证券研究报告 策略点评 2025 年 01 月 20 日 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2024-01 2024-04 2024-07 2024-10 2025-01 上证指数 沪深300 王与碧 分析师 执业证书编号:S0530522120001 wangyubi@hnchasing.com 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 重点城市商品房市场高频数据：（1）一线城市：商品房周度成交面 积方面，2025 年 1 月 13 日至 2025 年 1 月 19 日，北京周环比减少 11.73%；上海周环比增加 8.52%；广州周环比减少 33.60%；深圳周环 比减少 5.33%。年内商品房累计成交面积方面，截至 2025 年 1 月 19 日，北京同比减少 27.43%；上海同比增加 20.69%；广州同比增加 77.84%；深圳同比增加 87.51%。（2）部分重点二线城市：商品房周 度成交面积方面，2025 年 1 月 13 日至 2025 年 1 月 19 日，济南周环 比减少 22.09%；杭州周环比减少 77.84%；武汉周环比 ...

证券研究报告 2025 年 01 月 22 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3242.62 | -0.05 | | 深证成指 | 10305.69 | 0.48 | | 创业板指 | 2112.39 | 0.36 | | 科创 50 | 976.30 | 0.83 | | 北证 50 | 1119.88 | -0.51 | | 沪深 300 | 3832.61 | 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 | 621756 | 480526 | 11.55 | 1.22 | | 深证成指 | 215961 | 182600 | 21.01 | 2.17 | | 创业板指 | 59111 | 46819 | 31.50 | 3.99 | | 科创 50 | 34335 | 21167 | 47.18 | 4.05 | | 北证 50 ...

证券研究报告 行业深度 医药生物 2025 年 01 月 08 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 医药生物 -10.81 -11.42 -15.12 沪深 300 -4.63 -5.69 13.82 -24% -4% 16% 36% 2024-01 2024-04 2024-07 2024-10 2025-01 医药生物 沪深300 相关报告 1 医药生物行业 2024 年 11 月月报：业绩增长承 压，重点关注创新药产业链、消费医疗 2024-11- 05 聚焦创新药产业链，静待消费医疗改善 | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） | | | PE（倍） | | | 特宝生物 | 1.37 | 55.08 | 1.86 | 40.40 | 2.47 | 30.40 | 买入 | | 华东医药 | 1.62 | 19.34 | 1.92 | ...

证券研究报告 2025 年 01 月 21 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3244.38 | 0.08 | | 深证成指 | 10256.40 | 0.94 | | 创业板指 | 2104.73 | 1.81 | | 科创 50 | 968.27 | 0.25 | | 北证 50 | 1125.59 | 0.24 | | 沪深 300 | 3829.68 | 0.45 | 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 | 622718 | 480725 | 11.55 | 1.22 | | 深证成指 | 213757 | 182019 | 20.92 | 2.16 | | 创业板指 | 57415 | 46669 | 31.39 | 3.98 | | 科创 50 | 34161 | 20985 | 46.68 | 4.02 | | 北证 50 | ...

执业证书编号:S0530524110002 hongxinjiao@hnchasing.com 证券研究报告 行业点评 银行 居民中长贷延续改善，企业贷款偏弱 银行业 12 月金融数据点评 | 2025 年 01 月 15 日 | | | --- | --- | | 评级 | 同步大市 | | | 评级变动： 维持 | | 行业涨跌幅比较 | | | 银行 46% | 沪深300 | % 1M 3M 12M 银行 2.57 3.63 31.06 沪深 300 -2.86 -1.71 16.33 -4% 6% 16% 26% 36% 2024-01 2024-04 2024-07 2024-10 洪欣佼 分析师 相关报告 1 银行业 2025 年 1 月月报：中期分红加速落地， 板块行情有望持续 2025-01-08 2 银行业 11 月金融数据点评：居民中长贷改善， 化债资金沉淀推升 M12024-12-17 | 重点股票 | 2023A | | | 2024E | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Market Overview - The A-share market is showing signs of recovery, with expectations for a spring rally driven by technology and quality small-cap stocks [4][7] - The Shanghai Composite Index closed at 3241.82, reflecting a 0.18% increase, while the Shenzhen Component Index rose by 0.60% to 10161.32 [2][3] Economic Indicators - In 2024, China's GDP grew by 5.0%, reaching 1349084 billion yuan, with the fourth quarter showing a significant improvement at 5.4% growth compared to the previous quarter [10][22] - The per capita disposable income for residents increased by 5.3% in 2024, reaching 41314 yuan [23][24] - The total retail sales of consumer goods in December 2024 grew by 3.7%, indicating a positive trend in consumer spending [25][26] - Fixed asset investment in 2024 increased by 3.2%, with manufacturing and infrastructure investments showing notable growth [27][28] Industry Dynamics - The healthcare sector is experiencing reforms, with the National Healthcare Security Administration reporting a balanced and slightly surplus medical insurance fund for 2024 [37][38] - The securities industry is undergoing consolidation, with the China Securities Regulatory Commission approving the merger of Guotai Junan and Haitong Securities, indicating a trend towards strategic restructuring among leading brokerages [39][40] - The silicon industry is facing price stability amid new pricing negotiations, with current prices for various silicon wafer types remaining steady [41][42] Company Performance - CITIC Securities reported a 10.1% year-on-year increase in net profit for 2024, driven by a recovery in brokerage and capital intermediary services [53][54] - Zhongchong Co., Ltd. is expected to see a significant increase in net profit, with forecasts indicating a growth of 54.4% to 71.55% for 2024 [4] - Wanfu Biology's U.S. subsidiary received FDA approval for a respiratory test product, highlighting advancements in the biotechnology sector [4]

