Market Overview - The A-share market experienced a volume contraction and a decline in major indices, with the North Securities 50 index dropping by 7.32% and the CSI 300 index down by 2.28% [7] - The convertible bond market fell by 1.57% due to the drag from the equity market, while the pure bond market showed signs of recovery, with the CSI All Bond, CSI Government Bond, and CSI Credit Bond increasing by 0.18%, 0.21%, and 0.40% respectively [8] Fund Market Performance - The China Fund Index decreased by 1.38% over the past two weeks, with significant internal structural differentiation in equity funds. Funds focused on the pharmaceutical theme and dividend strategies performed well, while those invested in the TMT sector lagged, with performance differences exceeding 20% [12] - Gold and silver-themed funds showed strong performance, driven by geopolitical uncertainties and tariff issues, with gold assets reaching historical highs [12] - QDII funds investing in Hong Kong innovative pharmaceutical themes performed well, while those focused on Hong Kong technology themes underperformed [12] Future Investment Outlook and Strategies - For equity assets, it is recommended to use the CSI A500 as a core holding and allocate to themes such as TMT, consumer goods, pharmaceuticals, and cross-border assets based on market risk preferences [29] - In the bond market, the ongoing issue of insufficient domestic demand remains, and with high real interest rates, a new round of monetary easing is expected. Long-term interest rate bonds may be considered during bond market adjustments [29] - For precious metals, despite gold assets reaching new highs, volatility risks are increasing. A recommended allocation of 2% to 5% in gold assets can enhance the risk-adjusted return of investment portfolios [29] New Fund Market - Currently, there are 28 funds available for subscription, with 24 being equity funds, 1 mixed fund, and 3 bond funds. Notably, 23 of the equity funds are index funds, accounting for 95.6% of the total [26]

New Stock Performance - Five new stocks were listed from March 24 to March 29, with an average first-day price increase of 218.60%[2] - All five new stocks had first-day gains exceeding 100%: Kaihua Technology (150.36%), Zhejiang Huaye (149.11%), Zhejiang Huayuan (389.02%), Shengke Nano (202.42%), and Xidian Co. (202.08%)[4] Weekly New Stock Trends - The number of new stocks listed increased by one compared to the previous week, with total fundraising rising by 1.34 million yuan[3] - No new stocks experienced a first-day decline, and the number of stocks with first-day gains over 100% increased by two compared to the previous week[3] Monthly New Stock Overview - From March 1 to March 28, 14 new stocks were listed, raising a total of 90.65 million yuan, with 13 stocks having first-day gains exceeding 100%[8] - The average first-day price increase for March was 221.70%, compared to 246.14% in February and 268.37% in January[8] Upcoming Stock Subscriptions - This week, one stock from the main board (Kaihua Technology) and one from the Growth Enterprise Market (Taihe Co.) are available for online subscription, with expected fundraising of 3.21 million yuan and 11.65 million yuan respectively[17]

北交所报告 北交所 3 月份定期报告 北 交 所 定 年报披露密集期将至，科技制造引领长期机遇 2025 年 3 月 31 日 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn S0340522040001 电话：0769-23320059 邮箱：lvziwei@dgzq.com.cn 证 券 研 资料来源：iFind，东莞证券研究所 相关报告 核心观点： 分析师：李紫忆 SAC 执业证书编号： 分析师：吕子炜 SAC 执业证书编号： 3月17日，北交所对存在拉抬打压股价异常交易行为的"中投鼎鸿（北京） 投资基金管理有限公司—中投风起扶摇五号私募证券投资基金"与"华睿 千和（天津）资产管理有限公司—华睿千和量化中性二号私募证券投资基 金"采取限制证券账户交易的自律监管措施，限制交易期为一个月。此前 AI与人形机器人驱动的科技主题投资推动北证指数持续走高，估值水平已 超越科创板与创业板，叠加季度业绩披露期临近市场存在调整诉求，多重 因素共振下北交所市场出现短期回调。建议把握财报季结束后市场情绪修 复的时间窗口。 期 报 告 北 交 所 研 究 北证 50 ...

