2025年03月12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 | 3380 | 0.41 | 1.56 | | 深证成份指数 | 10861 | 0.33 | 2.19 | | 沪深300指数 | 3941 | 0.32 | 1.39 | | 创业板指数 | 2204 | 0.19 | 1.61 | | 上证国债指数 | 223 | -0.18 | -0.07 | | 上证基金指数 | 7109 | 0.08 | 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 | 23782 | -0.01 | 5.62 | | 中国香港国企指数 | 8755 | 0.35 | 5.90 | | 中国台湾加权指数 | 22071 | -1.73 | -2.07 | | 道琼斯指数 | 41433 | -1.14 | -2.3 ...

行 业 报 告 社会服务 2025年03月11日 行业点评 3.8大促国货美妆龙头势头持续 强于大市( 维持) 行情走势图 相关研究报告 【平安证券】行业年度策略报告*社会服务*顺应时 代：变与应变，体验消费*强于大市20241214 【平安证券】行业深度报告*社会服务*美丽消费专 题：从海外三大美妆集团中报看大众国货β机会*强于 大市20241024 【平安证券】行业深度报告*社会服务*美容护理行业 深度：国内美妆如何乘风而行*强于大市20240208 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 根据青眼情报公众号，抖音商城38好物节（2.24-3.8）期间美妆类目GMV超 113亿元，相较去年3.8大促（2024.3.1-2024.3.8下同）提升71.86%，其中护 肤类目GMV超过84亿元（同比+64.8%），彩妆类目GMV超24亿元（同比 +106%），"抖品牌"在前十榜单中寥寥。 平安观点： 证 券 研 究 报 告 淀，在产品配方与设计、营销和品牌运营等方面的竞争力日渐增强，凭 借电商渠道快速搜集消费者需求和柔性供应 ...

行业点评 3.8大促国货美妆龙头势头持续 强于大市( 维持) 行 业 报 告 社会服务 2025年03月11日 行情走势图 相关研究报告 【平安证券】行业年度策略报告*社会服务*顺应时 代：变与应变，体验消费*强于大市20241214 【平安证券】行业深度报告*社会服务*美丽消费专 题：从海外三大美妆集团中报看大众国货β机会*强于 大市20241024 【平安证券】行业深度报告*社会服务*美容护理行业 深度：国内美妆如何乘风而行*强于大市20240208 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 事项： 根据天猫大美妆公众号，38焕新周全周期美妆品牌成交榜上珀莱雅继续位居榜 首，第2-4名与去年38维持一致，分别为巴黎欧莱雅、兰蔻、雅诗兰黛品牌， 巨子生物旗下可复美位列第8，薇诺娜、毛戈平、珀莱雅旗下的彩棠分别在第 14、16和19位；家清品类中若羽臣旗下绽家品牌位列第15。该等国货品牌均 获得相对不错的排名。 根据青眼情报公众号，抖音商城38好物节（2.24-3.8）期间美妆类目GMV超 113亿元，相较去年3.8大促（20 ...

证券研究报告 固态电池全景图：方兴未艾，技术竞逐 证券分析师 张之尧 投资咨询资格编号：S1060524070005 皮 秀 投资咨询资格编号：S1060517070004 电力设备及新能源 强于大市（维持） 2025年3月11日 请务必阅读正文后免责条款 ※ 要点总结 2 固态电池：突破电池性能瓶颈的重要技术，前景可期。固态电池是采用固态电解质的锂离子电池。固态电解质热稳定性和电化学稳定性优 于常见的电解液，使其理论上可适配更高能量密度的正负极材料体系，并实现更高的本征安全性，因此，固态电池有望突破现有液态锂电 池材料体系的性能瓶颈。根据固态电解质的不同，固态电池技术路线可分为硫化物/氧化物/聚合物/卤化物等路线；其中氧化物和聚合物路 线存在"半固态" 的过渡方案。固态电池前景广阔，我国政策端重视固态电池路线发展，国内电池企业在硫化物全固态电池、氧化物全固 态和半固态电池方面均有布局。 需求端：动力、消费、低空等领域潜力出色。当前的技术阶段，固态电池产品能量密度和安全性优于液态电池，但循环寿命和充放倍率较 差，且成本更高。全球锂电池主要用于动力、消费、储能三大场景，各场景对电池性能的要求各有侧重。动力和消费 ...

