Investment Rating - The report maintains a "Buy" rating for Dongfang Caifu (300059.SZ) [6][3] Core Views - Dongfang Caifu reported a total revenue of 11.604 billion and a net profit attributable to shareholders of 9.610 billion for 2024, representing year-on-year increases of 4.7% and 17.3% respectively [6][3] - The company experienced significant growth in Q4 2024, with revenues and net profits reaching 4.301 billion and 3.568 billion respectively, reflecting quarter-on-quarter increases of 82.3% and 79.7% due to active trading [6][3] - The brokerage's market share in margin trading increased, with a year-on-year growth of 27.2% in margin balance, reaching 58.9 billion, and a market share increase of 0.35 percentage points to 3.16% [2][3] Financial Performance Summary - For 2024, the company's operating revenue, net interest income, and net commission income were 3.111 billion, 2.381 billion, and 6.113 billion respectively, with year-on-year changes of -20.0%, +6.9%, and +23.1% [2][4] - The company's self-operated investment performance was strong, with investment income and fair value changes totaling 3.371 billion, a year-on-year increase of 50.8% [2][3] - The projected net profits for 2025 and 2026 are 10.502 billion and 11.302 billion respectively, with year-on-year growth rates of 9.3% and 7.6% [3][4] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 0.61, with a price-to-earnings (P/E) ratio of 40.1 [4][12] - The return on equity (ROE) for 2024 is expected to be 12.64%, reflecting a year-on-year increase of 0.7 percentage points [6][3] - The total revenue for 2025 is estimated to reach 14.491 billion, representing a growth rate of 24.9% [4][12]

Investment Rating - The industry investment rating is "Overweight" [6][22] Core Viewpoints - Cobalt prices have surged to 261,000 CNY/ton, marking a 64.15% increase since February 24, 2025, indicating a potential recovery in the cobalt supply-demand structure [3][10] - The Democratic Republic of the Congo (DRC), as the largest cobalt supplier, has suspended cobalt exports for four months to address oversupply issues, which may lead to short-term price fluctuations [2][4] - The DRC's GDP is projected to exceed 70 billion USD in 2024, with mining contributing 30%-40% of this GDP, suggesting that the government will likely resume exports after the suspension period to maintain economic stability [3][4] Supply and Demand Summary - The DRC holds approximately 6 million tons of cobalt reserves, accounting for 54.44% of global reserves, and produced 220,000 tons in 2024, representing 75.86% of global production [4][11] - The suspension of exports is expected to reduce cobalt supply by 73,000 tons in 2025, potentially exacerbating supply shortages [4] - Cobalt demand is primarily driven by the battery sector, which accounted for 68.8% of global consumption in 2020, with projections for demand from electric vehicle batteries reaching 88,500 tons, 106,900 tons, and 126,200 tons from 2024 to 2026 [4][21] Investment Recommendations - The report suggests that cobalt prices may stabilize and recover, with a potential improvement in the supply-demand structure. Investors are advised to focus on companies that may benefit from rising cobalt prices, such as Huayou Cobalt, Tengyuan Cobalt, and Hanrui Cobalt [5][21]

