分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 酿酒采掘行业领涨 A 股宽幅震荡 ——市场分析 相关报告 《市场分析：电池消费行业领涨 A 股震荡整 固》 2025-02-27 《市场分析：汽车机器人行业领涨 A 股震荡 上行》 2025-02-27 《市场分析：电子汽车行业领涨 A 股震荡整 理》 2025-02-25 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 02 月 28 日 投资要点： ◼ A 股市场综述 周五（02 月 28 日）A 股市场低开低走、宽幅震荡，早盘股指低开后 震荡上行，盘中股指在 3381 点附近遭遇阻力，午后股指震荡回落， 盘中酿酒、采掘以及化肥等行业表现较好；通信设备、机器人、半 导体以及软件开发等行业表现较弱，沪指全天基本呈现宽幅震荡的 运行特征。创业板市场周五震荡回落，创业板成分指数全天表现弱 于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场低开低走、宽幅震荡，早盘股指低开后震荡上行，盘 中股指在 3381 点附近遭遇阻力，午后股指震荡回落， ...

新材料 shily@ccnew.com 0371-86537085 AI+新材料推动行业创新发展，日本 EDP 公司开发出 30x30mm 金刚石单晶 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：中国团队研发钻石薄膜制 备新技术，力量钻石半导体高功率散热片金刚 石项目建成投产》 2025-01-20 《新材料行业年度策略：赋能制造业，把握国 产替代和自主创新机会》 2024-12-05 《新材料行业月报：商务部等四部门公布两用 物项出口管制清单，10 月中国新能源车零售 同比增长 56.7%》 2024-11-28 联系人：李智 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2025 年 02 月 28 日 分析师：石临源 登记编码：S0730525020001 新材料相对沪深 300 指数表现 -60% -50% -40% -30% -20% -10% 0 ...

Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [29]. Core Views - The company reported a revenue of approximately 549 million yuan for 2024, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders decreased by 18.73% to 49.32 million yuan [6][13]. - The recovery in the robotics and general automation industry has led to steady revenue growth, although increased R&D investments have impacted net profit [7][11]. - The company has established a comprehensive product line with proprietary intellectual property, including human-machine interfaces, programmable logic controllers, and servo systems, enabling it to provide automation solutions [7][9]. Summary by Sections Financial Performance - For 2024, the company expects revenues of 549 million yuan, with projections of 691 million yuan in 2025 and 839 million yuan in 2026, alongside net profits of 49 million yuan, 93 million yuan, and 132 million yuan respectively [13][16]. - The gross profit margin for 2024 is reported at 36.54%, with a diluted return on equity of 1.24% [2][19]. Market Position - The company holds a leading market share of 12% in the low-voltage DC servo market and 42% in the general automation sector, benefiting from the domestic demand for industrial automation and the trend of domestic substitution [10][11]. - The robotics sector accounted for approximately 38% of the company's revenue, with significant growth in the general automation and medical imaging equipment sectors as well [7][11]. Strategic Focus - The company is focusing on a "1+N" strategy centered around robotics, expanding into various sub-sectors while enhancing its core product lines [11][12]. - The company is actively developing humanoid robot markets and has established collaborations with multiple domestic and international clients [12].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 聚焦机器人 1+N 战略，持续拓展机器人 核心部件及行业应用 通用设备 ——步科股份(688160)公司点评 证券研究报告-公司点评 增持(首次) 市场数据(2025-02-27) | 收盘价(元) | 105.88 | | --- | --- | | 一年内最高/最低(元) | 105.88/31.70 | | 沪深 300 指数 | 3,968.12 | | 市净率(倍) | 11.71 | | 流通市值(亿元) | 88.94 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 9.04 | | 每股经营现金流(元) | 0.00 | | 毛利率(%) | 36.54 | | 净资产收益率_摊薄(%) | 1.24 | | 资产负债率(%) | 25.77 | | --- | --- | | 总股本/流通股(万股) | 8,400.00/8,400.00 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -10% 1 ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 化工新材料产业链分析及河南省概况 证券研究报告-行业深度分析 单击或点击此处输入文字。 相关报告 | 联系人：李智 | | --- | 发布日期：2025 年 02 月 28 日 ⚫ 化工新材料行业概况：化工新材料是各类新型化工材料的统称，具 有传统化工材料不具备的优异性能或特殊功能。化工新材料是高端 装备、航空航天、新能源、电子信息、节能环保、生物技术等战略 新兴产业的重要物质基础与支撑，是国民经济基础性、先导性产业。 化工新材料包括高端聚烯烃材料、工程塑料、聚氨酯材料、氟硅树 脂、特种合成橡胶和热塑性弹性体、高性能纤维及复合材料、功能 性膜材料、电子化学品、无机功能材料、新能源材料、生物基材料 等以及其他特种功能材料等多个品类。 风险提示：行业竞争加剧；下游需求不及预期；技术及市场突破进度 不及预期；国家产业政策变化风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共47页 投资要点： 电话： 0371-65585629 地 ...

