[Table_IndNameRptType] 农林牧渔de 行业周报 1 月能繁母猪存栏环比下降，白羽祖代更新量仅 1 万套 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-22 行业指数与沪深 [Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1.华安农业周报：1 月生猪补栏积极 性继续疲弱，美欧高致病性禽流感频 发 2025-2-8 2.华安农业周报：全国能繁母猪存栏 环比微降，出栏均重连续五周大降 2025-1-25 主要观点： _S本周生猪价格上涨 1%，1 月能繁母猪存栏量环比下降 0.39% ①本周生猪价格涨 1%至 14.73 元/公斤。本周六，全国生猪价格 14.73 元/公斤，周环比上涨 1%。涌益咨询（2.14-2.20）：全国 90 公斤内生猪出栏占比 4.34%，维持低位；50 公斤二元母猪价格 1641 元/头，连续四周持平；规模场 15 公斤仔猪出栏价 594 元/ 头，周环比下跌 5.7%；② ...

[Table_IndNameRptType] 农林牧渔 行业专题 猪价步入下行周期，成本下降仍是重中之重 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-21 [Table_Chart] 行业指数与沪深 300 走势比较 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1、生猪养殖行业系列报告十一：产能恢 复持续偏弱，2025 年猪价获有力支撑 20241116 2、生猪养殖行业系列报告十：产能恢复 明 显 偏 弱 ， 2025 年 猪 价 获 支 撑 20240926 3、生猪养殖行业系列报告九：产能去化 影响逐步显现，产能恢复明显偏弱 20240819 主要观点： ⚫[Table_Summary] 产能恢复明显偏慢，产业重组、融资稳步推进 本轮补栏积极性持续偏弱，从统计局数据看，2024Q2-Q4 全国能繁母 猪存栏量累计增幅 2.1%，2025 年 1 月全国能繁母猪存栏月环比下降 0.39%。上市猪企已成为新增产能主力军，2024 年 12 月末，牧原、 温氏的能繁母猪存栏量分别为 351.2 万头、 ...

医药生物 行业周报 行业评级：增持 报告日期： 2024-02-23 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com 联系人：刘洪飞 执业证书号：S0010123080001 邮箱：liuhongfei@hazq.com 相关报告 1.行业周报：持续看好医药的配置价 值 2024-02-27 2.行业周报：看好具备成长和估值相 得益彰的医药标的 2024-03-04 3.行业周报：医药本周回调较大，需 要关注"中药+创新落地的品类" 2024-03-11 4.行业周报：医药板块处于底部位 置，建议加大对医药的配置 2024- 07-01 5.行业周报：AI 破局医药板块 2025- 02-16 创新板块接力 AI 破局 主要观点： 本周行情回顾：板块上涨 本周医药生物指数上涨 1.88%，跑赢沪深 300 指数 0.87 个百分 点，跑赢上证综指 0.91 个百分点，行业涨跌幅排名第 9。2 月 21 日 （本周五），医药生物行业 PE（TTM，剔除负值）为 2 ...

电子 行业周报 电子行业周报：苹果 Al 功能中文版 4 月发 阿里对 Al 投入表达乐观 行业评级:增持 报告日期:2025-02-23 行业指数与沪深 300 走势比较 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(2025-02-17 至 2025-02-21)，上证指数周涨 跌幅+0.97%,深圳成指涨跌幅为+2.25%,创业板指数涨跌幅+2.99%, 科创 50 涨跌幅为+7.07%，申万电子指数涨跌幅+6.96%。板块行业指 数来看,表现最好的是数字芯片设计指数,涨幅为+10.82%,面板指 数较弱,涨幅为0.41%;板块概念指数来看,表现最好的是传感器指 数，涨幅为+9.96%，表现最弱的是 EDA 指数，涨幅为 2.25%。 ● 苹果将于 4月更新 Al 功能中文版, Al 端侧落地值得关注 40% 30% 20% 10% 11/24 -10%2A2 -20% 沪深300 电子(申万) 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 ...

