Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].

2025 年 3 月 11 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 用技术名单，海辰化学 40 万吨己二腈开 工建设-新材料周报（250224-0228） 2025.3.4 王锐 执业登记编码：S0760524090001 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250303-0307） 领先大市-B(维持) 重视"泛科技"新质生产力-新材料 2025 年年度策略 2025.2.28 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 政府工作报告支持新质生产力发展，时代新材泡棉获 4.9GWh 订单 摘要 二级市场表现 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 3.61%，跑赢创 业板指 2.00%。近五个交易日，合成生物指数上涨 1.08%，半导体材料下跌 1.86%， 电子化学品下跌 0.87%，可降解塑料下跌 0.52%，工业气体上涨 0.84%，电池化 学品下跌 3.28%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(14250 元/吨，-3.0 ...

Investment Rating - The report indicates a general positive outlook on the new stock market activity, with specific mentions of newly listed stocks showing significant first-day gains, although there is a noted decline in opening valuations for some sectors [2][4][24]. Core Insights - The new stock market has seen increased activity in March, with a total of 25 stocks recording positive weekly gains, representing 60.98% of new listings, up from 56.10% previously [2][8]. - The report highlights that the first-day gains and opening valuations for new stocks on the ChiNext and Main Board have decreased, while the first-day gains for the ChiNext have increased [3][24]. - Specific stocks such as Yu Tian Guan Jia and Chang You Technology on the ChiNext had first-day gains of 182.39% and 177.80%, respectively, with opening valuations of 41.24 and 33.78 times earnings [17][24]. Summary by Sections New Stock Market Activity - In March, the ChiNext saw significant first-day gains, while the opening valuations for new stocks decreased [2][3]. - The report notes that the Main Board's new stock, Hui Tong Holdings, had a first-day gain of 100.58% with an opening valuation of 36.40 times earnings [22][24]. Key New Stocks - The report lists key new stocks that have been recently issued or are pending approval, including Hongjing Optoelectronics and Xi Dian Co., which are expected to perform well based on their projected revenue and profit growth [32][34]. - Specific financial metrics for these companies indicate strong growth potential, with Hongjing Optoelectronics projected to achieve revenues of 4.46 billion, 7.73 billion, and 10.92 billion CNY over the next three years [35]. Market Trends - The report discusses the overall trends in the new stock market, noting a decrease in the price-to-earnings (P/E) ratios for new listings on the ChiNext and Main Board, indicating a potential shift in market sentiment [18][24]. - The report also highlights the competitive landscape in the optical lens market, particularly in the automotive sector, where companies like Hongjing Optoelectronics are gaining market share [37][40].

太阳能 行业周报（20250303-20250309） 同步大市-A(维持) 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】CPIA 预计 2025 年我国新 增装机 215-255GW，N 型组件价格上涨 2025.3.4 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 政府工作报告提出加快沙戈荒新能源基地建设，产业链价格上涨 2025 年 3 月 10 日 行业研究/行业周报 投资要点 2025 年政府工作报告：加快建设"沙戈荒"新能源基地，统筹就地消纳 和外送通道建设：3 月 5 日，国 ...

煤炭 行业周报（20250303-20250309） 同步大市-A(维持) 宏观利好频出，多因素影响沿海运价上涨 2025 年 3 月 10 日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点 动态数据跟踪 资料来源：最闻 相关报告： 【山证煤炭】权威协会全方位倡议，助 力煤炭供需平衡-【山证煤炭】行业动态 点评： 2025.3.4 动力煤：海外煤价回升，内贸煤价格企稳。本周产地煤矿生产维持正常 水平。需求方面，本周下游复工及基建加码，工业原料用煤需求复苏，电厂 负荷有所上涨，电煤日耗及非电水泥、化工行业耗煤有所提升；但天气相对 温和，居民用电一般，叠加港口调入稳定，北方港口封航影响煤炭装卸效率， 港口煤炭调出相对降低，北方港口库存回升。价格方面，受非电需求释放及 协会倡议书等影响，沿海煤炭价格有企稳迹象。展望三月，稳经济政策或将 继续出台，非电用煤需求预计继续恢复增长；同时，海外煤炭关税、贸易政 策近期变化削弱出口预期，预计国内进口煤增量仍存变数，2025 年国内动力 煤价格中枢继续下降空间不大。截至 3 月 7 日，环渤海动力煤现货参考价 694 元/吨，周变化-1.00%；广州港山西优混 760 ...

