[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报 2025 年 03 月 25 日 [Table_Title] 3 月游戏版号发放，OpenAI 推出全新语音模型 ——传媒行业周报（2025.3.17-2025.3.23） [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.3.17-2025.3.23，下同）：传媒行业（申万）下跌 4.96%，排名子行业第 30 名，同期沪深 300 跌 2.29%，上证指数跌 1.60%，创业板指跌 3.34%，恒生科技指数跌 3.79%。本周，传媒（申 万）行业中，大晟文化、浙文互联、荣信文化、*ST 文投和上海电影 表现最好，周内分别实现涨幅+13.16%、+9.47%、+6.80%、+4.31% 和+4.03%；涨跌幅后 5 名为 ST 中青宝（-36.10%）、湖北广电（- 19.74%）、ST 联合（-18.64%）、ST 华闻（-18.53%）和金逸影视（- 18.48%）。港股方面，恒生科技成分股仅阅文集团表现较好。 行业重点数据及动态更新 AI 应用： Deepseek 下载量持续增长，阿里夸克排 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 金徽酒(603919)公司点评报告 2025 年 03 月 25 日 [Table_Title] 业绩稳健，深耕增长提质 ——金徽酒 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 30.21 亿元（+18.59%）， 归母净利 3.88 亿元（+18.03%），扣非归母净利 3.88 亿元（+18.29%）。 2024Q4，公司实现总收入 6.93 亿元（+31.11%），归母净利 0.55 亿元（- 2.05%），扣非归母净利 0.51 亿元（-5.83%）。每股拟派发现金红利 0.50 元， 分红率为 64.00%，考虑现金股份回购后现金分红率为 113.67%。此外，控 股股东拟增持 0.78-1.56 亿元，截至 2 月 20 日，已增持 0.45 亿元。 300 元以上产品快增 41%，100-300 元核心价位带产品同增 15% 1）300 元以上产品快速增长，占酒类收入比例接近 20%。2024 年，300 元 以上、100-300 元 ...

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 2025 年 03 月 25 日 周报、月报 [Table_Title] 批发先行，动能向上 [Table_Summary] 报告要点： 进入三月从批发/零售数据对比来看，我们认为车端消费市场已开始 逐步发力 乘用车：3 月 1-16 日，全国乘用车市场零售 77.2 万辆，同比去年 3 月同 期增长 24%，较上月同期增长 33%，今年以来累计零售 394.8 万辆，同比 增长 5%；3 月 1-16 日，全国乘用车厂商批发 87.4 万辆，同比去年 3 月 同期增长 25%，较上月同期增长 49%。 新能源：3 月 1-16 日，全国乘用车新能源市场零售 42.7 万辆，同比去 年 3 月同期增长 41%，较上月同期增长 63%，今年以来累计零售 185.3 万 辆，同比增长 36%；3 月 1-16 日，全国乘用车厂商新能源批发 42.2 万 辆，同比去年 3 月同期增长 43%，较上月同期增长 64%。 本周有多款重磅车型上市，同时多家头部整车厂商发布智驾最新进 展 本周自主新能源多款重磅车型上市或预售，包括搭载了比亚迪超级 e ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in annual revenue and profit, with a total revenue of 3.026 billion yuan, up 5.45% year-on-year, and a net profit attributable to the parent company of 1.958 billion yuan, up 5.33% year-on-year [1]. - The gross margin was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company is actively expanding its product lines through mergers and acquisitions, including a recent acquisition of an 85% stake in a Korean company to enhance its product pipeline and international presence [3]. Financial Performance Summary - In Q4, the company experienced a decline in revenue and net profit, with a decrease of 7.00% and 15.47% respectively [1]. - The R&D expense ratio increased to 10.04%, reflecting a 1.32 percentage point rise year-on-year, indicating a commitment to innovation [1]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Product Category Performance - Revenue from solution-type injection products reached 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume growing by 23.44% [2]. - Gel-type injection products generated 1.216 billion yuan in revenue, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several medical devices and drugs that have received regulatory approvals for clinical trials [3]. - The establishment of a joint venture in Hong Kong aims to