证券研究报告 2025 年 03 月 05 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3324.21 | 0.22 | | 深证成指 | 10679.44 | 0.28 | | 创业板指 | 2190.08 | -0.29 | | 科创 50 | 1080.66 | 1.72 | | 北证 50 | 1379.97 | 3.24 | | 沪深 300 | 3885.22 | -0.08 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 633095 | 495878 | 11.82 | 1.25 | | 深证成指 | 224353 | 190135 | 21.97 | 2.27 | | 创业板指 | 61346 | 48724 | 33.36 | 4.25 | | 科创 50 | 37208 | 23912 | 51.92 | 4.54 | | 北证 50 ...

主要指数表现（涨跌幅%） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | -0.92 | -0.92 | | 中证基金 | 0.88 | 0.88 | | 股票基金 | 2.63 | 2.63 | | 混合基金 | 3.03 | 3.03 | | 债券基金 | -0.21 | -0.21 | | 货币基金 | 0.24 | 0.24 | 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 基金市场周报（20250210-20250214）：本周宽 基指数跟踪产品发行数量居首 2025-02-10 2 基金市场周报（20250205-20250207）：可关注 建信基金新发产品 2025-02-06 3 基金市场周报（20250106-20250110）：可关注 吴国清新发产品 2025-01-07 基金周度报告 2025 年 03 月 03 日 上证指数-上证基金指数走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 基金指 ...

证券研究报告 2025 年 03 月 03 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3320.90 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 创业板指 | 2170.39 | -3.82 | | 科创 50 | 1078.80 | -4.22 | | 北证 50 | 1306.98 | -4.32 | | 沪深 300 | 3890.05 | -1.97 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 634864 | 496352 | 11.82 | 1.25 | | 深证成指 | 223317 | 188999 | 21.90 | 2.26 | | 创业板指 | 60793 | 48327 | 33.08 | 4.21 | | 科创 50 | 37237 | 23840 | 52.15 | 4.56 | | 北 ...

策略点评 证券研究报告 全国两会召开临近，关注消费及顺周期方向 财信证券宏观策略周报（3.3-3.7） 2025 年 03 月 02 日 上证指数-沪深 300 走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 上证指数 沪深300 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 1 财信证券宏观策略周报（2.24-2.28）：如何看待 这一轮科技股行情的逻辑？2025-02-23 2 财信证券宏观策略周报（2.17-2.21）：DeepSeek 行情从普涨走向聚焦，关注传媒及 AI 应用 2025- 02-16 3 财信证券宏观策略周报（2.10-2.14）：春季躁动 行情开启，逢低配置科技成长 2025-02-09 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 上周（2.24-2.28)股指表现为，上证指数下跌 1.72%，收报 3320.9 点，深证成 指下跌 3.46%，收报 10611.24 点，中小 100 下跌 3.78%，创业板指下跌 ...

| 2025 年 02 月 26 日 | | | --- | --- | | 评级 | 增持 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 227.00 | | 52 周价格区间（元） | 143.39-261.93 | | 总市值（百万） | 20092.18 | | 流通市值（百万） | 10417.28 | | 总股本（万股） | 8851.18 | | 流通股（万股） | 4589.11 | 相关报告 1 美容护理行业 2025 年度策略：稳中求变，守 正出奇 2025-01-23 2 医美专题系列一：重组胶原蛋白赛道高景气延 续，先行者前景可期 2025-01-02 3 美容护理行业 2024 年 12 月月报：美妆大盘回 落，重组胶原蛋白市场热度持续攀升 2024-12-23 涨跌幅比较 % 1M 3M 12M 锦波生物 1.52 3.54 30.05 美容护理 1.31 -4.66 -9.76 -26% -6% 14% 34% 54% 2024/02 2024/05 2024/08 2024/11 2025/02 锦波生物 美容护理 张曦月 分析师 执业证书编号: ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]