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry is experiencing a recovery, with notable growth in revenue and profitability for key players like On Running, which reported a revenue increase of 29.4% in 2024 [2][15] - The report highlights the expansion of international brands such as URBAN REVIVO, which opened its first flagship store in the U.S., indicating a strategic move towards global market penetration [7][45] Summary by Sections Company Performance - On Running achieved a revenue of 2.318 billion Swiss Francs in 2024, a year-on-year increase of 29.4%, with a net profit of 242 million Swiss Francs, up 204.5% [15][16] - Jiangnan Buyi reported a revenue growth of 5% to 3.006 billion RMB for the first half of 2025, driven by online sales and store expansion [48][50] Market Trends - The textile and apparel sector saw a 1.42% increase in the SW textile and apparel index, outperforming the broader market [9][17] - The DTC channel for On Running grew by 40.3% to 943 million Swiss Francs in 2024, indicating a strong direct-to-consumer trend [4][15] Regional Performance - In 2024, the Asia-Pacific region for On Running saw an impressive revenue growth of 84.5%, highlighting the region's potential [4][16] - The EMEA and Americas regions also showed significant growth, with increases of 18.2% and 27.4% respectively [4][16] Industry Dynamics - The report notes a shift in consumer behavior towards online shopping, with online retail sales growing by 6.5% year-on-year [35] - The report emphasizes the importance of brand positioning and customer engagement in the evolving retail landscape, particularly for companies like South Pole E-commerce, which is transitioning to a self-operated model [52][53] Material Prices - As of March 7, 2025, the cotton price index in China was 14,835 RMB per ton, reflecting a slight decrease of 0.7% [27][28] - Gold prices increased by 1.3% to 679.48 RMB per gram, indicating fluctuations in raw material costs that could impact the industry [27][28] Future Outlook - On Running anticipates a revenue growth of at least 27% in 2025, projecting revenues to reach 2.94 billion Swiss Francs [5][16] - The report suggests a focus on brands that can enhance customer share and expand new customer bases, particularly in the outdoor apparel segment [12]

Group 1: Economic Growth Strategies - The four "increased efforts" are crucial for achieving the GDP growth target of around 5%[2] - Combining consumption promotion with improving people's livelihoods to boost resident consumption[2] - Expanding effective investment by addressing shortfalls and enhancing momentum[2] Group 2: Fiscal and Monetary Policies - A more proactive fiscal policy balances achieving annual targets with enhancing long-term growth momentum[2] - The central government has reserved sufficient tools and policy space to address uncertainties[2] - An appropriately loose monetary policy aims to balance short-term and long-term goals, supporting the real economy while maintaining banking health[3] Group 3: Financial Market Development - Greater efforts are needed to promote healthy stock market development, including optimizing multi-level market systems[4] - Enhancing coordination between primary and secondary markets and improving corporate governance to increase investor returns[4] - Strengthening regulatory enforcement and improving market infrastructure to adapt to changing conditions[4] Group 4: Risk Factors - Potential risks include the unexpected impact of Trump's 2.0 tariff policy on the economy and slower recovery of internal growth momentum[5] - Macro policy tools and their effectiveness may fall short of expectations[5]

Market Performance - The North Exchange 50 Index increased by 23.53% in February, outperforming other indices such as the ChiNext Index (5.16%), Sci-Tech Innovation Board Index (11.96%), and CSI 300 Index (1.91%) [5] - The total trading volume on the North Exchange reached 567.06 billion yuan, with a daily average trading amount of 31.50 billion yuan, indicating a significant recovery in market activity compared to December 2024 and January 2025 [7] Company Earnings - Out of 212 companies that disclosed performance reports, 146 companies achieved revenue growth, accounting for nearly 70% [14] - Among the 212 companies, 197 reported profits, with 110 companies showing positive net profit growth, and 15 companies doubling their net profits [14] Valuation Insights - As of February 28, 2025, the median PE (TTM) ratio for the North Exchange was 42.46 times, higher than other boards: ChiNext (34.15 times), Sci-Tech Innovation Board (33.86 times), and Main Board (19.86 times), indicating a valuation premium [12] Sector Activity - Technology sectors, including communication and computing, saw significant stock price increases, with companies like Parallel Technology and Guangmai Technology leading the gains [10] - Active sectors included robotics and solid-state batteries, with stocks like Wanda Bearing and Springlight Cosmetics showing notable monthly increases [10] New Listings and Regulatory Updates - One new stock, Honghai Technology, was listed in February, while 15 companies updated their review status, with one receiving registration approval and two passing the review [23] Share Buybacks - Several companies, including Guozi Software and Kangbiter, announced share buyback plans to boost investor confidence, with Kangbiter adjusting its buyback price limit from 13 yuan to 25 yuan per share [18] Risk Factors - Systematic risks, macroeconomic changes, and liquidity decline risks are highlighted as potential concerns for investors [24]