证券研究报告 行业深度 计算机 科技自立自强和新质生产力 计算机行业 2025 年度策略 | 2024 年 12 月 24 日 | | | --- | --- | | 评级 | 领先大市 | | | 评级变动： 维持 | | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | 金山办公 | 2.85 | 103.72 | 3.24 | 91.09 | 4.01 | 73.71 | 买入 | | 紫光股份 | 0.74 | 37.09 | 0.82 | 33.34 | 1.00 | 27.19 | 买入 | | 海光信息 | 0.54 | 258.99 | 0.72 | 194.96 | 1.04 | 135.96 | 增持 | 相关报告 1 计算机行业双周报：重大政策及事件落定，重 视信创和算力 2024-11-13 资料来源： iFinD ，财信证券 投资要点： ...

证券研究报告 2025 年 01 月 08 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3229.64 | 0.71 | | 深证成指 | 9998.76 | 1.14 | | 创业板指 | 2028.36 | 0.70 | | 科创 50 | 965.53 | 2.86 | | 北证 50 | 1024.42 | 2.07 | | 沪深 300 | 3796.11 | 0.72 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | （亿 | 值（亿 | PE | PB | | | 元） | 元） | | | | 上证指数 | 620822 | 478106 | 11.49 | 1.21 | | 深证成指 | 208713 | 177780 | 20.41 | 2.11 | | 创业板指 | 55345 | 44969 | 30.24 | 3.83 | | 科创 50 | 33683 | 20854 | 45.19 | 3.98 ...

证券研究报告 2025 年 01 月 07 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3206.92 | -0.14 | | 深证成指 | 9885.65 | -0.12 | | 创业板指 | 2014.19 | -0.09 | | 科创 50 | 938.71 | -0.33 | | 北证 50 | 1003.64 | -1.43 | | 沪深 300 | 3768.97 | -0.16 | 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 | 616206 | 474963 | 11.43 | 1.20 | | 深证成指 | 206716 | 176044 | 20.22 | 2.09 | | 创业板指 | 54985 | 44703 | 30.05 | 3.81 | | 科创 50 | 32752 | 20303 | 44.23 | 3.87 | | 北证 ...

证券研究报告 | 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 | 617788 | 475613 | 11.44 | 1.20 | | 深证成指 | 207039 | 176328 | 20.27 | 2.09 | | 创业板指 | 55081 | 44754 | 30.10 | 3.82 | | 科创 50 | 32918 | 20346 | 44.58 | 3.88 | | 北证 50 | 2084 | 1425 | 30.10 | 3.40 | | 沪深 300 | 556176 | 414287 | 10.96 | 1.22 | | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 张雯婷 | 分析师 | | 执业证书编号:S0530524030002 | | | zhangwenting30@hnchasing.com | | | 晨会聚焦 ...

Group 1 - The report indicates that the A-share market is approaching a support level, with the Shanghai Composite Index expected to stabilize around 3200 points, following a previous drop to 3150-3200 points after the National Day holiday [5][12][21] - As of January 5, 2025, the TTM price-to-earnings ratio for the entire A-share market is 17.72 times, which is 61.35% lower than the historical average, while the price-to-book ratio is 1.51 times, 87.83% lower than the historical average [5][12][21] - The report emphasizes that the manufacturing PMI for December is at 50.1%, indicating expansion for three consecutive months, suggesting a marginal recovery in GDP growth for the fourth quarter [15][21] Group 2 - The report suggests a cautious defensive strategy while waiting for market stabilization, with a focus on high-dividend stocks, domestic demand expansion, and technology sectors as potential investment opportunities [21] - The central economic work conference has prioritized expanding domestic demand, with new policies such as subsidies for digital products expected to boost consumption in sectors like electronics and food and beverage [17][21] - The report highlights that the central bank is expected to maintain a loose monetary policy, with potential further policy measures to support economic recovery and stabilize the capital market [16][21] Group 3 - The report notes that the A-share market has shown significant sector divergence, with blue-chip sectors like coal, oil, and banking performing relatively better compared to technology and consumer sectors [14][21] - The report also mentions that the central bank's recent meeting indicated a stronger focus on monetary policy adjustments, aiming to enhance market stability and liquidity [16][21] - The report predicts that under optimistic scenarios, the national sales area of commercial housing may stabilize in 2025, although challenges remain in terms of income expectations and supply [19][21]

