Investment Rating - The report maintains a "Buy" rating for the pig farming sector, highlighting potential recovery in profitability and market sentiment [7][8][25]. Core Insights - The pig farming industry is expected to enter a profitability cycle starting from Q2 2024, despite current high debt levels and a cautious approach to capacity expansion [7][8]. - The poultry sector, particularly chicken farming, is anticipated to benefit from a rebound in demand and lower raw material costs, with companies like Shengnong Development positioned well for growth [7][8]. - The aquaculture feed sector is projected to see a recovery, with Hai Da Group identified as a key investment opportunity due to its improving fundamentals and overseas business growth potential [7][8]. - The pet food market is expected to experience significant competition in 2025, with a focus on brands that can maintain profitability and market leadership [8]. Summary by Sections Market Trends - The domestic market indices showed positive movements, with the Shanghai Composite Index closing at 3,429.76, reflecting a 0.11% increase [4]. - The agricultural sector, particularly the pig farming and poultry segments, demonstrated resilience with notable price fluctuations in livestock [7]. Industry Analysis - The pig price in key provinces showed mixed results, with an average price of 20.79 CNY/kg, indicating a slight decline of 0.10% week-on-week [7]. - The average price for white feather broilers increased by 7.89% to 7.11 CNY/kg, while egg prices fell by 5.00% to 7.60 CNY/kg [7]. - The report emphasizes the cyclical nature of the pig farming industry, where production capacity and profitability are closely linked to market conditions and external factors [7]. Investment Recommendations - The report recommends investing in companies such as Wen's Food Group, Shennong Group, and New Hope, which are well-positioned in the pig farming sector [7][8]. - In the poultry sector, Shengnong Development is highlighted for its favorable performance outlook due to improving demand dynamics [7][8]. - Hai Da Group is recommended for its potential growth in the aquaculture feed market, supported by a recovery in demand and cost stabilization [7][8].

水产饲料需求或有望见底回升，看好海大集团的配置时机 2025 年 3 月 18 日 行业研究/行业周报 本周（3 月 10 日-3 月 16 日）沪深 300 指数涨跌幅为+1.59%，农林牧渔 板块涨跌幅为+2.84%，板块排名第 8，子行业中水产养殖、肉鸡养殖、动物 保健、其他农产品加工、果蔬加工表现位居前五。 本周（3 月 10 日-3 月 16 日）猪价涨跌互现。根据跟踪的重点省市猪价 来 看 ， 截 至 3 月 14 日 ， 四 川 / 广 东 / 河 南 外 三 元 生 猪 均 价 分 别 为 14.65/15.77/14.29 元/公斤，环比上周分别-1.35%/+2.94%/-0.69%；平均猪肉 价格为 20.79 元/公斤，环比下跌 0.10%；仔猪平均批发价格 28.00 元/公斤， 环比上持平；二元母猪平均价格为 32.47 元/公斤，环比持平；自繁自养利润 为 35.15 元/头，外购仔猪养殖利润为-34.44 元/头。截至 3 月 14 日，白羽肉 鸡周度价格为 7.11 元/公斤，环比上涨 7.89%；肉鸡苗价格为 2.79 元/羽，环 比上涨 9.84%；养殖利润为-0.51 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [6][18]. Core Insights - The agricultural sector has shown resilience with a weekly increase of 2.84% in the agricultural sector, outperforming the Shanghai and Shenzhen 300 index which rose by 1.59% [3][18]. - The report highlights a potential recovery in aquaculture feed demand, particularly for Haida Group, as raw material costs stabilize and macroeconomic policies support growth [6][18]. - The pig farming industry is expected to enter a profitability cycle starting from Q2 2024, with a focus on debt reduction rather than rapid capacity expansion [5][6]. Summary by Sections Pig Farming - As of March 14, 2025, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 14.65, 15.77, and 14.29 yuan/kg respectively, with a mixed trend in prices [4][25]. - The average pork price was 20.79 yuan/kg, showing a slight decrease of 0.10% [4][25]. - The self-breeding profit was 35.15 yuan/head, while the profit from purchasing piglets was -34.44 yuan/head [4][25]. Poultry Farming - The weekly price of white feather broilers was 7.11 yuan/kg, up by 7.89%, while the price of chicken seedlings rose by 9.84% to 2.79 yuan/seedling [34]. - The profit from broiler farming was reported at -0.51 yuan/seedling, and egg prices decreased by 5.00% to 7.60 yuan/kg [34]. Feed Processing - The total industrial feed production in 2024 was 31,503.1 million tons, a decrease of 2.1% from the previous year [36]. - The production of pig feed was 14,391.3 million tons, down by 3.9%, while pet feed saw an increase of 9.3% to 159.9 million tons [36]. Aquaculture - As of March 14, 2025, the price of sea cucumbers was 180.00 yuan/kg, while shrimp and bass prices remained stable at 300.00 yuan/kg and 50.00 yuan/kg respectively [42]. - Freshwater fish prices showed slight increases, with grass carp at 15.33 yuan/kg and crucian carp at 20.74 yuan/kg [42]. Crop and Oilseed Processing - As of March 14, 2025, soybean prices were 3,856.79 yuan/ton, with corn and wheat prices at 2,262.45 yuan/ton and 2,429.44 yuan/ton respectively, showing slight increases [47]. - The price of canola oil increased by 3.72%, while the price of sugar was reported at 6,214.00 yuan/ton, a marginal increase of 0.06% [47].

