[Table_Title] 每日复盘 证券研究报告 2025 年 04 月 15 日 2025 年 4 月 15 日 A 股市场窄幅震荡，成交额不足 1.1 万 亿 报告要点： 2025 年 4 月 15 日 A 股市场窄幅震荡，成交额不足 1.1 万亿。上证指数 上涨 0.15%，深证成指下跌 0.27%，创业板指下跌 0.13%。市场成交额 10770.39 亿元，较上一交易日减少 2002.41 亿元。全市场 2444 只个股上涨， 2856 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>消费>稳定>0>周期>成长；大盘 价值>中盘价值>小盘价值>大盘成长>小盘成长>中盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：银行 （1.53%），家电（1.38%），纺织服装（1.17%）；表现相对靠后的是：国防军 工（-1.84%），消费者服务（-1.55%），钢铁（-0.98%）。概念板块方面，多 数概念板块下跌，昨日连板、ST 股、麒麟电池等板块上涨；环氧丙烷、 MLOps、3D 摄像头等大幅走低。 资金筹码方面，主力资金 4 月 15 日净流出 253. ...

[Table_Title] 每日复盘 证券研究报告 2025 年 4 月 14 日市场缩量反弹，大消费概念再爆发 报告要点： 2025 年 4 月 14 日市场缩量反弹，大消费概念再爆发。上证指数上涨 0.76%，深证成指上涨 0.51%，创业板指上涨 0.34%。市场成交额 12772.80 亿 元，较上一交易日减少 712.00 亿元。全市场 4614 只个股上涨，770 只个股 下跌。 风格上看，各指数涨跌幅排序为：周期>成长>稳定>金融>消费>0；小盘 价值>中盘价值>小盘成长>中盘成长>大盘价值>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合金融 （3.87%），纺织服装（2.66%），商贸零售（2.58%）；表现相对靠后的是：家 电（-0.69%），食品饮料（-0.36%），国防军工（0.25%）。概念板块方面，多 数概念板块上涨，赛马、户外露营、发电机等大幅上涨；净水、白酒、空气 能热泵等板块走低。 资金筹码方面，主力资金 4 月 14 日净流入 15.71 亿元。其中超大单净流 入 33.93 亿元，大单净流出 18.22 亿元，中单资金 ...

Investment Rating - The report maintains a positive investment recommendation for the automotive industry, highlighting ongoing growth and innovation [7]. Core Insights - The passenger car market continues to experience rapid growth, with retail sales reaching 210,000 units in early April, a 2% year-on-year increase, and cumulative retail sales of 5.336 million units, up 6% year-on-year [1]. - The electric vehicle segment shows significant growth, with retail sales of new energy vehicles reaching 113,000 units in early April, a 17% year-on-year increase, and cumulative retail sales of 2.533 million units, up 35% year-on-year [1]. - The overall performance of the automotive industry remains robust, with 75% of listed companies reporting revenue growth and 69% reporting profit growth, indicating a strong expansion trend despite economic challenges [2][12]. - The shift towards pure electric vehicles is evident, with sales of pure electric cars increasing by 45.2% year-on-year in the first quarter, while hybrid models saw a 33.7% increase [3]. - The industry is witnessing a wave of stock buybacks, with 130 companies announcing buyback plans totaling over 53.73 billion yuan, reflecting confidence in the market [15][17]. Summary by Sections Current Performance of Listed Companies - As of April 11, 2025, 122 automotive companies have reported their annual performance, with 75% showing revenue growth and 69% showing profit growth, significantly above the A-share average [12]. - The automotive sector has initiated a buyback trend, with a notable increase in the number of buyback announcements and the total amount planned for repurchase [15][17]. Market Data Tracking - In the first week of April, the national retail sales of passenger cars were 210,000 units, a 2% increase year-on-year, while wholesale sales were 212,000 units, an 11% increase year-on-year [33]. - The new energy vehicle market also showed strong performance, with retail sales of 113,000 units, a 17% increase year-on-year, and wholesale sales of 120,000 units, a 25% increase year-on-year [33]. Industry News - The automotive industry is advancing in smart technology, with new high-performance MCU chips being developed and partnerships between major companies like Dongfeng and Huawei to enhance smart driving capabilities [4][47]. - Significant developments include the unveiling of new models and the introduction of innovative technologies, such as the DF30 chip and various new electric vehicle models [48][56].