2025年3月7日 25年全国两会期间的城投相关表述 | | | 25年全国两会期间的城投相关表述 | | --- | --- | --- | | 关键词 | 来 源 | 相应表述 | | 退平台 | 财政部长 | 从去年四季度情况看，置换政策实施后平台减少4680家，占全年减 | | | 答记者问 | 少总数的三分之二以上。下一步还要持续推进融资平台改革转型 | | | 央行行长 答记者问 | 到2024年末，与2023年初相比，约有40%的融资平台通过市场退出、 市场化转型等方式，退出了融资平台的序列。2024年末，融资平台 | | | | 经营性金融债务规模约14.8万亿元，较2023年初下降25%左右 | | 退重点 | 政府工作 报告 | 动态调整债务高风险地区名单,支持打开新的投资空间 | | 省 | 宁夏财政 | 建议支持宁夏退出债务高风险省份，加大新增专项债券的安排额度 | | | 厅长发言 | 。对照国家标准，宁夏已符合退出债务高风险省份的条件，前期宁 | | | | 夏已向国务院提出申请，请财政部等国家部委给予支持 | | 专项债 | 政府工作 | 拟安排地方政府专项债券4.4万亿元,重点 ...

Group 1: Kun Pharmaceutical Group - The company is expected to achieve a revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders is projected to be 648 million yuan, an increase of 19.86% year-on-year [2][6][8] - The strategic goal is to become a leader in the silver health industry and a top player in traditional Chinese medicine, with a five-year plan aiming for industrial revenue to reach 10 billion yuan by 2028 [2][6] - The company has three business divisions that are expected to synergize and accelerate the release of reform dividends, contributing to steady performance growth [2][7][8] Group 2: CaiXun Co., Ltd. - The company is a leading domestic email service provider, leveraging its deep integration with the "Xin Chuang" email sector and benefiting from a large user base through partnerships with China Mobile [3][10] - CaiXun has developed a comprehensive product line that includes AI capabilities, targeting both consumer and enterprise markets, which is expected to drive future growth [3][12][13] - The company is actively expanding its cloud and big data services, positioning itself as a core supplier in the national cloud infrastructure projects [3][12] Group 3: PFA Technology in Medical Field - Pulsed Field Ablation (PFA) technology is emerging as a significant advancement in atrial fibrillation treatment, offering advantages such as reduced tissue damage and shorter procedure times [3][15][17] - The market for PFA in China is projected to reach 1.3 billion yuan by 2025 and 16.3 billion yuan by 2032, with a compound annual growth rate (CAGR) of 43.73% [3][15] - Clinical trials have shown that PFA is effective and safer compared to traditional methods, leading to increased interest and potential market adoption [3][15][17]

证券研究报告 3月电视与显示器面板价格预期上涨, 4Q24 NAND Flash营收季减6.2% 电子行业 强于大市（维持） 平安证券研究所 TMT团队 2025年3月10日 请务必阅读正文后免责条款 分析师：陈福栋 S1060524100001(证券投资咨询) 邮箱: CHENFUDONG847@pingan.com.cn 徐勇 S1060519090004(证券投资咨询) XUYONG318@pingan.com.cn 核心摘要 行业要闻及简评：1）TrendForce：3月电视面板与显示器面板价格预期上涨。中国以旧换新政策仍刺激一定的需求，中国品牌采购动能不 差,预估3月电视面板价格维持上涨趋势，但不排除涨幅可能开始收敛。32"预估上涨0.5美元，43"预估上涨1美元，55"与65"预估上涨1 美元，75"预估上涨2美元。受惠于电视面板价格持续上涨，MNT面板价格可望在3月份全面上涨,不过受关税问题等因素影响，整体市场需 求的不确定性正在增加，因此面板厂商与客户之间对于涨幅的想法仍有显著落差。整体而言,Open Cell预估上涨0.1-0.2美元，面板模块， 21.5"FHD预估上涨0.1-0.2美元， ...

