Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Insights - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential recovery in valuations. Companies with overseas production capabilities will have a tax rate advantage, while those with international layouts will be less impacted by tariff uncertainties [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators. The AI narrative remains strong, indicating explosive growth in computing power demand [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, as national security strategies drive demand [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Jiaxun Feihong, China Communication Construction, China Satellite, and Haige Communication, along with optical module leaders like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments. The overall market sentiment improved following government announcements of stock buybacks and support measures [16][19]. Key Companies and Recommendations - Key companies recommended include Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), Tianfu Communication (300394.SZ), and others in the computing power and optical communication sectors. The report suggests monitoring companies like Weiteng Electric, which have seen significant price drops but possess growth potential [4][9][12]. Future Outlook - The report emphasizes the ongoing investment in AI infrastructure, with major players like Alibaba and ByteDance planning substantial expenditures over the next few years. The anticipated growth in AI and computing power is expected to drive the market forward [3][22][39].

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 有色金属 地缘竞争不确定性持续演绎，金价再创新高 黄金：滞涨逻辑交易背景下，拥抱黄金确定性。周内受特朗普关税缓和言论影响，海外资产 价格剧烈波动，美国周内多个交易日出现"股债汇"三杀，黄金在上周因流动性挤兑因素下 出现大幅回调。本周再创新高，核心逻辑在于：1）周三公布的美国 CPI 数据低于预期，叠 加失业率连续两个月上行，降息预期再度升温，为黄金价格短期形成上行支撑；2）周一中 国央行再度增持黄金，为连续第五个月增持，为市场提供信心；3）特朗普关税政策的反复 对经济影响存在较大不确定性。中期来看，美国经济数据疲弱在特朗普超预期的关税政策公 布前已初现端倪，市场由特朗普胜选初期的"过热+通胀"逻辑转向滞涨，而回顾历史，1974- 1975 年和 1979-1980 年两轮典型的滞涨时期，黄金均有不俗表现。建议关注：紫金矿业、 山东黄金、赤峰黄金、银泰黄金、招金矿业等。 工业金属：（1）铜：方向需要等待进一步关税靴子落地。①宏观：4 月 10 日，美国宣布对 数十个国家暂停对等关税 90 天，这一消息在市场中引发了连锁反应。 ...

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 房地产开发 2025W15：刺激内需必要性提升，等待房地产政策进一步加码 二手房：本周 14 个样本城市二手房成交面积合计 227.6 万方，环比增长 5.6%，同比增长5.9%。其中样本一线城市的本周二手房成交面积为86.1 万方，环比-9.5%；样本二线城市为 113.1 万方，环比 18.3%；样本三线 城市为 28.4 万方，环比 14.9%。 信用债：本周共发行房企信用债 22 只，环比增加 13 只；发行规模共计 219.47 亿元，环比增加 164.27 亿元，总偿还量 152.1 亿元，环比增加 49.58 亿元，净融资额为 67.37 亿元，环比增加 114.69 亿元。 投资建议：维持行业"增持"评级。我们认为重点关注房地产相关股票有 以下理由：1、政策受基本面倒逼进入深水区，如我们 2022、2023 年在报 告中反复阐述，认为本轮最终政策力度超过 2008、2014 年，而现在尚在 途中。2、地产作为早周期指标，具备指向性作用，配置地产相当于配置经 济风向标。3、行业竞争格局改善逻辑依旧适用，拿地和 ...

