关注年报超预期赛道 [Table_ReportType] ——2025 年 3 月策略月报 [Table_ReportDate] [投资要点： Table_Summary] 2025 年 03 月 28 日 | 分析师: [Table_Authors] | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 020-32255208 | | 邮箱： | gonghj@wlzq.com.cn | [Table_ReportList] 相关研究 国内经济运行起步平稳 两会提出将更大力度促进资本市场健康发 展 科技成长板块热度提升 证 券 研 究 报 告 [Table_RightTitle] 策略研究|策略月报 [Table_Title] 策 略 月 报 策 略 研 究 ⚫ 3 月 A 股主要股指涨跌互现：截至 3 月 25 日收盘，上证综 指收报 3,369.98 点，较 2 月末上涨 1.48%。分结构看，本 月 A 股主要股指涨跌互现。其中，上证 50、中证 500 指数 涨幅较大，科创 50、创业板指指数下跌。 ⚫ 市场流动性较为平稳：总体看，截 ...

Core Viewpoints - The A-share market experienced a slight rebound with the Shanghai Composite Index rising by 0.15%, the Shenzhen Component Index by 0.23%, and the ChiNext Index by 0.24%. The total market turnover reached 12,168 billion yuan, an increase of 366 billion yuan from the previous day, with over 1,900 stocks rising. The sectors leading the gains included photolithography machines, chemicals, and innovative pharmaceuticals, while marine engineering and industrial metals saw declines [2][7]. Important News - The State Council's Employment Promotion and Labor Protection Work Leading Group released a plan to support employment and entrepreneurship for key groups, focusing on seven areas to enhance job creation, including tapping into new productivity potential in advanced manufacturing and expanding employment channels through major engineering projects [3][8]. - The Deputy Governor of the People's Bank of China emphasized a clear stance on maintaining a moderately loose monetary policy, indicating that the central bank will adjust policies based on domestic and international economic conditions, including potential cuts in reserve requirements and interest rates [3][8]. Industry Insights Pharmaceutical and Biological Sector - Shanghai Laishi plans to acquire 100% of Nanyue Biological for 4.2 billion yuan, which will enhance its plasma resources and production capabilities, indicating a trend towards increased industry concentration through mergers and acquisitions [9][10]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, with a designed production capacity of 500 tons and an expected plasma collection of 278 tons in 2024. This acquisition is projected to increase Shanghai Laishi's plasma collection by over 18% [10]. - The blood product industry is experiencing a "Matthew Effect," with major players consolidating resources and technology through acquisitions, leading to increased industry concentration. In 2024, the total plasma collection is expected to reach 13,400 tons, a year-on-year increase of 10.9%, with major companies capturing approximately 80% of the market [11]. - The commercialization of blood products is accelerating, with several products approved for market entry, intensifying competition. Companies are pursuing technological acquisitions to enhance their product lines and market positions [13]. - The blood product sector remains a defensive investment area characterized by high entry barriers and increasing demand due to an aging population, particularly in first-tier cities. Companies with strong resource acquisition capabilities and R&D strengths are expected to benefit [14]. Media Sector - In March 2025, the National Press and Publication Administration announced the approval of 129 domestic games and 5 imported games, marking a significant increase in the issuance of game licenses compared to previous months [16][18]. - Tencent's game "Snow in the Knife" is based on a popular IP and is expected to perform well in the market due to its high-quality production and strong fan base [17]. - The gaming industry is seeing a diverse range of products being approved, indicating a stable market environment and potential for new game releases to perform well [18].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase in the industry index relative to the broader market by over 10% in the next six months [8]. Core Insights - The acquisition of Nanyue Biological by Shanghai Raist for 4.2 billion yuan aims to enhance the company's plasma resources and production capabilities, further consolidating the blood products industry [1][2]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, with a designed production capacity of 500 tons and an expected plasma collection volume of 278 tons in 2024 [2]. - The blood products industry is experiencing a "Matthew effect," with increasing concentration due to mergers and acquisitions, as major players like Shanghai Raist and others expand their market share [3]. - The industry is projected to see a 10.9% year-on-year increase in plasma collection volume, reaching 13,400 tons in 2024, with major companies capturing approximately 80% of the domestic plasma collection market [3]. - The commercialization of blood products is accelerating, with several products approved for market entry, intensifying competition within the industry [4]. - The blood products sector remains a defensive investment area characterized by high entry barriers and resource scarcity, with increasing demand driven by an aging population [4][7]. Summary by Sections Industry Overview - The blood products industry is undergoing consolidation, with significant mergers enhancing the scale and competitive advantage of leading companies [1][3]. - The acquisition of Nanyue Biological is expected to increase Shanghai Raist's plasma collection volume by over 18% [2]. Market Dynamics - The industry is witnessing a rise in plasma collection stations, with 3 new stations approved and 17 operational by 2024, contributing to steady growth in plasma volume [3]. - The demand for blood products is expected to grow, particularly in urban areas with aging populations requiring medical support [7]. Competitive Landscape - Major players are focusing on technological advancements and product line upgrades, leading to increased mergers and acquisitions to enhance their market position [4]. - The industry is characterized by a high concentration of market share among a few key players, which is expected to continue as companies seek to expand their operational capabilities [3].

