Investment Rating - The report assigns an "Accumulate" rating for the industrial gas sector, consistent with the previous rating [1]. Core Insights - The report highlights a rebound in demand from downstream manufacturing industries, leading to a continuous increase in oxygen prices for five consecutive weeks. The prices of major gases such as oxygen, nitrogen, and argon have shown a week-on-week increase, indicating a positive trend in gas pricing [3][4]. Summary by Sections Price Trends - The average price of liquid oxygen as of March 14 is 412.9 RMB/ton, with a daily increase of 2.4%, weekly increase of 6.8%, monthly increase of 21.4%, and a year-on-year decrease of 3.3% [8]. - The average price of liquid nitrogen is 401.9 RMB/ton, with a daily increase of 0.6%, weekly increase of 0.7%, monthly increase of 11.1%, and a year-on-year decrease of 15.0% [8]. - The average price of liquid argon is 477.1 RMB/ton, with a daily increase of 2.9%, weekly increase of 6.0%, monthly increase of 16.4%, and a year-on-year decrease of 57.1% [8]. Demand and Supply Dynamics - Downstream demand from industries such as metallurgy, machinery manufacturing, and new materials has increased, contributing to the rise in gas prices. The report notes that the production of rebar steel reached 2.271 million tons for the week, reflecting a week-on-week increase of 4.75% and a year-on-year increase of 3.92% [7][8]. - The supply side shows an upward trend in the operating load rate of air separation units, leading to increased liquid oxygen production and a sufficient supply in the market [7]. Recommended Stocks - The report recommends stocks such as Hangzhou Oxygen Plant Co., Ltd. and Shaanxi鼓动力, while benefiting stocks include Huate Gas, Qiaoyuan Co., Ltd., Guanggang Gas, China Shipbuilding Special Gas, Kaimete Gas, Jinhong Gas, and Heyuan Gas [7][20].

[Table_Report] 相关报告 公用事业《从成长到红利，城燃行业价值重构》 2025.03.13 公用事业《首批 CCER 登记，全国碳市场加速完 善》2025.03.13 公用事业《强化能耗考核，积极稳妥推进"双 碳"工作》2025.03.09 公用事业《国七标准制定在即，尾气催化剂加速 扩容》2025.03.05 公用事业《单位能耗考核强化，"双碳"目标稳 妥推进》2025.03.05 风电延续改善趋势，内蒙鼓励增量配电网建设 [Table_Industry] 公用事业 ——公用事业行业周报（2025.3.10-2025.3.14） | [table_Authors] 于鸿光(分析师) | | 孙辉贤(分析师) | 汪玥(研究助理) | | --- | --- | --- | --- | | 021-38031730 | | 021-38038670 | 021-38031030 | | m | yuhongguang025906@gtjas.co | | sunhuixian026739@gtjas.com wangyue028681@gtjas.com | | 登记编号 S0880522020 ...

股票研究 /[Table_Date] 2025.03.16 拟收购爱协生，扩充"芯屏"产业生态 新相微(688593) | [table_Authors] 舒迪(分析师) | 王美懿(研究助理) | | --- | --- | | 021-38676666 | 021-38031385 | | shudi@gtjas.com | wangmeiyi029955@gtjas.com | | 登记编号 S0880521070002 | S0880124070042 | 本报告导读： 公司收购爱协生进一步补全电控"芯屏"产业生态拼图，加速电控产业生态内循环。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 427 | 480 | 532 | 901 | 1,231 | | (+/-)% | -5.5% | 12.5% | 10.7% | 69.4% | 36.6% | | 净利润（归母） | 108 | 28 | 42 ...

