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]

投资建议 2024 年，受益于全球运动鞋履订单需求复苏及生产效率提升，公司制造业务订单及 盈利强劲复苏，零售业务受到国内消费环境影响，收入规模有所下滑。展望 2025 年，根 据公司披露的月度收益公告，2025 年 1-2 月，制造业务营收同比增长 7.3%，零售业务营 收同比下降 4.3%，我们预计 2025 年上半年公司制造业务恢复常态增长，零售业务或继续 有所承压，全年维度来看，预计制造业务稳健增长，零售业务有望实现正增长。预计公 司 2025-2027 年营业收入分别为 84.93/90.03/94.56 亿美元，同比增长 3.8%/6.0%/5.0%； 请务必阅读最后股票评级说明和免责声明 1 纺织制造 裕元集团（00551.HK） 买入-A(维持) 2024 年业绩弹性释放，2025 年 1-2 月制造业务营收增长 7% 2025 年 3 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 11 日，公司披露 2024 年年报，2024 年，公司实现收入 81.82 亿美元，同比增 长 3.7%，实现归母净利润 3.92 亿美元，同比增长 42.8%。公司董事会建议派发末期股息 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company achieved a revenue of USD 8.182 billion in 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of USD 392 million, which is a significant increase of 42.8% year-on-year [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 showed strong order growth in 2024, with a revenue of USD 5.621 billion, up 11.1% year-on-year, driven by improved capacity utilization and production efficiency [4] - The retail business faced challenges with a revenue decline of 8.0% year-on-year, attributed to reduced foot traffic in physical stores and a net decrease of 75 stores in mainland China [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's output volume reached 255 million pairs of shoes, a 16.9% increase year-on-year, although the average selling price decreased by 5.1% to USD 20.25 per pair [4] - The manufacturing business's capacity utilization 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 USD 49.2 million, reflecting a 0.2% year-on-year growth [5] Future Outlook - For 2025, the company expects a recovery in manufacturing business revenue, with a projected growth of 3.8% to USD 8.493 billion, while retail revenue is anticipated to decline by 4.3% [5] - The company forecasts net profits of USD 465 million, USD 502 million, and USD 532 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [10][12]

圣兆药物（832586.NQ） 利培酮微球首仿获批，多款高端制剂持续推进 2025 年 3 月 13 日 公司研究/新三板公司研究 投资要点： 利培酮微球首仿获批，高端制剂再获突破。2025 年 2 月 26 日，公司发 布公告《关于公司注射用利培酮微球取得药品注册证书的公告》，公司收到 国家药监局核准签发的关于注射用利培酮微球的《药品注册证书》，产品规 格为 25mg 和 37.5mg 两种。利培酮微球是公司获批的第二只高端复杂制剂， 是获批的第一只微球产品，也是国内首个获批的注射用利培酮微球仿制药。 | 会计年度 | 2021A | 2022A | 2023A | | --- | --- | --- | --- | | 主营收入(百万元) | 26.88 | 21.59 | 46.08 | | 同比增长(%) | 35.27 | -19.67 | 113.37 | | 营业利润(百万元) | -130.32 | -141.63 | -159.81 | | 同比增长(%) | -7.03 | -8.69 | -12.83 | | 净利润(百万元) | -131.99 | -144.46 | -161.06 ...

Investment Rating - The report does not provide a specific investment rating for the company Core Insights - The company has received approval for its first generic injectable risperidone microsphere, marking a significant advancement in its high-end formulation development [2][8] - The company is progressing with multiple high-end formulations, including paclitaxel (albumin-bound) and leuprolide microspheres, which are expected to enhance its market position [3][16] - The company has a strong pipeline of products, with several formulations in various stages of development, indicating a robust growth potential [4][26] Summary by Relevant Sections Product Approvals and Developments - The company announced the approval of injectable risperidone microspheres on February 26, 2025, which is the first approved generic version in China [2][8] - The injectable paclitaxel (albumin-bound) has received acceptance for its market registration application, and the leuprolide microsphere has passed bioequivalence trials [16][24] Market Potential - The domestic market for injectable risperidone microspheres is projected to grow significantly, with the overall market for risperidone exceeding 1 billion RMB in 2022 [13][15] - The injectable leuprolide microsphere market was valued at 5.1 billion RMB in 2023, with expectations for continued growth [24] Competitive Advantages - The company has a competitive edge due to its large-scale production capabilities, which allow for significant cost advantages in the market [26][30] - The company’s focus on high-end formulations and its established R&D platform position it favorably against competitors [31][32]