Investment Rating - The industry investment rating is "Outperform the Market," indicating an expectation that the industry index will perform better than the market by more than 5% over the next six months [10]. Core Insights - The report highlights a continuous internal differentiation within the banking sector, with overall asset quality improving. The total assets of banking institutions reached 444.6 trillion yuan at the end of Q4 2024, reflecting a year-on-year growth of 6.5% [1][4]. - The cumulative net profit of commercial banks for 2024 was 2.3 trillion yuan, showing a year-on-year decline of 2.3% [1][4]. - The net interest margin for commercial banks at the end of 2024 was 1.52%, slightly down from 1.53% in the previous quarters [1][4]. - The non-performing loan ratio for commercial banks decreased to 1.50% at the end of 2024, down 6 basis points from the previous quarter, with a provision coverage ratio of 211% [1][4]. Summary by Sections Profit Growth - The cumulative net profit growth rate for commercial banks turned negative at -2.3% for 2024, with large and joint-stock banks showing improvements in net profit growth rates compared to the previous quarter [4]. - City commercial banks and rural commercial banks experienced significant declines in net profit growth rates, at -13.1% and -9.7% respectively [4]. Net Interest Margin - The net interest margin for commercial banks decreased by 1 basis point to 1.52%, with large banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied changes [4]. - The report anticipates continued downward pressure on asset yields, impacting overall net interest margins [4]. Asset Quality - The non-performing loan ratio improved, with large banks, joint-stock banks, city commercial banks, and rural commercial banks all showing decreases in their respective ratios [4]. - The report notes a decrease in the attention rate to 2.22% and an increase in the provision coverage ratio to 211% [4]. Investment Recommendations - The report suggests that the expected improvements will drive valuation recovery, with a focus on dividend yield value in bank stocks, currently averaging 4.47% [4]. - Specific recommendations include regional banks benefiting from policy expectations and high-dividend individual stocks [4].

Investment Rating - The industry investment rating is "Outperform the Market" [1][16] Core Viewpoints - Based on the recovery logic of discretionary consumption, apparel manufacturing and export-related companies are expected to encounter opportunities, with apparel and home textile companies continuing to benefit from overseas markets [2] - Apparel brand companies, after valuation adjustments, may enter a new round of market performance [2] - The investment focus includes top companies in segments with improved market share and valuation, as well as blue-chip stocks with strong earnings certainty and high dividend yields [2] Summary by Relevant Sections Apparel Manufacturing - Recommended companies include Shenzhou International, Wah Lee Group, and Weixing Co., which are expected to benefit from order recovery and market share growth [2][7] - Shenzhou International is noted for its vertical integration and strong management, with a high share of core customer orders [7] - Wah Lee Group is recognized for its production efficiency and stable customer relationships, anticipating order volume recovery [7] - Fuchun Dyeing and Weaving is expected to see steady performance due to its production model and order growth [7] - Jian Sheng Group is focusing on new customer development and improving production capacity utilization [7] Apparel Brands - Key companies include Hailan Home, Baoxiniao, and Fuanna, which are expected to see stable growth and high dividend yields [8] - Hailan Home is performing well in both online and offline channels, with overseas market expansion [8] - Baoxiniao's brand matrix and store upgrades are expected to enhance sales performance [8] - Fuanna is increasing its offline store openings, which is projected to boost its performance [8] Valuation Performance - Valuation metrics for key companies in the apparel and home textile sectors are provided, indicating expected earnings per share (EPS) and price-to-earnings (P/E) ratios for 2023A, 2024E, and 2025E [10][12]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the biopharmaceutical industry [1]. Core Viewpoints - The innovation capabilities of Chinese pharmaceutical companies are steadily improving, attracting significant attention from multinational corporations (MNCs) [4]. - The domestic innovative drug market is experiencing a transformation from quantity to quality, with a notable increase in the number of license-out transactions [4][9]. - The Chinese innovative drug sector is supported by favorable policies, creating a conducive environment for development [6]. - Recent strong performance in the Hong Kong biotech sector is attributed to previously low valuations and the rising interest in AI-related stocks [7]. Summary by Sections Industry Overview - Chinese pharmaceutical companies are gaining recognition for their innovative capabilities, with a historical high of 88 license-out transactions expected in 2024, marking a 10% increase [4]. - The global rights for the drug furmonertinib were licensed to Takeda for up to $1.13 billion, setting a record for Chinese small molecule drug licensing [4]. Market Performance - Innovative drugs from China are achieving rapid commercialization abroad, with BeiGene's core drug, the BTK inhibitor Brukinsa, surpassing $1 billion in global sales for the first time, reaching $1.3 billion in 2023 [5]. - Legend Biotech's CAR-T product Carvykti is projected to achieve $963 million in revenue in 2024, a 93% increase [5]. Policy Support - The Chinese government is actively supporting the development of innovative drugs through various policies, including the implementation of a comprehensive plan to support innovative drug development [6]. - The introduction of a new category of drugs (Class C) in the basic medical insurance directory is aimed at covering highly innovative drugs that provide significant clinical value [6]. Investment Strategy - The report suggests focusing on companies with strong innovation capabilities and potential for international expansion, such as BeiGene, Legend Biotech, and others [24][25]. - It emphasizes the importance of the "innovation" and "outbound" themes in investment strategies [24]. Key Companies to Watch - Companies like Yuan Dong Biology, Jianyou Co., and others are highlighted for their innovative pipelines and market potential [27][30]. - BeiGene is noted for its leadership in the blood cancer field and its strategic partnerships for global commercialization [30].

