证券研究报告 社会服务行业周报 两会多项政策改善民生、促进消费， AI驱动服务终端应用 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03月10日 请务必阅读正文后免责条款 核心摘要 3 3月5日第十四届全国人民代表大会第三次会议开幕，国务院总理李强作政府工作报告。政府工作报告将"大力提振消 费、提高投资效益，全方位扩大国内需求"列为年度十大工作任务之首，"消费"一词被提及32次。报告指出，将实 施提振消费专项行动，安排超长期特别国债3000亿元支持消费品以旧换新；扩大高中阶段教育学位供给，逐步推行免 费学前教育；制定促进生育政策，发放育儿补贴，大力发展托幼一体服务，增加普惠托育服务供给。 两会期间，国家金融监督管理总局局长李云泽表示，针对长期大额消费需求，将研究提高消费贷款额度，延长消费贷 款期限，鼓励金融机构量身定制金融产品，满足个性化、多样化金融需求。 两会期间，《政府工作报告》起草组负责人、国务院研究室主任沈丹阳表示，今年将加快推进部分品目消费税征收环 ...

多因素致业绩承压，现金流明显改善 推荐 ( 维持) 股价:13.34元 行情走势图 公 司 报 告 建材 2025年03月09日 东方雨虹(002271.SZ) 相关研究报告 【平安证券】东方雨虹（002271.SZ）*季报点评*经 营性现金流改善，积极推出回购计划*推荐20241101 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 公司公布2024年年报，全年实现营收280.6亿元，同比下降14.5%，归母净利 润1.1亿元，同比下降95.2%；其中四季度营收63.6亿元，同比下降14.8%，归 母净利润-11.7亿元，上年同期为-0.8亿元。公司拟每10股派发现金红利18.50 元（含税）。 平安观点： 公 司 年 报 点 评 研 究 报 告 杨侃 投资咨询资格编号 S1060514080002 BQV514 投资建议：考虑公司收入增长不及预期、减值压力犹存，下调盈利预测，预计公司2025-2026年归母净利润分别为14.1亿 元、18.8亿元，原预测为22.8亿元、26.0亿元，新增2027年预测为23.0亿元，当 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][10][15] Core Views - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [4][10] - The company is expanding its product matrix to meet diverse consumer needs, focusing on energy drinks and electrolyte beverages as its main revenue sources [9][10] - The company is experiencing a significant improvement in profit margins due to cost reductions and economies of scale, with a gross margin of 44.81% in 2024, up 1.74 percentage points year-on-year [9][10] Financial Performance Summary - Revenue projections for 2025-2027 are 20.603 billion yuan, 25.653 billion yuan, and 30.722 billion yuan, with respective year-on-year growth rates of 30.1%, 24.5%, and 19.8% [7][10] - Net profit forecasts for the same period are 4.390 billion yuan, 5.537 billion yuan, and 6.774 billion yuan, with year-on-year growth rates of 32.0%, 26.1%, and 22.4% [7][10] - The company’s return on equity (ROE) is projected to be 43.4% in 2025, 42.1% in 2026, and 40.1% in 2027 [13] Market and Strategic Insights - The company is focusing on a national expansion strategy, with significant revenue growth in regions such as North China and Southwest China, achieving year-on-year growth rates of 83.85% and 54.65% respectively [9][10] - The company’s sales channels are diversified, with significant contributions from distribution, key accounts, and online sales, showing rapid growth in the latter two [9][10]

宏 2025 年 3 月 10 日 中国经济高频观察（2025 年 3 月第 1 周） 证券分析师 平安观点： 观 报 告 宏 观 周 报 证 券 研 究 报 告 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 本周中国经济延续恢复势头，关税影响初步显现。本周钢铁板材、纺织及汽 车相关开工率同比增速回落，与出口需求、海外关税存在关联；从货运指标 看，上周港口集装箱吞吐量、货物吞吐量、国际货运航班农历同比增速回落。 1. 工业：生产呈弱修复。钢铁方面，日均铁水产量、五大钢材品种表观需求恢 复，建材产需较好，而前期偏强的板材产需边际回落，可能受海外对华钢铁 类产品加征关税的影响。水泥沥青方面，本周熟料产能利用率明显回落，同 比涨幅收窄；石油沥青装置开工率回落，同比由涨转跌。化工品方面，纯碱、 甲醇、PTA 等开工率回落，而山东地 ...

