Investment Rating - The industry investment rating is maintained as "In line with the market" [2][24]. Core Viewpoints - The report highlights a slowdown in credit growth and weak financing demand from the private sector, indicating a need for improvement in credit structure, particularly in residential credit demand [6][24]. - The report notes that the M1 growth rate has declined, while M2 growth remains stable, reflecting insufficient monetary creation and a need to boost economic activity [19][24]. Summary by Sections Financing Demand and Loan Growth - As of the end of February 2025, the RMB loan balance reached 261.78 trillion yuan, with a year-on-year growth of 7.30%. In February, RMB loans increased by 1.01 trillion yuan, which is 440 billion yuan less than the previous year [6][7]. - The report indicates weak residential financing demand, with a net decrease of 389.1 billion yuan in residential loans in February, which is a year-on-year decline of 201.6 billion yuan [11][24]. - Corporate loans increased by 1.04 trillion yuan in February, but this was 530 billion yuan less than the previous year, with significant declines in medium to long-term loans [11][24]. Monetary Supply and Economic Activity - The M1 growth rate fell to 0.1% in February, down 0.3 percentage points from the previous month, indicating weak liquidity in the real economy [19][24]. - M2 growth remained at 7.0%, unchanged from the previous month, suggesting stable but low monetary growth due to slow fiscal fund injection [19][24]. Investment Recommendations - The report suggests that the government will implement more proactive fiscal policies, which are expected to boost M1 growth and improve social financing credit. It recommends focusing on state-owned banks with stable profits and high dividends, such as China Merchants Bank and Ningbo Bank, as potential investment opportunities [24].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with a significant increase in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion [2][9] - Earnings per share (EPS) are expected to increase from 3.33 in 2023A to 4.00 in 2025E [2][9] Business Segment Performance - The TIDES business achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY, with backlog orders growing by 103.9% [6][7] - Chemical business revenue was 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific projects [6][7] - Testing and biological services faced challenges, with revenues of 56.71 billion and 25.44 billion respectively, showing declines [6][7] Market Position and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 16.01 in 2025, with a target price range of 72.00-80.00 per share based on a P/E of 18-20 [8][9]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3429.76, up 0.11%, while the Shenzhen Component Index rose by 0.52% to 11014.75 [2][4] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a price-to-earnings (PE) ratio of 12.30 and a price-to-book (PB) ratio of 1.30 [3] Financial Insights - The overall market is experiencing a shrinking trading volume, with the gold sector performing well amid ongoing market fluctuations [6][8] - The total trading volume across the market was 15642.22 billion, a decrease of 567.13 billion from the previous trading day [8] Industry Dynamics - The National Energy Administration reported a year-on-year increase of 8.6% in total electricity consumption for February, amounting to 7434 billion kWh [30] - The digital industry in China achieved a business revenue of 35 trillion yuan in 2024, reflecting a growth of 5.5% year-on-year [21] Company Updates - New Industry (300832.SZ) received a medical device registration certificate for its Golgi protein 73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a year-on-year growth of 5.20% when excluding specific commercial production projects [40][42] - Aojing Medical (688613.SH) obtained a registration certificate for its artificial bone repair material in Vietnam, indicating potential for clinical application [43] Strategic Insights - The report emphasizes the importance of technology and self-sufficiency in driving industry growth, particularly in sectors like AI, cloud computing, and defense [11] - The government is focusing on expanding domestic demand and supporting consumption in various sectors, including consumer electronics and home appliances [10]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a revenue of NT$ 598 billion in February, representing a year-on-year growth of 26% and a month-on-month decrease of 3%. Cumulative