非银行金融 行业周报（20250303-20250309） 领先大市-A(维持) 2025 年 3 月 11 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 推进，关注行业并购及业绩催化-行业周 报（20250217-20250223）： 2025.2.25 【山证非银行金融】DeepSeek 大部署， 券 商 牌 照 再 整 合 - 行 业 周 报 （20250210-20250216）： 2025.2.17 上周主要指数均有不同程度上涨，上证综指上涨 1.56%，沪深 300 上涨 1.39%，创业板指数上涨 1.61%。上周 A 股成交金额 8.50 万亿元，日均成交额 1.70 万亿元，环比减少 14.59%。两融余额 1.91 万亿元，环比提升 0.67%。中债-总全价(总值)指数较年初下跌 1.29%; 中债国债 10 年期到期收益率为 1.81%,较年初上行 20.51bp。 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351-- ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] - The company is focusing on high-value-added products and services, which has led to an increase in gross margin to 29.16%, up by 2.90 percentage points from the previous year [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 51.06 billion yuan, a year-on-year decrease of 22.57%, but the net profit attributable to shareholders was 11.42 billion yuan, a year-on-year increase of 5.16% [2][3] - The company's IT equipment business generated revenue of 117.06 billion yuan in 2024, down 8.40% year-on-year, while software development and system integration services brought in 13.95 billion yuan, down 10.94% [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 due to strategic transformation and management optimization [3] Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.53, 1.81, and 2.04 respectively, with corresponding PE ratios of 46.52, 39.23, and 34.78 [6][7] - Revenue projections for 2025, 2026, and 2027 are 146.46 billion yuan, 164.99 billion yuan, and 182.99 billion yuan, respectively, indicating a recovery and growth trajectory [7][10]

食品饮料板块近一年市场表现 相关报告： 【山证食品饮料】白酒业绩分化，大众 品底部复苏-食品饮料行业 23 年年报 &24Q1 季报总结及中期展望 2024.5.13 蔡琪 执业登记编码：S0760524100002 邮箱：caiqi@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 食品饮料 食品饮料行业 2025 年度策略 领先大市-A(维持) 投资要点： 资料来源：最闻 24 年食品饮料行业回顾：跑输大盘，收益欠佳。整体看，经济增长及需 求复苏偏弱，在基本面羸弱与低预期双重影响下，食饮板块 24 年收益表现 欠佳，机构持仓回落。子板块中，饮料和零食表现相对突出。对个股收益进 行拆分，股价涨跌主要由业绩驱动，增速亮眼的公司仍可获得估值溢价。估 值层面，食品饮料板块调整时间已超过 3 年，下跌空间有限，安全边际较高。 25 年食品饮料行业展望及投资策略：24 年下半年以来，国家多次强调 内需消费在经济中增长的地位，明确经济政策的着力点要更多转向惠民生、 促消费，努力挖掘国内市场潜力，提升有效需求。我们认为自上而下的定调 尤为关键，政策转向后 ...

非银行金融 行业周报（20250303-20250309） 领先大市-A(维持) 非银行金融行业近一年市场表现 资料来源：最闻 【山证非银行金融】资本市场法制化再 推进，关注行业并购及业绩催化-行业周 报（20250217-20250223）： 2025.2.25 【山证非银行金融】DeepSeek 大部署， 券 商 牌 照 再 整 合 - 行 业 周 报 （20250210-20250216）： 2025.2.17 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 稳住楼市股市，资本市场改革再深化 2025 年 3 月 11 日 行业研究/行业周报 投资要点 相关报告： 资本市场改革再深入，推动股市健康发展。证监会在经济主题 记者会上就资本市场改革发展系列问题答记者问。在推动股市健康 发展方面，证监会表示下一步将进一步增强多层次市场体系的包容 性，优化板块间差异化安排；进一步增强投融资发 ...

食品饮料板块近一年市场表现 【山证食品饮料】白酒业绩分化，大众 品底部复苏-食品饮料行业 23 年年报 &24Q1 季报总结及中期展望 2024.5.13 蔡琪 执业登记编码：S0760524100002 邮箱：caiqi@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 食品饮料 食品饮料行业 2025 年度策略 领先大市-A(维持) 2025 年 3 月 11 日 行业研究/行业年度策略 投资要点： 资料来源：最闻 24 年食品饮料行业回顾：跑输大盘，收益欠佳。整体看，经济增长及需 求复苏偏弱，在基本面羸弱与低预期双重影响下，食饮板块 24 年收益表现 欠佳，机构持仓回落。子板块中，饮料和零食表现相对突出。对个股收益进 行拆分，股价涨跌主要由业绩驱动，增速亮眼的公司仍可获得估值溢价。估 值层面，食品饮料板块调整时间已超过 3 年，下跌空间有限，安全边际较高。 25 年食品饮料行业展望及投资策略：24 年下半年以来，国家多次强调 内需消费在经济中增长的地位，明确经济政策的着力点要更多转向惠民生、 促消费，努力挖掘国内市场潜力，提升有效需求。我 ...

医药 医药行业 2025 年投资策略 领先大市-B(维持) 2025 年 3 月 11 日 行业研究/行业年度策略 医药板块近一年市场表现 资料来源：最闻 需的性价比、出海的必然性-医药行业 2024 年中期策略 2024.7.17 分析师： 邓周宇 执业登记编码：S0760524040002 邮箱：dengzhouyu@sxzq.com 魏赟 执业登记编码：S0760522030005 邮箱：weiyun@sxzq.com 杜鹏程 执业登记编码：S0760524110001 邮箱：dupengcheng@sxzq.com 研究助理： 任欣平 邮箱：renxinping@sxzq.com 张智勇 邮箱：zhangzhiyong@sxzq.com 估值再平衡结束，新周期逐步孕育。SW 医药生物指数在 2021 年初 达到历史新高，随后进入超过 3 年的下跌调整时期。2021 年 2 月 18 日（板 块最高点）至 2024 年 9 月 23 日（本轮反弹起点），医药生物指数持续下跌， 估值持续收缩。自 9 月 24 日以来，医药板块跟随大盘反弹，目前 A 股 SW 医 药板块 PE25.5 倍（截至 2025 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] Financial Performance Summary - In 2024, the company's IT equipment business generated revenue of 117.06 billion yuan, down 8.40% year-on-year, while software development, system integration, and technical services generated 13.95 billion yuan, down 10.94% year-on-year [3] - The company's gross margin increased to 29.16%, up 2.90 percentage points from the previous year, due to a strategic shift towards high-value-added products and services [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 [3] Future Earnings Estimates - The company is expected to achieve EPS of 1.53, 1.81, and 2.04 for the years 2025, 2026, and 2027, respectively [6] - Corresponding P/E ratios for these years are projected to be 46.52, 39.23, and 34.78 [6] AI Ecosystem Development - The company has accelerated its AI ecosystem layout with the launch of products like DeepAI and DeepSeek, enhancing its competitive position in the domestic computing power market [4][5]

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].