可证券 CGS 行业点评报告 ·电力设备及新能源 政策引领,电新开启全面高质量发展时代 2025年3月6日 电新 排荐 维持 分析师 段尚昌 ☎：010-8092-7627 团：duanshangchang_yj@chinastock.com.cn 分析师登记编码：S0130524090003 黄杯 ☎：010-8092-7627 网: huanglin_yj@chinastock.com.cn 分析师登记编码：S0130524070004 相对沪深 300 表现图 2025-01-21 10% -10% -20% -30% 7/1 9/1 5/1 资料来源：ifind，中国银河证券研究院 相关研究 1、【银河电新】全国两会前瞻:新能源新动能迈向 新周期, AI+引领浪潮 展。此外,新型储能技术创新亦成为重要导向,长时储能、构网型储能等热点 概念有望持续催化。 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2、【银河电新】电新行业_2025年度投资策略:千 海万漉虽辛苦,吹尽狂沙始到金 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事 ...

0 投资建议:订单端边际改善明显,看好财报后板块的β机会。短期看,首 先,部分上游元器件企业 2 月份订单端边际改善明显,3月份该积极表现有望 由点及面扩散至整个装备上游环节,强预期向强现实过渡,β机会凸显;其次, 年报和一季报窗口临近,板块经营表现预期偏弱;再次,当前军工板块估值分 位数约为 60%,相比科技股仍有较大提升空间。中期看,首先,2027年建军 百年近在咫尺,高景气有望延续;其次,央企市值管理+外延并购+资产注入 预期再起,资本运作将成为重要投资主线之一。 建议关注: 行业点评报告 ·国防军工 强军预算书新卷,空天赛道启宏 两会话军工系列报告之二 2025年3月5日 国防军工行业 推荐 维持评级 分析师 李良 ☎：010-80927657 网: liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 胡浩淼 ☎：010-80927657 资料来源:iFinD. 中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 o 事件: 2025 年我国国防支出预算为 1 ...

继续推动房地产市场止跌回稳,稳住有色大宗需求基本盘:政府工作报告 ● 提出 2025 年要持续用力推动房地产市场止跌回稳，将加力实施城中村和危旧 房改造,推进收购存量商品房,继续做好保交房工作,加快构建房地产发展新 模式,充分释放刚性和改善性住房需求潜力。房地产是有色金属重要的下游应 用领域,据 SMM与钢联统计,房地产及其产业链占国内铜终端需求的 22%, 房地产在国内铝终端需求的占比达 23.9%,测算 2024年建筑领域用铜、铝分 别同比下降 4%、5%。政策支持下今年国内房地产市场有望止跌,或带动 2025 年房地产新开工、竣工端提升,从而减少近些年因房地产市场下滑对有色金属 整体消费的拖累,改善未来地产链有色金属需求。 培育壮大新兴产业、未来产业,推动传统产业改造提升,金属新材料发展 ● 加快:政府工作报告提出要深入推进战略性新兴产业融合集群发展,开展新技 行业点评报告 · 有色金属行业 更加积极的总量政策,全方位提振有色需求 2025 年两会政府工作报告点评 2025年3月6日 核心观点 有色金属行业 | | | 分析师 华立 ☎: 021-20252629 网:huali@chinastock. ...

Investment Rating - The report provides a positive investment outlook for the machinery equipment industry, emphasizing a focus on companies that can benefit from domestic demand recovery and technological advancements [4]. Core Insights - The report highlights that the largest investment theme for 2025 will be the promotion of domestic demand recovery, supported by macroeconomic policies aimed at economic recovery [4]. - It suggests prioritizing companies with self-controllable capabilities and those that can optimize their market positions, particularly in the general equipment sector [4]. - Specific companies to watch include: - General machine tools: Haitan Precision, Neway CNC, Genesis - Five-axis CNC machine tools: Kede CNC - Core components: Huazhong CNC - Tool manufacturers: World, Huarui Precision, Oke Yi [4]. - The report also recommends focusing on sectors with significant growth potential, such as humanoid robots and low-altitude economy, as well as engineering machinery that can benefit from domestic demand recovery [4]. Summary by Sections - **Investment Strategy**: The report emphasizes the importance of expanding domestic demand and investing in key technologies to drive economic recovery [4]. - **Company Recommendations**: It identifies specific companies within the machinery equipment sector that are well-positioned to capitalize on these trends [4]. - **Future Growth Areas**: The report points to emerging sectors like humanoid robotics and engineering machinery as key areas for investment due to their potential for growth [4].

