申,千 行业周报 电子行业周报:Meta 引领碳化硅光波导应用,AR 眼镜应用或成为碳化硅领域重要增长曲线 行业评级:增持 报告日期:2025-03-16 行业指数与沪深 300 走势比较 70% 60% 40% 30% 20% 10% 17/24 -20% 电子(申万) 沪深300 分析师:陈耀波 执业证书号: S0010523060001 邮箱：chenyaobo@hazq.com 分析师:李美贤 执业证书号: S0010524020002 邮箱： limeixian@hazq.com 分析师:刘志来 执业证书号:S0010523120005 郎箱：liuzhilai@hazq.com 分析师:李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 主要观点: ● 本周行情回顾 从指数表现来看,本周（2025-03-10 至 2025-03-14）,上证指数周涨跌 +1.39%,深圳成指涨跌幅为+1.24%,创业板指数涨 涨跌幅为-1.76%，申万电子指数涨跌幅-0.62%。板块行业指数来看，表 现最好的是印制电路板,涨幅为+8.63%，光学元件表现较弱,跌幅为 3.35%;板 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights that silicon carbide (SiC) may become a significant growth curve in the AR glasses application, driven by Meta's innovative use of SiC in optical-grade applications [4][5] - The report indicates that the demand for SiC substrates is expected to grow significantly, with a projected market size of 1.08 billion yuan, driven by the maturation of AR glasses and display applications [7] Market Performance Review - During the week of March 10 to March 14, 2025, the Shanghai Composite Index rose by 1.39%, while the Shenzhen Component Index increased by 1.24%. The ChiNext Index saw a decline of 1.76%, and the Shenwan Electronics Index decreased by 0.62% [3][58] - The best-performing sector was printed circuit boards, which rose by 8.63%, while optical components experienced a decline of 3.35% [3][58] Industry Developments - Meta has demonstrated the potential of SiC in wearable devices, enhancing its application in clean energy systems, aerospace, electric vehicles, telecommunications, and quantum computing [5][6][55] - A joint venture between Sanan Optoelectronics and STMicroelectronics has officially launched a silicon carbide wafer factory, expected to achieve mass production by Q4 2025, marking a significant milestone in domestic SiC power chip production [6][50] - The report notes that the refractive index of SiC is approximately 2.7, superior to traditional glass, and highlights its advantages in high-temperature resistance and heat dissipation [6][7]

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The pharmaceutical and biotechnology sector has shown resilience, with the industry index outperforming the CSI 300 index by 0.18 percentage points and the Shanghai Composite Index by 0.37 percentage points this week [5][14] - The increase in assisted reproductive policies has sparked market interest, leading to significant gains in related stocks [5][32] - The overall market sentiment remains cautious, with many stocks trading at low price-to-earnings ratios, making them susceptible to upward movements upon positive catalysts [5][32] Market Performance - The pharmaceutical biotechnology index rose by 1.77% this week, with all 13 sub-industries experiencing gains, the offline pharmacy sector leading with a 10.38% increase [5][18] - Among 477 A-share pharmaceutical stocks, 355 stocks rose, representing 74.42% of the total [4][21] - The highest P/E ratio among sub-industries was 44X for hospitals, while the overall industry P/E (TTM) was 26X, which is below the historical average of 33X [15][18] Assisted Reproductive Policies - Recent policies in cities like Hohhot and Shenzhen aimed at encouraging childbirth have led to increased stock prices in the assisted reproductive sector [5][7] - The implementation of substantial child-rearing subsidies is expected to spread across more regions, enhancing the growth potential of the assisted reproductive industry [7][35] Investment Recommendations - Focus on the assisted reproductive industry, particularly companies like Jinxin Reproductive and International Medical, as well as related pharmaceuticals such as Livzon Pharmaceutical and Changchun High-tech [38] - Continued attention on innovative sectors within pharmaceuticals, including hard technology, medical consumption, and international expansion [6][34]

Investment Rating - Industry Rating: Overweight [2] Core Viewpoints - The organic silicon capacity expansion cycle is nearing its end, and supply-demand is expected to rebalance. The domestic demand for organic silicon is anticipated to rise as the real estate sector stabilizes, with construction accounting for 25.21% of the demand. The demand is also expected to grow in the medical, photovoltaic, and automotive sectors due to the superior performance of organic silicon [5][6][41]. - Profitability is at a low point, but the industry is expected to recover. The organic silicon DMC industry is currently experiencing overall losses, but with a decrease in capital expenditure and an increase in operating rates, profitability is projected to improve [7][54]. - The industry has a high concentration, with leading companies expanding their market share. As of the end of 2024, the domestic DMC CR5 capacity accounted for 62%, with Hoshine Silicon holding a 26% share, indicating a competitive landscape dominated by a few key players [8][57]. Summary by Sections 1. Organic Silicon Capacity Expansion Cycle - The organic silicon industry is entering a phase where capacity expansion is minimal, with a total capacity of 344 million tons in China and 159.5 million tons overseas by 2024 [6][24]. - The construction sector is the largest application area for organic silicon, with a significant share in various industries including electronics and renewable energy [21][32]. 2. Profitability and Market Recovery - The organic silicon industry is currently in a loss phase, with operating rates improving to 80.69% as of January 2025, indicating a potential recovery in profitability [7][51]. - The price of organic silicon intermediates has reached historical lows, suggesting that the market may be at a turning point [51][54]. 3. Industry Concentration and Key Players - The organic silicon market is characterized by high concentration, with major players like Hoshine Silicon, Dongyue Silicon, and Xingsheng Group leading the market [8][57]. - Investment recommendations include focusing on companies such as Hoshine Silicon, Xingsheng Group, and Dongyue Silicon, which are expected to benefit from the industry's recovery [9][59].

