分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 美国"对等关税"政策落地，关注半 导体自主可控方向 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 第 1 页 / 共 45 页 半导体相对沪深 300 指数表现 发布日期：2025 年 04 月 08 日 -11% 1% 13% 25% 37% 48% 60% 72% 2024.04 2024.08 2024.12 2025.04 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业深度分析：AI 算力芯片——AI 时代的引擎》 2025-04-03 《半导体行业深度分析：AI 算力芯片是"AI 时代的引擎"，河南省着力布局》 2025-03- 20 《半导体行业月报：国内 RISC-V 生态加速 发展，存储器价格有望逐步回升》 2025-03- 10 联系人：李智 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 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18楼 地址： 上海浦 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 美国"对等关税"政策落地，关注半 导体自主可控方向 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 04 月 08 日 -11% 1% 13% 25% 37% 48% 60% 72% 2024.04 2024.08 2024.12 2025.04 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业深度分析：AI 算力芯片——AI 时代的引擎》 2025-04-03 《半导体行业深度分析：AI 算力芯片是"AI 时代的引擎"，河南省着力布局》 2025-03- 20 《半导体行业月报：国内 RISC-V 生态加速 发展，存储器价格有望逐步回升》 2025-03- 10 联系人：李智 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 45 页 半导体相对沪深 300 指数表现 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18楼 地址： 上海浦 ...

证券研究报告-晨会聚焦 发布日期：2025 年 04 月 08 日 资料来源：聚源，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.04 2024.08 2024.12 2025.04 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 | | 3,096.58 | -7.34 | | 深证成指 | | 9,364.50 | -9.66 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,589.44 | -7.05 | | 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 | 3,437.94 | -6.85 | | 中证 | 500 | 5,287.03 | -9.55 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2 ...

基础化工 分析师：顾敏豪 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25页 化工品价格延续回落，关注需求具有保 障的钾肥和磷化工行业 ——基础化工行业月报 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 04 月 07 日 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 投资要点： 2024 年 3 月份中信基础化工行业指数下跌 0.24%，在 30 个中信一级 行业中排名第 15 位。子行业中，涤纶、氮肥和其他化学原料行业表 现居前。主要产品中，3 月份化工品价格延续回落态势。2025 年 4 月 份的投资策略，建议从需求端出发，关注钾肥和磷化工板块。 风险提示：原材料价格大幅下跌、行业竞争加剧、下游需求下滑 基础化工相对沪深 300 指数表现 资料来源：中原证券、聚源数据 相关报告 《基础化工行业深度分析：需求增长与扩产 放缓推动供需好转，有机硅行业有望景气复 苏》 2025-03-20 《基础化工行业月报：化工品价格整体回 落，关注景气回升的钾肥和供需格局好转的 有机硅行业》 ...

基础化工 分析师：顾敏豪 化工品价格延续回落，关注需求具有保 障的钾肥和磷化工行业 ——基础化工行业月报 风险提示：原材料价格大幅下跌、行业竞争加剧、下游需求下滑 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25页 基础化工相对沪深 300 指数表现 资料来源：中原证券、聚源数据 相关报告 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 04 月 07 日 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 投资要点： 2024 年 3 月份中信基础化工行业指数下跌 0.24%，在 30 个中信一级 行业中排名第 15 位。子行业中，涤纶、氮肥和其他化学原料行业表 现居前。主要产品中，3 月份化工品价格延续回落态势。2025 年 4 月 份的投资策略，建议从需求端出发，关注钾肥和磷化工板块。 《基础化工行业深度分析：需求增长与扩产 放缓推动供需好转，有机硅行业有望景气复 苏》 2025-03-20 《基础化工行业月报：化工品价格整体回 落，关注景气回升的钾肥和供需格局好转的 有机硅行业》 ...