策略点评 证券研究报告 期待春季躁动行情开启，关注科技及优质小盘方向 财信证券宏观策略周报（1.20-1.24） 投资要点 2025 年 01 月 19 日 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2024-01 2024-04 2024-07 2024-10 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 海外低利率时期的资产配置规律——策略深 度报告 2025-01-09 2 财信证券宏观策略周报（1.13-1.17）：A 股性价 比继续显现，关注贵金属及硬科技 2025-01-12 3 财信证券宏观策略周报（1.6-1.10）：静待市场 企稳，关注红利及消费 2025-01-05 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（1.13-1.17)股指表现为，上证指数上涨 2.31%，收报 3241.82 点，深 证成指上涨 3.73%，收报 10161.32 点，中小 100 上涨 3.16%，创业板指上涨 4.66%；行业板块方面，社会服务、传媒、计算机 ...

Market Overview - The Shanghai Composite Index closed at 3236.03, up 0.28%, while the Shenzhen Component Index rose 0.41% to 10101.10 [2] - The total market capitalization of the Shanghai Composite Index is 6222.15 billion yuan, with a PE ratio of 11.52 and a PB ratio of 1.21 [3] - The ChiNext Index gained 0.66% to close at 2051.35, with a PE ratio of 30.60 and a PB ratio of 3.88 [3] Industry Dynamics - TSMC expects its 2025 capital budget to be between $38-42 billion, with Q4 2024 revenue growing 38.8% YoY and net profit increasing 57.0% YoY [26][27] - Nvidia may launch a CPO switch product in March 2025, with mass production expected by August 2025, supporting 115.2Tbps signal transmission [30][31] - China's smartphone market grew 4% in 2024, with Vivo leading at 17% market share and Huawei ranking second with 37% YoY growth [33][34] Company Updates - Tebao Bio (688278.SH) expects 2024 net profit to grow 45.83%-51.23% YoY, driven by strong sales of its hepatitis B treatment drug Peginterferon [35][36] - Sinosteel New Materials (300035.SZ) forecasts 2024 net profit to surge 250%-300% YoY, benefiting from fast-charging product demand and new production capacity [37][38] - Shanghai Petrochemical (600688.SH) plans to invest 21.307 billion yuan to build a 1.2 million tons/year ethylene and downstream new materials facility [41][42] - Enjie Co (002812.SZ) signed a procurement framework agreement with Beijing Weilan New Energy for semi-solid and solid-state battery materials, with expected orders exceeding 300 million square meters of separators and 100 tons of electrolytes [43][44]

证券研究报告 行业深度 专用设备 万物竞发，追逐技术驱动的"新时代" ——专用设备行业 2025 年度策略 | 年 | 12 | 月 | 31 日 | | --- | --- | --- | --- | | 2024 | | | | | 2024 年 | 12 月 | 31 日 | | | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 评级 | | | | 同步大市 | | EPS（元） | PE（倍） | EPS（元） | PE（倍） | EPS（元） | PE（倍） | | | | | | | | 捷佳伟创 | 4.70 | 13.45 | 7.55 | 8.37 | 10.03 | 6.30 | 买入 | | | | | 评级变动： | 维持 | 博众精工 | 0.87 | 30.03 | 1.14 | 23.11 | 1.40 | 18.82 | 增持 | | | | | | | 东威科技 | 0.51 ...

Market Overview - The Shanghai Composite Index closed at 3227.12, down 0.43%, while the Shenzhen Component Index fell 1.03% to 10060.13 [2] - The ChiNext Index dropped 1.82% to 2037.93, and the STAR 50 Index declined 0.42% to 977.66 [2] - The total market capitalization of the Shanghai Stock Exchange is 61.98 trillion yuan, with a P/E ratio of 11.47 and a P/B ratio of 1.21 [3] - The Shenzhen Stock Exchange has a total market cap of 20.99 trillion yuan, with a P/E ratio of 20.52 and a P/B ratio of 2.12 [3] Industry and Company Dynamics - State Grid's investment in 2025 is expected to exceed 650 billion yuan, focusing on ultra-high voltage projects and new energy development [25][26] - Listed pig enterprises saw a significant month-on-month increase in slaughter volume in December, with a total of 17.36 million heads, up 23.02% MoM [27][28] - China Merchants Bank (600036.SH) reported a 1.22% YoY increase in net profit attributable to shareholders in 2024, reaching 148.39 billion yuan [30][31] - Wantai Biological (603392.SH) expects a 90.38%-93.11% YoY decrease in net profit for 2024, mainly due to underperformance in the vaccine sector [33][34] - Nanjing Chemical Fiber (600889.SH) anticipates a net loss of 3.93-5.7 billion yuan in 2024, primarily due to declining product prices and increased production costs [35][36] - Minmetals Capital (600390.SH) forecasts a 74%-81% YoY decrease in non-GAAP net profit for 2024, attributed to reduced trust business income and lower government subsidies [38][39] Economic and Policy Updates - The central bank conducted a 959.5 billion yuan 7-day reverse repo operation on January 15 to maintain liquidity in the banking system [15][16] - China's authorized invention patents in 2024 increased by 13.5% YoY to 1.045 million, with the examination cycle reduced to 15.5 months [19][20] - The Ministry of Industry and Information Technology issued a notice to promote the international development of SMEs through specialized services [21][22] - The National Development and Reform Commission released a plan to improve data circulation security governance, aiming to establish a comprehensive system by 2027 [23][24]