facilitate further acquisitions and enhance the company's product offerings in the regenerative aesthetic market [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55, 8.45, and 9.26 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 21 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in revenue and profit for the year 2024, with total revenue reaching 3.026 billion yuan, up 5.45% year-on-year, and net profit attributable to the parent company at 1.958 billion yuan, up 5.33% year-on-year [1][4]. - The company is actively expanding its product lines through mergers and acquisitions, enhancing its market position in the aesthetic medicine sector [3][4]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Financial Performance Summary - In Q4 2024, the company experienced a decline in revenue and net profit, with revenue down 7.00% and net profit down 15.47% compared to the previous year [1]. - The gross profit margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company’s R&D expenses increased to 10.04% of revenue, reflecting a 1.32 percentage point rise year-on-year [1]. Product Category Performance - Revenue from solution-type injection products was 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume rising by 23.44% [2]. - Revenue from gel-type injection products reached 1.216 billion yuan, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several that have received clinical trial approvals and registration certificates [3]. - A significant acquisition is planned, with the company aiming to acquire 85% of the Korean REGEN Biotech, which is expected to enhance its product offerings in regenerative aesthetic medicine [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55 yuan, 8.45 yuan, and 9.26 yuan for the years 2025, 2026, and 2027, respectively [4][6].

分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：汽车 （0.87%），石油石化（0.80%），国防军工（0.77%）；表现相对靠后的是：食 品饮料（-1.57%），非银行金融（-1.43%），家电（-1.37%）。概念板块方 面，多数概念板块下跌，昨日涨停_含一字、昨日涨停、昨日连板_含一字等 大幅上涨；Kimi、蒙脱石散、生物识别等板块走低。 资金筹码方面，主力资金 3 月 20 日净流出 373.97 亿元。其中超大单净 流出 144.05 亿元，大单净流出 229.92 亿元，中单资金净流出 9.31 亿元，小 单持续净流入 348.86 亿元。 3 月 20 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分 成交额较上一交易日增加。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪 深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方中证 1000ETF 和华 夏中证 1000ETF 成交额分别为 21.57 亿元、35.74 亿元、8.63 亿元、10.29 亿 元、15.94 亿元、11.26 亿元和 2.57 亿元，分别较上一 ...

行业研究 证券研究报告 精准施策"组合拳"，激活消费"主引擎" ——2025年两会专题系列报告之四：消费民生篇 2025年3月20日 分析师：刘乐 SAC执业资格证书编码:S0020524070001 邮箱：liule@gyzq.com.cn 分析师：朱宇昊 SAC执业资格证书编码:S0020522090001 邮箱：zhuyuhao@gyzq.com.cn 分析师：沈晓涵 SAC执业资格证书编码:S0020524010002 邮箱：shenxiaohan@gyzq.com.cn 联系人：徐梓童 邮箱：xuzitong@gyzq.com.cn 分析师：单蕾 SAC执业资格证书编码:S0020524100001 邮箱：shanlei@gyzq.com.cn 目录 请务必阅读正文之后的免责条款部分 2 • 第一部分：从"两会"看消费 • 第二部分：工业类消费 • 第三部分：社服类消费 • 第四部分：农业类消费 • 第五部分：风险提示 1 从"两会"看消费 请务必阅读正文之后的免责条款部分 3 从"两会"看消费 "两会"聚焦提振消费，从政策目标、任务举措着手，旨在提振消费，发挥消费对经济增长的拉动作用。 2024年 ...

