[Table_Reportdate] 2025年04月07日 [table_invest] 超配 [证券分析师 Table_Authors] 3.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 [Table_NewTitle 关税波动加剧，重视内需改善 ] ——食品饮料行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞争加剧的影响；食品安全的影响。 行 业 研 究 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 1.青岛啤酒（600600）：整装待发， 修复可期——公司简评报告 2.年报陆续发布，关注基本面表现— —食品饮料行业周报（2025/3/24- 2025/3/30） 证券研 ...

[Table_Reportdate] 2025年04月07日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 1.青岛啤酒（600600）：整装待发， 修复可期——公司简评报告 2.年报陆续发布，关注基本面表现— —食品饮料行业周报（2025/3/24- 2025/3/30） 3.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 [Table_NewTitle 关税波动加剧，重视内需改善 ] ——食品饮料行业周报（2025/3/31-2025/4/6） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞争加剧的影响；食品安全的影响。 行 业 研 究 证券研 ...

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 report highlights the acceleration of mergers and acquisitions in the brokerage sector, 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 by insurance funds, which is anticipated to benefit both the new productive forces and the returns on insurance capital [4][31]. - The report emphasizes the importance of regulatory support for the development of private enterprises and the capital market, which is expected to foster high-quality companies and promote continuous reform [4][31]. Summary by Sections Market Review - The non-banking financial index fell by 1.3% last week, with the brokerage index down 1.8% and the insurance index down 0.7%, while the multi-financial index increased by 0.3% [8][9]. - The average daily trading volume for stock funds was 13,897 billion, a decrease of 7% week-on-week [17]. Brokerage Sector - The brokerage index's decline was offset by Xiangcai's significant increase of 21.8% due to merger expectations, which is expected to enhance customer acquisition and digital transformation [4][31]. - New A-share accounts reached 3.07 million in March, a year-on-year increase of 27%, indicating sustained market enthusiasm despite potential impacts from U.S. tariff policies [4][31]. Insurance Sector - The regulatory authority has expanded the scope of equity investments for insurance funds to include technology and modern agriculture, aligning with national strategic industries [4][31]. - The report predicts that the expansion of equity investments will lead to stable investment returns for insurance funds, enhancing overall yield expectations [4][31]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high financial ratios, and improving return on equity (ROE) as key investment themes [4][31]. - In the insurance sector, attention is recommended for large comprehensive insurance companies with competitive advantages under the new regulatory framework [4][31].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights the impact of increased tariffs on agricultural products imported from the United States, with a 34% tariff imposed starting April 10, 2025, following previous tariffs on specific products [4]. - China is a major consumer of agricultural products, with significant imports from the U.S. in 2024 amounting to approximately $24.9 billion, representing 15% of total imports from the U.S. and 12% of China's total agricultural imports [4][5]. - The report notes a shift towards increased imports from Brazil, with the dependency on U.S. imports expected to decrease over time, particularly for soybeans, which saw a reduction in U.S. import dependency to 21% in 2024 [4]. - Short-term price increases for agricultural products are anticipated due to the new tariffs, especially for high-dependency items like soybeans, although the price elasticity may be limited by production and substitution factors [4]. - The report suggests focusing on investment opportunities in pig, poultry, and beef farming sectors, as well as domestic pet brands that are increasingly replacing foreign products [4]. Summary by Sections Tariff Impact - The report discusses the new 34% tariff on all U.S. imports and previous tariffs on specific agricultural products, which cumulatively raise tariffs to 49% or more for most agricultural goods [4]. Import Dependency - In 2024, the U.S. was the second-largest source of agricultural imports for China, with soybeans being the most significant at $12.04 billion, accounting for 48% of U.S. agricultural imports [4][5]. - The report provides detailed statistics on various agricultural products, highlighting the dependency on U.S. imports for items like cotton and sorghum, with respective dependencies of 35% and 67% [5]. Market Dynamics - The report emphasizes the diversification of import sources, with Brazil, Australia, and Argentina becoming increasingly important suppliers, which may mitigate the impact of U.S. tariffs [4]. - It also notes that the domestic consumption of imported meat products is relatively low, suggesting limited direct impact from the tariffs on domestic prices [4]. Investment Recommendations - The report recommends focusing on sectors such as pig, poultry, and beef farming, as well as the domestic pet food market, which is expected to grow as local brands gain market share [4].

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 ...