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark by over 10% in the next 6-12 months [7]. Core Insights - The report continues to recommend investment in AI software applications, highlighting the potential of the domestic AI computing power industry chain. It also maintains a positive outlook on humanoid robots and the related electronic industries, as well as the valuation reassessment in the Hong Kong internet sector [1][3]. - The emergence of MaaS (Model as a Service) is expected to lead to a reevaluation of software companies, driven by increased update frequency of models, resulting in more stable cash flows for these companies [1]. - The humanoid robot industry is experiencing sustained interest, with a trend of expanding from structural components to electronic components, indicating potential for collaborative development within the electronic industry [3]. Summary by Sections AI Software Applications - Continued recommendation for investment in AI software applications, with a focus on the domestic AI computing power industry chain [1]. - Companies to watch include: 用友网络, 金蝶国际, 汉得信息, 鼎捷数智, 赛意信息, 新致软件, 迈富时, 博思软件, 泛微网络, 致远互联, 虹软科技, 金山办公, 合合信息, 福昕软件, 万兴科技 [1]. AI Computing Power - Emphasis on the importance of the domestic AI computing power industry chain, with a focus on low penetration rates and accelerating commercial trends [2]. - Key areas of interest include CPO, AEC, and liquid cooling technologies, as well as opportunities in cloud vendor valuation reassessment and demand improvement for computing power leasing and IDC leasing [2]. - Relevant companies include: 中国电信, 中国联通, 寒武纪, 海光信息, 浪潮信息, 华勤技术, 中兴通讯, 太辰光, 天孚通信, 瑞可达, 英维克, 龙迅股份, 澜起科技, 胜宏科技, 沪电股份, 中恒电气, 禾望电气, 麦格米特, 欧陆通, 杰华特 [2]. Humanoid Robots - The humanoid robot industry is gaining momentum, with a shift from structural components to electronic components, indicating a strong potential for synergy within the electronic industry [3]. - Companies involved include: 峰岹科技, 思瑞浦, 龙迅股份, 瑞芯微, 电连技术, 纳芯微, 韦尔股份, 地平线 [3]. Hong Kong Internet Sector - Continued focus on the valuation reassessment in the Hong Kong internet sector, driven by advancements in large model technology and the open-source movement [3]. - Tencent Holdings is highlighted for its strong ecosystem combining social and content services, leveraging its user base for monetization across various sectors [3].

——彩虹股份（600707.SH）首次覆盖报告 公司深度研究 | 彩虹股份 液晶面板利润稳增，玻璃基板加速替代 【盈利预测】我们预计彩虹股份 2024-2026 年营收分别为 125.3、157.4、 187.3 亿元，归母净利润分别为 13.06、23.78、35.94 亿元，参考可比公司 估值给予彩虹股份 2025 年 17 倍 PE 估值，对应 2025 年目标市值 404.30 亿元，首次覆盖，给予"买入"评级。 【报告亮点】考虑到面板行业回暖，公司在玻璃基板方面有较高壁垒，有望 率先在国产化进程中受益。我们认为，一方面 LCD 面板行业的供需格局优 化有望带动行业利润的修复，面板业务有望稳中有进，另一方面，彩虹股份 的玻璃基板业务随着产能持续扩张有望迅速发展成为第二成长曲线。 【主要逻辑】（一）液晶面板业务：面板周期凛冬已过，供需格局持续优化。 液晶面板业务作为公司深耕多年的基石业务，一方面，公司积极优化商业策 略和业务结构使其保持稳定的市场竞争力。另一方面，面板供需格局持续优 化叠加下游需求走强，行业有望景气上行。短期看，TV 面板涨价趋势已经 开启。中长期看，电视大尺寸化加速利好中长期面板需求， ...

证券研究报告 医药生物行业生命科学服务系列报告（一） ——海外公司 Bio-Techne & Thermo Fisher 西部证券研发中心 2025年3月14日 分析师 | 李梦园 S0800523010001 邮箱地址 limengyuan@research.xbmail.com.cn 分析师 | 谭雨露 S0800524100004 邮箱地址 tanyulu@research.xbmail.com.cn 核心结论 CONTENTS 目 录 CONTENTS 目 录 02 Thermo Fisher 公司概述 01 Bio-Techne 公司概述 生命科学服务国内相关标的 03 Bio-Techne 公司介绍 3.1 3.6 4.5 5.0 5.6 6.4 7.1 7.4 9.3 11.1 11.4 11.6 5.9 15.2% 26.4% 10.3% 12.8% 14.2% 11.0% 3.5% 26.0% 18.7% 2.8% 2.0% 6.7% 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 10 12 14 2013 2015 2017 2019 2021 2023 2025 ...

