2025 年 03 月 17 日 行业周报 看好/维持 计算机 计算机 AI 国产化趋势延续 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 计算机 沪深300 相关研究报告 <<通用型 AI Agent 更近一步，AI 应 用蓄势待发>>--2025-03-10 <<数字虚拟商品综合服务商，发力云 终端打造第二成长曲线>>--2025- 03-10 <<业绩持续高增，合同负债及存货大 幅增长>>--2025-03-04 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号：S1190523090002 报告摘要 OpenAI 打压 DeepSeek，AI 竞争已上升至国家层面。3 月 13 日，OpenAI 向美国政府提交提案，呼吁禁用 DeepSeek 及其他中国 AI 模型，并采取一 系列措施打压中国 AI 发展。提案主要指控 ...

证券研究助理：徐梓铭 2025 年 03 月 16 日 投资策略 行胜于言 核心观点：国内正着手对长期痛点进行政策解决，而美国正在经历 "排毒"期和贸易不确定性的困扰。无论长期的结果究竟如何，请暂时对 东升西落的叙事多点信心，盘面已经做出积极反应，技术面风险可控，大 市值绩优股胜率和赔率更佳。 国内：经济长期痛点的政策推进+降准降息的宽松预期=东升预期的 强化 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 E-MAIL：xuzm@tpyzq.com 一般证券从业编号：S1190123050005 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 政策对长期痛点的着手解决：1）人口：《政府工作报告》首次提出发 放育儿补贴，呼和浩特补贴力度空前的示范效应——市场未来可想象的空 间大，力度足。2）消费：《政府工作报告》第一大任务——大力提振消费、 提高投资效益，全方位扩大国内需求。3 月 14 日最高法和国家金融监管 总局分别从法律和金融两方面对消费落地政策支持，市场反应积极。3 月 1 ...

Investment Rating - The report maintains a "Buy" rating for Prolo Pharmaceutical (000739) [1] Core Views - Prolo Pharmaceutical is accelerating its integrated layout of raw materials and formulations, with CDMO expected to enter a new inflation era [1] - The company has established a 2030 development strategy focusing on refining raw materials, strengthening CDMO, enhancing pharmaceuticals, and expanding into medical aesthetics [4][19] - The company has demonstrated long-term development confidence through stock buybacks, with a total repurchase amount of 1.53 billion yuan planned for cancellation [4][23] Summary by Sections Company Overview - Prolo Pharmaceutical, founded in 1989 and listed in 2001, is a leading pharmaceutical manufacturer in China, focusing on raw materials, CDMO, pharmaceuticals, and medical aesthetics [18] - The company has undergone significant strategic adjustments since 2017, implementing a unified management model and achieving its strategic goals by 2023 [19] Raw Material and Medical Aesthetics Business - The company is a leading domestic player in specialty raw materials, with a focus on oral cephalosporins, penicillins, and veterinary raw materials [5] - Prolo has increased the number of API projects significantly, with plans to add 30-50 new DMFs in the next 3-5 years [5] CDMO Business Outlook - The CDMO sector is expected to enter a new inflation era, driven by supportive policies for innovative drugs and a significant increase in project numbers [6][8] - The company has seen a 42% year-on-year increase in projects, indicating a robust growth trajectory for its CDMO business [8] Revenue Growth and Business Segmentation - Prolo's revenue has grown from 78.80 billion yuan in 2020 to an estimated 120.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.14% [32] - The revenue contribution from CDMO and formulation businesses has increased, with CDMO revenue growing at a CAGR of 15.60% from 2020 to 2024 [34] Profitability and Financial Metrics - The company's gross margin has decreased from 27.96% in 2020 to 23.85% in 2024, while the net margin has also declined [38] - Despite the decline in margins, the company continues to invest in R&D, with R&D expenses increasing from 4.44% to 5.34% of total revenue [38]

