Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report emphasizes the acceleration of domestic computing power construction driven by favorable policies, particularly in the AIDC electrical equipment sector [3][9] - The solid-state battery industry is witnessing an influx of new players, indicating a rapid industrialization process [12] - The photovoltaic industry is entering a phase of profit recovery due to demand surges, with a focus on cost reduction and efficiency-enhancing technologies [14][16] - The wind power sector is shifting towards high-quality development, with government support for offshore wind power highlighted for the first time [15][17] - The electric grid sector remains robust, with significant tender results indicating sustained demand [18][20] Summary by Sections Industry Overview - The report discusses the ongoing trends in solid-state batteries, AIDC electrical equipment, humanoid robots, lithium batteries, photovoltaic technology, wind power, and electric grid developments [6][8] Investment Recommendations - Recommended stocks include: - AIDC Electrical Equipment: Mingyang Electric, Jinpan Technology, Keda Technology - Robotics: Keda Li - Lithium Batteries: CATL, Yiwei Lithium Energy, Keda Li, Zhongwei Shares, Putailai, Teradyne - Electric Power Equipment: XJ Electric, Pinggao Electric, China West Electric, Siyuan Electric, Mingyang Electric, Wangbian Electric - Photovoltaics: Tongwei Co., Artis, JinkoSolar, Junda Shares, Deye Shares, Foster (chemical group coverage), Flat Glass - Wind Power: Oriental Cable, Haile Wind Power, Taisheng Wind Power, Jinlei Shares, Tiensun Wind Power [3][8] AIDC Electrical Equipment - The report highlights the rapid growth in demand for AIDC servers driven by AI applications, leading to increased requirements for power supply systems and related equipment [3][9] Robotics - The government has introduced strong support for humanoid robots, emphasizing their role in future industries [10][11] Lithium Batteries - The solid-state battery sector is expected to see significant advancements, with major players planning to launch production by 2027 [7][12] Photovoltaics - The report notes a recovery in the photovoltaic industry driven by demand surges and price increases across various segments [14][16] Wind Power - The government’s focus on offshore wind power marks a strategic shift towards utilizing marine resources, with expectations for significant growth in installed capacity [15][17] Electric Grid - Recent tender results from the State Grid indicate a strong demand for transmission and transformation equipment, with a total bid amount of 15.239 billion yuan [18][20]

Investment Rating - The report provides an investment rating for the communication industry, indicating a positive outlook with a projected growth of 2.51% to 3.86% during the period from March 3 to March 9, 2025 [1]. Core Insights - The demand for AI agents and their computational requirements are highlighted, with specific calculations showing the need for significant FLOPs (floating-point operations per second) to support AI functionalities [2][4]. - The report emphasizes the growth trajectory of 5G technology, projecting a 10% increase in adoption rates by 2024, with further growth expected through 2030 [6]. Industry Dynamics - The report notes that the communication industry is experiencing a shift towards AI integration, with companies like DeepSeek and Azure AI Foundry leading the charge in developing advanced AI solutions [6]. - It mentions the expected increase in 5G adoption rates, with projections indicating a rise from 47% in 2024 to 64% by 2030 [6]. Major Events Reminder - Key upcoming events in the communication sector include shareholder meetings for companies such as Mingpu Guangci and ST Tiexin scheduled for March 10 and March 11, respectively [7].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The real estate sector continues to show strong performance, with significant increases in stock prices for various companies [3][4][8] - The central political bureau has reinforced support for the real estate market, including measures to lower reserve requirements and interest rates, aiming to stabilize the market [3][40] - The report recommends overweighting the real estate and property management sectors, highlighting specific companies for investment [3][41] Market Overview - The main indices showed positive performance, with notable increases in stock prices for Hong Kong local stocks such as Cheung Kong (+27.4%), New World Development (+10.0%), and Kerry Properties (+7.7%) [4][5] - The property management sector also performed well, with companies like Binhai Service (+14.7%), Country Garden Services (+10.1%), and Beike (+9.0%) leading the gains [11][12] Company Performance - Among the top-performing companies in the domestic real estate sector, Greentown China increased by 7.7%, Yuexiu Property by 6.4%, and China Jinmao by 5.4% [8][9] - The report provides detailed stock performance metrics, including price changes and market capitalization for various companies [5][9][12] Policy Support - The central economic meeting emphasized the need to stabilize the real estate market through proactive fiscal policies and moderate monetary policies [40] - A series of policy measures have been introduced to support the real estate sector, including adjustments to housing purchase restrictions and mortgage rates [40][41] Investment Strategy - The report highlights the unique appeal of Hong Kong local companies, citing low financial leverage and stable rental income as key advantages [39] - Specific recommendations include companies such as Beike, Greentown China, China Resources Land, and others in both the real estate and property management sectors [41]

