Investment Rating - The report maintains a "Positive" investment rating for the agricultural products sector [10] Core Insights - In Q1 2025, the pig farming sector is expected to remain profitable, with pig prices not falling into a loss zone, and both pig output and per-head profits showing year-on-year increases [2][18] - Key recommended stocks include Muyuan Foods, Wens Foodstuff, Juxing Agriculture, and Shennong Group, which are positioned well due to their cost advantages [2][36] - The feed sector is experiencing a recovery in demand, with Hai Da Group recommended as a key player due to its expected growth in feed sales [2][8] - The pet food market is seeing a rise in domestic brand strength, with recommendations for leading companies such as Guibao Pet and Zhongchong Co., and a suggestion to pay attention to Petty Co. [2][9] Summary by Sections Pig Farming - The average price of pigs in Q1 2025 is approximately 15.0 CNY/kg, up from 14.5 CNY/kg in Q1 2024, indicating a positive trend [7][19] - Average self-breeding profit is around 92.58 CNY/head in Q1 2025, a significant recovery from a loss of 170.26 CNY/head in Q1 2024 [7][19] - Quality pig farming companies have a total cost below 13 CNY/kg, maintaining over 200 CNY/head profit in Q1 2025 [19][36] Feed Sector - The feed sector's recovery is evident, with national industrial feed production reaching 49.2 million tons in January-February 2025, a year-on-year increase of 9.6% [8][19] - Hai Da Group aims for a 12% growth in feed sales, with an expected increase of over 100,000 tons in Q1 2025, translating to a growth rate exceeding 20% [8][19] Pet Food - The pet food sector is witnessing a surge in domestic brands, with online sales growth of 13.6% in January-February 2025, and Guibao Pet's online sales growing over 50% [9][19] - Guibao Pet is expected to achieve over 30% growth in Q1 2025, with a projected net profit growth of around 25% [9][19] - Zhongchong Co. is focusing on new product launches, expecting a 25%-30% increase in domestic sales revenue and a net profit growth of approximately 50% in Q1 2025 [9][19]

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [10]. Core Viewpoints - The report emphasizes that channel innovation drives the upgrade of retail formats, with new consumption trends propelling growth. It identifies three main investment lines: prioritizing domestic brands with strong innovation and consumer bases, focusing on retail channels that enhance efficiency, and selecting quality overseas enterprises with stable business models [2][4]. Summary by Sections Jewelry Industry - The jewelry sector faces pressure with a projected double-digit decline in gold jewelry sales due to rising gold prices, which increased by 37% year-on-year in Q1. Companies like Lao Feng Xiang and Zhou Da Sheng are expected to see profit declines of approximately 10% and 15%, respectively, while Chao Hong Ji is anticipated to grow by 15%-20% due to its focus on younger consumers and fixed-price products [5][16][17]. Retail Industry - The retail sector is undergoing continuous upgrades, with a 3.9% year-on-year growth in retail sales driven by the Spring Festival. Companies like Yonghui Supermarket are focusing on optimizing store formats, although short-term performance may be affected by low CPI and weak demand. Expected profit growth for Yonghui is projected between -15% and 0% [6][18][19]. Beauty and Personal Care - The beauty sector shows signs of stabilization, with a 4.4% year-on-year growth in the cosmetics industry. Companies like Proya and Marubi are expected to see revenue growth of 3%-7% and 30%-35%, respectively, despite high base effects from the previous year [21][24][25]. Cross-Border E-commerce - The cross-border e-commerce segment remains robust, although short-term profits may be pressured by tariff policies. Companies like Anker Innovation are expected to see profit growth of 30%-40% due to strong performance in their product categories [8][31][34].

丨证券研究报告丨 公司研究丨点评报告丨齐翔腾达（002408.SZ） [Table_Title] 业绩有所改善，原料价格回落下景气度有望 改善 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年实现营业收入 252.19 亿元，同比下降 6.31%；归母净利 润 0.32 亿元，同比增长 108.26%；扣非归母净利润 0.13 亿元，同比增长 104.95%。其中 2024 年第四季度营业收入 68.66 亿元，同比增长 2.72%，环比增长 22.09%；归母净利润-1.65 亿 元，同比减亏；扣非归母净利润-1.62 亿元，同比减亏。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 齐翔腾达（002408.SZ） cjzqdt11111 [Table_Title 业绩有所改善2] ，原料价格回落下景气度有望改 善 [Table_Summary2 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年实现营业收入 71.68 亿元，同比增长 19.11%；归母净利 润 3.00 亿元，同比增长 52.66%；扣非归母净利润 2.91 亿元，同比增长 51.62%。其中 2024 年第四季度营业收入 18.35 亿元，同比增长 11.85%，环比增长 1.10%；归母净利润 0.67 亿元， 同比增长 43.23%，环比下降 17.51%；扣非归母净利润 0.65 亿元，同比增长 44.15%，环比下 降 17.65%。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨聚合顺（605166.SH） [Table_Title] 业绩稳步提升，新项目打开成长空间 research.95579.com 1 聚合顺（605166.SH） cjzqdt11111 [Table_Title2] 业绩稳步提升，新项目 ...

