分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 齐鲁基建排头兵，务实奋发创先进 基础建设 ——深度报告 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,561.00 | | 流通股本(百万股) | 1,457.90 | | 市价(元) | 5.75 | 股价与行业-市场走势对比 相关报告 山东路桥（000498.SZ） 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | 2023A | 2024E ...

毛精纺一体化龙头，锦纶+超高新材料加速成长 纺织制造 南山智尚（300918.SZ） 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | | 1,634 | 1,600 | 1,651 | 2,307 | 2,937 | | 增长率 | | yoy% | | 10% | -2% | 3% | 40% | 27% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 187 | 203 | 193 | 245 | 308 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 23% | 9% | -5% | 27% | 26% | | 每股收益（元） | | | | 0.52 ...

【中泰研究丨晨会聚焦】互联网传媒康雅雯：比特币 2025 年投资策略：朝阳初露， 未及炎阳 证券研究报告 2025 年 2 月 19 日 [Tab[ble__SMuyain] 今日预览 今日重点>> 【互联网传媒】康雅雯：比特币 2025 年投资策略：朝阳初露，未及炎阳 ——深度分析入市资金量，潜在资金量，行情所处位置 [分[TTa析balb师e_l：eT_i戴tlIen志]d锋ustry] 执业证书编号： S0740517030004 电话： Email： 欢迎关注中泰研究所订阅号 2）当前加密市场处在什么位置？（情绪和资金还未充分反馈） 1、当前加密受众总量为 6.53 亿，是 2021 年 5 月交易量峰值的 3.2 倍，但 2024 年 11 月成交量 仅有 2.71 亿美元，为峰值成交量的 65.1%，单用户的交易热情远未释放。当前相对较紧的资金 环境，加密用户的人均月交易额截至 2024 年 12 月为 0.45 万美元，相较于 2021 年高峰月度的 2.2 万美元还有较大差距。 2、链上反应情绪泡沫的 MVRV Z-Score 分当前为 2.65，远不及上一轮牛市顶部时的 7.53。 晨报内容 ...

Group 1: Market Analysis - The total amount of new funds entering the market is approximately $2,330.53 billion, driven by stablecoins ($859.4 billion), fiat ($200.5 billion), and ETFs ($1,273.65 billion) [6][26]. - The current cryptocurrency market capitalization has increased by $2.44 trillion, with Bitcoin's market value rising by $1.6 trillion, accounting for 65.6% of the total increase [7][29]. - The current total audience for cryptocurrencies is 653 million, which is 3.2 times the peak trading volume in May 2021, but the trading volume in November 2024 is only $2.71 billion, 65.1% of the peak [8][33]. Group 2: Future Potential - The global equity market has a total market capitalization of $108.4 trillion, while the cryptocurrency market is at $3.4 trillion, representing only 3.13% of the equity market [10][52]. - If 1% to 2% of the global equity and debt markets were allocated to Bitcoin, potential new funds could reach $2.74 to $5.49 trillion, significantly exceeding the current inflow [11][56]. - The MVRV Z-Score is currently at 2.63, indicating that the market is not in a bubble compared to the previous peak of 7.53 [8][41]. Group 3: Market Dynamics - The trading volume of centralized exchanges (CEX) has not yet reached previous peak levels, with the highest ratio to Nasdaq trading volume being 109.5% as of January 2025 [9][45]. - The average monthly trading amount per crypto user is $0.45 million, significantly lower than the peak of $2.2 million in 2021, indicating room for growth [8][46]. - The supply of Bitcoin is tightening, with 19.82 million BTC already mined, leaving only 117,481 BTC to be mined until 2140 [29][30].