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源相对沪深 300 指数表现 相关报告 《电力设备及新能源行业专题研究：BC 电池 平台型技术优势明显，关注龙头商业化进 程》 2025-02-19 《电力设备及新能源行业月报：宏观信心增 强，海外需求不减，关注输变电行业龙头》 2025-01-27 《电力设备及新能源行业月报：2024 年国内 新增光伏装机再创历史新高，光伏主产业链 价格企稳》 2025-01-27 投资要点： ⚫ 2 月光伏产业指数震荡走高，个股表现良好。受整体 A 股市场投资 风险偏好提升和光伏产品价格企稳等因素影响，本月光伏指数表现 良好。截至 2 月 27 日收盘，2 月光伏行业指数上涨 6.32%，跑赢 沪深 300 指数，全部细分子行业均实现上涨，大部分个股取得正向 收益。 证券研究报告-行业月报 强于大市(维持) 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共13页 深化新能源上网电价市场化改革政策 出台，光伏组件价格有所上调 ...

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：王兴广 登记编码：S0730123120001 wangxg1@ccnew.com 0371-65585753 证券研究报告-行业月报 同步大市(维持) 电气设备相对沪深 300 指数表现 资料来源：中原证券，聚源 -8% -3% 2% 7% 12% 17% 22% 28% 2024.02 2024.06 2024.10 2025.02 电气设备 沪深300 相关报告 《电气设备行业月报：宏观信心增强，海外 需求不减，关注输变电行业龙头》 2025-01- 27 《电气设备行业年度策略：电气设备行业三 大驱动：电网投资景气、配网智能升级、出 海机遇凸显》 2024-12-13 《电气设备行业月报：增量政策提振信心， 国际需求稳定增长，关注输变电行业龙头》 2024-12-03 联系人：李智 发布日期：2025 年 02 月 28 日 ⚫ 电气设备 2 月表现强于沪深 300 指数。截至 2 月 27 日收盘，电 气设备指数当月上涨 8.18%，跑赢沪深 300 指数(3.96%)4.2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -14% -8% -3% 2% 8% 13% 19% 24% 2024.02 2024.06 2024.10 2025.02 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,388.06 | 0.23 | | 深证成指 | | 10,927.51 | -0.26 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,968.12 | 0.21 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,799.44 | 0.28 | | 中证 | 500 | 6,028.99 | -0.38 | | 中证 | 1000 ...

Market Overview - The A-share market experienced a slight rebound after a dip, with the index finding support around 3353 points during the trading session on February 27, 2025. The market showed a pattern of initial decline followed by recovery, with strong performances from sectors such as beverages, food and drink, energy metals, and batteries [3][6][15]. - The Shanghai Composite Index closed at 3388.06 points, up 0.23%, while the Shenzhen Component Index closed at 10,927.51 points, down 0.26%. The ChiNext Index fell by 0.52% [7][15]. Sector Performance - The beverage, food and drink, energy metals, and battery sectors showed notable gains, while sectors such as communication equipment, power equipment, photovoltaic equipment, and optical electronics underperformed [3][6][15]. - Over 50% of stocks in the two markets declined, with the commercial retail, food and drink, battery, beauty care, and tourism sectors leading in gains. Conversely, sectors like communication equipment, power equipment, and photovoltaic equipment saw significant outflows of capital [6][9]. Investment Recommendations - The current average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index are 14.30 times and 39.79 times, respectively, indicating a suitable environment for medium to long-term investments [15]. - The total trading volume for the two markets reached 20,422 billion, above the median level for the past three years, suggesting robust market activity [15]. - The report suggests that investors should focus on structural opportunities while balancing defensive and growth strategies, particularly in sectors such as consumption, batteries, energy metals, and gaming [15].

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [8] Core Insights - The report highlights that the pet food production has shown counter-cyclical growth, with a 9.3% increase in pet feed production in 2024, reaching 1,599,000 tons [27][28] - The "No. 1 Document" for 2025 introduces the concept of "new agricultural productivity," emphasizing the need for technological advancements in agriculture [29][30] Summary by Sections Market Review - In January 2025, the agriculture, forestry, animal husbandry, and fishery index fell by 2.12%, outperforming the CSI 300 index, which dropped by 2.99% [10] - The pet food sector showed strong performance, while the aquatic processing sector faced declines [10] Livestock Industry Data Tracking - In January 2025, the average price of live pigs was 15.77 yuan/kg, with a month-on-month decrease of 0.25% but a year-on-year increase of 10.82% [14] - The white feather chicken price averaged 3.65 yuan/kg, showing a slight decline [22] - The report indicates a rebound in the price of piglets, with a 12.57% month-on-month increase [14] Pet Food - Pet food exports showed significant growth, with a 31.6% year-on-year increase in quantity and a 14.7% increase in value in December 2024 [26] - The overall feed production in China decreased by 2.1%, but pet feed production increased, indicating a shift in consumer preferences [27][28] Policy Developments - The 2025 "No. 1 Document" emphasizes stabilizing grain planting areas and improving yield and quality, which is crucial for food security [29] - The document introduces "new agricultural productivity," focusing on the application of biotechnology and digital technologies in agriculture [30] Price Tracking of Major Agricultural Products - The report notes that corn prices stabilized in January 2025, while soybean meal prices saw a rebound [32][33]