[Table_IndNameRptType] 轻工纺服 行业周报 国际烟草巨头公布财报，新型烟草业务持续发展 行业[Table_IndRank] 评级：增 持 报告日期： 2025-02-23 [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 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：节后纸企频发涨价函， 旺季临近文化纸或率先复苏_202502 17》 主要观点： ⚫[Table_Summary] 周专题：国际烟草巨头公布财报，新型烟草业务持续发展 菲莫国际新型烟草业务积极发展，对整体业绩增长的贡献较大。202 4 年菲莫国际营业收入为 379 亿美元，同比增长 7.52%。无烟产品 （新型烟草）收入约 147 亿美元，同比增长 14.84%，高于整体收入 增速 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report emphasizes that the company is positioned to benefit from AI and cloud services, indicating a dual driving force for growth. Despite a prolonged stock price correction, the revenue remains stable, and the company is expected to see improvements in profit margins as operational adjustments and cost pressures ease in 2025. The hardware business, particularly in cameras, home entry systems, and robots, is anticipated to achieve scale effects, making it a key area of focus [6][7]. Financial Performance Summary - For Q4 2024, the company reported revenue of 1.48 billion yuan (up 11.1% year-on-year) and a net profit attributable to shareholders of 130 million yuan (down 20.0% year-on-year). The full year 2024 revenue is projected at 5.44 billion yuan (up 12.4% year-on-year) with a net profit of 500 million yuan (down 10.5% year-on-year) [6][9]. - The revenue forecast for 2024-2026 is adjusted to 5.44 billion yuan, 6.30 billion yuan, and 7.17 billion yuan respectively, with year-on-year growth rates of 12.4%, 15.8%, and 13.8% [6][9]. Revenue Analysis - The camera business is expected to show slight growth in 2024, benefiting from online subsidies. The home entry business, particularly smart locks, is experiencing significant growth, with online sales increasing by 145% for the company's brand, positioning it as a market leader. The robot and smart wearable segments are also expected to grow, with a focus on cleaning robots and AI-driven elderly care solutions. The cloud services sector is anticipated to grow faster in the B2B segment compared to B2C [6][9]. Profitability Analysis - The net profit margin for Q4 2024 was 8.7%, showing a recovery from previous quarters. The year-on-year decline in net profit margin is attributed to the increased proportion of lower-margin new businesses and the impact of marketing expenses related to new product launches and overseas expansion. The report indicates that profitability is expected to improve in 2025 as the company achieves breakeven in high-growth segments [6][9].

[Table_StockNameRptType] 艾力斯（688578） 公司覆盖 艾弗沙开花结果，走出去引进来巩固产品生态 [Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： | 2025-2-20 | | --- | --- | | [Table_BaseData] 收盘价（元） | 69.80 | | 近 12 个月最高/最低（元） | 72.26/31.86 | | 总股本（百万股） | 450 | | 流通 A 股（百万股） | 450 | | 流通股比例（%） | 100 | | 总市值（亿元） | 314 | | 流通市值（亿元） | 314 | [Table_Chart] 公司价格与沪深 300 走势比较 主要观点： ⚫ 伏美替尼商业化快速放量，公司经营业绩实现大幅增长 公司核心产品艾弗沙®（甲磺酸伏美替尼片），自 2021 年获批上 市以来取得了显著的成果。销售方面，伏美替尼凭借成功的医保准 入和公司出色的商业化能力，实现了快速放量。2023 年公司营收 达到 20.18 亿元，同比增长 155.14%，2024 年前三季度营收已达 到 25.33 亿元，同比增长 87.97 ...

[Table_StockNameRptType] 艾力斯（688578） 公司覆盖 艾弗沙开花结果，走出去引进来巩固产品生态 [Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： | 2025-2-20 | | --- | --- | | [Table_BaseData] 收盘价（元） | 69.80 | | 近 12 个月最高/最低（元） | 72.26/31.86 | | 总股本（百万股） | 450 | | 流通 A 股（百万股） | 450 | | 流通股比例（%） | 100 | | 总市值（亿元） | 314 | | 流通市值（亿元） | 314 | [Table_Chart] 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 艾力斯 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com 主要观点： ⚫ 伏美替尼商业化快速放量，公司经营业绩 ...

