[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年03月11日 | [Table_Author] 分析师: 刘京昭 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 -14% -8% -1% 5% 12% 18% 24% 31% 37% 03/24 05/24 08/24 10/24 12/24 03/25 通信 沪深300 [Table_ReportInfo] 相关报告： 技术迭代催生周期性机遇，Capex拐点渐近。6G数据传输速率可能达 5G 的 50 倍，时延缩短到 5G 的十分之一，在峰值速率、时延、流量密 度、连接数密度、移动性、频谱效率、定位能力等方面将远优于 5G。 目前 6G技术仍处于愿景需求形成和关键技术研究的初期阶段，这个阶 段 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 市场回顾 | [行业Table_Industry] : | 计算机 | | --- | --- | | 日期: | 2025年03月11日 shzqdatemark | | [Table_Author] 分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -19% -10% -1% 7% 16% 24% 33% 41% 03/24 05/24 07/24 10/24 12/24 03/25 计算机 沪深300 [Table_ReportInfo] 相关报告： 《DeepSeek加速人形机器人落地，煤矿或 是最佳 B 端应用场景》 ——2025 年 03 月 04 日 《DeepSeek开源周收官，具身智能商业化 或将加速》 ——2025 年 03 月 03 日 《微软量子芯片取得突破，或将引发计算 变革》 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Views - The food and beverage sector is expected to gradually recover, with companies like Luzhou Laojiao and Wuliangye showing strong growth potential [3][4] - The report highlights structural opportunities within the industry, particularly in high-end and real estate liquor segments [16] Summary by Sections Weekly Insights and Investment Recommendations - Luzhou Laojiao's market scale reached a new high, with expectations for steady growth in 2024 [21] - Wuliangye announced a 2025 investment plan of 2.586 billion yuan across 19 projects, focusing on ecological brewing and smart logistics [22] - Jinshiyuan aims to expand its market share in the 100-500 yuan price range while maintaining operational quality [23] - Red Flower Liquor introduced a new promotional campaign to enhance consumer engagement [24] - Guizhou Zhenjiu launched a limited edition product to celebrate its 50th anniversary, emphasizing premium quality [25] Market Performance Review - The SW Food and Beverage Index rose by 0.74%, underperforming the CSI 300 by 0.65 percentage points [34] - The white liquor sector saw a 1.53% increase, while other liquor categories also performed positively [34] Industry Important Data Tracking - The report provides insights into the white liquor sector, noting a production decline of 7.6% year-on-year in December 2024 [47] - The beer sector experienced a 12.2% year-on-year increase in production in December 2024 [49] Investment Suggestions - Recommendations include focusing on high-demand segments and structural opportunities in white liquor, with specific companies highlighted such as Luzhou Laojiao and Jinshiyuan [16] - For beer, companies like Qingdao Beer and Chongqing Beer are suggested due to their clear product optimization trends [16] - In soft drinks, East Peng Beverage is noted for its steady national expansion [16] - The report also emphasizes the potential in frozen food and snack sectors, recommending companies like Anjixin and Qianwei Central Kitchen [16]

国货龙头 38 大促表现亮眼，上美 24 业 绩高增 ——美容护理行业周报（20250303-0307） [Table_Rating] 增持（维持） [➢Table_Summary] 主要观点 李佳琦 38 预售同比+2.5%，头部国货品牌表现亮眼 2 月 27 日晚八点，淘宝天猫 3.8 大促正式开启。李佳琦 3.8 预售首场 直播于 2 月 27 日 10 点开播，根据青眼情报统计，按照商品最低到手 价和商品实时显示的预定件数来估算（ 件数如页面显示已预定 10 万 + ，则按 10 万件计算 ）， 本场直播中美妆 GMV 超 9.3 亿元，同比增长 2.5%。从品牌看，共有 58 个本土品牌参与，总 GMV 约 3.88 亿元， 占到了直播间 GMV 的 41.7%，同比提升了 6.4 个百分点。前 20 品牌 中共 6 个国货品牌上榜，其中珀莱雅、可复美、毛戈平、薇诺娜分别 排名 1/2/6/12，珀莱雅蝉联第一，可复美和毛戈平排名较 23 年提升。 此外，根据天猫美妆首日品牌成交榜（2025年 3月 3日 20:00-24:00） 显示，前 20 品牌中，珀莱雅、可复美、毛戈平、薇诺娜分别排名 1/ ...

