Investment Rating - The industry rating is "Outperform the Market" [6][13]. Core Insights - France's Newcleo is accelerating the deployment of its fourth-generation reactor project, with the LFR-AS-30 small reactor (30MWe) demonstration project starting land acquisition in Indre-et-Loire, France, and expected to be operational by the end of 2031 [3][5]. - Orano, a French nuclear fuel company, is seeking to increase uranium production in Mongolia and other regions to meet the growing demand from the nuclear power industry, especially after facing export issues from Niger due to political instability [4][5]. Summary by Sections Nuclear Power Development - Nuclear power is recognized as a crucial force in promoting energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7000, the highest among all power sources [5]. - The report emphasizes the role of nuclear energy in addressing global climate change and enhancing energy security, with potential applications in desalination, hydrogen production, and medical protection [5]. Investment Opportunities - The report suggests focusing on several companies: 1. Jiadian Co., which provides the main helium fan for fourth-generation high-temperature gas-cooled reactors and leads in nuclear pump products [5]. 2. Guoguang Electric, whose filter and cladding systems are key components of the ITER project [5]. 3. Lanshi Heavy Industry, covering upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5]. 4. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products and domestic alternatives for new fuel transport containers [5]. 5. Hailu Heavy Industry, servicing various reactor types including third and fourth-generation reactors and fusion reactors (ITER) [5]. 6. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade butterfly and ball valves for new nuclear power projects in China [5]. 7. Xianheng International, whose products are used in the operation and maintenance of nuclear power [5].

行 华福证券 基础化工 2025 年 02 月 23 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：盛虹芳纶产业园项目即将投产，内蒙 古宝丰 300 万吨烯烃项目正式建成 投资要点： 本周板块行情：本周，上证综合指数上涨 0.97%，创业板指数上涨 2.99%， 沪深 300 上涨 1%，中信基础化工指数上涨 1.76%，申万化工指数上涨 1.19%。 化工各子行业板块涨跌幅：本周，化工板块涨幅前五的子行业分别为改性 塑料(17.83%)、电子化学品(8.39%)、膜材料(6.97%)、有机硅(4.94%)、橡胶制 品(4.58%)；化工板块跌幅前五的子行业分别为轮胎(-3.76%)、磷肥及磷化工 (-3.17%)、纯碱(-1.61%)、钛白粉(-0.97%)、复合肥(-0.62%)。 本周行业主要动态： 盛虹芳纶产业园项目即将投产。2 月 18 日，据央视报道，盛虹控股集团 在江苏连云港总投资达 158 亿元的芳纶产业园项目已经完成一期建设，预计下 个月正式投产。盛虹芳纶产业园致力于打造集芳纶原料-芳纶纤维-芳纶复合材 料研发、生产、销售于一体的世界级芳纶新材料基地。目前已完成国内最大单 套年 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3]. Core Insights - The price of Suzano's hardwood pulp is set to increase by $20 per ton in March 2025, indicating a potential recovery in the paper industry supported by rising pulp prices and the upcoming peak season for cultural paper. Recommended companies include Sun Paper [2]. - The demand for AI glasses is expected to accelerate as the National Information Center initiates special testing and standardization for the industry, benefiting downstream lens companies such as Mingyue Lens, Kante Optical, and Doctor Glasses [2]. Summary by Sections 1. Weekly Overview - The light industry sector index decreased by 0.42% from February 17 to February 21, 2025, underperforming against the Shanghai Composite Index, which rose by 1.0% [14]. - Within the sector, the packaging and printing index increased by 0.21%, while the paper index fell by 1.78% [14]. 2. Home Furnishing - In January 2025, the sales revenue of large-scale home furnishing markets reached 109.5 billion yuan, a year-on-year increase of 3.09% [5]. - Companies to watch include custom furniture leaders like Oppein Home, Sophia, and ZB Home, as well as soft furniture leaders like Mu Si and Gu Jia [5]. 3. Paper and Packaging - As of February 21, 2025, the price of double glue paper was 5,425 yuan/ton (+12.5 yuan), and copper plate paper was 5,710 yuan/ton (+110 yuan) [49]. - The report suggests focusing on integrated paper leaders like Sun Paper and Huawang Technology, which are expected to benefit from improved domestic sales and increased dividend ratios [5][60]. 4. Light Industry Consumption - The demand for AI glasses is anticipated to grow, with several models expected to launch in 2025, benefiting companies in the lens and channel sectors [5]. - The report highlights the potential for cultural products related to the IP "Nezha 2," estimating a market scale of 1 billion yuan [5]. 5. Export Chain - In January 2025, U.S. retail sales showed a year-on-year increase of 4.2%, with furniture and home decor stores up by 3.7% [8]. - The report recommends focusing on companies with strong business momentum and profitability, such as Jiayi Co., Jiangxin Home, and Yongyi Co. [8]. 6. New Tobacco Products - The report notes that recent U.S. regulations on e-cigarettes emphasize compliance and youth protection, which may benefit compliant products [7]. - Companies with strong partnerships in e-cigarettes and HNB products, such as Smoore International, are recommended [7]. 7. Textile and Apparel - The report mentions a three-year action plan to optimize the consumption environment, which will enhance quality and brand building in various sectors, including textiles and apparel [7]. - Recommended companies include leading brands like Hailan Home and Anta [7].