[ T 工业行业周报、月报 2025 年 04 月 13 日 a b l [Table_Title] 关税不改长期利好，机械行业总体受益 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 a i n ] 2025 年 4 月 6 日至 4 月 11 日，上证综指下跌 3.11%，深证成指下跌 5.13%，创业板指下跌 6.73%。其中申万机械设备下降 6.78%，相较 沪深 300 指数跑输 3.91pct，在 31 个申万一级行业中排名第 29。细 分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨跌-7.96%/-7.83%/-2.35%/-2.18%/-8.75%。 重点板块跟踪 行业研究|工业 证券研究报告 低空经济板块：中央空管委在 4 月 7 日发布了加强低空空管工作的措 施，目标到 2030 年市场规模达万亿。此外，多个省份如四川、湖北、 合肥等都将低空经济纳入发展规划，并推出专项政策支持基建和场景 应用。低空经济呈现"政策强驱动、技术快迭代、场景深拓展"特征， 中央与地方协同推动空域管理改革，eVTOL 商业化与低空基建进入加 速期。 机械 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 本周汽车智能化发展趋势持续。东风汽车 DF30 国产高性能 MCU 芯片完 成首次流片验证，计划明年量产。东风、华为合作全新 SUV 曝光，号称 "领先不止一代+华为最强智驾"。起售价 10 万以下的零跑 B10 上市 1 小时大定破万，激光雷达高阶智驾进入 10 万级，智驾软件免费开放。 零部件端，元戎启行与高通宣布达成合作，开发支持 ADAS/AD 功能的高 阶智能驾驶解决方案。机器人方面，均胜电子与智元机器人达成战略合 作，攻关"大小脑"等关键技术；嵘泰股份对外设立合资公司进入滚珠 丝杠领域。行业转型持续进行。 2025 年 04 月 13 日 [Table_Title] 关税不阻成长趋势，持续创新动能向上 [Table_Summary] 报告要点: 乘用车销量继续保持较快增长 乘用车方面，4 月 1-6 日，全国乘用车市场零售 21.0 万辆，同比去年 4 月同期增长 2%，今年以来累计零售 533.6 万辆，同比增长 6%；4 月 1-6 日，全国乘用车厂商批发 21.2 万辆，同比去年 4 月同期增长 11%，较 ...

[ T a b l [Table_Title] 关税不改长期利好，机械行业总体受益 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 a i n ] 2025 年 4 月 6 日至 4 月 11 日，上证综指下跌 3.11%，深证成指下跌 5.13%，创业板指下跌 6.73%。其中申万机械设备下降 6.78%，相较 沪深 300 指数跑输 3.91pct，在 31 个申万一级行业中排名第 29。细 分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨跌-7.96%/-7.83%/-2.35%/-2.18%/-8.75%。 重点板块跟踪 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 04 月 13 日 低空经济板块：中央空管委在 4 月 7 日发布了加强低空空管工作的措 施，目标到 2030 年市场规模达万亿。此外，多个省份如四川、湖北、 合肥等都将低空经济纳入发展规划，并推出专项政策支持基建和场景 应用。低空经济呈现"政策强驱动、技术快迭代、场景深拓展"特征， 中央与地方协同推动空域管理改革，eVTOL 商业化与低空基建进入加 速期。 机械 ...

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 04 月 13 日 [Table_Title] 贸易战影响有限，进口取代有望加速 ——医药生物行业周报（2025.4.7-2025.4.11） [Table_Summary] 报告要点： 医药板块本周小幅跑输沪深 300 指数 2025 年 4 月 7 日至 4 月 11 日，申万医药生物指数下跌 5.61%，跑输 沪深 300 指数 2.74pct，在 31 个申万一级行业指数中排名第 22。2025 年初至今，申万医药生物指数下跌 1.10%，跑赢沪深 300 指数 3.59pct， 涨跌幅在 31 个申万一级行业指数中排名第 13。截至 2025 年 4 月 11 日，医药板块估值为 25.91 倍（TTM 整体法，剔除负值），相对于沪 深 300 估值溢价率为 141.73%。 本周奕瑞科技、一品红和永安药业等表现较好 涨幅排名前十的个股分别为：奕瑞科技（+20.54%）、一品红 （+17.03%）、永安药业（+13.93%）、派林生物 （+12.69%）、海思 科（+11.07%）、科兴制药（+10.46%） ...

