Market Overview - The A-share market shows a positive trend with major indices experiencing gains, particularly the North China 50 index which rose by 5.36% [6][8] - The overall market capitalization of the Shanghai Composite Index is 6422.52 billion, with a PE ratio of 11.97 and a PB ratio of 1.26 [3] Industry Dynamics - The first domestically developed injectable calcium phosphate microsphere facial filler has been approved, marking a significant advancement in the medical aesthetics sector [24] - A collaborative effort has led to the establishment of the world's first humanoid robot innovation center, showcasing advancements in robotics technology [26] Company Updates - Guosheng Financial Holdings has received approval from the CSRC for the absorption and merger with Guosheng Securities, which will enhance its focus on the securities business and improve brand recognition [29] - Juhua Co., Ltd. plans to increase its investment in new materials by raising the registered capital of Gansu Juhua New Materials Co., Ltd. from 100 million to 6 billion, with a total project investment of 196.25 billion [32][34] - Longping High-Tech has announced a private placement of up to 1.2 billion to optimize its capital structure and strengthen liquidity, aiming to reduce its debt ratio from 69.30% to 64.73% [35][36] Economic Policies - The Hunan provincial government is implementing measures to support the listing of specialized and innovative small and medium-sized enterprises, aiming for over 10 companies to be listed by 2026 [40]

证券研究报告 行业月度点评 证券Ⅱ 2025 年 02 月 18 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 4.46 -6.31 28.89 沪深 300 3.87 -0.54 17.31 -15% 5% 25% 45% 65% 2024-02 2024-05 2024-08 2024-11 2025-02 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 2025 年 1 月月度报告：资本市场 有望稳步向好，业绩回暖带来配置机会 2025- 01-22 2 证券行业 2024 年 11 月月报：自营带动三季 度业绩修复，行业估值有望持续提升 2024-11- 19 3 证券行业点评：全面优化风控体系，助力优 质券商提升 ROE2024-09-26 资料来源： wind 、财信证券 注： 2 月 14 日起"国联证券"变更为" ...

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][27] Core Viewpoints - The securities industry underperformed the market in January, with the Shenwan Securities Index declining by 7.41%, ranking 30th among 31 industry indices [7][8] - As of February 17, the PB valuation of listed securities firms is 1.32 times, down 0.12 times from the end of December, with large securities firms at 1.27 times and small and medium-sized firms at 1.36 times [10] - Continuous deepening of capital market reforms is expected to enhance the high-quality development of the securities industry and provide sufficient momentum for valuation improvement [7][26] - The introduction of DeepSeek technology is anticipated to optimize various business segments of securities firms, improving information processing efficiency and enabling high-quality industry development [26][27] Summary by Sections Market Performance Review - The securities industry index fell by 7.41% in January, underperforming the Shanghai Composite Index and the CSI 300 Index by 4.40 and 4.42 percentage points, respectively [7][8] - The average daily trading volume in January was 21.44 trillion yuan, with a 25% month-on-month decline but a 64% year-on-year increase [13] Valuation and Financial Metrics - The PB valuation of listed securities firms decreased to 1.32 times as of February 17, with large firms at 1.27 times and small and medium-sized firms at 1.36 times [10] - The stock pledge business continued to shrink, with the number of pledged shares decreasing by 3 billion shares in January [16] Investment Recommendations - The report suggests focusing on high-quality leading securities firms and those involved in mergers and acquisitions. Recommended firms include Citic Securities and Huatai Securities for their strong operational stability and capital strength [27] - The report also highlights firms like Guolian Minsheng and Zheshang Securities for their potential in the mergers and acquisitions sector [27] Industry Developments - The China Securities Regulatory Commission (CSRC) has issued several policies aimed at enhancing capital market efficiency and supporting the development of quality enterprises [28][31] - The integration of major asset management companies under Central Huijin is expected to strengthen the market structure and improve operational efficiency [26][38]