行 华福证券 国防军工 2025 年 02 月 23 日 业 研 究 国防军工 军工本周观点：要更加乐观 投资要点： 本周核心观点： 行 业 定 期 报 告 本周，国防军工指数上涨 2.74% ，同期沪深 300 指数上涨 1%，相对超额 1.74pct，整体表现较好，或与行业本身的风格属性有一定关系，作为偏成 长型行业，在成长风格明显的同时享有风格溢价：同时我们可以观测到， 本周表现较好标的多为信息化方向，受益于 AI 及算力热度带动跑出明显超 额，且宏观层面也曾多次强调军工信息化发展，因为我们认为，新技术新 方向在十五五期间不容忽视。 资金层面，本周融资买入额及余额相较上周显著提升，且各军工 ETF 金额 及规模依旧呈现上涨趋势；杠杆资金和被动资金的积极变化均表现出对军 工板块信心稳固；考虑到军工行业 2025 年的强需求恢复预期，看好融资买 入额持续提升及被动资金持续净流入趋势。 估值层面，截至 2 月 21 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）61.57 倍，分位数 80.39%，考虑到 PE-TTM 现值的业绩基数恰好为 军工板块业绩触底阶段（2023Q4-2024Q3），叠 ...

Investment Rating - The report maintains a "Buy" rating for Kunming Pharmaceutical Group (600422.SH) [2][6] Core Views - The company is expected to achieve a revenue of 8.4 billion yuan in 2024, representing a 9.1% increase compared to the previous adjustment, and a net profit of 650 million yuan, reflecting a 45.7% increase [4][6] - The integration of Huaren Shenghuo is expected to enhance the company's competitive position in the cardiovascular treatment market and improve its performance in the aging health and chronic disease management sectors [5][6] - The company has successfully won bids for its key products in the national traditional Chinese medicine procurement, which is anticipated to expand its sales reach and enhance brand recognition [6][6] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 8.4 billion yuan, 9.22 billion yuan, and 10.11 billion yuan respectively, with growth rates of 9%, 10%, and 10% [6][7] - Net profit forecasts for the same years are 650 million yuan, 760 million yuan, and 930 million yuan, with growth rates of 46%, 17%, and 23% [6][7] - The report indicates an expected EPS of 0.86 yuan for 2024, increasing to 1.00 yuan in 2025 and 1.23 yuan in 2026 [7][7]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The report highlights that pig prices are currently at a low level, with a slight rebound supported by increased second-stage fattening activity due to reduced supply of large pigs [2][15]. - The white feather broiler market is experiencing downward pressure on prices due to abundant supply and limited processing capacity, exacerbated by recent avian influenza outbreaks affecting import sources [3][42]. - The release of the rural revitalization plan is expected to enhance agricultural modernization, with a focus on seed industry development and food security [52][56]. Summary by Sections Pig Farming - Pig prices are low, with the average price on February 16 at 14.73 CNY/kg, a week-on-week increase of 0.35 CNY/kg, but the weekly average still decreased by 0.56 CNY/kg [2][15]. - The slaughter volume has increased to 124,000 heads, a 19.27% rise from the previous week, while the frozen product inventory rate slightly increased to 14.57% [17]. - The average weight of pigs at slaughter rose to 125.04 kg, with a week-on-week increase of 0.86 kg, indicating a stronger price differential for heavier pigs [24][34]. White Feather Broilers - The price of white feather broilers has decreased to 6.17 CNY/kg, down 0.95 CNY/kg week-on-week, with chick prices also declining to 1.96 CNY/chick [3][36]. - The processing rate of slaughterhouses is lower than the previous year, at 74.15%, contributing to the price