消费主线是否迎来机会？ [Table_RptDate] 报告日期： 2025-03-16 策略研究 周度报告 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《 Manus 能否为科技股行 情空中加油？—20250309 第 10 周》 2.策略周报《如何预判本轮科技股调 整时间和空间？—20250302 第 9 周》 3.策略月报《静水流深—2025 年 3 月 A 股市场研判及配置机会》2025-02-23 主要观点 [Table_Summary] ⚫ "两会"政策落地预期再起，促消费、宽货币落地概率加大 ...

FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 行业[Table_IndRank] 评级：增 持 报告日期： 2025-03-16 [Table_IndNameRptType] 轻工纺服 行业周报 [行业指数与沪深 Table_Chart] 300 走势比较 -8% -6% -4% -2% 0% 2% 4% 6% 轻工制造（申万） 纺织服饰（申万） 沪深300 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 [Table_Report] 相关报告 《行业周报： AI科技赋能睡眠经济， 智慧睡眠市场发展可期_20250310》 主要观点： ⚫[Table_Summary] 周专题： FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 尼古丁袋是不含烟草或焦油的无烟尼古丁产品。尼古丁袋与传统的 咀嚼烟草或香烟不同，该产品为一种白色的小袋子，内含食品级尼古 丁材料，只需置于上嘴唇和牙龈之间即可释放尼古丁。作为新的尼古 丁替代方案，尼古丁袋发展空间极具增长潜力。人们对于传统烟草 危害的认识逐步加深，想寻找替代物 ...

策略研究 周度报告 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 消费主线是否迎来机会？ [Table_RptDate] 报告日期： 2025-03-16 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《 Manus 能否为科技股行 情空中加油？—20250309 第 10 周》 2.策略周报《如何预判本轮科技股调 整时间和空间？—20250302 第 9 周》 3.策略月报《静水流深—2025 年 3 月 A 股市场研判及配置机会》2025-02-23 主要观点 [Table_Summary] ⚫ "两会"政策落地预期再起，促消费、宽货币落地概率加大 ...

[Table_IndNameRptType] 轻工纺服 行业周报 FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 行业[Table_IndRank] 评级：增 持 报告日期： 2025-03-16 [行业指数与沪深 Table_Chart] 300 走势比较 -8% -6% -4% -2% 0% 2% 4% 6% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 [Table_Report] 相关报告 《行业周报： AI科技赋能睡眠经济， 智慧睡眠市场发展可期_20250310》 主要观点： ⚫[Table_Summary] 周专题： FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 尼古丁袋是不含烟草或焦油的无烟尼古丁产品。尼古丁袋与传统的 咀嚼烟草或香烟不同，该产品为一种白色的小袋子，内含食品级尼古 丁材料，只需置于上嘴唇和牙龈之间即可释放尼古丁。作为新的尼古 丁替代方案，尼古丁袋发展空间极具增长潜力。人们 ...

[Table_IndNa农me林Rpt牧Typ渔dee] 行业周报 1-2 月上市猪企出栏量同比增 20%，全球大豆库消比环比下降 [行Ta业bl评e_级In：dR增an持k] 报告日期： 2025-3-15 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告Report] 明显分化，加征关税主要影响高粱、 大豆 2025-3-8 2.华安农业周报：补栏积极性持续疲 弱，二育积极性再升 2025-3-1 主要观点： _S补栏积极性持续疲弱，1-2 月上市猪企出栏量同比增长 20.2% 行业[T指abl数e_与Cha沪rt]深 300 走势比较 1.华安农业周报：上市猪企出栏增速 ①本周生猪价格涨 1%至 14.64 元/公斤。本周六，全国生猪价格 14.64 元/公斤，周环比上涨 1%。涌益咨询（3.7-3.13）：全国 90 公斤内 生猪出栏占比 4.08%，周环比微降，维持低位；50 公斤二元母猪价 格 1634 元/头，连续三周持平，同比上升 5.8%；规模场 15 公斤仔猪 出栏价 604 元/头，周环比大涨 7.9%；②生猪出栏均重升至近 12 ...

[Table_IndNa农me林Rpt牧Typ渔dee] 行业周报 1-2 月上市猪企出栏量同比增 20%，全球大豆库消比环比下降 [行Ta业bl评e_级In：dR增an持k] 报告日期： 2025-3-15 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告Report] 明显分化，加征关税主要影响高粱、 大豆 2025-3-8 2.华安农业周报：补栏积极性持续疲 弱，二育积极性再升 2025-3-1 主要观点： [Table_CompanyRptType] 行业研究 白羽鸡产品价格升至 9000 元/吨，黄羽鸡价格周环比上涨 ①白羽鸡产品价格升至 9000 元/吨。2025 年第 9 周（2.24-3.2）父母 代鸡苗价格 43.32 元/套，周环比下跌 3%，同比增长 27%；父母代 鸡苗销量 142.76 万套，周环比下降 8.7%，同比下降 9%。本周五， 鸡产品价格 9000 元/吨，周环比上涨 0.3%，同比下跌 6.7%；本周五， 主产区鸡苗均价 2.79 元/羽，周环比上涨 9.8%，同比下降 26.6%。 我们判断，2025 年种鸡性 ...