农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 畜禽价格偏弱运行，宠物食品出口数 据迎来"开门红" ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 25EPS | 25PE | 评级 | | --- | --- | --- | --- | | 牧原股份 | 3.68 | 11.71 | 增持 | | 海大集团 | 3.13 | 13.45 | 增持 | | 乖宝宠物 | 1.78 | 36.30 | 增持 | | 中宠股份 | 1.65 | 24.40 | 增持 | | 佩蒂股份 | 1.00 | 18.03 | 增持 | | 秋乐种业 | 0.48 | 27.20 | 增持 | 农林牧渔相对沪深 300 指数表现 相关报告 《农林牧渔行业月报：宠物饲料产量逆势增 长，"一号文件"首提"农业新质生产力"》 2025-02-27 《农林牧渔行业月报：猪价旺季不旺，宠物 食品出口数据持续向好》 2025-01-21 《农林牧渔行业月报：鸡价延续反弹趋势， 宠物食品出口数据维持同比增长 ...

分析师：张刚 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2025 年 03 月 21 日 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -18% -13% -8% -2% 3% 8% 13% 18% 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 | | 3,408.95 | -0.51 | | 深证成指 | | 10,879.49 | -0.91 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,974.99 | -0.88 | | 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 | 3,819.67 | -1.03 | | 中证 | ...

分析师：张刚 登记编码：S0730511010001 证券研究报告-市场分析 发布日期：2025 年 03 月 21 日 投资要点： ◼ A 股市场综述 zhanggang@ccnew.com 021-50586990 军工资源行业领涨 A 股宽幅震荡 ——市场分析 相关报告 联系人： 李智 周五（03 月 21 日）A 股市场冲高遇阻、宽幅震荡，早盘股指低开后 震荡上行，盘中股指在 3414 点附近遭遇阻力，午后股指震荡回落， 盘中船舶制造、采掘、风电设备以及中药等行业表现较好；电机、 消费电子、汽车零部件以及半导体等行业表现较弱，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。 11798 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、宽幅震荡，早盘股指低开后震荡上行，盘 中股指在 3414 点附近遭遇阻力，午后股指震荡回落，盘中船舶制 造、采掘、风电设备以及中药等行业表现较好；电机、消费电子、 汽车零部件以及半导体等行业表现较弱，沪指全天基本呈现宽幅震 荡的运行特征。当前上证综指与创业板指数的平均市盈率分别为 14.47 倍、38.41 倍，处于近 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 军工汽车行业领涨 A 股小幅震荡 ——市场分析 相关报告 《市场分析：银行电力行业领涨 A 股小幅整 理》 2025-03-19 《市场分析：航运有色行业领涨 A 股小幅波 动》 2025-03-18 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 03 月 20 日 投资要点： ◼ A 股市场综述 周四（03 月 20 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3410 点附近获得支撑，午后股指维持震 荡，盘中船舶制造、煤炭、汽车零部件以及航天航空等行业表现较 好；保险、游戏、珠宝首饰以及酿酒发等行业表现较弱，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 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3410 点附近获得支撑，午后股指维持震荡，盘中船 舶制造、煤炭、汽车零部件以及航天航空等行 ...

相关报告 《市场分析：银行电力行业领涨 A 股小幅整 理》 2025-03-19 《市场分析：航运有色行业领涨 A 股小幅波 动》 2025-03-18 联系人： 李智 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 军工汽车行业领涨 A 股小幅震荡 ——市场分析 ◼ A 股市场综述 周四（03 月 20 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3410 点附近获得支撑，午后股指维持震 荡，盘中船舶制造、煤炭、汽车零部件以及航天航空等行业表现较 好；保险、游戏、珠宝首饰以及酿酒发等行业表现较弱，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 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3410 点附近获得支撑，午后股指维持震荡，盘中船 舶制造、煤炭、汽车零部件以及航天航空等行业表现较好；保险、 游戏、珠宝首饰以及酿酒发等行业表现较弱，沪指全天基本呈现小 幅震荡整理的运行特征。当前上证综指与 ...

