[Table_Reportdate] 2025年04月14日 标配 行 业 周 报 [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 [table_stockTrend] -29% -19% -9% 1% 11% 21% 32% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.光伏4月下游维持抢装，苏、粤海风 项目启动全面建设——新能源电力 行业周报（2025/03/31-2025/04/03） 2.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 3.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） [Table_NewTitle 光伏产业链] 4月排产上行，陆风待建规模 稳步增长 ——新能源电力行业周报（2025/ ...

[Table_Reportdate] 2025年04月14日 标配 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -29% -19% -9% 1% 11% 21% 32% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] [Table_NewTitle 光伏产业链] 4月排产上行，陆风待建规模 稳步增长 ——新能源电力行业周报（2025/04/07-2025/04/11） [table_main] 投资要点： ➢ 市场表现： ➢ 本周（04/07-04/11）申万光伏设备板块下跌9.56%，跑输沪深300指数6.68个百分点； 申万风电设备板块下跌8.34%，跑输沪深300指数 ...

[Table_Reportdate] 2025年04月14日 超配 业 周 报 非 银 金 融 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -28% -10% 8% 26% 44% 62% 80% 24-04 24-07 24-10 25-01 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.险资股权投资范围扩容，防范关税 政策下的市场冲击——非银金融行 业周报（20250331-20250406） 2.从湘财合并大智慧，看中小券商与 金融科技跨界整合新路径——非银 金融行业简评 3.年报业绩亮眼，把握发展基础夯实 下的非银板块低位配置机遇——非 银 金 融 行 业 周 报 （ 20250324- 20250330） [Table_NewTitle 中长期资金] 入市推动市场信心重拾，关 注一季报业务增长带来的配置机遇 ——非银金融行业周报（20250407-20250413） [table_main] 投资要点： 研 究 行 证券研究报告 HTTP: ...

行 业 研 究 [Table_Reportdate] 2025年04月14日 标配 业 周 报 美 容 护 理 锦波生物全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批。4月9日，由山西锦波生物 医药股份有限公司自主研发生产的全球首个"注射用重组Ⅲ型人源化胶原蛋白凝胶"正 式获得国家药品监督管理局批准上市。这是锦波生物自主研发生产的第三个采用生物新 型材料——重组人源化胶原蛋白制备的III类植入医疗器械，标志着生物材料领域的又一 次重大技术突破。 珀莱雅首次官宣四位研发大咖。孙培文博士（珀莱雅首席研发创新官）主导全流程的产 品研发工作，并推动研发创新体系升级。孙培文博士拥有美国普渡大学药理学博士学位 及MBA学位，拥有近30年的消费品行业从业经验。黄虎博士（珀莱雅首席科学官）重点 负责基础研究、原料开发及临床功效等领域，构建企业核心技术护城河，并助力打造产 学研医协同创新生态。黄虎博士曾任清华大学化学系教授、美国宝洁总部全球首席科学 家，服务宝洁27年。Lieve Declercq 博士（珀莱雅首席科学顾问、珀莱雅欧洲科创中心 副总裁）将助力全球研发体系融合，加速珀莱雅国际化发展。Lieve Declercq 博 ...

Investment Rating - The report suggests a cautious optimism for the semiconductor industry, highlighting a moderate recovery in demand and potential growth opportunities in AIOT, AI-driven technologies, equipment materials, and consumer electronics [6][5]. Core Insights - The China Semiconductor Association has clarified that the origin of semiconductor products will be determined by the location of wafer fabrication, which may impact companies with significant overseas production [6][11]. - The U.S. has announced exemptions from "reciprocal tariffs" for certain products, including smartphones and routers, while specific tariffs on semiconductors are still under review [6][11]. - The electronic industry is currently experiencing a mild recovery, with a recommendation to focus on four main investment themes: AIOT, AI-driven innovations, upstream supply chain domestic substitution, and consumer electronics [6][5]. Summary by Sections Industry News - The U.S. Customs and Border Protection announced exemptions for certain products from the 125% "reciprocal tariffs," which may affect the semiconductor supply chain [11]. - The China Semiconductor Association has issued new guidelines for determining the origin of integrated circuits, which may benefit domestic semiconductor manufacturers [11][6]. Market Performance - The report notes that the electronic sector underperformed the broader market, with the Shanghai-Shenzhen 300 Index down 2.87% and the Shenwan Electronics Index down 3.89% [20][22]. - As of April 11, 2025, the semiconductor sub-sector showed a slight increase of 0.56%, while other electronic segments experienced declines [22][20]. Investment Recommendations - The report recommends focusing on the following sectors: 1. AIOT, with companies like Lexin Technology and Hanguang Technology [6]. 2. AI-driven innovations, including computing chips from Cambrian and Haiguang Information [6]. 3. Upstream supply chain domestic substitution, highlighting companies like North Huachuang and Zhongwei Technology [6]. 4. Consumer electronics, with potential rebounds in companies like Weir Shares and Zhaoyi Innovation [6]. Industry Data Tracking - The report indicates a slight rebound in storage chip prices since the second half of 2023, with DRAM prices facing pressure but some recovery noted in early 2025 [32][36]. - TV panel prices have shown a slight recovery, while IT panel prices are stabilizing [32][39].

