Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - In February, China regained the top position in global new ship orders, with a market share of 93.7% [1][13] - Air China launched a direct flight from Beijing to Washington, with over 1 million inbound and outbound passengers at Beijing Daxing International Airport, marking a 36.1% year-on-year increase [1][15][16] - J&T Express integrated the DeepSeek AI model, with the Chinese express delivery index reaching 368.6 in January and February, a year-on-year increase of 11.8% [1][21][23] Summary by Sections Industry Hot Events - In February, China secured 52 new ship orders totaling 621,000 deadweight tons, leading the global market [1][13] - China Ocean Shipping Company successfully completed a 3.5 billion yuan A-share refinancing project, enhancing its fleet capacity and financial efficiency [1][14] - Air China's direct flight to Washington enhances international travel efficiency and reflects market demand responsiveness [1][15][16] - J&T Express's integration of DeepSeek aims to improve operational efficiency and reduce training costs [1][21][22] Industry High-Frequency Data Tracking - The air cargo capacity on routes from China to the Asia-Pacific remained stable in mid-March [2][24] - The shipping price index decreased while dry bulk freight rates increased [2][32] - In February, express delivery volume increased by 58.75% year-on-year, with revenue rising by 16.26% [2][40] - The average daily international flights in the second week of March increased by 20.27% year-on-year [2][67] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [3] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [3] - Consider investment opportunities in cruise and ferry services, recommending Bohai Ferry and Straits Shares [3] - Explore e-commerce and express delivery investment opportunities, recommending SF Express, J&T Express, and Yunda [3] - Look into aviation industry investment opportunities, recommending Air China, China Southern Airlines, and Spring Airlines [3]

Investment Rating - The industry investment rating is "Focus on Key Attention" for the pharmaceutical and biotechnology sector, specifically for Kunming Pharmaceutical Group [4]. Core Viewpoints - Kunming Pharmaceutical Group is expected to achieve stable profit growth in 2024, with a strong performance in the fourth quarter. The company's channel integration is gradually completed, and quality improvement and efficiency enhancement are anticipated [4][5]. - The company reported a total revenue of 8.401 billion yuan in 2024, a year-on-year decrease of 0.34% (adjusted retrospectively, a growth of 9.07% before adjustment). The net profit attributable to shareholders was 648 million yuan, a year-on-year increase of 19.86% (adjusted retrospectively, a growth of 45.74% before adjustment) [4]. - The fourth quarter alone saw a revenue of 2.944 billion yuan, a year-on-year increase of 4.42%, and a net profit of 261 million yuan, a year-on-year increase of 68.51% [4]. - The company’s sales expense ratio for 2024 was 26.50%, a decrease of 4.82 percentage points year-on-year, while the management expense ratio was 4.42%, an increase of 0.35 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2024, Kunming Pharmaceutical Group achieved a total revenue of 8.401 billion yuan, with a net profit of 648 million yuan, reflecting a year-on-year growth of 19.86% [4]. - The fourth quarter performance was particularly strong, with a revenue of 2.944 billion yuan and a net profit of 261 million yuan, marking significant growth compared to the previous year [4]. Strategic Developments - The company completed a cash acquisition of 51% of Kunming Huaren Shenghuo Pharmaceutical, which is a key move to address competition issues with Huaren Sanjiu and further integrate resources in the health sector [5]. - The ongoing strategy of "big single product + all-channel + branding" is being implemented, with significant progress in channel integration across retail and medical systems [5]. Research and Development - In 2024, the company invested 143 million yuan in R&D, employing a model of "independent research + investment mergers + cooperative research + introduction of agency" to establish an innovative R&D pipeline covering key health and chronic disease areas [5].

