Investment Rating - The report maintains a "Hold" rating for the healthcare sector [8] 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 sectors [3][13] - 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 sectors [15] - 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 index [18] Summary by Sections 1. Market Performance Review - The pharmaceutical sector's performance from April 7 to April 11, 2025, shows a decline of 5.61%, underperforming the CSI 300 index by 2.74 percentage points [3][13] - The valuation level of the pharmaceutical sector is reported at 25.91 times, with a significant premium over the CSI 300 index [18] - Top-performing stocks include Yirui Technology (+20.54%), Yipinhong (+17.03%), and Yong'an Pharmaceutical (+13.93%) [19][20] 2. Important Policies and Events - On April 7, 2025, the Ministry of Commerce and the National Health Commission, along with 12 other departments, issued the "Special Action Plan for Promoting Healthy Consumption" to enhance the quality of health goods and services [5][22] 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% [23] - 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 [23] 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 excluded from the "reciprocal tariffs" announced by the U.S. government [6][25] - The report highlights that increased tariffs on imports from the U.S. could benefit domestic substitutes in the blood products, high-end medical devices, and innovative drug sectors [6][26]

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 ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 备行业周报、月报 2025 年 04 月 12 日 [Table_Title] 中国对美关税反制，国产替代加速进行 ——行业周报 [Table_Summary] 报告要点： 本周（2025.4.7-2025.4.12）市场回顾 1）海外 AI 芯片指数本周回暖 16.3%，英伟达完成 Lepton AI 的收购， 博通宣布 100 亿美元的股票回购计划，叠加美国政府宣布对除中国外 的其他国家暂停征收"互惠关税"90 天，推动美国半导体板块股价走 强。2）国内 AI 芯片指数本周续跌 1.2%。本周初国内 AI 芯片公司受 美国关税影响下跌幅度较大，随后中国宣布反制措施，叠加催化国产 替代预期升温，中国 AI 芯片公司股价开始回暖。3）英伟达映射指数 本周续跌 7.4%，主因美国加征关税政策直接冲击中国英伟达产业链， 导致上游给供货成本抬升，企业盈利预期承压，相关个股普遍深跌。 4）服务器 ODM 指数本周续跌 5.5%，美国增加关税对产业链造成冲 击，行业整体承压。5）存储芯片指数本周续跌 6.3%，美国 ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 04 月 12 日 家电业绩基本面稳健，回购潮展产业信心 [Table_Title] ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.03.31-2025.04.11）上证综指下跌 3.37%， 深证成指下跌 7.29%，创业板指下跌 9.48%；智能家居指数 （399996.SZ）下跌 9.79%，跑输上证综指 6.41pct，跑输深证成指 2.50pct，跑输创业板指 0.30pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 -7.79%、-5.35%、-7.20%、-6.73%；年初至今，智能家居指数中四个 细分板块涨跌幅分别为+1.91%、-0.83%、-12.07%、-4.67%。 行业政策跟踪 美东时间 4 月 2 日，美国总统特朗普在白宫发布声明。声明指出，将 对所有国家征收 10%的"基准关税"，同时，拟对存在显著贸 ...

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 13 日 [Table_Title] 即买即退政策升级，多省研究部署促内需 ——美护商社行业周报 3 月 CPI 同比降幅收窄，核心 CPI 回升。3 月 CPI 环比下降 0.2%， 降幅与上月持平；同比下降 0.2%，降幅明显收窄。从边际变化看， 提振消费需求等政策效应进一步显现，核心 CPI 明显回升，同比上 涨 0.4%，供需结构有所改善，价格呈现积极变化。行业方面， （1）美护：2025 年 3 月数据出炉，天猫平台美容护肤类目 GMV 超 100.9 亿元；4 月 9 日，锦波生物自主研发的"注射用重组Ⅲ型人源 化胶原蛋白凝胶"获 NMPA 批准上市；珀莱雅推出新品精修瓶，针 对油性肌肤；可丽金核心大单品胶原大膜王升级 3.0 版本。（2）出 行链：2025 年第 14 周（3.31-4.6）全国民航执行客运航班量近 10.2 万架次，日均航班量 14639 架次，环比上周下降 1%，同比 2024 年 上升 5.1%，同比 2019 年上升 3.9%，航班执飞率为 86.6%。（3） 零售：4 月 7 日，永辉超市 ...