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 -18% -12% -7% -2% 3% 8% 13% 19% 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 | 3,426.43 | | -0.10 | | 深证成指 | 10,979.05 | | -0.32 | | 创业板指 | 2,022.77 | | -0.47 | | 沪深 300 | 4,010.17 | | 0.06 | | 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 | 3,859.58 | | 0.36 | | 中证 500 | 6,101.44 | | -0.52 | | 中证 1000 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 AI 算力芯片是"AI 时代的引擎" ，河南省 着力布局 证券研究报告-行业深度分析 半导体相对沪深 300 指数表现 资料来源：聚源，中原证券 -18% -8% 3% 13% 24% 34% 45% 55% 2024.03 2024.07 2024.11 2025.03 半导体 沪深300 相关报告 《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 《半导体行业月报：美国半导体出口管制进 一步升级，DeepSeek 热潮有望推动端侧 AI 发展》 2025-02-10 《半导体行业月报：豆包 AI 生态加速发展， 关注国内 AI 算力产业链》 2025-01-10 联系人：李智 楼 报告要点： 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 36 页 发布日期：2025 年 03 月 20 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 AI 算力芯片是"AI 时代的引擎" ，河南省 着力布局 证券研究报告-行业深度分析 半导体相对沪深 300 指数表现 资料来源：聚源，中原证券 -18% -8% 3% 13% 24% 34% 45% 55% 2024.03 2024.07 2024.11 2025.03 半导体 沪深300 相关报告 《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 《半导体行业月报：美国半导体出口管制进 一步升级，DeepSeek 热潮有望推动端侧 AI 发展》 2025-02-10 《半导体行业月报：豆包 AI 生态加速发展， 关注国内 AI 算力产业链》 2025-01-10 联系人：李智 楼 报告要点： 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 36 页 发布日期：2025 年 03 月 20 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18 ...

Core Insights - The report highlights the ongoing recovery in various sectors, particularly in technology and consumer goods, driven by supportive government policies and market dynamics [5][8][37] - The A-share market is experiencing a structural shift, with a focus on defensive sectors and growth industries, indicating a balanced investment approach [9][12][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,419.56, up by 1.81%, while the Shenzhen Component Index rose by 2.26% to 10,978.30 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext are at 14.24 and 38.63, respectively, suggesting a favorable long-term investment environment [9][12] International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the S&P 500 down by 0.45%, while the Nikkei 225 increased by 0.62% [4] Economic Indicators - M2 money supply grew by 7% year-on-year, while M1 increased by 0.1%, indicating stable liquidity conditions [8] - The average interest rate for new corporate loans was approximately 3.3%, maintaining historical lows, which supports borrowing and investment [8] Industry Analysis - The chemical sector is experiencing a price decline, with a focus on potassium fertilizer and organic silicon industries showing signs of recovery [14][15] - The software industry is projected to grow at a slower pace, with expected revenue of 13.73 trillion yuan in 2024, reflecting a 10% increase [17] - The AI sector is witnessing rapid advancements, with significant investments in computing power and applications, indicating a robust growth trajectory [19][21][31] Investment Recommendations - The report suggests focusing on sectors such as electric power, banking, and military industries for short-term investment opportunities [12][13] - In the semiconductor industry, the report emphasizes the potential for recovery in memory prices and the growth of the RISC-V ecosystem, which is expected to expand significantly [28][30] Sector-Specific Insights - The gaming industry is projected to grow, driven by high-quality game releases and increasing competitiveness in overseas markets [34][35] - The renewable energy sector is set to advance with government initiatives aimed at achieving carbon neutrality, highlighting opportunities in wind and solar energy [37]

Market Overview - The A-share market experienced slight fluctuations on March 19, 2025, with the Shanghai Composite Index facing resistance around 3438 points, closing at 3426.43 points, down 0.10% [2][6][14] - The Shenzhen Component Index closed at 10979.05 points, down 0.32%, while the ChiNext Index fell by 0.28% [6][14] - The total trading volume for both markets was 15071 billion, slightly lower than the previous trading day [6][14] Sector Performance - The banking, electricity, automotive, and household light industry sectors performed well, while gaming, electronic components, communication equipment, and software development sectors lagged [2][3][14] - The banking sector saw a rise of 1.39%, electricity and public utilities increased by 0.88%, and automotive sector rose by 0.76% [9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index were 14.54 times and 38.98 times, respectively, indicating a mid-level valuation compared to the past three years [3][14] - The current trading volume is above the median of the past three years, suggesting a healthy market activity level [3][14] Future Market Outlook - The report suggests that the market may see a shift towards technology leadership, defensive dividend stocks, and consumption recovery driven by domestic demand [3][14] - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in the electricity, automotive, banking, and household light industry sectors [3][14]