1 月我国挖机销量约 1.25 万台，同比增长 1.1% 证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 机械行业事件点评 相关研究： 1《. 20250108湘财证券-机械行业： 12月我国挖机销量约1.9万台，同 比增长16%》 2.《20250210湘财证券-机械行 业：1月小松中国挖机开工66.2 小时，同比下降17.3%》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.8 6.5 19.6 绝对收益 11.8 0.5 35.0 注：相对收益与沪深 300 相比 -20% -10% 0% 10% 20% 30% 40% 24/02 24/04 24/06 24/08 24/10 24/12 机械设备(申万) 沪深300 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： ❑ 2025 年 1 月我国挖掘机销量为 12512 台，同比增长 1.1% 据中国工程机械工业协会数据 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][7] Core Viewpoints - The medical consumables sector has shown a fluctuating upward trend, with a recent increase of 1.69% [4] - The current PE (ttm) for the medical consumables sector is 33.75X, which is an increase of 0.54 percentage points from the previous week, while the PB (lf) is 2.38X, remaining at historical lows [5][15] - Recent supportive policies for the consumables industry have been frequent, indicating a clear stance on supporting innovation in product development, review, and market promotion [19] Summary by Sections Industry Performance - The medical consumables sector reported a recent increase of 1.69%, with the overall medical and biological sector rising by 3.21% [4][10] - The sector's performance over the past 12 months shows a relative return of -12% compared to the CSI 300 index [3] Valuation Metrics - The medical consumables sector's PE has ranged from a maximum of 56.19X to a minimum of 25.89X over the past year, while the current PB is at 2.38X, with historical maximum and minimum values of 2.92X and 1.65X respectively [5][15] Industry Dynamics and Company Announcements - The U.S. has placed Illumina, Inc. on an unreliable entity list, affecting normal trade with Chinese companies [6][18] - Boston Scientific reported a 170.6% increase in global net sales for its electrophysiology business in Q4 2024, driven by strong market acceptance of its FARAPULSE™ system [6][18] Investment Recommendations - The report suggests focusing on companies with improving performance in orthopedic consumables and those with rich product lines and high innovation in high-value consumables such as interventional and electrophysiology products [19]

证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 煤炭行业周报 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 -7% 1% -11% 绝对收益 -21% -23% -27% -12% -6% 0% 6% 12% 18% 24% 30% -20% -10% 0% 10% 20% 煤炭(申万) 沪深300 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 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： 去库缓慢，关注寒潮影响 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 | | ❑ 市场回顾：煤炭板块下跌 0.9%，估值周环比下跌 上周（2.5-2.9）煤炭板块（801950.SI）下跌 0.9%，同期沪深 300 上涨 2%， 行 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The lithium battery materials industry experienced a rebound last week, with a 4.96% increase, outperforming the benchmark by 3.4 percentage points. The industry valuation (TTM P/E) rose to 33.34x, which is at a historical percentile of 30.9% [4][13] - Supply and demand are slowly recovering, but short-term demand is expected to decline due to pre-holiday stockpiling. The market remains concentrated among leading companies, and overall capacity utilization is low, leading to challenges in price increases across most segments [13] Summary by Sections Market Performance - The lithium battery materials industry rose by 4.96% last week, outperforming the benchmark (CSI 300) by 3.4 percentage points. The industry valuation (TTM P/E) increased to 33.34x, reflecting a historical percentile of 30.9% [4][3] Positive Material Trends - The prices of ternary precursor materials remained stable, while lithium carbonate prices adjusted downwards. The prices of positive materials are generally stable, with supply and demand in a recovery phase [5][6] - The production of ternary positive materials increased by 3.46% to 12,567 tons, with an operating rate of 37.6%. Inventory levels decreased by 2.56% to 13,680 tons [6] Phosphate Lithium Trends - The price of lithium iron phosphate for power applications remained stable at 35,800 CNY/ton, while the energy storage type increased by 0.75% to 33,800 CNY/ton. Production increased by 2.14% to 54,947 tons, with an operating rate of 42.9% [7] Electrolyte Market - The prices of raw materials for electrolytes remained stable, with overall supply and demand slowly recovering. The industry profit expectations remain low [8][9] Anode Material Insights - The average price of artificial graphite anode materials remained at 32,700 CNY/ton, while natural graphite prices also held steady. Production decreased by 1.83% to 39,145 tons, with an operating rate of 43.06% [10] Separator Market - The prices of dry and wet separators remained stable, but inventory levels continued to rise due to oversupply. The market is expected to remain weak in the short term [11] Copper Foil Market - The average market price for lithium battery copper foil slightly increased, with processing fees remaining stable [12] Investment Recommendations - The industry is in a recovery phase post-holiday, but short-term demand is expected to decline. The market remains supported by policies and high demand in the energy storage sector. However, price increases across most segments are challenging due to supply chain pressures and low profitability [13][47]

