[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2025 年 03 月 17 日 市场表现 [Table_QuoteInfo] -9.31% -0.07% 9.17% 18.42% 27.66% 36.90% 2024/3 2024/6 2024/9 2024/12 纺织与服装 海通综指 资料来源：海通证券研究所 相关研究 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_ReportInfo] 《Amer24Q4 业绩增长超预期，25 年持 续积极拓店》2025.03.03 《24Q4 奢侈品行业普遍环比回暖，1 月 台企出口整体表现稳定》2025.02.16 《1 月美国航空出行人数同比+1.7%，印 度箱包龙头库存清理仍持续》2025.02.09 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 联系人:钟启辉 Tel:( ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 17 日 [Table_Title] 相关研究 [Table_ReportInfo] 《量价因子表现显著修复——量化选股 周报（2025.03.07- 2025.03.14）》 2025.03.15 本周大单因子表现优异，AI 增强组合本周 反弹明显 — — 高 频 选 股 因 子 周 报 （202500310-20250314） 《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 （202502303-20250307）》2025.03.11 《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）》 2025.03.11 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:余浩淼 Tel:(021)23185650 Email:yhm9591@haitong.com 证书:S0850516050004 [Table_Summary] 投资要点： 请务必阅读正文之 ...

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2025 年 03 月 17 日 | 分析师:冯鹤 | | --- | | Tel: (021)23183993 | | Email:fh15342@haitong.com | | 证书:S0850523040003 | | 分析师:巩健 | | Tel:(021)23185702 | | Email:gj15051@haitong.com | | 证书:S0850522110002 | | 联系人:蔡子慕 | | Tel:(021)23183965 | | Email:czm15689@haitong.com | [Table_InvestInfo] 投资评级 优于大市 维持 [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 宠物消费持续扩容，推荐宠物食品板块 市场表现 [Table_QuoteInfo] -16.81% -8.23% 0.35% 8.93% 17.51% 26.09% 2024/1 2024/4 2024/7 2024/10 农业 海通综指 资料来源：海通证券研究所 相关研究 | [ ...

Group 1 - The report indicates a net inflow of funds amounting to 17.5 billion yuan last week, a significant recovery from the previous week's outflow of 12 billion yuan [2][5]. - The increase in financing balance was 18.2 billion yuan, compared to 12.1 billion yuan in the prior week, indicating a growing interest in leveraged investments [5]. - The estimated net inflow from northbound funds was 5.7 billion yuan, reversing the previous week's net outflow of 0.3 billion yuan [14]. Group 2 - The weekly turnover rate was recorded at 441%, placing it in the 79th percentile historically since 2015, while the financing transaction ratio was 9.90%, in the 76th percentile [6][37]. - The risk premium rate stood at 3.37%, in the 23rd percentile historically, suggesting a relatively low risk appetite among investors [6][40]. - The issuance of equity funds reached 10.2 billion yuan last week, while the total issuance for the year to date is 96.7 billion yuan [17]. Group 3 - The IPO financing scale was 2.1 billion yuan last week, up from 1.7 billion yuan the previous week, indicating a slight increase in new capital entering the market [23]. - The net reduction in industrial capital was 3.2 billion yuan, a significant decrease from the previous week's 10.4 billion yuan, suggesting a potential stabilization in capital outflows [26]. - Transaction fees, including commissions and stamp duties, totaled 8.2 billion yuan, slightly down from 8.3 billion yuan the week before [29]. Group 4 - The report highlights that the stock fund positions were at 88.6%, a slight decrease from 88.8% the previous week, indicating a cautious approach among fund managers [45]. - Mixed fund positions were recorded at 68.3%, down from 68.7%, reflecting a similar trend of reduced exposure [45]. - The report notes that the overall market sentiment remains cautious, with various indicators suggesting a mixed outlook for future investments [37][40].

