Investment Rating - The report recommends a "Buy" rating for the education industry, highlighting a recovery opportunity for leading companies due to rigid demand and supply clearing [10]. Core Insights - The education industry is experiencing a recovery phase, driven by rigid demand and a significant reduction in the number of training institutions due to regulatory policies [10]. - The "Double Reduction" policy has effectively reduced the number of off-campus training institutions, leading to a more concentrated competitive landscape favoring leading companies [4][9]. - The K12 education market is expected to grow significantly, with the K12 subject training market projected to reach CNY 224.1 billion by 2024, reflecting a CAGR of 12% from 2024 to 2027 [6]. Policy Analysis - The "Double Reduction" policy has led to a substantial decrease in the number of K9 subject training institutions, with a reduction rate of 96% for offline institutions and 87% for online institutions [4]. - The policy aims to alleviate the burden on students and promote comprehensive development, with a focus on regulating off-campus training and supporting non-subject training [4][5]. Demand Analysis - The demand for off-campus training remains strong, with a stable growth in K12 student enrollment, and a projected increase in participation rates for non-subject training [5]. - Education expenditure continues to grow, with a significant percentage of families maintaining or increasing their spending on interest classes post-policy implementation [5][6]. Supply Analysis - The reduction in the number of training institutions has created a favorable environment for leading companies, allowing them to regain competitive advantages [9]. - The competitive landscape is shifting towards larger companies as smaller institutions exit the market due to increased regulatory scrutiny and higher entry barriers [10]. Investment Strategy - The report identifies several companies as potential investment opportunities, including Thinking Academy, Excellence Education, and Xueda Education, which have successfully transitioned towards quality education and training [10]. - The focus is on companies that have demonstrated resilience and adaptability in their business models, particularly those that have shifted from K12 subject training to broader educational services [10].

--鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 2025 年 03 月 18 日 双融日报 市场情绪：76 分（较热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：算力、机器人、RISC-V 1、算力主题：据媒体报道，我国全面启动"东数西算" 工程已满 3 年，三大运营商、数据中心服务商以及相关产业 链企业积极跟进，多领域发力，各地新型数字基础设施加速 建设，全国一体化算力体系加快形成。据 2024 中国算力大会 数据，我国在用算力中心机架总规模超 830 万标准机架，算 力总规模达 246EFLOPS，位居全球第二。据统计，2024 年我 国数字经济增加值占 GDP 比重已超过 45%，其中算力相关产 业 贡 献 了 约 三 分 之 一 的 增 量 。 相 关 标 的 ： 众 合 科 ...

2025 年 03 月 17 日 光伏生产配额上调，人形机器人催化不断 推荐(维持) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 3.7 1.7 10.1 沪深 300 1.3 1.9 12.0 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：光伏产业 链多环节涨价，风电中长期需求和 盈利向好》2025-01-14 2、《电力设备行业周报：AI 投资旺 盛，相关电力设备有望受益》2025- 01-02 3、《电力设备行业周报：多晶硅期 货上市在即，硅料库存有望逐步出 清》2024-12-23 ▌光伏年中抢装，上半年主材配额调整 近日，光伏硅料及组件环节主要企业再度召开会议，对 2025 年上半年配额进行了重新调整，每季度配额出现 1%~3% ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [10][19]. Core Insights - The photovoltaic (PV) industry is experiencing an upward adjustment in production quotas, with major companies increasing their quotas by 1% to 3% for the first half of 2025. This is expected to lead to a surge in distributed PV project installations before key policy changes take effect [5][15][16]. - The humanoid robot industry is witnessing rapid technological advancements and commercialization, with significant developments such as the launch of new manufacturing facilities and government support for robotics as part of consumption stimulus measures [7][17][18]. Summary by Sections Photovoltaic Industry - The PV sector is set for a mid-year rush in installations, with key policy changes scheduled for May and June 2025. Projects connected to the grid before May 1 can opt for guaranteed pricing, while those after must engage in market-based pricing [5][15]. - Recent price increases in silicon wafers have been noted, with N-type G10L wafers priced at 1.19 RMB per piece, reflecting a 0.53% increase, and N-type G12R wafers at 1.38 RMB, up 2.74% [6][16]. Humanoid Robot Industry - The humanoid robot sector is seeing breakthroughs in technology and commercial applications, with companies like Figure planning to produce 12,000 units annually at a new facility. The government has included robotics in its consumption support initiatives [7][17]. - Upcoming events, such as NVIDIA's GTC conference, are expected to catalyze further developments in AI and robotics [18]. Key Companies and Investment Recommendations - For the photovoltaic sector, companies such as Aisuo Co., Ltd. and Junda Co., Ltd. are highlighted as key investment opportunities. In the BC technology space, companies like Dier Laser and Haimu Star are recommended, while HJT technology investments should focus on Maiwei Co., Ltd. [10][21]. - In the humanoid robot sector, companies with high supply chain certainty and significant value in their industry segments, such as Sanhua Intelligent Control and Top Group, are recommended [10]. Market Performance - The electric power equipment sector has shown a performance increase of 10.1% over the past 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [3][39].

