Investment Rating - The report maintains a "Recommended" rating for the healthcare sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The report highlights the recent issuance of the State Council's opinion on enhancing the quality of traditional Chinese medicine (TCM) and promoting the high-quality development of the TCM industry, which outlines 21 key points across eight areas [4][23]. - The pharmaceutical sector slightly outperformed the CSI 300 index during the week of March 17 to March 21, 2025, with the Shenwan Pharmaceutical Bio Index declining by 1.63%, while the CSI 300 index saw a 0.40 percentage point advantage [2][12]. - As of March 21, 2025, the valuation of the pharmaceutical sector stands at 26.31 times (TTM overall method, excluding negative values), with a premium of 131.70% compared to the CSI 300 index [15]. Summary by Sections 1. Weekly Market Review - The pharmaceutical sector's performance from March 17 to March 21, 2025, shows a decline of 1.63%, ranking 21st among 31 Shenwan first-level industry indices [12]. - Year-to-date, the pharmaceutical sector has increased by 7.13%, outperforming the CSI 300 index by 7.46 percentage points, ranking 17th among the industry indices [14]. 2. Important Policies and Events - The State Council's opinion emphasizes the importance of improving TCM quality and fostering innovation, aiming for a high-quality development framework for the TCM industry [23]. 3. Important Company Announcements - Huate Dain reported a revenue of 2.134 billion yuan for 2024, a year-on-year decrease of 14.08%, with a net profit of 516 million yuan, down 11.09% [24]. 4. Industry Perspectives - The report suggests a focus on the TCM sector for investment in 2025, highlighting three main themes: state-owned enterprise reform, innovation in TCM drugs, and the introduction of a basic drug catalog [5][25].

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The industry has entered the annual report performance disclosure period, with a focus on companies showing strong fundamentals and marginal improvements [2] - Notable performances include: - Shangmei Co. achieved revenue of 6.793 billion yuan, a year-on-year increase of 62.1%, and a net profit of 803 million yuan, up 74% [2] - Aimeike reported revenue of 3.026 billion yuan, a 5.45% increase, and a net profit of 1.958 billion yuan, up 5.33% [2] - Mingchuang Youpin Group's revenue reached 17 billion yuan, a 22.8% increase, with overseas revenue growing by 42% to 6.68 billion yuan [2] - Huazhu Group's Q4 revenue was 6.023 billion yuan, a 7.8% increase, with plans to open 2,300 hotels in 2025 [2] Market Performance - For the week of March 17-21, 2025, the performance of the retail and beauty care sectors was as follows: - Shenwan retail sector down 4.03%, social services down 1.18%, and beauty care down 4.06% [11] - The overall market indices also declined, with the Shanghai Composite Index down 1.60% and the Shenzhen Component Index down 2.65% [11][14] - Sub-sectors such as professional chains, trade, and personal care products experienced significant declines, with drops of 7.86%, 4.78%, and 4.55% respectively [13] Key Events and Announcements - The report highlights several key events: - Chaohongji successfully held a spring new product ordering meeting, showcasing various new series that attracted strong interest from franchisees [23] - Betaini invested in the body care brand "Yujian," acquiring a 15.79% stake [22] - Yonghui Supermarket announced plans to close 250-350 stores as part of its reform strategy [22]

2025 年 03 月 25 日 2025 年 3 月 25 日市场全天窄幅震荡，两市成交额不足 1.3 万亿 [Table_Title] 每日复盘 证券研究报告 报告要点： 2025 年 3 月 25 日市场全天窄幅震荡，两市成交额不足 1.3 万亿。上证 指数平收，深证成指下跌0.43%，创业板指下跌0.33%。市场成交额12580.01 亿元，较上一交易日减少 1923.80 亿元。全市场 2536 只个股上涨，2769 只 个股下跌。 风格上看，各指数涨跌幅排序为：稳定>金融>0>消费>周期>成长；中盘 价值>大盘价值>小盘价值>大盘成长>中盘成长>小盘成长；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：煤炭 （1.92%），石油石化（0.92%），电力及公用事业（0.92%）；表现相对靠后的 是：计算机（-2.27%），电子（-1.80%），通信（-1.71%）。概念板块方面， 多数概念板块下跌，可控核聚变、蒙脱石散、核污染防治等大幅上涨；昨日 触板、国资云、Chiplet 等大幅走低。 资金筹码方面，主力资金 3 月 25 日净流出 354.76 亿元。其 ...

