Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics sector shows strong demand with a year-on-year growth of 22.4% in the volume of express deliveries for January and February, totaling 28.48 billion pieces and generating revenue of 221.04 billion yuan, which is an 11.2% increase [4] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for upward movement in stock prices. Current booking data suggests a short-term rebound, presenting a value opportunity for investors [10][12] - The shipping sector is experiencing a tightening supply due to limited new orders for oil tankers and an aging fleet, while demand is expected to rise due to increased non-OPEC production and sanctions on oil trade with Iran and Russia [12] Summary by Sections Express Logistics - The express delivery industry reported a total of 135.9 billion pieces in February, with a year-on-year growth of 58.8% and revenue of 99.09 billion yuan, up 30.4% [21][24] - Major companies to watch include Zhongtong Express, YTO Express, and Shentong Express, which are positioned for long-term growth and recovery [12] Airline Industry - The airline sector is characterized by low long-term supply growth, with demand expected to benefit from macroeconomic recovery. The current booking data indicates a potential rebound, making it a good time for investment [10] - Key companies to focus on include China National Aviation Holding, Southern Airlines, and Hainan Airlines [10][12] Shipping and Vessels - The oil tanker market is expected to see sustained demand growth due to limited new orders and increased sanctions on oil trade, while the dry bulk shipping market is anticipated to recover as environmental regulations push out older vessels [12] - Companies to consider include China Shipping Development and COSCO Shipping Energy Transportation [12]

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 zhengbingqian@huayuanstock.com 美股温和反弹，等待下周利率决议 投资评级： 无 ——海外科技周报（25/3/10-25/3/14） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 海外 AI：本周美股市场经历了显著波动，尤其是科技股表现疲软。纳斯达克指数在本周累计下跌超过 2.4%，周 四单日跌幅达 1.96%，反映出科技股遭遇持续抛售压力。市场波动的主要原因包括对美国经济衰退的担忧、关税 政策的不确定性以及债券收益率上升，这些因素共同扭转了投资者的风险偏好，周前期 VIX 恐慌指数飙升，创下 近期高点。尽管如此，科技股在周后期显示出一定韧性，但市场情绪仍趋于谨慎。此外，本周美国本土铀矿企业 UEC 发布财报，本周 UEC 发布 FY2Q25 季度报告 ...

张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 板块表现： 民航换季计划发布，快递 1-2 月需求高增 投资评级： 看好（维持） —交通运输行业周报（2025 年 3 月 10 日-2025 年 3 月 16 日） 投资要点： 一、行业动态跟踪 快递物流： 1）邮政局公布 1-2 月快递行业数据，1-2 月行业件量累计同比增长 22.4%。根据国 家邮政局发布数据，1 - 2 月快递业务量累计 284.8 亿件、收入累计 2210.4 亿元， 分别同比增长 22.4%、11.2%。1 - 2 月快递与包裹服务品牌集中度指数 CR8 为 87.1， 较 1 月上升 0.5。2 月快递业务量 1 ...

