Investment Rating - Industry investment rating: Buy (maintained) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing declines, highlighting the importance of real estate in maintaining macroeconomic stability [3][4] - Specific measures include adjusting restrictive policies based on city conditions, promoting the renovation of urban villages and dilapidated housing, and controlling new real estate supply [5][6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative return of 3% over the past month, but a negative return of 12% over the past three months and a slight negative return of 4% over the past year compared to the CSI 300 index [2][3] Demand Side - Policies will continue to relax restrictions, including lowering mortgage rates and down payment ratios, which are at historical lows. The report anticipates further loosening of purchase restrictions in various cities [5] - The Ministry of Housing and Urban-Rural Development plans to implement 1 million urban village renovations and dilapidated housing improvements, which will directly increase sales of new and second-hand homes [5] Supply Side - The report indicates a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, supporting land acquisition and stock housing purchases [6] - The report maintains a stance on controlling new land supply, which is expected to continue to shrink, but with better locations and relaxed price limits, project turnover and profit margins are likely to improve [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active stock housing transactions. The industry maintains a "Buy" rating [8]

相关研究： | 1.《特斯拉FSD入华，智能驾驶 | | | --- | --- | | 有望加速发展》 | 2025.02.28 | | 2.《四季度AI PC渗透率达到 | | | 23%，AI Agent有望推动AI PC放 | | | 量》 | 2025.02.27 | | 3.《阿里巴巴宣布巨额资本开支 | | | 计划，国产算力有望迎来景气周 | | | 期》 | 2025.02.26 | 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 3.17 10.64 33.92 绝对收益 5.80 11.21 44.99 -20.00% 0.00% 20.00% 40.00% 60.00% 24-03 24-04 24-05 24-06 24-07 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 电子(申万) 沪深300 注：相对收益与沪深 300 相比 证券研究报告 2025 年 3 月 8 日 湘财证券研究所 行业研究 电子行业点评报告 政府工作报告发布，大力支持 AI 发展 联系人：李杰 证书编号：S05005 ...

政策提振信心，估值修复可期 相关研究： | 1.《1月CPI涨幅扩大，酒企密集 | | | --- | --- | | 控货稳价》 | 2025.02.11 | | 2.《酒企淡季控货稳价，乳品供 | | | 需格局有望改善》 | 2025.02.24 | | 3.《市场预期回暖，乳制品价格 | | | 回升》 | 2025.03.03 | 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 3.8 -3.5 -17.9 绝对收益 6.5 -2.9 -6.8 证券研究报告 2025 年 3 月 10 日 湘财证券研究所 行业研究 食品饮料行业周报 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@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： ❑ 3 月 3 日-3 月 7 日，食品饮料行业上涨 0.74% 上周，上证指数上涨 1.56%，深证成指上涨 2.19%，沪深 300 指数上涨 1.39%， 创业板指上涨 1.61%。申万食品饮料行业上涨 0.74%，涨跌幅排 ...

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 行业研究 煤炭行业数据点评 3 月进口量或难维持，煤价有望筑底 ——2 月煤炭进口数据点评 相关研究： 1.《日耗逐步提升&政策预期 偏强，旺季行情有望释放》 2024.11.11 2.《电厂日耗加速释放，动力 煤价格有望止跌》 2024.11.18 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 -17% -10% -21% 绝对收益 -27% -23% -34% -12% -6% 0% 6% 12% 18% 24% 30% -25% -20% -15% -10% -5% 0% 5% 10% 煤炭(申万) 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 ❑ 协会倡议书控制劣质煤进口量&印尼 HBA 新政，进口煤预期缩量 中国煤炭工业协会、中国煤炭运销协会联合发布倡议书，倡议煤炭企业要 有序推动煤炭产量控 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The rare earth permanent magnet industry saw a price increase of 6.02% last week, outperforming the benchmark (CSI 300) by 4.63 percentage points [4] - The industry valuation (TTM P/E) rebounded to 93.48x, currently at 98.8% of its historical percentile [4] - The demand for rare earth materials is expected to remain stable, with good performance in air conditioning production and sales, while the supply side is anticipated to maintain stability [11] Summary by Sections Market Performance - Over the past month, the industry has shown a relative return of 4%, a 3-month return of 7%, and a 12-month return of 39% [3] - Absolute returns for the same periods are 5%, 6%, and 51% respectively [3] Price Trends - Last week, prices for light rare earth minerals showed a decline, with mixed carbonate rare earth ore prices dropping by 3.7% to 26,000 CNY/ton, and other specific minerals also experiencing price reductions [5] - The average price of praseodymium-neodymium fell by 0.68% to 441,000 CNY/ton, while the metal price decreased by 1.28% to 540,000 CNY/ton [6] - Dysprosium prices continued to weaken, with the average price dropping by 0.58% to 1,700 CNY/kg [7] Industry Outlook - Domestic air conditioning production is expected to grow by 13.5%, 10.3%, and 14.7% year-on-year from March to May 2025 [9][10] - The overall demand in the industrial sector remains strong, with stable production in the new energy vehicle sector and a narrowing decline in elevator production [11] - The industry is facing overcapacity and a competitive landscape that has not changed, with prices still constrained by the speed of supply-demand balance [11]