Investment Rating - The report maintains a "Hold" rating for the industry [7] Core Viewpoints - The pharmaceutical sector slightly underperformed the CSI 300 index, with a decline of 5.61% from April 7 to April 11, 2025, ranking 22nd among 31 industry indices [2][12] - Year-to-date, the pharmaceutical index has decreased by 1.10%, outperforming the CSI 300 index by 3.59 percentage points, ranking 13th among 31 industry indices [14] - As of April 11, 2025, the valuation of the pharmaceutical sector stands at 25.91 times (TTM overall method, excluding negative values), with a premium of 141.73% compared to the CSI 300 [17] Summary by Sections 1. Market Performance Review - The pharmaceutical sector's index fell by 5.61% from April 7 to April 11, 2025, underperforming the CSI 300 index by 2.74 percentage points [12] - The sector's valuation is at 25.91 times, with a significant premium over the CSI 300 [17] - Top-performing stocks include Yirui Technology (+20.54%), Yipinhong (+17.03%), and Yong'an Pharmaceutical (+13.93%) [18] 2. Important Policies and Events - On April 7, 2025, the Ministry of Commerce and the National Health Commission released the "Special Action Plan for Promoting Healthy Consumption," aimed at enhancing the quality of health goods and services [21] 3. Important Company Announcements - Haizike reported a revenue of 3.721 billion yuan for 2024, a year-on-year increase of 10.92%, with a net profit of 395 million yuan, up 34.00% [22] - Kexing Pharmaceutical announced a revenue of 1.407 billion yuan for 2024, with a net profit of 31 million yuan, marking a return to profitability [22] 4. Industry Perspectives - The report discusses the impact of the ongoing trade war, noting that while pharmaceuticals were initially included in tariff discussions, they were later exempted from the "reciprocal tariffs" announced by the U.S. government [24][25] - The report highlights opportunities for domestic substitution in the blood products and high-end medical device sectors due to increased tariffs on imports from the U.S. [25]

Domestic Macro Perspective - Domestic consumption and production are performing well due to policy support, but exports are under pressure from tariffs, highlighting the importance of stabilizing the real estate sector and stimulating domestic demand[4] - The manufacturing and service sector PMIs rebounded in March, indicating continued expansion driven by seasonal factors and macro policies[4] Fixed Income Market View - The market is characterized by ample liquidity and a downward trend in funding rates, leading to a bullish flattening of interest rate bonds and high-grade credit bonds[5] - Recommendations include increasing allocations to government bonds and high-quality credit bonds to capture capital gains while being cautious of fiscal supply pressures and potential currency fluctuations[5] Equity Market Perspective - The equity market is under pressure, with the CSI 300 index down approximately 5.02% and the Hang Seng Index down 12.29%, reflecting a significant contraction in market risk appetite[6] - Despite the downturn, defensive sectors such as consumer staples and low-valuation recovery themes are highlighted as potential opportunities[6] Overseas Market Outlook - Global trade uncertainties and recession expectations have led to a decline in government bond yields in Europe and Japan, with U.S. Treasury bonds facing selling pressure[7] - The U.S. dollar index is under pressure due to trade policy uncertainties and recession fears, suggesting a cautious approach to international asset allocation[7] Overall Market Summary - The current environment shows strong domestic macro support for consumption and production, but export challenges persist, emphasizing the need for real estate stability and domestic demand recovery[8] - The fixed income market is favorable for high-grade bonds, while the equity market presents structural opportunities in defensive sectors amid global tariff impacts[8]

电新行业研究报告 证券研究报告 2025年4月13日 新型水性粘结剂革故鼎新，赋能新蓝海 ——电新行业深度报告 分析师：龚斯闻 执业证书编号： S0020522110002 电话： 021-51097188 邮箱：gongsiwen@gyzq.com.cn 分析师：张帅峰 执业证书编号：S0020524010003 电话：021-51097188 邮箱：zhangshuaifeng@gyzq.com.cn 报告要点 新型硅碳负极取得质的突破，规模化量产在即 随着我国新能源汽车产业快速发展，追求长续航和充电效率一直是行业发展的焦点。相比传统石墨负极，硅碳负极凭借超高理论比容量 （约4200 mAh/g）、较高的能量密度以及快速充放电能力，成为产业重点的发展趋势。近年来，产业通过CVD法制备新型硅碳在纳米结构 调控、碳包覆优化、粘结剂体系改进及制备工艺升级方面取得突破性进展，随着成本下降及产业链协同发展，硅碳负极正迈向规模化量产 阶段。 硅负极膨胀剧烈，PAA粘结剂粘结力强，高度适配 硅负极在充放电过程中与金属锂发生合金化反应，其体积膨胀可达300%以上，易导致硅颗粒粉碎、SEI膜破裂、活性材料脱落等问题，严 重 ...