航运港口 行业点评报告 hyzqdatemark 2025 年 03 月 16 日 投资评级： 看好（维持） 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 请务必仔细阅读正文之后的评级说明和重要声明 联系人 板块表现： 源引金融活水 润泽中华大地 图表 1：美联储利率与原油油价波动呈现一定关联性 资料来源：iFinD，华源证券研究所 图表 2：全球原油库存处于 2020 年来低位 图表 3：全球陆地库存处于低位 资料来源：IEA，华源证券研究所 资料来源：IEA，华源证券研究所 图表 4：OECD 商业原油库存近期处于低位 图表 5：美国商业原油库存 2022 年后维持较低水平 美国衰退预期带跌油价，关注后续原油补库 ——航运船舶市场系列（十三） 投资要点： 投资评级说明 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][35] Core Viewpoints - The report emphasizes the potential for accelerated growth in companies related to fertility support policies, with a strong recommendation for 麦澜德 (Milan) as a key player in this sector [3][11] - The industry is expected to benefit from a combination of innovation, international expansion, and an aging population, with a focus on identifying undervalued opportunities [24][36] Summary by Sections 1. Fertility Policies and Company Performance - Recent fertility policies are anticipated to boost the performance of related companies, particularly 麦澜德, which specializes in pelvic rehabilitation and postpartum recovery [11][17] - The report highlights a significant decline in birth rates, with 2023 figures showing a drop to 9.02 million births, necessitating government intervention through supportive policies [11][12] 2. Industry Perspective - The report outlines a strategic focus on innovation, international expansion, and addressing the needs of an aging population as the main themes for investment [24][36] - The pharmaceutical index has shown a 1.77% increase over the week, with notable individual stock performances, including 金城医药 (Jincheng Pharmaceutical) and 塞力医疗 (Saili Medical) [24][25] 3. Recommended Stocks - Key stocks to watch include 麦澜德, 一品红 (Yipinhong), and 健民集团 (Jianmin Group), among others, as they are positioned to benefit from the current market dynamics [40][36] - The report suggests a diversified approach, focusing on innovative pharmaceuticals, medical devices, and companies with strong international growth potential [36][38]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 关注生育补贴政策，重点推荐麦澜德 投资评级： 看好（维持） ——医药行业周报（25/3/10-25/3/14） 投资要点： 风险提示：行业竞争加剧风险，政策变化风险，行业需求不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：3 月 10 日至 3 月 14 日，医药指数上涨 1.77%，相对沪深 300 指数超额收益为+0.18%。本周华为 AI 医疗概念、脑机接口、生育政策等相关标的表现 较为活跃，如塞力医疗、诚益通、麦澜德、锦欣生殖等涨幅较好。建议关注：1）生育政 策受益相关个股，如麦澜德、锦欣生殖、华特达因、长春高新等；2）年报和一季报业绩， 如出口链、中药、医疗设备、医疗服务、CXO 及上游等领域的个股；3）医药最为明确 的方向创新药，继续关注三生制药、康方生物、科伦博泰、热景生物、广生堂、一品红、 科伦药业、泽璟制药等； 医药指数和各细分领域表现、涨跌幅：本周医药指数上涨 1.77%。本周上涨个股数量 372 家，下跌个股数量 117 家，涨幅居前为金 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 铜冶炼厂减产，铜价有望上行 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/3/10-2025/3/14） 投资要点： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜 ： 冶 炼厂 减 产 叠 加 刚 果金 战 乱 扰 动 ， 铜价 上 涨 。 本 周 美铜/ 伦 铜 /沪 铜 分别 上 涨 3.59%/1.52%/2.7 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 铜冶炼厂减产，铜价有望上行 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/3/10-2025/3/14） 投资要点： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜 ： 冶 炼厂 减 产 叠 加 刚 果金 战 乱 扰 动 ， 铜价 上 涨 。 本 周 美铜/ 伦 铜 /沪 铜 分别 上 涨 3.59%/1.52%/2.7 ...

证券研究报告 | 北交所定期报告 | | --- | 投资要点： hyzqdatemark 2025 年 03 月 15 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北证 50 指数迎今年第一轮调整，开发科技正式启动新股申购 证券分析师 ——北交所周观察第十七期（20250316） 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 北交所再增一单定向可转债发行项目-万通液压公司。2025 年 3 月 12 日，万通液压 披露再融资预案，拟通过向特定对象发行可转换公司债券，募集资金 1.5 亿元（全部 用于补充流动资金），其中盘古智能拟以现金方式认购本次可转债金额不低于 1.2 亿元。这是继 2025 年 2 月优机股份披露定向可转债再融资项目以来，北交所市场披 露的第二单定向可转债再融资项目。万通液压是一家主要从事自卸车专用油缸、机 械装备用缸和油气弹簧等液压产品研发、生产和销售的国家级专精特新"小 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has established a strategic partnership with Pangu Intelligent to expand its business dimensions and is intensifying its layout in the humanoid robot sector [5] - In 2024, the company reported a revenue of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is focusing on the transformation of its core business towards intelligence and greening, with a significant increase in revenue from its oil and gas spring business, which grew by 93% year-on-year in 2024 [6] Financial Performance Summary - The company achieved a total revenue of 629 million yuan in 2024, a decrease of 5.99% compared to 2023, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% [8] - The gross margin improved to 27.93%, up by 6.2 percentage points year-on-year, driven by growth in the gross margins of all three main business segments [6][8] - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 186 million yuan, and 221 million yuan respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7][8] Business Development - The company is actively developing new customers domestically and has seen significant success in expanding its international market, with overseas revenue increasing by 63% year-on-year in 2024 [6] - The company has successfully developed new products such as the intelligent weighing full oil-gas suspension system and the candle-type suspension oil-gas spring, which are expected to enhance its market presence [6] - The strategic cooperation with Pangu Intelligent is anticipated to broaden the company's business coverage and enhance its overall competitiveness [6]