Investment Rating - The industry investment rating is maintained as "Buy" [3] Core Views - The food and beverage industry has shown a positive performance with a 2.34% increase from February 10 to February 14, 2025, outperforming the CSI 300 index by 1.15 percentage points [5][11] - The government is emphasizing consumption recovery as a key measure to boost domestic demand, which is expected to benefit leading liquor companies and high-end products [7][14] - The overall consumption market is showing signs of recovery, driven by policy support and economic improvement, with a focus on the recovery opportunities in the restaurant chain sector [8][41] Summary by Sections Industry Performance - The food and beverage sector outperformed the broader market indices, with specific segments like pre-processed foods, liquor, and beer showing notable increases of 3.40%, 3.13%, and 1.55% respectively [5][11] - The average price of live pigs and pork has seen a decline, with live pig prices at 16.64 yuan/kg and pork at 28.24 yuan/kg as of February 6, 2025 [6][31] Policy Impact - The government is implementing measures to support consumer income and optimize the consumption environment, which is expected to stimulate market recovery [7][14] - The liquor industry is experiencing a trend of inventory control and price stabilization, with major brands like Fenjiu halting supply of key products to enhance market pricing [7][14] Investment Suggestions - The report suggests focusing on sectors with high valuation elasticity such as condiments, dairy products, beer, and liquor, as well as sectors with high growth potential like snacks and soft drinks [8][41] - The food and beverage industry is viewed as a cyclical sector that is likely to experience valuation recovery [8][41] Key Data Tracking - As of February 18, 2025, the reference wholesale price for Feitian Moutai is 2235 yuan/bottle, reflecting a decrease of 1.97% from the previous week [24] - The average price of fresh milk in major production areas is 3.12 yuan/kg, down 8.72% year-on-year [29]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The lithium battery materials industry saw a 1.93% increase last week, outperforming the benchmark (CSI 300) by 0.74 percentage points. The industry valuation (TTM P/E) rose by 0.64x to 33.98x, currently at a historical percentile of 32.3% [4] - The current supply-demand situation is in a recovery phase, with short-term demand declining due to pre-holiday stockpiling and seasonal factors. However, medium to long-term demand is expected to benefit from policy support and downstream procurement [12][46] - The overall profitability of the lithium battery materials sector remains under pressure due to cost increases and supply chain oversupply, with many segments maintaining low price levels [12][46] Summary by Sections Market Performance - The lithium battery materials industry increased by 1.93% last week, outperforming the benchmark by 0.74 percentage points. The industry valuation rose to 33.98x, reflecting a historical low [4][16] Positive Material Insights - Positive material prices for ternary precursors remained stable, while lithium carbonate prices continued to decline. The production and operating rates for positive materials decreased due to seasonal demand [5] - The price of lithium iron phosphate for power applications slightly decreased by 0.28% to 35,700 CNY/ton, while the production and operating rates also saw a decline [6] Electrolyte Market - The prices of raw materials and electrolytes remained stable, with low profit margins persisting in the industry. The production of electrolytes increased by 7.57% to 30,355 tons, but overall demand is expected to recover slowly [7][8] Negative Material Insights - The production and operating rates for negative materials increased, but profit margins are being squeezed by rising costs. The average price for artificial graphite remained stable at 32,700 CNY/ton [9] Separator Market - The separator market continues to face oversupply, with inventory levels rising. Prices are expected to remain weak due to excess capacity and competitive pricing pressures [10] Copper Foil Market - The prices and processing fees for lithium battery copper foil remained stable across various thicknesses [11] Investment Recommendations - The report maintains an "Overweight" rating for the industry, citing the potential for recovery in profitability once supply-demand imbalances are addressed. Current valuations are at historical lows, indicating some room for growth [12][46]

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Insights - The credit market shows a strong start in January, with corporate loans rebounding as expected [5][15] - The total social financing (社融) increased by 7.06 trillion yuan in January, which is 583.3 billion yuan more than the previous year, with a year-on-year growth rate of 8.0% [6][15] - The increase in social financing was primarily driven by RMB loans and government bond financing, reflecting effective policy implementation [15][17] Summary by Sections Credit Market Performance - In January, RMB loans increased by 5.13 trillion yuan, which is 210 billion yuan more than the previous year, with a year-on-year growth rate of 7.5% [7][15] - Corporate loans contributed significantly, with an increase of 4.78 trillion yuan, which is 920 billion yuan more than the previous year [7][16] - The demand for corporate loans is improving, particularly in medium to long-term loans, indicating a strong recovery in corporate financing needs [7][16] Social Financing and Economic Policy - The government has accelerated fiscal spending, particularly in infrastructure projects, which has boosted financing demand in related sectors [15][17] - The overall credit structure indicates strong corporate loan momentum, while retail credit recovery is still under observation [8][17] Investment Recommendations - The report suggests focusing on two main lines: first, high-quality regional banks are expected to show greater operational performance elasticity and higher dynamic dividend yields; second, state-owned large banks continue to offer significant high dividend value [11][25] - The overall outlook for bank performance remains positive, supported by favorable real estate and debt management policies [11][25]