证券研究报告 3月电视与显示器面板价格预期上涨, 4Q24 NAND Flash营收季减6.2% 电子行业 强于大市（维持） 平安证券研究所 TMT团队 2025年3月10日 核心摘要 行业要闻及简评：1）TrendForce：3月电视面板与显示器面板价格预期上涨。中国以旧换新政策仍刺激一定的需求，中国品牌采购动能不 差,预估3月电视面板价格维持上涨趋势，但不排除涨幅可能开始收敛。32"预估上涨0.5美元，43"预估上涨1美元，55"与65"预估上涨1 美元，75"预估上涨2美元。受惠于电视面板价格持续上涨，MNT面板价格可望在3月份全面上涨,不过受关税问题等因素影响，整体市场需 求的不确定性正在增加，因此面板厂商与客户之间对于涨幅的想法仍有显著落差。整体而言,Open Cell预估上涨0.1-0.2美元，面板模块， 21.5"FHD预估上涨0.1-0.2美元，23.8"FHD预估上涨0.2-0.3美元，27"FHD预估上涨0.1美元。2）TrendForce：因消费性电子产品需求疲 软，4Q24 NAND Flash营收季减6.2%。4Q24，因PC、智能手机等持续去化库存，供应链大幅调整采购订单，造成NA ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is a leading domestic email provider, leveraging AI to expand its business boundaries and enhance value [7][14]. - The company has established a comprehensive product line focusing on collaborative office solutions, smart channels, and cloud and big data services, which are crucial for enterprise digital transformation [15][18]. - The company is well-positioned to benefit from the growth in the domestic cloud and AI sectors, supported by its strong partnerships with major clients like China Mobile and Huawei [7][18]. Summary by Sections 1. Leading Domestic Email Provider with Full-Stack AI Layout - The company started with mobile email services and has evolved into an industrial internet technology and service provider, focusing on enterprise digital transformation [14]. - It has developed three core product lines: collaborative office, smart channels, and cloud and big data, enhancing its service offerings [15]. - The company has a strong focus on R&D, with significant investments leading to a robust technical foundation and innovation capabilities [24][26]. 2. Collaborative Office Product Advantages and Digital Employees - The RichMail email system is fully compatible with domestic innovation requirements, addressing the growing demand for domestic replacements in email systems [41][47]. - The company is enhancing its product capabilities with AI integration, which is expected to drive growth in its collaborative office solutions [51]. 3. Smart Channels and User Operation Capabilities - The company has developed smart channel products that leverage its partnership with China Mobile, resulting in a user base in the millions [7][18]. - It is actively participating in the 5G messaging platform sector, which is expected to open new growth opportunities [7][18]. 4. Cloud Services and Infrastructure Development - The company is a key supplier in the national cloud services sector, collaborating closely with major telecom operators to expand its cloud offerings [8][18]. - It is also developing intelligent computing infrastructure to support its cloud and big data services, enhancing its competitive edge [8][18]. 5. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 16.97 billion, 20.33 billion, and 24.61 billion yuan from 2024 to 2026, with respective growth rates of 13.4%, 19.8%, and 21.1% [8]. - The net profit forecast for the same period is 2.94 billion, 3.56 billion, and 4.39 billion yuan, with growth rates of -9.4%, 21.2%, and 23.2% [8].

Investment Rating - The report upgrades the investment rating of the company from "Recommended" to "Strongly Recommended" due to the expectation of accelerated reform dividends and the clearance of policy risks [8][9]. Core Viewpoints - The company is expected to achieve a revenue of 84.01 billion yuan in 2024, with a year-on-year decrease of 0.34%, and a net profit of 6.48 billion yuan, reflecting a year-on-year increase of 19.86% [7][13]. - The strategic goal is to become a leader in the silver health industry and premium traditional Chinese medicine, with a target of reaching 10 billion yuan in industrial revenue by 2028 [7][19]. - The three major business divisions (KPC1951, 777, and 1381) are expected to collaborate effectively, enhancing the company's growth potential [7][19]. Summary by Sections Performance Improvement - The company’s performance in 2024 is expected to exceed market expectations, with significant profit growth driven by the acquisition of Huaren Shenghuo and enhanced brand advantages in chronic disease management [7][13]. - The company’s revenue and net profit projections for 2024-2026 are adjusted to 6.42 billion, 7.27 billion, and 9.23 billion yuan respectively, with corresponding year-on-year growth rates of 44.4%, 13.1%, and 27.0% [8][9]. Policy Risk and Business Development - Policy risks have largely been mitigated, allowing for stable growth in the KPC1951 division, which focuses on serious medical treatments and has seen a recovery in the traditional Chinese medicine injection market [22][28]. - The 777 division is focusing on the Sanqi industry chain, with the blood-saitong oral preparations expected to see significant growth due to strong brand positioning and channel development [40][46]. - The 1381 division aims to establish itself as a leader in premium traditional Chinese medicine, leveraging its extensive product portfolio and historical brand strength [19][22]. Financial Metrics - The company’s revenue for 2023 is reported at 8,282 million yuan, with a projected increase to 9,419 million yuan in 2025, reflecting a compound annual growth rate of 12.1% [4]. - The gross profit margin is expected to improve from 44.8% in 2023 to 48.4% by 2026, indicating enhanced operational efficiency [4][15]. Market Position and Competitive Landscape - The company’s core product, the injection of blood-saitong (freeze-dried), has maintained a strong market position, with sales in public medical institutions reaching 35.28 billion yuan in 2023, a year-on-year increase of 3.1% [35][36]. - The competitive landscape for blood-saitong oral preparations is intensifying, with the company positioned favorably against key competitors [41][46].