北交所板块涨幅领先，专题培训强化沟通机制 ——北交所半月报（3.01-3.15） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn | 北交所基本状况 | | | --- | --- | | 上市公司数 | 264 | | 行业总市值(亿元) | 7987.41 | 最近一年北证 50 VS 沪深 300 机械设备 证券研究报告/行业定期报告 2025 年 03 月 16 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 3 月 15 日，北证成份股 264 个，平均市值 30.26 亿元。 本区间（2025.3.01-2025.3.15，下同）北证 50 指数涨跌幅 7.86%，收盘 1409.76 点； 同期沪深 300、创业板指、科创 50 涨跌幅分别为+3%、+2.6%、+0.86%。 2）赛道行情：本区间 A 股涨幅前五的行业为有色金属、国防军工、休闲服务、传媒、 食品饮料，涨幅分别为 10.89%、9.71%、8.01%、7.04%、6.98%。 3）个股行情：本区间在北交所上市的 264 只个股中 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [16]. Core Insights - The semiconductor testing equipment industry is entering a recovery phase in 2024, with significant growth anticipated in 2025, projected to exceed $8 billion, representing a year-on-year increase of over 19% [5]. - The company is actively expanding its global presence, having established sales and service companies in Japan and the U.S., and a manufacturing facility in Malaysia, which is expected to enhance its market share and international competitiveness [8][7]. - The company plans to issue convertible bonds to raise up to 1 billion yuan for the development of self-researched ASIC testing systems and the construction of a high-end SoC testing system manufacturing center, aiming to reduce reliance on external suppliers and meet increasing market demand [10]. Financial Performance Summary - The company's revenue is projected to grow from 691 million yuan in 2023 to 1.828 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 27% [2]. - The net profit attributable to the parent company is expected to increase from 252 million yuan in 2023 to 707 million yuan in 2027, reflecting a CAGR of around 28% [2]. - The gross margin is forecasted to remain stable around 73%, while the net margin is expected to improve from 36.9% in 2024 to 38.7% in 2027 [3][11]. Market Opportunities - The global market for mixed-signal and digital testing machines is estimated at approximately $930 million, with significant room for growth as the company expands its product offerings [6]. - The company is enhancing its product line with the introduction of the 8600 testing machine, which offers more testing channels and higher frequencies, thereby broadening its testing capabilities and supporting long-term growth [6].

Alphamin Resources 锡矿暂停生产，供应进一步趋紧 评级： 增持（维持） 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：安永超 执业证书编号：S0740522090002 Email：anyc@zts.com.cn | 基本状况 | | --- | | 上市公司数 | 141 | | --- | --- | | 行业总市值(亿元) | 30,953.80 | | 行业流通市值(亿元) | 29,049.98 | 相关报告 1、《【中泰金属观察-全球制造业 PMI 跟踪】全球制造业 PMI 跟踪：2 月延 续扩张，需关注抢出口后的持续性 20250312》2025-03-15 2、《基本面支撑叠加宏观催化，金属 价格整体上涨》2025-03-10 3、《小金属价格普涨》2025-03-09 有色金属 证券研究报告/行业定期报告 2025 年 03 月 16 日 4. 需求季节性走弱： 请务必阅读正文之后的重要声明部分 报告摘要 1. 【关键词】刚果金 Alphamin Resources 锡矿暂停生产 分析师：谢鸿鹤 2. 投资策略：国内政策持 ...

中 泰 证 券 研 究 所 专 业 | 领 先 | 深 度 | 诚 信 券 - 研究院报 - 告 证 中泰金工行业量价资金流厂 2 0 2 5 . 3 . 1 5 汤伟杰 证券分析师执业证书编号： S0740523050001 联系电话: 18217397163 邮 箱: tangwj02@zts.com.cn | 中泰证券 研究所 | | | | | --- | --- | --- | --- | | 20250315量价资金流周观点 | | | | | -中泰金融工程团队 | | | | | 万图师Al观点 | | | | | 行业 | 行业 看涨概率 | | 看涨概率 | | 81% | 钢铁 | 医药生物 | 71% | | 79% | 煤炭 | 汽车 | 67% | | 龙虎榜资金流观点 | | | | | 当期净流入 累计净流入变化 | 行业 | | 综合排名 | | 1 | 非银金融 | 1 | 1 | | 2 | 有色金属 | 2 | 2 | | 3 | 汽车 | 3 | 3 | | 公募基金权益仓位变化 | | | | | 上周仓位 | 基金 本周仓位 | | 周度变化 | | 90.1% ...

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [27]. Core Insights - The overall performance of the North Exchange is expected to improve in 2025, following a significant adjustment in the index, with a focus on spring market activity [6][24]. - The North Exchange has 469 listed companies with a total market capitalization of 798.74 billion and a circulating market capitalization of 480.61 billion [1]. - The North Exchange 50 Index increased by 1.33% during the week of March 10 to March 14, 2025, closing at 1409.76 points, while the Shanghai and Shenzhen 300 Index rose by 1.59% [3][9]. Summary by Sections North Exchange Market Overview - As of March 14, 2025, there are 264 constituent stocks in the North Exchange, with an average market capitalization of 3.03 billion [3][19]. - The average daily trading volume for the week was 42.05 billion, a decrease of 7.44% from the previous week, with a turnover rate of 11.41% [11][19]. Industry Performance - The top-performing sectors during the week included utilities, food and beverage, non-ferrous metals, home appliances, and textiles, with respective gains of 21.81%, 21.35%, 16.46%, 14.64%, and 13.79% [15][19]. Individual Stock Performance - Out of 264 stocks listed on the North Exchange, 214 stocks rose, 50 fell, and none remained flat, resulting in an 81.06% increase in stock prices [19][24]. New Stock Listings - No new stock issuances occurred during the week, but several companies updated their review statuses, including one company accepted for review and three under inquiry [4][22]. Key News - The North Exchange conducted training sessions for listed companies to enhance communication with investors and improve the quality of information disclosure [5][23]. Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2025 [6][24].

