新股研究 新股周报（2025.03.17-2025.03.21） 新股市场活跃度下降，科创板首发 PE 上升 2025 年 3 月 17 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份创业板/主板新股首日涨幅和开板估值下降 周内新股市场活跃度下降，近 6 个月上市新股周内共有 21 只股票录得正涨幅(占比 48.84%，前值 60.98%)。 科创板：上周科创板无新股上市。周内金天钛业录得周涨幅超 10%，思看科技、合合信 息录得周跌幅超-5%。 创业板：上周创业板汉朔科技上市，上市首日涨幅 187.93%，首日开板估值 47.09 倍。周 内慧翰股份、强达电路录得周涨幅超 10%，英思特等录得周跌幅超-5% 沪深主板：上周沪深主板永杰新材上市，上市首日涨幅 129.61%，首日开板估值 29.13 倍。 周内众鑫股份、亚联机械、健尔康录得周涨幅为正，汇通控股录得周跌幅约-10%。 新股周期：1 月份上市 11 只新股，其中科创板和创业板各上市 4 只，科创板/主板新股首 日涨幅和开板估值均下降，创业板新股首日涨幅和开板估值上升。2 月份无新股上市，创 业板新股发行 PE 下降，主板新股发行 ...

太阳能 行业周报（20250310-20250316） 同步大市-A(维持) 财政部发布清洁能源发展专项资金管理办法，产品价格结构性上涨 2025 年 3 月 17 日 行业研究/行业周报 投资要点 国家统计局：2 月光伏设备及元器件制造价格同比下降 13.0%：3 月 9 日，国家统计局城市司首席统计师董莉娟解读 2025 年 2 月份 CPI 和 PPI 数据。 董莉娟指出，部分工业行业供需结构有所改善，价格降势趋缓。装备制造业 中，光伏设备及元器件制造价格同比下降 13.0%，电子半导体材料价格同比 下降 9.7%，汽车整车制造价格同比下降 4.6%，降幅比上月均有所收窄。 财政部：发布清洁能源发展专项资金管理办法：3 月 13 日，财政部发布 关于印发《清洁能源发展专项资金管理办法》的通知。根据文件，清洁能源 发展专项资金（以下简称专项资金），是指通过中央一般公共预算安排，用 于支持可再生能源、清洁化石能源以及化石能源清洁化利用等能源清洁开发 利用的专项资金。文件提出，专项资金支持范围包括下列事项:（一）清洁能 源重点关键技术示范推广和产业化示范；（二）清洁能源规模化开发利用及 能力建设；（三）清洁能 ...

Investment Rating - The report does not provide a specific investment rating for the pet food industry or companies within it [8] Core Insights - The pet food market shows varied performance across different online platforms, with significant growth in certain brands and categories. For instance, the overall GMV for pet food on Tmall in January-February 2025 reached 2.101 billion yuan, a year-on-year increase of 12.79%, while JD.com saw a decline of 13.27% with a GMV of 860 million yuan. Douyin, however, experienced a robust growth of 29.30%, achieving a GMV of 1.024 billion yuan [5][6] - Notable brands such as MaiFuDi and FleiJiaTe have shown exceptional growth, with MaiFuDi achieving a GMV of 324 million yuan, up 34.29% year-on-year, and FleiJiaTe reaching 112 million yuan, a staggering increase of 176.75% [5] - The competitive landscape in the pet food industry is evolving, with a shift from mere brand expansion to a focus on profitability. The year 2025 is anticipated to be crucial for pet food brands, emphasizing the need to monitor profit margins alongside market share [6] Summary by Sections Market Performance - Tmall's GMV for pet food in January-February 2025 was 2.101 billion yuan, up 12.79% year-on-year - JD.com reported a GMV of 860 million yuan, down 13.27% - Douyin's GMV reached 1.024 billion yuan, up 29.30% [5] Brand Analysis - MaiFuDi's GMV was 324 million yuan, up 34.29%, with Tmall growth at 13.06% - FleiJiaTe achieved a GMV of 112 million yuan, up 176.75%, with Tmall growth at 156.50% - Other brands like GuaiBao and ZhongChong also showed varying growth rates, indicating a competitive market [5][6] Competitive Landscape - The report indicates a shift towards a more stable competitive environment, where brands must balance growth and profitability - The focus is on brands that can lead market trends while improving profit margins, with recommendations for brands like GuaiBao and ZhongChong that are performing well across sales channels [6]