以稳为主，财政全方位发力 ——2025 年政府工作报告点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 投资摘要 实施更加积极有为的宏观政策 在总体要求方面，报告基本沿用了 2024 年 12 月政治局会议与中央经 济工作会议的观点，要求实施更加积极有为的宏观政策，在扩大国内 需求，推动科技创新和产业创新融合发展，稳住楼市股市，防范化解 重点领域风险和外部冲击等方面发力，推动经济持续回升向好。特别 强调了稳住股市楼市，也代表了政策的优先级较高。 以稳为主，财政全方位发力 今年的报告中还是设定了 5%的增长目标，与去年保持一致。报告特别 提到了预期目标是兼顾了需要与可能，我们认为整体以稳为主。通胀 目标往年基本为 3%，而今年的下调或与通胀运行偏弱有关，也反映出 政策在价格调控上的调整，目的在于通过各项政策和改革共同作用， 改善供求关系，使价格总水平处在合理区间。 政策方面，变动较大的是财政政策，充分体现了更加积极，呈现全方 位的发力。赤字率和财政赤字全面上调。拟发行超长期特别国债 1.3 万亿元、比上年增加 3000 亿元；拟发行特别国债 5000 亿元 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 投资要点： [行业Table_Industry] : 食品饮料 日期: shzqdatemark [Table_Author] 分析师: 王慧林 Tel: 15951919467 2025年03月09日 | E-mail: | wanghuilin@shzq.com | | --- | --- | | SAC 编号: | S0870524040001 | | 分析师: | 赖思琪 | | Tel: | 021-53686180 | | E-mail: | laisiqi@shzq.com | | SAC 编号: | S0870524090001 | | 分析师: | 袁家岗 | | Tel: | 02153686249 | | E-mail: | yuanjiagang@shzq.com | | SAC 编号: | S0870524090003 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -25% -19% -13% -8% -2% 4% 9% 15% 21% 03/24 05/24 07/24 10 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company is a global leader in new materials, focusing on electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It is actively developing its electronic materials business, particularly semiconductor photoresists and display panel photoresists, to address the localization of key materials. The gradual release of production capacity in the electronic materials sector and the large-scale introduction of new photoresist products are expected to drive strong growth in operating performance [2][18]. Summary by Sections 1. Company Overview - The company is a leading new materials service provider with a focus on three main areas: electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It has been expanding its electronic materials business significantly in recent years [18]. - The company has a concentrated shareholding structure, with the controlling shareholder holding over 60% of the shares, allowing for strategic decision-making and resource allocation [24]. 2. Electronic Materials - The company aims to build a platform company in electronic materials, capitalizing on the trend of domestic substitution. The semiconductor photoresist market is expanding, with the company positioned as a domestic leader [2][38]. - The semiconductor photoresist segment is experiencing significant growth, with sales expected to reach 128 million yuan in the first half of 2024, a year-on-year increase of 54.43% [3][54]. - The display panel photoresist segment is also growing, with the company being the largest domestic supplier, achieving a market share of 25.9% in the first half of 2024 [4][63]. 3. Specialty Rubber Additives - The company is the largest supplier of specialty materials for tires globally, with a production volume of 135,000 tons in 2023, representing a year-on-year increase of 16.7% [5]. - The specialty rubber additives business remains the dominant segment, accounting for 77.7% of the company's main revenue in 2023 [28]. 4. Fully Biodegradable Materials - The company has introduced BASF's PBAT technology, becoming a leader in the biodegradable materials sector. However, due to market oversupply, the PBAT production facility is temporarily halted in 2024 [5][10]. 