证券研究报告/行业研究 生物医药行业新旧动能切换，创新药前景光明 ——创新药行业动态追踪 投资要点 ➢ 人口老龄化深化，医疗和养老政策加码 中国人口老龄化趋势明显，2024 年，中国 60 岁以上老人数量达到 3.1亿， 占比高达 22.0%，未来老龄人口比例还将继续增加。随着老龄化趋势的加 深，如心血管疾病、糖尿病、恶性肿瘤、白内障、帕金森症和阿尔梅茨海默 症等慢性病和退行性疾病的发病率将会显著增加，为医疗产业带来更大的市 场机会。而内分泌和代谢性疾病、肿瘤、心脑血管疾病和神经系统疾病是医 疗企业的重点关注领域，上述领域的融资额位于行业前列，深受资本青睐。 有关医疗和养老的利好政策密集出台，中共中央办公厅，国务院办公厅印发 《提振消费专项行动方案》，指出2025年将提高城乡居民基础养老金和城乡 居民基本医疗保险财政补助标准，适当提高退休人员基本养老金。上述政策 利好医疗消费需求增长，为创新药带来更大市场空间。 ➢ 生物医药产业结构性升级，创新成为发展新动能 中国在研管线数量2014年来持续增加，据Pharmaprojects统计，2014年中 国在研管线数量为701个，至2024年已增至6,119个，复合增 ...

Investment Rating - The report rates the copper industry as "Positive" [5] Core Insights - The proposed 25% tariff on copper by the U.S. is expected to increase corporate inventory demand, leading to a short-term boost in copper prices. As of March 27, 2025, LME 3-month copper futures were priced at $9,846 per ton, with the spot price at $9,787 per ton, indicating a narrowing gap between futures and spot prices [1][8] - There is a persistent tight supply of refined copper globally, with a notable deficit in 2023. Although some improvement is expected by February 2024, the market is anticipated to return to a state of supply shortage by September 2024, which will support higher copper prices [2][10] - The rise of AI and advancements in computing power are driving increased demand for copper, particularly in data centers and 5G infrastructure. The global demand for copper used in PCBs reached 580,000 tons in 2023, with projections indicating that this could exceed one million tons by 2025 [3][13] Summary by Sections Section 1: Tariff Impact and Demand - The U.S. is considering a 25% tariff on copper, which has led to increased inventory accumulation by companies due to concerns over future price hikes. This is expected to support short-term demand for copper [1][8] Section 2: Supply Constraints - Global refined copper supply has been tight, with a deficit observed in most months of 2023. The situation is expected to improve slightly in early 2024, but a return to supply shortages is anticipated later in the year [2][10] Section 3: Demand Expansion through AI - The development of generative AI and enhanced computing capabilities is creating new opportunities in the computing sector, leading to increased demand for various copper products. The demand for copper in PCBs is projected to grow significantly, driven by investments in computing infrastructure [3][13] Section 4: Key Investment Targets - Zijin Mining is highlighted as a key player due to its substantial mineral reserves and advanced technology in copper and gold mining. The company operates extensively in China and internationally [16] - Jiangxi Copper is noted as the largest copper producer in China, benefiting from its integrated operations across the entire copper supply chain, which positions it well to capitalize on rising copper prices [17]

Investment Strategy Report Summary Core Viewpoints - The report indicates a stable recovery in the profitability of industrial enterprises, supported by recent macroeconomic policies and adjustments in monetary policy, particularly the shift to a multi-price bidding method for MLF operations [2][3][4]. News and Commentary - The People's Bank of China announced a new MLF operation method to maintain liquidity in the banking system, with a planned operation of 450 billion yuan for a one-year term [2][12]. - The Ministry of Finance's report emphasizes a more proactive fiscal policy for 2025, including increased fiscal deficit rates and larger government bond issuance to support growth and structural adjustments [2][13]. - Data from the National Bureau of Statistics shows that profits of large-scale industrial enterprises totaled 910.99 billion yuan in January-February, a year-on-year decrease of 0.3%, but the decline is narrowing compared to the previous year [3][17]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index experiencing a slight increase of 0.2%. The pharmaceutical and biological sector led the gains with a 1.0% increase [4][25][28]. - The adjustment of MLF operations signals a shift towards a more accommodative monetary policy, benefiting the bond market and potentially improving the performance of cyclical stocks [4][34]. Investment Recommendations - Focus on investment opportunities driven by policy and industrial trends, particularly in emerging sectors such as artificial intelligence, low-altitude economy, humanoid robots, aerospace, and deep-sea technology [5][34]. - Consider sectors benefiting from increased domestic demand, including food and beverage, home appliances, and automotive industries [5][34]. - Pay attention to industries that may benefit from large-scale debt issuance, particularly companies with government contracts and the infrastructure supply chain [5][34]. - Monitor investment opportunities related to state-owned enterprise market value management [5][34]. - Long-term investment in gold is recommended due to its appeal as a safe-haven asset amid geopolitical tensions and economic uncertainties [5][34].

