证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周行业大幅跑输基准，钕铁硼价格涨后趋稳 相关研究： | 《上周稀土原料价格全面上调，成本端支撑 | | | --- | --- | | 下钕铁硼价坚挺上行》 | 20250211 | | 《节前行业小幅上涨，成本端支撑尚可，钕 | | | 铁硼价格趋稳》 | 20250206 | 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 -6 0 27 绝对收益 -3 -3 45 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：上周稀土永磁材料行业下跌 5.31%，跑输基准 6.5pct 上周稀土永磁行业大跌 5.31%，跑输基准（沪深 300）6.5pct。行业估值 （市盈率 TTM）回落 4.76x 至 84.83x，当前处于 97.5%历史分位。 ❑ 上周 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 锂电材料行业周报 上周正极材料开工下降，负极材料成本上行持续压缩利润 相关研究： | 《上周行业反弹，节后各环节价格多维持平 | | | --- | --- | | 稳，供需缓慢恢复》 | 20250212 | | 《节前行业小幅跑输基准，各环节供需均有 | | | 所收缩》 | 20250206 | 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 -9 -5 绝对收益 6 -11 12 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 1.93%，跑赢基准 0.74pct 上周锂电材料行业上涨 1.93%，跑赢基准（沪深 300）0.74pct。行业估值 （市盈率 TTM）回升 0.64x 至 33.98x，当前处于 32.3%历史分位。 ❑ 正极材料：三元前驱体价格持稳，碳酸锂 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 疫苗行业周报 多款疫苗获新进展，关注强研发力企业 核心要点： ❑ 市场表现：上周疫苗上涨 2.46%，涨幅居中 1. 《短期关注年报业绩，长期关 注创新及出海》20250122 2. 《节后医药行业迎来普涨，疫 苗涨幅居中》20250212 行业评级：增持 近十二个月行业表现 -60 -40 -20 0 20 40 24/02 24/05 24/08 24/11 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 1 | -9 | -42 | | 绝对收益 | 4 | -7 | -29 | 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 上周（2025.02.10-2025.02.14）医药生物报收 7368.1 点，上涨 2.71%；原料药报 收 9058.4 ...

行业研究 银行业数据点评 证券研究报告 2025 年 02 月 17 日 湘财证券研究所 信贷"开门红" ，对公贷款如期回暖 | 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 | 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 -1.60 9.03 9.74 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 相关研究： 核心要点： M1 口径调整，非银存款增长趋缓 地址：上海市浦东新区银城路88号 1 月，M1 同比增长 0.4%，M1 口径在 1 月发生调整，新口径下 M1 不再反 映个人活期存款向企业活期存款 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 中药行业周报 基层中医药覆盖面持续扩展，看好基层渗透率提升带来的需求增长 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.8%，医药板块延续反弹态势 1. 《广东联盟中成药集采拟中 选结果公布，独家品种优势明显》 20250127 2. 《四成公司发布业绩预告， 2024行业业绩承压明显》 20250210 行业评级：增持（维持） 近十二个月行业表现 -20 -10 0 10 20 24/02 24/05 24/08 24/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -2 | -6 | -17 | | 绝对收益 | 1 | -4 | -4 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 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（2025.02.10-2025.02 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has secured a large order exceeding 10GW from a leading client, which is expected to support future performance [4] - The 0BB process upgrade solution continues to be optimized, resulting in significant economic benefits for clients [5] - The pace of capacity reduction in the photovoltaic industry may accelerate, with product prices stabilizing across various segments [6] - Despite the current overcapacity in the photovoltaic industry, the company is expected to maintain growth through new cost-effective equipment and upgrades to existing market equipment [7] Summary by Sections Recent Performance - Over the past twelve months, the company's relative return compared to the CSI 300 index has decreased by 41.9%, while the absolute return has decreased by 25.6% [3] Financial Forecast - Projected revenues for 2024-2026 are expected to be 95.3 billion, 102.6 billion, and 112.7 billion yuan, representing year-on-year growth of 51.2%, 7.7%, and 9.8% respectively - Projected net profit for the same period is expected to be 15.8 billion, 17.1 billion, and 20.5 billion yuan, with year-on-year growth of 25.6%, 8.7%, and 19.7% respectively - The price-to-earnings ratio is projected to be 6.7, 6.2, and 5.1 times for the years 2024, 2025, and 2026 respectively [7][11]

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Viewpoints - The coverage of grassroots traditional Chinese medicine (TCM) continues to expand, and the demand growth driven by the increase in grassroots penetration is promising [8] - The TCM sector has shown a slight increase of 0.8% last week, while the overall pharmaceutical sector continues its rebound [4][5] - The TCM price index has slightly decreased due to the impact of the Spring Festival, with a total index of 255.65 points, down 0.2% from the previous week [7] Summary by Sections Market Performance - Last week, the TCM sector rose by 0.8%, while the overall pharmaceutical sector increased by 2.71% [4][5] - The relative performance over the past 12 months shows a decline of 17% compared to the CSI 300 index [3] Valuation - The TCM sector's PE (ttm) is 26.87X, up 0.22X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X [6] - The PB (lf) is 2.32X, also up 0.02X week-on-week, with a one-year maximum of 2.65X and a minimum of 1.99X [6] - The TCM sector has a valuation premium of 110.86% compared to the CSI 300 index [6] Industry Trends - The number of TCM clinics has increased from over 3,000 in 2015 to 42,000 in 2024, achieving nearly full coverage in community health service centers and township hospitals [8] - The demand for TCM is expected to grow due to the aging population and ongoing policy support for TCM promotion [8] Investment Suggestions - The industry is expected to experience both price governance and consumption recovery in 2025, presenting both pressures and opportunities [9] - Key investment opportunities include focusing on price reductions, market share in hospital sales, and strong R&D capabilities [10][11] - The recovery of consumption is anticipated to be driven by macroeconomic improvement and increased domestic demand, particularly for consumer TCM products [10][11]