证券研究报告 （优于大市，维持） 海通通信一周谈：CRU发布数据中心光纤光缆需求预测， 四部门联合印发《人工智能生成合成内容标识办法》 余伟民（通信行业分析师） SAC号码：S0850517090006 于一铭（通信行业分析师） SAC号码：S0850523060002 2025年3月17日 投资思路：业绩超预期&国产算力等核心方向 请务必阅读正文之后的信息披露和法律声明 2 3月组合：翱捷科技、中国电信、中国联通、科华数据、网宿科技、移远通信、广和通、博创科技、华工科技、烽 火通信等。 建议关注： 1、端侧：翱捷科技/移远通信/广和通/美格智能/中兴通讯等。 2、ASIC：翱捷科技/盛科通信/中兴通讯/寒武纪等。 3、IDC/液冷：世纪互联/万国数据/网宿科技/润泽科技/光环新网/英维克/申菱环境等。 4、网络侧：中兴通讯/锐捷网络/紫光股份/烽火通信/菲菱科思等。 5、高速铜缆：新易盛/博创科技/瑞可达/兆龙互连/汇绿生态/沃尔核材等。 6、光模块：中际旭创/新易盛/光迅科技/华工科技/汇绿生态/联特科技/德科立/剑桥科技等。 7、CPO/硅光：太辰光/天孚通信/仕佳光子/博创科技/源杰科技/光库科技/长 ...