证券研究报告/策略研究 回购赋能，价值重塑 ——市值管理专题研究 4 投资要点 ➢ A股回购政策：进入价值管理新阶段 1993年至今，我国股票回购制度经历了"全面禁止—有限放开—灵活激励" 三个阶段，A股回购规模自2018年开始显著增长。2005年《公司法》修订， 首次允许股份回购，全年仅2家公司完成回购，累计金额不足5亿元；2015年 证监会鼓励回购作为救市工具，回购金额增长；2018年10月，《公司法》增 加了三条回购股份的情形，2018全年的回购规模突破490亿元，回购逐步成 为主流市值管理工具。2022年证监会发布《上市公司股份回购规则》；2023 年政策鼓励回购股份注销，明确不计入利润分配限制，2024年4月12日"新 国九条"引导上市公司回购股份后依法注销，2024年回购金额1656.3亿元创 历史新高。 2024年主动回购的上市公司数量超过被动回购家数。按行业划分，完成回购 的上市公司主要集中在科技成长板块，如计算机、医药生物、电子、机械、电 力设备。按回购目的划分，A股主动回购的公司数从2021年的387家增长至 2022年的526家，2023年为616家，2024年为1216家，超过被动回购 ...

证券研究报告/行业研究 政策促进文旅消费，清明出游预定数据良好 ——旅游行业动态追踪 投资要点 ➢ 政策发力，广东省提出2027年旅游总收入突破1.3万亿元 3月16日中共中央办公厅，国务院办公厅印发《提振消费专项行动方案》， 支持符合条件的消费、文化旅游等领域项目发行基础设施领域不动产投资信 托基金（REITs）；此外广东省近日发布了《关于推动旅游业高质量发展加快 建设旅游强省的若干措施》，包括增强旅游基础设施建设、推广广东特色旅 游品牌、以及鼓励文化与旅游的深度融合等，且明确提出实施文旅投资100 项在建重大项目和100项重点招商项目"双百"计划，力争到2027年，全省 年接待游客突破9.5亿人次，旅游总收入突破1.3万亿元。 ➢ 清明出游热，机酒预定增势良好 春季到来，气温逐渐升高，清明节小长假即将来临。根据航旅纵横，截至3月 25日，国内航线机票预订量超175万张，同比增长约12%。去哪儿大数据显 示，清明出游以短途为主，京津冀、江浙沪、成渝、两湖、粤港澳2小时高铁 圈内的游客流动频繁。从酒店预定来看，长三角地区热门目的地为上海、南 京、杭州、苏州、扬州、无锡、徐州、黄山、宁波和嘉兴。下沉市场中高端酒 ...

