2025 年 03 月 07 日 宏观类●证券研究报告 出口初现降温迹象，山雨欲来尚需绸缪 事件点评 国际贸易数据点评（2025.1-2） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 扩财政促内需的含金量正在上升——《政府 工作报告》解读 2025.3.5 两会聚焦：五大看点 2025.3.4 PMI 节后反弹，投资好于消费——PMI 点评 （2025.2） 2025.3.2 LPR 四度持平，十债利率升至 1.7%，释放 何种信号？——华金宏观·双循环周报（第 95 期） 2025.2.21 信贷创纪录"开门红"，年初集中还是全年趋 高？——金融数据速评（2025.1）2025.2.14 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 剔除春节提前导致的暂时性偏低效应，1-2 月出口同比增速下滑至 6.0%左右，特朗普对 华加征关税开始导致初步的出口降温现象。1-2 月出口（美元计价，下同）同比增长 2.3%， 较 2 ...

2025 年 03 月 07 日 行业研究●证券研究报告 Manus 重塑生产力由思考至执行全链自动化 投资要点 传媒 行业快报 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 4.45 | 1.51 | 11.72 | | 绝对收益 | 7.4 | 1.08 | 23.13 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 王延森 | | | wangyansen@huajinsc.cn | | | 投资评级 领先大市(维持) 首选股票 评级 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 事件： 3 月 6 日，Monica.im 研发的全球首款 AI Agent 产品 Manus 宣布推出。 根据研发团队介绍，该产品为自主的 AI 代理，能够解决各类复杂多变的任务。 区别于传统 AI 助手，Manus 能提供建议 ...

Investment Rating - The investment rating for the company is "Buy" [24] Core Viewpoints - The company focuses on the research, production, and sales of customized automotive system connectors, primarily producing special fasteners and seat locks, which are widely used in various automotive systems [6][17] - The company has established strong relationships with major automotive manufacturers and suppliers, with over 70% of its revenue coming from the automotive seating sector [16][17] - The company is actively expanding its product applications in the new energy vehicle and automotive electronics sectors, which is expected to drive future growth [17] Financial Performance - The company achieved operating revenues of 491.2 million, 553.3 million, and 681.7 million yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 8.20%, 12.64%, and 23.20% [7][19] - The net profit attributable to the parent company for the same years was 76.8 million, 82.6 million, and 107.7 million yuan, with year-over-year growth rates of -61.61%, 7.57%, and 30.36% [7][19] - For the first quarter of 2025, the company expects operating revenue to grow by 16.28% to 32.69% compared to the same period last year, with net profit expected to increase by 58.32% to 79.07% [19] Industry Overview - The automotive fastener market is characterized by a high demand, with an estimated requirement of 1,536.71 billion fasteners in 2023, driven by the production of over 26 million passenger vehicles [12] - The automotive seating market is projected to grow at an annual rate of 4.6% in China, reaching a market size of 880 billion yuan by 2025 [13][14] - The industry is experiencing a trend towards lightweight, diversified, intelligent, and environmentally friendly developments, which is influencing the fastener sector [12][15] Company Highlights - The company has a diverse product portfolio with over 4,000 types of special fasteners and is recognized as a core supplier in the automotive seating sector [16] - The company has secured a 7.45% market share in the Chinese passenger car seat lock market as of 2023 [16] - The company is positioned to benefit from the growing demand in the new energy vehicle sector, having entered the supply chains of major manufacturers like NIO and BYD [17]

2025 年 03 月 07 日 公司研究●证券研究报告 胜科纳米（688757.SH） 新股覆盖研究 投资要点 为后续收入的持续增长奠定客户基础。2、在现有业务的基础上，公司重点加 强车规级芯片失效分析、可靠性分析领域的布局，同时积极拓展航空航天、 生物医药等新领域。1）汽车检测领域，公司于 2022 年完成了"车规级芯片 技术能力的设计和研发"、"高压高功率器件的可靠性试验方法开发"等研 发项目，具有车规芯片 AEC-Q100 认证能力。具体来看，公司在可靠性检测方 面已与上海芯攀微电子、比亚迪、理想汽车等建立了合作关系、与宁德时代 进行了业务对接；在失效分析方面已与比亚迪、蔚来、理想等头部车企开展 分析实验，与宁德时代就电池材料分析展开了交流。2）航空航天检测领域， 公司已与航天科研院所开展元器件检测合作，新加坡子公司已与全球领先航 空领域供应商 Thales 开展业务合作，公司提供的原子力表面形貌分析能够观 察和测量元器件的表面形貌和微观结构，识别表面缺陷和结构的不均匀性。3） 生物医药检测领域，公司已与瑞典医疗器械厂商迈柯唯医疗、国内人工心脏 龙头同心医疗等达成合作。 同行业上市公司对比：根据业务的 ...

2025 年 03 月 06 日 策略类●证券研究报告 政策进一步细化和落实，股市慢牛延续 事件点评 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 相关报告 明确定调政策发力，科技仍是主线-明确定调 政策发力，科技仍是主线 2025.3.5 今年两会值得关注的方向有哪些？-今年两 会值得关注的方向有哪些？ 2025.3.3 活跃周期后段震荡分化加剧，两会时间局部 热 度 预 计依 然 可 期 - 华 金 证 券新 股 周 报 2025.3.2 春季行情未完，进入后半段-春季行情未完， 进入后半段 2025.3.1 人气产业链不断迎来新催化，新股次新板块 交 投 热 度 不 减 - 华 金 证 券 新 股 周 报 2025.2.23 http://www.huajinsc.cn/ 1 / 8 请务必阅读正文之后的免责条款部分 ， 宏观政策上，财政、货币、消费、外贸等方面齐发力。（1）财政政策力度上升， 发力方向明确：一是截至今年 3 月 5 日，地方共发行置换债券 2.96 万亿元，去年 发行的 2 万亿元置换债券 5 年利息预计减少 2000 亿元以上；二是今年中央对地方 转 ...

