证券研究报告 育儿补贴政策催化，关注乳品估值修复 食品饮料 报告日期：2025 年 03 月 17 日 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 周报》2025.03.05 《促消费政策积极，关注需求修复边际 改善—食品饮料行业周报》2025.02.17 《春节旺季消费边际改善，白酒动销符 合预期—食品饮料行业周报》2025.02.11 华龙证券研究所 摘要： 2025.3.3-2025.3.14 申万食品饮料板块上涨 6.98%，跑赢上证指数 4.01pct，在 31 个申万一级行业中排名第六位，涨幅居前。"两会" 政府工作报告提出，2025 年政府工作任务要大力提振消费，全方位 扩大国内需求。加快补上内需特别是消费短板，使内需成为拉动经济 增长的主动力和稳定锚。3 月 17 日，中共中央办公厅、国务院办公 厅印发《提振消费专项行动方案》，要求各地区各部门认真贯彻落实。 我们认为在扩大内需，提振消费的积极政策导向下，食品饮料板块有 望迎来好转，我们维持行业"推荐"评级。 分析师：王芳 白酒：2025.3.3-2 ...

Investment Rating - The investment rating for the beauty care industry is "Recommended" [2][5]. Core Viewpoints - Mo Yang Bio has achieved MDSAP certification across five countries, indicating that its quality management system has reached an internationally leading level, which enhances the global competitiveness of Chinese medical beauty brands [3][19][24]. - The beauty care sector has shown strong growth momentum, with the Shenyin Wanguo Beauty Care Index rising by 8.43% from March 10 to March 14, 2025 [9]. Summary by Relevant Sections Recent Market Performance - The Shenyin Wanguo Beauty Care Index increased by 8.43% during the week of March 10 to March 14, 2025. The top five performing stocks were Dengkang Oral, Aimeike, Runben Co., Marubi, and Longzi [9][10]. Industry News - Mo Yang Bio's recent MDSAP certification allows it to enter international markets more easily, enhancing its product's global competitiveness [19][23]. - Jiangsu Wuzhong confirmed its exclusive agency rights for AestheFill in China until August 28, 2032, despite market concerns regarding potential changes due to Aimeike's acquisition of Regen Biotech [4][12]. Investment Recommendations - The report suggests focusing on several key companies: 1. Marubi Bio, which has a strong growth momentum due to its comprehensive brand matrix and product range. 2. Juzhi Bio, which is expected to grow rapidly with the rise of recombinant collagen and domestic beauty trends. 3. Betaini, known for its high cost-performance ratio and strong product innovation. 4. Aimeike and Longzi, which are expected to drive growth through major products and extensive product pipelines. 5. Huadong Medicine, which shows strong potential in innovative drug development and medical beauty product pipelines [5][24][26].