ERN DE STER 行业日报 | 北交所 市场震荡调整,深海科技亮相政府工作报告 证券研究报告 2025年03月14日 北交所市场点评 -- -20250313 ● 核心结论 行情回顾:1)指数层面:3月13日北证50 收跌-3.1%,成交额达419.7 亿 元,较昨日下跌 0.6 亿元。2)个股层面:当日北交所264家公司中 112家 上涨,152 家下跌,4 家涨停。其中涨幅前五的个股分别为:凯腾精工 (+30.0%)、克莱特(+30.0%)、美心翼申(+30.0%)、坤博精工(+30.0%)、 安徽风凰(+22.6%),跌幅前五的个股分别为:天铭科技(-12.5%)、华 原股份(-11.1%)、中泰航达(-9.7%)、浩森科技(-8.7%)、威博液压(-8.5%)。 新闻汇总:1)央行:根据国内外经济金融形势和金融市场运行情况,择机 | 分析师 | | --- | | 曹森元 S0800524100001 | | 19821289688 | | caosenyuan@research.xbmail.com.cn | | 相关研究 | | 北交所:定向可转债审批加速,助力北交所再 | | -20250 ...

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors within the industry [3]. Core Insights - The financial industry experienced a mixed performance this week, with the non-bank financial index rising by 1.24%, lagging behind the Shanghai and Shenzhen 300 index by 0.14 percentage points. The banking index increased by 1.13%, also underperforming the broader index [1][8]. - The government work report indicated a focus on stabilizing the real estate and stock markets, which is expected to benefit brokerage firms as intermediaries in capital market stability [2][11]. - The report highlights the potential for insurance companies to benefit from long-term investment reforms and the expected recovery in the economy, which may improve their asset performance [14][15]. Summary by Sections Brokerage Sector - The brokerage sector saw a weekly increase of 0.73%, underperforming the Shanghai and Shenzhen 300 index by 0.66 percentage points. The sector's price-to-book (PB) ratio is currently at 1.43x [11][12]. - The number of new accounts opened in February reached 2.8359 million, a month-on-month increase of 80.6%, indicating a warming market and potential for A-share IPO normalization [2][12]. - Recommended stocks include Huatai Securities, Guotai Junan, China Galaxy, and Dongfang Caifu, with a focus on those benefiting from increased retail investor participation [3][13]. Insurance Sector - The insurance sector rose by 1.72%, outperforming the Shanghai and Shenzhen 300 index by 0.33 percentage points. The 10-year government bond yield has seen a slight increase, indicating a potential recovery in the sector [14][15]. - The report emphasizes the importance of long-term investment reforms and the establishment of private equity funds by major insurers to invest in quality listed companies [14][15]. - Recommended stocks include China Life, Ping An, and New China Life, focusing on those with stable dividends and strong asset performance [3][15]. Banking Sector - The banking index increased by 1.13%, lagging behind the Shanghai and Shenzhen 300 index by 0.26 percentage points, with a current PB ratio of 0.65x [16][17]. - The government plans to issue 500 billion yuan in special bonds to support state-owned commercial banks in capital replenishment, with the first round of funding expected to start by the end of June [17][18]. - Recommended banks include China Merchants Bank, Hangzhou Bank, and Ningbo Bank, focusing on those with strong retail business and regional economic momentum [3][18].

证券研究报告 水泥拐点或至：行业供需端新变化及当前情况梳理 西部证券研发中心 2025年3月13日 分析师 | 张欣劼 S0850518020001 核心观点 水泥行业拐点或至 请务必仔细阅读报告尾部的投资评级说明和声明 2 • 需求端：房屋新开工拐点将近，需求或比预期好。100城三线城市住宅拿地面积已连续两月回正，2025年1、2月累计同比 +38.87%、+16.00% ，300城三线城市拿地面积也有所好转，1、2月累计同比+0.53%、-11.80%（24年11、12月累计同比 分别为-17.64%，-20.68%） 。若三线城市拿地回暖信号进一步传导至300城全样本拿地面积，有望拉动整体地产新开工面 积提升，促进水泥需求端改善。 • 供给端：1）2025年3月6号，国家发展改革委主任表示将分行业出台化解重点产业结构性矛盾具体方案，推动落后低效产能 退出，扩大中高端产能供给，让供给侧更好地适应市场需求的变化。2）限制超产政策执行落地可期。24年10月工信部推出 的《水泥玻璃行业产能置换实施办法》提出生产线实际日产量不得超过备案产能的110%、超产产能在2025年底前需补齐产 能指标，因此，我们预计202 ...

