Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook for the next six months [1][33]. Core Insights - The non-banking financial index experienced a decline of 1.3% last week, but outperformed the CSI 300 by 0.1 percentage points. The brokerage and insurance indices also saw declines of 1.8% and 0.7%, respectively, with significant excess returns noted in the securities index [4][8]. - Mergers and acquisitions in the brokerage sector are accelerating, driven by the merger of Xiangcai and Dazhihui, which is expected to enhance business synergy and customer acquisition [4][31]. - The insurance sector is seeing an expansion in the scope of equity investments, allowing insurance funds to invest in technology and modern agriculture, which aligns with national strategic goals [4][31]. Summary by Sections Market Review - The overall market saw declines, with the Shanghai Composite Index down 0.3% and the Shenzhen Component down 2.3%. The non-banking financial index fell 1.3%, while the multi-financial index rose by 0.3% [8][9]. Market Data - Average daily trading volume for stock funds was 13,897 billion yuan, a decrease of 7% week-on-week. The margin trading balance was 1.9 trillion yuan, down 1% from the previous week [17][4]. Industry News - The Financial Regulatory Bureau issued a notice expanding the scope of equity investments for insurance funds, promoting investments in strategic emerging industries [31]. - The China Securities Regulatory Commission held discussions on deepening capital market reforms, focusing on private technology enterprises [31]. Investment Recommendations - For brokerages, it is suggested to focus on mergers and acquisitions, high financial ratios, and improving return on equity. Large, financially robust brokerages are recommended for investment [4]. - In the insurance sector, attention should be given to large comprehensive insurance companies that have competitive advantages under the new regulatory framework [4].

[Table_Reportdate] 2025年04月07日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-04 24-07 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.东方电缆（603606）：公司业绩稳 步提升，在手订单再创新高——公司 简评报告 2.硅片供不应求加剧，风电招、开标 规模持续增长——新能源电力行业 周报（2025/03/24-2025/03/28） 3.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） [Table_NewTitle 光伏 ] 4月下游维持抢装，苏、粤海风项目 启动全面建 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 6.0338 billion yuan in 2024, representing a year-over-year increase of 11.53%, and a net profit attributable to shareholders of 1.002 billion yuan, up 8.50% year-over-year [6] - The fourth quarter of 2024 saw a record revenue of 1.610 billion yuan, a year-over-year increase of 17.57%, and a net profit of 333 million yuan, reflecting a year-over-year increase of 8.93% [6] - The strong performance is attributed to robust demand in the automotive electronics sector, recovery in overseas markets, and effective cost control measures [6] - The company plans to acquire Better Electronics to enhance its product offerings in power electronic protection devices, which aligns with its existing business [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 33.08%, an increase of 2.82 percentage points year-over-year [6] - The company expects revenues of 7.0868 billion yuan, 8.2646 billion yuan, and 9.5187 billion yuan for 2025, 2026, and 2027 respectively [7] - The projected net profits for the same years are 1.229 billion yuan, 1.478 billion yuan, and 1.736 billion yuan [7] Market Dynamics - The automotive electronics segment has seen a significant increase in revenue, growing over 60% year-over-year, driven by a surge in orders and the company's IDM model [6] - The overseas market showed a recovery in the second half of 2024, contributing to an overall growth rate that exceeded the company's average [6] Operational Efficiency - The company has maintained high production line utilization rates and is expanding its production capacity, with a new SiC chip production line launched in 2024 [6] - The implementation of a lean operation system has improved labor efficiency by 14% year-over-year and equipment utilization by 8.2% [6] Strategic Initiatives - The planned acquisition of Better Electronics is expected to create synergies with the company's existing product lines and enhance its market position [6][7]

[Table_Reportdate] 2025年04月07日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-04 24-07 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.东方电缆（603606）：公司业绩稳 步提升，在手订单再创新高——公司 简评报告 2.硅片供不应求加剧，风电招、开标 规模持续增长——新能源电力行业 周报（2025/03/24-2025/03/28） 3.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） [Table_NewTitle 光伏 ] 4月下游维持抢装，苏、粤海风项目 启动全面建 ...

[Table_Reportdate] 2025年04月07日 [table_invest] 标配 行 业 周 报 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 20% 30% 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 美容护理 沪深300 [相关研究 table_product] ——美容护理行业周报(2025/3/31-2025/4/4) [table_main] 投资要点： ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌1.37%，申万美容护理指数上涨 1.18%，行业跑赢大盘2.55pcts，涨幅在全部申万一级行业中排第四位。（2）个股方面： 本周板块涨幅前五的个股分别为拉芳家化（25.62%）、青岛金王（12.26%）、诺邦股份 （12.17%）、洁雅股份（11.61%）、芭薇股份（11.3 ...

标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_Reportdate] 2025年4月7日 （2025/3/17-2025/3/23） 3. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机遇 ——电子行业周报（2025/3/10- 2025/3/16） [Table_NewTitle] 美国关税超预期，长期半导体国产化有 望加速 ——电子行业周报2025/3/31-2025/4/6 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. Semicon展会中国半导体设备产 业光彩四溢，存储龙头释放涨价预 期——电子行 ...

[Table_Reportdate] 2025年4月7日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. Semicon展会中国半导体设备产 业光彩四溢，存储龙头释放涨价预 期——电子行业周报（2025/3/24- 2025/3/30） 2. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 3. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机遇 ——电子行业周报（2025/3/10- 2025/3/16） [Table_NewTitle] 美国关税超预期，长期半导体国产化有 望加速 ——电子行业周报2025/3/31-2025/ ...

[Table_Reportdate] 2025年04月07日 [table_invest] 标配 行 业 周 报 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 20% 30% 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 美容护理 沪深300 [相关研究 table_product] 1.2024年社零同比增长3.5%——美 容护理行业周报 (2025/1/13- 2025/1/17) ——美容护理行业周报(2025/3/31-2025/4/4) [table_main] 投资要点： ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌1.37%，申万美容护理指数上涨 1.18%，行业跑赢大盘2.55pcts，涨幅在全部申万一级行业中排第四位。（2）个股方面： 本周板块涨幅前五的个股分别为拉芳家化（25.62 ...

[晨会纪要 Table_NewTitle] 20250407 [Table_Reportdate] 2025年04月07日 [证券分析师： Table_Authors] 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.非农超预期，但对市场影响有限——海外观察：美国2025年3月非农数据点评 ➢ 2.原油价格暴跌对石化化工产业链影响，关税政策下看好内需改善及自主可控——资产配 置周报（2025/03/31-2025/04/04） ➢ 1.中国政府关于反对美国滥施关税的立场 ➢ 2.国务院关税税则委员会及商务部发布多项措施反制美国加征关税 ➢ 3.美联储主席鲍威尔：潜在的关税可能会对通胀产生持续影响 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推 ...

[Table_Reportdate] 2025年04月06日 策 略 研 究 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 ➢ 全球大类资产回顾：4月4日当周，全球股市整体下跌；黄金、原油、铝、铜也悉数收跌； 美元指数小幅下跌，人民币贬值，日元、欧元升值。1）权益方面：上证指数>科创50>沪 深300指数>深证成指>恒生指数>创业板指>恒生科技指数>英国富时100>道指>法国 CAC40>德国DAX30>日经225>标普500。2）原油价格大幅下跌，OPEC+增产协议超出市 场预期，此外美国"对等关税"落地，市场预期需求端下行；黄金避险价值短暂失效，或 因风险资产普遍大幅下跌导致 ...