Investment Rating - The industry investment rating is maintained at "Overweight" [10] Core Insights - The release of the "Guidelines for Clinical Trial Design of New Drugs for Advanced Gastric Cancer" marks a significant step towards scientific and standardized treatment in this field, addressing a major cause of cancer mortality globally, particularly in China [10] - The guidelines are expected to enhance the efficiency of new drug development and accelerate the market entry of innovative treatments for advanced gastric cancer [10] - The demand for new treatment options is urgent due to the large patient population suffering from advanced gastric cancer, with a 5-year survival rate of only 5-20% [10] Summary by Relevant Sections Policy Drivers - Increased government support for the biopharmaceutical industry is anticipated to create a favorable environment for the development of new drugs for advanced gastric cancer [10] Technological Innovations - The emergence of new technologies such as biological testing and molecular typing is shifting the focus towards personalized treatment, with the guidelines emphasizing the use of biomarkers [10] Market Demand - The substantial patient population for advanced gastric cancer is driving the need for innovative treatment methods, leading to a continuous growth in market demand [10] Recommended Focus Areas - Innovative drug companies, particularly those leading in advanced gastric cancer drug development, such as Heng Rui Medicine and BeiGene [10] - Biomarker testing companies, which are crucial for the development of new drugs, such as BGI Genomics and Dean Diagnostics [10] - Medical service companies that provide comprehensive support for advanced gastric cancer treatment, such as Mindray Medical and Aier Eye Hospital [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights a 5.6% year-on-year growth in domestic smartphone shipments in 2024, with an estimated total of approximately 286 million units [3][5] - Global smartphone revenue is projected to grow by 5% in 2024, with an average selling price (ASP) reaching a record high of $356, reflecting a 1% increase year-on-year [5] - The integration of AI technologies, such as DeepSeek, is expected to drive consumer demand for smartphone upgrades, particularly in the context of government subsidy policies in 2025 [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 41.97% and an absolute return of 59.28% [2] Key Events - The report notes significant product upgrades in the smart driving hardware sector and the release of new PC-level chips, indicating a positive outlook for future demand [3] - Major smartphone manufacturers, including vivo, Huawei, and Apple, dominate the market with respective shares of 17.2%, 16.6%, and 15.6% in 2024 [5] Investment Recommendations - The report suggests focusing on companies within the smartphone supply chain, including Xiaomi-W, Transsion Holdings, and ODM manufacturers like Huaqin Technology and Longqi Technology, as well as companies related to heat dissipation and CMOS sensors [5]

Investment Rating - The industry investment rating is upgraded to "Overweight" for the first time [4] Core Insights - The newly revised "Military Equipment Research Regulations" aims to promote high-quality development in military equipment research, featuring five key characteristics: process reengineering, modernization of management requirements, optimization of project approval, systematic quality and price control, and a comprehensive supervisory framework [4] - The successful maiden flight of the Long March 8 modified rocket enhances China's competitiveness in the low Earth orbit sector, with a payload capacity of 7 tons to a 700 km sun-synchronous orbit, indicating improved satellite internet capabilities [4] - The restructuring of military state-owned enterprises, including the Weaponry Equipment Group, is expected to create new investment opportunities in the military industry, supported by national policy [4] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -0.65% over the past month, -5.72% over the past three months, and a positive 7.87% over the past year compared to the CSI 300 index [2] Key Events - The release of the new military equipment research regulations and the successful launch of the Long March 8 modified rocket are significant developments in the defense and aerospace sectors [3][4] Investment Recommendations - Future prospects for the military industry are promising due to the implementation of the new regulations, advancements in information technology, and ongoing restructuring of military state-owned enterprises [4]

其次是中证 1000（24.09%）和沪深 300（21.12%）。各宽基指数当前换手率分别为 中证 2000（4.31），创业板指（3.5），中证 1000（3.07），中证 500（1.9），中证 全指（1.88），沪深 300（0.54）和上证 50（0.34）。 ◆日收益率分布：创业板指的峰度正偏离最大，中证 2000 的峰度正偏离最小。创 业板指正偏态最大，中证 500 的正偏态最小。 ◆风险溢价：2025 年 2 月 14 日, 创业板指（86.19%）和沪深 300（80.48%）风险溢 价近 5 年分位值较高，中证 1000（66.19%）和中证 2000（41.35%）较低。 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 上涨，其中创业板指（1.8%）和沪深 300（0.87%）涨幅最大。当年涨跌情况，中 证 2000（6.75%）涨幅最大，其次是中证 1000（4.89%）和中证 500（3.88%），创 业板指（3.44%）和中证全指（2.62%）涨幅扩大，而上证 50（-0.89%）涨幅最小。 另外，上证 50 连续三日连阳、三周连阳。 ...

