Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [2][14]. Core Insights - The support for innovative drug policies has been elevated, with specific measures expected to be implemented in 2024, including the establishment of a drug pricing mechanism and the creation of an innovative drug catalog [3]. - The market for weight loss drugs is seeing significant data releases from domestic manufacturers, with opportunities for overseas licensing [5]. - Progress continues in universal CAR-T and solid tumor cell therapies, with advancements in technology potentially lowering production costs and enabling inclusion in insurance [7]. - The gene sequencing industry is accelerating its domestic production capabilities following export restrictions on Illumina sequencing instruments [8]. - AI in healthcare is rapidly evolving, providing better customer engagement and sales conversion opportunities [10]. - The CRO industry may experience changes due to external factors, with AI integration expected to enhance competitiveness [11]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 0.32 percentage points over the past week, with a growth of 1.06% [23]. - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 1.57 percentage points, achieving a growth of 2.88% [27]. 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 31.19, which is below the historical average of 33.06 [43]. - The pharmaceutical sector has shown a 16.83% increase over the past six months, although it underperformed the CSI 300 index by 5.22 percentage points [40]. 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, highlighting trends and growth opportunities [46]. 4. Recent Industry Policies and News - Recent policy documents from the National Healthcare Security Administration outline new pricing guidelines for cardiovascular and ENT medical services [49]. - Notable recent approvals from the National Medical Products Administration include new drug applications and clinical trial approvals for various companies [51][53].

推荐生猪养殖及户外运动行业 重点关注养殖、饲料、运动品牌及制造赛道 —农林牧渔行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年03月09日 ◼ 分析师：娄倩 ◼ SAC编号：S1050524070002 ◼ 联系人：卫正 ◼ SAC编号：S1050124080020 投 资 要 点 ①生猪养殖 ⚫ 商品猪出栏价延续下降趋势，本周仔猪价格趋稳 ⚫ 美国进口玉米和大豆关税上调，预计推动国内玉米和豆粕价格上行 证 券 研 究 报 告 行业周报 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 ➢ 本周全国商品猪周均价为14.56元/公斤，周环比下降0.14元/公斤。随着供给端出栏空窗期度过，猪肉会呈现相对过 剩的情况，猪价延续下降趋势，符合我们多周的观点预期。 ➢ 预计2025年猪价因供给量的持续提升呈现逐季下降的趋势。2025全年商品猪出栏均价预估回落至12元/公斤区间。预 计后续伴随猪价的进一步下滑，行业将进入亏损阶段，将开启能繁产能去化阶段。 ➢ 本周规模场7公斤和15公斤仔猪周均价分别为450.71和560元/头，周环比未发生变动。 仔猪价格阶段季节性波动基 本结束，目前养殖场春节前肥 ...

证 券 研 究 报 告 行业周报 产业逐渐进入旺季，继续看好 1）主材：尚太科技、湖南裕能等； 2）新方向：机器人（浙江荣泰、强瑞技术）、液冷散热（申菱环境、飞荣达、英维克、捷邦科技）、消费电池（豪鹏科技）、 固态电池、复合集流体。 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 投 资 要 点 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年03月09日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 继续看好板块机会。根据中汽协数据，2025年1月，新能源汽车同比继续保持较快增长。2025年1月，新能源汽车产销分别完 成101.5万辆和94.4万辆，同比分别增长29%和29.4%。供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断 发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积极优化产 能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底部，价格易涨难跌，需求端韧性强劲，继续看好产业链优质 公司。 行业评级及投资策略： 政策持续呵护，供给端部分企业开始收缩资本开支，供 ...