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 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 9.4 10.5 17.3 绝对收益 10.7 9.9 28.6 -30% -20% -10% 0% 10% 20% 30% 40% 24/03 24/05 24/07 24/09 24/11 25/01 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 行业研究 机械行业周报 2 月我国挖机销量增长 53%至 1.9 万台，超预期 ——机械行业周报（03.03~03.09） 相关研究： 1.《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%》 2.《20250303湘财证券-机械行业： 2月我国制造业PMI为50.2%，环比 回升1.1个百分点》 ❑ 工程机械：2025 年 2 月我国挖掘机销量为 19270 台，同比增长 52.8% 据中国工程机械工业协会数据，2025年2月，我国共销售挖掘机19270 台，同比增长 52.8%，增速环比上升 51.7pct。其中国内销量 11640 台，同 比增长 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The lithium battery materials industry experienced a slight decline of 0.21% last week, underperforming the benchmark (CSI 300) by 1.59 percentage points. The industry valuation (TTM P/E) decreased by 0.51x to 35.12x, currently at 34.6% of its historical percentile [4][5] - The market shows signs of a slight recovery in demand for certain segments, but overall supply-demand imbalances persist, with most segments maintaining low prices and profitability [13][45] Summary by Sections Market Performance - The lithium battery materials industry fell by 0.21% last week, underperforming the CSI 300 benchmark by 1.59 percentage points. The industry valuation decreased to 35.12x, which is 34.6% of its historical percentile [4][5] Positive Material Trends - The cost side supported price increases for ternary materials, with prices for NCM111, NCM523, NCM622, and NCM811 rising by 13.82%, 10.61%, 8.7%, and 5.52% respectively. Meanwhile, lithium carbonate prices slightly increased by 0.6% to 75,300 CNY/ton [5][6] Electrolyte and Anode Material Insights - The average price of artificial graphite anode materials rose by 1.28% to 33,100 CNY/ton, while natural graphite prices remained stable at 35,600 CNY/ton. The overall production of anode materials increased by 1.04% to 43,795 tons [10] - Electrolyte prices remained stable at low levels due to oversupply and poor profitability, with the average price of lithium hexafluorophosphate dropping by 1.6% to 61,500 CNY/ton [8][9] Phosphate Lithium and Ternary Material Developments - The price of lithium iron phosphate for power applications remained stable at 35,700 CNY/ton, while production increased by 9.47% to 58,958 tons. The demand in the new energy market showed slight recovery [7] - The ternary cathode material production increased by 1.97% to 12,947 tons, with an operating rate rising by 0.74 percentage points to 38.73% [6] Overall Industry Outlook - The current supply-demand imbalance continues to affect the industry, with short-term demand showing slight recovery signs. However, the overall profitability remains constrained due to excess supply and cost-cutting pressures from downstream sectors [13][45]

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 行业研究 银行业周报 结构性工具支持宽信用，金融风险防控取得成效 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 0.52%，股份行市场表现领先 本期（2025.03.03 至 2025.03.09）银行(申万) 指数上涨 0.52%，市场表现强 于沪深 300 指数 1.12 个百分点。股份行市场表现相对领先。 资金市场：资金利率明显回落，存单发行利率略上行 3.《2025年度策略：积极政策下的 本期，央行公开市场操作净回笼 8813 亿元。资金利率明显回落，资金面有 所修复。存单发行利率略上行，3 月以来存单净融资 590.20 亿元，存单发 行规模达 6642.70 亿元，存单净融资规模高于上年同期。 近十二个月行业表现 | 相对收益 | -0.87 | 5.48 | 10.82 | | --- | --- | --- | --- | | 绝对收益 | 1.77 | 4.74 | 2 ...

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 相关研究： 核心要点： 行业研究 银行业周报 结构性工具支持宽信用，金融风险防控取得成效 | 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 | 相对收益 | -0.87 | 5.48 | 10.82 | | --- | --- | --- | --- | | 绝对收益 | 1.77 | 4.74 | 21.88 | 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 市场回顾：银行指 ...

证券研究报告 2025 年 03 月 10 日 湘财证券研究所 上周稀土原料价格走弱，钕铁硼价格暂稳 行业研究 稀土永磁行业周报 相关研究： | 《上周稀土原料端价格延续上行，钕铁硼价 | | | --- | --- | | 格仅小幅跟涨》 | 20250304 | | 《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 | 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 4 7 39 绝对收益 5 6 51 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上涨 6.02%，跑赢基准 4.63pct 上周稀土永磁行业上涨 6.02%，跑赢基准（沪深 300）4.63pct。行业估值 （市盈率 TTM）回升 5.31x 至 93.48x，当前处于 98.8%历史分位。 ❑ 上周稀土精 ...