本周（2025.03.17-2025.03.21），申万商贸零售/社会服务/美容护理分 别-4.03%/-1.18%/-4.06%，在 31 个一级行业中排名第 26/15/28；同 期上证综指-1.60%，深证成指-2.65%，沪深 300 指数-2.29%。 细分子版块来看，本周美容护理、商贸零售各大子版块均出现回调， 专业连锁/贸易/个护用品跌幅居前，分别-7.86%/-4.78%/-4.55%。社服 板块中酒店餐饮及旅游景区板块表现相对平稳，分别-0.13%/+0.11%。 行业研究|可选消费 证券研究报告 行业重点事件更新 本周起行业进入年报业绩披露期，关注基本面表现优异及边际改善标 的。上美股份 2024 年实现营业收入 67.93 亿元，同比增长 62.1%； 净利润 8.03 亿元，同比增长 74%。爱美客 2024 年实现营业收入 30.26 亿元，同比增长 5.45%，归母净利润 19.58 亿元，同比增长 5.33%， 并拟向全体股东每 10 股派发现金红利 38 元（含税）。上海家化 2024 年实现营业收入 56.78 亿元，同比下跌 13.93%；归母净利润亏损 8.04 亿元。业 ...

Investment Rating - The report maintains a "Buy" rating for the industrial sector, indicating a positive outlook for investment opportunities in this area [6]. Core Insights - The report highlights the inclusion of "low-altitude consumption" in national top-level design, which is expected to boost the development of the low-altitude economy and related industries [3]. - The machinery sector is showing resilience, with excavator sales experiencing significant growth, indicating a recovery in the engineering machinery industry [3]. - The government has introduced policies to support deep-sea technology, which is anticipated to catalyze related industries [3]. Weekly Market Review - From March 16 to March 21, 2025, the Shanghai Composite Index fell by 1.60%, while the ShenZhen Component Index and the ChiNext Index dropped by 2.65% and 3.34%, respectively. The Shenwan Machinery Equipment Index decreased by 0.81%, outperforming the CSI 300 Index by 1.48 percentage points, ranking 11th among 31 Shenwan primary industries [11]. - In terms of sub-sectors, the performance varied with general equipment up by 1.03%, specialized equipment up by 0.84%, while engineering machinery and automation equipment saw declines of 2.35% and 3.77%, respectively [11]. Key Sector Tracking - The low-altitude economy is gaining traction with government support, which is expected to enhance the development of low-altitude tourism and consumer drones [3]. - The machinery equipment sector remains competitive despite external pressures such as tariffs, with domestic leading companies showing strong resilience in both supply and demand [3]. - The report notes a 51.4% year-on-year increase in domestic excavator sales in January and February 2025, reflecting accelerated construction activity in various sectors [21]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei among others [4]. - In the machinery equipment sector, suggested companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [4].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 汤臣倍健(300146)公司点评报告 2025 年 03 月 25 日 [Table_Title] 短期承压，蓄势破局 ——汤臣倍健 2024 年年报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年年报。2024 年，公司实现总收入 68.38 亿元（-27.30%）， 归母净利 6.53 亿元（-62.62%），扣非归母净利 6.26 亿元（-60.78%）。 2024Q4，公司实现总收入11.05亿元（-31.99%），归母净利-2.16 亿元（23Q4 为-1.55 亿元），扣非归母净利-1.81 亿元（23Q4 为-2.01 亿元）。公司拟每 股派发 0.36 元（含税）现金红利，现金分红金额为 6.06 亿元，加上本年度 现金回购后现金分红总额为 8.48 亿元。 产品迭代、阶段性经营策略、行业变革等多因素影响，收入有所承压 1）核心产品迭代慢于预期，收入增长有所承压。2024 年，公司汤臣倍健主 品牌、健力多、lifespace 国内、LSG 境外、其他品牌收入分别为 37.37、 8.08 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - The company announced its 2024 annual report, showing total revenue of 6.838 billion yuan, a decrease of 27.30%, and a net profit attributable to shareholders of 653 million yuan, down 62.62% [2] - The company's core products are experiencing slower iteration than expected, leading to revenue pressure [3] - The overall sales have declined due to various factors including product iteration, strategic adjustments, and industry changes [3][4] Revenue Performance - In 2024, the company's main brand, including key products, reported revenues of 3.737 billion yuan, 808 million yuan, 314 million yuan, 872 million yuan, and 1.107 billion yuan, with year-on-year declines of 30.79%, 31.51%, 29.38%, 11.80%, and 20.55% respectively [3] - Online and offline sales for 2024 were 3.363 billion yuan and 3.418 billion yuan, reflecting year-on-year declines of 25.35% and 29.79% respectively [3] - The company's domestic and overseas revenues were 5.699 billion yuan and 1.139 billion yuan, with year-on-year declines of 28.16% and 22.72% respectively [4] Profitability Analysis - The company's gross margin for 2024 was 66.69%, down 2.20 percentage points, and the net profit margin was 9.55%, down 9.02 percentage points [5] - In Q4 2024, the gross margin was 60.26%, down 4.95 percentage points, and the net profit margin was -19.53% [5] Future Projections - The company is expected to achieve net profits of 861 million yuan, 1.002 billion yuan, and 1.124 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 31.87%, 16.38%, and 12.19% [6][8]