通信 周跟踪（20250310-20250316） 领先大市-A(维持) —— GTC 前瞻另一个视角：重视推理与端侧 2025 年 3 月 18 日 行业研究/行业周报 通信行业近一年市场表现 相关报告： 跟踪：AGI 第三阶段初见端倪，算力 token 消耗量快速提升 2025.3.11 【山证通信】——DeepSeek 发布推 理系统概览，再论算力的上限和下限-周 跟踪（20250224-20250302） 2025.3.7 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 执业登记编码：S0760524060001 1.2 NVL288：英伟达将推出 NVL144&NVL288 作为下一代超节点创新产品， 且在散热和超节点通信方面或采用 UBB+OAM、正交背板连接等新系统设计。 1.3 CPO：英伟达将与台积电合作推出基于 COWOS 封装的 CPO 交换芯片， CPO 交换机有助于解决传统可插拔光模块在带宽、延迟和能耗的瓶颈。 1.4 电源设计：面对 ...

Investment Rating - The report maintains an "A" rating for the communication industry, indicating an expected outperformance compared to the benchmark index by over 10% [1]. Core Insights - The upcoming GTC2025 conference is anticipated to showcase significant advancements in technologies such as CPO, NVL144/288, and powerrack, with market expectations already high [2][14]. - The demand for computing power is shifting primarily towards inference-driven applications, with NVIDIA's chip iterations reflecting new inference needs [4][15]. - NVIDIA's edge chips are expected to lead a new wave of edge computing devices, aligning with current trends in model optimization and cost-effective deployment [8][17]. Summary by Sections Industry Trends - GTC2025 is expected to highlight NVIDIA's product advantages and new product roadmaps, which could catalyze investor sentiment [2][14]. - The B300/GB300 is projected to enhance computing power by 50% compared to B200, featuring 288G memory and 8TB/s bandwidth [1][14]. - NVIDIA's collaboration with TSMC on CPO technology aims to address bandwidth, latency, and energy consumption challenges in traditional optical modules [3][15]. Market Performance - The overall market saw an increase during the week of March 10-14, 2025, with the CSI 300 index rising by 1.59% [9][18]. - The top-performing sectors included liquid cooling (+7.94%), submarine cables (+3.85%), and wireless RF (+3.53%) [9][18]. Company Focus - Recommended companies for investment include domestic players like Unisplendour, Ruijie Networks, and overseas firms such as NewEase and Tianfu Communication, particularly in the computing power and edge AI sectors [8][18].

Investment Rating - The report maintains a "Leading the Market-B" rating for the new materials sector [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.48%, although it underperformed compared to the ChiNext index by 0.49% [2]. - The wind power sector is expected to maintain high growth, with a record bidding volume of 224.8GW in 2024, leading to a projected installation of 105-115GW in 2025 [5]. - The report highlights a recovery in profitability for companies in the wind power sector, as the price decline of wind turbines has stabilized [5]. Summary by Sections 1. Market Performance - The new materials sector index rose by 0.48%, while the synthetic biology index increased by 3.16%. In contrast, semiconductor materials and electronic chemicals saw declines of 4.18% and 2.64%, respectively [2][15]. - The overall market performance for the week showed that the basic chemicals and new materials sectors both experienced gains [11]. 2. Price Tracking - Amino acids prices showed mixed results, with valine at 14,500 RMB/ton (up 1.75%) and methionine at 21,250 RMB/ton (up 0.47%) [3]. - Prices for biodegradable plastics remained stable, with PLA (injection grade) at 18,000 RMB/ton [3]. 3. Industry News - The Ministry of Industry and Information Technology announced the first batch of advanced applicable technologies, which includes a 400,000-ton adiponitrile project by Haichen Chemical [2]. - The report notes the production of T1100 carbon fiber by Yongcheng New Materials, marking a significant milestone in the new materials sector [2]. 4. Investment Recommendations - The report suggests focusing on companies such as "Shidai New Materials" and "Maijia Xincai" due to their potential for growth in the wind power sector [5].

