三胎政策预期升温，关注童装及运动服 饰板块 ——轻工纺服行业周报（20250310-0314） 一、行情回顾：本周（2025.03.10-2025.03.14），A股 SW纺织服饰行 业指数上涨 3.95%，轻工制造行业上涨 1.76%，而沪深 300 上涨 1.59%，上证指数上涨 1.39%。纺织服装在申万 31 个一级行业中涨幅 排名第 4 位，轻工制造在申万 31 个一级行业中涨幅排名第 16 位。 二、核心逻辑： 1）纺服行业：我们认为整体消费环境弱复苏的背景下，政策扩内需消 费信心提振，户外经济催热运动服饰销售高景气，DeepSeek 赋能纺 服产业链，推动行业数字化升级，叠加三孩政策预期升温，建议关注 AI+纺服以及高确定性机会与细分高增赛道。 | 联系人: | 袁锐 | | --- | --- | | Tel: | 021-53686074 | | E-mail: | yuanrui@shzq.com | | SAC 编号: | S0870123060019 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -24% -19% -13% -8% -3% 3% 8% 1 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 投资要点： [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -28% -22% -16% -10% -4% 2% 8% 14% 19% 03/24 05/24 08/24 10/24 12/24 03/25 食品饮料 沪深300 [Table_ReportInfo] 相关报告： 《稳步经营，把握结构性机会——食品饮 料行业周报 20250303-20250309》 ——2025 年 03 月 09 日 《具备经营韧性，板块有望逐步修复—— 食品饮料行业周报 20250224-20250302》 ——2025 年 03 月 02 日 《板块分化，关注结构性机会——食品饮 料行业周报 20250217-20250223》 ——2025 年 02 月 23 日 政策加码提振信心，把握布局机会 ——食品饮料行业周报 20250310-20250316 本周行业要闻：1）2024 仁怀市规模白酒工业总产值达千亿元：据今 日仁怀公众号，2024 年，仁怀市规模白酒工业总产值达 1157.1 亿元， 同比增长 10.69% ...

破局与重构：价值驱动型并购重组新范式 ——并购重组政策简评 [Table_I 日期 ndustry] : shzqdatemark 2025年03月14日 | [Table_Author] 分析师: | 花小伟 | | --- | --- | | Tel: | 021-53686135 | | E-mail: | huaxiaowei@shzq.com | | SAC 编号: | S0870522120001 | [Table_ReportInfo] 相关报告： 《美国对部分国家加征关税，避险情绪增 加》 ——2025 年 02 月 04 日 《增量资金短期或达 2000 亿，年度或数千 亿》 3月6日，证监会主席吴清在十四届全国人大三次会议经济主题记者会 上表示，抓紧完善"并购六条"配套机制，在估值定价、审核流程、 支付工具等方面进一步打通堵点，大力推进企业并购，以优化资源配 置，促进企业发展，推动更多科技创新企业并购典型案例落地。 分析与判断 政策是并购重组市场的关键驱动力。2024 年 9 月，证监会发布的《关 于深化上市公司并购重组市场改革的意见》（"并购六条"）意义重大。 它支持上市公司通过并购转型 ...

[Table_Stock] 巨化股份（600160） [Table_Rating] 买入（首次） [◼Table_Summary] 投资摘要 [Table_I 行业 ndustry] : 基础化工 日期: shzqdatemark 2025年03月14日 | [Table_Author] 分析师: | 于庭泽 | | --- | --- | | SAC 编号: | S0870523040001 | | 联系人: | 王哲 | | SAC 编号: | S0870123040029 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 25.54 | | --- | --- | | 12mth A 股价格区间（元） | 14.42-26.31 | | 总股本（百万股） | 2,699.75 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 689.52 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -25% -17% -9% -1% 6% 14% 22% 30% 38% 03/24 05/24 08/24 10/24 12/24 03/ ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company is positioned as a leader in the domestic fluorochemical industry, with significant advantages in integrated supply chains and a comprehensive range of products [4][14] - The third-generation refrigerant quota plan has been officially implemented, providing the company with favorable conditions for growth in its refrigerant business [5][7] - The company is expected to see continuous revenue growth and improved profitability due to the increasing demand for high-value fluorinated materials and the expansion of production capacity [6][7] Summary by Sections Company Overview - The company is a leading manufacturer in the fluorochemical and chlor-alkali chemical sectors, with a complete industrial chain that includes basic chemical raw materials, food packaging materials, and fluorochemical products [14][15] - The company has a strong market position in the production of refrigerants, holding significant quotas for both second and third-generation refrigerants [15][17] Industry Dynamics - The third-generation refrigerant market is entering a quota management phase, which is expected to drive industry growth and stabilize prices [39][55] - The demand for refrigerants is stable, with major applications in air conditioning, refrigeration, and automotive sectors, which are projected to grow in the coming years [44][49] Financial Projections - The company’s revenue is projected to increase from 224.58 billion yuan in 2024 to 302.50 billion yuan in 2026, with net profits expected to rise from 19.70 billion yuan to 41.40 billion yuan during the same period [7][11] - The earnings per share (EPS) are forecasted to grow from 0.73 yuan in 2024 to 1.53 yuan in 2026, indicating a positive outlook for profitability [7][11] Production Capacity and Expansion - The company has been expanding its production capacity across various product lines, including high-performance fluorinated materials, which are expected to contribute significantly to revenue growth [6][7] - New projects, such as the high-quality meltable fluororesin and high-end fluoropolymer projects, are set to enhance the company’s product offerings and market competitiveness [6][7] Market Trends - The implementation of large-scale consumer goods replacement policies in China is anticipated to stimulate demand for air conditioning and refrigeration products, further benefiting the company [52][54] - The company is well-positioned to capitalize on the growing market for high-value fluorinated materials, driven by increasing applications in various industries [6][7]