证券研究报告|传媒 [Table_Title] 3 月国产版号发放量环比增长，腾讯《雪中 悍刀行》过审 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 3 月 21 日国家新闻出版署公告 3 月份国产游戏版号及进口游戏版 号，共有 129 款国产游戏和 5 款进口游戏过审。 投资要点： ⚫ 3 月国产版号发放量环比增长，涵盖多类型产品与知名厂商。年初至今国 产游戏合计通过审批 362 款，3 月份通过审批 129 款，环比增加 19 款， 包括腾讯《雪中悍刀行》、网易《山海奇旅》、西山居《剑侠世界 4：无 限》、三七互娱《万王起源》、灵犀互娱《赤兔与小将军》、四三九九《咕 咕三国》、星辉游戏《有个大侠》等；年初至今进口游戏合计通过审批 21 款，3 月份通过审批 5 款，分别为上海寅熹《奇屋寻踪》、恺英网络《热 血江湖：觉醒》等。 ⚫ 《雪中悍刀行》影视剧 IP 加持+原著正版授权，腾讯光子打造高还原武 侠世界。《雪中悍刀行》手游基于同名影视剧 IP 打造，原著作者烽火戏诸 侯正版授权，内容设定与人物还原 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 27 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】周三 A 股三大指数小幅调整。截至收盘，上证综指跌 0.04%，深成指跌 0.05%，创业板指跌 0.26%。全市场成交额 11802 亿 元，较上日减少 1073 亿元。全市场超 3500 只个股上涨。板块题材 上，养殖业、机器人、化工板块涨幅居前；银行、中船系概念股跌幅 居前。 【重要新闻】 【2025 年中央部门预算集中向社会公开】3 月 26 日，2025 年中央部 门预算公开内容涵盖部门总体收支预算情况、财政拨款收支预算情况 以及重点事项说明等。具体包括：一是部门收支总表、财政拨款收支 总表等 9 张报表。二是对预算收支增减变化、机关运行经费安排、"三 公"经费、政府采购、国有资产占用、预算绩效管理、提交全国人大 审议的项目等情况予以说明，并对专业性较强的名词进行解释。财政 部有关负责人表示，近年来预算公开工作取得显著成效，预算公开的 深度和广度不断拓展，预算数据已基本实现"应公开尽公开"，财政透 明 ...

1-2 月航空数据跟踪点评 [Table_ReportType] ——交通运输行业快评报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 1-2 月民航客运量保持增长态势，国内需求提振政策 持续发力，节后公商务出行活动需求释放有望推动行业需求 提升；供给端，行业机队引进速度预计维持低速；此外，当 前油价下降有助于降低行业运营成本，航空业有望在供给约 束及需求增长下迎来票价修复，推动航空公司盈利修复，维 持行业"强于大市"评级。 投资要点： ⚫ 春运客运量创新高，民航旅客运输总量增长 7.4%：2025 年 1-2 月民航总周转量实现 257 亿吨公里，同比增长 10.5%，其中国内 航线同比增长 3.7%，国际航线增长 25.8%。2025 年 1-2 月客运 量实现 1.26 亿人次，同比增长 5.5%，较 2019 年同期增长 17.9%，其中国际航线完成 1284 万人次，同比增长 38.6%，客运 规模恢复至 2019 年同期的 106.6%，国内航线客运量同比增长 2.8%，较 2019 年增长 19.3%。从上市航空公司数据角度来看， 六家上市航 ...

