[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 ...

[Table_Reportdate] 2025年04月13日 策 略 研 究 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@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 [油价与美债利率 Table_NewTitle] 的走势分化，避险资产 配置与国内消费、科技的强化 ——资产配置周报（2025/04/07-2025/04/11） [table_main] 投资要点 策略研究 正文目录 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 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾：至4月11日当周，全球主要股市仅美股收涨；主要商品期货中黄金、 铝、铜收涨，原油收跌；美元指数下跌，人民币 ...

Group 1 - The report highlights the divergence in the trends of oil prices and US Treasury yields, indicating that the recent drop in oil prices, with Brent crude at $64.76 per barrel (down 13% from early April), typically signals expectations of economic recession. However, the 10Y US Treasury yield rose significantly by 47 basis points to 4.48%, marking the highest level since mid-February and the largest single-week sell-off in the US bond market since September 2019. This divergence suggests a weakening of the traditional safe-haven status of US Treasuries, while increasing demand for gold as a safe-haven asset remains intact [8][9][10]. Group 2 - In the domestic equity market, as of April 11, 2025, the average daily trading volume was 15,751 billion yuan, up from 11,173 billion yuan previously. The report notes that the consumer sector outperformed, followed by finance, while cyclical and growth sectors lagged. Among the 31 sectors tracked, only 4 sectors saw gains, with agriculture, retail, and defense industries leading the way, while power equipment, telecommunications, and machinery sectors faced significant declines [18][19]. Group 3 - The report discusses the strengthening of domestic consumption and technology sectors, with expectations for continued growth in GDP and key economic indicators such as industrial output and retail sales. The anticipated release of trade data is expected to provide further insights into the impact of trade tensions and credit conditions on domestic consumption policies. The report suggests that while there may be short-term risks related to raw material price declines and export impacts, the long-term outlook remains positive for leading industry players and new technological applications [10][11][12].