行业研究 证券研究报告 精准施策"组合拳"，激活消费"主引擎" ——2025年两会专题系列报告之四：消费民生篇 2025年3月20日 分析师：刘乐 SAC执业资格证书编码:S0020524070001 邮箱：liule@gyzq.com.cn 分析师：朱宇昊 SAC执业资格证书编码:S0020522090001 邮箱：zhuyuhao@gyzq.com.cn 分析师：沈晓涵 SAC执业资格证书编码:S0020524010002 邮箱：shenxiaohan@gyzq.com.cn 联系人：徐梓童 邮箱：xuzitong@gyzq.com.cn 分析师：单蕾 SAC执业资格证书编码:S0020524100001 邮箱：shanlei@gyzq.com.cn 目录 请务必阅读正文之后的免责条款部分 2 • 第一部分：从"两会"看消费 • 第二部分：工业类消费 • 第三部分：社服类消费 • 第四部分：农业类消费 • 第五部分：风险提示 1 从"两会"看消费 请务必阅读正文之后的免责条款部分 3 从"两会"看消费 -5% 0% 5% 10% 15% 0 10 20 30 40 50 60 2016 2017 2018 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the integration of digital technology with traditional industries, focusing on the application of large models in various sectors, particularly in smart connected vehicles and intelligent manufacturing equipment [10][13] - It highlights the importance of safety as a prerequisite for new technologies, advocating for a self-controllable AI ecosystem [14][16] - The report outlines the trends of AI model capability enhancement, the deployment of 5G-A and 6G as foundational technologies for large-scale AI applications, and the fusion of AI with traditional industries to drive efficiency and cost reduction [25][31][37] Summary by Sections Government Work Report - The 2025 government work report emphasizes the need to boost domestic demand, integrate digital technology with traditional industries, and promote the empowerment of large models [10] - It outlines key tasks such as fostering emerging industries, enhancing traditional industry upgrades, and stimulating digital economy innovation [12][18] Industry Trends - Trend 1: The enhancement of model capabilities is shifting the industry focus towards applications and edge computing, with significant growth in AI application demand [25][30] - Trend 2: The commercialization of 5G-A and 6G is providing the necessary communication infrastructure for large-scale AI applications, with expected improvements in speed and connectivity [31][34] - Trend 3: The integration of AI with traditional industries is leading to cost reductions and efficiency improvements, particularly in healthcare and manufacturing [37][47] AI Ecosystem Development - The report discusses the need for a self-controllable AI ecosystem, emphasizing the importance of safety and regulatory frameworks to support AI development [14][16] - It highlights the role of AI in enhancing productivity across various sectors, with specific examples of successful AI applications in healthcare and agriculture [40][41][51] Future Outlook - The report anticipates a surge in demand for AI-enabled devices, driven by government policies and market trends, particularly in consumer electronics [67] - It predicts that the penetration rates of AI smartphones and AIPC (AI-powered computing) devices will increase significantly in the coming years [68]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the integration of digital technology with traditional industries, focusing on the application of large models in various sectors, particularly in smart connected vehicles and intelligent manufacturing equipment [10][13] - It highlights the importance of safety as a prerequisite for new technologies, advocating for a self-controllable AI ecosystem [14][16] - The report outlines the trends of AI model capability enhancement, the deployment of 5G-A and 6G as foundational technologies for large-scale AI applications, and the fusion of AI with traditional industries to drive efficiency and cost reduction [25][31][37] Summary by Sections Government Work Report - The 2025 government work report emphasizes the need to boost domestic demand, integrate digital technology with traditional industries, and promote the empowerment of large models [10] - It outlines key tasks such as fostering emerging industries, enhancing traditional industry upgrades, and stimulating digital economy innovation [12][18] Industry Trends - Trend 1: The enhancement of model capabilities is shifting the industry focus towards applications and edge computing [25][30] - Trend 2: The commercialization of 5G-A and 6G will provide the necessary communication infrastructure for large-scale AI applications [31][34] - Trend 3: The integration of AI with traditional industries is expected to lead to significant cost savings and efficiency improvements [37][47] - Trend 4: The improvement of domestic model capabilities and data security will promote the prosperity of edge hardware [60][63] AI Applications - The report discusses specific applications of AI in sectors such as healthcare, agriculture, and manufacturing, showcasing successful case studies that demonstrate efficiency gains and cost reductions [40][41][51][56] - It highlights the role of AI in enhancing product quality and accelerating innovation in manufacturing, with projections indicating substantial growth in the sector due to AI adoption [54][58]