Investment Rating - The report maintains an "Outperform" rating for the company Newland (000997) with a projected dynamic PE of 25-30 times for 2025, indicating a reasonable value range of 34.75-41.70 CNY [6][33] Core Insights - The report highlights the strong growth potential in the spandex industry driven by rising demand from leisure and sportswear, predicting a supply gap of 32,500 tons on average from 2025 to 2027 [5][23] - The report emphasizes the upward trend in the photovoltaic industry, supported by recent price increases in distributed components and favorable government policies aimed at optimizing energy structure [5][26] Summary by Sections Macro Analysis - The macroeconomic analysis indicates a rebalancing of leverage structures, with government financing increasing while corporate financing remains low, reflecting a broader trend of macro leverage adjustment [4][18] Industry and Theme Highlights - In the chemical sector, spandex demand is expected to grow significantly, with a projected average supply gap of 32,500 tons from 2025 to 2027, driven by a compound annual growth rate (CAGR) of 12.26% in the sportswear segment [5][23] - The renewable energy sector is witnessing a price increase in distributed components, indicating a robust market performance and a positive outlook for the photovoltaic industry [5][26] Key Stocks and Other Commentary - Newland is noted for its comprehensive embrace of AI applications, enhancing merchant operations and smart terminals, with projected revenues of 8.273 billion CNY in 2024, growing to 10.038 billion CNY by 2026 [6][33] - The report suggests that the spandex industry will benefit from the increasing demand for leisure and sportswear, with significant growth expected in the coming years [5][22]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has a solid position as the world's largest luggage brand, with TUMI's store openings gradually realizing potential, and long-term growth prospects in the Asia-Pacific region [7]. - The company is expected to see a net profit of $382 million in 2025 and $413 million in 2026, with a price-to-earnings (PE) valuation range of 14-15X for 2025, translating to a fair value range of HKD 28.60-30.65 per share [7]. Financial Performance Summary - For 2023, the company reported a revenue of $3.682 billion, with a year-on-year growth of 27.9%. However, a slight decline of 2.5% is expected in 2024, with revenues projected at $3.589 billion [6]. - The net profit for 2023 was $417 million, reflecting a year-on-year increase of 33.4%, but a decrease of 17.1% is anticipated for 2024, bringing the net profit down to $346 million [6]. - The gross margin for 2023 was 59.3%, which is expected to improve to 60.0% in 2024 and remain stable in the following years [6]. - The company maintained a net debt level that is historically low, with a net leverage ratio of 1.58x [7]. Regional Performance Insights - In Q4 2024, the company's revenue decreased by 0.1% year-on-year to $940 million, but the gross margin improved by 0.3 percentage points to 60.2% [7]. - Revenue growth varied by region, with North America showing the most significant improvement at 11.7%, while Asia (excluding India) saw a decline of 1.6% [7]. - For Q1 2025, overall revenue is expected to decline in the mid to low single digits, with India projected to return to positive growth [7]. Store Expansion and Cash Flow - The company expanded its store count by 6.4% in 2024, with a net addition of 67 stores, primarily in Asia and Europe [7]. - Adjusted free cash flow increased by 9.3% to $310 million, with a total dividend and buyback amounting to $150 million and $160 million, respectively [7].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业周报 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 电池组件再涨价，BC 产业化加速 市场表现 [Table_QuoteInfo] -16.21% -10.26% -4.31% 1.63% 7.58% 13.52% 2024/3 2024/6 2024/9 2024/12 新能源板块 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《分布式组件价格再涨，政府工作报告提 | | --- | | 出重点整治内卷竞争》2025.03.09 | | 《组件部分型号价格上涨，拐点将至静待 | | --- | | 发酵》2025.02.23 | 分析师:徐柏乔 Tel:(021)23183820 Email:xbq6583@haitong.com 证书:S0850513090008 联系人:吴志鹏 Tel:(021)23215736 Email:wzp15273@haitong.com 联系人:罗青 Tel:(021)23185966 Email: ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The mechanical equipment industry has shown a year-to-date cumulative excess return of +15.05% as of March 2025, despite a negative weekly excess return of -2.07% in the 11th week of 2025 [6][11] - The report highlights significant growth in various segments, including a 5.1% year-on-year increase in fixed asset investment in railways and a 49% year-on-year increase in forklift sales in February 2025 [6][7][8] Summary by Relevant Sections Rail Transit Equipment - Fixed asset investment in railways reached 68.54 billion yuan in January and February 2025, marking a 5.1% increase year-on-year [6] - The number of passengers transported by railways was 726 million, a 4.7% increase year-on-year, achieving a historical high for the same period [6] Forklifts - In February 2025, forklift sales totaled 101,451 units, representing a 49.1% year-on-year increase, with domestic sales up 59.4% [6] - Anhui Heli plans to establish a factory in Thailand with an annual production capacity of 10,000 forklifts and lithium battery packs [6] Industrial Gases - Prices for liquid gases have shown a week-on-week recovery, with liquid oxygen priced at 424 yuan/ton, up 5% from the previous week [6] Oilfield Equipment - Jerry Natural Gas has begun shipping gas turbine pressure station equipment to Saudi Arabia, supporting local clean energy initiatives [6] Shipbuilding - The global container ship capacity reached 31.88 million TEU, with the delivery of three bulk carriers by Sumida [6] Lithium Battery Equipment - The global shipment of lithium batteries for embodied intelligent robots is expected to reach 2.2 GWh in 2025, with a compound annual growth rate exceeding 100% from 2025 to 2030 [7] Robotics - The launch of the first general-purpose embodied base model, GO-1, by Zhiyuan, which integrates advanced AI capabilities [8] Engineering Machinery - In February 2025, sales of truck cranes increased by 11.9% year-on-year, with total sales of 1,656 units [8]

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业信息点评 2025 年 03 月 17 日 [Table_QuoteInfo] -27.29% -14.60% -1.90% 10.79% 23.49% 36.18% 2024/3 2024/6 2024/9 2024/12 信息服务 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《计算机行业跟踪周报 371 期：华为与英 伟达 AI 大会将召开，腾讯积极进行算力 储备》2025.03.16 《华为组建医疗卫生军团，AI 医疗有望加 速落地》2025.03.09 《计算机行业跟踪周报 370 期：全球首款 通用 AI Agent Manus 发布，政府工作报 告中"人工智能+"成重点》2025.03.09 分析师 [Table_AuthorInfo] :杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 Tel:(021)23185700 ...