Core Viewpoints - The A-share market experienced slight adjustments on Tuesday, with the Shanghai Composite Index closing at 3369.98 points, unchanged from the previous day, while the Shenzhen Component Index fell by 0.43% and the ChiNext Index decreased by 0.33%. The total market turnover was 128.75 billion yuan, a decrease of 18.69 billion yuan from the previous day, with over 2700 stocks declining across the market. Sectors such as controllable nuclear fusion, chemicals, coal, and electricity saw the largest gains, while sectors like computing leasing, marine engineering equipment, and robotics faced the largest declines [2][7]. Important News - The Ministry of Commerce announced on March 25 that it will accelerate the implementation of various consumption expansion policies. The focus will be on upgrading products, expanding services, cultivating new types of consumption, and innovating consumption scenarios. With these measures in place, the overall consumption market is expected to continue a stable development trend this year [3][8]. - In the first two months of 2025, China's total foreign direct investment amounted to 159.62 billion yuan, a year-on-year decrease of 3.1% (approximately 22.24 billion USD, down 4.1%). Domestic investors made non-financial direct investments in 2799 overseas enterprises across 142 countries and regions, totaling 164.86 billion yuan, which represents a growth of 10.2% (approximately 22.97 billion USD, up 9.1%) [3][8].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 25 日 星期二 [Table_Summary] 概览 [Table_MeetContact] 主持人: 宫慧菁 Email: gonghj@wlzq.com.cn 证 券 研 究 报 告 核心观点 【市场回顾】周一 A 股主要指数小幅上涨。截至收盘，上证综指涨 0.15%，深成指涨 0.07%，创业板指涨 0.01%，北证 50 指数涨 0.94%。 全市场成交额 14744 亿元，较上日减少 1053 亿元。全市场超 3800 只 个股下跌。板块题材上，旅游及酒店、保险、化工、工业金属板块涨 幅居前；脑机接口、算力租赁、军工、机器人概念股跌幅居前。 【重要新闻】 【中国发展高层论坛释放多领域政策信号】3 月 23 日，中国发展高 层论坛 2025 年年会在北京开幕。会上，中央财经委员会办公室、工 信部、财政部等部门相关负责人集中发声，释放了综合施策扩大消费、 加快发展新质生产力、有效防范化解重点领域风险等多重政策信号。 【财政部发布 2024 年中国财政政策执行情况报告】财政部 3 ...

核心观点 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 25 日 星期二 [Table_Summary] 概览 【市场回顾】周一 A 股主要指数小幅上涨。截至收盘，上证综指涨 0.15%，深成指涨 0.07%，创业板指涨 0.01%，北证 50 指数涨 0.94%。 全市场成交额 14744 亿元，较上日减少 1053 亿元。全市场超 3800 只 个股下跌。板块题材上，旅游及酒店、保险、化工、工业金属板块涨 幅居前；脑机接口、算力租赁、军工、机器人概念股跌幅居前。 【重要新闻】 【中国发展高层论坛释放多领域政策信号】3 月 23 日，中国发展高 层论坛 2025 年年会在北京开幕。会上，中央财经委员会办公室、工 信部、财政部等部门相关负责人集中发声，释放了综合施策扩大消费、 加快发展新质生产力、有效防范化解重点领域风险等多重政策信号。 【财政部发布 2024 年中国财政政策执行情况报告】财政部 3 月 24 日 发布的 2024 年中国财政政策执行情况报告显示，2025 年财政政策要 更加积极，持续用力、更加给力。具体体现在五个方 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 21 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四，A 股三大指数全线收跌，上证指数跌 0.51%，报 3408.95 点， 深证成指跌 0.91%，创业板指跌 1.00%。两市 A 股成交额约 1.44 万亿 元人民币，超 2900 股下跌。申万行业方面，石油石化、汽车行业领 涨；概念板块方面，可燃冰、减速器、海工装备概念涨幅居前。港股 方面，恒生指数收跌 2.23%，报 24,219.95 点，恒生科技指数跌 3.39%。 美国三大股指全线收跌，道指跌 0.03%，标普 500 指数跌 0.22%，纳 指跌 0.33%。欧洲及亚太股市涨跌不一。 【重要新闻】 【最新贷款市场报价利率维持不变】3 月 20 日，中国人民银行授权 全国银行间同业拆借中心公布，2025 年 3 月 20 日贷款市场报价利率 （LPR）为：1 年期 LPR 为 3.1%，5 年期以上 LPR 为 3.6%，均较上期 维持不变。目前，无论是企业贷款利率还是个人贷款利率都处于低位 ...