风险因素：人形机器人进展不及预期风险、下游需求不及预期风险、市 场竞争加剧风险。 证券研究报告|机械设备 [Table_Title] Tesla 人形机器人生产目标进一步明确，1X 计划部署 NEO Gamma 至用户家庭早期测试 [Table_ReportType] ——人形机器人行业快评报告[Table_ReportDate] 2025 年 03 月 26 日 [行业Table_Summary] 事件： 3209 近日，Tesla 进一步明确了人形机器人 Optimus 的生产节奏，1X 计划在 2025 年底前将数百至数千台 NEO Gamma 部署至用户家庭进行早期测试。 投资要点： 特斯拉细化了人形机器人 Optimus 量产目标，预计 2025 年年产 5,000 台。近日，特斯拉召开了一场特斯拉全员大会，马斯克在会上明确表示， 今年的生产目标是制造 5,000 台 Optimus，这一目标相较此前马斯克提 到的"数千台"更为具体，并且公司已经订购了足够的零部件，足以支 撑今年生产 10,000 至 12,000 台机器人，但由于这是一款新产品，爬产 需要过程。到 2026 年，特斯拉计划将 Op ...

证券研究报告|通信 [Table_Title] 国内头部云厂商加大资本开支，三大运营商 算力 Capex 占比提升 [Table_ReportType] ——通信行业快评报告[Table_ReportDate] [事件Table_Summary] ： 3209 近期，国内的头部云厂商阿里巴巴、腾讯以及三大运营商中国联通、中 国移动、中国电信，在最新财报及业绩交流会中披露了资本开支的历史 投入及未来计划。 投资要点： 2025 年 03 月 26 日 [Table_Chart] 行业相对沪深 300 指数表现 [相关研究 Table_ReportList] 发挥科技创新引领作用，聚焦重点新兴产业 和未来产业发展 固本强基，融合天地 我国首个商业航天发射场双"首发"成功， 关注卫星互联网产业链 [Table_Authors] 分析师: 夏清莹 国内头部云厂商 2024 年资本开支大幅提升，创历史新高。根据国内头 部云厂商阿里巴巴和腾讯最新的财报及业绩会披露显示，两者 2024 自 然年的资本开支投入金额均大幅增长，2024Q4 单季度的资本开支投入 金额均突破 300 亿元人民币。具体的：1）阿里巴巴 2024 ...

证券研究报告|计算机 [Table_Title] 深化央企"AI+"专项行动，推动我国 AI 产 业高质量发展 [Table_ReportType] ——计算机行业快评报告[Table_ReportDate] [事件Table_Summary] ： [Table_Authors] 分析师: 夏清莹 2025 年 2 月 19 日，国务院国资委召开中央企业"AI+"专项行动深化 部署会；2025 年 3 月 25 日会议上，国务院国资委规划发展局有关负责 人表示"国务院国资委将继续深化央企"AI+"专项行动"。 投资要点： 中央企业"AI+"专项行动一周年成效显现，聚焦场景落地和算力建设。 2024 年 2 月 19 日，国务院国资委召开"AI 赋能 产业焕新"中央企业 人工智能专题推进会，在会上强调"中央企业要把发展人工智能放在全 局工作中统筹谋划，深入推进产业焕新，加快布局和发展人工智能产 业"，要"开展 AI+专项行动"，明确了中央企业在"人工智能+"行动中 的核心地位和领头作用。2025 年 2 月 19 日，国务院国资委召开中央企 业"AI+"专项行动深化部署会。会议指出，"近年来国务院国资委全力 推 ...

证券研究报告|电子 [Table_Title] 供需格局优化或推动存储价格调涨，AI 端 侧渗透有望提振需求 [Table_ReportType] ——电子行业快评报告[Table_ReportDate] [行业核心观点： Table_Summary] 2024 年 Q4 以来，存储原厂积极调控产能以实现库存逐步去化，在原厂 干预下存储供给格局有所优化，同时 AI 端侧产品的加速渗透有望推动 存储需求提升，进而带动存储整体供需格局改善。 投资要点： ⚫ 存储库存去化顺利，原厂宣布产品价格有望调涨：2024 年由于存储行 业供给端库存压力较大，产品价格整体维持震荡下行态势，至 2024 年 Q4 原厂减产干预后，存储库存去化顺利，价格逐步企稳。根据 TrendForce 集邦咨询预测，1）NAND Flash 方面，原厂减产叠加消费电 子品牌提前备货，PC、智能手机和数据中心重建库存，预计 2025 年第 二季度价格有所回升，Client SSD 价格季增 3-8%，Enterprise SSD 持 平，eMMC 和 UFS 价格持平，而 NAND Flash Wafer 则季增 10-15%。2） DRAM ...