——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 [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 3 月 24 日 [Table_Title] GTC 大会推出 CPO 交换机，AI 相关资本开支上行 周行情：本周（2025.3.17-2025.3.21）上证综指回调 1.60%，深证 成指回调 2.65%，创业板指回调3.34%。本周申万通信回调 3.85%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.17-2025.3.21）通信板块三级子行业中， 其他通信设备上涨幅度最高，涨幅为 1.96%，通信应用增值服务回调 幅度最高，跌幅为 8.83%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.17-2025.3.21）通信板块涨幅板块分析方 面 ， *ST 信通（ 27.86%） 、 东 土 科 技 （ 18.38%） 、 ST 高 鸿 （15.13%）涨幅分列前三。 百万卡集群成为可能，英伟达发布 CPO ...

[Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 03 月 24 日 [Table_Title] 国内节点抢装，供应链涨势有望延续 ——电力设备新能源行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 03 月 16 日至 03 月 21 日，上证综指下降 1.6%，深证成指下 降 2.65%，创业板指下降 3.34%。其中申万电力设备下降 0.13%，较 沪深 300 跑赢 2.16pcts。细分子行业来看，申万光伏设备/风电设备/ 电池/电网设备分别涨 0.03%/3.43%/-0.42%/0.41%。 重点板块跟踪 长缆科技：2024 年度，公司实现营业收入 12.42 亿元，同比上升 19.18%；归属于上市公司股东的净利润 0.75 亿元，同比上升 3.53%， 归属于上市公司股东的扣除非经常性损益后的净利润 0.69 亿元，同比 上升 3.86%。 投资建议 光伏：24Q4 光伏企业充分计提资产减值轻装上阵，板块业绩底部夯 实。随着抢装潮来临 3 月排产提升，产业链各环节价格反弹、库存下 降趋势明确，行业积极信号持续酝 ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] 1-2 月社零整体向好，政策持续提振 食饮行业重点事件跟踪 ——食品饮料行业双周报 [Table_Summary] 报告要点： 行情回顾 1）近 2 周（3.10-3.21），A 股食品饮料行业（SW）上涨 1.91%，跑 赢上证指数 2.14pct，跑赢深证成指 3.35pct，跑赢沪深 300 指数 2.66pct。 2）细分行业方面，在 A 股食品饮料各细分行业（SW）中，近 2 周， 啤酒（+3.53%）、保健品（+3.28%）、预加工食品（+3.14%）涨幅居 前，零食（-0.50%）、调味发酵品（-0.40%）、肉制品（-0.27%）跌幅 居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，近 2 周，阳 光乳业（+38.32%）、煌上煌（+17.91%）、紫燕食品（+14.47%）涨 幅居前，来伊份（-9.58%）、万辰集团（-7.30%）、海南椰岛（-6.20%） 跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifind 数据，3 月 ...