Investment Rating - The report indicates a cautious stance on the industry, suggesting that weak credit is not a sufficient condition for interest rate cuts by the central bank [1]. Core Insights - The report emphasizes that monetary easing is ongoing, with a focus on the downward space for the reserve requirement ratio. A reduction in the reserve requirement will mark the beginning of a new round of easing, but the timing may be delayed due to external uncertainties, particularly related to the U.S. economy and trade policies [1][26]. - The report highlights that the growth rate of social financing stock increased to 8.2% in February 2025, with new social financing amounting to 2.23 trillion yuan, a year-on-year increase of 737.4 billion yuan [5][7]. - It notes that the new credit in February was 1.01 trillion yuan, a year-on-year decrease of 440 billion yuan, primarily due to weak corporate loans [10][11]. Summary by Sections Social Financing - In February 2025, the stock growth rate of social financing rose to 8.2% from 8.0%, with new social financing of 2.23 trillion yuan, an increase of 737.4 billion yuan year-on-year. Government bonds increased by 1.69 trillion yuan, with local bonds net financing at 1.27 trillion yuan, over 70% of which was directed towards debt repayment [5][7]. Credit - New credit in February was 1.01 trillion yuan, down 440 billion yuan year-on-year, with corporate loans being the main drag. The report indicates that the delayed start of the construction season has led to weak corporate loan demand [10][11]. Monetary Aspects - The M2 growth rate remained at 7.0%, while M1 growth fell to 0.1%. The report attributes the increase in non-bank deposits to the stock market performance, with total deposits growing significantly [19][25]. Ongoing Monetary Easing - The report discusses the continuous reversal of monetary easing, with a focus on the downward space for the reserve requirement ratio. The timing for potential interest rate cuts may be postponed due to external uncertainties, particularly regarding the U.S. economy [1][26].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][8]. Core Insights - The company's main business is experiencing steady growth, which lays a solid foundation for performance. The core product, Teibiao, holds a 66% market share and has shown double-digit sales growth over the past two years. The company is expected to continue this growth trajectory through 2025-2026 [3][8]. - The clinical data for the PD-1/VEGF dual antibody SSGJ-707 is promising, showcasing its potential in various indications, including non-small cell lung cancer (NSCLC) and metastatic colorectal cancer (mCRC) [3][8]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 89.19 billion, 98.54 billion, and 110.40 billion RMB, respectively, reflecting growth rates of 14%, 10%, and 12% [7][8]. - Gross profit is expected to increase from 6,642 million RMB in 2023 to 9,494 million RMB by 2026, with net profit projected to rise from 1,549 million RMB in 2023 to 2,522 million RMB in 2026 [7][8]. Product Pipeline and Development - The company is actively expanding its product matrix through business development (BD) initiatives, introducing several promising products, which are expected to contribute to rapid revenue growth over the next three years [3][8]. - SSGJ-707 has shown an overall response rate (ORR) of 70% in 1L PD-L1 positive NSCLC and 81.3% in 1L squamous NSCLC, indicating its competitive edge in the market [9][10]. Market Position - The company is positioned favorably in the global PD-1/VEGF dual antibody development landscape, with SSGJ-707 currently in Phase II clinical trials and expected to complete further trials in 2025 [12][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is focusing on three major supply chain strategies to enhance efficiency and is integrating DeepSeek to accelerate its intelligent upgrade [3] - The company is actively developing its own brand portfolio, which is expected to further improve profitability [9] Financial Summary - Revenue for 2023 is projected at 82,433 million RMB, with a growth rate of 3% compared to the previous year [7] - Net profit for 2023 is estimated at 448 million RMB, reflecting a 10% increase year-on-year [7] - The company has adjusted its forecast for net profit for 2024-2026 to 312 million, 588 million, and 839 million RMB respectively, with growth rates of -30%, 89%, and 43% [9] Strategic Initiatives - The three supply chain strategies include: 1. "Brand Express Project" focusing on meeting brand-preferred demands through a digital tool [9] 2. "Own Brand Ecosystem Project" aimed at creating a flexible supply chain to meet cost-effective demands [9] 3. "Open Smart Supply Chain Platform Project" designed to cater to long-tail demands in rural markets [9] - The company has launched a cluster of self-owned brands across four major categories, enhancing user engagement and competitive advantage [9] Technology Integration - The company has fully integrated its self-developed "Qiancheng Cloud SaaS+" platform with DeepSeek, which has led to significant reductions in operational costs and improved efficiency [9]

Investment Rating - The report maintains a rating of "Buy" for Futu Holdings (FUTU.O) with a target price of $137.51, corresponding to a 2025 PE of 24.49x and PB of 5.30x [8]. Core Insights - The significant increase in trading activity in the Hong Kong and US stock markets has driven substantial growth in the company's performance. The number of new asset clients is expected to continue rising, supported by ongoing product development to enhance customer acquisition and retention capabilities [3][8]. Financial Summary - Revenue is projected to grow from HKD 13,590 million in 2024 to HKD 17,946 million in 2025, reflecting a year-on-year increase of 32% [5]. - Net profit is expected to rise from HKD 5,443 million in 2024 to HKD 6,801 million in 2025, indicating a growth of 25% [5]. - The average return on equity (ROE) is anticipated to increase by 1.86 percentage points to 20.70% [8]. Customer Growth and Market Expansion - The company aims to add 800,000 new asset clients in 2025, representing a year-on-year growth rate of 33.18%. Approximately 40%-45% of these clients are expected to come from mature markets like Hong Kong and Singapore, with the remainder from emerging markets in Asia and Australia, as well as the US and Canada [8]. - The company plans to enhance its product offerings, including support for cryptocurrency trading in the US and improvements in trading capabilities for Japanese stocks [8].