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Viewpoints - The National Healthcare Security Administration has established separate pricing for brain-computer interface (BCI) medical services, paving the way for clinical application fees [1] - The BCI technology is a promising frontier technology that establishes a direct connection between the brain and external devices, with applications in healthcare, wellness, education, and entertainment [2] - The Chinese BCI market is projected to reach 3.2 billion yuan in 2024, with a growth rate of 18.8%, and is expected to grow to 5.58 billion yuan by 2027 [2] - National and local policies are accelerating the development of the BCI industry, with plans to cultivate influential tech companies and promote large-scale commercialization of BCI products by 2030 [3] Summary by Sections - **Investment Suggestions**: The report suggests focusing on companies such as Sanbo Brain Science, Aipeng Medical, and Innovation Medical, as the regulatory support from the National Healthcare Security Administration is expected to accelerate innovation and development in the BCI sector [4]

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Insights - The National Healthcare Security Administration has established separate pricing for brain-computer interface (BCI) medical services, paving the way for clinical application fees [1] - The BCI technology is a promising frontier technology that connects the brain with external devices, with applications in healthcare, wellness, education, and entertainment [2] - The market size for brain-computer interfaces in China is projected to reach 3.2 billion yuan in 2024, with a growth rate of 18.8%, and expected to grow to 5.58 billion yuan by 2027 [2] - National and local policies are accelerating the development of the BCI industry, with plans to cultivate influential tech companies and promote large-scale commercialization of BCI products by 2030 [3] Summary by Sections - **Investment Recommendations**: The report suggests focusing on companies such as Sanbo Brain Science, Aipeng Medical, and Innovation Medical, as the regulatory framework supports the clinical application of BCI technologies [4]

周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

[Table_Rating] 增持（维持） ◼[Table_Summary] 行业核心观点 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年03月13日 | | [Table_Author] 分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | 《政府工作报告聚焦 6G 发展，通信产业升 级迎来前行新机遇》 ——2025 年 03 月 11 日 《MaaS 商业模式迎边际改善，AIDC 厂商 或迎分化》 ——2025 年 03 月 04 日 《微信全面拥抱 DeepSeek，AI 逻辑持续 发散》 ——2025 年 02 月 20 日 政府工作报告指引 6G 投资，RISC-V 广受关注 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -13% -7% 0% 6% 13% 19% 25% ...

[日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 2025年03月13日 | [Table_Author] 分析师: | 陈彦利 | | --- | --- | | Tel: | 021-53686170 | | E-mail: | chenyanli@shzq.com | | SAC 编号: | S0870517070002 | [Table_ReportInfo] 相关报告： 《春节效应下，价格仍然偏稳》 ——2025 年 02 月 12 日 《工业生产加快，需求稳中向好》 ——2025 年 01 月 21 日 《外贸仍强，高顺差延续》 ——2025 年 01 月 15 日 春节错月影响下，价格实际仍偏稳 ——2025 年 2 月物价数据点评 春节错月影响下，价格实际仍偏稳 2 月 CPI 由正转负，跌幅较明显，主要还是受到春节错月的影响。今 年春节较早，集中影响在 1 月，春节后价格通常呈现回落的态势，而 与此同时去年春节在 2 月，抬高了同期基数。在 2 月份-0.7%的 CPI 同比变动中，上年价格变动的滞后影响约为-1.2 个百分点，今年 ...