Investment Rating - The report gives a "Recommended" rating for the company, Haohai Biological Technology [1]. Core Viewpoints - Haohai Biological Technology is a leading innovator in biomedicine materials, focusing on medical aesthetics and artificial crystalline lenses as its main growth drivers [10][15]. - The company has shown significant revenue growth in its core products, particularly hyaluronic acid and artificial crystalline lenses, with a projected increase in net profit for the coming years [5][17]. - The medical aesthetics sector is identified as a second growth curve for the company, with a strong market presence and potential for further market share expansion [25][29]. Summary by Sections Company Overview - Haohai Biological Technology, established in 2007, specializes in the research, production, and sales of medical biopolymer materials, covering fields such as ophthalmology, medical aesthetics, wound care, orthopedics, and surgery [10][15]. - The company is a major supplier of artificial crystalline lenses in China, with a stable and concentrated shareholding structure [12][15]. Financial Performance - The company reported a revenue of 2,130 million yuan in 2022, with a projected increase to 3,468 million yuan by 2026, reflecting a compound annual growth rate [5]. - In 2023, the company achieved a net profit of 4.2 billion yuan, a significant increase of 130.6% year-on-year, driven by stable production and sales recovery [17][18]. Product Analysis - The main products include hyaluronic acid and artificial crystalline lenses, with 2023 revenues of 6.0 billion yuan (+95.5%) and 3.8 billion yuan (+37%), respectively [7][15]. - The company has a diverse product matrix in hyaluronic acid, with three main products: Haiwei, Jiaolan, and Haimei, catering to different market segments [29][33]. Market Potential - The artificial crystalline lens market is expected to grow due to an aging population and increasing demand for cataract surgeries, with the market size reaching 25.5 billion yuan in 2022 [38][41]. - The report highlights the potential for domestic brands to capture market share from imported high-end products, particularly in the context of national procurement policies [43][45]. Competitive Landscape - The report compares Haohai Biological Technology with peers such as Aibo Medical and Huaxi Biological, suggesting an average valuation of 28 times for comparable companies [7][54]. - The company is positioned to benefit from ongoing trends in the medical aesthetics market, with a focus on innovation and product development [28][29].

海外宏观 2025 年 2 月 23 日 海外宏观周报 美国经济"亮红灯" 证券分析师 | 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 | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 海外经济政策。1）美国：美联储 1 月会议纪要保持对降息的谨慎态度，新 增有关放缓或暂停缩表的讨论。多位美联储官员发言表示警惕通胀风险，谨 慎对待降息。特朗普扬言将对汽车、药品、芯片和木材加征 25%关税。 美国 2 月密歇根消费信心终值下修，5 年通胀预期上修。美国 2 月 ...