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on stabilizing the market and boosting demand [1]. Core Insights - The real estate market is showing signs of recovery, with new home sales area turning from negative to positive on a month-over-month basis, although the year-over-year growth rate has narrowed [1][5]. - The report highlights the importance of government policies aimed at stabilizing the real estate market, including potential reductions in housing provident fund loan rates and support for housing consumption [5][10]. - The land market is experiencing a decline in both volume and price, with a significant drop in land transaction area and total price compared to previous periods [5][10]. Summary by Sections 1. New Home Market Tracking - In the week of March 8 to March 14, 2025, new home transaction area in 40 cities was 2.38 million square meters, up 7.0% month-over-month and 15.9% year-over-year, although the year-over-year growth rate decreased by 8.8 percentage points [5][11]. - The transaction volume for new homes in first, second, and third/fourth-tier cities showed varying growth rates, with first-tier cities experiencing a 25.2% increase month-over-month [5][11]. 2. Second-Hand Home Market Tracking - The second-hand home transaction area in 18 cities was 2.16 million square meters, reflecting a 5.3% increase month-over-month and a 17.2% increase year-over-year, with first-tier cities showing a year-over-year growth of 46.3% [5][49]. - The report notes that the second-hand home market continues to exhibit strong demand, despite some fluctuations in growth rates across different city tiers [5][49]. 3. Inventory and Depletion Cycle - The new home inventory in 12 cities was 8.92 million square meters, with a month-over-month increase of 0.4% and a year-over-year decrease of 16.2% [5][38]. - The depletion cycle for new home inventory in these cities is 14.5 months, which has increased by 0.7 months month-over-month but decreased by 9.2 months year-over-year [5][38]. 4. Land Market Tracking - The total area of land transactions in 100 cities was 4.38 million square meters, down 74.1% month-over-month and 64.0% year-over-year, with total land transaction value at 8.02 billion yuan, reflecting an 83.1% decrease month-over-month [5][10]. - The average land price per square meter was 1,830.9 yuan, down 34.8% month-over-month but up 11.8% year-over-year [5][10]. 5. Policy Developments - Recent government policies aim to support land reserves and stabilize the real estate market, including the issuance of special bonds for local governments to acquire existing homes for affordable housing [5][10]. - Local policies in cities like Xiamen and Hangzhou have been introduced to enhance housing quality and support housing demand, indicating a proactive approach to market stabilization [5][10].

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the volatility in international oil prices and the decline in prices for vitamins and polymer MDI [1] - It suggests focusing on potential price increases in agricultural chemicals, textile chemicals, and refrigerants during the peak season in March and April [1] - The report emphasizes the rapid development of downstream industries, recommending attention to electronic materials and new energy materials companies [1] - It notes an overall improvement in macroeconomic expectations, indicating that leading companies in the industry are entering a long-term allocation phase [1] Summary by Sections Industry Dynamics - During the week of March 10-16, 2025, among 101 tracked chemical products, 16 saw price increases, 51 experienced declines, and 34 remained stable [8] - The average price of WTI crude oil was $66.55 per barrel, with a weekly increase of 0.29%, while Brent crude oil fell by 0.60% to $69.88 per barrel [1][8] - The report anticipates a decrease in global oil inventories by Q2 2025, with Brent prices expected to rise to around $75 per barrel by Q3 2025 [1] Investment Recommendations - The report recommends focusing on products likely to see price increases in the upcoming peak season, such as agricultural chemicals and textile chemicals [9] - It suggests monitoring the performance of major energy state-owned enterprises and leading companies in the light hydrocracking sub-industry during the annual report season [9] - The report identifies potential growth in electronic materials and new energy materials due to rapid development in downstream industries [9] - It highlights the potential for sustained high oil prices, benefiting the oil and gas extraction sector, and emphasizes the importance of leading companies in the industry [9] Key Stocks to Watch - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [9]