行业周报 | 交通运输 证券研究报告 | 报告日期 | 2025 年 03 月 09 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 【兴证交运】交通运输行业周报 （2025.02.23 – 03.01）——快递业务 量同比增长显著，航空、航运业量价维 持平稳-2025.03.02 【兴证交运】交通运输行业周报 （2025.02.17 - 02.22）——油轮运价继 续回升，快递揽投量稳步增长- 2025.02.23 投资要点： 根据交通部国家邮政局公告：2024 年 1-12 月，快递业务量同比+21.5%，收入同比 +13.8%。 请阅读最后评级说明和重要声明 1/20 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn 分析师：王凯 S0190521090002 wangkai21@xyzq.com.cn 分析师：袁浩然 S0190523070003 yuanhaoran@xyzq.com.cn 分析师：陈尔冬 S0190524080005 chenerdong@xyzq.com.cn 分析师：郭军 S019052411000 ...

行业周报 | 轻工制造 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 09 日 | 相关研究 【兴证轻工】周观点：木浆系浆纸价格 延续上行，建议积极关注两会与三八大 促进展-2025.03.02 【兴证轻工】周观点：中国信通院启动 AI 眼镜专项测试，推荐轻工板块 AI+投 资机会-2025.02.23 【兴证轻工】周观点：AI 家居设计春风 起，新型烟草传递积极信号-2025.02.16 分析师：林寰宇 S0190524080006 linhuanyu@xyzq.com.cn 研究助理：储天舒 chutianshu1@xyzq.com.cn 周观点：两会释放政策端积极信号，看好内需 消费主线稳中求进 投资要点： 请阅读最后评级说明和重要声明 1/11 ⚫ 家居板块：（ 1）政策端：政府工作报告释放积极信号，指出：①扩大国内需求，强调"更 大力度"促进楼市股市健康发展，相较于 2024 年 12 月首提稳住楼市股市的表述，诉 求更加鲜明；②将"持续用力"推动房地产市场止跌回稳，充分释放地产潜力；③安排 3000 亿元支持消费品以旧换新， ...

