | -7.9 | 5.1 | 28.7 | 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 年业绩增长符合预期 报告期内，公司实现营业收入 206,580.16 万元，较上年同期增长 25.18%； 归属于母公司所有者的净利润 ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 机械行业周报 2 月我国制造业 PMI 为 50.2%，环比回升 1.1 个百分点 ——机械行业周报（02.24~03.02） 相关研究： 1.《20250217湘财证券-机械行业：1 月我国挖机销量约1.25万台，保持增 长趋势》 2.《20250224湘财证券-机械行业： 1月我国叉车销量约9.4万台，同比 下降15.4%》 行业评级：买入（维持） 近十二个月行业表现 30% 40% 机械设备(申万) 沪深300 % 1 个月 3 个月 12 个月 相对收益 8.8 8.5 14.7 绝对收益 10.7 7.0 24.7 注：相对收益与沪深 300 相比 -30% -20% -10% 0% 10% 20% 24/03 24/05 24/07 24/09 24/11 25/01 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@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： ❑ 上周机械设备行业下跌 2.4%，跑输大盘 0. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 2,065.80 million yuan, a year-on-year increase of 25.18%, and a net profit attributable to the parent company of 673.48 million yuan, up 26.14% year-on-year [4][8] - The company has maintained a net profit growth rate of over 25% for several consecutive years, indicating strong growth potential [4] - The domestic market's product admission rate has continued to improve, with over 150 new hospitals adopting the company's electrophysiology products and a more than 100% increase in the number of three-dimensional electrophysiology surgeries performed [5] - The company is actively expanding its overseas market and enhancing its internal governance structure, focusing on revenue growth, cost control, and quality improvement [6] - Significant R&D progress has been made, with key products approved for market release, including a disposable cardiac pulsed field ablation catheter, which is expected to create new revenue growth opportunities in 2025 [7][8] Financial Summary - The company is projected to achieve revenues of 2,066 million yuan, 2,521 million yuan, and 2,996 million yuan for 2024, 2025, and 2026 respectively, with net profits of 673 million yuan, 922 million yuan, and 1,092 million yuan for the same years [8][11] - The gross profit margin is expected to improve from 72.6% in 2024 to 77.7% in 2026, indicating enhanced profitability [11] - The company's earnings per share (EPS) are forecasted to be 6.92 yuan, 9.47 yuan, and 11.22 yuan for 2024, 2025, and 2026 respectively [11]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6% historical high percentile [4][19] - The prices of rare earth raw materials have shown a notable increase, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The industry achieved a relative return of 4% over one month, 2% over three months, and 38% over twelve months, with absolute returns of 7%, 4%, and 51% respectively [3] Raw Material Prices - Significant month-on-month increases in prices for various rare earth materials were observed, including: - Mixed rare earth carbonate: +11.16% to 24,900 CNY/ton - Praseodymium-neodymium oxide: +6.55% to 435,000 CNY/ton - Dysprosium oxide: +3.99% to 1,715 CNY/kg [5][6][7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the industry faces overcapacity and competitive pressures, the demand in key sectors like air conditioning and new energy vehicles provides a solid foundation for future growth. The current valuation levels are high, indicating potential overvaluation risks, thus maintaining the "Overweight" rating [13]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E ratio) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6th percentile of its historical valuation range [4][19] - The upstream prices of rare earth minerals showed a notable increase in February 2025, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in air conditioning production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The rare earth permanent magnet industry outperformed the benchmark index with a relative return of 4% over one month, 2% over three months, and 38% over twelve months. Absolute returns were 7%, 4%, and 51% respectively [3] Upstream Market - Significant month-on-month and year-on-year increases in prices for rare earth minerals, including a 6.55% rise in praseodymium-neodymium oxide to 435,000 CNY/ton and a 6.8% increase in praseodymium-neodymium mixed metal to 535,100 CNY/ton [6][9] - Heavy rare earth prices also showed resilience, with dysprosium oxide and dysprosium iron prices increasing by 3.99% and 4.41% respectively [7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the demand remains strong, the industry faces challenges such as overcapacity and the need for demand to absorb excess supply. The overall industry performance is still in a bottoming phase, and the current high valuation levels lack sufficient earnings support [13]

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [6]. Core Insights - The IVD sector has benefited from the integration of AI in diagnostics, leading to a notable increase in stock performance, with the sector rising by 4.15% last week [1][4]. - The report highlights the significant growth potential in the global IVD market, driven by advancements in AI applications in pathology and diagnostics [4][65]. - The current price-to-earnings (PE) ratio for the IVD sector is 23.64X, with a price-to-book (PB) ratio of 1.73X, indicating a slight increase from the previous week [3][30]. Summary by Sections Industry Performance - The pharmaceutical and biological sectors saw a 2.71% increase, with the IVD sector outperforming the broader market [1][19]. - Notable performers in the IVD sector include companies like Anbiping (+28.2%) and Jiukang Biological (+13.0%) [2][24]. Valuation Metrics - The IVD sector's PE ratio has increased by 0.92X over the past week, while the PB ratio has risen by 0.08X [3][30]. - Historical valuation data shows the IVD sector's PE is at a historical percentile of 52.37% [30]. Market Trends - The report emphasizes the growing importance of AI in the healthcare sector, particularly in pathology, where it addresses challenges such as the shortage of pathologists and diagnostic accuracy [57][65]. - The report suggests focusing on high-growth areas within the IVD sector, such as immunodiagnostics and molecular diagnostics, particularly PCR technology [4][65].