Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [18]. Core Insights - The report provides a detailed analysis of the performance of stocks listed on the North Exchange, highlighting significant fluctuations in stock prices across various sectors as of March 11, 2025 [7][8]. - The report includes a comparative analysis of the average trading volume and turnover rate on the North Exchange, indicating a growing interest in this market segment [6]. - The report identifies the top ten gainers and losers in the market, showcasing the volatility and potential investment opportunities within the North Exchange [7][8]. Summary by Relevant Sections - **Market Performance**: The North Exchange has shown varied performance with notable increases in certain stocks, such as 卓兆点胶 (29.99% increase) and 倍益康 (23.76% increase), while others like 立方控股 experienced significant declines (-18.34%) [7][8]. - **Trading Activity**: The total trading volume reached significant levels, with a turnover rate averaging around 16% as of the reporting date, indicating active market participation [6]. - **Sector Analysis**: The report includes a breakdown of price-to-earnings (PE) ratios across different sectors, providing insights into valuation trends and potential investment areas [12].

-20% 0% 20% 40% 60% 80% 北证50 沪深300 -40% ⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.11) ■北交所算数平均涨跌幅 ■A股算数平均涨跌幅 10 8 6 4 2 0 -2 -4 资料来源：iFinD，中国银河证券研究院 2 北交所日报 泉河证券|CGS 资料来源：iFinD，中国银河证券研究院 表2：跌幅前十股票的市场数据（2025.03.11/财务数据为 2024Q3) | | 序号 | 代码 | 筒称 | 所属行业 | 今日涨跌幅 | 市値 | 营业收入 | 归母净利润 | 市盈率 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) | (亿元) | (亿元) | (亿元) | (PE-TTM) | | | I | 833030.BJ | 立方控股 | 计算机 | -18.34 | 31.55 | 1.90 | -0.49 | -119.78 | | | 2 | 83 ...

国补持续兑现,持续关注 AI 拉动效 核心观点 家居:25年国补金额揭晓,政策有望持续兑现。 0 2025 年政府工作报告明确提出"安排超长期特别国债 3000 亿元进一步支持 以旧换新工作",补贴额度较 2024年进一步提高,同时我们预计家居品类享 受额度占总额度比重有望较24年增加。伴随 2025年各地以旧换新政策陆续, 预计下游需求有望进一步修复。 上市公司开年目标揭晓,引领行业高质量发展。2 月以来多家上市公司召开 2025 年营销峰会,明确 25年经营目标。叠加国补对业绩的催化作用,行业集 中度有望进一步提高。 AI 赋能产业升级,共绘"AI+家居"未来蓝图。AI 赋能产业的趋势仍不断加 强,目前家居行业中已居然智家、尚品宅配、趣睡科技等企业官宣接入 DeepSeek，AI 对产业链的赋能效果有望持续显现。 包装:下游需求稳健,铝价短期波动上行。 ● 2024 年 12 月,我国社会消费品零售总额 45172.0 亿元,同比+3.7%;其中限 额以上企业零售额饮料类/烟酒类/化妆品类/日用品类 24 年 12 月同比分别- 8.5%/10.4%/0.8%/+6.3. 下游需求整体稳健。成本端看,截至 ...

Investment Rating - The report maintains a positive outlook on the power equipment and new energy industry, highlighting high growth potential and certainty in sectors like energy storage and lithium batteries [5][11]. Core Insights - Energy storage is expected to maintain high prosperity with a cumulative installed capacity CAGR of 37% from 2023 to 2030, emphasizing the importance of selecting leading companies in the sector [5]. - Lithium battery demand is supported by three main factors: policy-driven growth in new energy vehicle demand, the explosion of energy storage, and a recovery in material supply [5]. - The photovoltaic sector is anticipated to rebound in the second half of 2025, driven by high-quality demand and industry collaboration [5]. Summary by Sections Market Review - From February 28 to March 7, 2025, the CSI 300 index increased by 1.39%, the ChiNext index by 1.61%, and the new energy index by 1.16%, ranking 16th among industries [11]. Valuation Analysis - As of March 7, 2025, the price-to-earnings ratio (TTM) for the power equipment and new energy industry is 26.64, which is at 29.69% of its 10-year historical valuation percentile, indicating it is at a historical low [15][17]. Industry Data Tracking - The photovoltaic industry is entering a downcycle in pricing, with significant price drops in silicon materials and components, leading to a pressure on profit margins [20][25]. - As of March 5, 2025, the price of high-grade dense silicon is 38.00 yuan/kg, with single-sided monocrystalline PERC components priced at 0.69 yuan/W [21]. Key News Tracking - The report highlights significant developments in the wind power sector, including a total of 4.12GW of wind power projects awarded in February 2025, with major players like Envision and Goldwind leading the bids [50]. - The report also notes the establishment of a new company by State Grid in Xiong'an, indicating ongoing investments in the energy sector [63].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [5] Core Insights - The new energy vehicle (NEV) market showed a strong recovery in February, with a retail penetration rate of 51.5%. The impact of the vehicle pickup cycle before the Spring Festival led to a temporary decline in sales, but post-holiday incentives from manufacturers have driven a robust recovery [12][13] - The automotive market is gradually emerging from the traditional off-season, with the "old-for-new" policy gaining traction and new products from domestic brands set to boost the NEV market, potentially increasing penetration rates month by month [3][14] Summary by Sections 1. Biweekly Insights Update - February saw a strong recovery in the NEV market, with the penetration rate rebounding to 51.5% after a dip below 50% in January due to pickup delays before the Spring Festival. The elimination of these delays and the introduction of purchase incentives have contributed to this recovery [12][13] 2. Market Review - In February, the national retail sales of passenger vehicles reached 1.397 million units, a year-on-year increase of 26%, while wholesale sales were 1.781 million units, up 35% year-on-year. The cumulative retail sales for the year so far stand at 3.191 million units, reflecting a 1% increase year-on-year [2][13] - The NEV market saw retail sales of 720,000 units in February, marking an 85% year-on-year increase, with cumulative sales for the year at 1.465 million units, up 38% year-on-year [2][13] 3. Industry News - The "old-for-new" policy has resulted in over 1 million applications for vehicle scrapping and replacement subsidies, indicating early positive effects even during the traditional off-season [2][3] - The inventory warning index for automotive dealers in February was 56.9%, down 7.2 percentage points year-on-year, indicating improved inventory management, particularly among domestic brands [14] 4. Key Company Dynamics - Recommended companies include BYD and Li Auto for complete vehicles, while companies like Huayu Automotive, Bertel, and Desay SV are highlighted in the components and smart technology sectors [8]

