2025 年 04 月 14 日 2025 年 3 月金融数据点评 企业短期贷款支撑较强 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG93 4@pingan.com.cn | 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 平安观点： 风险提示：稳增长政策效果不及预期，海外经济衰退程度超预期，地缘政治冲突升级等。 宏 观 报 告 宏观点评报告 一、 社融增速进一步回升 2025年3月，新增社融58879亿元，同比上年多增10544亿；社融存量同比增长8.4%，较上月进一步回升0.2 个百分点。 从分项来看，社融同比多增主要受到政府债券融资和人民币贷款的拉动，而企业债券融资同比少增产生拖累。 图表1 2025 年 3 月新增社融及各分项规模 资料来源 : Wind ，人民银行，平安证券研究所；注：其他类包括贷款核销、存款类机构资产支持证券等分项 10,544 5,358 -837 299 -443 81 -5,142 186 10,202 84 ...

医药 2025 年 04 月 14 日 科兴制药(688136.SH) 24年利润端实现扭亏，关注新品海外放量节奏 推荐（维持） 股价：30.00 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 60 | | 流通 A 股市值(亿元) | 60 | | 每股净资产(元) | 8.19 | | 资产负债率(%) | 48.2 | | 行情走势图 | | 相关研究报告 【平安证券】科兴制药（688136.SH ）*公司动态跟踪 报告*出海业务有望保持高增长，创新药平台价值静待 重估*推荐20250402 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | ...

Group 1: Semiconductor Industry - The implementation of the integrated circuit origin recognition standard is a significant policy response to the escalation of US-China trade tensions, which is expected to accelerate the domestic semiconductor industry's localization process [2][8][11] - The origin recognition standard states that the origin of integrated circuits will be determined based on the location of the wafer fabrication plant, emphasizing wafer manufacturing over packaging and testing [8][9] - Domestic wafer foundries like SMIC and Hua Hong Semiconductor are expected to benefit from the return of overseas foundry orders as design companies may shift production to China to avoid US tariffs [10][11] Group 2: Investment Recommendations - Investment opportunities are suggested in areas with low localization rates and significant market shares held by US companies, particularly in the design segment, with recommendations for companies like Sanan Optoelectronics and Zhaoyi Innovation [2][11] - In the manufacturing segment, SMIC and Hua Hong are highlighted as key players to watch [11] - For CPU and GPU sectors, companies such as Haiguang Information and Loongson Technology are recommended, with a note to monitor Cambrian [11] Group 3: Bond Market Insights - The US bond market has seen a decline in 2Y and 10Y Treasury yields by 34 basis points and 24 basis points respectively, indicating a steepening yield curve amid rising recessionary trades [3][12][13] - High-yield Chinese dollar bonds have performed well, outpacing both domestic and foreign credit bonds due to favorable supply-demand dynamics and a decrease in real estate default risks [3][12][13] Group 4: Fund Strategies - In a low-interest-rate environment, there is an expectation for the development of fixed-income enhancement strategies, particularly focusing on medium-volatility strategies that can adapt to market changes while controlling drawdowns [4][16][19] - The report emphasizes the importance of selecting funds with strong timing capabilities and flexibility to respond to market fluctuations [19][20]

Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Viewpoints - The ongoing US-China tariff policies are causing disruptions, suggesting a focus on non-US market expansion and import substitution opportunities in the biopharmaceutical sector [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, with companies primarily exporting to markets outside the US being less affected [4][9] - The report emphasizes the potential for domestic products to gain market share in the biopharmaceutical sector due to increased tariffs on US imports [9][10] Summary by Sections Tariff Policy Overview - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [4][5] Biopharmaceutical Sector Insights - The blood products sector is expected to stabilize prices and increase the market share of domestic products due to tariff impacts on imports, particularly for albumin [9] - The medical device sector is anticipated to accelerate domestic substitution due to reliance on North American production, with specific focus on electrophysiology and imaging products [10] - The report suggests monitoring companies such as Palin Bio, Tian Tan Bio, and Huashan Bio for potential growth opportunities in the blood products market [9][10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [12] - Specific companies highlighted for innovation include BeiGene, Dongcheng Pharmaceutical, and others with strong global competitiveness [12] - Companies like Mindray Medical and United Imaging are noted for their potential in overseas markets [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, showing a 49% year-on-year increase in sales [13] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - The report also highlights the potential of companies like East China Pharmaceutical and others in the nuclear medicine sector [17] Market Performance - The biopharmaceutical sector has seen a decline of 5.61% recently, with specific sub-sectors experiencing varying levels of impact [31][44]

公 司 报 告 计算机 2025年04月13日 行情走势图 证券分析师 盛视科技(002990.SZ) 研发投入力度加强，推动海外、AI构筑第二成长曲线 强烈推荐( 维持) 股价:26.75元 主要数据 | 行业 | 计算机 | | --- | --- | | 公司网址 | www.maxvision.com.cn | | 大股东/持股 | 瞿磊/62.07% | | 实际控制人 | 瞿磊 | | 总股本(百万股) | 261 | | 流通A股(百万股) | 134 | | 流通B/H股(百万股) | | | 总市值(亿元) | 70 | | 流通A股市值(亿元) | 36 | | 每股净资产(元) | 9.19 | | 资产负债率(%) | 30.4 | | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | 事项： 公司发布2024年年度报告，2024年公司实现营业收入12.22亿元，同比减少 22.31%，实现归母净利润1.75亿元，同比减少11.77%。利 ...

