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].

优质尼龙切片龙头，布局双 6 迎新增长 聚合顺(605166) ——聚合顺首次覆盖报告 | [table_Authors] 孙羲昱(分析师) | 沈唯(分析师) | 陈浩越(研究助理) | 评级 | 增持 | | --- | --- | --- | --- | --- | | 021-38677369 | 0755-23976795 | 021-38031035 | 目标价格 | 17.42 | | sunxiyu@gtjas.com | shenwei024936@gtjas.com | chenhaoyue028692@gtjas.com | | | | 登记编号 S0880517090003 | S0880523080006 | S0880123070130 | Table_CurPrice] [当前价格： | 12.69 | 本报告导读： 公司是优质的尼龙 6 切片龙头企业，规模持续扩张，产品优势显著，同时积极布局 尼龙 66 赛道，远期成长空间可期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | ...

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi XDC [1][3][4] Core Insights - The global ADC CRDMO market is expanding, with the company benefiting from a growing order pipeline and a dual-factory strategy that enhances capacity and customer retention. The company is also entering the XDC market to create a second growth curve [3][4][5] Summary by Sections Company Overview - WuXi XDC is a leading end-to-end ADC CRDMO provider, benefiting from high industry demand and a growing order book. The projected EPS for 2024-2026 is 0.89, 1.24, and 1.66 CNY respectively, with a target price of 43.4 CNY based on a 35X PE for 2025 [4][16] Market Dynamics - The global ADC drug market is expected to grow to 64.7 billion USD by 2030, with a CAGR of 30% from 2022 to 2030. The outsourcing market for ADC and broader bioconjugates is projected to reach 11 billion USD by 2030, with a CAGR of 28% [4][40] Financial Performance - The company has shown strong revenue growth, with revenues increasing from 311 million CNY in 2021 to an estimated 2.124 billion CNY in 2023, representing a CAGR of 180.7%. The net profit is expected to grow significantly, reaching 1.067 billion CNY in 2024 [8][31] Production Capacity and Strategy - The company is implementing a dual-factory strategy to enhance global production capacity, with new facilities in Singapore expected to be operational by the end of 2025. The company has 18 clinical stage III projects and is advancing its ADC pipeline [5][19][37] Growth Opportunities - The XDC market is emerging, with significant potential in non-oncological indications. The company is strategically positioned to capitalize on this growth by leveraging its existing technology and expanding its project and client base [5][21][22]

登记编号 S0880513070005 S0880521010001 S0880123070145 建材《价格信号领先需求筑底反弹》2025.03.03 建材《国泰君安证券-建材行业基本面数据大全 _20250303》2025.03.03 建材《消费建材提价信号在近年中领先》 2025.02.24 建材《国泰君安证券-建材行业基本面数据大全 _20250221》2025.02.24 建材《消化开工悲观预期，大宗 Q1 量价分化》 2025.02.17 本报告导读： 价格修复与成本改善提升 Q1 景气预期 [Table_Industry] 建材 | | | [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) 0755-23976830 0755-23976858 0755-23976666 baoyanxin@gtjas.com huajianyi@gtjas.com wukaiyang028675@gtjas.com 建材产品价格信号领先需求筑底反弹，源于长周期激烈竞争下的 ...

深圳打造具身智能机器人先锋城市，工程机械 2 月迎开门红 [Table_Industry] 机械行业 ——机械行业周报 | [Table_Invest] | | --- | | 评级： 增持 | | 增持 | | --- | | 上次评级: | | [table_Authors] 肖群稀(分析师) | 欧阳蕤(分析师) | 刘麒硕(研究助理) | | --- | --- | --- | | 0755-23976830 | 021-38676550 | 0755-23976666 | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 S0880522120001 | S0880523120002 | S0880123070153 | 本报告导读： 上周（2025/3/3-2025/3/7）机械设备指数涨跌幅为+6.39%。关注人形机器人等领 域科技创新，工程机械销量回升，半导体设备自主可控需求强化。 投资要点： 风险提示：新技术研发不达预期、产业政策变化、市场竞争加剧等。 [T ...

Investment Rating - The report assigns an "Overweight" rating for the defense industry, consistent with the previous rating [8]. Core Insights - The national defense budget for 2025 is set at 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%, which is higher than the expected GDP growth target of 5% [3][8]. - The defense budget growth rate has remained stable over the past nine years, with the proportion of defense spending to GDP still having room for improvement compared to countries like the US and Japan [3][8]. - The report emphasizes the importance of the defense budget as a foundation for modernization and equipment development, with a consistent growth trend observed from 2016 to 2024 [3][8]. Summary by Sections National Defense Budget Overview - The 2025 defense budget is 1,784.7 billion yuan, marking a 7.2% increase, which aligns with the stable growth trend observed in previous years [3][8]. - The defense budget growth has been consistent, with annual increases of 7.6%, 7%, 8.1%, 7.5%, 6.6%, 6.8%, 7.1%, and 7.2% from 2016 to 2024 [8]. Comparison with Other Countries - Japan's defense budget for 2025 is projected at 8.7 trillion yen, a 9.4% increase, while the US defense budget for the fiscal year 2024 is approximately 886 billion USD, accounting for 3% of its GDP [8]. - China's defense spending as a percentage of GDP has remained below 1.5%, indicating significant potential for growth compared to global averages and specific countries [8]. Strategic Implications - The report highlights the ongoing modernization of the military and defense capabilities as a priority, with a focus on implementing Xi Jinping's military strategies and enhancing combat readiness [8]. - The year 2025 is seen as a pivotal year for transitioning from the 14th Five-Year Plan to the 15th, with expectations for steady growth in defense spending to support modernization goals [8]. Recommended Investment Targets - The report suggests focusing on companies within the aerospace and aviation supply chain, recommending specific stocks such as AVIC Optoelectronics, Aerospace Electric, AVIC Shenyang Aircraft, and others [8].

中国科技资产的价值觉醒 [Table_Authors] 方奕(分析师) ——科技"转型牛"投资系列二 本报告导读： 大国博弈的竞争，已经从经贸关系的竞争，转向科技创新的竞争，这将驱动投资逻 辑和估值观念的改变。由于商业机会、社会资本与冒险精神的涌现，以及自主可控 从 1.0 追赶到 2.0 创新，2025 年投资的主战场在科技，中国科技资产迎来价值觉醒。 投资要点： 风险提示：国内产业突破不及预期；关税与科技冲突的不确定性。 策略研究 /[Table_Date] 2025.03.13 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan026724@gtjas.com | | 登记编号 | S0880524080006 | | | 苏徽(分析师) | | | 021-38676434 | | | suhui012865@gtjas.com | | 登记编号 | S0880516080006 ...

需求或触底回升，回购彰显长期发展信心 武进不锈(603878) ——武进不锈更新报告 | | | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 6.75 | | | 上次预测: | 9.86 | | Table_CurPrice] [当前价格： | | 5.68 | 本报告导读： 受到公司下游石化、煤化工行业景气度下降影响，公司业绩大幅下降。新疆煤化工 投资较大，预期需求逐步触底。公司持续回购彰显对自身长期发展的信心。 [Table_Balance] 资产负债表摘要(LF) | 股东权益（百万元） | 2,667 | | --- | --- | | 每股净资产（元） | 4.75 | | 市净率（现价） | 1.2 | | 净负债率 | -19.73% | [Table_PicQuote] 52周股价走势图 -27% -15% -3% 9% 21% 34% 2024-03 2024-07 2024-11 2025-03 武进不锈 上证指数 | [Table_Trend] ...