行业周报 全国两会召开,宏观政策更加积极有为 银行业周报 (2025.03.03-2025.03.09) 2025年3月9日 核心观点 银行业 | 维持 | | --- | | 推荐 | 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-03-07 资料来源:ifind. 中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 银行板块表现弱于市场:本周沪深 300 指数上涨 1.39%,银行板块上涨 ● 1.13%。国有行、股份行、城商行、农商行分别-0.47%、+2.19%、+1.27%、 -0.11%。个股方面,齐鲁银行（+4.65%）、招商银行(+3.61%)、兴业银行 (+2.94%)、苏州银行(+2.54%)、杭州银行(+2.43%)涨幅居前。截至 3 月 7 日,银行板块 PB ...

行业点评报告 ·银行业 多维剖析经济主题记者会:银行量价险的突破点 全国两会经济主题记者会解读 2025年3月9日 银行 | | | 分析师 张一纬 ☎：010-8092-7617 网: zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2024-03-07 资料来源:ifind. 中国银河证券 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件:全国两会举行经济主题记者会,我们从财政、货币、科创、消费、重点 ● 领域化险的多维角度,剖析银行量价险的突破点。 财政政策更加积极,政府债发行使用加速,银行短期信贷受益:财政持续 0 用力给力,体现到政府债券上主要包括:今年新增地方政府专项债 4.4 万亿 元,发行超长期特别国债 1.3 万亿元,发行首批特别国债 5000 亿元支持国有 大行增资。政府债发行及两重、两新支持力度加大,将进一步撬动银行相关领 域配套信贷需求 ...

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

请务必阅读正文最后的中国银河证券股份有限公司免责声明 | | | -20% 0% 20% 40% 60% 通信 沪深300 公司深度报告 · 通信行业 中国银河证券|CGS AI 浪潮大周期,数智云应用破局 ―― 中国联通（600050.SH）深度报告 通信首席分析师:赵良毕 通信分析师:赵中兴 研究助理：刘璐 www.chinastock.com.cn 证券研究报告 3 公司深度报告 · 通信行业 中国银河证券|CGS 目录 Catalog | 一、 联通创新与股权优化,深化改革促产业链升级 | | --- | | (一） 创新不断，推动通信服务升级变革 . | | (二) 战略投资者促多元化发展, 优化股权助市场化治理 | | 深化改革持续推进,算网产业链"链主"引领作用增强 . (三) | | 二、 夯实科技 ICT, 价值重构带来估值提振 | | (一) 运营商行业基本面稳健、电信业务总量两位数增长 | | (二) 电信周期波动促运营商求新,AI 赋能加速数字化转型… | | 5G 投资结构调整，资本开支优化助力算力新业务崛起 (三) | | (四) 提质增效重回报，价值重构有望带来估值溢价 … | ...

公司点评报告 · 计算机行业 业绩短期承压, AI 浪潮下液冷龙头厚积薄发 分析师 吴砚靖 ☎: 010-66568589 网:wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 研究助理:胡天昊 | 市场数据 | 2025-3-7 | | --- | --- | | 股票代码 | 872808.BJ | | A 股收盘价(元) | 71.21 | | 上证指数 | 3,372.55 | | 总股本(万股) | 20000 | | 实际流通 A 股(万股) | 19.460.33 | | 流通 A 股市值(亿元) | 142.42 | www.chinastock.com.cn 证券研究报告 2025 年 3 月 7 日 曙光数创 (872808.BJ) 推荐 维持评级 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对北证 50 表现图 2025-3-7 料来源：Wind，中国银河证券研究院 事件:3月3日,公司发布 2024年年度业绩报告。报告期内,公司实现营 ● 业收入 5.06 亿元,较上年同比下降 22.15%,实现归属上市公司股东的净 利润 ...