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Viewpoints - Policy stimulus is boosting confidence in the food and beverage sector, leading to a recovery in market sentiment and highlighting investment opportunities in undervalued segments [1][5] - The food and beverage sector saw a weekly increase of 6.2%, ranking second among the Shenwan primary industries, with other alcoholic beverages leading the gains [2][8] - The introduction of substantial childcare subsidies in Hohhot is expected to benefit the dairy sector significantly, contributing to a notable year-to-date increase in stock prices [5][50] Market Review - The food and beverage sector's weekly performance was +6.2%, outperforming the CSI 300 index, which was +1.6% [2][8] - Sub-sectors such as other alcoholic beverages and pre-processed foods showed strong weekly gains of +8.4% and +7.8%, respectively, while seasoning and fermented products lagged behind with +2.6% and +1.5% [2][8] - As of March 14, the valuation of the liquor sector (PE-TTM) was 21.2X, while the overall food and beverage sector was at 22.1X [19] Industry Data - The average price of fresh milk in China was 3.08 CNY/kg as of March 7, reflecting a month-on-month decrease of 0.3% and a year-on-year decrease of 13.5% [38] - The price of live pigs was reported at 7.42 CNY/jin as of March 14, with a week-on-week increase of 0.8% and a year-on-year increase of 0.3% [42] - The report highlights the significant impact of government policies aimed at boosting birth rates and consumer spending, which are expected to positively influence the food and beverage sector's fundamentals [5][50] Recommendations - The report suggests focusing on leading brands in the liquor sector, such as Kweichow Moutai and Luzhou Laojiao, which are expected to benefit from valuation recovery and high dividend yields [5] - In the dairy segment, it recommends attention to leading companies like Yili and China Feihe, which are poised to gain from favorable demographic and consumption policies [5] - The report also notes potential recovery opportunities for beer leaders like Tsingtao Brewery, given the low base effect [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company is expected to achieve steady profit growth in 2024, with a strong performance in the fourth quarter. The channel integration is nearly complete, and improvements in quality and efficiency are anticipated [3][7] - The acquisition of a 51% stake in Kunming Huaren Shenghuo Pharmaceutical is a key move to resolve competition issues with Huaren Sanjiu and further expand in the health sector [7] - The company's strategy of "big products + all channels + branding" is progressing, with significant channel integration completed, which is expected to enhance quality and efficiency [7] Financial Summary - The company’s projected revenue for 2025 is estimated at 9.22 billion RMB, with a net profit of 718 million RMB, reflecting a growth rate of 10.8% [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.95 RMB, with corresponding price-to-earnings ratios of 18.1 times [4][6] - The company reported a total revenue of 8.40 billion RMB in 2024, with a net profit of 648 million RMB, marking a year-on-year growth of 19.86% [7]

电力设备 | 证券研究报告 — 行业周报 2025 年 3 月 17 日 强于大市 电力设备与新能源行业 3月 第 2 周周报 新能源汽车销量强劲，光伏产业链价格调涨 光伏方面，本周光伏产业链各环节均出现涨价迹象；供给侧改革持续推进， 中央经济工作会议明确提出综合整治"内卷式"竞争，发改委主任表示将出台 化解重点产业结构矛盾的具体方案，光伏供给侧改革力度有望加强。在供需 双方作用下，我们预计当前涨价具备一定持续性，但需考虑 6 月后需求持续 性。重点关注 2025 年硅料、电池片、头部企业格局优化、盈利提升以及金 属化新技术渗透率提升。风电方面，国内海陆风招标及建设有望稳步推进， 2025 年需求向好或带动整机与零部件环节盈利修复；同时伴随国内项目招标 动工、海外利率下行及项目规划推进，海外及出海需求亦相对旺盛。建议优 先配置盈利有望改善的整机及锻铸件环节，受益于海风、出海逻辑的整机、 桩基、海缆环节。新能源车方面，政府工作报告提出大力发展智能网联新能 源汽车，全年销量有望保持高增，带动电池和材料需求增长。近期受供需影 响，部分材料环节出现涨价，有望带动盈利回升，2025 年或迎来量利齐升。 新技术方面，固态 ...