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector [2]. Core Insights - The new materials sector has shown a slight increase of 0.48% this week, underperforming the ChiNext Index by 0.49% [2][15]. - The wind power sector is expected to see a high installation capacity in 2025, with new installations projected to be between 105-115 GW, marking a new era of annual additions of 100 GW [5]. - The report highlights a recovery in profitability for companies in the wind power sector as the price war for wind turbines eases [5]. Summary by Sections Market Performance - The new materials index increased by 0.48%, while the synthetic biology index rose by 3.16%. In contrast, semiconductor materials and electronic chemicals saw declines of 4.18% and 2.64%, respectively [2][15]. - The overall market performance for the week (March 10-14, 2025) showed the Shanghai Composite Index rising by 1.39% and the ChiNext Index by 0.97% [11]. Price Tracking - Amino acids prices showed varied changes: valine at 14,500 RMB/ton (+1.75%), arginine at 32,000 RMB/ton (unchanged), and methionine at 21,250 RMB/ton (+0.47%) [3]. - Prices for biodegradable plastics remained stable, with PLA (injection grade) at 18,000 RMB/ton and PBAT at 10,100 RMB/ton (+1.00%) [3]. Investment Recommendations - The report suggests focusing on companies like "时代新材" and "麦加芯彩" due to their potential in the recovering wind power sector [5].

纺织服装 社零数据点评 同步大市-A(维持) 2025 年 3 月 18 日 行业研究/行业快报 纺织服装行业近一年市场表现 资料来源：最闻，山西证券研究所 相关报告： 1-2 月国内社零同比增长 4.0%，体育娱乐用品景气延续 事件描述： 3 月 17 日，国家统计局公布 2025 年 1-2 月社零数据。 事件点评： 1-2 月国内社零同比增长 4.0%，1 月消费者信心指数环比回升。2025 年 1-2 月，国 内实现社零总额 8.37 万亿元，同比增长 4.0%，环比提升 0.3pct，表现低于市场一致预 期（根据 Wind，2025 年 1-2 月社零当月同比增速预测平均值为+4.5%）。按消费类型分， 2025 年 1-2 月餐饮收入、商品零售同比增速分别为 4.3%、3.9%。2025 年 1 月，我国消费 者信心指数为 87.5，环比提升 1.1。 分渠道来看，线上渠道表现继续优于商品零售大盘，百货业态增速由负转正。2025 年 1-2 月，商品零售额整体同比增长 3.9%，其中，线上渠道，实物商品网上零售额同比 增长 5.0%，表现好于商品零售整体；实物商品网上零售额中，吃类、穿类和用类商品 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1][17]. Core Viewpoints - The textile and apparel industry has shown a weak recovery in the domestic consumption market, with a consumer confidence index of 87.5 in January, indicating a slight improvement [4][8]. - The retail sales of textiles and apparel increased by 3.3% year-on-year in January-February 2025, marking a return to positive growth [5][6]. - The report highlights the ongoing strong performance of sports and entertainment products, with a year-on-year growth of 25.0% in the same period [5][8]. Summary by Sections Retail Sales Performance - In January-February 2025, the total retail sales in China reached 8.37 trillion yuan, growing by 4.0% year-on-year, which is below market expectations of 4.5% [4]. - Online retail channels outperformed the overall retail market, with a 5.0% year-on-year growth in physical goods online sales [4]. Textile Manufacturing Sector - The textile manufacturing sector faces uncertainties regarding tariffs and inventory adjustments from major brands like Nike, but companies with strong customer ties and overseas production capabilities are expected to gain market share [6]. - Recommended companies include Huali Group and Weixing Co., which are expected to benefit from new customer orders and brand share growth [6]. Brand Apparel Sector - The report suggests focusing on high-demand outdoor sports apparel brands, recommending Anta Sports and 361 Degrees, which have strong retail performance and brand influence [8]. - The demand for home textiles and children's clothing is expected to benefit from government subsidies, with recommendations for leading companies like Mercury Home Textiles and Semir Apparel [8]. Gold and Jewelry Sector - The gold and jewelry retail sales grew by 5.4% year-on-year in January-February 2025, indicating a weak recovery in the market [8]. - The report suggests monitoring companies like Chaohongji and Lao Fengxiang, which are expected to perform well in the current market conditions [8].

Investment Rating - The investment rating for the company is "Buy-B" and it is maintained [1]. Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1]. - In 2024, the company achieved operating revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a year-on-year decrease of 5.83% [2][4]. - The company is expected to see gradual sales from its nylon business starting in 2025, and the ultra-fine fiber products are in a continuous improvement process [10]. Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4]. - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6]. - The company’s net profit margin for 2024 was 11.81%, a year-on-year decrease of 0.85 percentage points [6]. Business Segment Performance - In 2024, the revenues from the fine woolen fabric, clothing, and ultra-fine fiber products were 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5]. - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5]. Future Earnings Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27.6, 21.6, and 18.8 [10][12].