Core Insights - The report highlights the latest industry allocation strategy, recommending sectors such as steel, defense, real estate, pharmaceuticals, electronics, and power equipment & new energy for March 2025 [1][21]. - The previous month's portfolio performance showed a monthly return of +1.39% in February 2025, underperforming the industry equal-weight index by -2.14% [1]. - The report also discusses the performance of the non-bank financial, banking, electronics, computer, agriculture, automotive sectors, with a monthly return of +1.81% in February 2025, again underperforming the industry equal-weight index by -1.72% [2]. Industry Rotation Models Similar Expected Difference Factor Model - The model aims to identify stocks with similar performance that have not yet surged, using a distance metric based on P/E ratios, ROE, and asset growth rates [10]. - Historical backtesting from December 2016 to February 2025 indicates a strong industry selection capability, with an average Information Coefficient (IC) of 0.10 and a success rate of 63.27% [12][13]. - The strategy has shown an annualized return of 11.82% with a volatility of 0.18, significantly outperforming the Wind All A Index and the industry equal-weight index [15][16]. Analyst Expected Marginal Change Model - This model utilizes changes in consensus earnings forecasts to gauge industry sentiment, scoring based on positive or negative changes [22]. - Historical performance from December 2016 to February 2025 shows an average IC of 0.07, with a success rate of 60.20% [23][24]. - The strategy achieved an annualized return of 9.35% with a volatility of 0.19, also outperforming the Wind All A Index [28][29]. ETF Portfolio Construction - The recommended ETF sectors for March 2025 include real estate, defense, electronics, automotive, and power equipment & new energy, with specific fund codes and share amounts detailed [38].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of March 1, 2025 [1]. Core Insights - The report highlights the performance of the innovative drug sector in both A-shares and Hong Kong stocks, with a total of 81 stocks rising and 27 falling during the fourth week of February 2025. The top gainers included Chuangsheng Group-B (+92.13%), Beihai Kangcheng-B (+51.97%), and Deqi Pharmaceutical-B (+39.51). Conversely, the largest declines were seen in WuXi AppTec-B (-15.35%), Hualing Pharmaceutical-B (-12.77%), and Yiming Oncology-B (-4.46) [2][20]. - The A-share innovative drug sector experienced a slight decline of 0.05%, underperforming the CSI 300 index by 0.26 percentage points, while the biopharmaceutical sector fell by 1.71%. Over the past six months, the A-share innovative drug sector has cumulatively decreased by 0.06%, outperforming the CSI 300 index by 7.71 percentage points, and the biopharmaceutical sector has increased by 1.57% [22]. - The Hong Kong innovative drug sector saw an increase of 3.22%, outperforming the Hang Seng Index by 1.02 percentage points, with the Hang Seng Healthcare sector rising by 0.52%. In the last six months, the Hong Kong innovative drug sector has decreased by 3.71%, but has outperformed the Hang Seng Index by 18.1 percentage points, while the Hang Seng Healthcare sector has increased by 9.73% [24]. Summary by Sections Domestic Innovative Drug Progress - In February, eight new drugs were approved for market launch in China, with no new drug approvals or new indications reported in the last week [4][41]. Overseas Innovative Drug Progress - In February, the U.S. approved 10 NDA applications and 6 BLA applications. In the last week, one NDA and one BLA were approved. No new drugs were approved in Europe or Japan during February [5][34][38]. Global Innovative Drug Transactions - A total of 12 significant transactions occurred globally, with four transactions disclosing amounts. Notable agreements included Magnet Biomedicine with Lill for $1.29 billion, and Bridgene Biosciences with Takeda Pharmaceuticals for $816 million [6]. Market Performance - The XBI index fell by 1.49% in the last week, with a cumulative decline of 9.88% over the past six months [3][25]. Innovative Drug Sales Performance - Sales figures for innovative drugs in 2023 showed significant growth, with Tirzepatide (Mounjaro) achieving $5.163 billion in sales (+970.1%), and Semaglutide (Ozempic) generating $13.889 billion (+60%) in sales for its diabetes indication [19].

Investment Rating - The report maintains a "Buy" rating for Fuling Zhacai (002507) with a target price of —— yuan over the next six months [1]. Core Views - The company's Q4 performance was slightly below expectations, with a revenue of 4.5 billion yuan, down 10.6% year-on-year, and a net profit of 1.5 billion yuan, down 8.4% year-on-year. The overall annual revenue for 2024 is projected at 24.1 billion yuan, a decrease of 1.7% year-on-year, and a net profit of 8.2 billion yuan, a decrease of 0.3% year-on-year [8][9]. - The decline in Q4 revenue is attributed to weak consumer demand and the traditional off-season for pickled vegetables, alongside reduced channel spending and inventory clearance efforts [8]. - Looking ahead to 2025, the company expects revenue growth to stabilize due to increased market penetration of new products and the gradual opening of the catering market [8]. - The company has experienced a cost advantage, with a net profit margin of 34.8% for 2024, up 1 percentage point year-on-year, and a Q4 net profit margin of 36.9%, up 3.3 percentage points year-on-year, primarily due to the use of low-cost raw materials [8][9]. Financial Summary - For 2023A, the company reported a revenue of 2,449.85 million yuan and a net profit of 826.58 million yuan. The projections for 2024E are a revenue of 2,407.96 million yuan and a net profit of 824.06 million yuan, with expected growth rates of -1.71% and -0.30% respectively [3][9]. - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a price-to-earnings (PE) ratio of 19 [3][9]. - The return on equity (ROE) is projected to decline slightly from 10.03% in 2023 to 9.09% in 2024 [3][9].