2025-03-16 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.03.10-2025.03.16)：中伊俄举行"安全纽带-2025"联合演习 走势比较 中伊俄举行"安全纽带-2025"联合演习 3 月 11 日，随着参加中伊俄"安全纽带-2025"联合演习的舰艇 靠泊伊朗恰巴哈尔港，此次联演海上演习阶段圆满结束。此次联演以 "共创和平与安全"为主题，于 3 月 9 日拉开帷幕，分为集结准备、 海上演习、港岸总结三个阶段举行，旨在深化各参演国家军队之间的 军事互信和务实合作。中方参演兵力为海军第 47 批护航编队的导弹 驱逐舰包头舰、综合补给舰高邮湖舰。海上演习于 3 月 10 日至 11 日 在恰巴哈尔港附近海域组织实施，主要围绕打击海上目标、临检拿 捕、损害管制、联合搜救等展开演练。 行业观点： -20% -10% 0% 10% 20% 30% 40% 50% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 航空航天与国防 沪深300 推荐公司及评级 相 ...

2025 年 03 月 16 日 公司点评 增持/维持 股票回购彰显长期发展信心，产能投放有望驱动收入快速增长 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/3/15 24/5/26 24/8/6 24/10/17 24/12/28 25/3/10 股票数据 | 总股本/流通(亿股) | 1.15/0.77 | | --- | --- | | 总市值/流通(亿元) | 22.66/15.07 | | 12 个月内最高/最低价 | 23.8/13.43 | | (元) | | 相关研究报告 <>--2025-01-19 <>--2024-10-25 <>-- 2024-08-29 证券分析师：周豫 共同药业(300966) 昨收盘:19.66 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 2 月 25 日，公司发布股票回购预案，公司拟以集中竞价交易 方式回购股份，回购金额在 2,000 万元到 3,000 ...

Investment Rating - The report maintains a "Buy" rating for Prolo Pharmaceutical (000739) [1] Core Views - Prolo Pharmaceutical is accelerating its integrated layout of raw materials and formulations, with CDMO expected to enter a new inflation era [1] - The company has established a 2030 development strategy focusing on refining raw materials, strengthening CDMO, enhancing pharmaceuticals, and expanding into medical beauty [4][19] - The company has demonstrated long-term development confidence through stock buybacks, with a total repurchase amount of 1.53 billion yuan planned for cancellation [4][23] Summary by Sections Company Overview - Prolo Pharmaceutical, founded in 1989 and listed in 2001, is a leading pharmaceutical manufacturer in China, focusing on raw materials, CDMO, pharmaceuticals, and medical beauty products [18] - The company has seven raw material production plants and two formulation plants, with a complete industrial chain from intermediates to sales channels [18][19] Raw Material and Medical Beauty Business - The company is a leading domestic player in specialty raw materials, with significant market positions in oral cephalosporins and other key products [5] - Prolo has increased the number of API projects significantly, with plans to add 30-50 new DMFs in the next 3-5 years [5] - The medical beauty division is expanding, focusing on cosmetic raw materials and collagen products, with future plans for botulinum toxin [5] CDMO Business Outlook - The CDMO sector is expected to enter a new inflation era, driven by supportive policies for innovative drugs and a significant increase in project numbers [6][8] - The company has seen a 42% year-on-year increase in projects, indicating a strong growth trajectory for its CDMO business [8] Revenue Growth and Business Segmentation - Prolo's revenue has grown from 78.80 billion yuan in 2020 to an estimated 120.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.14% [32] - The revenue contribution from CDMO and formulation businesses is increasing, with CDMO revenue growing at a CAGR of 15.60% from 2020 to 2024 [34] Financial Projections - The company forecasts revenues of 130.58 billion yuan, 143.93 billion yuan, and 159.58 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 11.53 billion yuan, 13.24 billion yuan, and 15.48 billion yuan [10][12]