Investment Rating - The investment rating for the company is "Add" [4][11]. Core Views - The company achieved significant growth in 2024, with revenue reaching 15.839 billion yuan, a year-on-year increase of 40.63%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [2][11]. - The company has successfully implemented a diversified product strategy, leading to increased sales in various categories, particularly in energy and electrolyte drinks [3][11]. - The company aims for a revenue and net profit growth of over 20% in 2025, with adjusted profit forecasts indicating net profits of 4.029 billion yuan in 2025 [11]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.281 billion yuan and a net profit of 619 million yuan, with year-on-year growth rates of 25.12% and 61.21%, respectively [2]. - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, attributed to lower raw material costs and effective expense management [10]. Product and Market Strategy - The company has focused on a multi-channel strategy, leading to a significant increase in sales of new products like the 500ml gold bottle and "Dongpeng Water" [3]. - The market share of Dongpeng energy drinks increased from 43.0% in 2023 to 47.9% in 2024, maintaining its position as the top-selling energy drink in China [3]. Regional Performance - Revenue from the Guangdong region was 4.360 billion yuan, a year-on-year increase of 15.93%, while other regions such as East China and Central China saw growth rates of 45.13% and 48.17%, respectively [3][9]. Future Projections - The company forecasts revenues of 20.154 billion yuan in 2025, with a growth rate of 27.24%, and net profits of 4.029 billion yuan, reflecting a growth rate of 21.11% [11][13].

Investment Rating - The investment rating for the company is "Add" [4][11]. Core Views - The company achieved significant growth in 2024, with revenue reaching 15.839 billion yuan, a year-on-year increase of 40.63%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [2][11]. - The company has successfully implemented a diversified product strategy, leading to increased sales in various categories, particularly in energy drinks, which accounted for 83.99% of total revenue [3][11]. - The company aims for a revenue and net profit growth of over 20% in 2025, with adjusted profit forecasts indicating net profits of 4.029 billion yuan in 2025 [11]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.281 billion yuan and a net profit of 619 million yuan, with year-on-year growth rates of 25.12% and 61.21%, respectively [2]. - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 21.00%, up 2.89 percentage points [10]. Product and Market Strategy - The company has focused on a multi-channel strategy, leading to a significant increase in sales of new products like "Dongpeng Water" and maintaining a strong position in the energy drink market, with a market share increase from 43.0% in 2023 to 47.9% in 2024 [3][11]. - The company’s energy drink revenue was 13.304 billion yuan, a year-on-year increase of 28.49%, while electrolyte drink revenue surged by 280.37% to 1.495 billion yuan [3]. Regional Performance - Revenue from the Guangdong region was 4.360 billion yuan, a year-on-year increase of 15.93%, while other regions such as East China and Central China saw revenue growth rates of 45.13% and 48.17%, respectively [3][9]. Future Projections - The company forecasts revenues of 20.154 billion yuan in 2025, with a growth rate of 27.24%, and net profits of 4.029 billion yuan, reflecting a growth rate of 21.11% [11][13].