5. Financial Forecast - The company is expected to achieve revenues of 3.278 billion yuan, 3.750 billion yuan, and 4.370 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.37%, 14.40%, and 16.53% [11][13]. - The net profit attributable to shareholders is projected to be 572 million yuan, 656 million yuan, and 768 million yuan for the same years, with growth rates of 40.57%, 14.69%, and 17.19% [11][13]. 6. Research and Development - The company has invested over 700 million yuan in R&D from 2018 to 2023, with R&D expenses increasing year-on-year. In the first three quarters of 2024, R&D expenses reached 148 million yuan, a 12.65% increase [34]. - The company has established a professional R&D platform to address high-end material needs in the semiconductor and display industries, with a total of 597 patent applications and 420 patents granted as of 2023 [34].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Insights - The recent achievement of the "Zuchongzhi No. 3" quantum computing prototype, which operates at 105 qubits, demonstrates a processing speed that is 10 trillion times faster than the current fastest supercomputer, solidifying China's leading position in superconducting quantum computing [2][3] - The Chinese team has surpassed Google's "Sycamore" processor, which operates at 67 qubits and is only 1 billion times faster than supercomputers, by a factor of 100 million [3] - The Chinese government is actively supporting quantum technology development, with plans to establish a "carrier-level" national venture capital fund focusing on cutting-edge fields like quantum technology [3] Summary by Sections Industry Overview - The global quantum computing landscape is shifting from a "follower" to a "leader" position for China, as it is currently the only country achieving quantum supremacy in both photonic and superconducting technologies [3] Technological Advancements - The "Zuchongzhi No. 3" has achieved the first stage of quantum computing development (quantum supremacy) and is paving the way for the second stage (application of dedicated quantum simulators) [3] Investment Recommendations - Recommended companies to watch include: Guandun Quantum, Keda Guokai, Shenzhou Information, Sanwei Xinan, Jida Zhengyuan, Tianrongxin, Geer Software, Guangxun Technology, Fudan Fuhua, Hexin Instruments, Guoxin Technology, and Dahao Technology [4]

家居板块：电商平台家装定制纳入补贴，国补持续落地兑现。淘宝最 新消息显示，多地将装修厨卫品类纳入补贴上线平台。春季装修进入 旺季，浙江、海南、福建、上海等省市率先将智能家居等 6 大家装品 类纳入补贴范围，在淘宝发放补贴。其中，一级及以上能效或水效的 标准产品不高于 20%，非一级及以上能效或水效的标准产品不高于 15%。单人单套房补贴金额上限从 2000-30000 元不等。另外，此次天 猫联合索菲亚、志邦、好莱客、尚品宅配、顾家等品牌，推出 18-22 平米的"家装定制一口价套餐"，内含 10-12 件家具，可叠加使用国补。 近期的两会在提振消费等方面对 25 年工作进行部署，如超长期特别国 债 3000 亿元支持消费品以旧换新等等，我们认为伴随国补政策延续落 地，国家政策提振，家居消费需求有望逐步企稳复苏。建议关注：欧 派家居、志邦家居、顾家家居等。 造纸&包装：纸企陆续发布涨价函，看好造纸行业回暖复苏。据生意 社，25 年 3 月 6 日瓦楞原纸 140g 出厂价格均价为 2856 元/吨，与 3 月 1 日均价相比保持平稳。从季节性来看，3-8 月瓦楞纸处于传统消费淡 季，但近期废纸价格的提涨对瓦楞 ...

国货龙头 38 大促表现亮眼，上美 24 业 绩高增 ——美容护理行业周报（20250303-0307） [Table_Rating] 增持（维持） [➢Table_Summary] 主要观点 -26% -20% -14% -8% -2% 3% 9% 15% 21% 03/24 05/24 07/24 10/24 12/24 03/25 美容护理 沪深300 [Table_ReportInfo] 相关报告： 李佳琦 38 预售同比+2.5%，头部国货品牌表现亮眼 2 月 27 日晚八点，淘宝天猫 3.8 大促正式开启。李佳琦 3.8 预售首场 直播于 2 月 27 日 10 点开播，根据青眼情报统计，按照商品最低到手 价和商品实时显示的预定件数来估算（ 件数如页面显示已预定 10 万 + ，则按 10 万件计算 ）， 本场直播中美妆 GMV 超 9.3 亿元，同比增长 2.5%。从品牌看，共有 58 个本土品牌参与，总 GMV 约 3.88 亿元， 占到了直播间 GMV 的 41.7%，同比提升了 6.4 个百分点。前 20 品牌 中共 6 个国货品牌上榜，其中珀莱雅、可复美、毛戈平、薇诺娜分别 排名 1/2 ...