保险业 买入（维持） 资负共振，净利润增长 201.1% 新华保险（601336）2024 年年报点评 2025 年 3 月 31 日 投资要点： 股价走势 资料来源：iFinD，东莞证券研究所 事件：新华保险发布2024年年报。2024年，新华保险营业收入达1325.55亿元， ◼ 寿险 NBVM 提振 NBV 增长，业务结构持续优化。2024 年，公司实现原保 险保费收入 1,705.11 亿元，同比增长 2.8%。（1）NBVM 提振 NBV 增长。 2024 年，新华保险 2024 年新业务价值 62.53 亿元，同比增长 106.8%； 首年保费口径下新业务价值率 14.6%，较 2023 年的 6.7%提高 7.9 个百分 点。（2）业务结构持续优化。2024 年末长期险首年期交保费占长期险首 年保费比例为 70.1%，较上年同期提升 12.6 个百分点；续期保费占总保 费的比例为 75.0%，"压舱石"作用稳固。新华保险积极抢抓行业复苏发 展机遇，优化产品供给，分红型保险长期险首年保费收入同比大幅增长 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者 ...

SAC 执业证书编号： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 证 券 研 究 报 告 超配（维持） 雷达与卫星双擎驱动，有望受益于下游规模建设 深 度 研 收发组件行业专题报告 2025 年 3 月 31 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFind，东莞证券研究所 投资要点： 投资建议：在相控阵雷达向民用领域发展以及全球卫星互联网建设加速 的催化下，T/R组件雷达与卫星相控阵天线等下游应用的重要元器件有 望快速增长。我国相关企业在T/R芯片以及组件自主能力不断提升，有 望充分受益于卫星互联网的规模化建设，建议重点关注T/R组件产业链 的相关企业。 相关报告 风险提示：下游建设不及预期；军品需求不及预期；地缘政治因素影响 等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与 ...

锂电池产业链 超配（维持） 固态电池产业化提速，设备先行受益 深 度 报 告 固态电池系列之设备专题报告 2025 年 3 月 31 日 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池指数走势 资料来源：iFinD，东莞证券研究所 证 券 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：黄秀瑜 SAC 执业证书编号： 下游需求推动固态电池产业化提速。固态电池拥有高能量密度和高安全 性两大显著优势，成为新能源汽车高端车型和低空eVTOL的动力供给首 选。全球主流车企已陆续公布了全固态电池装车时间表。eVTOL、载人 飞艇等低空飞行器的适航认证和商业化进程正在加快推进，将推动对高 性能固态电池的需求增长。此外，随着人工智能、航空航天等领域发展， 未来固态电池的应用场景将进一步拓宽。半固态电池自2024年开始已逐 步进入量产阶段，全固态电池将于2027年开始小批量生产。固态电池设 备是支撑固态电池产业发展的基础和关键环节。预计202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a stable performance and increasing dividend payout ratio [2][82]. Core Insights - The company is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission (SASAC), with a leading position in coal resources [6][11]. - The company has a diversified business model covering the entire coal industry chain, including coal mining, coal chemical production, and financial services, establishing a "coal-electricity-chemical-new" circular economy system [10][81]. - The company has significant coal reserves, with a total coal resource of 26.52 billion tons and a recoverable reserve of 13.82 billion tons, ranking among the top coal companies in China [6][81]. - The company has seen a steady increase in coal production and sales, with a total capacity increase of 22.1 million tons from 2020 to 2024 [6][81]. - The company has a high proportion of long-term contracts, which effectively mitigates the impact of falling coal prices [6][82]. - The company is actively expanding its coal chemical business, which provides cost advantages and helps stabilize its coal business against cyclical fluctuations [6][82]. Summary by Sections Company Overview - The company is a major state-owned enterprise in the coal industry, with a strong focus on clean and efficient coal utilization and the development of new energy [10][81]. - The company has a robust financial management strategy, with a debt-to-asset ratio of 46.3% in 2024, indicating sound financial health [21]. Coal Industry - The coal market is expected to experience tight supply and demand balance, with high inventory levels leading to potential price fluctuations in the short term [25][59]. - Domestic coal production is projected to grow slightly, with a total output of approximately 4.8 billion tons in 2025 [29]. Company Coal Business - The company has a leading position in coal resource reserves, with 21 operating mines and a total approved capacity of 16.3 million tons per year [63][81]. - The company has successfully reduced its coal production costs, with an average cost of 425.1 yuan per ton in 2024, down 0.8% year-on-year [71][82]. Company Coal Chemical Business - The company has a well-integrated coal chemical business, producing methanol, polyolefins, and urea, with a total production capacity of 5.69 million tons in 2024 [76][77]. - The company is planning new projects to enhance its coal chemical production capacity, which is expected to contribute to future growth [77][78]. Investment Recommendations - The company is expected to achieve a net profit of 17.746 billion yuan in 2025 and 19.143 billion yuan in 2026, with corresponding PE ratios of 7.56 and 7.01 [82].