证券研究报告 2025 年 02 月 28 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.06 | 0.23 | | 深证成指 | 10927.51 | -0.26 | | 创业板指 | 2256.51 | -0.52 | | 科创 50 | 1126.29 | -0.05 | | 北证 50 | 1366.06 | 0.98 | | 沪深 300 | 3968.12 | 0.21 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 646460 | 506058 | 12.04 | 1.28 | | 深证成指 | 229592 | 194169 | 22.48 | 2.33 | | 创业板指 | 63044 | 50149 | 34.31 | 4.36 | | 科创 50 | 38783 | 24887 | 54.35 | 4.76 | | 北证 5 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2][7]. Core Insights - The sales volume and price of live pigs have both declined month-on-month, with a decrease in the average weight of pigs being sold [7]. - In January 2025, the overall slaughter volume of 15 listed pig companies was 8.1476 million heads, showing a year-on-year increase of 2.95% but a month-on-month decrease of 7.25% [7]. - The average selling price of commodity pigs in January was 15.62 yuan/kg, reflecting a month-on-month decline of 1.39% [7]. - The report suggests that the market for live pigs remains weak, particularly after the Spring Festival, which is traditionally a low season for pork consumption [7]. - Despite the decline in selling prices, the report indicates that quality pig companies can maintain good profitability due to low costs and efficiency advantages [7]. Summary by Sections Sales Performance - In January, the slaughter volume of commodity pigs was 7.001 million heads, down 9.08% month-on-month, with only one company, Huatuan Co., showing positive growth [7]. - The number of piglets sold was 540,000 heads, down 12.24% month-on-month, with some companies experiencing declines while others saw increases [7]. Price Trends - The average slaughter weight of pigs was 118.98 kg, down 4.31% month-on-month, indicating a faster slaughter pace due to market conditions [7]. - The report highlights that the combination of weak market demand and increased short-term supply has pressured pig prices, leading to a decline in average selling prices [7]. Investment Recommendations - The report recommends focusing on quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 despite market challenges [7].

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agriculture, forestry, animal husbandry, and fishery industry [2][7]. Core Insights - The sales volume and price of live pigs have both declined month-on-month, with a decrease in the average weight of pigs being sold [7]. - In January 2025, the overall slaughter volume of 15 listed pig companies was 8.1476 million heads, showing a year-on-year increase of 2.95% but a month-on-month decrease of 7.25% [7]. - The average selling price of live pigs in January was 15.62 yuan/kg, reflecting a month-on-month decline of 1.39% [7]. - The report suggests that the market for live pigs remains weak, particularly after the Spring Festival, which is traditionally a low season for pork consumption [7]. - Despite the decline in selling prices, high-quality pig companies are expected to maintain profitability due to low costs and efficiency advantages [7]. Summary by Sections Sales Data - In January, the slaughter volume of commodity pigs was 7.001 million heads, down 9.08% month-on-month [7]. - The average slaughter weight of pigs was 118.98 kg, a decrease of 4.31% month-on-month [7]. Price Trends - The average selling price of commodity pigs decreased month-on-month, indicating a pressure on prices due to weak market demand and increased supply [7]. Investment Recommendations - The report recommends focusing on high-quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 [7].

证券研究报告 策略专题 2025 年 02 月 24 日 上证指数-沪深 300 走势图 -10% 0% 10% 20% 30% 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 上证指数 沪深300 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 1 经济金融高频数据周报（02.17-02.21）2025- 02-17 2 2025 年第一季度大类资产配置：A 股具备配 置价值，关注科技和扩内需方向 2025-02-13 3 经济金融高频数据周报（02.10-02.14）2025- 02-10 经济金融高频数据周报（02.24-02.28） 投资要点 全球经济及通胀：经济活跃度上行，通胀震荡走高。 全球经济活跃度有所上行，2025 年 02 月 21日波罗的海干散货指数 (BDI)当周平均值为 894.6 点，较上周增加 103.00 点；通胀水平震荡 走高，CRB 商品价格指数当周平均值为 314.99 点 ...