行业点评报告 ·汽车行业 适度宽松优化金融环境、以旧换新提振汽车消费 -2025 政府工作报告点评 核心观点 2025年3月6日 汽车行业 秦智坤 网:qinzhikun_yj@chinastock.com.cn 相对沪深 300 表现图 2025-3-5 相关研究 维持评级 推荐 分析师 石金漫 ☎: 010-80927689 网: shijinman_yj@chinastock.com.cn 分析师登记编码：S0130522030002 研究助理 ● 事件: 2025年 3 月 5 日,李强总理向十四届全国人大三次会议作 2025 年政 府工作报告,在降低融资成本、发行超长期特别国债支持消费品以旧换新等方 面提出一系列措施,对汽车产业发展形成重要推动力。 适度宽松的货币政策有望为汽车产业提供更优金融环境、缓解企业负债压 0 力。提升企业研发投入积极性。政府工作报告指出,2025年将发挥好货币政 策工具的总量和结构双重功能，适时降准降息，保持流动性充裕,使社会融资 规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。推动社会综 合融资成本下降,提升金融服务可获得性和便利度。当前我国汽车产业处于电 动化 ...

Macro - The fiscal policy for 2025 aims for a deficit rate of 4%, signaling a proactive fiscal stance, with a nominal GDP target of approximately 141.5 trillion yuan, reflecting a growth rate of about 4.9% [2][3][10] - The overall revenue growth target for 2025 is set at around 3.6%, which is higher than the actual growth of -3.4% in the previous year, indicating a shift towards positive growth in key tax categories [10][11] Electronics - The electronics sector is currently over-allocated, with active public funds holding 9.63% of their stock investment value in this industry, driven by factors such as the Deepseek model and increased capital expenditure from leading cloud companies [16][17] - The electronics index has risen by 8.19% as of February, with dynamic PE at the 94.71 percentile over the past decade, indicating strong market performance [17] - The domestic semiconductor industry is making significant progress, with wafer foundries expanding capacity and high-end passive components seeing accelerated localization [17] Computer - The government work report elevates "Artificial Intelligence+" to a national strategy, promoting the large-scale application of AI and the integration of digital technology with the real economy, which is expected to drive growth in the computer industry [19][20] - The report emphasizes the need for new infrastructure and intelligent terminal innovation, forecasting a substantial demand for computing power and data infrastructure [20][21] Pharmaceuticals - The 2025 government work report focuses on innovation in pharmaceuticals, including the establishment of an innovative drug directory and support for the development of innovative drugs [24][25] - The report indicates an increase in financial support for medical insurance, with per capita subsidies expected to reach 700 yuan per year, which will enhance the payment capacity for innovative drugs [26] - The pharmaceutical sector is anticipated to recover, with structural opportunities arising from the support for commercial insurance and the recovery of medical consumption [28] Environmental - The 2025 government work report maintains a strong commitment to green transformation, with a focus on developing clean energy and low-carbon traditional energy [30][31] - The report highlights the expected growth in offshore wind power installations, with projections of 10-15 million kilowatts of new capacity in 2025 [31][32] - The demand for green electricity is expected to increase significantly, driven by improved consumption and pricing conditions in the renewable energy sector [33][34] Home Appliances - The government is prioritizing consumer spending, with significant subsidies allocated for appliance upgrades and replacements, particularly in the home appliance sector [37][38] - The home appliance industry is expected to benefit from a seamless transition of subsidy policies into 2025, enhancing domestic demand [38][39] - Globalization presents a significant opportunity for the home appliance industry, with companies expanding their production capabilities internationally [39][40] Communication - The government work report emphasizes the establishment of a growth mechanism for future industries, including biomanufacturing, quantum technology, and 6G, indicating a commitment to scaling these sectors [43][44] - The report outlines plans for expanding 5G applications and optimizing national computing resource layouts, which are expected to foster the development of a competitive digital industry cluster [43]