链接天地，航天测控"小巨人"有望充分受益于卫星互联网建设 加速 ——星图测控深度报告 | | | | | | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn | 基本状况 | | --- | 起家于特种领域，公司背靠中科星图积极拓展民用、商用领域。公司从特种领域业务 起家，高度重视技术研发。依靠其丰富项目经验与技术储备，公司近年从特种领域积 | 总股本(百万股) | 114.13 | | --- | --- | | 流通股本(百万股) | 26.13 | | 市价(元) | 58.98 | | 市值(百万元) | 6,731.09 | | 流通市值(百万元) | 1,540.85 | 星图测控（920116.BJ） 证券研究报告/公司深度报告 2025 年 02 月 17 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed Core Insights - The company has over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [4][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, ensuring lower costs and higher efficiency [5][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and marketing effectiveness [6][41] - The ready-to-drink beverage industry is a trillion-dollar market, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [7][44] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [8][66] Summary by Sections Products and Stores - The company operates over 45,302 stores globally, with a significant focus on lower-tier markets in China, where tier-three cities and below account for over 50% of its domestic store count [4][14] - The average store size ranges from 15 to 60 square meters, with a pricing strategy that keeps core products priced between 2 to 10 yuan [20][24] Supply Chain - The supply chain is fully integrated, covering procurement, production, and logistics, with five major production bases in China and a global procurement network spanning 38 countries [5][28][34] IP and Marketing - The "Snow King" IP has been developed into a significant brand asset, with extensive marketing campaigns that leverage both online and offline channels [6][41] Industry and Market Landscape - The ready-to-drink beverage market is projected to grow significantly, with China and Southeast Asia expected to contribute nearly 40% of the global market growth from 2023 to 2028 [7][47] - The company holds a 7.4% global market share by beverage output, making it the second-largest player in the world [57][62] Financial Performance - The company achieved a revenue of 18.66 billion yuan and a net profit of 3.49 billion yuan in the first three quarters of 2024, with a gross margin of 32.4% [8][66] - The core revenue source is the supply chain business, which accounts for over 90% of total revenue [67][70]

证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅：等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋：4Q24 货币政策执行报告点 评：宽松继续，节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛：三大拐点齐现，板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖：固态电池材料专题报告：产业 方向日益清晰，技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅：等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%， ...

Group 1 - The trading sentiment of the A-share technology sector is currently at a high level, primarily driven by valuation rather than earnings, in contrast to the US market which is driven by both valuation and earnings [3][6][29] - The trading congestion in the A-share TMT sector has reached 43%, surpassing the previous historical high of 40%, while the US market is at 38% and Hong Kong at 39% [3][8][13] - The trading congestion of the ChiNext index is also high, currently at 37%, close to its historical peak of 41% [3][13][15] Group 2 - A-share technology sector valuations are overall high, with the computer industry PE (TTM) at 83 times, the electronics industry at 58 times, and the communication industry at 44 times, all above their historical percentiles [3][16][20] - The A-share Sci-Tech 50 index has a PE (TTM) of 87 times, which is at the 98th percentile of the past decade, while the ChiNext index is at 35 times, at the 22nd percentile [3][22][24] - A-share technology leaders have a PE average of 39 times, which is comparable to the US market, while the Hong Kong market is lower at an average of 29 times [3][26][27] Group 3 - The A-share technology market is primarily reliant on valuation fluctuations, with recent trends showing that the market's expectations for the technology sector's success rates are converging [3][29] - The performance of US technology stocks has been driven by earnings growth, with a significant portion of the gains attributed to profitability rather than valuation increases [3][29] - The report highlights a divergence in pricing logic between the US and A-share markets, with the latter being more sensitive to valuation changes [3][29]

【中泰研究丨晨会聚焦】银行戴志锋：4Q24 货币政策执行报告点评：宽松继续， 节奏审慎 证券研究报告 2025 年 2 月 17 日 | [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] | [b_Suy 今日预览 | | --- | --- | | 执业证书编号：S0740517030004 | | | 电话： | | | Email： | | | | 研究分享>> | | |  【银行】戴志锋：4Q24 货币政策执行报告点评：宽松继续，节奏审慎 | | |  【通信】陈宁玉：Deepseek+带来的运营商云与 AIDC 价值重估 | | |  【科技】孙行臻：国家数据集团组建在即，数据要素市场化改革步入深 | | | 水期 | 对稳汇率的表态更为强硬，关注度有提升。将 3Q24 货币政策报告中"防止形成单边一致性预期并 自我实现，坚决防范汇率超调风险"，修订为"增强外汇市场韧性，加强外汇市场管理，坚决对市 场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险"，表态更为 强硬，对稳汇率的关注度有提升。 对压降实体融资成本的目标未 ...

奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in，关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台，嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作，海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...