丨证券研究报告丨 公司研究丨点评报告丨宁波银行（002142.SZ） [Table_Title] Q4 息差上行，分红比例提升 ——2024 年年报点评 报告要点 [Table_Summary] 宁波银行 2024 全年营收增速 8.2%，归母净利润增速 6.2%。全年利息净收入增速 17.3%，源 于扩表强劲+息差企稳回升，非息净收入增速增速-9.9%，未明显释放投资收益，年末其他综合 收益大幅增长，是未来营收释放潜在来源。全年贷款大幅增长 17.8%，预计增速领跑行业，全 年净息差 1.86%，较前三季度回升 1BP，同比仅下降 2BP，绝对水平以及降幅明显优于同业。 年末不良率环比持平于 0.76%，拨备覆盖率环比下降 15pct 至 389%，拨备覆盖率回落预计主 要反映零售风险压力。全年分红比例 22.8%，同比大幅提升 7pct，对应 2024 年股息率 3.8%。 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 1 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research ...

丨证券研究报告丨 行业研究丨专题报告丨医疗保健 [Table_Title] 长江消费关税影响系列报告：中美互加关税下， 医药生物如何布局？ 报告要点 [Table_Summary] 在中美互加关税大背景下，我们建议关注自主可控、进口替代的主线行业。此外，与关税关联 度不大的内需型企业的防御属性也不容忽视。（1）出口层面：关注创新药出海。（2）进口层面： 关注国产化率较低的部分 fast-follow/me-better 创新药、血制品、部分器械耗材等。(3)内循环 层面：关注中药、药店、医疗服务等。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 长江消费关税影响系列报告：中美互加关税下， 2] 医药生物如何布局？ [Table_Summary2] 中国反制关税强势回应美国对等关税 美国白宫发表声明，拟从美东时间 4 月 5 日起，对所有国家征收 10%的"基准关税"（从价税）。 ...

丨证券研究报告丨 港股研究丨公司点评丨毛戈平（1318.HK） [Table_Title] 毛戈平 2024 年年报点评：品牌持续破圈，复购 率稳步提升 报告要点 [Table_Summary] 2024 年，公司实现营业收入 38.85 亿元，同比增长 34.6%；归母净利润 8.81 亿元，同比增长 33%；经调整净利润 9.24 亿元，同比增长 39.2%。调整项主要为上市开支 2812 万元和激励费 用 1502 万元。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 毛戈平（1318.HK） cjzqdt11111 [Table_Title 毛戈平 20242]年年报点评：品牌持续破圈，复购 率稳步提升 [Table_Summary2] 事件描述 事件评论 丨证券研究报告丨 2025-04-11 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_B ...

[Table_Title] 资产配置（二）：风险预算风险平价模型 金融工程丨深度报告 %% %% %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 风险平价通过要求每个资产的风险贡献相等得到组合，但这样会使得波动高的资产天然在组合 中占比较低，当投资者的风险偏好水平较高时，风险平价的组合会相对保守，这就需要有一种 基于风险平价，但可以更灵活调整风险预算的模型。 分析师及联系人 [Table_Author] 覃川桃 郑起 SAC：S0490513030001 SAC：S0490520060001 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 24 %% %% research.95579.com 2 [Table_Title2] 资产配置（二）：风险预算风险平价模型 [Table_Summary2] 简单的风险平价并不适用于资产波动差别很大的情况 风险平价通过要求每个资产的风险贡献相等得到组合，但这样会使得波动高的资产天然在组合 中占比较低，当投资者的风险偏好水平较高时，风险平价的组合会相对保守，所以可以通过调 整风险预算 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 17.325 billion yuan in 2024, representing a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year [6][12] - The company achieved a total sales volume of 340,200 units in 2024, a year-on-year growth of 16.53%, significantly outpacing the industry growth rate [2][12] - The company has expanded its market share, achieving the number one position in 34 overseas countries and regions, with international revenue growing by 13.33% [2][12] - The company is actively developing new sectors, particularly in smart logistics, with a partnership with Huawei expected to accelerate growth in this area [2][12] Summary by Sections Financial Performance - In Q4 2024, the company recorded a revenue of 3.917 billion yuan, down 2.67% year-on-year, and a net profit of 218 million yuan, down 33.98% year-on-year [6] - The gross profit margin for the main business was 23.25%, an increase of 1.62 percentage points year-on-year, driven by higher sales of electric vehicles and an increase in the proportion of foreign revenue [12] Market Dynamics - The domestic forklift market is stabilizing, with a slight decline in domestic revenue by 6.37% year-on-year, while the international market continues to grow [12] - The company’s international sales volume increased by 34.08% year-on-year, indicating strong demand for its products abroad [12] Future Outlook - The company is expected to see steady growth in its core forklift business, supported by favorable policies and ongoing trends in automation [12] - Projections for net profit are 1.409 billion yuan in 2025 and 1.627 billion yuan in 2026, with corresponding price-to-earnings ratios of 10x and 9x [12]

丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 垃圾焚烧的绿能属性始于 IDC，不止于 IDC 报告要点 [Table_Summary] 近期垃圾焚烧项目向 IDC 供电受到市场关注，本文对能耗管控政策进行梳理和研究，阐述为何 垃圾焚烧项目可成为 IDC 项目供电良好选择，并进一步拓展，展望后续垃圾焚烧项目向 B 端供 电可行性，利于垃圾焚烧行业获得估值修复；最后对市场关心的"隔墙售电"问题进行研究分 析。看好未来垃圾焚烧绿电绿能直供 B 端企业带来现金流改善与估值修复。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 垃圾焚烧的绿能属性始于 IDC，不止于 IDC [Table_Summary2] 能耗管控趋严，节能审批为项目建设重要环 ...