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - The implementation of child-rearing subsidies in Hohhot is expected to benefit leading consumer brands, as the policy gradually takes effect [4]. - The report highlights three main investment themes: 1. **Children's Clothing Sector**: Recommended stocks include Semir Apparel (with the leading children's brand Balabala), HLA (with the English children's brand), and Jin Hong Group (operating the Teenie Weenie brand). The projected PE ratios for 2025 are 14X, 16X, and 9X respectively, with Semir and HLA both offering a dividend yield of 6% [8]. 2. **Personal Care Sector**: Recommended stocks are Weigao Medical (with the All Cotton Times maternal and infant product line) and Haoyue Care (offering both self-branded and OEM baby products), with projected PE ratios of 28X and 12X for 2025 [8]. 3. **Millet Economy**: Recommended stocks include leading toy brand Blokus (with a projected PE of 35X for 2025) and stationery leader Morning Glory (with a projected PE of 14X for 2025). Beneficiary stocks also include Chuangyuan Co., Guangbo Co., Qixin Group, and Mubang Gaoke [8]. Summary by Sections - **Policy Impact**: The new child-rearing subsidy program offers significant financial support, with subsidies of 10,000 CNY for the first child, 50,000 CNY for the second, and 100,000 CNY for the third, disbursed annually [8]. - **Market Outlook**: The gradual rollout of pro-natalist policies is expected to boost consumer demand in the children's clothing and personal care sectors, leading to a recovery in valuations for many consumer leaders currently trading at relatively low multiples [8]. - **Earnings Forecasts**: The report includes a table of earnings forecasts and valuations for listed companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024, 2025, and 2026 [9].

| | 国泰君安证券 | | --- | --- | | | GUOTAI JUNAN SECURITIES | 目 录 | | 每日报告回放（2025-03-13 09:00——2025-03-14 15:00） 2 | | | --- | --- | --- | |  | 事件点评：《通胀降温或为暂时，仍需警惕"滞胀交易"》2025-03-13 | 2 | |  | A 股策略观察：《外资交易热度抬升，杠杆资金延续流入》2025-03-14 | 3 | |  | 行业更新：煤炭《下行风险释放，4 月有望进入上升通道》2025-03-14 | 3 | |  | 行业专题研究：计算机《DeepSeek 重构算力基建长期价值的认知》2025-03-14 | 4 | |  | 行业首次覆盖：化学制剂《抗肿瘤疗法持续迭代，国产新药迎来突破》2025-03-13 | 5 | |  | 行业日报/周报/双周报/月报：环保《首批 CCER 登记，全国碳市场加速完善》2025-03-13 | 6 | |  | 行业深度研究：公用事业《从成长到红利，城燃行业价值重构》2025-03-13 | 7 | |  | ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Insights - The pet business has significant growth potential, which is expected to create a second growth curve for the company, while the home care business maintains a solid market position [3][6]. - The company has been actively expanding its pet business since 2019, launching the "Stubborn Tail" brand for pet care products and entering the pet food market with a mid-to-high-end brand called "Stubborn Mouth" [6]. - The pet economy in China is projected to reach a market size of 592.8 billion yuan in 2023, with a year-on-year growth of 20.1%, and is expected to grow to 1.15 trillion yuan by 2028 [6]. - The home care business has a strong market presence, leading in categories such as insect repellent and toilet cleaning products, with market shares of 17.5% and 20.7% respectively [6]. Financial Summary - The company's revenue for 2023 is projected to be 1,616 million yuan, with a year-on-year growth of 12% [5]. - The gross profit for 2023 is expected to be 718 million yuan, and the net profit is projected to be 175 million yuan, reflecting a significant recovery from previous years [5]. - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 0.15, 0.17, and 0.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 12 [6].