2025 年 03 月 06 日 策略类●证券研究报告 政策进一步细化和落实，股市慢牛延续 事件点评 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 苏雪儿 | | | suxueer@huajinsc.cn | 相关报告 明确定调政策发力，科技仍是主线-明确定调 政策发力，科技仍是主线 2025.3.5 今年两会值得关注的方向有哪些？-今年两 会值得关注的方向有哪些？ 2025.3.3 活跃周期后段震荡分化加剧，两会时间局部 热 度 预 计依 然 可 期 - 华 金 证 券新 股 周 报 2025.3.2 春季行情未完，进入后半段-春季行情未完， 进入后半段 2025.3.1 人气产业链不断迎来新催化，新股次新板块 交 投 热 度 不 减 - 华 金 证 券 新 股 周 报 2025.2.23 ...

《政府工作报告》解读 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 两会聚焦：五大看点 2025.3.4 2025 年 03 月 05 日 宏观类●证券研究报告 扩财政促内需的含金量正在上升 主题报告 PMI 节后反弹，投资好于消费——PMI 点评 （2025.2） 2025.3.2 LPR 四度持平，十债利率升至 1.7%，释放 何种信号？——华金宏观·双循环周报（第 95 期） 2025.2.21 信贷创纪录"开门红"，年初集中还是全年趋 高？——金融数据速评（2025.1）2025.2.14 内外形势有何变化，货币如何调整优化？— —《货币政策执行报告》（2024Q4）解读·周 报（第 94 期） 2025.2.14 http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 一、目标维持 5%并突出外部风险，促进消费投资内需决心坚定。同样的 5%，不 同的外部环境——单边主义和保护主义加剧、世界经济增长动能不足，指向净出口 ...

Group 1 - The report emphasizes a positive policy tone, highlighting the importance of expanding domestic demand, fiscal stimulus, and the strategy of promoting science and education [4][6][10] - The fiscal policy is set to be more aggressive, with an increase in the deficit rate and scale compared to last year, indicating a significant rise in fiscal spending [4][6][10] - The report prioritizes expanding domestic demand, with a focus on boosting consumption and lowering the CPI target for 2025, reflecting ongoing economic pressures [4][6][10] Group 2 - New measures include promoting the stabilization of the real estate market, enhancing strategic reserves, and establishing market stabilization mechanisms [4][10][12] - The report indicates a shift in focus to consumer spending, with specific actions to support consumption, including a special fund of 300 billion yuan for replacing old consumer goods [4][12][14] - The development of new productive forces is highlighted, with an emphasis on emerging industries such as robotics, commercial aerospace, and 6G technology [4][12][14] Group 3 - The market outlook is positive, with expectations of increased confidence driven by clear growth policies and fiscal measures [4][15][27] - The report suggests that the technology sector remains a key focus, with potential benefits for TMT, consumer goods, and certain cyclical industries [4][22][25] - Specific sectors such as commercial aerospace, robotics, and AI are expected to benefit from supportive policies and technological advancements [4][25][27]

两会聚焦：五大看点 主题报告 投资要点 2025 年 03 月 04 日 宏观类●证券研究报告 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 PMI 节后反弹，投资好于消费——PMI 点评 （2025.2） 2025.3.2 LPR 四度持平，十债利率升至 1.7%，释放 何种信号？——华金宏观·双循环周报（第 95 期） 2025.2.21 信贷创纪录"开门红"，年初集中还是全年趋 高？——金融数据速评（2025.1）2025.2.14 内外形势有何变化，货币如何调整优化？— —《货币政策执行报告》（2024Q4）解读·周 报（第 94 期） 2025.2.14 核心通胀不降反升，美联储还能降息吗？— —美国 CPI 点评（2025.1） 2025.2.13 http://www.huajinsc.cn/ 1 / 10 请务必阅读正文之后的免责条款部分 两会开幕之际，经济目标与政策方面五大看点值得关注。每年两会将定调全年增长 目标、明确财政货币政策力度、点明供需循环政策抓手、 ...

Investment Opportunities - The report suggests focusing on investment opportunities in TMT, new energy, home appliances, automotive, and consumer sectors during the Two Sessions [2][24] - High-growth sectors identified include TMT, new energy, and pharmaceuticals, while policy-driven sectors include TMT under technology innovation and home appliances, automotive, and consumer electronics under domestic demand expansion [2][24] Market Trends - Historical analysis indicates that market performance tends to be weaker after the Two Sessions compared to before, with small-cap stocks showing higher winning probabilities in the short term [7][10] - The average performance of major indices post-Two Sessions shows declines, with the Shanghai Composite Index averaging a decline of -1.34% in the first five trading days [7][10] Policy Directions - The report anticipates a GDP growth target of around 5% for 2025, with a focus on stability in economic growth expectations across various provinces [16][19] - Key policy themes identified include new quality productivity, deepening digital economy, expanding domestic demand, and upgrading social welfare [21][22] Industry Focus - The report emphasizes the importance of sectors related to new quality productivity, such as artificial intelligence, industrial internet, and data elements, as well as future industries like satellite internet and humanoid robots [2][24] - Specific industries to watch include TMT, new energy, and pharmaceuticals, driven by technological advancements and policy support [25][26] Consumer Sector - The consumer sector is expected to see improved performance post-Two Sessions, with significant growth in real estate, construction, retail, food and beverage, and transportation sectors [10][14] - Policies aimed at boosting consumption include issuing digital RMB vouchers and enhancing urban-rural coordination to stimulate consumer spending [22][23]