[ T able_StockInfo] 2025 年 02 月 28 日 证券研究报告•2024 年业绩快报点评 涪陵榨菜（002507）食品饮料 目标价：——元（6 个月） 买入 （维持） 当前价：13.35 元 Q4 业绩略低于预期，成本红利仍可期 风险提示：新品推广或不及预期；原材料价格大幅波动风险。 | [Table_MainProfit] 指标/年度 | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2449.85 | 2407.96 | 2545.82 | 2676.03 | | 增长率 | -3.86% | -1.71% | 5.73% | 5.11% | | 归属母公司净利润（百万元） | 826.58 | 824.06 | 896.06 | 971.25 | | 增长率 | -8.03% | -0.30% | 8.74% | 8.39% | | 每股收益 EPS（元） | 0.72 | 0.71 | 0.78 | 0.84 | | 净资产收益率 ROE | 10.03% | 9.09 ...

[Table_IndustryInfo] 2025 年 03 月 02 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0217-0302） 江淮汽车联手亿航智能，重点关注两会低空政策 地区层面：辽宁朝阳市政府办公室印发《朝阳市低空经济高质量发展行动方案 （2025-2027 年）》提出，按照"科创牵引-场景驱动-产业赋能-基础先行-措施 保障"发展思路，构建"2+4+5+N"低空经济体系。 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -13% -2% 8% 18% 28% 38% 24/2 24/4 24/6 24/8 24/10 24/12 25/2 机械设备 沪深300 数据来源：聚源数据 | 基础数据 | | | - ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of March 2, 2025 [1]. Core Insights - The automotive market is entering a recovery phase post-Chinese New Year, driven by self-demand recovery and the gradual rollout of vehicle replacement policies. The introduction of Tesla's Full Self-Driving (FSD) in China is expected to enhance the penetration rate of advanced intelligent driving technologies [6][36]. - Investment opportunities are highlighted in the context of the 2025 new vehicle cycle and the continuation of vehicle replacement policies. Key companies to watch include Tesla, Huawei, and Xiaomi, as well as advancements in L3 commercial vehicles and Robotaxi developments [6][36]. Summary by Sections Market Overview - As of February 1-23, 2025, wholesale passenger car sales reached 993,000 units, a year-on-year increase of 60% but a month-on-month decrease of 34%. Cumulative sales for the year stand at 3.094 million units, up 13% year-on-year [6][36]. - New energy vehicle (NEV) wholesale sales for the same period were 517,000 units, reflecting a 128% year-on-year increase but a 19% decrease month-on-month. Year-to-date cumulative sales are 1.406 million units, up 52% year-on-year [6][36]. Key Companies and Recommendations - Major companies in the passenger vehicle sector include BYD (002594), Geely (0175.HK), Xpeng (9868.HK), SAIC Motor (600104), Changan Automobile (000625), and GAC Group (601238) [6][36]. - In the NEV sector, recommended companies include BYD, Geely, Huayu Automotive (600741), and several others involved in the supply chain [6][36]. Intelligent Vehicles - The report emphasizes the impact of Tesla's FSD launch in China, which is expected to boost the domestic market for high-level intelligent driving. Key players in this segment include BYD, Geely, and SAIC, along with various component manufacturers [6][37]. Heavy Trucks - In January 2025, heavy truck sales were 72,000 units, down 26% year-on-year and 14% month-on-month. February sales are projected at around 80,000 units, showing an 11% month-on-month increase and a 34% year-on-year growth [6][38]. - The report suggests monitoring the inclusion of National IV trucks in the vehicle scrappage subsidy program in 2025, which could benefit the heavy truck market. Recommended companies include Weichai Power (2338.HK/000338) and China National Heavy Duty Truck Group (3808.HK/000951) [6][38].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective products. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The report highlights the potential for improved profitability in the long term, driven by scale effects and successful product launches in new categories such as nut milk and peanuts [8][9]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 68.06 billion CNY, with a slight decline of 1.13%. The projected revenues for 2024, 2025, and 2026 are 71.31 billion CNY, 75.65 billion CNY, and 79.52 billion CNY, respectively, indicating growth rates of 4.79%, 6.08%, and 5.11% [2][10]. - The net profit attributable to the parent company for 2023 was 8.03 billion CNY, with forecasts of 8.52 billion CNY, 9.59 billion CNY, and 10.75 billion CNY for the following years, reflecting growth rates of -17.75%, 6.19%, 12.48%, and 12.10% [2][10]. Profitability Metrics - The report indicates an improvement in the overall net profit margin for 2024, which increased by 0.2 percentage points year-on-year. However, the Q4 net profit margin decreased by 3.2 percentage points year-on-year due to rising costs and increased marketing expenses [7][8]. - The gross margin is expected to improve from 26.8% in 2023 to 31.2% by 2026, driven by lower raw material costs and scale effects in the nut category [10][13]. Market Position and Strategy - The company is actively expanding its market presence by penetrating lower-tier cities and enhancing its product offerings in the nut and seed categories. The strategy includes increasing SKU counts in bulk channels and promoting high-margin products through e-commerce [8][9]. - The competitive landscape is challenging, with intense price competition in the gift box segment and reduced foot traffic in key sales channels impacting revenue growth [7][8]. Valuation - The report assigns a PE ratio of 18 for 2025, leading to a target price of 34.02 CNY, which reflects a favorable valuation compared to peers in the industry [9][11].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective product offerings. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The overall profitability is expected to improve in the long term, driven by scale effects and cost management, despite short-term pressures from rising raw material prices and increased marketing expenses during peak seasons [7][8]. Financial Summary - **Revenue Forecast**: - 2023A: 68.06 billion CNY - 2024E: 71.31 billion CNY (4.79% growth) - 2025E: 75.65 billion CNY (6.08% growth) - 2026E: 79.52 billion CNY (5.11% growth) [2][10] - **Net Profit Forecast**: - 2023A: 8.03 billion CNY - 2024E: 8.52 billion CNY (6.19% growth) - 2025E: 9.59 billion CNY (12.48% growth) - 2026E: 10.75 billion CNY (12.10% growth) [2][10] - **Earnings Per Share (EPS)**: - 2023A: 1.58 CNY - 2024E: 1.68 CNY - 2025E: 1.89 CNY - 2026E: 2.12 CNY [2][10] - **Return on Equity (ROE)**: - 2023A: 14.52% - 2024E: 14.35% - 2025E: 14.53% - 2026E: 14.65% [2][10] - **Price-to-Earnings (PE) Ratio**: - 2023A: 17 - 2024E: 16 - 2025E: 14 - 2026E: 12 [2][10] Market Position and Competitive Analysis - Qiaqia Food's product innovation and market promotion capabilities have been validated in the nut and seed categories. The company is expected to open new growth avenues through the introduction of new product lines such as nut milk and peanuts [9]. - The company is actively expanding its distribution channels, particularly in lower-tier cities, and increasing the number of SKUs in bulk channels to enhance market penetration [8][9].