Market Overview - The A-share market is experiencing a downward trend, with major indices such as the Shanghai Composite Index down by 0.93% and the ChiNext Index down by 1.98% [2][6] - The total market capitalization of the Shanghai Composite Index is 637,843 million, with a price-to-earnings (PE) ratio of 11.89 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - The ready-to-drink juice, dairy, and plant-based beverage sectors have shown significant year-on-year growth in market share during the Spring Festival [24] - The "New Energy Storage Manufacturing High-Quality Development Action Plan" has been issued, aiming for significant improvements in innovation and competitiveness in the energy storage sector by 2027 [29] Company Tracking - Saint Farm Development (002299.SZ) reported a 13.26% year-on-year decline in sales revenue for January, while the processed meat segment saw an 18.02% increase in sales volume [30] - Aojing Medical (688613.SH) has received registration for three artificial bone repair materials in Indonesia, which is expected to boost overseas sales [32] - Founder Securities (601901.SH) plans to sell its Zhengzhou Yuda International Trade Center asset for 730 million, which will enhance cash flow and improve capital efficiency [34]

Investment Rating - The industry investment rating is "Leading the Market" [2][6] Core Insights - Central state-owned enterprises and government units are actively promoting the privatization deployment of the DeepSeek model, enhancing the application of AI technology in various sectors, particularly in energy and government services [5] - The report highlights the significant growth in the computer industry, with a 32.02% increase over the past month and a 60.97% increase over the past year, outperforming the CSI 300 index [3][5] - The demand for privatized deployment from central state-owned enterprises and government units is expected to remain strong, with recommendations to focus on companies like Unisplendour, Inspur Information, Haiguang Information, and Zhongke Shuguang [5] Summary by Sections Industry Performance - The computer industry has shown a remarkable performance with a 32.02% increase in the last month, 4.84% in the last three months, and 60.97% over the past year, significantly outperforming the CSI 300 index [3][5] Key Developments - The successful privatization deployment of DeepSeek by China Mobile and its application in various government services indicates a growing trend towards localized AI solutions due to data security and compliance concerns [5] - The introduction of integrated training and inference machines by telecom operators and ICT manufacturers is facilitating the privatization deployment of AI models [5] Investment Recommendations - The report suggests a focus on specific stocks such as Unisplendour, Inspur Information, Haiguang Information, and Zhongke Shuguang, as the privatization of DeepSeek is expected to enhance their market value [5]

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][23]. Core Insights - The report highlights a record high in loan scale, with a total RMB loan balance of 260.77 trillion, reflecting a year-on-year growth of 7.53%. In January, RMB loans increased by 5.13 trillion, which is 210 billion more than the same period last year [5][6]. - The performance of the corporate sector is notably strong, with corporate loans increasing by 4.78 trillion in January, a year-on-year increase of 920 billion. This includes a rise in short-term loans by 1.74 trillion and medium to long-term loans by 3.46 trillion [5][6][12]. - The report indicates a decline in the growth rate of M1 and M2, with M2 growth at 7.0%, down 0.3 percentage points from the previous month, suggesting a need for improved economic activity [5][19]. Summary by Sections Loan Performance - As of January 2025, the total RMB loan balance reached 260.77 trillion, with short-term loans at 65.31 trillion and medium to long-term loans at 174.86 trillion. The growth rates for short-term and medium to long-term loans are 4.75% and 7.6%, respectively [6][11]. - In January, the increase in loans was driven by corporate demand, with short-term loans reflecting seasonal needs related to the Lunar New Year [5][8]. Deposit Trends - The total RMB deposit balance was 306.55 trillion, with an increase of 4.32 trillion in January, which is a decrease of 1.16 trillion compared to the previous year [16][18]. - The report notes a significant drop in non-bank financial institution deposits, contributing to the decline in M2 growth [19][20]. Investment Recommendations - The report suggests focusing on state-owned banks with stable earnings and high dividends, such as China Construction Bank, while keeping an eye on core assets like China Merchants Bank and Ningbo Bank if economic expectations improve [23].