2025 年 03 月 17 日 全球供需+关税上行双因素催化，重点推荐猪饲 料&生猪养殖板块 推荐(维持) 事件 | 分析师：娄倩 | S1050524070002 | | --- | --- | | louqian@cfsc.com.cn | | | 联系人：卫正 | S1050124080020 | | weizheng2@cfsc.com.cn | | 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 农林牧渔(申万) | 1.8 | -3.5 | -1.0 | | 沪深 300 | 1.5 | 2.2 | 12.2 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 (%) 农林牧渔 沪深300 相关研究 1、《农林牧渔行业周报：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》 2025-03-09 2、《农林牧渔行业点评报告：美国 进口玉米和大豆进口关税上调，影 响几何？》2025-03-05 3、《农林牧渔行业周报：亏损逻辑 催化生猪养殖板块投资机会，猪饲 料板块有望实现 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools, which will unlock significant commercial value from its content library [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Financial Projections - Revenue forecasts for the company are projected at 298.8 billion, 332.5 billion, and 358.5 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.93, 4.01, and 5.74 yuan for the same years [9]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit of 812 million yuan in 2025, followed by 1.688 billion yuan in 2026 and 2.417 billion yuan in 2027, reflecting a robust growth rate [11].

Investment Rating - The report maintains a "Buy" recommendation for the pig feed and pig farming sectors [1][11]. Core Insights - The dual factors of global supply-demand dynamics and rising tariffs are expected to catalyze price increases in domestic corn and soybean meal, with corn prices projected to show a slow upward trend in 2025 [5][6]. - The report highlights that the increase in tariffs on U.S. imports of corn and soybeans will likely lead to a rise in domestic soybean meal prices, as China is more reliant on imported soybeans compared to corn [6][8]. - The anticipated increase in feed prices is expected to create investment opportunities in the pig feed and pig farming sectors, with a focus on mid-sized companies showing growth potential [8][9]. Summary by Sections Market Performance - The agricultural sector (Agriculture, Forestry, Animal Husbandry, and Fishery) has shown mixed performance over the past month, with a 1.8% increase over one month, a 3.5% decrease over three months, and a 1.0% decrease over twelve months [2]. Investment Highlights - The report forecasts that domestic corn prices will gradually rise due to global supply-demand expectations and tariff impacts, with a projected average price increase in 2025 compared to 2024 [5]. - The soybean meal prices are expected to experience short-term fluctuations followed by a long-term upward trend, influenced by tariff increases and supply-demand factors [6][8]. - The pig feed sector is anticipated to benefit from rising raw material prices, with expectations of price increases for corn, soybean meal, and alternative feed ingredients [8]. Company Focus and Profit Forecast - The report emphasizes specific companies for investment, including Zhengbang Technology, Bangji Technology, and Juxing Agriculture, all rated as "Buy" with projected earnings per share (EPS) growth [11]. - The report predicts that the price of live pigs will decline throughout 2025, with an expected average price of 12 CNY/kg, while also indicating potential investment opportunities due to rising feed costs [9].