drop [3][36]. - The avian influenza outbreaks in the U.S. and New Zealand have restricted imports, potentially prolonging the favorable cycle for domestic broiler producers [3][42]. Seed Industry - The rural revitalization plan aims for substantial progress by 2027, emphasizing agricultural modernization and food security [52][56]. - Key tasks include enhancing grain production capacity and accelerating seed industry development, which may benefit leading companies in the sector [52][56]. - The report suggests that companies like Dabeinong, Longping High-Tech, and others are well-positioned to benefit from these developments [52][56].

Investment Rating - The industry rating is "Outperform the Market" [6][48]. Core Insights - The report highlights the rapid penetration of intelligent driving technology, with BYD's advanced driving system "Tianshen Eye" being launched, which will be equipped across all models, including those priced below 100,000 yuan [3][10]. - The demand for car-mounted cameras is expected to increase significantly due to the rising adoption of intelligent driving systems, with BYD's new models featuring an average of 10 cameras per vehicle [4][15]. - The report anticipates a substantial growth in the automotive CIS (CMOS Image Sensor) market, projecting a compound annual growth rate (CAGR) of 20.6% from 2022 to 2027, reaching approximately $4.858 billion [30][32]. Summary by Sections 1. BYD's Intelligent Driving Configuration - BYD's "Tianshen Eye" system will be standard across 21 models, with prices starting from 6.98 million yuan, marking a significant shift in the market by offering high-level driving assistance in lower-priced vehicles [10][11]. - The system includes three configurations, with the lowest tier featuring 12 cameras, breaking the trend of low configurations in budget vehicles [15][18]. 2. Increase in Car-Mounted Camera Adoption - The report notes a dual transformation in the automotive sector, with an increase in the number of cameras per vehicle and technological upgrades, driven by the need for high-precision environmental perception [15][20]. - The average number of cameras in passenger vehicles is projected to rise, with the demand for CIS chips expected to grow as they account for about 50% of the total cost of camera modules [24][30]. 3. Competitive Landscape of Automotive CIS - The automotive CIS market is currently led by ON Semiconductor, with significant shares held by Chinese companies such as OmniVision and others, which together account for about 20% of the global market [32][34]. - The report emphasizes the long development cycles in the automotive market, suggesting that companies with established relationships and product lines are well-positioned to benefit from the ongoing trends in intelligent driving [34][40]. 4. Investment Recommendations - The report recommends focusing on leading companies in the automotive CIS sector, such as Weir Shares and Sitaiwei, which are well-positioned to capitalize on the growing demand for automotive image sensors [34][35][39]. - It also highlights Jingfang Technology as a leader in automotive CIS packaging with scarce production capacity, indicating strong growth potential [40].