Group 1 - The A-share repurchase policy has evolved from a "market rescue tool" to "market regulation" and now to "value guidance," with the China Securities Regulatory Commission (CSRC) encouraging companies to enhance investment value through repurchases and increases in shareholding [1][9][10] - The number of companies engaging in repurchases has increased from 363 in 2020 to 585 in 2024, with annual repurchase amounts maintaining around 100 billion yuan, predominantly among small-cap companies in growth sectors such as pharmaceuticals, machinery, chemicals, electronics, and power equipment [1][15][19] Group 2 - The average excess return for companies announcing their first repurchase is 3.4% over 90 days, indicating a positive impact on market value, although individual results vary significantly [1][19][20] - Companies with executives (directors, supervisors, and senior management) making repurchase announcements see an average excess return of 3.8% over 90 days, which is higher than that of non-executive shareholders [2][20] - Small-cap companies with a market value below 5 billion yuan experience an average excess return of 7.0% following repurchase announcements, suggesting a stronger market response to such actions [2][24] Group 3 - Practical recommendations for companies include choosing the right timing for repurchases when stocks are undervalued, ensuring the scale of repurchases aligns with available funds, and coordinating repurchase tools with other strategies [3][26] - Companies should manage the announcement rhythm to align with market expectations and track the effects of repurchase announcements on excess returns and trading volume [3][27] - A case study of Sichuan Road and Bridge demonstrates effective use of repurchases to manage market value, with significant stock price increases following their announcements [3][28][30]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research in the past 30 days include Weisheng Information, Anpeilong, Jiangbolong, and Zhaomin Technology [11] - In the last five days, the most researched companies include Zoli Pharmaceutical, Oke Yi, Guangdong Expressway A, Chaojie Co., and Haitai Technology [11] - Among these companies, nine have received coverage from ten or more rating agencies, including Weisheng Information, Guangdong Expressway A, Hangzhou Bank, Ningbo Bank, and Huarui Precision [11] - Ningbo Bank reported a 6% year-on-year increase in net profit attributable to shareholders for 2024 compared to 2023 [11] Group 2: Major Shareholder Increase in A-Share Listed Companies - From March 10 to March 16, 2025, eight companies announced significant shareholder increases, including Luzhou Laojiao, Funiu Co., Wangneng Environment, and others [14] - Among these companies, Luzhou Laojiao and Funiu Co. have received coverage from more than ten rating agencies [14] Group 3: A-Share Buyback Situation - From March 10 to March 16, 2025, a total of 128 companies announced buyback progress, with 31 companies filtered based on having coverage from ten or more rating agencies [17] - Ten companies are expected to have a buyback amount that exceeds 1% of their market value on the announcement date, including Zhengmei Machine, Shengquan Group, and Jingwei Hengrun-W [17] Group 4: Year-to-Date Shareholder Increases - From January 1 to March 16, 2025, 73 companies announced significant shareholder increases, with 14 having coverage from more than ten rating agencies [15] - Companies with a proposed increase amount that exceeds 1% of their market value include Xinjie Energy, Wanrun Co., Xingfa Group, and Lege Co. [15] Group 5: Year-to-Date Buyback Situation - From January 1 to March 16, 2025, a total of 946 companies announced buyback progress, with 173 having coverage from more than ten rating agencies [19] - Among these, 53 companies are expected to have a buyback amount that exceeds 1% of their market value, with Haitai New Light, Sanor Bio, and Huaming Equipment in the board proposal stage [19] Group 6: Institutional Fund Flow - From March 10 to March 14, 2025, various sectors such as non-bank financials, media, textiles, steel, and utilities received net inflows from institutional funds [22] - In the past 30 days, sectors like real estate, textiles, building materials, and food and beverage also saw net inflows [26] Group 7: Investment Recommendations - For institutional research, it is recommended to focus on Ningbo Bank, which has high research activity and a reported 6% increase in net profit for 2024 [28] - For significant shareholder increases, attention is drawn to Xinjie Energy, Wanrun Co., Xingfa Group, and Lege Co., which have a proposed increase amount exceeding 1% of their market value [28] - For buybacks, companies with significant buyback amounts and those in the board proposal stage, such as Haitai New Light, Sanor Bio, and Huaming Equipment, are recommended for attention [28]

% 原达 证券研究报告/投资策略 报告日期:2025年03月14日 受春节错月等因素影响国内 2月份物价有所回落,美国 2 月 CPI 超预期"降温" 宏观策略周报 分析师:刘丽影 执业登记编号: A0190519050001 liuliying@yd.com.cn 2.9%，环比增速从之前0.5%骤降至0.2%，市场预期0.3%。分项指标中，石油需 求降温,汽油价格下跌1.0%，食品价格在1月份上涨0.4%后上涨0.2%。其中,鸡 蛋价格环比上涨10.4%，同比上涨58.8%，一场持续的禽流感正在肆虐该行业，不 过水果和蔬菜以及非酒精饮料和乳制品的价格更实惠。剔除波动较大的食品和能 源成分,核心CPI同比上涨3.1%，创2021年4月以来新低,较1月回落0.2个百分点， 月率在1月份上涨0.4%后降至0.2%。 市场概览 △ 本周国内证券市场主要指数表现分化，其中上证指数涨幅最大为2.2%。申万一级 行业中，美容护理行业涨幅最大为8.2%。 两会胜利召开,今年政府工作报告以扩大内需为核心，消费与投资协同发力：消 费升级通过特别国债支持汽车家电换新,扩大服务供给;有效投资聚焦基建民生 及重大项目;培育新质生产 ...

投资要点 ➢ ➢ ➢ -15% -10% -5% 0% 5% 10% 15% 20% 25% 000300.SH 请阅读最后评级说明和重要声明 ➢ ➢ ➢ ➢ ➢ 7d 源达 目录 | 一、宏观层面 . | | --- | | 1.经济目标稳中求进、以进促稳 | | ２.货币政策适度宽松 … | | ３.财政政策更加积极 | | 4.房地产以稳为主 | | 5.资本市场加快改革 … | | 二、产业层面 … | | шиншишишишишини 8 1.消费提振位列十大主要任务之首 . | | 2.因地制宜发展新质生产力 .. | 图表目录 | 图 1： 2024 年与 2025 年政府财政赤字对比(万亿元) … | | --- | | 图 2： DeepSeek 显著提升了算力利用效率 … | | 图 3: Al 智能体已从"数字"走向"具身" | | 图 4： 人形机器人已经迈入智能化发展阶段 . | | 表 1：2024 年与 2025 年政府工作报告主要目标对比表 | | --- | | 表 2： 2015-2025 年政府工作报告经济增长目标情况 | | 表 3： 2015-2025 年政府工作报 ...