证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 国防军工行业周报 全国低空交通一张网项目启动，助力低空行业有序发展 ——国防军工行业周报（02.10~02.14） 相关研究： 1.《20240812湘财证券-国防军工 行业-千帆星座首批组网卫星成 功发射，关注相关产业链发展》 2024.08.12 2.《20241202湘财证券-国防军工 行业-海南商业航天发射场首次 发射成功，关注相关产业链发 展》2024.12.02 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -0.6 -5.7 7.9 绝对收益 3.0 -6.5 24.9 注：相对收益与沪深 300 相比 -20% 0% 20% 40% 60% 24/02 24/04 24/06 24/08 24/10 24/12 国防军工(申万) 沪深300 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 02 月 18 日 湘财证券研究所 行业研究 机器人行业周报 Meta 入局具身智能，推动人形机器人产业化落地 ——机器人行业周报（02.10~02.14） 相关研究： 核心要点： 上周机器人行业下跌 3.5%，跑输沪深 300 指数 4.7 个百分点 上周（02 月 10 日-02 月 14 日），机器人行业下跌 3.5%，跑输机械设备 行业 3.4 个百分点，跑输沪深 300 指数 4.7 个百分点。2025 年年初至今，机 器人板块上涨 23.8%，跑赢机械设备 15.4 个百分点。估值方面，截至 2 月 14 日，机器人板块 PE(TTM)为 156.82 倍，位于 2012 年至今 99.1%分位数； PB(LF)约 6.04 倍，位于 2012 年至今 84.8%分位数。 在市场拓展方面，Meta 聘请了 The RealReal 前 CEO 约翰·科里尔（John Koryl）担任零售副总裁，负责扩展 Quest、Ray-Ban 智能眼镜和其他 AI 可 穿戴设备的市场。Meta 的战略不仅包括自主研发部分硬件，还计划与现有 制造商合作，推动具身智能产品的量产和商业化 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 医疗服务行业周报 人工智能助力 CRO 服务药物设计 --医疗服务行业周报 2.10-2.16 相关研究： 核心要点： 上周医药生物上涨 2.71%，位列申万一级行业第 5 位 上周医药生物报收 7368.10 点，上涨 2.71%，涨幅排名位列申万 31 个一级 行业第 5 位。沪深 300 指数上涨 1.19%，医药跑赢沪深 300 指数 1.53%。 沪深 300 指数上涨 1.19%，医药跑输沪深 300 指数 1.53%。申万医药生物 二级子行业医疗服务 II 报收 5380.99 点，上涨 6.51%；中药 II 报收 6446.65 点，上涨 0.80%；化学制药 II 报收 10078.98 点，上涨 0.71%；生物制品Ⅱ 报收 5993.86 点，上涨 1.61%；医药商业Ⅱ报收 5147.41 点，上涨 4.18%； 医疗器械Ⅱ报收 6428.22 点，上涨 4.81%。细分板块来看，医疗服务受益 于 AI+诊疗影响涨幅居前。 从医疗服务板块公司的表现来看，表现居前的公司有：迪安诊断（+46.3%）、 美年健康（+ ...

——药品行业周报（2.10-2.16） 相关研究： 证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 药品行业周报 AI 赋能医药创新加速，关注板块重估投资机会 1.《政策持续支持创新药，首版丙类 医保目录年内推出》 2025.1.22 2.《创新药械支持政策持续推出，看 好创新主线》 2025.1.7 行业评级：增持（维持） 近十二个月行业表现 -20% -10% 0% 10% 20% 30% 医药生物 沪深300 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 2.9 | -2.4 | -16.2 | | 绝对收益 | 6.5 | -3.2 | 0.9 | ❑ 投资建议 近期，DeepSeek 带动国内科技板块重估，AI 医疗投资热度持续提升。当 前优质创新药公司逐步进入盈利周期，随着业绩持续释放、支持政策推动 和 AI 赋能，板块有望迎来业绩与估值双重修复投资机会。从中期维度来 看，行业需求端确定性优势显著，供给端产业及市场竞争格局持续改善， 整体供需格局不断优化，看好估值相对底部区域板块配置价值。追踪产 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 银行业周报 注重盘存量与提效率，银行经营持续稳健 | 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 -1.37 12.30 9.74 绝对收益 4.44 8.12 26.80 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 市场回顾：银行指数上涨 2.09%，大型银行和股份行市场表现领先 本期（202 ...

证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 原料药行业月报 肝素行业复苏提振财报表现 相关研究： | 1.《12月主要原料药价格维持平 | | --- | | 稳》 2025.1.23 | | 2.《双烯及皂素价格维持上涨态 | | 势》 2024.12.16 | 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 1.5 -5.1 2.3 绝对收益 5.2 -5.9 19.4 -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 原料药 沪深300 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy@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： ❑ 上月主要原料药价格走势 上月主要原料药价格维持平稳走势，肝素原料药价格环比小幅上涨， 维生素部分品种、激素部分品种、咖啡因等产品价格环比呈现下降， 抗生 ...

相关研究： 证券研究报告 2025 年 02 月 17 日 湘财证券研究所 | 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 1 1 -11 绝对收益 4 1 6 -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 分析师：王逸奇 行业研究 钢铁行业周报 供需双增，需求逐步恢复 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 0.72%，估值上升 上周（2.10-2.16）钢铁板块（801950.SI）上涨 0.72%，同期沪深 300 上涨 1.19%，行业跑输基准指数（沪深 300）0.47 个百分点。钢铁行业板块 PE 估 ...