Group 1: Insurance Institutions' Bond Allocation Strategy - In 2024, local government bonds were the primary allocation for insurance institutions, with a monthly allocation exceeding 50 billion yuan due to higher yields compared to national bonds[2] - In January 2025, insurance institutions shifted back to national bonds, with a historical high monthly increase of 138.7 billion yuan, including 75.3 billion yuan in national bonds and 49.5 billion yuan in local bonds[2] - The total increase in national and local bonds in January was 275 billion yuan and 523.8 billion yuan, respectively, indicating a significant shift in allocation strategy[2] Group 2: Market Impact and Trends - The increase in national bond allocation by insurance institutions is expected to support key interest rate levels, acting as a stabilizer in the bond market[3] - The 10-year national bond yield was around 1.65% in January, suggesting a favorable environment for insurance institutions to buy during market fluctuations[3] - The overall bond market saw fluctuations in January, with a notable increase in the total bond custody amount, reaching 178.58 trillion yuan[15] Group 3: Institutional Behavior and Changes - The total custody amount for national bonds rose to 35.1 trillion yuan, with an increase of 274.95 billion yuan in January, while local government bonds reached 49.8 trillion yuan, increasing by 523.83 billion yuan[20] - Policy bank bonds also saw an increase, with a custody amount of 26.1 trillion yuan, up by 932.5 billion yuan[20] - The overall credit bond custody amount increased to 32.6 trillion yuan, with a rise of 313.33 billion yuan in January, despite a decrease in corporate bonds[28]

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company, Yunnan Aluminum Co., Ltd., is a leading green aluminum enterprise in the industry, leveraging high-quality resources in Yunnan and the support of the China Aluminum Corporation [4][7] - The company has a fully integrated industrial chain from bauxite to alumina, green aluminum, and aluminum processing, with a total capacity of 1.6 million tons of bauxite, 1.4 million tons of alumina, 3.05 million tons of green aluminum, and 1.57 million tons of aluminum processing products as of the first half of 2024 [4][13] - The company has shown significant revenue growth, with a 31.67% increase in revenue and a 52.49% increase in net profit attributable to the parent company in the first three quarters of 2024 compared to the same period last year [4][14] Summary by Sections Company Overview - Yunnan Aluminum Co., Ltd. was established in 1970 and became part of the China Aluminum Corporation in 2018, focusing on an integrated industrial chain in Yunnan [4][13] - The company’s main revenue sources are from electrolytic aluminum and aluminum processing, contributing 42.23% and 56.15% to revenue respectively in the first half of 2024 [4][17] Industry Analysis - The supply of electrolytic aluminum is constrained, with domestic production capacity capped at around 45 million tons and utilization rates exceeding 95%, limiting growth potential [5][31] - The demand for aluminum is expected to remain stable, particularly in the construction sector, which accounts for approximately 30% of downstream consumption [5][33] Financial Performance - The company’s revenue for 2023 is projected at 42.669 billion yuan, with a net profit of 3.956 billion yuan, reflecting a year-on-year decrease of 12% and 13.4% respectively [9] - Forecasted net profits for 2024, 2025, and 2026 are 4.616 billion yuan, 5.714 billion yuan, and 6.974 billion yuan, with corresponding P/E ratios of 12, 10, and 8 [7][59] Production Capacity and Utilization - The company has a total electrolytic aluminum capacity of 3.05 million tons, with utilization rates improving from 81.9% in 2023 to 88.57% in the first half of 2024 due to better power supply conditions [6][56] - The company is actively involved in resource exploration in Yunnan to secure high-quality bauxite resources, which are crucial for its production [6][52] Market Outlook - The report anticipates a recovery in aluminum prices and profitability for aluminum companies as alumina prices stabilize and new capacities are released in 2025 [5][37] - The company is positioned to benefit from its integrated supply chain and stable management under the China Aluminum Corporation [4][19]