Investment Rating - The investment rating for the beauty care industry is "Recommended" (maintained) [2][5]. Core Viewpoints - Mo Yang Bio has achieved MDSAP certification across five countries, indicating that its quality management system has reached an internationally leading level, which enhances the global competitiveness of Chinese medical beauty brands [3][19][24]. - The beauty care sector has shown strong growth momentum, with the Shenyin Wanguo Beauty Care Index rising by 8.43% from March 10 to March 14, 2025 [9]. Summary by Relevant Sections Recent Market Performance - The Shenyin Wanguo Beauty Care Index increased by 8.43% during the week of March 10 to March 14, 2025. The top five performing stocks were: 1. Dengkang Oral (001328.SZ) 2. Aimeike (300896.SZ) 3. Runben Co. (603193.SH) 4. Marubi Bio (603983.SH) 5. Longzi Co. (002612.SZ) [9]. Key Company Announcements - Jiangsu Wuzhong reaffirmed its exclusive agency rights for AestheFill (艾塑菲) in China until August 28, 2032, amidst market concerns regarding potential changes due to Aimeike's acquisition of Regen Biotech [4][12]. - Beitaini held its 2025 Supplier Conference, emphasizing the importance of quality in its supply chain and committing to high-quality development [13]. Investment Recommendations - Focus on companies with strong growth potential: 1. Marubi Bio, with a robust brand matrix and comprehensive product range. 2. Juzhi Bio, which is expected to grow rapidly due to the rise of recombinant collagen and domestic beauty trends. 3. Beitaini, known for its high cost-performance ratio and strong product innovation. 4. Aimeike and Longzi Co., which are expected to drive growth through major products and extensive product pipelines. 5. Huadong Medicine, showcasing strong potential in innovative drug development and medical beauty product pipelines [5][24][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the company, Aimeike, plans to acquire a majority stake (85%) in the South Korean company Regen Biotech for a total consideration of $190 million. This acquisition is a strategic move to enhance Aimeike's international presence and strengthen its leading position in the aesthetic injection market [6][8]. - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, which will support Aimeike's international expansion. The new production facility in South Korea is expected to commence operations in Q2 2025, potentially driving revenue and profit growth [6][8]. - The acquisition is anticipated to create significant shareholder value in the medium to long term, facilitating Aimeike's transition from a domestic leader to an international giant in the aesthetic medicine sector [8]. Financial Projections - Revenue projections for Aimeike from 2024 to 2026 are estimated at 3.449 billion, 4.208 billion, and 5.142 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.189 billion, 2.662 billion, and 3.226 billion yuan for the same period [9][10]. - The report indicates that the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 27.8, 22.8, and 18.9, respectively, reflecting a positive outlook on the company's growth and profitability [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to leverage its expertise in automotive components for robotics applications [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to accelerate the company's layout in the core transmission system of humanoid robots, creating a technological ecosystem that integrates core components and application scenarios [6] Financial Performance Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, indicating a growth trajectory [7] - Revenue forecasts for 2024, 2025, and 2026 are 2,662 million, 3,337 million, and 4,013 million yuan, with growth rates of 45.7%, 25.3%, and 20.3% respectively [8] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 37.0, 26.8, and 21.6, which are below the average P/E ratios of comparable companies [7][9] Market Position and Competitive Advantage - The company is positioned to meet the dual demands of mainstream automotive manufacturers in smart manufacturing and robotics development, creating a mutually beneficial collaboration model [6] - The investment in Weihan Intelligent is expected to facilitate entry into the supply chain for humanoid robots, leveraging existing relationships with major clients like Tesla, Xiaomi, and BYD [6][7]

Investment Rating - The industry rating is Neutral, indicating stable fundamentals with the industry index following the performance of the CSI 300 index [10]. Core Insights - The report emphasizes the need for a comprehensive policy framework to enhance financial services across five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming for significant improvements by 2027 [3][4][6]. - The core positioning involves deepening supply-side structural reforms in finance, strengthening collaboration between finance, technology, industry, and fiscal policies, while ensuring systemic financial risk management [3][4]. Summary by Relevant Sections Technology Finance - Focus on supporting major national technology tasks and technology-oriented SMEs, with an emphasis on early, small, long-term, and hard technology investments [4][8]. - The goal is to align the technology finance system with high-level technological self-reliance needs [8]. Green Finance - Establish a green finance standard system and support low-carbon transformation, including the development of carbon-neutral bonds and transition financial tools [4][8]. - The aim is to enhance the effectiveness of green finance in supporting the construction of a beautiful China [8]. Inclusive Finance - Optimize services for SMEs, rural revitalization, and social welfare, promoting models like "credit ease loans" and expanding coverage for first-time and credit loans [4][8]. - The objective is to continuously improve the inclusive finance system and significantly enhance financing accessibility [8]. Pension Finance - Develop a multi-pillar pension insurance system and strengthen the management of pension fund investments [4][8]. - The focus is on enriching pension financial products and services to better address the challenges of an aging population [8]. Digital Finance - Accelerate the digital transformation of financial institutions and promote the application of digital currency while establishing a governance framework for digital finance [4][8]. - The goal is to achieve positive progress in the digital transformation of financial institutions and enhance digital finance governance capabilities [8].