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [1] Core Views - Dongpeng Beverage continues to demonstrate high growth in performance, with total revenue and net profit for 2024 reaching 15.839 billion and 3.327 billion yuan, respectively, representing year-on-year increases of 40.6% and 63.1% [5] - The company is expected to expand its product categories and international presence, particularly targeting the Southeast Asian market [10][11] Summary by Sections Performance Overview - The company's performance aligns with previous forecasts, maintaining a high growth trajectory. In Q4 2024, total revenue and net profit were 3.281 billion and 619 million yuan, respectively, with year-on-year growth of 25.1% and 61.2% [5] - Gross margin and net margin for 2024 were 44.8% and 21.0%, showing improvements of 1.7 and 2.9 percentage points year-on-year [5] Product Growth - Revenue from Dongpeng Special Drink reached 13.304 billion yuan in 2024, up 28.5% year-on-year, with a gross margin increase of 2.9 percentage points to 48.3% [6] - The electrolyte beverage segment saw significant growth, with revenue of 1.495 billion yuan, a 280.4% increase year-on-year, and a market share rise to 6.7% in sales volume [7] Channel Development - Revenue from distribution, direct sales, and online channels for 2024 was 13.607 billion, 1.744 billion, and 445 million yuan, respectively, with notable growth rates of 39.4%, 38.4%, and 117.0% [10] - The company has established a robust distribution network with 3,193 distributors and nearly 4 million retail outlets, facilitating its national expansion [10] Profit Forecast - The report projects EPS for 2025-2027 to be 8.46, 10.78, and 13.26 yuan, with corresponding PE ratios of 27, 21, and 17 times [11]

2025 年 03 月 09 日 业绩持续高增，期待品类拓展与出海扩张 —东鹏饮料（605499.SH）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-03-07 | | --- | --- | | 当前股价（元） | 228.95 | | 总市值（亿元） | 1191 | | 总股本（百万股） | 520 | | 流通股本（百万股） | 520 | | 52 周价格范围（元） | 180.41-286 | | 日均成交额（百万元） | 366.66 | 市场表现 -20 0 20 40 60 80 100 120 (%) 东鹏饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《东鹏饮料（605499）：业绩延 续高增态势，出海打开增长空间》 2025-01-21 2、《东鹏饮料（605499）：业绩持 续高增验证，补水啦势能延续》 20 ...

2025 年 03 月 09 日 AI Agent Manus 先行 AI 创新应用均有望撬动传媒 洼地 推荐(维持) 投资要点 表现 1M 3M 12M 传媒(申万) 4.1 -0.8 19.4 沪深 300 1.3 -0.7 11.7 相关研究 1、《传媒行业周报：中国资产以 AI 为支点撬动时代红利 新旧势力齐头 并进传媒应用有望重估》2025-02- 22 —传媒行业周报 证 行 业 研 究 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 分析师：于越 S1050522080001 yvyue@cfsc.com.cn 行业相对表现 市场表现 -30 -20 -10 0 10 20 30 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 2、《传媒行业专题报告：字节跳 动：AI 时代始终创业》2025-02-11 3、《传媒行业周报：传媒战略性布 局窗口下看什么？》2025-02-09 ▌ 本周观点更新 2025 年政府工作报告中关于文化部分，提及"加快发展新型 文化业态"，文化传媒的发展离不开新技术的驱动，AI 作为 新质生产力，有望撬动传媒应用百花齐放。A ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has launched a stock option incentive plan and an employee stock ownership plan, reflecting strong confidence in its future performance [5][6] - The performance targets set for the incentive plans are ambitious, indicating the company's confidence in achieving significant revenue and profit growth over the next few years [7] - The company is focusing on expanding its product offerings in the consumer market while maintaining steady growth in the business-to-business segment [8] Summary by Sections Incentive Plans - The stock option plan involves granting 8 million options, representing approximately 1.56% of the total share capital, with a strike price of 15.83 CNY per share [6] - The employee stock ownership plan also targets 8 million shares, with a purchase price of 9.90 CNY per share, involving 209 participants [6] Performance Targets - Revenue targets for 2025, 2026, and 2027 are set at no less than 56 billion, 65 billion, and 78 billion CNY, respectively, with net profit targets of 2.10 billion, 3.20 billion, and 4.60 billion CNY [7] - The company aims for a compound annual growth rate (CAGR) of at least 18.02% for revenue and 48.00% for net profit from 2025 to 2027 [7] Market Performance - The company has seen positive performance in its consumer segment, with new products like cheese bites and single-serving cheese performing well [8] - In the business segment, strategic partnerships have evolved from seasonal collaborations to more integrated strategic alliances, enhancing operational efficiency [8] Earnings Forecast - The company is expected to achieve earnings per share (EPS) of 0.22, 0.39, and 0.59 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 90, 51, and 34 [11] - The revenue forecast for 2024, 2025, and 2026 is set at 48.17 billion, 53.33 billion, and 61.10 billion CNY, with growth rates of 19.0%, 10.7%, and 14.6% [13]