资料来源：最闻 分析师： 2025 年 3 月 17 日 星期一 市场走势 【今日要点】 【行业评论】宠物食品：宠物食品线上销售数据跟踪-2025 年 1-2 月天 猫京东抖音销售数据更新 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,419.56 | 1.81 | | 深证成指 | | 10,978.30 | 2.26 | | 沪深 | 300 | 4,006.56 | 2.43 | | 中小板指 | | 6,815.11 | 2.12 | | 创业板指 | | 2,226.72 | 2.80 | | 科创 | 50 | 1,088.11 | 1.72 | 研究早观点 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【今日要点】 【行业评论】宠物食品：宠物食品线上销售数据跟踪-2025 年 1-2 月天猫京东抖音销售数据更新 陈振志 chenz ...

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,358.73, down 0.39% [2] - The Shenzhen Component Index closed at 10,736.19, down 0.99%, while the ChiNext Index fell by 1.15% to 2,166.00 [2] Industry Commentary - The electronics sector is highlighted by the launch of Manus, the world's first universal AI agent, which can handle various complex tasks [4][6] - Broadcom reported better-than-expected Q1 earnings, with a 25% year-over-year revenue increase, reaching a historical high [5][6] Company Insights: Yuanyuan Group - In 2024, Yuanyuan Group achieved revenue of $8.182 billion, a 3.7% increase year-over-year, and a net profit of $392 million, up 42.8% [9] - The manufacturing segment saw a strong recovery with revenue of $5.621 billion, an 11.1% increase, driven by a resurgence in global sneaker orders [9] - Retail revenue faced challenges, declining by 8.0% to $18.454 billion, attributed to reduced foot traffic and store closures [9][10] Company Insights: Shengzhao Pharmaceuticals - Shengzhao Pharmaceuticals received approval for its first generic version of injectable risperidone microspheres, marking a significant milestone [12] - The company is advancing multiple high-end formulations, with several products in the pipeline nearing market entry [12][13] Company Insights: 361 Degrees - In 2024, 361 Degrees reported revenue of $10.07 billion, a 19.6% increase, with a net profit of $1.15 billion, also up 19.5% [17] - The company plans to enhance its retail presence with the opening of new "super product" stores, aiming to improve consumer experience [18] - E-commerce sales grew by 12.2%, contributing to 25.9% of total revenue, while domestic offline stores saw a 23.1% revenue increase [18]

Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the pet food sector [1]. Core Viewpoints - The pet food sector has shown varied performance across different online platforms, with notable growth in certain brands. The competition is intensifying, and 2025 is expected to be a critical year for brand performance in the pet food market [8]. - The report emphasizes the importance of focusing on brands that not only lead in sales but also show improvement in profitability, particularly domestic brands that are adapting to market trends [8]. Summary by Sections Market Performance - In the first two months of 2025, the overall performance of cat and dog food categories on major platforms like Tmall, JD, and Douyin showed mixed results, with Tmall achieving a GMV of 2.101 billion yuan (up 12.79% year-on-year), JD at 860 million yuan (down 13.27%), and Douyin at 1.024 billion yuan (up 29.30%) [2]. Key Company Performances - **Guai Bao Pet**: Achieved a GMV of 324 million yuan (up 34.29%) across Tmall, JD, and Douyin [3]. - **Zhong Chong Co.**: The brand "Wang Pi" reported a GMV of 34.216 million yuan (up 2.15%), while "Ling Xian" achieved 29.628 million yuan (up 42.17%) [4]. - **Petty**: The brand "Jue Yan" saw a GMV of 27.6497 million yuan (up 101.30%) [5]. - **Lu Si**: Reported a GMV of 8.9911 million yuan (down 23.61%) [7]. Competitive Landscape - The report indicates that the pet food market is transitioning from a phase of rapid brand expansion to one that requires a balance between scale and profitability. The competition is becoming more established, and brands that can adapt to these changes will be better positioned for success [8].