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 13 日 [Table_Title] 即买即退政策升级，多省研究部署促内需 ——美护商社行业周报 3 月 CPI 同比降幅收窄，核心 CPI 回升。3 月 CPI 环比下降 0.2%， 降幅与上月持平；同比下降 0.2%，降幅明显收窄。从边际变化看， 提振消费需求等政策效应进一步显现，核心 CPI 明显回升，同比上 涨 0.4%，供需结构有所改善，价格呈现积极变化。行业方面， [Table_Summary] 报告要点： 市场表现 本周(2025.04.07-2025.04.11)，商贸零售/社会服务/美容护理分别 +2.88%/-2.86%/-2.55%，在 31 个申万一级行业中排名第 2/9/8，均跑 赢大盘。同期上证综指-3.11%，深证成指-5.13%，沪深 300 指数- 2.87%。 国家税务总局发文将境外旅客购物离境退税"即买即退"服务措 施推广至全国，多省研究部署消费提振工作 4 月 8 日，国家税务总局发布《关于推广境外旅客购物离境退税"即 买即退"服务措施的公告》，将离境退税"即买即退"该项服务措施 从多地试 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 12 日 [Table_Title] 通信多家公司业绩预增，回购及高管增持彰显信心 ——通信行业周报 建议关注方向：算力产业链、卫星互联网 推荐标的： [Table_Summary] 报告要点： 通信行业多家公司业绩预增，公司回购/高管增持彰显信心 本周通信行业多家公司发布 Q1 业绩预告，多预增。受益于 AI 基础硬 件的部署，锐捷网络、星网锐捷、中际旭创等算力硬件供应商业绩呈 较快增长。其中，锐捷网络作为的智算网络通信设备商，其在互联网 客户的数据中心订单加速交付，2025Q1 净利润同比约实现 4142.15% 至 5310.90%的正增长。同时，随着模型能力架构优化，能力增强， 应用端渗透或加速。考虑到目前模型仍以云端部署为主，以移远通信 为首的物联网模组供应商业绩表现强劲。根据业绩预告，移远通信 2025Q1 净利润同比约实现 265.19%的正增长。 多家通信行业公司公告回购/增持计划。美格智能、亨通光电、超讯 通信等公告了公司回购及股东增持的计划，彰显公司层面对未来行业 前景的信心。考虑通信行业的 ...

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 04 月 12 日 [Table_Title] 人形机器人首批国家标准立项，多公司 开展股份回购 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 4 月 6 日至 4 月 11 日，人形机器人概念指数下跌 6.94%，相 较沪深 300 指数跑输 4.07pct；年初至今累计涨跌幅来看，人形机器 人概念指数上涨 23.53%，相较沪深 300 指数跑赢 25.35pct。 周度热点回顾 周观点 人形机器人相关产业链近期因特朗普对全球加征关税事件产生集体回 调，但产业快速发展趋势仍然不改，我们仍然看好人形机器人产业链 企业在产业发展浪潮中持续受益。核心零部件中，直线关节及旋转关 节基本定型并且降本进程基本符合预期，我们重申灵巧手的核心价值。 建议关注：丰立智能，汉威科技，雷赛智能、兆威机电、福莱新材、 日盈电子。 风险提示 人形机器人发展不及预期风险；政策不及预期风险；行业内竞争加剧 风险；零部件降本进程不及预期风险；全球宏观经济波动风险。 [Table_Invest] 推荐 ...