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has launched a stock option incentive plan and an employee stock ownership plan, demonstrating strong confidence in its future performance [5][6] - The performance targets set for the incentive plans are ambitious, indicating the company's confidence in achieving significant revenue and profit growth over the next few years [7] - The company is focusing on expanding its product offerings in the consumer market while maintaining steady growth in the business-to-business segment [8] Summary by Sections Incentive Plans - The stock option plan involves granting 8 million options, representing approximately 1.56% of the total share capital, with a strike price of 15.83 CNY per option [6] - The employee stock ownership plan also targets 8 million shares, with a purchase price of 9.90 CNY per share, involving 209 participants [6] Performance Targets - Revenue targets for 2025, 2026, and 2027 are set at no less than 56 billion, 65 billion, and 78 billion CNY, respectively, with net profit targets of 2.10 billion, 3.20 billion, and 4.60 billion CNY [7] - Trigger values for the same years are set at 50.4 billion, 58.5 billion, and 70.2 billion CNY for revenue, and 1.89 billion, 2.88 billion, and 4.14 billion CNY for net profit [7] - The company aims for a compound annual growth rate (CAGR) of at least 18.02% for revenue and 48.00% for net profit from 2025 to 2027 [7] Market Performance - The company is enhancing its product mix with successful new consumer products while achieving stable growth in its business-to-business operations [8] - The integration with Mengniu in the B2B segment is expected to improve operational efficiency and cost management [11] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.22, 0.39, and 0.59 CNY, respectively, reflecting a positive outlook for the company's profitability [11] - The current stock price corresponds to price-to-earnings (PE) ratios of 90, 51, and 34 for the respective years [11]

Group 1 - The core viewpoint of the report emphasizes that the policy signals from the Two Sessions indicate a focus on stabilizing economic growth while enhancing domestic demand and technological advancement, particularly in AI and modern industrial systems [2][11][12] - The report outlines a GDP growth target of around 5% and a CPI growth target of approximately 2%, reflecting a cautious approach to economic management [12] - The internal demand policy aims to boost consumption through specific actions, with a focus on enhancing consumer spending and supporting sectors like automotive and home appliances [13] Group 2 - The report highlights the importance of the capital market, stating that measures will be taken to stabilize both the real estate and stock markets, which is crucial for maintaining investor confidence [15] - A review of the A-share market indicates a pattern where the market tends to rise before the Two Sessions, experience volatility during, and recover afterward, with a focus on sectors supported by policy [16][22] - The report identifies key sectors for investment, including technology (AI, robotics, communication, and semiconductors) and consumer-driven industries, suggesting a dual focus on technological growth and domestic consumption [16][19]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, specifically recommending companies like Zhengbang Technology, Bangji Technology, and Juxing Agriculture [11]. Core Viewpoints - The increase in import tariffs on U.S. corn and soybeans is expected to drive domestic corn and soybean meal prices upward, with a projected impact on the market dynamics [6]. - The rise in raw material prices is likely to enhance the prospects for the pig feed industry in 2025, with expectations of both volume and price increases [6]. - The report anticipates a significant increase in pig farming volume in 2025, leading to expanded demand for pig feed [9]. Summary by Sections Market Performance - The agricultural sector has shown a performance of 2.0% over the last month, -5.3% over three months, and -3.0% over twelve months, compared to the Shanghai and Shenzhen 300 index which has performed at 1.8%, -1.2%, and 9.7% respectively [3][4]. Investment Highlights - The report notes that the U.S. tariffs on corn and soybeans will likely reduce import volumes from the U.S., while increasing the share of imports from South America [6]. - Domestic prices for corn and soybean meal have already risen by 4.90% and 25.90% respectively since the beginning of the year, indicating a trend of increasing costs in the feed industry [6]. - The report emphasizes the importance of mid-sized companies in the pig farming sector, highlighting their growth potential compared to larger firms [9]. Company Focus and Profit Forecast - The report provides specific EPS and PE forecasts for companies like Zhengbang Technology, Bangji Technology, and Juxing Agriculture, indicating a positive outlook for their stock performance [11].