宏观经济研究 | 中国宏观经济点评 证券研究报告 报告日期 2025 年 03 月 07 日 分析师：段超 研究助理：谢智勇 xiezhiyong@xyzq.com.cn 相关研究 【兴证宏观】从投资于物到投资于人 — —2025 年政府工作报告解读-2025.03.05 【兴证宏观】PMI 缘何超预期？基数与 基数之外 ——2 月 PMI 数据点评- 2025.03.01 【兴证宏观】科技与内需的天平 —— 2025 年两会前瞻-2025.02.26 如何解读开年外需形势和内需格局？ ——2025 年 1-2 月进出口数据点评 投资要点： 美元计价下，中国 2025 年 1-2 月出口累计同比 2.3%，低于万得一致预期的 3.3%，前值 10.7%；进口 1-2 月累计同比-8.4%，低于万得一致预期的-2.9%，前值 1.0%；贸易顺差 1705.2 亿美元，较去年同期增长 458.8 亿美元。我们认为： 请阅读最后评级说明和重要声明 1/9 ⚫ 如何评估开年出口表现：外需实际动能不弱。如果从同比读数来看，开年出口表现不及 市场预期。同比读数低受多重因素影响：一是去年同期基数偏高，2024 年开年出口增 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The issuance of interbank certificates of deposit (CDs) has significantly increased, with a total issuance quota of 30.43 trillion yuan for 2025, up by 5.59 trillion yuan from 2024 [4][5] - The increase in issuance is primarily driven by strong credit growth and a substantial outflow of non-bank deposits, leading to a heightened demand for proactive liability management [11][4] - In January 2025, new RMB loans reached 5.13 trillion yuan, exceeding market expectations and reflecting a strong willingness from banks to increase lending [11][2] Summary by Sections Credit - In January 2025, the total new RMB loans amounted to 5.13 trillion yuan, an increase of 210 billion yuan year-on-year, indicating a robust lending environment [2][11] - The corporate lending sector showed strong performance, particularly in manufacturing and key areas related to national strategies [11][2] Deposits - Following the release of self-regulatory initiatives in November 2024, non-bank demand deposits saw a significant outflow, particularly affecting state-owned banks, which collectively lost 4.35 trillion yuan in non-bank deposits by January 2025 [2][13] - The downward adjustment of deposit rates and regulatory restrictions on "manual interest supplementation" have also constrained deposit absorption [13][2] Asset and Liability Management - The growth rate of loans (7.5%) has outpaced that of deposits (5.8%) as of January 2025, leading to a widening gap between the two [3][17] - The loan-to-deposit ratio for commercial banks stood at 80.3% at the end of 2024, indicating a relatively high level of leverage [17][3] - Banks are increasingly relying on interbank CDs as a tool for proactive liability management, with a notable increase in issuance quotas for major banks [3][4]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The overall policy for stabilizing growth aligns with expectations, with a 2025 economic growth target of around 5% and a proposed deficit ratio of approximately 4% [3][8] - The issuance of special government bonds totaling 1.3 trillion yuan is planned, including 500 billion yuan to support the capital replenishment of state-owned commercial banks [3][8] - The report emphasizes the importance of expanding domestic demand and improving investment efficiency as a top priority [3][8] - The capital replenishment scale for state-owned banks is better than expected, with the issuance of special government bonds having a limited impact on dividend dilution [3][9] Summary by Sections Investment Highlights - The CITIC Bank Index rose by 1.11% during the week from March 3 to March 7, 2025, while the CSI 300 Index increased by 1.39% [7] - Notable performers included Qilu Bank (+4.65%), China Merchants Bank (+3.61%), and Industrial Bank (+2.94%) [7] Industry and Company Dynamics - The People's Bank of China reported a 21.2% year-on-year increase in loans to technology-based small and medium-sized enterprises by the end of 2024 [14] - The government work report proposed implementing a moderately loose monetary policy and a more proactive fiscal policy, with a deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year [15][16] Recent Market Review - The report includes a review of the A-share and H-share banks' performance, with specific price changes and valuation metrics provided [21][23] Funding Price Review - The report details the recent operations in the open market, including reverse repos and MLF operations, highlighting a net withdrawal of 8.813 billion yuan on March 7, 2025 [29] Wealth Management Product Tracking - The report tracks the scale of the bank wealth management market, indicating ongoing trends in product yields and market dynamics [38] Interbank Certificate of Deposit Market Review - The report provides insights into the issuance rates of interbank certificates of deposit, showing slight fluctuations in rates across different maturities [40]

行业周报 | 基础化工 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 3 月 9 日 | 相关研究 【兴证化工】化工行业周报———春耕需 求推动化肥价格悉数上行，继续关注化工 核心资产及新材料成长 （20250224-20250228）-2025.03.02 【兴证化工】化工行业周报———阿里巴 巴资本开支提速有望拉动氟化液需求，继 续关注化工核心资产及新材料成长 （20250217-20250221）-2025.02.23 【兴证化工】化工行业周报———国常会 研究提振消费及化解重点产业结构性矛 盾，继续关注化工核心资产及新材料成长 （20250210-20250214）-2025.02.16 分析师：吉金 投资要点： 中长期投资推荐： ⚫ 价值类：具备业绩安全边际的龙头白马价值凸显。 化工品价格、价差底部区域，龙头白马中长期性价比凸显。当前，化工品价格、价差处于 底部区域，龙头白马估值亦跌至底部水平。龙头公司周期底部业绩测算，该估值具有强安 全边际。叠加龙头白马产业链一体化、规模、成本优势明显，在建工程充足，中长期有望 在当前扩产周期中保持市 ...

行业周报 | 有色金属 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 09 日 | 相关研究 【兴证金属】锑行业点评：多重逻辑叠 加，锑价有望持续走强-2025.03.07 【兴证金属】有色金属：美国衰退信号 初现，大宗价格出现回调-2025.03.02 【兴证金属】钴行业点评：刚果（金） 钴出口暂停，全球钴价中枢或将上移- 2025.02.25 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：赵远喆 S0190524070011 zhaoyuanji@xyzq.com.cn 研究助理：汤璐阳 tangluyang@xyzq.com.cn 欧盟预增加国防开支有望支撑小金属及稀土 价格上行 投资要点： ⚫ 周度观点：欧盟预增加国防开支有望支撑小金属及稀土价格上行 宏观因素看，受美国预"放弃北约主导权"，呼吁北约增加国防开支预算影响，3 月 4 日， 冯德莱恩在伦敦峰会后对媒体表示，为应对安全局势需要，欧洲需大幅增加国防开支，而 一些欧洲国家已制定相关计划。欧洲预计将开启新一轮军工需求增长，支撑小金属 ...