行 业 研 究 [Table_Reportdate] 2025年04月14日 标配 业 周 报 美 容 护 理 [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.第三款"少女针"获批，谷雨启 动A股IPO ——美容护理行业周报 (2025/3/31-2025/4/4) [Table_NewTitle 提振内需，关注优质国货企业 ] ——美容护理行业周报(2025/4/7-2025/4/11) [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2.87%，申万美容护理指数下跌 2.55%，行业跑赢大盘0.32pcts，涨幅在全部申万一级行业中排第八位。（2）个股方面： 本周板块涨幅前五的个股分别为青岛金王（26.28%）、锦波生物（13.01%）、豪悦护理 （7.5 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the non-banking financial sector relative to the broader market [6][36]. Core Insights - The report highlights that the recent adjustments in insurance capital investment regulations are expected to provide additional funding to the equity market, enhancing market confidence and creating investment opportunities [4][6]. - The performance of brokerage firms is anticipated to improve due to increased trading activity and favorable quarterly earnings forecasts, with significant profit growth reported by several major firms [6][10]. - The insurance sector is poised for growth as regulatory changes allow for higher equity investment limits, potentially injecting around 1 trillion yuan into the market [6][34]. Summary by Sections Market Review - The non-banking financial index fell by 5.2% last week, underperforming the CSI 300 index by 2.3 percentage points, with both brokerage and insurance indices showing declines of 5.4% and 4.7% respectively [6][10]. - Average daily trading volume in the stock market reached 19,722 billion yuan, a week-on-week increase of 41.9% [19]. Brokerage Insights - The report emphasizes the recovery of market confidence driven by long-term capital inflows and the proactive measures taken by major funds, including share buybacks and shareholder increases [6]. - Major brokerages reported substantial profit growth for Q1 2025, with East Wu Securities showing a year-on-year increase of 100%-120% [6][10]. Insurance Insights - Recent regulatory changes have raised the equity investment limits for insurance funds, potentially leading to an influx of approximately 1 trillion yuan into the equity market [6][34]. - The report notes that China Life Insurance expects a 30%-50% increase in net profit for Q1 2025, driven by improved liability structure and investment returns [6]. Investment Recommendations - For brokerages, the report suggests focusing on firms with strong capital positions and stable operations, particularly in the context of mergers and acquisitions [6]. - In the insurance sector, attention is drawn to large comprehensive insurance companies that possess competitive advantages under the new regulatory framework [6].

[Table_Reportdate] 2025年04月14日 标配 行 业 简 评 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn [table_stockTrend] -19% -10% -1% 8% 16% 25% 34% 24-04 24-07 24-10 25-01 申万行业指数:银行(0748) 沪深300 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 银 行 [相关研究 table_product] 3.信贷实现"开门红"，贷款利率随基 准如期下行——银行业"量价质"跟 踪（九） 4.化债与地产政策积极效果体现，金 融数据继续改善——银行业"量价 质"跟踪（八） [Table_NewTitle 积极政策与流动性需求促进信贷回暖 ] ， 贷款定价基本稳定 ——银行业"量价质"跟踪（十二） [table_main] 投资要点： 行 业 研 究 [table_invest] 1.常熟银行（601128）：负债成本管 控强化，资产质量管理审慎——公司 简评报告 2.稳居民 ...

[Table_Reportdate] 2025年4月14日 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 1. 存储价格上行，半导体设备国产 化旋律进一步深化——半导体行业3 月份月报 品 — — 电 子 行 业 周 报 （20240923-20240929） 2. 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） 3. 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） [Table_NewTitle] 半导体原产地认定细则落地，关注关税 博弈下的半导体国产替代逻辑 ——电子行业周报2025/4/7-2025/4/13 标配 [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 行业周报 [table_main] 投资要点： 行 业 研 究 证券研究报 ...