revenue from January to February reached NT$ 1,215 billion, with a year-on-year increase of 11% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with significant revenue growth observed in February [11][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections Taiwan PCB Industry Revenue Situation - In February, the hardboard and carrier board manufacturers generated NT$ 447 billion, a 26% increase year-on-year and a 1% increase month-on-month. Cumulative revenue for the year reached NT$ 891 billion, also up 11% year-on-year. Softboard manufacturers reported NT$ 152 billion in revenue, a 29% year-on-year increase but a 12% decrease month-on-month, with cumulative revenue of NT$ 324 billion, reflecting an 11% year-on-year growth [10][11]. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 100 billion, up 21% year-on-year, up 5% month-on-month [11]. - Nandian: NT$ 28 billion, up 50% year-on-year, up 9% month-on-month [11]. - Jeng Shing Technology: NT$ 29 billion, up 30% year-on-year, up 14% month-on-month [11]. - Jentech: NT$ 53 billion, up 33% year-on-year, down 10% month-on-month [11]. - Huatong: NT$ 52 billion, up 21% year-on-year, down 2% month-on-month [11]. - Jinxiang Electronics: NT$ 39 billion, up 47% year-on-year, up 8% month-on-month, marking a new monthly revenue high [9][13]. Investment Recommendations - The report suggests focusing on leading technology firms such as Shenghong Technology, Shennan Circuit, and Huitian Technology, as the high-layer and HDI sectors are expected to maintain a favorable outlook [17][19].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a significant revenue increase in February, with total revenue reaching NT$ 59.8 billion, a year-on-year growth of 26% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with notable revenue growth from companies like Jinchang Electric, which reported a 47% year-on-year increase in February [9][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections 1. Taiwan PCB Industry Revenue Situation - In February, the Taiwan PCB industry generated NT$ 59.8 billion, reflecting a 26% year-on-year increase and a 3% decrease month-on-month. Cumulative revenue from January to February reached NT$ 121.5 billion, up 11% year-on-year [10][11]. 2. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 10 billion, up 21% year-on-year [11]. - Nandian: NT$ 2.8 billion, up 50% year-on-year [11]. - Jinchang Electric: NT$ 3.9 billion, up 47% year-on-year, setting a new monthly revenue record [11][13]. - Zhendin: NT$ 12.2 billion, up 42% year-on-year [13]. - Overall, the revenue of Taiwan PCB listed companies showed widespread growth, particularly in high-layer and HDI sectors [11][17].

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2] Core Viewpoints - The report highlights that the sales of commodity pigs are weakening, while the piglet market is entering a peak season for replenishment [8] - It notes that the overall sales volume of listed pig companies in February 2025 showed a year-on-year increase but a month-on-month decline, indicating a sluggish market [8] - The average selling price of commodity pigs decreased by 5.08% month-on-month, while the average slaughter weight increased by 2.73% [8] - The report suggests that despite the decline in commodity pig prices, quality pig companies can maintain good profit margins due to low costs [8] Summary by Sections Sales Data - In February 2025, the overall slaughter volume of 15 listed pig companies (excluding Muyuan Foods) was 7.2731 million heads, a year-on-year increase of 33.93% but a month-on-month decrease of 10.73% [8] - The cumulative slaughter volume for January-February 2025 was 29.1427 million heads, a year-on-year increase of 22.01% [8] Price Trends - The average selling price of commodity pigs in February was 14.73 yuan/kg, reflecting a month-on-month decline [8] - The average slaughter weight of pigs increased to 123.11 kg, indicating a slight recovery in weight despite the price drop [8] 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 [8]