金融工程| 证券研究报告 —周报 2025 年 3 月 16 日 中银量化大类资产周报 AH 股市场情绪乐观，主动股基发行仍然较弱 股票市场概览 本周 A 股上涨，港股下跌，美股下跌，其他海外权益市场走势分化。 A 股风格与拥挤度 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利风 格拥挤度当前仍处于历史较低位置，近期快速下降。 小盘 vs 大盘：小盘风格超额净值及拥挤度持续处于历史低位；大盘风 格近期拥挤度下降至历史较低位置。 微盘股 vs 基金重仓：微盘股拥挤度持续处于历史极高分位，超额净值 近期下跌；基金重仓拥挤度近一年波动剧烈，当前处于历史高位，超额 累计净值处于历史低位。 资金面与动量/反转风格：当前资金总量处于长期下降阶段，反转较动量 长期占优，与经验一致。 A 股行情及成交热度 本周领涨的行业为食品饮料、煤炭、有色金属；领跌的行业为计算 机、电子。本周沪深 300、中证 500、创业板指数成交热度较上周下 降。 A 股估值与股债性价比 机构调研活跃度 当前机构调研活跃度历史分位居前的行业为商贸零售、汽车、非银行金 融，居后的行业为医药、食品饮料、电力设备及新能源。 利率市场 本周 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The stock market continues to show a strong style switch, with large-cap stocks outperforming small-cap stocks. The CSI 2000 index rose by 1.3%, the CSI 1000 by 1.0%, and the CSI 300 by 1.6% during the week [1]. - The beauty care, food and beverage, and coal industries led the gains this week, while the machinery and computer sectors, which had previously performed well, saw declines [1]. - The average daily trading volume decreased slightly to 1.66 trillion yuan, down 3% from the previous week [1]. - The valuation metrics indicate that the CSI 300's price-to-earnings ratio stands at 12.8, while the CSI 1000's is at 39.7, reflecting a Z-score of -0.3 [1]. Summary by Sections Stock Market Performance - The stock market experienced a strong performance with only three out of thirty-one sectors declining. The beauty care sector saw significant gains, with Kweichow Moutai rising by 5.9%, marking its largest single-day increase since October 2024 [1]. - The Hang Seng Index fell by 1.1% and the Hang Seng Technology Index dropped by 2.6% after a previous week of substantial gains [1]. Trading Volume and Turnover - The average daily trading volume for the week was 1.66 trillion yuan, a slight decrease from the previous week's 1.70 trillion yuan. The turnover rate for the entire A-share market was at a Z-score of 1.1, indicating above-average trading activity [1]. Valuation Metrics - As of the end of the week, the CSI 300's price-to-earnings ratio was 12.8, with a Z-score of 0, while the CSI 1000's ratio was 39.7 with a Z-score of -0.3. The computer sector was the only one with a Z-score above 1, at 1.2 [1].

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [17]. Core Viewpoints - The report highlights that the specific company, Softcom Power, is a leading IT service provider in China and has initiated a "soft and hard integration" strategy following its acquisition of Tongfang Computer. This positions the company to benefit from the accelerated development of HarmonyOS, the implementation of domestic innovation policies, and advancements in humanoid robot training [5][6]. - The launch of HarmonyOS NEXT in August 2023, which no longer supports Android applications, marks a significant milestone for the company. The demand for PC products equipped with HarmonyOS is expected to rise, particularly in light of U.S. sanctions and domestic innovation policies [6]. - Softcom Power is strategically positioned in the humanoid robotics sector, having established a joint venture with Zhiyuan Robotics and launched its first robot, Tianhe C1, in January 2025. The company is leveraging NVIDIA's advancements in synthetic motion generation to enhance its training capabilities [7]. - The company is also focusing on the internet sector and is expected to benefit from the growth of AI, as it collaborates with major internet firms like Alibaba, Tencent, and ByteDance on AI-related products and applications [8]. Summary by Sections Company Overview - Softcom Power is recognized as a leading digital information technology service provider in China, with long-term partnerships with major companies such as Huawei, Alibaba, and Tencent. The acquisition of Tongfang Computer is expected to create a new growth segment in hardware [5]. Market Trends - The report notes that the release of HarmonyOS NEXT and the subsequent increase in market share for HarmonyOS devices are critical developments. The company is a key partner in this ecosystem, contributing to the development of PC and server products that align with domestic innovation policies [6]. Humanoid Robotics - The humanoid robotics sector is highlighted as a significant growth area, with Softcom Power actively participating in this field through collaborations and product launches. The advancements in AI and robotics technology are expected to drive growth in this segment [7]. Internet and AI Collaboration - The company's strategic partnerships with leading internet firms position it well to capitalize on the growing demand for AI solutions. The collaboration with ByteDance, in particular, is expected to yield significant benefits as the latter expands its AI initiatives [8].