[Table_MeetReportDate] 2025 年 04 月 09 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 1.58%，深成指收 涨 0.64%，创业板指收涨 1.83%。沪深两市成交额 16252.86 亿元。申 万行业方面，农林牧渔、商贸零售、食品饮料领涨，电子、汽车、通 信领跌；概念板块方面，玉米、转基因、粮食概念涨幅居前，同花顺 果指数、一体化压铸、共享单车跌幅居前。港股方面，恒生指数收涨 1.51%，恒生科技指数收涨 3.79%；海外方面，美国三大指数集体收 跌，道指收跌 0.84%，标普 500 收跌 1.57%，纳指收跌 2.15%。 3273 【重要新闻】 [Table_Title] 万联晨会 【力挺资本市场，多方发声】中央汇金称将持续加大增持 ETF 规模和 力度，并首次提出类"平准基金"定位。央行同步宣布，将通过再贷款 向汇金提供充足资金支持。同时，金融监管总局上调保险公司权益投 资比例，加大对资本市场和实体经济的支持力度。国务院国资委亦表 态称，将全力支持推动中央企业及其控股上市公司主动作为，不断 ...

[Table_ReportType] ——特朗普政府加征关税对消费行业影响快评[Table_ReportDate] [事件Table_Summary] ： 迎击关税挑战，加大力度提振内需 2025 年 04 月 08 日 美国总统特朗普 4 月 2 日在白宫签署行政令，宣布美国对贸易伙伴设 立 10%的"最低基准关税"，于 4 月 5 日生效，并对某些贸易伙伴征收 更高关税，其中拟对中国加征 34%关税，于 4 月 9 日生效。作为反制 手段，4 月 4 日，国务院关税税则委员会发布公告，对原产美国的所有 商品加征 34%关税，于 4 月 10 日生效。 投资要点： 特朗普政府对中国大部分商品加征关税已高达 54%~79%。自特朗普此 届总统任期以来，美国已连续两次对中国加征 10%的关税，若加上此次 加征的 34%的关税，加征关税已高达 54%。若加上 2018 年特朗普上一 届总统任期，部分商品在当时被加征 25%不等的关税，且拜登政府期间 基本维持不变，则特朗普两届任期上任以来，对中国大部分商品加征的 关税已高达 54%~79%。 中国对美国市场依赖度逐步下降，2024 年对美国出口占出口总额的 14. ...

[投资要点： Table_Summary] 策略研究|策略快评报告 政策多措并举维护资本市场平稳运行 [Table_ReportType] ——策略快评报告 [Table_ReportDate] | [Table_Authors] 分析师: | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 020-32255208 | | 邮箱： | gonghj@wlzq.com.cn | 2025 年 04 月 08 日 策 略 快 评 报 告 策 略 研 究 ⚫ 4 月 7 日，中央汇金公司发布公告表示，坚定看好中国资本 市场发展前景，充分认可当前 A 股配置价值，已再次增持 了交易型开放式指数基金(ETF)，未来将继续增持。4 月 8 日，央行新闻发言人就支持中央汇金公司稳定资本市场答 记者问，表示央行坚定支持中央汇金公司加大力度增持股 票市场指数基金，并在必要时向中央汇金公司提供充足的 再贷款支持，坚决维护资本市场平稳运行。 3220 ⚫ 国家金融监督管理总局近日印发《关于调整保险资金权益 类资产监管比例有关事项的通知》（以下简称《通知》）， 优化 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][8]. Core Insights - The reports highlight significant policy support for innovative pharmaceuticals and medical devices in Beijing and Shenzhen, focusing on enhancing efficiency, expanding circulation, improving accessibility, and promoting AI integration in the medical field [2][3][7]. Summary by Sections Beijing's Measures - Clinical trial project initiation time will be reduced to within 20 weeks, and the review and approval time for innovative drug clinical trials will be cut from 60 to 30 working days, with a target of at least 15 new innovative drugs and devices approved by 2025 [2]. - The import process for drugs and devices will be streamlined, eliminating special health inspections for cross-border items [2]. - National health insurance negotiations will directly include newly approved drugs in medical institution drug lists, with a focus on rapid listing within one month post-approval [2]. Shenzhen's Measures - Increased support for basic research in areas such as cancer, cardiovascular diseases, and metabolic disorders [3]. - Development of core synthetic biology technologies and a focus on creating a "Shenzhen model" for innovation transfer [3]. - Enhanced support for innovative medical devices, including financial backing for R&D costs of new pet medical devices [3]. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated innovation and commercialization capabilities in areas like cancer, cardiovascular diseases, and stem cells [7]. - There is an emphasis on the potential for domestic substitutes in the medical device sector and the application of AI in pharmaceuticals [7].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 04 月 08 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数集体收跌，截止收盘，沪指收跌 7.34%，深成指收 跌 9.66%，创业板指收跌 12.5%。沪深两市成交额 15870.8 亿元。申 万行业方面，农林牧渔、食品饮料、银行领涨，计算机、机械设备、 传媒领跌。港股方面，恒生指数收跌 13.22%，恒生科技指数收跌 17.16%；海外方面，美国三大指数涨跌不一，道指收跌 0.91%，标普 500 收跌 0.23%，纳指收涨 0.1%。 3220 【重要新闻】 【人民日报发表评论员文章指出，面对美滥施关税的乱拳，我们心中 有数、手上有招】未来根据形势需要，降准、降息等货币政策工具已 留有充分调整余地，随时可以出台；财政政策已明确要加大支出强度、 加快支出进度，财政赤字、专项债、特别国债等视情仍有进一步扩张 空间；将以超常规力度提振国内消费，加快落实既定政策，并适时出 台一批储备政策；以实实在在的政策措施坚决稳住资本市场，稳定市 场信心，相关预案 ...

