Group 1 - The report indicates that the index maintains a slow bull market with increasing rotation opportunities, as the market gradually enters an earnings verification period [4][9] - The focus of the market is expected to shift back to fundamentals after the Two Sessions, with various thematic hotspots, particularly in artificial intelligence and robotics, gaining traction [4][10] - The overall market turnover remains active, but volatility is increasing as core sectors rise, leading to heightened expectations for low-priced stocks to rebound [4][10] Group 2 - The report emphasizes investment opportunities in consumer and cyclical sectors, suggesting that the focus on consumption during the Two Sessions has intensified [5][10] - It notes that consumer stocks have significant upside potential with limited downside risk, and recent trends in the liquor sector indicate a positive shift [5][10] - The cyclical sectors, particularly in non-ferrous metals and chemicals, are showing signs of recovery, with price rebounds indicating market interest [5][10] Group 3 - Investment recommendations suggest maintaining a focus on large technology sectors while gradually increasing allocations to consumer and cyclical stocks [6][11] - The report advises balancing investments with a focus on fundamentals during the upcoming earnings announcements, while avoiding underperforming companies [6][11] - It highlights that the robotics sector is more likely to gain market recognition due to healthier valuations and performance, while the artificial intelligence sector faces higher uncertainty [6][11] Group 4 - The report provides data indicating that the overall market experienced slight adjustments, with the exception of the CSI 1000 index, which showed a small increase [12][13] - It identifies that the best-performing sectors include non-ferrous metals and military industry, along with strong performances in computer, machinery, and media sectors [15][16] - The report notes that market turnover rates remain high, indicating good trading activity [18][20] Group 5 - The valuation levels across sectors are generally reasonable, with notable increases in the technology sector [24][26] - The report includes a detailed valuation distribution across various sectors, highlighting significant differences in price-to-earnings and price-to-book ratios [25][26]

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴食品饮料】促消费仍是经济工作主要抓手，关注食品饮料底部机会 （20250311） 在今年政府工作报告中，2025 年要大力提振消费、提高投资效益，全方位扩 大国内需求等政策方向成为今年政策的重心之一。政策的乐观表态为后续消 费复苏奠定了基础，建议关注食品饮料底部机会。 今年政府工作报告提出，促进消费和投资更好结合，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。政策围绕制定提升消 费能力、增加优质供给、改善消费环境专项措施等三个方向延伸，释放多样 化、差异化消费潜力，推动消费提质升级。多渠道促进居民增收，推动中低 收入群体增收减负，完善劳动者工资正常增长机制。同时，计划安排超长期 特别国债 3000 亿元支持消费品以旧换新。 政策的乐观表态为后续消费复苏奠定了坚实基础，我们认为今年政府工作报 告在消费方面的刺激政策全面且到位，推动收入增长特别是中低收入群体的 减负，对基础消费有较为显著的作用。改善消费环境的措施对于改善居民消 费预期有较大的帮助。同时直接部署消费基金落实消费补贴也将对消费形成 直接的促进。 虽然从基本面角度食品饮料整体消费 ...

中谷物流（603565.SH）：行业低谷彰显 盈利韧性，高分红具备较强吸引力 中谷物流是我国内贸集装箱龙头企业。公司成立于 2003 年，通过持续整合全 国范围内的铁路及公路资源，形成了"公、铁、水"三维物流网络，建立了以 水路运输为核心的多式联运综合物流体系。 公司物流基础设施完善，航线网络覆盖面广 公司长期深耕内贸集运行业，已经通过港口、航线、联运线路的有机结合，构 筑了全方位、多层次的多式联运综合物流体系。港口方面，目前公司的航运网 络覆盖全国 25 个沿海主要港口与超过 50 个内河港口，并采取"双核战略" 对港口资源进行有效配置；航线方面，公司航线通达全国沿海及各江河流域的 主要水系，形成了以"京津冀经济带"、"长江经济带"、"粤港澳大湾区"以及 "一带一路南北海上大通道"构成的"三横一纵"的大海运、大物流体系；公 司铁路快线网则与水路网络形成了有效的互补，强化了公司物流网络的覆盖， 有效提升了公司竞争力。 公司业务规模稳健扩张，利润率高，盈利稳定性强 公司控制运力及营收水平在内贸集装箱航运领域排名第二，仅次于中远海控旗 下的泛亚航运。公司持续强化规模优势，订购的 18 艘 4600TEU 大型内贸 ...