证券研究报告 | 金融工程 gszqdatemark 2025 04 12 年 月 日 技术面。本周衡量中长期动量的价格趋势指标维持看多信号，而代表反 转的新高新低指标发出看空信号，可见当前右侧趋势与左侧反转信号相互 抵消，技术面当前为 0.00 分，无显著信号。 拥挤度。衍生品指标中的隐含升贴水、VIX、SKEW 本周发出看多信号， 可转债定价偏离度处于中性水平，可见目前拥挤度指标分数为 0.73 分， 指标认为当前市场拥挤度较低，综合来看发出看多信号。 风险提示：以上结论均基于历史数据和统计模型的测算，如果未来市场环 境发生明显改变，不排除模型失效的可能性。 量化分析报告 择时雷达六面图：估值面、经济面与拥挤度好转 择时雷达六面图：基于多维视角的择时框架。权益市场的表现受到多维度 指标因素的共同影响，我们尝试从流动性、经济面、估值面、资金面、技 术面、拥挤度选取二十一个指标对市场进行刻画，并将其概括为"估值性 价比"、" 宏观基本面"、"资金&趋势"、"拥挤度&反转"四大类，从而生 成[-1,1]之间的综合择时分数。 本周综合打分。本周市场的估值性价比有所上升，宏观基本面中性偏空， 市场的资金&趋势信号有 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 12 年 月 日 钢铁 债务周期的强弩之末 行情回顾（4.7-4.11）： 中信钢铁指数报收 1,509.14 点，下跌 6.43%，跑输沪深 300 指数 3.55pct，位列 30 个中信 一级板块涨跌幅榜第 26 位。 重点领域分析： 投资策略：本周是波动剧烈的一周，除了中美贸易战螺旋升级之外，我们之前提出主导国债 务周期末路的信用风险也逐步被越来越多的投资者所关注。近代当人类进入工业文明后生产 力大幅提高，历史的演进增加了新的色彩，但本质并没有改变。在康波的回升和繁荣周期中 伴随着新技术带来的生产力提高发挥作用，人们的生活水平会明显提高；而在康波的萧条期， 国家和国家之间，国家内部富人和穷人之间财富和权力的争斗此起彼伏，往往大量财富、生 命被毁灭。潜移默化中一旦周遭各种力量朝着一个方向发展，历史的构成板块就会移动。所 谓历史的周期律意味着它们在未来必然发生，所有人的生活都会因此发生巨变。不要用过去 二十年的投资经验去理解现在的问题，过去四十年康波的回升和繁荣周期是我们生命的全 部，但不是人类历史的全部，也不是人类社会的常态。在历史上 ...

本周中证 REITs 全收益指数下跌 1.18%。截至 4.11，本周（4.5-4.11， 下同）中证 REITs(收盘)指数下跌 1.36%，收于 856.7 点；中证 REITs 全收益指数下跌 1.18%，收于 1065.4 点。本周沪深 300/恒生/中债十 年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下 跌 2.87%/下跌 8.47%/上涨 0.45%/下跌 1.47%/下跌 4.57%/下跌 1.40%。其中中债十年期国债指数本周涨幅最高，REITs 全收益指数排 行第 2。 本年中证 REITs 全收益指数涨幅为 10.07%。截至 4.11，本年中证 REITs(收盘)指数涨幅为 8.50%，中证 REITs 全收益指数涨幅为 10.07%。本年沪深 300/恒生/中债十年期国债/房地产(申万)/恒生地产 建筑业/高速公路(申万)指数分别下跌 4.69%/上涨 4.26%/下跌 0.13%/下跌 6.36%/下跌 0.56%/下跌 4.15%。其中中证 REITs 全收益 指数本年涨幅最高，REITs 全收益指数排行第 1。 REITs 二级市场表现 本周 C-REIT ...