证券研究报告 2025年3月9日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）2025年政府工作报告发布，信创与AI迎来政策与市场双重红利。报告明确提出"推进高水平科技自立自 强"。政策资金支持将缓解地方财政压力，加快信创采购需求的落地。国家高度重视人工智能产业发展，持续推动"人工智能+" 行动。2）Manus新星闪耀，产业与政策持续催化。中国AI初创公司Monica.im宣布推出全球首款通用AIAgent产品Manus(早期预览 版)，阿里千问团队正式发布QwQ-32B推理模型。应用端：Manus突破通用Agent上限，探索人机协作全新范式。算法端：阿里开源 低成本模型QwQ-32B，性能对标满血版DeepSeek-R1。政策端：2025年政府工作报告发布，高度重视人工智能产业发展。 重点公司公告：1）中科曙光公告2024年年度报告。2）曙光数创公告2024年年度报告。3）中科星图公告2024年年度报告。4）中 科星图公告2025年度向特定对象发行A股股票预案。5）锐明技术公告2025 年股票期权激励计划(草案)。 一周行情回顾：本周，计算机行业指数上涨6.74%，沪深300指数上涨1.39%， ...

Group 1: US Economic Policy - Trump's tariff policy remains inconsistent, with a 25% tariff on Mexico and Canada set to take effect on April 2, 2025[8] - February's non-farm payrolls added 151,000 jobs, below the expected 160,000, with government jobs contributing only 11,000, the lowest in 10 months[13] - Unemployment rate increased to 4.1%, higher than the previous 4.0%[13] Group 2: European Economic Policy - Germany plans to establish a €500 billion special fund and relax debt limits to stimulate the economy[21] - The EU proposed an €800 billion plan to "rearm Europe"[21] - The European Central Bank (ECB) lowered rates by 25 basis points, signaling a potential end to rate cuts[22] Group 3: Global Market Trends - US stock indices fell: S&P 500 down 3.1%, Dow Jones down 2.4%, and Nasdaq down 3.5%[28] - European STOXX 600 index decreased by 0.7%, while Germany's DAX rose by 2.0%[28] - Asian markets saw the Hang Seng Tech Index rise by 8.4%[28] Group 4: Bond Market Developments - US 10-year Treasury yield rose by 8 basis points to 4.32%[32] - 2-year Treasury yield remained stable at 3.99%[32] - German 10-year bond yield surged by 45 basis points to 2.83%[32] Group 5: Commodity Price Movements - Brent and WTI crude oil prices fell by 3.9%, closing at $70.4 and $67.0 per barrel, respectively[34] - Gold prices increased by 3.4%, reaching $2931 per ounce[34] - Silver prices rose by 4.4% during the same period[34] Group 6: Currency Fluctuations - US Dollar Index dropped by 3.4% to 103.89, with the Euro appreciating by 4.4% against the dollar[36] - British Pound increased by 2.7% against the dollar[37] - Japanese Yen depreciated by 1.7% against the dollar[37]

Investment Rating - The report maintains an investment rating of "Outperform" for the biopharmaceutical industry, indicating an expected performance that exceeds the market by more than 5% over the next six months [1]. Core Insights - The government work report for 2025 emphasizes support for the development of innovative drugs, marking it as a key agenda item. This includes establishing a pricing mechanism for drugs, creating a directory for innovative drugs, and promoting flexible pricing and multi-tiered payment channels for domestic innovative drugs, which are expected to unlock significant market growth potential [3][34]. - The report highlights the importance of advancing basic medical insurance and reforming payment methods to enhance the healthcare system, alongside encouraging foreign investment in the medical sector [3]. Summary by Sections Industry Overview - The report notes that the 2025 government work report has made innovative drugs a focal point, with specific measures to support their development, including price formation mechanisms and payment reforms [3][34]. - The report also discusses the potential for domestic innovative drugs to gain a more flexible pricing structure and access to diverse payment channels, which could lead to substantial market growth [3]. Investment Strategy - The report suggests focusing on themes such as "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" for investment opportunities [7]. - Specific companies to watch include innovative drug firms like BeiGene, East China Pharmaceutical, and others that are positioned for growth in the global market [8]. Key Companies - **BeiGene**: Recognized as a benchmark for innovative drug companies, it has established a global sales network and is advancing its product pipeline, particularly in hematology [18]. - **Nocera**: The company is seeing rapid growth in its core product, with multiple clinical trials underway, indicating a strong pipeline for future revenue [21]. - **Pry Eye Hospital**: The company is well-positioned to benefit from increasing demand in the ophthalmology sector, supported by favorable government policies and a strong expansion strategy [24]. Market Trends - The report indicates a positive trend in the biopharmaceutical sector, with significant investments and acquisitions occurring, such as Shanghai Pharmaceuticals' acquisition of a Chinese medicine company to enhance its product line [35]. - The report also notes the increasing interest in nuclear medicine, with major pharmaceutical companies making substantial investments in this area [14]. Financial Projections - The report provides financial forecasts for key companies, indicating expected revenue growth and profitability improvements in the coming years, particularly for companies like Kailai and Boten [9][11]. Conclusion - Overall, the report presents a favorable outlook for the biopharmaceutical industry, driven by government support for innovation, market expansion opportunities, and a robust pipeline of new products from leading companies [3][34].