Group 1: Mechanical Equipment Industry - The government work report highlights three main lines for the mechanical equipment industry: consumer scenarios, embodied intelligence, and construction machinery [1] - The report indicates that ice and snow consumption could generate an annual equipment investment increment of approximately 26.6 billion yuan over the next five years, assuming each of the 333 prefecture-level cities builds two small and medium-sized ice and snow venues [2] - The application scenarios for robots are becoming clearer, with local governments focusing on areas such as municipal sanitation, emergency rescue, and medical assistance, which are expected to promote the commercialization of humanoid robots [3] Group 2: Non-Bank Financial Industry - The government work report introduces several favorable policies for the non-bank financial industry, including more active fiscal policies and moderately loose monetary policies, aimed at promoting the healthy development of the real estate and stock markets [7][8] - The report emphasizes the importance of supporting technology enterprises through financial measures, which is expected to enhance the overall financing environment for these companies [9] Group 3: Coal Industry - The coal sector has experienced a significant decline, with a cumulative drop of 13.72% from the beginning of 2025 to February 28, 2025, underperforming the broader market [15] - The report suggests that coal prices may stabilize in the second quarter of 2025 due to supply-demand imbalances and policy interventions aimed at controlling production [16] - The coal sector's valuation remains low, with a price-to-earnings ratio of 9.77, indicating potential for revaluation as the market shifts focus towards shareholder returns [17] Group 4: Consumer and Retail Industry - The government work report outlines ten key measures to boost consumption, emphasizing the need to enhance domestic demand and improve the quality of consumption [20] - The report highlights the importance of service consumption, particularly in areas such as health, elderly care, and childcare, which are expected to see significant growth due to policy support [21] - The report also points to the potential for innovative consumption driven by AI and digital technologies, which could reshape consumer experiences and service efficiency [22] Group 5: Transportation Industry - The government work report stresses the need to lower logistics costs and promote a unified transportation market as key objectives for the transportation industry [25] - The report addresses the issue of "involution" in the transportation sector, advocating for high-quality development to combat price competition and improve service quality [26] - The emphasis on low-altitude economy and smart transportation as new growth engines indicates a shift towards innovative business models in the transportation sector [28]

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴机械】机械行业：政府工作报告从提振消费、未来产业、有效投资三 维度利好机械设备行业（20250306） 事件：3 月 5 日，十四届全国人大三次会议在京开幕。《政府工作报告》提 出实施提振消费专项行动；培育壮大新兴产业、未来产业；积极扩大有效投 资。对应到机械设备行业，建议关注消费场景、具身智能、工程机械三条主 线。 冰雪消费高景气或每年带来设备增量超 200 亿元。政府工作报告提到落实和 优化休假制度,释放文化、旅游、体育等消费潜力，其中冰雪消费旅游近年来 需求旺盛，相关设备投资将带来增量市场。考虑到高端和大型滑雪场建设需 要特定的地形和气候作为自然资源禀赋，未来增长空间有限。高端和大型客 群主要以旅游度假为目的，其客群到访具有较强的季节性，集中在节假日到 访。而室内和中小型滑雪场客群为初学者或体验型客户，在掌握一定滑雪技 能后，成为大型高端滑雪场稳定客源。随着国内人均收入的提升和国家政策 的扶持，预计未来各地室内和中小型滑雪场数量将持续增长。我国目前有 333 各地级行政区，假设未来 5 年内每个地级区建设 2 家滑冰场或滑雪场，假设 每个中小型滑雪场或滑 ...

