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 ...

新股研究 新股周报（2025.03.10-2025.03.14） 3 月份创业板/主板新股首日涨幅和开板估值均有下降 投资要点： 新股市场活跃度上升，3 月份创业板新股首日涨幅和开板估值下降 周内新股市场活跃度上升，近 6 个月上市新股周内共有 25 只股票录得正涨幅(占比 60.98%，前值 56.10%)。 科创板：上周科创板无新股上市。周内海博思创、合合信息录得周涨幅超 10%，联芸科 技录得周跌幅超-5%。 创业板：上周创业板毓恬冠佳、常友科技上市，上市首日涨幅 182.39%、177.80%，首日 开板估值 41.24、33.78 倍。周内慧翰股份录得周涨幅超 10%，毓恬冠佳录得周跌幅约-20%。 沪深主板：上周沪深主板汇通控股上市，上市首日涨幅 100.58%，首日开板估值 36.40 倍。 周内中力股份、健尔康周涨幅为正，汇通控股录得周跌幅超-10%。 新股周期：1 月份科创板赛分科技/思看科技/兴福电子/海博思创、创业板黄山谷捷/钧崴 电子/惠通科技/超研股份、主板天和磁材/富岭股份/亚联机械上市，科创板/主板新股首日 涨幅和开板估值均下降，创业板新股首日涨幅和开板估值上升。2 月份无新股上 ...

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]

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,372.55, down 0.25% [2] - The Shenzhen Component Index closed at 10,843.73, down 0.50%, while the ChiNext Index fell by 1.31% to 2,205.31 [2] New Stock Market Insights - The new stock market activity has decreased, with 23 stocks recording positive gains, representing 56.10% of new listings over the past six months, down from 60.47% [5] - In February, the issuance price-to-earnings (PE) ratio for the ChiNext board decreased, while the main board's PE ratio increased [5] Industry Commentary: Communication Sector - DeepSeek released an overview of its inference system, discussing the upper and lower limits of computing power [6] - The report highlights the strong demand for DeepSeek's Blackwell, with revenue reaching $11 billion in the fourth fiscal quarter [7] Fixed Income Market Insights - The fixed income market showed a marginal easing in liquidity, with expectations for interest rates to trend downward [9] - The report indicates that the overall issuance of government bonds increased significantly, with a total issuance of 9,775.60 million yuan in February [14] Derivative Research: Yunda Convertible Bonds - Yunda's convertible bonds are rooted in a growth industry, with a projected increase in express delivery volume to 1.9 billion pieces and revenue to 1.5 trillion yuan by 2025 [15][16] - The company has shown a significant reduction in core operating costs, with a year-on-year decrease of 24.58% in Q2 2024 [18] Derivative Research: Nanjing Pharmaceutical Convertible Bonds - Nanjing Pharmaceutical is positioned for steady growth in the pharmaceutical distribution sector, benefiting from an aging population and changing disease patterns [19][20] - The company has established long-term partnerships with over 2,000 medical institutions, creating a regional entry barrier [20] Company Analysis: Longxun Co., Ltd. - Longxun Co., Ltd. reported a 44.21% increase in revenue to 466 million yuan for 2024, with a net profit growth of 40.62% [23] - The company is expanding its market presence in ultra-high-definition displays and automotive electronics, with a focus on R&D investment [24] - Longxun's market share in the automotive chip sector has significantly increased, with successful mass production of several chips for major automotive companies [24][25]

Market Activity - New stock market activity has decreased, with 23 stocks (56.10%) recording positive gains in the past week, down from 60.47% previously[2] - In February, the issuance PE of the ChiNext board decreased, while the main board's issuance PE increased[2] Sector Performance - No new stocks were listed on the Sci-Tech Innovation Board last week, with Haibo Sichuang recording a weekly gain of over 10%[12] - The ChiNext board also had no new listings, with Yingsite gaining over 10% while Top Cloud Agriculture and Huihan shares fell approximately 10%[18] - The main board saw no new listings, with Tianhe Magnetic Materials gaining over 10% and Hong Sifang dropping over 2%[23] Valuation Trends - The issuance PE for the Sci-Tech Innovation Board in January was 23.30 times, down from 31.05 times in December[14] - The main board's issuance PE in February was 18.88 times, up from 15.78 times in January[25] - The ChiNext board's issuance PE in February was 16.61 times, down from 28.03 times in January[18] Fundraising Statistics - Since the beginning of 2023, 324 new stocks have been listed, raising a total of 401.48 billion yuan, with the Sci-Tech Innovation Board accounting for 161.86 billion yuan, the ChiNext board for 139.72 billion yuan, and the main board for 99.90 billion yuan[10]

新股研究 新股周报（2025.03.03-2025.03.07） 新股市场活跃度下降，2 月份创业板发行 PE 下降 2025 年 3 月 7 日 策略研究/定期报告 投资要点： 科创板：上周科创板无新股上市。周内海博思创录得周涨幅超 10%，合合信息、益诺思、先锋精科 录得周跌幅超-5%。 创业板：上周创业板无新股上市。周内英思特录得周涨幅超 10%，托普云农、慧翰股份等录得周跌 幅约-10%。 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，红四方录得周跌幅超-2%。 新股周期：12 月份科创板佳驰科技/先锋精科、创业板英思特/博苑股份/博科测试/蓝宇股份，主板中 力股份/国货航上市，三大板块新股首日涨幅和开板估值均下降，发行 PE 均上升。1 月份科创板赛 分科技/思看科技/兴福电子/海博思创、创业板黄山谷捷/钧崴电子/惠通科技/超研股份、主板天和磁 材/富岭股份/亚联机械上市，科创板/主板新股首日涨幅和开板估值均下降，创业板新股首日涨幅和 开板估值上升。2 月份创业板新股发行 PE 下降，主板新股发行 PE 上升。 投资建议： 山西证券新股研究团队 近端已上市重点新股： 2023/ ...