Investment Rating - The industry investment rating is maintained at "Buy" [1] Core Insights - After the Spring Festival, both new and second-hand housing transaction volumes are gradually recovering, with Shanghai and Shenzhen showing faster recovery [3][4] - The transaction volume of new homes in 30 major cities reached 1.15 million square meters last week (February 10-16), representing a year-on-year increase of 52% and a month-on-month increase of 76% [3][10] - The transaction volume of second-hand homes in 13 cities was 1.27 million square meters last week, showing a year-on-year increase of 239% and a month-on-month increase of 75% [4][10] Summary by Sections New and Second-hand Housing Sales Data - New housing transaction volume in first-tier cities was 300,000 square meters (year-on-year +176%, month-on-month +75%) [3][10] - Second-hand housing transaction volume in 13 cities was 1.27 million square meters, close to the level of the same period in 2023 [4][10] Key City Transaction Data - **Shanghai**: Second-hand housing daily average transactions were 673 units (year-on-year +597%, month-on-month +107%), while new housing daily average transactions were 149 units (year-on-year +298%, month-on-month +27%) [5][20] - **Guangzhou**: New housing daily average transactions were 112 units (year-on-year +153%, month-on-month +122%), while second-hand housing transactions were 1,734 units [6][24] - **Shenzhen**: Second-hand housing daily average transactions were 137 units (year-on-year +235%, month-on-month +85%), while new housing daily average transactions were 69 units (year-on-year +998%, month-on-month +117%) [6][27] - **Beijing**: Second-hand housing daily average transactions were 418 units (year-on-year +209%, month-on-month +138%), while new housing daily average transactions were 78 units (year-on-year +266%, month-on-month +85%) [6][29] Investment Recommendations - The core goal of the "stop decline and stabilize" policy is to stabilize market volume and price, with an expected acceleration in the acquisition of existing residential properties and land, alleviating developers' financial pressures [7][33] - The report suggests focusing on leading quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from active transactions [7][33]

Investment Rating - The industry investment rating is maintained at "Buy" [2] Core Views - The mechanical equipment industry has shown a cumulative increase of 3.9% in 2025, outperforming the CSI 300 index by 5.4 percentage points [11] - The report highlights that the sales of excavators in January 2025 reached approximately 12,512 units, representing a year-on-year growth of 1.1% [4] - The report anticipates that the mechanical equipment industry will benefit from various policies and economic recovery, particularly in segments such as construction machinery, industrial robots, semiconductor equipment, and industrial control equipment [5] Summary by Sections Market Review - The mechanical equipment industry experienced a decline of 0.2% last week, underperforming the CSI 300 index by 1.4 percentage points [3][8] - The best-performing segments included engineering machinery components (3.4%), lithium battery equipment (3.0%), and complete engineering machinery (2.5%) [3][8] Engineering Machinery - In January 2025, the sales of various loaders reached 7,920 units, with a year-on-year growth of 1.5% [4] - The sales of electric loaders surged to 1,086 units, marking a significant year-on-year increase of 193.5% [4] Investment Recommendations - The report suggests focusing on segments such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment due to their strong cyclical nature and potential for growth [5] Key Company Performance - The report lists top-performing companies in the mechanical equipment sector, including Weipai Ge (47.0%), Hangzhi Qianjin (34.3%), and Shangong Shenbei (27.6%) [15][17] - Year-to-date, Jikai Co. has seen a remarkable increase of 144.5%, followed by Changsheng Bearing at 110.7% [17] Fundamental Data - As of February 16, 2025, the mechanical industry’s PE (TTM) stands at 32.6 times, while the PB (LF) is at 2.5 times, indicating a relatively high valuation compared to historical averages [13]

Investment Rating - The report maintains an "Overweight" rating for the medical services industry [6]. Core Views - The medical and biological sector saw a rise of 2.71%, ranking fifth among the 31 primary industries in the Shenwan index, outperforming the CSI 300 index by 1.53% [1][11]. - The medical services sub-sector benefited significantly from AI applications in diagnosis and treatment, leading to a notable increase in its performance [21]. - The report highlights the potential of AI in enhancing drug design and development, particularly through CRO services [54][70]. Summary by Sections Industry Performance - The medical and biological sector closed at 7368.10 points, with a weekly increase of 2.71% [1][11]. - The medical services sub-sector reported a closing of 5380.99 points, up by 6.51% [21]. - Notable performers in the medical services sector included companies like Di'an Diagnostics (+46.3%) and Meinian Health (+31.6%) [2][25]. Valuation Metrics - The current PE (ttm) for the medical services sector is 36.66X, with a PB (lf) of 2.96X [3][26]. - The PE has increased by 2.24X and the PB by 0.19X compared to the previous week [3][26]. - Historical valuation indicates that the medical services sector is at a 23.84% historical percentile [3][26]. Industry Dynamics and Announcements - The National Healthcare Security Administration is implementing a "Medical Insurance Imaging Cloud Index" to improve efficiency and reduce redundant examinations [4][52]. - Tianjin has introduced a plan to enhance its healthcare service system, aiming for a more efficient and high-quality medical service framework by 2025 [4][53]. Future Outlook - The report emphasizes the ongoing transformation in the medical sector due to AI, particularly in areas like AI-assisted diagnosis and drug development [54][70]. - It suggests focusing on high-growth areas such as ADC CDMO in pharmaceutical outsourcing and improving profitability in third-party testing laboratories [70].