2025 年 03 月 15 日 公司点评 增持/维持 粤高速 A(000429) 目标价: 昨收盘:13.29 粤高速 A，2024 年报点评，业绩承压，迎来管养费政策曙光 ◼ 走势比较 近日，粤高速 A 披露 2024 年报。本报告期，实现营业总收入 45.7 亿，同比减-6.34%；归母净利 15.62 亿，同比减-4.39%；扣非的归母 净利 16.45 亿，同比减-3.55%；基本每股收益 0.75 元，加权 ROE 为 15.52%，经营活动产生的现金流量净额为 32.56 亿元。 分红政策，公司拟每 10 股派发股息 5.23 元（含税），合计拟派发 股利 10.9 亿，占 24 年归母净利润的 70%。若以年报披露日计算的股 息率约为 3.59%。 ■ 点评 (20%) (2%) 16% 34% 52% 70% 24/3/14 24/5/26 24/8/7 24/10/19 24/12/31 25/3/14 粤高速A 沪深300 ◼ 股票数据 总股本/流通(亿股) 20.91/13.03 总市值/流通(亿元) 277.87/173.21 12 个月内最高/最低价 (元) 14.98/9.46 ...

2025 年 03 月 17 日 行业周报 看好/维持 农林牧渔 农林牧渔 周报（第 11 期）：粮价上涨&猪鸡奶价低迷，养殖关注产能去化 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 报告摘要 一、市场回顾 农业板块行情表现优于大市，其中渔业和动保子行业涨幅领先。1、 上周，申万农业指数上涨 2.84%，同期，上证综指上涨 1.39%，深成 指上涨 1.24%，农业板块整体表现优于大市。2、细分来看，六大二 级子行业指数悉数上涨，其中渔业和动保涨幅领先。3、前 10 大涨 幅个股主要集中在渔业和动保板块，前 10 大跌幅个股集中在种植板 块。涨幅前 3 名个股依次为雪榕生物、东方海洋和西部牧业。 二、核心观点 行业评级及策略：贸易加征关税推动粮价上涨情绪升温，且猪鸡和 原奶价格低迷，养殖业盈利承受成本端和收入端的双重压力，产能 去化动力增强。建议关注受益于周期反转预期增强的奶牛养殖和生 猪养殖板块。 ◼ 推荐公司及评级 | 登海种业 | 买入 | | --- | --- | | 牧原股份 ...

2025 年 03 月 16 日 行业周报 看好/维持 机械 机械 人形机器人催化不断，重视产业链投资机会（20250310-20250316） ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 机械 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <>--2025-02- 24 本期（3 月 10 日-3 月 14 日），沪深 300 上涨 1.6%，机械板块上涨 0.1%， 在所有一级行业中排名 28。细分行业看，油气装备涨幅最大，上涨 5.1%； 半导体设备跌幅最大，下跌 4.3%。 本周观点 人形机器人催化不断，重视产业链投资机会。 近期，人形机器人产业催化不断，1）3 月 15 日，马斯克在社交平台发文 表示，"星舰"将于明年年底携带"擎天柱"人形机器人前往火星。如果 登陆顺利，那么人类登陆火星可能最快于 2029 年开始，不过 2031 年的可 能性更大。2）3 月 10 日，智元发布首个通用具身基座大模型 GO-1，GO- 1 大模型借助人类和多种机器人数据，让机器人 ...

2025 年 03 月 16 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报：生育补贴政策催化，关注母婴链投资机会(2025. 3.10-3.16) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 纺织服装 沪深300 相关研究报告 <<华利集团 24 年业绩快报点评：业 绩符合预期，期待 Adidas 订单新增 量>>--2025-03-13 <<爱美客公司点评：拟收购韩国 Regen，国际化战略加速发展>>-- 2025-03-11 <<纺服&零售周报：政策提振消费，关 注 港 股 消 费 估 值 修 复 机 会 (2025.3.3-3.9)>>--2025-03-10 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券分析师：龚书慧 E-MAIL：gongsh@tpyzq.com 分析师登记编号：S1190524100004 报告摘要 本周财报更新：1）361 度：24 年收入同比+19.6%至 100. ...