Group 1 - The report highlights the impact of the U.S. imposing a 10% minimum baseline tariff on trade partners, with specific tariffs of 34% on China and 20% to 49% on other countries, which may lead to increased inflation risks in the U.S. [2][3] - China's exports to the U.S. have decreased from 19.2% of total exports in 2018 to 14.7% in 2024, indicating a shift in trade dynamics and a growing reliance on other markets [2][3] - The report emphasizes that despite short-term impacts from tariffs, China's strong domestic market and manufacturing capabilities will support continued economic growth and expansion of trade partnerships [2][3] Group 2 - The report suggests that since September 2024, China has implemented favorable policies to stabilize and boost the domestic economy, with a focus on increasing consumption and investment [2][3] - Investment recommendations include focusing on blue-chip stocks with stable performance and high dividend yields, as well as technology sectors benefiting from domestic substitution [3]

清明旅游稳步增长，政策落地成效显现 [Table_ReportType] ——社会服务行业快评报告[Table_ReportDate] ⚫ 景区：旅游市场稳步复苏，"堵山"成名场面。今年清明小长假 旅游人次及收入同比增速与春节黄金周基本持平（出游人次、出 游总花费他同比分别增长 5.9%/7.0%），在去年高基数下保持平稳 增长。在踏青赏花需求催化下，短途徒步、亲子登山等低门槛活 动成为家庭出游首选，山岳类景区热度大涨，西安终南山、开封 万岁山等多个山岳类景区发布限流提示。 ⚫ 国内游："年假+清明"拼假潮兴起，小长假长线游客近四成。与 往年相比，今年清明节前 3 天以及节后 2 天的机票预订量也有明 显上涨， "年假+清明"的拼假模式兴起。3 月 16 日，两办发布《提 振消费专项行动方案》，提出"严格落实带薪年休假制度"，"鼓 励带薪年休假与小长假连休，实现弹性错峰休假"，政策落地推 动短假长线游趋势，途牛数据显示，3 天假期仍有 37%的游客选 择长线游，三亚、北京、重庆、南京、桂林等目的地成为长线游 的热门选择。 ⚫ 跨境游：祭祖文化推动跨境客流增长，文旅融合撬动需求。据移 民管理局数据，清明节假期 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 04 月 07 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 清明假期前最后一个交易日，A 股三大指数集体收跌，截止收盘，沪 指收跌 0.24%，深成指收跌 1.4%，创业板指收跌 1.86%。沪深两市成 交额 1.14 万亿元。申万行业方面，农林牧渔、公用事业、食品饮料 领涨，家用电器、电子、汽车领跌；概念板块方面，中韩自贸区、动 物疫苗、禽流感概念领涨，同花顺果指数、同花顺出海 50、AI PC 领 跌。港股方面，恒生指数收跌 1.52%，恒生科技指数收跌 2.09%；海 外方面，上周五美国三大指数集体收跌，道指收跌 5.5%，标普 500 收 跌 5.97%，纳指收跌 5.82%。 3230 【重要新闻】 【国务院关税税则委员会：对原产于美国的所有进口商品加征 34%关 税】2025 年 4 月 2 日，美国政府宣布对中国输美商品征收"对等关 税"。根据《中华人民共和国关税法》、《中华人民共和国海关法》、《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经 ...