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of integrated supply chain solutions [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth rate of 905.79% [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio decreased from 92.4% in 2023 to 89.8% in 2024 [4] - The average revenue per external customer slightly decreased by 4.8% to 400,000 yuan [3] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 69.9% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan [3] - Revenue from integrated supply chain customers was 32.29 billion yuan, a growth of 2.8%, with the number of customers increasing from 74,700 to 80,700 [3] Future Profit Forecast - The forecasted net profit for 2025, 2026, and 2027 is expected to be 6.63 billion yuan, 7.36 billion yuan, and 7.94 billion yuan respectively [5][11]

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Views - JD Logistics achieved a revenue of 182.84 billion in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion, up 507.2% year-on-year [3] - The company’s external customer revenue remains stable at around 70%, with external customer revenue of 127.78 billion, growing by 9.6% [3] - The company’s gross profit increased from 12.7 billion in 2023 to 18.7 billion in 2024, with a gross margin rising from 7.6% to 10.2% [5] Financial Performance Summary - In 2024, JD Logistics' operating costs increased by 6.6% to 164.1 billion, with the cost-to-revenue ratio decreasing by 2.6 percentage points to 89.8% [4] - The company’s employee compensation rose by 11.2% to 61.5 billion, while other cost items grew at a slower pace than revenue [4] - The forecast for net profit for 2025-2027 is 6.63 billion, 7.36 billion, and 7.94 billion respectively, indicating continued growth [5][11]

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [4][5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of an integrated supply chain [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth of 905.79% from the previous year [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio improved from 92.4% in 2023 to 89.8% in 2024 [4][11] - The forecast for net profit for 2025-2027 is 6.63 billion, 7.36 billion, and 7.94 billion yuan respectively [5][11] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 70% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan in 2024 [3] - The number of integrated supply chain customers increased from 74,700 to 80,700, although the average revenue per customer slightly decreased by 4.8% [3]

促消费仍是经济工作主要抓手， 关注食品饮料底部机会 在今年政府工作报告中，2025 年要大力提振消费、提高投资效益， 全方位扩大国内需求等政策方向成为今年政策的重心之一。政策的乐观表 态为后续消费复苏奠定了基础，建议关注食品饮料底部机会。 今年政府工作报告提出，促进消费和投资更好结合，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。政策围绕制 定提升消费能力、增加优质供给、改善消费环境专项措施等三个方向延伸， 释放多样化、差异化消费潜力，推动消费提质升级。多渠道促进居民增收， 推动中低收入群体增收减负，完善劳动者工资正常增长机制。同时，计划 安排超长期特别国债 3000 亿元支持消费品以旧换新。 政策的乐观表态为后续消费复苏奠定了坚实基础，我们认为今年政府 工作报告在消费方面的刺激政策全面且到位，推动收入增长特别是中低收 入群体的减负，对基础消费有较为显著的作用。改善消费环境的措施对于 改善居民消费预期有较大的帮助。同时直接部署消费基金落实消费补贴也 将对消费形成直接的促进。 虽然从基本面角度食品饮料整体消费环境仍处于低迷状态，但是随着 刺激政策的不断落地经济复苏趋势确定，食品饮料消费有 ...

促消费仍是经济工作主要抓手， 关注食品饮料底部机会 在今年政府工作报告中，2025 年要大力提振消费、提高投资效益， 全方位扩大国内需求等政策方向成为今年政策的重心之一。政策的乐观表 态为后续消费复苏奠定了基础，建议关注食品饮料底部机会。 今年政府工作报告提出，促进消费和投资更好结合，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。政策围绕制 定提升消费能力、增加优质供给、改善消费环境专项措施等三个方向延伸， 释放多样化、差异化消费潜力，推动消费提质升级。多渠道促进居民增收， 推动中低收入群体增收减负，完善劳动者工资正常增长机制。同时，计划 安排超长期特别国债 3000 亿元支持消费品以旧换新。 政策的乐观表态为后续消费复苏奠定了坚实基础，我们认为今年政府 工作报告在消费方面的刺激政策全面且到位，推动收入增长特别是中低收 入群体的减负，对基础消费有较为显著的作用。改善消费环境的措施对于 改善居民消费预期有较大的帮助。同时直接部署消费基金落实消费补贴也 将对消费形成直接的促进。 虽然从基本面角度食品饮料整体消费环境仍处于低迷状态，但是随着 刺激政策的不断落地经济复苏趋势确定，食品饮料消费有 ...