[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 12 日 [Table_Title] 相关研究 [Table_ReportInfo] 《均衡组合维持优势——风格 Smart beta 组合跟踪周报 （2025.03.03-2025.03.07）》2025.03.11 《大额买入与资金流向跟踪 （20250303-20250307）》2025.03.11 《本周高频因子表现反弹，AI 增强组合有 所回撤——高频选股因子周报 （202500303-20250307）》2025.03.08 分析师:郑雅斌 证书:S0850524010001 联系人:付欣郁 Tel:02123183940 Email:fxy15672@haitong.com 稳健型固收+产品 YTD 业绩中位数 0.09% — — 绝 对 收 益 产 品 及 策 略 周 报 （20250303-20250307） 投资要点： Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 3 月 11 日 [Table_Title] 相关研究 [Table_ReportInfo] 《稳健型固收+产品 YTD 业绩中位数 0.07% ——绝对收益产品及策略周报 （20250314-20250228）》2025.03.05 《大额买入与资金流向跟踪 （20250224-20250228）》2025.03.04 《均衡组合获得较优超额——风格 Smart beta 组合跟踪周报 （2025.02.24-2025.02.28）》2025.03.03 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com 证书:S0850524010001 下周 A 股或继续呈现震荡走势——量化择 时和拥挤度预警周报（20250311） [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_Autho ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 奥飞数据（300738）公司研究报告 2025 年 03 月 11 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 [Table_Summary] 投资要点： 主要财务数据及预测 股票数据 | 03[Table_StockInfo 月 10 日收盘价（元）] | 24.36 | | --- | --- | | 52 周股价波动（元） | 8.48-26.87 | | 总股本/流通 A 股（百万股） | 978/977 | | 总市值/流通市值（百万元） | 23813/23806 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -26.17% 8.83% 43.83% 78.83% 113.83% 148.83% 2024/3 2024/6 2024/9 2024/12 奥飞数据 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 55.9 106.3 77.7 | 绝对涨幅（%） | 55.9 | 106.3 | 77.7 | | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3]. Core Insights - The company has established itself as a leader in the high-end gold jewelry market, focusing on traditional craftsmanship and setting industry standards. It has shown significant growth, with a projected net profit of 1.4 to 1.5 billion yuan in 2024, representing a year-on-year increase of 236% to 260% [6][21]. Summary by Sections Company Overview - The company, known as "Old Puh Gold," has evolved from focusing on traditional gold jewelry to becoming a trendsetter in the industry. It launched its first store in 2009 and has since expanded its presence in high-end shopping centers, achieving a market penetration of 80% in China's top ten luxury malls [6][21]. Barriers to Entry - The company has established strong barriers through its unique design capabilities, effective incentive mechanisms, high-quality products, and robust distribution channels. Its average monthly salary for sales personnel increased from 28,700 yuan in 2021 to 38,200 yuan in 2023, reflecting a CAGR of 16% [8][37]. The self-built factory in Yueyang has significantly increased production capacity, with a self-production ratio exceeding 59% from 2021 to 2023 [8][44]. Financial Performance - The company has maintained a gross margin above 40% from 2020 to 2023, with a net profit margin increasing from 5.1% in 2018 to 13.1% in 2023. The projected revenue for 2024 is 86 billion yuan, with a net profit of 14.5 billion yuan [9][11]. The return on equity (ROE) is expected to reach 39% in 2024, driven by improvements in net profit margin and asset turnover [9][11]. Growth Projections - The company anticipates significant revenue growth, with projections of 86 billion yuan in 2024, 143 billion yuan in 2025, and 180 billion yuan in 2026. The net profit is expected to grow to 32.1 billion yuan by 2026 [9][11]. Market Position - The company is positioned as a leader in the high-end gold jewelry segment, with a focus on traditional craftsmanship. The market for traditional gold jewelry is expected to grow from 157.3 billion yuan in 2023 to 421.4 billion yuan by 2028, indicating a strong growth trajectory [49][51]. The loyal customer base has expanded significantly, with the number of loyal members increasing from 36,500 in 2021 to 275,000 by mid-2024 [53].

Investment Rating - The investment rating for the information services industry is "Outperform the Market" and is maintained [2]. Core Insights - The release of Manus, the world's first general AI Agent, signifies that China's AI research capabilities have reached a world-class level, indicating that AI Agents are at a critical point of commercial explosion [8]. - The government work report emphasizes the importance of technology sectors, including artificial intelligence, smart driving, and quantum technology, which are expected to benefit from favorable policies [8]. - The report suggests that 2025 is likely to be the year of significant commercial breakthroughs for AI Agents, with major tech companies like Google and Microsoft actively developing AI Agent applications [8]. Summary by Sections Industry Overview - The report highlights the launch of Manus, which outperforms OpenAI's Deep Research in benchmark tests, showcasing its capabilities as a powerful general assistant capable of executing complex tasks independently [6][8]. - Manus is positioned as a versatile assistant that can perform various tasks, including HR functions, educational content creation, and financial report analysis, demonstrating its advanced learning and adaptability [6]. Government Policy and Economic Outlook - The government aims for a GDP growth of around 5% in 2025, with a focus on implementing proactive fiscal policies and increasing government debt to stimulate economic activity [6]. - The report outlines the government's commitment to advancing the digital economy and supporting the widespread application of large models in various sectors [6]. Investment Opportunities - The report recommends focusing on companies such as Kingsoft Office, Hongsoft Technology, and Runze Technology, which are expected to benefit from the growth in the AI sector [8].

