分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件医疗行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：软件光伏行业领涨 沪指挑战 3300 点》 2025-02-07 《市场分析：通信半导体行业领涨 A 股震荡 上行》 2025-02-06 《市场分析：成长行业领涨 A 股宽幅震荡》 2025-02-06 联系人： 李智 | 0371-65585629 | | --- | | 电话： | 证券研究报告-市场分析 发布日期：2025 年 02 月 10 日 投资要点： ◼ A 股市场综述 周一（02 月 10 日）A 股市场先抑后扬、小幅震荡上行，早盘股指高 开后震荡回落，盘中股指在 3300 点附近获得支撑，随后股指企稳回 升，盘中软件开发、互联网服务、医疗服务以及游戏等行业表现较 好；、航运港口、银行以及光伏设备等行业表现较弱，沪指全天基 本呈现小幅上扬的运行特征。创业板市场周一震荡上涨，创业板成 分指数全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 | 表 1：A 股主要指数表现（单位：点） | | --- | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,322.17 | 0.56 | | 深证成指 | | 10,631.25 | 0.52 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,901.06 | 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 | 3,715.00 | 0.30 | | 中证 500 | | 5,888.55 | 0.94 | | 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 | | | | 国际市场表现 | 指数名称 ...

半导体 分析师：邹臣 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 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 资料来源：聚源，中原证券研究所 -7% 3% 14% 25% 36% 47% 57% 68% 2024.02 2024.06 2024.10 2025.02 半导体 沪深300 相关报告 《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 《半导体行业月报：美国半导体出口管制再 升级，端侧 AI 新品陆续发布》 2024-12-10 《半导体行业月报：半导体行业 24Q3 延续 复苏趋势，关注自主可控方向》 2024-11-08 联系人：李智 投资要点： 日前美国 BIS 再次修订了《出口管理条例》，这次制裁针对于先进 逻辑集成电路是采用"16nm/14nm 节点"及以下工艺、或采用非 平面晶体管架构生产的逻辑集成电路，采取更多审查和规范，并 将 25 个中国实体添加到 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 春节档量价齐升刷新纪录，《哪吒 2》抬 高国内票房天花板 ——传媒行业分析报告 证券研究报告-行业分析报告 同步大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业月报：CES 展端侧 AI 引关注，春 节假期将至关注电影市场表现》 2025-01-16 《传媒行业专题研究：票房下滑超 20%，关 注春节档表现》 2025-01-08 《传媒行业月报：国内游戏产业多项数据创新 高 ， 文 化 企 业 最 新 免 税 政 策 发 布 》 2024-12-16 联系人：李智 投资要点： ⚫ 6 部影片齐聚，一超一强格局明显。档期内 TOP2 影片票房占比近 75%。其中《哪吒之魔童闹海》领跑春节档，档期内票房高达 48.41 亿元，票房占比超 50%，且 35.4%的排片占比明显低于票房占比， 上座率达到 52.3%，市场供不应求；《唐探 1900》票房 22.79 亿元， 票房占比 23.9%，排片占比和票房占比基本持平；《封神第二部： 战火西岐》《射雕英雄传：侠之大者》《熊出没 ...

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 -10% -5% 1% 7% 12% 18% 23% 29% 2024.02 2024.06 2024.10 2025.02 上证指数 深证成指 【财经要闻】 1、证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》，提 出八方面共 18 条政策措施，推动要素资源向科技创新、先进制造、绿色 低碳、普惠民生等重大战略、重点领域、薄弱环节集聚。 2、证监会主席吴清召开投资者座谈会强调，投资者是市场之本，保护投 资者合法权益是证券监管的首要任务。证监会将进一步推动上市公司增 强回报投资者的意识和能力，不断健全投资者保护长效机制。 3、1 月份，受春节因素影响，全国 CPI 涨幅扩大，环比由上月持平转为 上涨 0.7%，同比涨幅由上月的 0.1%扩大至 0.5%；全国 PPI 环比下降 0.2%，同比下降 2.3%。 资料来源：证监会，国家统计局，Wind 资讯 【宏观策略】 | 市场分析：软件光伏行业领涨 沪指挑战 3300 点 | | --- | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件光伏行业领涨 沪指挑战 3300 点 2025-02-06 《市场分析：半导体行业领涨 A 股震荡上扬》 2025-01-17 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 07 日 投资要点： ◼ A 股市场综述 ——市场分析 相关报告 《市场分析：通信半导体行业领涨 A 股震荡 上行》 2025-02-06 《市场分析：成长行业领涨 A 股宽幅震荡》 周五（02 月 07 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 开后震荡上扬，盘中股指在 3324 点附近遭遇阻力，午后股指震荡回 落，尾盘再度企稳回升，盘中软件开发、光伏设备、证券以及汽车 等行业表现较好；小金属、半导体、船舶制造以及教育等行业表现 较弱，沪指全天基本呈现小幅上扬的运行特征。创业板市场周五震 荡上涨，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小幅震荡上行，早盘股指低开后震荡上 扬，盘中股指在 3324 ...