2025 年 03 月 16 日 或有一到两周的"东西共振" —定量策略周观点总第 154 周 海外市场风险偏好：金融条件指数本周持续位于 120ma 下 方，持续出现较大幅度下降，3/6 日达到近期最低点，后 周五出现小幅反弹，需要持续关注；反应离岸美元流动性 的 ted 利差本周持续震荡中略有下降；libor-ois 本周走 势周四出现小幅跃升后，整体震荡下降，二者仍处于短期 内相对高位，需要注意。 A 股：仓位信号仍维持满仓。两会政策落地未超预期但市场 情绪乐观，AI 科技驱动的资产重估渐入佳境；外资对中国资 产再平衡仍需时间验证，短期建议关注港股＞A 股的补涨机 会（恒生科技盈利兑现期，南向资金买入收窄但底部配置价 值凸显）。 港股：港股胜率模型延续看多，科技板块进入盈利兑现交 易（腾讯将于本月 19 日披露 2024 年报），保持多头思 维，同时看好内需及红利板块机会。市场交投情绪分化。 PCR 延续上行触发看多信号，但卖空成交占比一路回升 12.72%→13.58%→14.8%→15.92%→16%，市场空头有所 边际积累。被动外资买入量略有收窄，主动外资卖出规模 本周大幅走阔，外资止盈抛压增加。 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a rare "makeup artist IP," reshaping the high-end beauty ecosystem with a unique pricing strategy and personalized consultation services [3]. - The company achieved impressive sales performance during the "3·8" promotional event, ranking first in the makeup and fragrance category on Douyin with a GMV of 50-70 million yuan, reflecting a 7-place increase year-on-year [5]. - Following its inclusion in the Hong Kong Stock Connect, the company is expected to see a significant increase in liquidity, benefiting from both southbound capital and passive index fund investments [6]. - Revenue forecasts for 2024-2026 are projected at 38.44 billion, 50.83 billion, and 63.98 billion yuan respectively, with corresponding EPS of 1.77, 2.36, and 2.98 yuan [7][10]. Summary by Sections Company Overview - The brand founder, Mao Geping, is a prominent figure in the makeup aesthetics field, leveraging his influence to enhance brand recognition and market positioning [3]. Market Performance - The company has shown strong online sales performance, with effective promotional strategies such as live streaming expected to further boost its growth [5]. Financial Projections - The company anticipates significant revenue growth, with a projected increase of 57.8% in 2023, followed by growth rates of 33.2%, 32.2%, and 25.9% in the subsequent years [10]. - The net profit is expected to grow from 662 million yuan in 2023 to 1.458 billion yuan by 2026, indicating a robust growth trajectory [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a rare "makeup artist IP," reshaping the high-end beauty ecosystem with a unique pricing strategy and personalized consultation services [3]. - The sales performance during the "3·8" promotional event was impressive, with significant online sales growth, particularly on platforms like Douyin and Tmall [5][6]. - The inclusion in the Hong Kong Stock Connect is expected to enhance liquidity and attract capital, aligning with the new consumption trends in the market [6]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 38.44 billion, 50.83 billion, and 63.98 billion yuan respectively, with corresponding EPS of 1.77, 2.36, and 2.98 yuan [7][10]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 33.2%, 32.2%, and 25.9% for the next three years [10]. - The projected net profit for the same years is 868 million, 1.155 billion, and 1.458 billion yuan, reflecting growth rates of 31.2%, 33.1%, and 26.2% [10].