Domestic Policy News - The government has set a GDP growth target of around 5% for 2025, maintaining the same target as 2024, with a budget deficit rate of 4% [9][10][12] - The government plans to issue 4.4 trillion yuan in local government special bonds and 1.3 trillion yuan in ultra-long-term special bonds to support state-owned commercial banks in capital replenishment [10][12] - The monetary policy aims for "timely reserve requirement ratio and interest rate cuts" to maintain ample liquidity in the economy [10][22] Support for Private and Technology Enterprises - The central bank and five departments support private enterprises in capital market development, emphasizing equal treatment for all types of ownership enterprises [2][8] - The government is expanding the scale of re-loans for technological innovation and technical transformation, increasing from 500 billion yuan to between 800 billion and 1 trillion yuan [38] - The establishment of a national venture capital guidance fund focusing on cutting-edge fields such as artificial intelligence and quantum technology is planned [40] Real Estate Sector - The financial regulatory authority emphasizes support for stabilizing the real estate market, including expanding financing coordination mechanisms and ensuring project delivery [3][24][42] - The government is implementing measures to support the transformation of urban villages and the renovation of dilapidated housing [42] Consumer and Employment Policies - The government is promoting consumption through initiatives like expanding the range of subsidies for trade-ins and encouraging financial institutions to increase personal consumption loans [4][26] - Employment support plans are being organized to release job opportunities in advanced manufacturing and new consumption hotspots [41] Local Policies - Local policies focus on emerging industries, promoting investment and consumption, and providing childbirth subsidies [45]

投资发力 ——2025 年 1-2 月经济数据点评 证券研究报告/宏观事件点评报告 2025 年 03 月 17 日 分析师：杨畅 执业证书编号：S0740519090004 执业证书编号：S0740524070004 Email：youyong@zts.com.cn 相关报告 1、《衰退担忧明显升温》2025-03-13 2、《CPI 节后回落》2025-03-09 3、《美国劳动力市场的降温迹象》 2025-03-09 由于去年和今年的春节错月效应，2 月单月数据参考意义有限，将 1-2 月合并与前值 （去年 12 月，下同）具有可比性。合并 1-2 月来看，我们认为： 生产上，同比增速回落，考虑到上年基数偏弱，同比增速走弱表明生产波动；出口交 货值同比增速回落，剔除价格后，外需的实际物量同比增长有所回落，"抢出口"降 温。 从同比数据看，1-2 月规模以上工业增加值同比增长 5.9%（前值 6.2%），回落 0.3 个 百分点；从定基指数来看，2024 年 1-2 月定基指数为年内偏低点，在基数偏弱背景下， 同比增速回落，反应了工业生产短期波动；从环比增速看，1 月环比增长 0.19%，2 月环比增长 ...

【中泰传媒】呼市发布育儿补贴细则，把握出版、AI+教育投资机 会 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 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价 简称 | | | | EPS | | | | | PE | | | 评级 | | 分析师：康雅雯 | | | （元） | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740515080001 | | 南方传媒 | 15.45 | 1.05 | 1.43 | 0.98 | 1.07 | 1.15 | 14.71 | 10.80 | 15.77 | 14.44 | 13.43 | 买入 增持 | | | | 皖新传媒 | 6.99 | 0.3 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [2] Core Insights - The pharmaceutical sector continues to show strong performance, with a year-to-date return of +4.0%, outperforming the Shanghai Composite Index by 2.2% [4][11] - The report highlights the potential for recovery in consumer healthcare, driven by recent government policies aimed at boosting consumption [4][11] - Key investment themes include innovation in pharmaceuticals, turnaround opportunities, and the integration of AI technologies [4][11] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.59%, while the pharmaceutical sector increased by 1.77%, ranking 15th among 31 sub-industries [4][11] - Specific segments such as pharmaceutical commerce, traditional Chinese medicine, and medical services saw increases of 6.44%, 2.63%, and 1.46% respectively [4][11] Key Companies and Recommendations - Recommended stocks include WuXi AppTec, Aier Eye Hospital, Dong-E E-Jiao, and others, with expected earnings growth and favorable valuations [2][8] - The report emphasizes the importance of focusing on companies with improving fundamentals and low valuations, particularly in the eye care and dental sectors [5][11] Policy and Regulatory Developments - Recent government initiatives, including the introduction of child-rearing subsidies, are expected to positively impact the reproductive and maternal health sectors [6][7] - The National Healthcare Security Administration's guidelines for brain-computer interface services are anticipated to accelerate commercialization in this emerging field [6][11] Valuation Metrics - The pharmaceutical sector is currently valued at 23.4 times PE based on 2025 earnings forecasts, representing a 36.0% premium over the broader A-share market [17] - The TTM valuation stands at 27.3 times PE, which is below the historical average of 35.1 times PE, indicating potential for valuation recovery [17]

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 ...