证券研究报告 行业点评 电子 | 2024 年 12 月 31 日 | | | --- | --- | | 评级 | 领先大市 | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 电子 0.49 29.02 18.52 沪深 300 0.47 6.24 14.68 何晨 分析师 -29% -9% 11% 31% 51% 2023-12 2024-03 2024-06 2024-09 电子 沪深300 | hechen@hnchasing.com | | | --- | --- | | 执业证书编号:S0530513080001 袁鑫 | 研究助理 | yuanxin@hnchasing.com 相关报告 | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | | | 沪电股份 | 0.79 1.34 | 50.20 | | 29.64 | 1.70 | 23.27 ...

| 2024 年 12 月 23 日 | | --- | | 评级 | 增持 | | --- | --- | | | 评级变动 首次 | | 交易数据 | | | 当前价格（元） | 13.74 | | 52 周价格区间（元） | 10.04-24.02 | | 总市值（百万） | 1383.82 | | 流通市值（百万） | 1383.82 | | 总股本（万股） | 10071.50 | | 流通股（万股） | 10071.50 | 涨跌幅比较 | 22% | 路德环境 | | 环境治理 | | | --- | --- | --- | --- | --- | | 2% | | | | | | -18% | | | | | | -38% | | | | | | -58% 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | | % | | 1M | 3M | 12M | | 路德环境 | | 8.87 | 33.01 | -43.01 | | 环境治理 | | -1.54 | 31.16 | 7.24 | 黄静 分析师 执业证书编号:S0530524020001 ...

证券研究报告 晨会纪要 晨会纪要 2025 年 01 月 03 日 | --- | --- | --- | --- | |------------|-------|----------|--------| | | | | | | 市场数据 | | | | | 指数名称 | | 收盘 | 涨跌 % | | 上证指数 | | 3262.56 | -2.66 | | 深证成指 | | 10088.06 | -3.14 | | 创业板指 | | 2060.44 | -3.79 | | 科创 50 | | 955.33 | -3.40 | | 北证 50 | | 1019.88 | -1.73 | | 沪深 300 | | 3820.40 | -2.91 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 626 ...

行业深度 美容护理 证券研究报告 2024 年 12 月 25 日 评级 同步大市 重组胶原蛋白赛道高景气延续，先行者前景可期 医美专题系列一 评级变动： 维持 行业涨跌幅比较 -6% 14% 34% 美容护理 沪深300 | --- | --- | --- | --- | --- | |--------------|---------|---------|---------|---------| | -26% 2023/12 | 2024/03 | 2024/06 | 2024/09 | 2024/12 | | % | | 1M | 3M | 12M | | 美容护理 | | 2.36 | 25.59 | -2.25 | | 沪深 | 300 | 3.10 | 18.91 | 19.43 | 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 1 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 2 美容护理行业点评：11 月化妆品类社零同比回 落，期待政策持续发力 11 月化妆品类社零同比 ...

Investment Rating - The electronic industry is rated as "Outperform the Market" [15][7] Core Insights - The AI industry continues to develop, suggesting a focus on AI hardware-related companies [1][5] - Demand stabilization is observed, with structural demand from AI and new energy vehicles remaining strong [7][19] Summary by Sections Market Review - The electronic sector index increased by 1.0% from December 11 to December 23, ranking second among major industry indices [26] - The semiconductor sales in October reached $56.88 billion, a year-on-year increase of 22.0% [59][31] Industry Data Tracking - Semiconductor sales in China for October were $16.20 billion, up 17.0% year-on-year [59][31] - The average prices of DDR3, DDR4, and DDR5 chips remained stable, with slight fluctuations observed [36][35] Industry Dynamics - AI technology demand and memory market recovery are driving the semiconductor market's rebound in Q3 2024 [44][73] - TSMC is expected to establish a new experimental production line for advanced chip packaging technology [82][5] - Google has partnered with XREAL for the development of consumer-grade AR glasses [46][75] Investment Recommendations - Focus on companies in the AI hardware supply chain, such as server PCB-related firms and domestic semiconductor equipment manufacturers [7][19] - Companies involved in new technology developments, such as those producing semiconductor packaging materials, are also recommended [7][19]