Investment Rating - The industry investment rating is maintained at "Overweight" [2][11]. Core Viewpoints - The global potash industry is expected to see a favorable supply-demand balance due to production cuts from Belarus and Russia, alongside limited new capacity additions [6][11]. - The demand for potash is projected to grow steadily, driven by an increase in global agricultural planting areas and modernization in emerging markets [8][11]. Summary by Sections Industry Overview - Potash is one of the three essential nutrients for crop growth, widely used in major crops to enhance yield and quality. Chloride potassium accounts for over 90% of potash products due to its rich resources and high nutrient concentration [5][14]. - The global distribution of potash resources is highly uneven, with Canada, Russia, and Belarus holding significant reserves and production shares of 31.0%, 18.6%, and 14.5% respectively [5][15]. Supply and Demand Dynamics - In 2025, Belarus and Russia are expected to jointly reduce potash production, with Belarus's Belaruskali planning a significant maintenance operation that could reduce output by 900,000 to 1,000,000 tons [7][18]. - The International Fertilizer Association (IFA) forecasts that global potash consumption will reach 41 million tons in 2025, an increase of 1 million tons from 2024 [8][21]. - The supply side is projected to see a change in potash production ranging from a decrease of 300,000 tons to an increase of 800,000 tons, which is lower than the anticipated demand growth of 1.6 million tons [23][24]. Price Trends - Recent trends indicate an upward movement in potash prices, with domestic prices for various types of potassium chloride increasing by 9.8% to 27.5% compared to the beginning of the year [10][26]. - The domestic reliance on imports for potash is high, reaching approximately 67% in 2024, which causes domestic prices to follow global trends [10][26].

Investment Rating - The report suggests a "slow bull" market trend for A-shares in 2025, indicating a positive outlook for the market overall [8][38]. Core Insights - The A-share market showed a general upward trend during the week of March 10-16, 2025, with major indices like the Shanghai Composite Index rising by 1.39% and the Shenzhen Component Index by 1.24% [3][11]. - The report highlights a rebound in the year-on-year growth rate of social financing scale, which reached 8.2% in February 2025, slightly higher than January's 8% [6][31]. - Key sectors expected to perform well include technology, green economy, consumption, and infrastructure, with a focus on strategic emerging industries such as aerospace, low-altitude economy, and quantum technology [8][38]. Summary by Sections Market Performance - During the week of March 10-16, 2025, the A-share indices mostly trended upwards, with the Shanghai Composite Index closing at 3419.56 points and a weekly trading volume that remained stable [3][11]. - The strongest performing sectors included beauty care and food & beverage, with weekly gains of 8.18% and 6.19% respectively, while the weakest sectors were computer and machinery equipment, with declines of -1.36% and -0.68% [4][19]. Sector Analysis - Among the 124 secondary industries, the top gainers were coke and accessories, with weekly increases of 11.32% and 8.93% respectively, while software development and automation equipment saw declines of -2.61% and -2.29% [4][20]. - In the 259 tertiary industries, the leading sectors for weekly growth were coke III and offline pharmacies, with increases of 11.32% and 10.38% respectively [5][30]. Macroeconomic Data - The report notes that M1 and M2 growth rates have shown a decline, with M1 dropping from 1.2% in December 2024 to 0.1% in February 2025, while M2 remained steady at 7.0% [6][31]. - The government work report for 2025 emphasizes effective investment expansion, consumption stimulation, and deepening reform and opening-up policies to achieve a growth target of around 5% [8][38].

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9]. Core Views - The market performance of the Chinese medicine sector showed a slight increase of 0.17% last week, while the overall pharmaceutical sector rebounded [2][5]. - The report highlights the continuous expansion of grassroots traditional Chinese medicine coverage, which is expected to drive demand growth [3]. - The revival of centralized procurement for traditional Chinese medicine is noted, with eight products entering the proposed selection list [3]. Market Performance - The Chinese medicine sector's PE (ttm) is reported at 25.89X, with a slight increase of 0.05X week-on-week, and the PB (lf) remains stable at 2.24X [7]. - The relative performance of the Chinese medicine sector compared to the CSI 300 index shows a decline of 4% over the past month and 21% over the past year [5]. Investment Suggestions - The report suggests looking for investment opportunities amid price governance and consumption recovery, indicating a dual scenario of pressure and opportunity in 2025 [9]. - 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 [10][11][12].