证券研究报告 社会服务行业周报 外部局势多变，重视刚需、内需 社会服务行业 强于大市（维持） 平安证券研究所 新消费团队 分析师：胡琼方 S1060524010002（证券投资咨询） 邮箱：huqiongfang722@pingan.com.cn 2025年04月13日 请务必阅读正文后免责条款 核心摘要 宏观及行业动态：1）本周外部环境层面中美"关税战"逐步升级，我国采取对等回应，4月9日下午国务院新闻办 《关于中美经贸关系若干问题的中方立场》。2）本周我国发布《促进健康消费专项行动方案》、《关于推广境外旅 客购物离境退税"即买即退"服务措施的公告》等消费促进政策。3）近期海外顶流网红甲亢哥来华直播和宣传，先 后走过上海、北京、郑州、成都、重庆、香港、深圳和长沙等八个城市，带动China Travel进一步火热。4）近日商 务部已组织有关商协会、大型商超和流通企业座谈，研究更好发挥各自优势，帮助外贸企业扩宽内销渠道。京东、阿 里旗下盒马、拼多多等线上平台及永辉、重百、华润万家、百联、红旗连锁等线下传统零售商均积极助力出口转内销。 公司相关动态：1）锦波生物：旗下注射用重组Ⅲ型人源化胶原蛋白凝胶获批三类械注册 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]

证券研究报告 金融行业周报 ——优化险资权益资产监管比例，全面监管体系完善 请务必阅读正文后免责条款 2025年4月13日 1 核心观点 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 优化险资权益资产监管比例，全面监管体系完善 1、优化险资权益资产监管比例，发挥"耐心资本"优势。 4月8日，国家金融监督管理总局发布《关于调整保险资金权益类资产监管比例有关事项的通 知》（以下简称《通知》） 。根据1月23日国新办举行新闻发布会，目前，保险资金投资股票和权益类基金的金额已经超过4.4万亿元。从保险资金运 用看，资本市场和未上市企业股权是主要的投资方向，目前股票和权益类基金投资占比是12%，未上市企业股权投资占比是9%，两项加起来是21%。截 至2024年末，中国人寿、中国平安、中国太保、新华保险的核心权益资产（股票和基金）配置比例 ...

Investment Rating - The report maintains a "Strong Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating offshore wind power project and the termination of a large-scale solar module procurement by China Power Construction [6][7]. - The Australian Labor Party's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive significant growth in the home storage market [7]. Wind Power - The commencement of the 16MW floating offshore wind power project by Three Gorges marks a milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. Solar Power - China Power Construction's termination of the 51GW solar module procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar sector is facing potential short-term demand weakness following the end of the installation rush by May 31 [6]. Energy Storage & Hydrogen - The Australian government's plan to subsidize home energy storage batteries, amounting to AUD 2.3 billion (approximately CNY 10.5 billion), aims to lower costs by 30% and facilitate the installation of over 1 million new batteries by 2030 [7]. - The report suggests a strong growth outlook for energy storage, particularly in overseas markets, with a focus on companies like Sungrow Power Supply and Sangfor Technologies [7]. Investment Recommendations - For wind power, the report recommends focusing on companies such as Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [7]. - In the solar sector, it suggests monitoring companies like Longi Green Energy and Tongwei Co., as well as the potential for improved competition in the supply chain [7]. - For energy storage, it highlights the importance of companies with solid overseas market positions and emerging market strategies [7].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, the A-share market declined, with most major global indices also falling. Only 4 out of the Shenwan industry indices closed higher, and 7.25% of the 1021 Wind concept sector indices closed up [3][6]. - Active equity funds underperformed last week. In the fixed - income category, products with higher equity attributes had weaker average returns than purer bond - type products. QDII funds also performed poorly on average, while gold funds stood out [3]. - The total scale of newly established funds last week reached 20.469 billion yuan, a 315.90% increase from the previous week. There were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds last week. This week, 15 ETFs are to be issued and 8 are to be listed [3]. - Some forward - looking public funds are targeting "pioneering" differentiated ETF products to gain a market edge. Bank wealth management is actively entering the market through ETFs [3]. Summary by Directory Market Review - A - share market: The Shanghai Composite Index fell 3.11% to close at 3,238.23, and the Shenzhen Component Index dropped 5.13% to 9,834.44. Among other indices, the ChiNext Index fell 6.73%, and the Kechuang 50 Index declined 0.63%, while the Beizheng 50 Index rose 0.92% [3][6]. - Global market: Most major global indices declined. In the US, the S&P 500 rose 5.70%, the Nasdaq Index increased 7.29%, and the Dow Jones Industrial Index climbed 4.95%. In the Asia - Pacific region, the Hang Seng Index fell 8.47%, and the Nikkei 225 Index dropped 0.58% [7]. - Industry performance: Among the Shenwan industry indices, the agriculture, forestry, animal husbandry, and fishery sector had the largest gain of 3.28%, followed by the commerce and retail sector with a 2.88% increase. The bottom - performing sectors were power equipment, communication, machinery, media, and steel [9]. - Concept sectors: 7.25% of the 1021 Wind concept sector indices closed up. The consecutive limit - up concept had the largest gain of 23.70%, followed by the first - board concept with a 21.68% increase [11]. Fund Performance Off - exchange Funds - Equity funds: On average, they underperformed. Common stock funds fell 3.86%, partial - stock hybrid funds dropped 3.86%, balanced hybrid funds declined 2.24%, and flexible allocation funds decreased 2.77%. The weekly return of Harvest Beijing Stock Exchange Select Two - Year Fixed - Open A was the highest at 6.24% [14]. - Fixed - income funds: Due to the weaker stock market than the bond market last week, products with higher equity attributes had weaker average returns. Partial - debt hybrid funds fell 0.71%, secondary - bond funds dropped 0.49%, primary - bond funds declined 0.04%, medium - and long - term pure - bond funds rose 0.16%, short - term pure - bond funds increased 0.10%, and the average 7 - day annualized yield of money - market funds was 1.44%. The weekly return of Green Fortune Interest - Rate Bond was the highest at 3.08% [16]. - QDII funds: They performed poorly on average. Stock - type QDII funds fell 4.79%, hybrid QDII funds dropped 4.90%, bond - type QDII funds declined 1.43%, and alternative - investment QDII funds decreased 3.56%. The weekly return of Invesco Great Wall Global Gold was the highest at 2.07%, and gold funds performed well [18][19]. On - exchange Funds - ETFs: The total on - exchange scale was 392.0119 billion yuan, with a net inflow of 107.626 billion yuan. Stock - type ETFs had a net inflow of 85.512 billion yuan, bond - type ETFs had a net inflow of 5.614 billion yuan, money - market ETFs had a net inflow of 7.936 billion yuan, QDII - type ETFs had a net outflow of 7.976 billion yuan, and alternative - investment ETFs had a net inflow of 16.539 billion yuan. The Grain 50 ETF performed well, and the CSI 300 ETF had the largest capital inflow [21][23]. - LOFs: The total on - exchange scale was 4.1905 billion yuan, with a net outflow of 717 million yuan. Stock - type LOFs had a net outflow of 105 million yuan, hybrid LOFs had a net outflow of 600 million yuan, bond - type LOFs had a net inflow of 2 million yuan, QDII - type LOFs had a net inflow of 102 million yuan, and alternative - investment LOFs had a net outflow of 73 million yuan. The Yin Hua Nei Xu LOF performed well, and the Hang Seng Index Fund LOF had the largest capital inflow [21][26]. Fund Issuance Dynamics Public Fund Issuance, Establishment, and Listing Dynamics - The total scale of newly established funds last week was 20.469 billion yuan, a 315.90% increase from the previous week. Among the established funds, China AMC Shanghai Science and Technology Innovation Board Composite Linked A had the largest scale of 4.892 billion yuan [31][33]. On - exchange Fund Issuance, Establishment, and Listing Details - Last week, there were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds. This week, 15 ETFs are to be issued, including Huaxia China National Aerospace and Aviation Industry ETF, etc., and 8 ETFs are to be listed, such as Fullgoal Shenzhen 100 ETF [35][37][38]. Market Hot - spot Review Public Funds Target "Pioneering" Differentiated ETF Products - The domestic ETF market has grown explosively, with the latest scale about to exceed 4 trillion yuan. However, the problem of intensified homogeneous competition is prominent. Some public funds are targeting "pioneering" differentiated products to gain an edge. For example, GF Fund's GF CSI Smart - Selected High - Dividend Strategy ETF is the first ETF linked to the Smart - Selected High - Dividend Index, and Harvest Fund's Harvest ChiNext New Energy Industry Theme ETF is the first of its kind in the market [42][43]. Bank Wealth Management Enters the Market Actively through ETFs - With the release of the 2024 annual reports of public funds, some wealth - management companies' investment operations of entering the market through stock ETFs have emerged. Some wealth - management products are among the top ten holders of stock ETFs. This is driven by multiple factors and is expected to become the mainstream choice for wealth - management funds to enter the market [45].