Market Overview - The A-share market is experiencing a steady upward trend, with major indices showing gains, particularly the ChiNext Index which rose by 1.81% to close at 2191.76 points [6] - The overall market sentiment is improving, with over 3500 stocks rising during the trading session, indicating a recovery in market liquidity [8] Industry Dynamics - The global AI server shipment is expected to grow by nearly 28% year-on-year, driven by the DeepSeek effect which will increase the proportion of AI inference servers [23] - The clean appliance industry is projected to maintain high growth due to product innovation and policy support, with sales expected to reach 42.3 billion yuan in 2024, a year-on-year increase of 24.4% [48][50] - The human-shaped robot industry is entering a critical phase of technological innovation and market expansion, with significant capital expenditure anticipated in 2025 [32] Company Updates - Hengshun Vinegar Industry has elected a new chairman, which may influence its strategic direction [33] - Good Products Company announced a plan for shareholders to reduce their stakes, which could impact stock performance [35] - Huadong Medicine's subsidiary received a drug registration acceptance notice for a new treatment, indicating progress in its product pipeline [37] - Huaxi Biological's fifth medical-grade sodium hyaluronate raw material has been approved for market, enhancing its product portfolio [39] - Songlin Technology reported a 27.13% year-on-year increase in net profit for 2024, driven by improved operational efficiency and export growth [42]

Investment Rating - The industry investment rating is "In line with the market" [2][7]. Core Viewpoints - The report highlights that the transfer of shares to Central Huijin will enhance the efficiency of financial resource allocation and strengthen the financial system's risk resistance. This is expected to lead to deeper cooperation between asset management companies (AMCs) and securities firms, optimizing processes for handling non-performing assets and promoting asset securitization [2][3]. - The report emphasizes the expectation of increased consolidation among securities firms, particularly with the support of policies aimed at fostering leading investment banks and institutions. It suggests a focus on the integration of licenses among Huijin-controlled securities firms [2][3]. Summary by Sections Key Stocks - Citic Securities is projected to have an EPS of 1.33 in 2023, with a PE ratio of 21.26, and is rated as "Increase Holding" [2]. - Guolian Minsheng is expected to have an EPS of 0.24 in 2023, with a PE ratio of 48.33, also rated as "Increase Holding" [2]. Market Performance - The securities industry has shown a 1-month increase of 7.46%, a 3-month decrease of 11.93%, and a 12-month increase of 28.51% [6]. - In comparison, the CSI 300 index has increased by 3.87% over the past month, decreased by 0.54% over the past three months, and increased by 17.31% over the past year [6]. Investment Recommendations - The report recommends continuous attention to the integration of licenses among Huijin-controlled securities firms, particularly focusing on leading firms such as Citic Securities, Guolian Minsheng, and others undergoing mergers and acquisitions [2][3].

1 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 2 经济金融高频数据周报（02.10-02.14）2025- 02-10 3 经济金融高频数据周报（02.05-02.07）2025- 02-05 证券研究报告 策略专题 2025 年 02 月 17 日 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 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 经济金融高频数据周报（02.17-02.21） 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 14日波罗的海干散货指数 (BDI)当周平均值为 791.6 点，较上周增加 17.60 点；通胀水平震荡 走高，CRB 商品价格指数当周平均值为 31 ...

Market Overview - The A-share market is experiencing fluctuations, with the Shanghai Composite Index closing at 3332.48, down 0.42% [2][4] - The total market capitalization of the Shanghai Composite Index is 6386.37 billion, with a price-to-earnings (PE) ratio of 11.86 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - The domestic silicon wafer market is showing signs of recovery, with stable prices for silicon wafers [29][31] - Amorepacific Group reported a significant increase in operating profit by 103.8% year-on-year, marking its first positive growth in years [32] - Coty Inc. reported a slight decline in net revenue of 1% year-on-year for the first half of fiscal 2025, with a focus on the growth of its high-end fragrance business [34][36] Company Tracking - Tianzhihang (688277.SH) has received medical device registration for its orthopedic surgical navigation system, enhancing its product offerings [37] - Shennong Group (605296.SH) reported a 19.37% year-on-year increase in pig sales revenue, amounting to 376 million [40] - Anfu Technology (603031.SH) anticipates a significant increase in net profit for 2024, driven by strong overseas growth and new production capacity [41]