Investment Rating - The industry investment rating is "Strong Buy" with an expectation that stock performance will exceed market performance by over 20% within six months [65]. Core Insights - The government work report from the recent National People's Congress (NPC) clearly outlines economic targets and specifies a plan to issue special government bonds worth 500 billion yuan to support the capital replenishment of state-owned commercial banks, which will enhance their capital base and risk resilience while increasing support for the real economy [6][15]. - The NPC's economic theme press conference highlighted future policy guidance, indicating a more proactive fiscal policy and potential adjustments in monetary policy, including possible interest rate cuts and reserve requirement ratio reductions [19][20]. - The expansion of the AIC (Asset Investment Company) equity investment pilot program is expected to facilitate the diversification of financial services and support for small and medium-sized banks, enhancing their participation in the financial market [23][26]. Summary by Sections Economic Targets and Policy Guidance - The NPC's government work report sets GDP growth targets at around 5% for 2025, with a focus on maintaining financial stability and addressing risks in the financial sector [17]. - The fiscal policy will be more aggressive, with a focus on supporting state-owned banks and reducing local government debt risks [19][20]. AIC Equity Investment Pilot Expansion - The recent notification from the National Financial Supervision Administration expands the AIC equity investment pilot, allowing for broader participation from small and medium-sized banks and enhancing support for technology innovation and private enterprises [23][24]. - The pilot program aims to attract more social capital and improve operational efficiency, thereby supporting the development of a diversified financing system for technology enterprises [26]. Market Performance - The banking, securities, insurance, and fintech indices have shown positive weekly changes of +1.13%, +0.73%, +1.72%, and +5.81% respectively, indicating a favorable market environment [39]. - The average daily trading volume for stock funds reached 20.33 billion yuan, reflecting active market engagement [51].

-20% -10% 0% 10% 20% 30% 2024-03-05 2024-08-05 2025-01-05 沪深300指数 电力设备及新能源 电力设备及新能源 2025 年 3 月 9 日 行业周报 隆基下修可转债转股价格，航母级基金将扶持氢能等前沿产业 强于大市（维持） 行情走势图 风电：德国海风贸易保护舆论升温。根据欧盟中国商会的声明，近日德 国相关智库及舆论对中国风电设备制造商参与德国海上风电项目提 出安 全质疑，并建议德国政府考虑采取审查措施。2024 年 7 月，中国整机商 明阳智能与德国资产管理公司 Luxcara 签署首选供应商协议，将为德国北 海 Waterkant 海上风电项目供应 16 台 18.5MW 海上风机，开发商表示该 协议是在经过国际招标和广泛的尽职调查后签署的。但德国相关智 库及 舆论报道称，中国可能利用装有传感器的海上风机进行间谍活动， 破坏 德国的能源供应，并提议阻止中国风机安装在该国海域。目前，中 国海 上风机企业进入德国市场面临的本土舆论形势与此前英国市场类似 ，不 同的是英国政府对明阳智能在本地投资建厂及供应海上风机产品的 态度 更为积极。我们认为，当前中国海 ...

其 他 报 告 2025年03月10日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3373 | -0.25 | 1.56 | | 深证成份指数 | 10844 | -0.50 | 2.19 | | 沪深300指数 | 3944 | -0.31 | 1.39 | | 创业板指数 | 2205 | -1.31 | 1.61 | | 上证国债指数 | 223 | -0.14 | -0.07 | | 上证基金指数 | 7132 | -0.41 | 2.09 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24231 | -0.57 | 5.62 | | 中国香港国企指数 | 8914 | -0.27 | 5.90 | | 中国台湾加权指数 | 22576 | -0.61 | -2.07 | | 道琼斯指数 | 42802 | 0.52 | - ...