证券研究报告|商贸零售 1-2 月社零总额同比+4.0%，增速环比回升 [Table_ReportType] ——2025 年 1-2 月社零数据跟踪报告[Table_ReportDate] [投资要点： Table_Summary] ⚫ 总体：1-2 月社零同比+4.0%，较 2024 年 12 月增速有所回升。1- 2 月我国社会消费品零售总额 83,731 亿元，同比增长 4.0%，较 2024 年 12 月同比增速回升 0.3pcts。①按消费类型分类：商品零 售和餐饮收入增速较上月均有所回升。1-2 月商品零售同比 +3.9%，较 2024 年 12 月增速+1.2pcts；餐饮收入同比+4.3%，较 2024 年 12 月增速+0.4pcts。限上企业商品零售额同比+4.4%，较 2024 年 12 月增速+0.2pcts。②按地区分类：城镇和乡村社零增 速均有所提升，乡村增速高于城镇。1-2 月城镇消费品零售额同 比+3.8%，较 2024 年 12 月增速提升 0.1pcts；1-2 月乡村消费品 零售额同比+4.6%，较 2024 年 12 月增速提升 0.8pcts。 ⚫ 细分：必选消费品 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [11]. Core Insights - NVIDIA continues to lead the high-end AI chip development with the introduction of the Blackwell Ultra GPU, which features significant upgrades in HBM technology, achieving a FP4 precision computing power of 15 PetaFLOPS, a 2.5 times improvement over the previous Hopper architecture [2]. - The AI sector is entering a "big inference" era, with substantial demand for computing power. NVIDIA's CEO announced that major cloud service providers are expected to purchase 3.6 million Blackwell architecture chips by 2025, with data center spending projected to reach $1 trillion by 2028 [3]. - NVIDIA is enhancing its AI ecosystem by launching products tailored for various applications, including the Blackwell Ultra NVL72 cabinet for AI inference, which shows a 1.5 times performance improvement over its predecessor [3][4]. Summary by Sections Industry Events - The NVIDIA GTC 2025 conference was held from March 17 to 21, 2025, in San Jose, California, where CEO Jensen Huang discussed advancements in AI technology, chip product planning, and multi-domain collaborations [1]. AI Chip Development - The Blackwell Ultra GPU features advanced HBM3e memory with 288GB of VRAM, and NVIDIA has outlined a roadmap for three future GPU architectures: Rubin, Rubin Ultra, and Feynman [2]. AI Applications - NVIDIA's new products, including the Dynamo AI factory operating system, optimize the performance of AI models, achieving a 40 times performance increase over the Hopper architecture in inference tasks [3][4]. Investment Recommendations - The report suggests focusing on investment opportunities within the AI computing and application sectors, particularly in companies leading in HBM and CPO technologies, as well as domestic firms benefiting from China's new national system advantages [9].

证券研究报告|电力设备 比亚迪发布超级 e 平台，超快充技术再突破 [Table_ReportType] ——电力设备行业快评报告[Table_ReportDate] [Table_Summary] ⚫ 事件：3 月 17 日，比亚迪召开超级 e 平台技术发布会，发布划时代 超级 e 平台，推出闪充电池、3 万转电机和全新一代车规级碳化硅功 率芯片，核心三电全维升级，电动化布局不断提速。 投资要点： 兆瓦闪充，开启油电同速新时代。超高电压和超大电流是实现"油电 同速"的核心。此次比亚迪发布会发布超级 e 平台和"闪充电池"， 实现了动力电池在超高电压和超大电流方面的突破：（1）超级 e 平 台：超级 e 平台是首个量产的乘用车"全域千伏高压架构"，把电 池、电机、电源、空调等都做到了 1000V；（2）"闪充电池"："闪 充电池"从电池正极到负极，全方位构建起超高速离子通道，将电池 内阻降低 50%，充电电流做到 1000A，充电倍率达到 10C。在超高电压 1000V 和超大电流 1000A 的加持下，"闪充电池"可以做到全球量产 最大充电功率 1 兆瓦（1000kW）。在实际应用中，兆瓦闪充可实现"1 秒 ...

[Table_MeetReportDate] 2025 年 03 月 20 日 星期四 [Table_Summary] 概览 核心观点 市 场 研 究 [Table_Title] 万联晨会 【证监会拟进一步规范派出机构监管职责】3 月 18 日，为进一步规 范中国证监会派出机构的监管职责，证监会对《中国证监会派出机构 监管职责规定》进行了修订，并向社会公开征求意见。《规定》对关 于派出机构主体责任及相应工作机制、监管职责、风险防范和处置、 其他职责等内容进行修订。 【市场回顾】本周三 A 股主要指数集体下跌。截至收盘，上证综指跌 0.1%，深成指跌 0.32%，创业板指跌 0.28%，北证 50 指数跌 2.85%。 全市场成交额 15069 亿元，较上日缩量 573 亿元。全市场超 3700 只 个股下跌。板块题材上，兵装重组、贵金属、电力、银行、煤炭、农 机板块涨幅居前；CPO、铜缆高速连接、AI PC、算力租赁概念股跌幅 居前。 【重要新闻】 研报精选 电力设备：比亚迪发布超级 e 平台，超快充技术再突破 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | - ...