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 -17% -12% -7% -2% 4% 9% 14% 19% 2024.04 2024.07 2024.11 2025.03 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 | 3,351.31 | -0.67 | 深证成指 | 10,607.33 | -0.57 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,915.17 | -0.44 | | | 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 | 3,756.09 | -0.40 | | 中证 | 500 | 5,916.03 | -0 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车传媒行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：汽车半导体行业领涨 A 股小幅 上扬》 2025-03-27 《市场分析：机器人汽车行业领涨 A 股小幅 整理》 2025-03-26 《市场分析：能源电力行业领涨 A 股小幅整 理》 2025-03-25 联系人： 李智 电话： 0371-65585629 ◼ A 股市场综述 周五（03 月 28 日）A 股市场探底回升、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3346 点附近获得支撑，午后股指维持震 荡，盘中文化传媒、汽车、多元金融以及贵金属等行业表现较好； 化肥、化纤、采掘以及农药兽药等行业表现较弱，沪指全天基本呈 现小幅震荡整理的运行特征。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 股市场探底回升、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3346 点附近获得支撑，午后股指维持震荡，盘中文 化传媒、汽车、多元金融以及贵金属等行业表现较好；化 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [2][5]. Core Insights - The new materials index outperformed the CSI 300 index in March, with a rise of 1.67% compared to the CSI 300's 1.09%, marking a 0.58 percentage point advantage [5][10]. - The new materials sector is expected to continue its growth trajectory, driven by increasing demand from the manufacturing industry and the integration of technologies such as artificial intelligence [5][21]. - The overall valuation of the new materials index, with a PE ratio of 26.68, is at the 80.40 percentile of historical valuations since 2022, indicating a rapid recovery in sector valuation [5][21]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in March, with a trading volume of 10,588.61 billion yuan, reflecting a 5.81% decrease from the previous month [10]. - In March, 101 out of 170 stocks in the new materials sector increased in value, with the top gainers being Yunlu Co. (25.41%), Baotai Co. (25.13%), and Haiyou New Materials (24.79%) [17][20]. Key Industry Data Tracking - In March, basic metal prices generally increased, with copper rising by 6.42% and tin by 8.50% [5][36]. - Global semiconductor sales reached $56.52 billion in January, marking a 17.9% year-on-year increase [5][41]. - The export volume of superhard materials and products in January-February was 29,000 tons, a 5.74% increase year-on-year, but the export value fell by 23.37% [5][49]. Industry Dynamics - The report highlights the establishment of the Shanghai Integrated Circuit Investment Fund Phase III and the issuance of the "Implementation Plan for High-Quality Development of the Aluminum Industry," indicating ongoing policy support for the sector [1][5]. - The integration of AI technologies is expected to drive innovation and growth within the new materials industry [5][47].

分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-86537085 《铝产业高质量发展实施方案》印发，上 海集成电路产投基金三期成立 新材料 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：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》 2025-02-28 《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 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 03 月 28 日 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。 新材料指数 沪深300 产替代和自主创新机会》 2024-12-05 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21页 新材料相对沪深 300 指数表现 2022- 03 2022- 11 2023- 06 20 ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 投资要点： 风险提示：全球系统风险不确定性；经济增长和业绩不及预期；市场流 动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 河南资本市场月报 （2025 年第 2 期） 证券研究报告 发布日期：2025 年 3 月 28 日 第 1页/共 19页 11722 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 经济运行情况：2025 年 1-2 月我国财政政策靠前发力，有效需求边 际改善，主要经济指标均较 2024 年全年进一步回升，整体而言开 局平稳、情绪积极；1-2 月河南省主要经济指标在上年基础上继续 回升向好，内生发展动能进一步增强，在"四高四争先"部署谋划 下，河南省改革发展信心再度提振，有望助推经 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The demand for optical chips is continuously growing, driven by the expansion of computing infrastructure and the "Chasing Light and Chips" initiative in Henan Province, which supports domestic chip breakthroughs [1] - The global computing power scale is expected to grow at a rate exceeding 50% over the next five years, with intelligent computing accounting for over 90% of this growth [7][12] - Optical chips are critical components for data transmission in AI servers, with demand significantly higher than traditional servers [7][47] Summary by Sections 1. Computing Power as a New Productive Force - The global computing power scale reached 1397 EFLOPS in 2023, a 54% year-on-year increase, with intelligent computing accounting for 63% of the total [12][19] - The rapid growth of AI is driving a transformation of data centers into computing centers, with significant capital expenditure increases from major cloud providers [24][27] 2. Optical Chips as Core Components - Optical chips are essential for high-speed, low-latency data transmission in AI servers, with their cost share in different speed optical modules typically ranging from 30% to 70% [7][57] - The global optical chip market is projected to grow at a compound annual growth rate of 14.86% from 2023 to 2027, with high-speed optical chips experiencing even faster growth [60] 3. Henan Province's Support for Computing Industry - Henan Province aims to establish a computing infrastructure with 350,000 standard racks and a computing power scale exceeding 120 EFLOPS by the end of 2026 [7][8] - The province has identified the optical industry chain as a key focus, targeting a revenue of 50 billion yuan for the optical core industry by 2025 [7][8] 4. Domestic Chip Manufacturers - Shijia Photon, a leading optical chip supplier in China, has developed a complete industrial chain from design to manufacturing and testing [8] - The company is positioned as a "hidden champion" in the optical chip sector, contributing to China's chip industry breakthroughs [8]