Investment Rating - The industry investment rating is "Outperform the Market" [4][18]. Core Insights - The 2025 Qingming Festival film season is expected to feature 7 key films, including "The Silent Love," "Hot," "Sunshine Blossoms," "Operation Fox Hunt," "My World Movie," "Mobile Suit Gundam: Cross-Time War," and "Sunshine Shines in Youth" [1]. - The overall box office performance for the Qingming Festival is anticipated to improve, with a historical trend showing an increase from 687 million yuan in 2018 to 843 million yuan in 2024, with the box office share rising from 1.13% to 1.98% [2][8]. - The internal structure of the films is diverse, catering to various audience preferences, with a focus on realism. The top three films projected for the 2025 Qingming Festival are "Sunshine Blossoms," "The Silent Love," and "My World Movie," with a total box office forecast of 714 million yuan [3][14]. Summary by Sections Overall Box Office - The Qingming Festival is positioned as the first major box office period after the Spring Festival, historically playing a crucial role in the first half of the year. The box office for the Qingming Festival has shown a gradual increase over the years, with a notable recovery in 2024 driven by Hayao Miyazaki's film [2][8]. Internal Structure - The upcoming films for the Qingming Festival encompass various genres, including suspense, crime, action, and fantasy, focusing on realistic themes. The film "Sunshine Blossoms," directed by Feng Xiaogang and starring Zhao Liying, is expected to perform well due to its strong narrative and cast [3][10]. Investment Recommendations - The report suggests that the viewing enthusiasm will continue to be released due to the rich supply of films and diverse genres, leading to a stable and positive box office performance. It recommends focusing on high-quality film production companies and leading cinema chains [16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [4]. Core Insights - The company's core business remains stable, with a notable improvement in gross margin. In 2024, the company achieved revenue of 3.983 billion yuan, a year-on-year decrease of 13.02%, primarily due to the impact of the real estate business divestiture. Excluding real estate, core business revenue remained flat. The net profit attributable to shareholders was 244 million yuan, down 19.73% year-on-year, while the net profit excluding non-recurring items was 215 million yuan, up 54.54% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4, the company recorded revenue of 1.180 billion yuan, a slight decline of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year [1]. - The gross margin improved by 6.19 percentage points to 52.68% in 2024, mainly due to the divestiture of low-margin real estate business and optimization of the cosmetics and raw materials business structure. The net profit margin decreased by 0.56 percentage points to 7.44% [2]. Business Segments - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, a year-on-year increase of 2.46%, with a gross margin of 62.57%. The "Yilian" brand achieved revenue of 963 million yuan, up 12.36% year-on-year, while "Aier Doctor" reported revenue of 1.301 billion yuan, down 3.48% year-on-year [3]. - The pharmaceutical segment's revenue was 512 million yuan, a decrease of 1.41% year-on-year, with a gross margin of 52.32%. The company is expanding its distribution channels and launching new functional food products [3]. Profit Forecast - The company forecasts revenues of 4.389 billion yuan in 2025, 4.710 billion yuan in 2026, and 5.056 billion yuan in 2027, with corresponding growth rates of 10.20%, 7.32%, and 7.34% respectively. The net profit attributable to shareholders is expected to be 283 million yuan in 2025, 317 million yuan in 2026, and 360 million yuan in 2027 [4][10].