相对沪深 300 表现图 2025-03-05 点评报告 资料来源：iFinD，中国银河证券研究院 分析师 梯度培育企业发展,强化科技提振消费 范想想 ☎：010-8092-7663 2025 年 03 月 05 日 @: fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 核心观点 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 促中小企业梯度发展,推进企业数字化转型:2025年 3 月 5 日的政府工作 报告中,对中小企业的发展再提新要求,期待专精特新企业的发展迈入新阶 段。2024年政府工作报告,对于促进中小企业发展的表述侧重于两个方面, 一是中小企业跟随整个产业链、供应链优化升级,一并发展;二是在数字经 济的创新发展中,中小企业的数字化转型赋能加强企业发展。2025年的政府 工作报告中,对于中小企业的发展成长则有更多的期许与指引。一是将形成 创新型企业梯度培育体系，促进中小企业发展壮大，以支持具有核心竞争力 的独角兽企业在新领域新赛道中跑出加速度,得到大发展。二是在数字化转 型方面,报告指引要先培育兼顾行业和数字化的服务商,再 ...

宏观研究报告 2025 年财政政策十大线索 2025年3月6日 分析师 章俊 首席经济学家 ☎：010-8092-8096 网：zhangjun_yj @chinastock.com.cn 分析师登记编码：S0130523070003 张迪 ☎：010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 聂天奇 ☎：010-8092-7737 0: nietianqi_yj @chinastock.com.cn 分析师登记编码：S0130524090001 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 ● 伴随全国两会召开定调 2025年财政主要收支目标和政策导向,如何评估年初 公布的财政政策力度?2025年财政政策发生哪些重大变化?财政收支目标结 构体现何种特征?财税体制改革怎么看?我们梳理以下十点需要重点关注的 政策线索,为投资者全方面理解财政政策转向提供一些参考。 一、如何理解 4%赤字率目标?4%赤字率背后至少蕴含了两层含义:一则是 ● 4%狭义赤字率重在向 ...

Investment Rating - The report suggests a focus on green electricity demand and recommends attention to leading companies in the renewable energy sector, particularly in offshore wind power [8][9]. Core Insights - The report emphasizes that the government's commitment to "green transformation" remains strong, with expectations for improved green electricity demand catalyzed by energy policies [8][11]. - It highlights the anticipated marginal improvement in electricity consumption and pricing conditions, which could accelerate the industry's turning point [8][30]. - The report identifies key companies to watch, including Longyuan Power, Three Gorges Energy, and regional firms like Funeng Co. and Minmetals Energy [8][9]. Summary by Sections 1. Energy Security and Green Transformation - The report outlines that "energy security" and "green transformation" are the main themes in government work reports, with a focus on clean energy development and the decarbonization of traditional energy sources [11][12]. 2. Catalyzing Green Electricity Demand - The report notes that the energy consumption targets set for the 14th Five-Year Plan are expected to stimulate green electricity demand, with specific annual reduction targets for energy consumption per unit of GDP [20][21]. 3. Policy Developments and Improvements in Consumption and Pricing - The report discusses ongoing policy initiatives aimed at improving the consumption and pricing of green electricity, which have been core issues affecting the performance and valuation of green electricity companies [30][32]. - It mentions that the green electricity sector has faced valuation adjustments over the past three years, but current valuations are at historical lows, indicating a potential for recovery [30][32]. 4. Investment Recommendations - The report recommends focusing on companies with strong growth expectations in offshore wind power, as well as leading green electricity firms [8][9].

行业点评报告 ·电子行业 ASML 销售额创新高,半导体市场持续回升 2024年3月6日 核心观点 电子 推荐 维持 分析师 高峰 ☎：010-8092-7671 @: gaofeng_yj @chinastock.com.cn 分析师登记编码：S0130522040001 研究助理 钟宇佳 z: zhongyujia_yj@chinastock.com.cn 2025-3-6 相对沪深 300 表现图 沪深300 100.00% 申子 50.00% 0.009 50.000 分析师承诺及简介 本人承诺以勤勉的执业态度,独立、客观地出具本报告,本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 高峰 电子行业首席分析师。北京邮电大学电子与通信工程硕士，吉林大学工学学士。2年电子实业工作经验，7年证券从业 经验,曾就职于渤海证券、国信证券、北京信托证券部。2022年加入中国银河证券研究院，主要从事硬科技方向研究。 资料来源: iFind,中国银河证券研究 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读 ...