[Table_ReportInfo] 《大额买入与资金流向跟踪 （20250210-20250214）》2025.02.17 《风格 50 组合均跑赢均衡组合——风格 Smart beta 组合跟踪周报 （2025.02.10-2025.02.14）》2025.02.17 《下周 A 股的上行趋势不会改变——量 化择时和拥挤度预警周报（20250216）》 2025.02.16 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com [Table_MainInfo] 金融工程研究 证券研究报告 [Table_Title] 相关研究 证书:S0850524010001 联系人:付欣郁 Tel:02123183940 Email:fxy15672@haitong.com 金融工程周报 2025 年 02 月 19 日 上周159只固收+产品业绩创历史新高—— 绝 对 收 益 产 品 及 策 略 周 报 （20250210-20 ...

证券研究报告 （优于大市，维持） 《海外新能源车销量月报：25年1月美国同 比+12%，欧洲同比+24%》 马天一（电力设备及新能源联席首席分析师） SAC号码：S0850523030004 联系人：李依雯 欧洲：25年1月新能源车销量17.1万辆，同比+23.8% 销量：2025年1月欧洲新能源车销量170909辆，同比+23.8%，环比-25.7%。 渗透率：2025年1月欧洲新能源车渗透率23.2%，同比+4.7pct，环比-4.1pct。 2025年2月19日 摘要 请务必阅读正文之后的信息披露和法律声明 2 欧洲：2025年1月欧洲新能源车销量17.1万辆，同比+23.8%，环比-25.7%；渗透率23.2%，同比+4.7pct， 环比-4.1pct，德国、意大利销量显著恢复。其中，25年1月销量前三的国家为：1）德国：25年1月新能 源车销量5.2万辆，同比+41.8%，环比-0.8%；渗透率25.1%，同比+7.9pct，环比+1.7pct；2）英国： 25年1月新能源车销量4.2万辆，同比+28.4%，环比-25.1%；渗透率30.3%，同比+7.3pct，环比-9.7%； 3）法国：25年1 ...

[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 02 月 18 日 | [Table_Marketinfo] | | | | | --- | --- | --- | --- | | | 重要市场数据 | | | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | -0.17 | 1.13 | -3.10 | | 小盘 200 | 1.30 | 1.34 | 6.06 | | 表现最好前五行业 | | | | | 通讯服务 | 6.62 | 14.20 | 25.33 | | 信息设备 | 1.58 | 1.84 | 6.79 | | 农业指数 | 1.12 | 2.63 | 0.52 | | 造纸指数 | 1.03 | 1.02 | -0.57 | | --- | --- | --- | --- | | 公用事业 | 0.98 | 1.08 | -4.39 | | 表现最差前五行业 | | | | | 传媒指数 | -2.19 | 6.67 | 15.57 | | 有色金属 | -2.16 | -2.83 ...

[Table_MainInfo] 行业研究/交通运输 证券研究报告 行业周报 2025 年 02 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 周报：西延高铁全线隧道贯通 资料来源：海通证券研究所 市场表现 相关研究 [Table_QuoteInfo] -5.37% -0.50% 4.37% 9.23% 14.10% 18.97% 2024/2 2024/5 2024/8 2024/11 交通运输 海通综指 [Table_ReportInfo] 《周报：全国城市轨道交通线路达 325 条》2025.01.22 《周报：优化交通运输市场要素资源配 臵，为加快建设统一开放的交通运输市场 提供有力保障》2025.01.15 《周报：民航春运旅客量预计突破九千万 人次》2025.01.07 分析师:虞楠 Tel:(021)23219382 Email:yun@haitong.com 证书:S0850512070003 分析师:罗月江 Tel:(010)58067993 Email:lyj12399@haitong.com 证书:S0850518100001 分析师:杜清丽 Tel:(0 ...

[Table_MainInfo] 行业研究/金融/银行 证券研究报告 行业周报 2025 年 02 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -3.14% 5.18% 13.49% 21.80% 30.11% 38.43% 2024/1 2024/4 2024/7 2024/10 银行 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《周报：1 月 LPR 维持不变，长期资金 | | --- | | 入市利好高股息板块》2025.01.27 | | 《周报：12 月社融数据公布，4 家银行全 | 年净利润均正增长》2025.01.20 《周报：央行暂停公开市场国债买入，2 万亿元置换债券发行工作已启动》 2025.01.13 分析师:董栋梁 Tel:(021)23185697 Email:ddl13206@haitong.com 证书:S0850523100001 周报：政府债券有力支撑社融，央行将择 机调整优化政策力度和节奏 [Table_Summary 投资要点：本周央行发布 2024 ...