证券研究报告 行业点评 农林牧渔 商品猪销售边际走弱，仔猪市场迎补栏旺季窗口 上市猪企 2025 年 2 月销售简报数据点评 资料来源： Wind ，财信证券 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 | 2025 年 03 月 14 日 | | | | --- | --- | --- | | 评级 | 同步大市 | | | | 评级变动： | 维持 | 行业涨跌幅比较 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 相关报告 1 农林牧渔行业 2025 年 3 月月报：关注生物育 种产业化进程，重视后周期板块机遇 2025-03-04 2 中国对美农产品加征关税事件点评：大豆、玉 米价格波动或加剧，利好生物育种板块 2025-03-06 3 上市猪企 2025 年 1 月销售简报数据点评：生 猪销售量价环比齐跌，出栏体重环比下降 2025-02-27 | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected return exceeding 15% compared to the CSI 300 index [54] Core Insights - The overall A-share market is experiencing a trend of shrinking volume and oscillation, with the gold sector performing well [6][8] - The report highlights that the market is transitioning from being driven by liquidity and policy to being driven by economic fundamentals in the upcoming months [10] Market Overview - As of March 19, 2025, the Shanghai Composite Index closed at 3429.76, up 0.11%, while the Shenzhen Component Index closed at 11014.75, up 0.52% [2] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a PE ratio of 12.30 and a PB ratio of 1.30 [3] Industry Dynamics - In February, the total electricity consumption in China increased by 8.6% year-on-year, with the secondary industry seeing a 12.4% increase [30] - The report notes that NVIDIA is expected to launch the GB300 chip in the second quarter of 2025, with significant improvements in performance metrics [32] - The National Development and Reform Commission has issued guidelines to promote the high-quality development of the green certificate market, aiming for a well-established trading system by 2027 [34] Company Tracking - New Industry (300832.SZ) has received a medical device registration certificate for its GP73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a projected growth of 10%-15% in 2025 [40][42] - Aojing Medical (688613.SH) has obtained registration for its artificial bone repair material in Vietnam, indicating potential for market expansion [43] - Shanghai Jahwa United Co., Ltd. (600315.SH) reported a revenue decline of 13.93% in 2024, primarily due to goodwill impairment [45]

证券研究报告 行业月度点评 证券Ⅱ 2025 年 03 月 16 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 证券Ⅱ 1.20 -6.17 27.29 沪深 300 2.60 1.87 12.15 -17% 3% 23% 43% 63% 2024-03 2024-06 2024-09 2024-12 证券Ⅱ 沪深300 | 周策 | 分析师 | | --- | --- | | 执业证书编号:S0530519020001 | | | zhouce67@hnchasing.com | | | 刘照芊 | 研究助理 | | liuzhaoqian@hnchasing.com | | 相关报告 1 证券行业深度：证券业并购潮起潮涌，复盘 剖析整合路径 2025-03-11 2 证券行业 2025 年 2 月月度报告：做好金融 五篇大文章，科技赋能行业高质量发展 2025- 02-18 3 证券行业点评：汇金接手三大 AMC 股权， 券商整合预期升温 2025-02-18 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 证券行业 2 月基本同步大市。上证综指 2 ...

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][25] Core Viewpoints - The securities industry performed in line with the market in February, with the Shanghai Composite Index rising by 2.16% and the CSI 300 Index increasing by 1.91%. The Shenwan Securities Index rose by 2.14%, slightly underperforming the Shanghai Composite Index by 0.02 percentage points but outperforming the CSI 300 Index by 0.23 percentage points [8][9] - The valuation of listed securities firms has improved, with the PB ratio reaching 1.42 times as of March 14, up by 0.18 times from the end of January. Large securities firms have a PB ratio of 1.43 times, while small and medium-sized firms have a PB ratio of 1.40 times [11] - Continuous capital market reforms are laying a solid foundation for the growth of the securities industry. Key points from the government work report include stabilizing the real estate and stock markets, promoting long-term capital inflows, and optimizing the stock issuance and merger restructuring systems [24][39] - The upcoming earnings disclosure period is expected to gradually realize profit expectations for the sector, with a focus on quality leading securities firms and merger and acquisition opportunities [25] Summary by Sections Market Performance - In February, the securities industry performed similarly to the market, with the Shenwan Securities Index ranking 20th among 31 industry indices [8][9] - The top five performing listed securities firms in February included China Galaxy (19.26%), Xinda Securities (19.07%), and CICC (13.12%) [10][13] Market Factors Tracking - The average daily trading volume in the two markets significantly increased, with a total trading amount of 32.56 trillion yuan in February, representing a 52% month-on-month increase [14] - The margin financing balance turned from decline to increase, with a net increase of 124.3 billion yuan in February [14] Investment Recommendations - The report suggests focusing on high-quality leading securities firms and merger and acquisition opportunities. Recommended firms include CITIC Securities and Huatai Securities for their strong capital and innovative business layouts [25] - For merger and acquisition opportunities, the report highlights Guotai Junan, CICC, and China Galaxy as potential candidates [25]