Investment Rating - The report indicates a medium risk level for the investment product, suitable for conservative investors [1][12][17] Core Insights - The market is experiencing a mixed performance with significant fluctuations in individual stocks, particularly in sectors like robotics, commercial aerospace, and 6G concepts, while real estate stocks are facing collective adjustments [4][5][9] - The report highlights a notable increase in financing balances, with the Shanghai Stock Exchange reporting a balance of 959.105 billion yuan, a decrease of 6.06 billion yuan, while the Shenzhen Stock Exchange reported a balance of 924.428 billion yuan, an increase of 24.11 billion yuan [8] - The report emphasizes the potential of the 6G market, predicting a growth in terminal connections by over 30 times by 2040, with monthly traffic expected to increase by over 130 times, creating a vast market space [11] Market Overview - The market showed slight rebounds with the Shanghai Composite Index closing at 3341.96 points, up 0.53%, and the Shenzhen Component Index at 10709.46 points, up 0.28% [6][4] - The trading volume in the Shanghai and Shenzhen markets reached 1.49 trillion yuan, an increase of 58.2 billion yuan compared to the previous trading day [4] - The report notes that the market's profitability is decreasing, with a larger number of stocks experiencing declines compared to those that are rising [9] Concept Highlights - The report discusses the advancements in 6G technology, with a focus on the Beijing government's initiative to enhance 5G applications and explore 6G development directions by 2027 [10] - It mentions the significant growth in AI-driven token usage in China, with a reported 33-fold increase in traffic generated by AI tokens over the past eight months [13] - The report also highlights the expected growth in the global enterprise SSD market, projected to reach 32.4 billion USD by 2028, driven by AI applications [13] Future Events Reminder - Upcoming events include the 32nd Chengdu Medical Health Expo from March 7 to 9, 2025, and the GTC AI Conference by NVIDIA on March 17, 2025, which may impact related sectors [16]

偶倒 0680 2025 年第 41 期，总第 1840 期（电子版） 2025 年 3 月 10 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 冲高回落，压力位震荡有所加剧 上周五市场全天震荡调整，创业板指领跌，沪深两市全天成交额 1.82 万亿，较上个交易日缩量 882 亿。 海外市场指数 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超 3500 只个股下 跌。 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3372.55 | -0.25 | | 深证成指 | 10843.73 | -0.5 | | 中小 100 | 6733.23 | -0.35 | | 创业板指 | 2205.31 | -1.31 | | 沪深 300 | 3944.01 | -0.31 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42801.72 | 0.52 | | 纳斯达克 | 18196.22 | 0.7 | | 标普 500 | 5770.2 | 0.55 ...

偶倒 0680 2025 年第 40 期，总第 1839 期（电子版） 2025 年 3 月 7 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 消息面偏暖，科技重新激活市场赚钱效应 〖资料来源：财联社 3 月 6 日收评〗 敬请参阅正文之后的免责声明 - 1 - 2、数据揭秘： 截至 3 月 5 日，上交所融资余额报 9594.08 亿元，较前一交易日增加 3.03 亿元；深交所融资余额报 9273.11 亿元， 较前一交易日增加 28.83 亿元；两市合计 18867.19 亿元，较前一交易日增加 31.86 亿元。 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3381.1 | 1.17 | | 深证成指 | 10898.75 | 1.77 | | 中小 100 | 6757.01 | 1.84 | | 创业板指 | 2234.69 | 2.02 | | 沪深 300 | 3956.24 | 1.38 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to leverage its expertise in automotive components for robotics applications [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to accelerate the company's layout in the core transmission system of humanoid robots, creating a technological ecosystem that integrates core components and application scenarios [6][7] Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, with corresponding P/E ratios of 37.0, 26.8, and 21.6 [7][8] - Revenue is expected to grow from 2,662 million yuan in 2024 to 4,013 million yuan in 2026, reflecting a growth rate of 45.7% and 20.3% respectively [8][11] - The company’s return on equity (ROE) is projected to increase from 12.2% in 2024 to 15.5% in 2026 [8][12] Market Position - The company is positioned as a key supplier for major automotive manufacturers like Tesla, Xiaomi, and BYD, which may facilitate its entry into the humanoid robot supply chain [6][7] - The harmonic reducer accounts for approximately 35% of the total cost of humanoid robots, highlighting the strategic importance of this investment [6]