Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2] Core Viewpoints - The food and beverage industry is expected to see valuation recovery opportunities due to favorable consumption policies [5] - The white wine sector shows strong recovery expectations, suggesting active allocation [5] - The beer sector is under short-term pressure but maintains a structural upgrade trend [9] - The seasoning and condiment sector is undergoing reforms, with a focus on improvement [10] - The dairy sector is expected to recover as consumption scenarios improve [10] - The restaurant supply chain is anticipated to benefit from policy support and improving demand [11] - The snack food sector shows growth potential due to channel advantages [12] - The food additives sector is seeing a gradual recovery in demand [12] Summary by Sections 1. Weekly Insights - The white wine sector has seen a 6.66% increase, outperforming the CSI 300 index by 5.07 percentage points [5] - The report suggests focusing on three main lines for white wine investments: strong performance companies, those benefiting from demand recovery, and those improving management efficiency [5] 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 4.61 percentage points during the week [15] - Various sub-sectors within food and beverage showed positive trends, with other alcoholic beverages leading at +8.41% [17] 3. Key Data Tracking - White wine prices have shown fluctuations, with the price of Feitian Moutai at 2420 RMB per case as of March 14, down 2% from March 7 [26] - The beer production for December 2024 was 241.10 million liters, a 12.20% year-on-year increase [30] - The average price of fresh milk was 3.08 RMB per kilogram as of March 6, showing a slight decrease [34] 4. Company Announcements - Luzhou Laojiao plans to increase its shareholding through market transactions, with a minimum investment of 150 million RMB [56] 5. Industry News - Wuliangye Group aims to enhance its global presence and promote Chinese liquor culture through media partnerships [59]

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2025 年 03 月 17 日 食品饮料 优于大市（维持） 研究助理 相关研究 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-03 2024-07 2024-11 食品饮料 沪深300 资料来源：德邦研究所，聚源数据 1.《食品饮料行业周报 20250303- 20250307-进入业绩披露期，关注两 会政策催化》，2025.3.10 2.《食品饮料行业周报 20250224- 20250228-地产数据回暖，行业基本 面有望逐步改善》，2025.3.4 3.《政策预期向好，重视低位布局机 会》，2025.2.24 4.《蜜雪冰城：全球平价茶饮龙头， 超级供应链企业》，2025.2.19 5.《食品饮料行业周报 20250210- 20250214-政策强调提振消费，关注 后续需求回暖》，2025.2.17 消费政策暖风频吹， 看好食品饮料估值修复机会 食品饮料行业周报 20250310-2025 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2025 年 03 月 15 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-03 2024-07 2024-11 有色金属 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《黄金：降息预期持续走高，金价 有望持续提升》，2025.3.13 2.《金徽股份：行业持续景气，公司 业绩上行》，2025.3.11 3.《电解铝：盈利快速扩张，景气度 有望持续》，2025.3.11 4.《有色金属周报：特朗普确认对加 墨征收关税后暂缓执行，通胀预期驱 动 金 属 价 格 进 入 上 涨 通 道 》， 2025.3.9 5.《有色金属周报：俄罗斯提出与乌 克兰停战要求，战后重建或拉动工业 金属需求》，2025.3.1 有色金属周报：金融属性叠加供 给扰动，有色价格全面上涨 [Tab ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - In February, M2 growth remained stable, M1 growth declined, social financing growth rebounded, and credit growth decreased. The demand for financing remains robust despite low new home sales, with replacement bonds and corporate loans substituting for each other [3][4]. - The report emphasizes that the government bond net financing is strong, indicating that the demand for real economy financing is not weak. In January and February, a total of 854.2 billion yuan of replacement bonds were issued, contributing significantly to the increase in government bonds [3][16]. - The social financing pulse is showing signs of bottoming out and recovering, with M1 and corporate profits expected to trend upward. The report highlights the importance of monitoring M1, corporate profits, and price levels as key variables for economic recovery [3][18]. Summary by Sections 1. Events - The People's Bank of China released financial statistics for February 2025 on March 14, 2025 [8]. 2. Loans: Replacement Bonds and Corporate Loans Substituting Each Other - In January and February, the new RMB loans amounted to 6.14 trillion yuan, a year-on-year decrease of 230 billion yuan. The structure of loans shows a decrease in short-term loans for residents and a steady demand for medium to long-term loans [10][11]. 3. Social Financing: Strong Government Bond Net Financing, Real Economy Financing Demand Not Weak - The new social financing in January and February reached 9.29 trillion yuan, a year-on-year increase of 1.32 trillion yuan. The report indicates that the strong net financing of government bonds is a major contributor to this increase [16][17]. 4. Deposits: M1 Growth Short-term Focus on Debt Reduction, Medium-term Focus on Prices - In January and February, new RMB deposits increased by 8.74 trillion yuan, with a notable increase in resident deposits. The report suggests that M1 growth will depend on debt reduction measures and the activity level of the real economy [22][23]. 5. Bond Market: Loose Credit May Drive Interest Rates Up, Favorable for Bond Allocation - The report discusses the government's intention to implement loose monetary policy as a means to achieve loose credit, which may lead to increased bond market supply and rising interest rates, benefiting bond allocation [27][29].

彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 白鑫 资格编号：S0120524080003 邮箱：baixin3＠tebon.com.cn 市场表现 -26% -17% -9% 0% 9% 17% 26% 34% 2023-12 2024-04 2024-08 电力设备 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《光伏产业链发展良好，各环节降 价有望刺激 23 年需求》，2022.12.16 2.《风电行业策略年度报告-不惧一 番 寒彻骨，已闻梅花扑鼻香》， 2022.12.16 [Table_Main] 证券研究报告 | 行业周报 电气设备 优于大市（维持） 证券分析师 3.《发挥新能源战略性新型产业优 势 ，推动扩大内需战略发展》， 2022.12.15 4.《内蒙古能源局印发实施细则推动 源网荷储、风光制氢等项目发展》， 2022.12.15 5.《11 月欧洲新能源车销量点评：环 比高增，政策收紧》，2022.12.15 电气设备 2025 年 3 月 16 日 硅料价格维持稳定，硅片价格探涨 [Table_Summary] 投资要点： ...

证券研究报告 | 海外市场周报 2025 年 3 月 16 日 [Table_Main] 海外市场周报 证券分析师 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 如何看待特朗普冲击？ [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 | 图 1：近两周全球主要股票市场指数涨跌幅（%） 4 | | --- | | 图 2：上周全球主要商品涨跌幅 4 | | 图 3：近两周美股小盘风格指数涨跌幅（%） 5 | | 图 4：近两周美股标普 500 行业指数涨跌幅（%） 5 | | 图 5：近两周港股风格指数涨跌幅（%） 5 | | 图 6：近两周港股行业指数涨跌幅（%） 5 | | 图 7：美股 VIX指数走势 5 | | 图 8：全球主要股票市场估值 6 | | 图 9：标普 500 股债收益比 6 | | 图 10：纳斯达克股债收益比 6 | | 图 11：恒生指数股债收益比 7 | | 图 12：恒生科技股债收益比 7 | | 图 13：美 ...

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-03 2024-07 2024-11 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭周报：需求预期回暖，价 格震荡反弹》，2025.3.9 2.《煤炭周报：协会倡议书出台， 静待需求发力》，2025.3.2 3.《煤炭周报：政策&基本面共振， 看好煤焦钢估值修复》，2025.2.23 4.《煤炭周报："金三银四"旺季将 至，关注煤焦钢弹性》，2025.2.16 5.《煤炭周报：对美煤炭加征关税 支撑煤价，持续看好煤焦钢春季行 情》，2025.2.9 煤炭周报：进口煤管控开启，煤 价有望企稳 [Table_Summary] 投资要点： 2 / 16 请务必阅读正文之后的信息披露和法律声明 投资建议：2024 年 9 月政治局会议开启经济支持新篇章，结合近两年供给持续弱 化，煤炭板块基本面底部再度确认，市场对于 EPS 担 ...