Group 1: Macroeconomic Environment - The macroeconomic environment continues to maintain a loose tone, with the government emphasizing a moderately loose monetary policy and a more proactive fiscal policy in the 2025 government work report [5][11] - The People's Bank of China (PBOC) indicated that it would consider reducing the reserve requirement ratio (RRR) and interest rates based on domestic and international economic conditions [12][11] - In March, the manufacturing PMI rose to 50.5%, indicating a recovery in economic momentum, while the non-manufacturing PMI also increased to 50.8% [13][11] Group 2: Market and Industry Performance - In March, the value style index performed well, with mid-cap value increasing by 2.33%, large-cap value by 1.82%, and small-cap value by 1.39% [48] - The top-performing industries in March included non-ferrous metals (7.75%), home appliances (4.32%), and coal (3.63%), while the worst performers were communication (-3.84%) and computer (-5.43%) [61] - The net financing amount in March showed positive changes in non-ferrous metals, automobiles, and electric power equipment industries [61] Group 3: April Allocation Recommendations - The report suggests focusing on high dividend yield assets with defensive characteristics, such as banks, coal, and public utilities, while also seizing strategic allocation opportunities in the technology sector due to valuation adjustments [66][67] - The government has introduced a special action plan to boost consumption and expand domestic demand, which includes measures to stabilize the stock and real estate markets [66] - The impact of the U.S. "reciprocal tariff" policy, which imposes a 34% additional tariff on Chinese exports, is expected to affect industries with high foreign trade dependence [66][67] Group 4: Monetary Credit Framework - The monetary credit framework categorizes economic cycles into four stages: loose monetary-tight credit (recession), loose monetary-loose credit (recovery), tight monetary-loose credit (overheating), and tight monetary-tight credit (stagflation) [70] - In the loose monetary-loose credit phase, upstream resources, consumption, and technology growth industries tend to outperform [71] - The report indicates that the monetary credit framework has shown high effectiveness in predicting bond market trends, while its correlation with stock market trends has been less consistent [78]

| 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,342.01 | -0.24 | 深证成指 | 10,365.73 | -1.40 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,861.50 | -0.59 | | | 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 | 3,690.89 | -0.67 | | 中证 | 500 | 5,845.50 | -0.91 | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | 资料来源：聚源，中原证券研究所 | | | | 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [30]. Core Views - The company, AVIC Optoelectronics (002179), reported a total revenue of 20.686 billion yuan for 2024, reflecting a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8]. - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with quarterly revenue reaching 6.591 billion yuan, up 39.77% year-on-year, and net profit increasing by 88.79% [8][12]. - The company is focusing on expanding its civil products and maintaining a strong position in the defense sector, with a strategic emphasis on high-end manufacturing and emerging industries [12]. Financial Performance - The gross profit margin for 2024 was reported at 36.61%, a slight decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points [9]. - The revenue from the electrical connector segment was 16.21 billion yuan, growing by 4.58% and accounting for 78.36% of total revenue. The optical connector segment saw a decline of 9.7%, generating 2.842 billion yuan [11]. - The company has effectively managed its expenses, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9]. Business Outlook - The company is expected to see continued growth in defense and civil sectors, with projected revenues of 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan for 2025, 2026, and 2027 respectively [13][14]. - The report highlights a positive outlook for the defense sector, anticipating a recovery in demand and an upward trend in the company's performance as it approaches the end of the 14th Five-Year Plan [12][13].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 消费物流行业领涨 A 股低开高走 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股小幅整理》 2025-04-02 《市场分析：医药电力行业领涨 A 股小幅上 行》 2025-04-01 《市场分析：防御行业领涨 A 股震荡整理》 2025-03-31 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 04 月 03 日 投资要点： ◼ A 股市场综述 周四（04 月 03 日）A 股市场低开高走、震荡整理，早盘股指低开后 震荡上行，盘中股指在 3358 点附近遭遇阻力，午后股指维持震荡， 盘中物流、商业百货、农牧饲渔以及电力等行业表现较好；消费电 子、电机、家电以及电子元件等行业表现较弱，沪指全天基本呈现 震荡整理的运行特征。创业板市场周四震荡回落，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 周四 A ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8] - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with a quarterly revenue of 6.591 billion yuan, up 39.77% year-on-year, and a net profit of 841 million yuan, up 88.79% year-on-year [8][12] - The company is focusing on expanding its civil products and has made significant progress in various sectors, including defense, low-altitude economy, and new energy vehicles, which are expected to drive future growth [12][13] Financial Performance - The gross profit margin for 2024 was 36.61%, a decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points year-on-year [9] - The company maintained good cost control, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9] - Revenue from the electrical connector segment was 16.21 billion yuan, up 4.58% year-on-year, while revenue from optical connectors and other optical devices was 2.842 billion yuan, down 9.7% [11] Business Segmentation - The electrical connector segment continues to dominate, accounting for 78.36% of total revenue, while the liquid cooling solutions segment saw a revenue increase of 14.44% to 1.634 billion yuan [11] - The company is enhancing its position as a preferred supplier in the defense sector and is expanding into high-end manufacturing in civil applications [12] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan, respectively, with corresponding net profits of 3.931 billion yuan, 4.681 billion yuan, and 5.291 billion yuan [13][14] - The company is expected to benefit from a recovery in defense demand and a positive industry trend, indicating a potential turning point in performance [13][12]