买入（维持） 2024Q4 营收环比改善，成本红利带动盈利提升 青岛啤酒（600600）2024 年年报点评 2025 年 3 月 31 日 投资要点： 事件：公司发布2024年年报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 股价走势 资料来源：同花顺，东莞证券研究所 公 司 研 究 公 司 点 评 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 主要数据 食品饮料行业 2025 年 3 月 28 日 收盘价(元) 76.53 总市值（亿元） 1044 总股本(亿股) 13.64 流通股本(亿股) 13.64 ROE（TTM） 14.95% 12 月最高价(元) 86.18 12 月最低价(元) 53.20 相关报告 证 券 研 究 报 告 请务必阅读末页声明。 2 ◼ 公司2024Q4营收环比改善。2024年，公司实现营业总收入321.38亿元， 同比下降5.30%；实现归母净利润4 ...

半导体行业 买入 （维持） （可公开）模拟芯片领军企业，内研外扩成长可期 深 度 研 圣邦股份（300661）深度报告 2025 年 3 月 31 日 陈伟光 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱：chenweiguang@dgzq.com.cn 究 刘梦麟 国产模拟芯片领军企业，全品类布局驱动成长。圣邦股份自成立以来专注 于模拟芯片的研发、设计、生产与销售，深耕信号链与电源管理芯片两大 核心领域，产品覆盖运算放大器、数据转换器、DC/DC转换器等32大类5200 余款型号，下游应用涵盖消费类电子、工业控制、物联网、人工智能、云 计算、新能源、汽车电子、医疗电子、可穿戴设备及通讯等多个领域，是 国内稀缺的具备全品类模拟芯片设计能力的供应商。 公 司 深耕行业持续发展，经营业绩稳步增长。近年来，受益贸易摩擦背景下各 集成电路品类国产替代加速，叠加公司通过内研外扩不断拓展下游客户与 产品种类，公司经营业绩实现稳健增长，2017—2023年，公司营收CAGR为 30.42%，归母净利润CAGR为20.03%。虽然在2023年由于行业景气低迷导致 公司业绩承压， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is constructing a complete domestic computing power ecosystem, continuously enhancing its profitability [4] - In the AI computing era, the company is deepening its full-stack intelligent computing capabilities [4] - The company is positioned to benefit significantly from the growth in AI computing power, domestic innovation, and liquid cooling technology [4] Summary by Sections 1. Building a Complete Domestic Computing Power Ecosystem - The company has grown into a leading domestic high-performance computing enterprise, achieving a complete layout of the computing power industry chain from chips to cloud services [10] - The company's profitability has shown resilience, with a sales gross margin of 29.16% in 2024, an increase of 2.90 percentage points year-on-year, and a net profit margin of 15.16%, up 2.08 percentage points year-on-year [22][24] 2. AI Computing Era, Deepening Full-Stack Intelligent Computing Capabilities - The intelligent computing industry is rapidly developing under dual drives of industry and policy, with the company actively laying out the AI computing power industry chain [4] - The company has launched the DeepSeek-R1 model, which significantly enhances AI model inference capabilities and lowers usage barriers [30] - The company is enhancing its AI service offerings, including the release of the DeepAI intelligent engine and the establishment of a national integrated computing power service platform [4] 3. Liquid Cooling Technology Welcomes Development Opportunities - The global demand for computing power is rapidly increasing, leading to a rise in chip power consumption and data center power density, making liquid cooling a preferred solution [4] - The company's subsidiary, Shuguang Shuchuang, is a leader in domestic liquid cooling technology, with its third-generation C8000 immersion liquid cooling solution achieving a power density of over 750 kW [4] - The company has secured international projects, laying a foundation for future growth in overseas markets [4] 4. Investment Strategy - The report suggests maintaining a "Buy" rating, as the company is well-positioned to benefit from the AI infrastructure boom and the development of liquid cooling technology [4] - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.57, 1.88, and 2.26 yuan, with corresponding price-to-earnings (PE) ratios of 42, 35, and 29 times [4]