看好消费回暖，关注内需投资机会 ——轻工制造及纺服服饰行业周报 轻工制造 证券研究报告/行业定期报告 2025 年 03 月 17 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：张潇 | | | （元） | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740523030001 | | 百亚股份 | 25.53 | 0.43 | 0.54 | 0.74 | 1.00 | 1.31 | 59.37 | 47.28 | 34.47 | 25.61 | 19.54 | 买入 | | | | 台华新材 | 11.26 | 0.31 ...

Investment Rating - The industry rating is "Overweight," indicating an expected increase of over 10% relative to the benchmark index in the next 6 to 12 months [12]. Core Insights - The financial data for February shows a significant increase in social financing, driven by government bond financing, particularly the accelerated issuance of local government special bonds [5][6]. - The total social financing in February amounted to 22,333 billion yuan, reflecting a year-on-year increase of 7,374 billion yuan [5]. - The net financing from government bonds reached 16,967 billion yuan, a year-on-year increase of 10,956 billion yuan, indicating strong government support for financing [5][6]. - The report highlights a notable decline in household loans, with a reduction of 3,891 billion yuan in February, suggesting fluctuations in consumer demand and home-buying intentions [4][5]. Summary by Sections Financial Data Overview - The social financing stock grew by 8.19% year-on-year in February, with a notable increase in local government special bond issuance [3][5]. - The total new RMB loans in February were 10,100 billion yuan, a decrease of 4,400 billion yuan year-on-year [3][4]. Loan Breakdown - Household loans decreased by 3,891 billion yuan, while corporate loans increased by 10,400 billion yuan, indicating a shift in lending dynamics [4][5]. - Short-term loans for enterprises showed a year-on-year increase, while medium to long-term loans decreased, reflecting varying demand across sectors [4][5]. Deposits and Savings - Total RMB deposits increased by 44,200 billion yuan in February, with a year-on-year increase of 34,600 billion yuan, indicating strong deposit growth [7]. - Fiscal deposits also saw a significant increase, suggesting a slower pace of fiscal expenditure [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][33]. Core Insights - The company reported a revenue of 12.022 billion yuan for 2024, reflecting a year-on-year growth of 4.77%. However, the net profit attributable to shareholders decreased to 1.031 billion yuan, down 2.29% year-on-year [2][5]. - The CDMO (Contract Development and Manufacturing Organization) segment is expected to be a significant growth driver, with revenue projected at 1.884 billion yuan for 2024, despite a decline of 6.05% [3][4]. - The API (Active Pharmaceutical Ingredients) segment is anticipated to generate 8.651 billion yuan in revenue for 2024, showing an increase of 8.32% [4]. - The formulation segment is expected to achieve revenue of 1.256 billion yuan in 2024, with a slight growth of 0.51% [4]. Financial Performance Summary - The company achieved a total revenue of 11.474 billion yuan in 2023, with a year-on-year growth rate of 8.81% [2]. - The projected revenues for 2025, 2026, and 2027 are 12.815 billion yuan, 14.218 billion yuan, and 15.941 billion yuan, respectively, with growth rates of 6.59%, 10.95%, and 12.12% [2][5]. - The net profit attributable to shareholders is forecasted to be 1.119 billion yuan in 2025, reflecting an 8.55% year-on-year growth [2][5]. Business Segment Analysis - The CDMO segment has shown a rapid increase in project numbers, with 1,601 quoted projects (+77%) and 996 ongoing projects (+35%) [3]. - The API segment is expanding its production capacity with the completion of new high-end production facilities and plans for additional projects [4][12]. - The formulation segment is also set to enhance its production capabilities with new facilities under design, aiming to improve overall production efficiency [4][12].

水泥边际持续改善，生育补贴首落地关注建材最受益品种 建筑材料 证券研究报告/行业定期报告 2025 年 03 月 16 日 | 分析师：孙颖 | | --- | | 执业证书编号：S0740519070002 | | Email：sunying@zts.com.cn | | 分析师：聂磊 | | 执业证书编号：S0740521120003 | | Email：nielei@zts.com.cn | | 分析师：刘铭政 | | 执业证书编号：S0740524070003 | | Email：liumz01@zts.com.cn | | 分析师：王鹏 | | 执业证书编号：S0740523020001 | | Email：wangpeng07@zts.com.cn | | 分析师：张昆 | | 执业证书编号：S0740524050001 | | Email：zhangkun06@zts.com.cn | | 分析师：农誉 | | 执业证书编号：S0740524120001 | Email：nongyu@zts.com.cn | 重点公司基本状况 | 增持 | 评级： | （维持） | 股价 | EPS | PE ...