其 他 报 告 2025年02月24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 | 3379 | 0.85 | 0.97 | | 深证成份指数 | 10991 | 1.82 | 2.25 | | 沪深300指数 | 3978 | 1.26 | 1.00 | | 创业板指数 | 2282 | 2.51 | 2.99 | | 上证国债指数 | 224 | -0.08 | -0.28 | | 上证基金指数 | 7146 | 1.91 | 2.10 | | | | 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 | 23478 | 3.99 | 3.79 | | 中国香港国企指数 | 8667 | 4.14 | 4.02 | | 中国台湾加权指数 | 23730 | 1.03 | 2.49 | | 道琼斯指数 | 43428 | -1.69 | ...

有色金属与新材料 2025 年 2 月 23 日 有色金属与新材料周报 供给约束渐显，关注工业金属"硬商品"定价逻辑 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 24/01 24/04 24/07 24/10 25/01 沪深300 有色金属 证券分析师 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 告 告 贵金属-黄金：短期波动加剧，长期仍看上行。 截至 2.21，COMEX 金主力合约环比上涨 1.93%至 2949.6 美元/盎司；SPDR 黄金 ETF增 加 4.8%至 904.38 吨。特朗普签署关税对等备忘录，但细节仍待落 地，关税引发的避险情绪仍存。美 ...

食品饮料周报 酒厂密集停货，加大供给侧管控 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年2月24日 请务必阅读正文后免责条款 食品饮料周报-观点 白酒行业 食品行业 资料来源：iFind，平安证券研究所 本周白酒指数（中信）累计涨跌幅+0.51%。涨跌幅前三的个股为：山西汾酒（+1.65%）、今世缘（+1.55%）、古井贡酒 （+1.15%）；涨跌幅后三的个股为伊力特（-1.70%）、顺鑫农业（-2.05%）、迎驾贡酒（-3.69%）。 观点：酒厂密集停货，加大供给侧管控。受人工智能等因素催化，上周市场成交较活跃，而白酒板块关注度相对较低，略跑输大盘。 与此同时，春节以来酒厂密集停货，加大供给侧管控，有望加 ...

前瞻性产业研究 2025 年 2 月 23 日 养老金融双周报（2025.02.10-2025.02.23） 澳洲养老金扩大对美投资，以期美国取消对澳关税 证券分析师 平安观点： 第一，澳洲养老金拟扩大对美投资，促使美国放弃对澳关税计划。澳大利 亚养老金行业团体在美国举行投资峰会，并将与特朗普政府高官会面，商 讨在华盛顿设立代表处并扩大对美投资的计划。目前，澳大利亚养老金行 业的 AUM 达到 2.6 万亿美元，其三分之一的私募股权投资位于美国。澳大 利亚养老金此举，是为了促使特朗普放弃对澳大利亚征收关税的计划。 第二，法国审计院称法国养老金系统赤字到 2035 年将达到 150 亿欧元。 法国审计院公布了一份报告，称如果没有实施额外的改革，法国养老金系 统的赤字到 2035 年将达到 150 亿欧元，2045 年将达到 300 亿欧元。他们 认为，法国政府可以考虑再次推迟退休年龄、延长最低缴费年限、调整养 老金待遇涨幅方案、增加缴费比例等改革措施。法国政府计划在 2 月 24日 举行一个圆桌会议，以讨论改革方案。 第三，美国 CalPERS 反对 SEC 取消 ESG 披露规则。美国证券交易委员 会（SEC ...

证券研究报告 智能驾驶迈向L3时代， 将驱动ADAS芯片市场高增 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师：付强 S1060520070001（证券投资咨询） 徐碧云 S1060523070002（证券投资咨询） 邮箱： FUQIANG021@pingan.com.cn XUBYUN372@pingan.com.cn 2025年2月23日 请务必阅读正文后免责条款 核心摘要 风险提示： 1）供应链风险上升。2）政策支持力度不及预期。3）市场需求可能不及预期。4）国产替代不及预期。 行业要闻及简评： 1）群智咨询预计2025年全球智驾芯片市场规模达到76亿美金，同比增长51%；2）Canalys预测2025 年全球个人智能音频市场出货量将增长8%至5.33亿台；3）苹果于2025年2月19日推出全新入门级iPhone 16e，进一步扩 展iPhone 16系列。新机将于2月28日开售，128GB版本起售价为599美元。Phone 16e在规格上进行大幅提升，同时搭载 Apple Intelligence和通常只在旗舰机型中出现的硬件功能。4）根据Canalys的数据，2024年全年，全球云基 ...