证券研究报告·行业点评报告 2025 年 2 月 14 日 江海证券研究发展部 执业证书编号：S1410524050001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 2.69 -3.78 -16.16 绝对收益 8.51 -7.96 0.9 数据来源：聚源 注：相对收益与沪深 300 相比 业：医保即时结算政策加速落地，促使医 疗机构流动性和效率提升 – 2025.01.15 4. 江海证券-行业点评报告-医药生物行 业：上海市脑机接口政策将进一步激活其 市场应用空间 – 2025.01.15 5. 江海证券-行业点评报告-医药生物行 业：养老服务改革深化，关注产业链与科 技创新机遇 – 2025.01.10 医药行业研究组 分析师：吴春红 激发支付与供给两端新活力：医保钱包 开通地扩容，天津市全链条力推生物医 药创新 事件： 投资要点： 投资建议：随着医保钱包开通地区的扩容，及天津市全面推行支持生物医药创 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告 ...

证券研究报告·公司深度报告 2025 年 2 月 14 日 江海证券研究发展部 三祥科技 831195.BJ 汽车行业 分析师：张诗瑶 专注车用胶管及总成产品，主机配套市 场+售后市场并重发展 投资要点： | 相对收益 | -6.84 | -7.23 | -38.83 | 财务预测 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 绝对收益 | 17.42 | -17.54 | 11.82 | 营业总收入（百万元） | 724.89 | 828.21 | 921.71 | 1,077.86 | 1,249.92 | | 数据来源：聚源 | | 注：相对收益与北证 | 50 相比 | 增长率（%） | 18.36% | 14.25% | 11.29% | 16.94% | 15.96% | | 相关研究报告 | | | | 归母净利润（百万元） | 64.84 | 83.77 | 52.18 | 76.77 | 94.29 | | | | | | 增长 ...

证券研究报告·公司深度报告 2025 年 2 月 14 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级: | 增持 (首次) | | --- | --- | | 当前价格: | 25.86元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 80.68 | | A 股股本(百万股) | 80.68 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 33.55 | | 12 个月最高/最低(元) | 36.59/9.32 | | 第一大股东 | 周豪良 | | 第一大股东持股比例(%) | 42.43 | | 上证综指/沪深 300 | 3322.17/3901.06 | 数据来源：聚源 注：2025 年 2 月 10 日数据 % 1 个月 3 个月 12 个月 相对收益 -1.23 -11.02 87.67 绝对收益 18.41 -22.94 136.20 数据来源：聚源 注：相对收益与北证 50 相比 | | | 分析师：张婧 工业连接方案集成制造商，下游 ...

证券研究报告·行业点评报告 2025 年 2 月 14 日 江海证券研究发展部 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.34 -4.27 -23.83 绝对收益 1.56 -9.28 -7.78 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 2 月 13 日数据 -34% -21% -8% 4% 17% 30% 2024-02 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 两会政策窗口临近，关注消费顺周期板 块 事件： 投资要点： 大众品板块中啤酒、调味品已经逐步走出调整，速冻和复合调味料有望在餐饮 需求复苏下实现受益，整体供需格局在 2025 年有望得到改善。建议关注餐饮链 的安井食品、立高食品，宝立食品，调味品中的天味食品，千禾味业。 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报 ...

证券研究报告·公司深度报告 2025 年 2 月 13 日 江海证券研究发展部 分析师：张婧 1.08、1.30 亿元，同比增长率分别为 38.12%、24.98%、20.46%；EPS 分别 为 0.76、0.95、1.14 元/股，对应 PE 分别为 68.47、54.79、45.48 倍。考虑公 司产品下游需求较为确定，业绩有望持续稳健增长。首次覆盖，给与增持评级。 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 | 市场数据 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总股本(百万股) | | | 114.13 | | | | | | | | | A 股股本(百万股) | | | 114.13 | | | | | | | | | B/H 股股本(百万股) | | | | | | | | | | -/- | | A 股流通比例(%)） | | | | | 22.89 | | | | | | | 12 个月最高/ ...

执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 18.07 10.58 20.77 绝对收益 23.09 5.46 37.26 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 节档票房新高，《哪吒之魔童闹海》票房 创影史记录 – 2025.02.07 3. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 证券研究报告·行业点评报告 2025 年 2 月 13 日 江海证券研究发展部 传媒行业 信小店风起，春节有望裂变 – 2025.01.03 5. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 分析师：张婧 豆包大模型团队提出全新超稀疏架构， 推理成本大幅下降 事件： 行业评级：增持（维持） 2025 年 2 月 12 日，字节跳动豆包大模型团队提出了全新的稀疏模型架构 Ult ...