Email：zhangky04@zts.com.cn 资产配置框架系列报告： 1 重新认识美林时钟 ——大类资产配置框架研究系列 1 2 以普林格时钟为鉴，我们 如何搭建资产配置框架？ ——大类资产配置框架研究系列 2 3 基于普林格时钟框架，中 美行业轮动规律有哪些共同 的特点？ ——大类资产配置框架研究系列 3 近期铜价上涨的逻辑 ——全球资产配置跨资产观察周报（3.10-3.16） 证券研究报告/策略定期报告 2025 年 03 月 16 日 分析师：何佳烨 执业证书编号：S0740523060002 Email：hejy01@zts.com.cn 联系人：张可迎 资产配置周期系列报告： 资产配置深度报告：库存周期与普林 格时钟有什么关系？ ——大类资产配置周期研究系列之 一 资产配置跨资产研究系列报告： 大类资产触底顺序有何规律？-资产 配置跨市场研究系列之一 资产配置深度报告：美国也有"股债 跷跷板"吗？-资产配置跨市场研究系 列之二 报告摘要 本周铜价快速上行，COMEX 铜价周二至周四连续拉升 3 月 14 日，COMEX 铜达 4.86 美元/磅，LME 铜达 9793 美元/吨，沪铜主力合约 ...

超跌确定性资产，依然占优 煤炭 证券研究报告/行业定期报告 2025 年 03 月 15 日 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn 上市公司数 37 行业总市值(亿元) 17,442.32 行业流通市值(亿元) 17,043.63 超跌确定性资产》2025-03-09 配置机遇》2025-03-02 逐步配置》2025-02-23 动力煤方面，京唐港动力末煤价格周环比下跌 7 元/吨。供应方面，截至 2025 年 3 月 14 日，462 家样本矿山动力煤日均产量 579.50 万吨，周环比上涨 1.65%，同比上涨 0.47%。需求方面，截至 2025 年 3 月 13 日，25 省综合日耗煤 545.40 万吨，相比于 上周减少 10.70 万吨，周环比减少 1.92%，同比下降 0.82%。截至 3 月 14 日，京唐 港动力末煤(Q5500)山西产平仓价 686 元/吨，相比于上周下跌 7 元/吨，周环比下降 1.01%，相比于去年同期下跌 166 元/吨，年同比下降 19.48%。 焦煤及焦炭方面， ...

GDC2025 召开在即，游戏+AI 迎新进展 投资评级说明 | | 评级 | 说明 | | | --- | --- | --- | --- | | 股票评级 | 买入 | 预期未来 | 个月内相对同期基准指数涨幅在 6~12 15%以上 | | | 增持 | 预期未来 | 6~12 个月内相对同期基准指数涨幅在 5%~15%之间 | | | 持有 | 预期未来 | 6~12 个月内相对同期基准指数涨幅在-10%~+5%之间 | | | 减持 | 预期未来 | 6~12 个月内相对同期基准指数跌幅在 10%以上 | | 行业评级 | 增持 | 预期未来 | 个月内对同期基准指数涨幅在 6~12 10%以上 | | | 中性 | 预期未来 | 6~12 个月内对同期基准指数涨幅在-10%~+10%之间 | | | 减持 | 预期未来 | 个月内对同期基准指数跌幅在 6~12 10%以上 | 传媒 证券研究报告/行业点评报告 2025 年 03 月 16 日 | 评级： 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | -- ...

农药涨价有望持续；持续关注龙头白马 基础化工 证券研究报告/行业定期报告 2025 年 03 月 15 日 | 分析师：孙颖 | 执业证书编号：S0740519070002 | | --- | --- | | Email：sunying@zts.com.cn | 分析师：聂磊 | | 执业证书编号：S0740521120003 | Email：nielei@zts.com.cn | | 分析师：王鹏 | 执业证书编号：S0740523020001 | | Email：wangpeng07@zts.com.cn | 分析师：张昆 | | 执业证书编号：S0740524050001 | Email：zhangkun06@zts.com.cn | | 分析师：刘铭政 | 执业证书编号：S0740524070003 | | Email：liumz01@zts.com.cn | 分析师：农誉 | | 执业证书编号：S0740524120001 | Email：nongyu@zts.com.cn | | 基本状况 | | 上市公司数 425 行业总市值(亿元) 35,060.52 行业流通市值(亿元) 31,323.25 ...

执业证书编号：S0740523110002 Email：mazh@zts.com.cn 股份制银行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：马志豪 | 总股本(百万股) | 19,405.92 | | --- | --- | | 流通股本(百万股) | 19,405.57 | | 市价(元) | 11.97 | | 市值(百万元) | 232,288.84 | | 流通市值(百万元) | 232,284.70 | 1、《详解平安银行 2024 中报：净利 润同比增+1.9%；调结构继续、中期 分红方案落地》2024-08-19 2、《详解平安银行 2024 年一季报： 净利润同比增 2.3%；调结构继续、 拨备释放利润增速企稳》2024-04-24 详解平安银行 2024 年报： 调结构显效，营收降幅收窄，资产质量夯实 平安银行（000001.SZ） 证券研究报告/公司点评报告 2025 年 03 月 16 日 | 评级： | 增持（维持） | 公司盈利预测及 ...