一、六家银行披露一季度经营情况，多家银行股东或高管公告增持 根据证监会发布的《上市公司监管指引第 10 号——市值管理》，长期破净 公司应当制定上市公司估值提升计划，2024 年以来多家银行披露估值提 升计划及"提质增效重回报"行动方案，内容包括"推动高质量发展提升 内在价值、加强投资者关系管理、坚持稳健分红策略、鼓励股东及高管增 持"等举措。 本周多家银行公告股权增持计划，各家银行股东或高层管理人员拟增持自 家银行股票，今年以来包括邮储银行、光大银行、成都银行、南京银行、 苏州银行第一大股东或其他股东均披露已增持或将继续增持，包括华夏银 行、浙商银行、江苏银行的"部分董事、监事、高级管理人员及总行部门、 分行、子公司主要负责人"也预告自公告以后的 6 个月内增持自家银行股 份的最低金额，彰显股东、董事、高管等对自身银行价值的认可、未来战 略规划及发展前景的信心。 此外，包括交通银行、民生银行、浦发银行、杭州银行、重庆银行、渝农 商行六家银行披露今年一季度经营情况。整体来看，银行持续加大对实体 经济的支持力度，今年一季度资产及存贷款规模保持稳健增长，其中例如 重庆银行资产、贷款、存款同比增速分别达 19.33 ...

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting potential investment opportunities due to shareholder confidence and strategic plans for value enhancement [1][3]. Core Insights - Six banks reported their Q1 operational results, with several shareholders and executives announcing stock buyback plans, indicating confidence in their banks' future prospects [1][2]. - The banking sector is expected to benefit from government policies aimed at stabilizing the economy, with a focus on supporting the real estate market and consumer spending [3]. - Key banks to watch include Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank under a cyclical strategy, while Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Rural Commercial Bank are highlighted under a dividend strategy [3]. Summary by Sections Q1 Operational Results - Major banks such as Chongqing Bank reported significant growth in assets, loans, and deposits, with year-on-year increases of 19.33%, 16.22%, and 19.26% respectively [2]. - The overall asset quality remains stable, with a slight decrease in non-performing loan ratios for Chongqing Bank and Chongqing Rural Commercial Bank [2][3]. Shareholder Actions - Several banks, including Postal Savings Bank and Everbright Bank, have announced plans for share buybacks, reflecting confidence from major shareholders and executives [1][17]. - Specific buyback amounts include a minimum of 30 million RMB for Huaxia Bank and 20 million RMB for Zhejiang Bank, showcasing a commitment to enhancing shareholder value [1][14]. Market Trends - The banking sector is experiencing a positive trend in net interest income, with Chongqing Bank achieving a revenue growth rate of 5.30% in Q1, an increase of 1.8 percentage points compared to the previous year [2][3]. - The report notes a narrowing decline in interest margins, attributed to improved management of deposit costs and the optimization of liability structures [2]. Key Data Tracking - The average daily trading volume in the stock market reached 1.61 trillion RMB, indicating increased market activity [4]. - The balance of margin financing increased by 0.47% week-on-week, reflecting growing investor engagement [4].

证券研究报告 | 行业周报 gszqdatemark 2025 04 12 年 月 日 医药生物 【周专题&周观点】【总第 392 期】器械&上游自主可控标的梳理 一、 当周（4.7-4.11）回顾与周专题： 当周（4.7-4.11）申万医药指数环比-5.61%，跑赢创业板指数，跑输沪深 300 指数。当 周周专题，我们梳理了医疗器械和生命科学上游领域具备"自主可控"和"国产替代" 属性的标的，供投资者参考。 二、近期复盘： 1、当周表现：本周市场出现大波动，周一大跌，周二到周五反弹。医药这边走势和市 场类似。周度来看，科研仪器、部分设备、部分上游、血制品、部分创新药表现较好。 外需相关的承压较大。后半周市场反弹以创新药、一季报、个股逻辑催化为驱动力带动 为主。中间像内需政策如生育政策主题等也有阶段演绎。 2、原因分析：市场本周主要受到特朗普关税政策及其反复变化预期影响，导致市场走 势波动较大。也正是因为如此，市场整体风格偏向于外需弱，内需及自主可控逻辑较 强，科研仪器、部分设备、部分上游、血制品基本上演绎的都是这个逻辑。创新药是医 药里面产业逻辑最顺的细分领域，即使受到关税政策冲击市场，依旧表现出不错的相对 ...