Market Overview - The domestic market indices showed mixed performance with the Shanghai Composite Index closing at 3,379.83, up by 0.41% [2] - The Shenzhen Component Index and CSI 300 also experienced slight increases of 0.33% and 0.32% respectively, while the ChiNext Index rose by 0.19% [2] Non-Bank Financial Sector - The report emphasizes the need to stabilize the real estate and stock markets, with ongoing reforms in the capital market [4] - The China Securities Regulatory Commission (CSRC) aims to enhance the inclusiveness of the multi-tiered market system and improve the awareness of listed companies in returning value to investors [6] Pharmaceutical Industry - The pharmaceutical sector is expected to see a rebalancing of valuations, with the SW Pharmaceutical Bio Index having reached a historical low PE of 25.5 times as of January 3, 2025 [7] - The government is promoting a multi-layered payment system to support the development of innovative drugs and medical devices, with commercial health insurance expected to grow significantly [8] - The report highlights the potential for Chinese manufacturers to expand internationally, particularly in high-end customized medical supplies and innovative drugs [8] Food and Beverage Sector - The food and beverage industry faced challenges in 2024, with overall performance lagging behind the market due to weak economic growth and demand recovery [8] - The report suggests that the sector is now at a turning point, with expectations for a gradual recovery in 2025 driven by improved consumer sentiment and policy support [10] - Investment strategies focus on identifying companies with strong growth potential and those offering high dividends [10] Agricultural Sector - The agricultural sector is experiencing a recovery in pig prices, maintaining profitability even during the off-season [15] - The report indicates that the pig farming industry is entering a profit cycle, with expectations for a gradual recovery in production capacity and profitability [18] Chemical Raw Materials - The new materials sector is supported by government policies aimed at fostering new productive forces, with significant orders reported for innovative materials [19] - The report notes that the chemical raw materials industry is poised for growth as upstream raw material prices stabilize and demand recovers [20] AI and Computing Power - The report highlights the emergence of AI platforms like Manus, which are expected to drive significant increases in computing power demand [12] - Investment opportunities are identified in sectors benefiting from increased capital expenditure in computing infrastructure, particularly in servers and data centers [16] Textile and Apparel Sector - The textile and apparel industry is facing challenges with export declines, particularly in comparison to competitors like Vietnam [28][29] - The report suggests a focus on companies that can adapt to changing market conditions and consumer preferences [30]

研究早观点 2025 年 3 月 12 日 星期三 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 | | 3,379.83 | 0.41 | | 深证成指 | | 10,861.16 | 0.33 | | 沪深 | 300 | 3,941.42 | 0.32 | | 中小板指 | | 6,718.22 | -0.00 | | 创业板指 | | 2,204.03 | 0.19 | | 科创 | 50 | 1,100.74 | -0.40 | 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 【今日要点】 【行业评论】非银行金融：行业周报（20250303-20250309）：-稳住楼 市股市，资本市场改革再深化 【行业评论】医药：医药行业 2025 年投资策略-多层次支付体系支持 创新发展，看好中国制造扬帆出海 【行业评论】食品饮料：食品饮料行业 2025 年度策略-至暗已过，柳 暗花明 【行业评论】通信： ...

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]