证券研究报告 2025 年 02 月 10 日 湘财证券研究所 行业研究 国防军工行业周报 《军队装备科研条例》发布，推动军工行业高质量发展 ——国防军工行业周报（02.03~02.07） 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 0.8 -9.0 10.0 绝对收益 3.8 -14.2 25.7 -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 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 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's continuous glucose monitoring (CGM) products are successfully expanding into European and American markets, which is expected to open a second growth curve. The approval of the second-generation CGM will enhance product competitiveness [4] - The partnership with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution in over 20 European countries is anticipated to significantly accelerate market penetration and coverage of CGM products [1] - The CGM market in the U.S. is projected to grow, with the company leveraging its subsidiaries Trividia and PTS to enhance sales channels upon FDA approval [2] - The newly approved second-generation CGM product in China offers improved comfort and convenience, which is expected to enhance user experience and product competitiveness [3] Summary by Sections Company Overview - The company has established a seven-year distribution agreement with A. MENARINI DIAGNOSTICS S.r.l. to promote CGM products in Europe, which is the second-largest market for CGM [1] - The U.S. CGM market was valued at $2.7 billion in 2020, with a compound annual growth rate (CAGR) of 26.7% from 2015 to 2020 [2] Product Development - The second-generation CGM product has received regulatory approval in China, featuring a more user-friendly design that enhances portability and comfort [3] Financial Forecast - Revenue projections for 2024-2026 have been revised upwards to 43.33 billion, 49.00 billion, and 56.49 billion yuan respectively, with net profits adjusted to 3.64 billion, 4.67 billion, and 5.94 billion yuan [4] - The earnings per share (EPS) estimates for the same period are 0.61, 0.78, and 1.03 yuan [4] Market Position - The company is positioned to benefit from the growing CGM market in both Europe and the U.S., with strategic partnerships and product innovations enhancing its competitive edge [1][2][3]

证券研究报告 2025 年 02 月 11 日 湘财证券研究所 行业研究 证券行业周报 市场交投活跃度提升，券商仍具配置性价比 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 12 绝对收益 7 -15 28 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/2/7 2024/4/7 2024/6/7 2024/8/7 2024/10/7 2024/12/7 2025/2/7 沪深300 证券Ⅱ(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@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： ❑ 市场回顾：春节后市场迎来开门红，券商板块跑赢大盘 上周（2.5-2.7）春节后仅有 3 个交易日，上证指数上涨 1.6%，深证成指上 涨 4.1%，沪深 300 指数上涨 2%，创业板指上涨 5.4%。非银金融(申万)上 涨 3.1%，涨跌幅排名 11/31，跑赢沪深 300 指 ...

| 相对收益 | -2.76 | 7.59 | 4.82 | | --- | --- | --- | --- | | 绝对收益 | 0.52 | 4.32 | 22.37 | 证券研究报告 2025 年 02 月 10 日 湘财证券研究所 行业研究 银行业周报 13 家银行披露业绩快报，经营表现好于预期 | 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 | 近十二个月行业表现 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：银行指数下跌 1.92%，股份行和农商行市场表现领先 本期（2025.02.03 至 2025.02.10）银行( ...

证券研究报告 2025 年 02 月 10 日 湘财证券研究所 行业研究 中药行业周报 四成公司发布业绩预告，2024 行业业绩承压明显 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 1.84%，医药板块普涨，节后迎来开门红 上周（2025.02.03-2025.02.07）医药生物报收 7173.35 点，上涨 3.21%；中药Ⅱ报 收 6395.52 点，上涨 1.84%；化学制药报收 10007.7 点，上涨 1.92%；生物制品 报收 5898.82 点，上涨 2.72%；医药商业报收 4940.79 点，上涨 2.59%；医疗器 械报收 6133.15 点，上涨 3.81%；医疗服务报收 5051.92 点，上涨 7.47%。节后 医药板块迎来开门红，各子板块普涨，其中，医疗服务涨幅最大，中药涨幅相 对较小。 从公司表现来看，表现居前的公司有：长药控股、香雪制药、振东制药、葫芦 娃、金花股份；表现靠后的公司有：*ST 大药、济川药业、江中药业、东阿阿 胶、云南白药。 ❑ 估值：上周中药板块 PE（ttm）为 26.65X，PB（lf）为 2.3X 上周中药 PE（ttm）为 26.65X，环 ...

相关研究： 证券研究报告 2025 年 02 月 10 日 湘财证券研究所 行业研究 医疗服务行业周报 AI+医疗表现活跃，应用场景众多 --医疗服务行业周报 2.3-2.9 核心要点： 上周医药生物上涨 3.21%，位列申万一级行业第 9 位 上周医药生物报收 7173.35 点，上涨 3.21%，涨幅排名位列申万 31 个一级 行业第 9 位。沪深 300 指数上涨 1.98%，医药跑赢沪深 300 指数 1.23%。 申万医药生物二级子行业医疗服务 II 报收 5051.92 点，上涨 7.47%；中药 II 报收 6395.52 点，上涨 1.84%；化学制药 II 报收 10007.70 点，上涨 1.92%； 生物制品Ⅱ报收 5898.82 点，上涨 2.72%；医药商业Ⅱ报收 4940.79 点，上 涨 2.59%；医疗器械Ⅱ报收 6133.15 点，上涨 3.81%。细分板块来看，医疗 服务涨幅较大。 从医疗服务板块公司的表现来看，表现居前的公司有：华大基因（+28.5%）、 金域医学（+23.1%）、数字人（+22.2%）、药石科技（+20.0%）、成都先导 （+19.9%）；表现靠后的公司 ...