证券研究报告 2025 年 03 月 13 日 湘财证券研究所 行业研究 国防军工行业周报 国防支出预算较上年执行数增长 7.2%，国防建设有望持续推进 ——国防军工行业周报（03.03~03.07） 相关研究： 1.《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 2.《20250303湘财证券-国防军工 行业-民用航空法修订草案首次 审议，为低空经济与民航发展保 驾护航》2025.03.03 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.3 0.9 10.6 绝对收益 5.0 -0.7 21.4 -20% 0% 20% 40% 24/03 24/05 24/07 24/09 24/11 25/01 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 上周国防军工行业指 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9]. Core Views - The market performance of the Chinese medicine sector showed a slight increase of 0.17% last week, while the overall pharmaceutical sector rebounded [2][5]. - The report highlights the ongoing expansion of grassroots traditional Chinese medicine coverage, which is expected to drive demand growth [3]. - The revival of centralized procurement for traditional Chinese medicine products is noted, with eight products entering the proposed selection list [3]. Market Performance - The Chinese medicine sector's PE (ttm) is reported at 25.89X, with a slight increase of 0.05X week-on-week, and the PB (lf) remains stable at 2.24X [7]. - The relative performance of the Chinese medicine sector compared to the CSI 300 index shows a decline of -4% over one month, -11% over three months, and -21% over twelve months [5]. Investment Suggestions - The report suggests looking for investment opportunities amid price governance and consumption recovery, indicating a dual scenario of pressure and opportunity in 2025 [9]. - 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 [10][11][12].

证券研究报告 2025 年 03 月 13 日 湘财证券研究所 行业研究 国防军工行业周报 国防支出预算较上年执行数增长 7.2%，国防建设有望持续推进 ——国防军工行业周报（03.03~03.07） 相关研究： 1.《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 2.《20250303湘财证券-国防军工 行业-民用航空法修订草案首次 审议，为低空经济与民航发展保 驾护航》2025.03.03 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.3 0.9 10.6 绝对收益 5.0 -0.7 21.4 -20% 0% 20% 40% 24/03 24/05 24/07 24/09 24/11 25/01 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 ...

证券研究报告 2025 年 3 月 3 日 湘财证券研究所 宏观研究 宏观月度数据点评 制造业景气度重回扩张区间 ——2 月 PMI 数据点评 相关研究： 1. 《生产端重回扩张区间，服 务业景气度回落》 2024.10.08 2. 《制造业和服务业景气度回 升》 2024.11.05 3. 《非制造业景气度回升明 显》 2025.01.06 4. 《制造业和非制造业景气度 均有所回落》 2025.02.05 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@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： ❑ 事件 2 月制造业 PMI 录得 50.2，前值为 49.1；PMI 建筑业指数录得 52.7，前 值为 49.3；PMI 服务业指数录得 50.0，前值为 50.3。 ❑ 制造业供需景气度回升 ❑ 投资建议 2月份制造业景气度重回扩张区间，同时建筑业的景气度大幅提升，表 明当前国内经济预期有所好转。我们认为当前宏观经济起底回升的趋 势已经形成，且伴随宏观增量政策的协同发力，预计 2025 年中国 ...

证券研究报告 2025 年 03 月 04 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周稀土原料端价格延续上行，钕铁硼价格仅小幅跟涨 相关研究： | 《上周行业大幅上涨，政策支撑稀土原料价 | | | --- | --- | | 格上行，钕铁硼跟涨》 | 20250224 | | 《上周行业大幅跑输基准，钕铁硼价格涨后 | | | 趋稳》 | 20250217 | 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 8 34 绝对收益 9 9 47 -20% -5% 10% 25% 40% -20% 5% 30% 55% 80% 稀土永磁材料行业涨跌幅 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：上周稀土永磁材料行业下跌 3.85%，跑输基准 1.63pct 上周稀土永磁行业下跌 3.85%，跑输 ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 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 1.8 -6.1 2.9 绝对收益 3.7 -7.6 12.9 -20% -10% 0% 10% 20% 30% 40% 24/03 24/05 24/07 24/09 24/11 25/01 国防军工(申万) 沪深300 行业评级：增持（维持） 注：相对收益与沪深 300 相比 行业研究 国防军工行业周报 民用航空法修订草案首次审议，为低空经济与民航发展保驾护航 ——国防军工行业周报（02.24~02.28） 相关研究： 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 ...

证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 国防军工行业周报 民用航空法修订草案首次审议，为低空经济与民航发展保驾护航 ——国防军工行业周报（02.24~02.28） 行业评级：增持（维持） 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88号 中国人寿金融中心10楼 核心要点： 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 1.8 -6.1 2.9 绝对收益 3.7 -7.6 12.9 -20% -10% 0% 10% 20% 30% 40% 24/03 ...