2025 年 02 月 17 日 消费与医疗周报——医疗健康大模型应用场景概 览 策 略 研 究 华福证券 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业全部录得正收益，表现良好。 策 略 定 期 报 告 2、根据浙大四院《医疗健康大模型白皮书》，医疗大模型的应用 场景正不断拓展，围绕智慧医疗、智慧服务和智慧管理三大发展需求， 医疗大模型在各方面的应用不断深入，助力推动医疗卫生行业的整体 高质量发展。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、中国制造业"登顶"的路径——2025.02.12 2、消费与医疗周报——2024 年度电商保健品市 场跟踪——2025.02.10 风险提示 技术研发不及预期；宏观需求变化；地缘政治影响 证 券 研 究 报 告 诚信专业 发现价值 1 请务必阅读报告末页的声明 华福证券 | 1 医疗新观察 | | --- | | 2 医药板块行情回顾(2.10--2.14) . | | 3 医疗产业热点跟踪 | | 4 风险提示 . | | 图表 1: 医药板块申万二级行业本周涨跌幅情况 | | --- ...

Tabl e_First|Tabl e_Summary 华福证券 电力设备及新能源行业周报 产业周跟踪：硫化物量产时间表或超预期，苹果 阿里合作再次引爆 AIDC 投资要点： ➢ 锂电板块核心观点：全固态电池论坛在京举办，量产装车展望超预 期。1）硫化物车用全固态电池或将于25-27年量产，比亚迪、一汽预计27 年批量应用；2）2024年国电池企业海外动力电池份额提升。 ➢ 光伏板块核心观点：新能源全面入市落地，短期光伏或存在抢装。2 月9日，国家发展改革委、国家能源局联合印发《关于深化新能源上网电 价市场化改革 促进新能源高质量发展的通知》。新能源项目（风电、太 阳能发电）上网电量原则上全部进入电力市场，上网电价通过市场交易形 成，且针对存量项目和增量项目实施差价结算机制。根据通知，存量项目 以及赶在6月1日前并网的项目仍可按照固定电价结算，我们预计在此窗口 期前光伏有望迎来抢装热潮。 ➢ 储能板块核心观点：两部门发文深化新能源上网电价市场化改革，24 年国内工商业储能新增并网8.8GWh。1）两部门发文深化新能源上网电价 市场化改革，促进新能源高质量发展；2）2024年国内工商业储能新增并 网8.8GWh ...

Group 1 - Global stock markets experienced a general increase, influenced by Trump's signing of a memorandum for reciprocal tariffs, which is expected to reduce trade friction risks and allow more time for negotiations with trade partners [1][8] - The U.S. inflation data showed a rebound, with January CPI at 3% and core CPI at 3.3%, both exceeding previous and expected values, leading to a notable adjustment in interest rate cut expectations [2][9] - The implementation of the new tariff policy is anticipated to be completed by April 1, allowing for further negotiations and potentially easing trade tensions, alongside a possible de-escalation of the Russia-Ukraine conflict [1][8] Group 2 - Major global asset classes showed mixed performance, with the Hang Seng Index rising by 7.04%, while the Japanese Yen depreciated by 1.44% against the Renminbi [3][31] - In the equity market, the U.S. information technology sector saw the highest increase at 3.28%, while the healthcare sector experienced a decline of 1.03% [42] - The commodity market displayed varied results, with COMEX silver rising by 1.95% and CBOT soybeans falling by 1.12% [48] Group 3 - The U.S. labor market showed resilience, with initial jobless claims decreasing to 213,000, lower than the previous value of 220,000 [9][10] - The NFIB small business confidence index for January recorded at 102.8, down from the previous value of 105.1, indicating a decline in business sentiment [9][10] - The Federal Reserve officials maintained a hawkish stance, with a 96% probability of keeping interest rates unchanged in March, emphasizing the need for careful assessment of economic conditions [10]