Investment Rating - The report gives a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.53 billion, 7.81 billion, and 10.59 billion yuan for 2024-2026, representing year-on-year growth of +6.6%, +72.3%, and +35.5%, respectively, with corresponding PE ratios of 30.5, 17.7, and 13.0X [4][15]. - The company is a leader in the offshore wind tower market and is benefiting from the acceleration of offshore wind construction, particularly in overseas markets [4][15]. - The company is executing a dual-sea strategy, successfully exporting offshore wind towers and monopiles, with production capacity expansion to support this growth [4][15]. Summary by Sections Domestic Offshore Wind Demand - Domestic offshore wind installation demand is expected to be released, with continuous shipments from the company. The domestic offshore wind projects that were previously delayed are now resuming, with significant projects in Guangdong and Jiangsu expected to start construction [4][15]. - The domestic offshore wind competition capacity for 2023 is 25.8GW, and for 2024 it is 25.35GW, indicating a robust pipeline for future growth [4][15]. International Offshore Wind Demand - International offshore wind demand is beginning to ramp up, with the company positioned as a leading exporter of offshore wind towers and monopiles. The global offshore wind installation is projected to see significant growth starting in 2026, particularly in Europe, where new installations are expected to reach 8.40GW in 2026 [2][4]. - The company has already exported nearly 100,000 tons of offshore wind towers and monopiles in 2023, with a full order book for future deliveries [2][4]. Export Capacity and Advantages - The company has established three major offshore engineering bases in Penglai, Tangshan, and Panjin, with a combined export capacity of 1.5 million tons once fully operational. Additionally, the company is developing its own fleet of large deck transport vessels to enhance its export capabilities [2][4]. - The company’s international orders are robust, and it has received recognition from overseas clients, further solidifying its position as a leader in offshore wind exports [2][4]. Financial Performance and Projections - The company’s revenue from wind tower manufacturing is expected to grow significantly, with projected year-on-year growth rates of -5%, +48%, and +28% for 2024-2026 [9][10]. - The company’s revenue structure has been upgraded, with a CAGR of 26.53% from 2019 to 2023, and it is anticipated that the profitability will improve as the company continues to push for offshore wind exports [24][30].

行业日报 | 北交所 定向可转债审批加速，助力北交所再融资常态化 证券研究报告 2025 年 03 月 13 日 北交所市场点评——20250312 核心结论 行情回顾：1）指数层面：3 月 12 日北证 50 收跌-0.6%，成交额达 420.3 亿 元，较昨日上涨 38.5 亿元。2）个股层面：当日北交所 264 家公司中 127 家 上涨，1 家平盘，136 家下跌，3 家涨停。其中涨幅前五的个股分别为：立方 控股（+30.0%）、华原股份（+30.0%）、美心翼申（+29.9%）、凯添燃气（+27.8%）、 机科股份（+23.6%），跌幅前五的个股分别为：倍益康（-8.4%）、万达轴 承（-7.5%）、西磁科技（-5.4%）、星辰科技（-5.3%）、纬达光电（-5.2%）。 相关研究 北交所：市场震荡分化，主题轮动下聚焦科技 主线与国产替代机遇—北交所市场点评—— 20250311 2025-03-12 北交所：历史新高前博弈情绪趋浓，把握政策 方向，做好中长期布局—北交所市场点评—— 20250310 2025-03-11 北交所：周内放量上涨超 6%，高波动下流动 性博弈加剧 — 北 交 所 市 ...