Investment Rating - The report assigns a "Buy" rating for the company, Zhenyou Technology (688418.SH) [1] Core Views - Zhenyou Technology is positioned as a leading enterprise in satellite core networks and is expected to benefit from the growth of overseas business [3] - The company has a strong technological layout and is well-supported by policies promoting communication infrastructure [5] - The satellite internet demand is beginning to materialize, with significant user and terminal growth anticipated [5] - The company has secured key contracts, including the core network construction for the Tian Tong satellite project, establishing itself as a unique supplier [5] Summary by Sections Company Overview - Zhenyou Technology has focused on communication systems for 20 years, currently in an expansion phase [10] - The company has a stable shareholding structure and a management team with extensive industry experience [13] Financial Performance - The company has shown steady revenue growth, with a CAGR of 20.16% from 2019 to 2023, and is projected to achieve revenues of 949 million, 1,251 million, and 1,588 million yuan from 2024 to 2026 [16] - The net profit is expected to turn positive in 2024, with projections of 26 million, 113 million, and 176 million yuan for the same period [16] Market Opportunities - The rollout of 5G-A is expected to drive growth in both public and private networks, with significant opportunities in specialized networks [29] - The company is well-positioned to capitalize on the satellite internet market, with a strong presence in overseas markets [5][12] Technological Edge - Zhenyou Technology is one of the few companies capable of providing IMS core networks and has a comprehensive range of 10G-PON products [5] - The company has established a strong technological barrier through continuous R&D investment, making it a key player in the satellite communication sector [22][39] Future Outlook - The company is expected to benefit from the ongoing construction of satellite internet infrastructure and the expansion of its overseas business [5] - The market for specialized communication networks is projected to grow at around 10% annually, with significant demand for small base stations [43][45]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights a sustained increase in gold prices driven by rising expectations of interest rate cuts in the U.S. and ongoing de-dollarization trends, which are expected to support long-term growth in gold prices [5][7] - The report suggests that the recent rise in market expectations for interest rate cuts, influenced by lower consumer price index (CPI) data, may lead to a rebound in gold prices after a period of fluctuation [7] - The report recommends several stocks in the gold sector, including Zijin Mining, Zhongjin Gold, Shandong Gold, and others, as potential investment opportunities due to favorable market conditions [7] Summary by Sections Market Performance - The report indicates a market performance trend for the non-ferrous metals sector, showing a range of -18% to +24% compared to the CSI 300 index from March 2024 to November 2024 [3] Related Research - The report references two related studies: "Jinhui Co.: Industry Continues to Prosper, Company Performance on the Rise" and "Electrolytic Aluminum: Rapid Profit Expansion, Industry Prosperity Expected to Continue" [4] Investment Recommendations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various stocks, all rated as "Buy," indicating strong expected performance: - Shengda Resources: EPS 0.21 (2023), PE 69.57 - Yintai Gold: EPS 0.51 (2023), PE 33.38 - Hunan Gold: EPS 0.41 (2023), PE 58.51 - Hengbang Co.: EPS 0.45 (2023), PE 24.36 - Zhongjin Gold: EPS 0.61 (2023), PE 20.89 - Shandong Gold: EPS 0.42 (2023), PE 58.26 - Chifeng Gold: EPS 0.49 (2023), PE 38.53 - Zijin Mining: EPS 0.80 (2023), PE 20.86 [7]

Inflation Data Summary - In February, the U.S. CPI decreased by 0.2 percentage points to +2.8% year-on-year, with a month-on-month increase of +0.2%, down from +0.5% previously[3][5]. - The core CPI (excluding food and energy) in February recorded a year-on-year increase of 3.1%, better than the expected 3.2% and down from 3.3% in January, marking the lowest level since May 2021[4][5]. Food and Energy Prices - Food inflation in February was +2.6% year-on-year, with a month-on-month increase of +0.2%, while energy prices returned to negative growth at -0.3% year-on-year[5][8]. - Energy prices month-on-month increased by +0.2%, down from +1.1% in January, indicating a significant cooling in energy price growth[5][8]. Core Services and Goods - Core services inflation decreased slightly to 4.1% year-on-year from 4.3% in January, while core goods inflation remained stable at 0.0% year-on-year[6][7]. - The contribution rates to CPI from core services, core goods, food, and energy were +0.153%, +0.042%, +0.022%, and +0.012% respectively on a year-on-year basis[7]. Market Reactions - Following the release of the inflation data, the Nasdaq and S&P 500 indices saw increases of 1.22% and 0.49% respectively, while the Dow Jones Industrial Average fell by 0.2%[4]. Future Outlook - The CPI is expected to remain below 3.0% for the period from March to November 2025, with December's CPI projected at approximately 3.1%[7]. - The probability of the Personal Consumption Expenditures Price Index (PCEPI) exceeding 2.5% over the next 12 months is expected to rise from 11.5% in October 2024 to 41.3% in February 2025[7].