金融工程 指数择时及行业配置 短期择时及月度行业配置策略跟踪 2025 年 3 月 13 日 金融工程/策略月报 投资要点： 指数择时及行业配置。 1）从动量择时效果看，各个指数呈现出超额动量特征，如果回归 2021 年以前的择时模式，将表现为权重板块带领指数上涨； 2）汽车,电子,国防军工等行业动量较强； 3）基于拐点的行业配置策略 3 月推荐行业组合为：汽车,电子,国防军工, 非银行金融,家电,机械,商贸零售,通信,计算机,银行。 风险提示：报告内容根据公开数据整理得出，结论基于历史价格信息和统计 规律，但二级市场受各种即时性政策以及宏观经济影响易出现统计规律之外 的走势，所以相关结论无法代表市场未来走势; 模型存在失效风险，由于模 型构建、参数估计、假设条件等方面存在的不确定性或错误，可能导致模型 预测结果与实际情况产生显著偏离;报告阅读者需审慎参考报告结论。 山证策略团队 分析师： 黎鹏 执业登记编码：S0760523020001 邮箱：lipeng@sxzq.com 研究助理： 邮箱：cuihaoxuan@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 | 一、 | 权重行业择时策略 | ...

研究早观点 2025 年 3 月 14 日 星期五 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,358.73 | -0.39 | | 深证成指 | | 10,736.19 | -0.99 | | 沪深 | 300 | 3,911.58 | -0.40 | | 中小板指 | | 6,673.85 | -0.67 | | 创业板指 | | 2,166.00 | -1.15 | | 科创 50 | | 1,069.70 | -2.11 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【行业评论】电子：山西证券电子行业周跟踪-Manus 推出全球首款通用型 AI Agent，博通一季度业绩超预 期 高宇洋 gaoyuyang@sxzq.com 【投资要点】 投资建议 Manus 作为全球首款通用型 AI Agent，能解决各类复杂多变的任务，它不仅能提供建议和答案，还能 请务必阅读最后股票评级 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of $8.182 billion in 2024, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, representing a year-on-year growth of 42.8% [2][4] - The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in an annual payout ratio of 69% [2] - The manufacturing business saw a strong recovery with a revenue of $5.621 billion in 2024, up 11.1% year-on-year, driven by a significant rebound in global sports footwear orders [4][5] - Retail business revenue faced pressure, declining by 8.0% year-on-year to $1.845 billion, primarily due to reduced foot traffic in physical stores and a net decrease of 75 stores [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's capacity utilization rate improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4] - The retail business's gross margin improved slightly to 34.2%, with a net profit of $49.2 million, a year-on-year increase of 0.2% [5] - The company expects revenue for 2025 to reach $8.493 billion, with a projected year-on-year growth of 3.8% [6] Future Outlook - For the first two months of 2025, the manufacturing business revenue grew by 7.3%, while retail revenue declined by 4.3% [5] - The company anticipates a steady recovery in manufacturing business growth and a potential positive growth in retail business by the end of 2025 [5][6] - Projected net profits for 2025, 2026, and 2027 are $465 million, $502 million, and $532 million, respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Insights - In 2024, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, up 42.8% year-on-year. The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in a total payout ratio of 69% [2][4] - The manufacturing business showed strong order growth in 2024, with revenue reaching $5.621 billion, a year-on-year increase of 11.1%. The production capacity utilization rate improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4][5] - The retail business faced challenges, with revenue declining by 8.0% to $18.454 billion, primarily due to decreased foot traffic in physical stores and a reduction in the number of stores. However, the overall channel performance was robust, with a 16% growth in total sales, particularly driven by a doubling of sales through Douyin live streaming [5] Financial Performance Summary - For 2024, the company expects revenues of $8.493 billion, $9.003 billion, and $9.456 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 3.8%, 6.0%, and 5.0% [5][9] - The net profit attributable to shareholders is projected to be $465 million, $502 million, and $532 million for 2025, 2026, and 2027, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% respectively [7][9] - The company's P/E ratios for 2025, 2026, and 2027 are estimated to be 6.1, 5.6, and 5.3 times, indicating a favorable valuation outlook [7][9]