Investment Rating - The report assigns a "Market Perform" rating to the liquor sector, indicating that the performance of the sector is expected to align with the broader market trends [6]. Core Insights - The luxury goods market in China has seen significant fluctuations, with a notable decline in luxury consumption in 2022 and 2023, which is expected to continue into 2024 [6][14]. - The high-end liquor market is experiencing a slowdown in sales growth, with a shift towards mid-range and low-end products as consumers adjust their spending habits [6][52]. - Despite the overall decline in high-end liquor sales, the average selling price has been increasing, suggesting a strategy to target a smaller, more affluent customer base for higher profit margins [6][40]. Summary by Sections 1. Luxury Goods Market - China has become the second-largest luxury goods market globally, with annual growth rates exceeding 20% before 2020 [8]. - The luxury market in China saw a significant drop in 2022, with a 15% decline in consumption, marking the end of five years of continuous growth [14][15]. - In 2023, the luxury market rebounded slightly, growing by 12% to reach approximately 448.39 billion RMB, although this was still a decrease compared to 2021 [15]. 2. High-End Liquor Consumption - The high-end liquor market has faced declining sales growth since 2020, with a more pronounced downturn in 2024 [27][28]. - Major brands like Wuliangye and Luzhou Laojiao have reported significant drops in sales growth compared to previous years, while Moutai has maintained a stable growth rate [28][29]. - The average price of high-end liquor has been rising, indicating a shift in strategy to maintain profitability despite lower sales volumes [40]. 3. Mid-Range and Low-End Liquor Consumption - There has been an increase in sales of mid-range and low-end liquors since 2021, with mid-range products showing an average growth of 16.51% from 2021 to 2024 [52]. - The market for low-end liquors has also rebounded, with significant growth observed in brands like Yili and Koutai [52]. - The shift towards mid-range and low-end products reflects changing consumer preferences and economic conditions, with a focus on affordability and accessibility [54]. 4. Marketing and Advertising Trends - Global luxury brands have increased their advertising expenditures significantly, with a 44% increase noted in 2021 [77]. - In contrast, high-end liquor brands in China have reduced their marketing budgets in response to declining sales, shifting from aggressive marketing to a more conservative approach [83]. - The overall trend indicates a cautious outlook among liquor manufacturers, with a focus on maintaining profitability amid market uncertainties [83].

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 扭亏为盈，CW DFB 激光器的研发取得阶 段性成果 ——仕佳光子(688313)公司点评报告 证券研究报告-公司点评报告 买入(上调) 市场数据(2025-02-06) | 收盘价(元) | 17.70 | | --- | --- | | 一年内最高/最低(元) | 23.26/8.17 | | 沪深 300 指数 | 3,842.83 | | 市净率(倍) | 6.95 | | 流通市值(亿元) | 81.21 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 2.55 | | 每股经营现金流(元) | 0.00 | | 毛利率(%) | 25.84 | | 净资产收益率_摊薄(%) | 2.08 | | 资产负债率(%) | 28.26 | | --- | --- | | 总股本/流通股(万股) | 45,880.23/45,880.23 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所， ...

Key Points - The report indicates that the domestic consumption market is expected to continue a stable growth trend in the first quarter, supported by the government's policies to promote consumption [4][7] - The global manufacturing PMI for January was reported at 50%, reflecting a slight increase of 0.5 percentage points month-on-month, marking three consecutive months of slight growth [4][7] - The communication semiconductor industry is leading the A-share market's upward trend, with a focus on investment opportunities in semiconductor, consumer electronics, gaming, and automotive sectors [6][8] - The electrical equipment sector outperformed the market, with an increase of 1.53% in January, while the overall market saw a decline of 2.59% [14] - The photovoltaic industry is expected to see a record high in new installations in 2024, with a year-on-year growth of 27.80% in new installations [17][18] - The report highlights that the AI industry is facing increased sanctions from the U.S., which may impact China's AI computing supply capabilities [32][34] - The agricultural sector, particularly the pig farming industry, is experiencing price fluctuations, with a year-on-year increase in prices despite a recent decline [34][35] - The report emphasizes the importance of monitoring policy implementation and external factors that may affect economic recovery and market performance [6][8]

《市场分析：成长行业领涨 A 股宽幅震荡》 2025-02-06 《市场分析：半导体行业领涨 A 股震荡上扬》 2025-01-17 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信半导体行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：通信家电行业领涨 A 股小幅上 行》 2025-01-16 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 02 月 06 日 投资要点： ◼ A 股市场综述 周四（02 月 06 日）A 股市场低开高走、震荡上行，早盘股指低开后 震荡上扬，盘中股指在 3263 点附近遭遇阻力，午后股指维持震荡， 尾盘再度震荡走高，盘中电机、半导体、游戏以及汽车等行业表现 较好；贵金属、银行、珠宝首饰以及煤炭等行业表现较弱，沪指全 天基本呈现震荡上扬的运行特征。创业板市场周四震荡上涨，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建 ...