ooo[Table_ReportInfo] 2025 年 03 月 01 日 证券研究报告•宏观简评报告 数据点评 重回扩张区间，节后复工成色如何？ ——2025 年 2 月 PMI 数据点评 [Table_Summary] 制造业 PMI：景气度再次扩张，产需两端均有改善。春节假期后，企业陆续复 工复产，生产经营活动有所加快，2025 年 2月制造业 PMI 较 1月回升 1.1个 百分点至 50.2%，再度回到扩张区间，略高于市场预期。从季节性表现来看， 2015 年-2024年（剔除 2020年）2月的平均制造业 PMI 为 50.28%，2025年 2 月制造业 PMI略低于季节性水平。从需求端看，前期政策组合落地见效，人 工智能等新产业发展加快，2月新订单指数较上月回升 1.9个百分点至 51.1%， 重返临界线上；从生产端看，市场需求回升，企业复工复产加快，2 月生产指 数回升 2.7个百分点至 52.5%。2月，生产指数高于新订单指数 1.4个百分点， 生产指数的回升幅度大于新订单指数。从企业预期来看，企业对后市保持乐观 态度，2月生产经营活动预期指数较上月小幅回落 0.8个百分点至 54.5% ...

ooo[Table_ReportInfo] 2025 年 02 月 28 日 证券研究报告•宏观定期报告 宏观周报（2.24-2.28） AI+迎来投资机遇，德国大选结果出炉 摘要 [Table_Summary] 一周大事记 国内：农业新质生产力引发关注，AI+迎来投资机遇。2 月 23 日，2025 年中 央一号文件发布，首次提出"农业新质生产力"概念，强调科技创新在农业现 代化中的核心作用，政策红利催化农业板块大涨，农业科技类企业投资机会凸 显；25日，中国央行开展 3000亿元 MLF操作，净回笼 2000亿元，延续精准 调控市场流动性的策略，关注未来降准可能性；同日，国务院总理李强调研中 国电信、中国联通、中国移动，强调科技创新引领产业发展，AI+产业在政策 与技术双轮驱动下迎来新的投资机遇，人工智能、云计算、通信设备等领域有 望获得持续增长动力；25 日，金融监管总局与国家发改委联合召开支持小微 企业融资协调工作机制推进会，强调强化融资支持，推动"直达基层、快速便 捷、利率适宜"的融资机制，小微企业的融资环境有望进一步改善。 海外：德国大选推动财政政策调整，美国众议院通过减税计划。2 月 23 日， ...