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -8% -3% 3% 8% 14% 19% 25% 2024.03 2024.07 2024.11 2025.03 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 | | 3,373.75 | 0.15 | | 深证成指 | | 10,668.10 | 0.23 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.41 | 0.33 | | 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 | 3,771.11 | 0.36 | | 中证 | 500 | 5,957.60 | 0.15 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801. ...

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, indicating a stable outlook in line with the broader market performance [1]. Core Insights - The mechanical sector has shown strong growth, particularly in excavator sales, which have doubled year-on-year, signaling a recovery in the industry cycle [18][24]. - The report highlights the increasing production and demand for humanoid robots and related technologies, suggesting a positive trend in automation and robotics [33][39]. Summary by Sections 1. Mechanical Sector Performance - In March, the CITIC mechanical sector rose by 3.27%, outperforming the CSI 300 index by 0.75%, ranking 11th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as lifting and transportation equipment, oil and gas equipment, and mining metallurgy machinery saw significant gains, with increases of 19.83%, 13.38%, and 12.9% respectively [4][10]. 2. Engineering Machinery - Excavator sales reached 19,270 units in February, a 52.8% increase year-on-year, with domestic sales growing by 99.4% [18][24]. - The report anticipates continued recovery in the engineering machinery sector, driven by equipment updates and increased export competitiveness [32]. 3. Robotics - Industrial robot production increased by 27% year-on-year in the first two months of 2025, with service robots growing by 35.7% [33][39]. - The report emphasizes the emergence of humanoid robots, with several companies launching advanced models that enhance operational capabilities in various sectors [33][36]. 4. Investment Strategies - The report recommends focusing on traditional engineering machinery companies with stable fundamentals and high dividend yields, such as SANY Heavy Industry and XCMG [5]. - It also suggests investing in leading companies in the humanoid robot sector and core components, highlighting firms like Estun and Harmonic Drive [5].

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 挖掘机国内销量高增长，人形机器人产品 密集发布 ——机械行业月报 证券研究报告-行业月报 同步大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -14% -8% -2% 5% 11% 18% 24% 30% 2024.03 2024.07 2024.11 2025.03 机械 沪深300 相关报告 《机械行业月报：人工智能主题持续，继续推 荐 人 形 机 器 人 、 算 力 设 备 相 关 板 块 》 2025-02-24 《机械行业月报：人形机器人加速落地，持续 推荐行业向好的机器人、工程机械、船舶板块》 2025-01-20 《机械行业月报：人形机器人量产突破，挖掘 机、工业机器人产销持续复苏》 2024-12-23 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 投资要点： ⚫ 3 月中信机械板块上涨 3.27%，跑赢沪深 300 指数 0.75%）2.52 个百分点，在 ...

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 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月报：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》 2025-02-28 《电力设备及新能源行业月报：电气设备双 轮驱动：机器人概念快速升温与电网建设稳 健发力》 2025-02-28 《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 22 楼 光伏产业链价格反弹，关注政策刺激 影响 ⚫ 政策刺激光伏抢装，企业开工率预计有所回升。2025 年 1-2 月国 内新增光伏装机容量 39.47GW，同比增长 7.49%，国内光伏装机 同比放缓受装机基数、2024 年年底大量装机以及淡季来临等因素 有关，预计随着"430"、"531"等政策节点的靠近，阶段性抢装 有望带来 4 月、5 月光伏装机增速的明显回升。供给端，2 月我国 多晶硅产量为 9.23 万吨，环比下降 4.55%，根据企业排 ...