证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 02 日 24 年风光装机显著增长，清洁能源消费占比持续提升 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数下跌 1.09%，涨跌幅在 31 个申万一级行业中排名第 19， 跑赢沪深 300 指数 1.13%；本周，环保板块指数下跌 0.67%，涨跌幅在 32 个申万 一级行业中排名第 15，跑赢沪深 300 指数 1.55%。 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地项目落地， 标的包括受益于福建海风竞配落地的中闽能源（纯海风标的）和福能股份（火电 +海风），以及新天绿能、嘉泽新能、云南能投、金开新能、中绿电、晶科科技， 此外建议关注估值较低的港股龙源电力（H）、大唐新能源（H）、新天绿色 ...

证券研究报告 家电+AI，拥抱智能化时代 ——家电标的AI布局梳理 2025年3月2日 行业评级：看好 分析师 张云添 分析师 文煊 邮箱 zhangyuntian@stocke.com.cn 邮箱 wenxuan@stocke.com.cn 证书编号 S1230524020006 证书编号 S1230523120003 核心观点 2 ◆ 家电领域正加速拥抱AI技术，头部企业纷纷通过多元化的战略布局，推动产品智能化升级与业务拓展，本篇报告主要对家电标的在AI领域的布 局进行梳理。 • 科沃斯在智能传感器、人机交互和医疗服务等多领域深入布局，其全资子公司氪见（南京）科技有限公司专注智能传感器产品，同时投资多家 企业，探索AI情感交互技术及拓展医疗服务应用场景，人形机器人领域布局包括投资睿尔曼智能（超轻量仿人机械臂）和仙工智能（控制器）。 • 石头科技暂无相关股权布局，近期石头科技的APP接入Deepseek-R1，并推出行业首款机械手臂产品G30 Space，搭载多项先进技术，提升品 牌影响力及高端市场份额，为家用服务机器人发展提供新思路。 • 德昌股份通过与五家企业战略合作，共同建设创新中心，推动人形机器人产 ...

证券研究报告 年报季，强调高质量和创新 ——医药行业2025年3月月报 行业评级：看好 2025年3月2日 | 分析师 | 孙建 | 分析师 | 吴天昊 | 分析师 | 郭双喜 | 分析师 | 王帅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 邮箱 | sunjian@stocke.com.cn | 邮箱 | wutianhao@stocke.com.cn | 邮箱 | guoshuangxi@stocke.com.cn | 邮箱 | wangshuai1@stocke.com.cn | | 证书编号 | S1230520080006 | 证书编号 | S1230523120004 | 证书编号 | S1230521110002 | 证书编号 | S1230523060003 | 摘要 ➢ 行情复盘：2025年2月，医药指数跑赢沪深300 2 • 医药指数涨跌幅：2025年2月沪深300上涨1.91%，中信医药指数上涨4.96%，医药板块涨跌幅在29个中信一 级行业中涨幅排名第11名。 • 医药细分板块涨跌幅：根据Wind中信医药分类看，2月生物 ...

证券研究报告 | 行业点评 | 风电设备 强现实弱预期，向上拐点已至 ——风电设备行业点评报告 投资要点 ❑ 事件：多个海上风电项目迎新进展 据中国铁建港航局消息，2 月 26 日中国铁建港航局 5000 吨全回转起重船将于 3 月 6 日抵达广东阳江，执行三峡阳江青洲五海上风电场项目标段Ⅱ打桩任务。2 月 22 日，盐城港大丰港区正式启动江苏国信大丰 850MW 海上风电项目风电主 机吊装出海作业。 ❑ 海风：江苏国信大丰项目启动主机吊装、各省海风规划总计超 100GW 据龙船风电网，2 月 22 日，盐城港大丰港区正式启动江苏国信大丰 850MW 海 上风电项目风电主机吊装出海作业。除此之外，龙源射阳、三峡大丰、青洲五 六、帆石一等重大海风项目紧锣密鼓推进，如 2025 年 2 月青洲六已全部完工， 2025 年 2 月青洲五标段Ⅱ即将开始打桩，同期青洲七发布阵列缆中标公告； 2025 年 2 月帆石一项目进入全面施工阶段。几大省份海风规划总计超 100GW， 海上风电深远海装机体量将显著提升。 风电设备 报告日期：2025 年 02 月 27 日 行业评级: 看好(维持) ❑ 量：24 年招标量新高+十 ...

低估值反攻，近在咫尺 ——主动量化周报 核心观点 ❑ 市场的增量资金在哪里？ 非机构大资金活跃度边际回落，科创综指 ETF 建仓形成托底： 第一，非机构大资金活跃度边际回落。我们根据龙虎榜数据计算得到非机构大资 金活跃度指标，从结果上来看，非机构大资金活跃度于 2025 年初至 2 月中旬期 间持续上升，但最近 2 周边际回落。 第二，科创综指 ETF 建仓带来被动资金涌入。截至 2 月 28 日，前期上报的科创 综指 ETF 目前仅建信基金旗下产品已上市交易，后续其他产品的持续建仓有望 带来被动资金涌入。 综合来看，大资金活跃度降低，意味着活跃资金风险偏好下降，以 TMT 为代表 的科技板块未来或阶段性调整，但在科创综指等被动资金建仓的支撑下，调整幅 度或有限，整体呈现震荡下行格局。从行情结构上，我们判断市场重心将由科技 成长转向低估值，低估值反攻有望开启，看好顺周期类的地产链及消费板块的投 资机会。 ❑ 行业结构如何选择？ 主线切换，低估值反攻有望开启： 第一，交易面上来看，经过本周调整后，通信、电子、计算机、传媒四行业拥挤 度略有下降，但仍然全部处于 95%预警分位阈值以上，调整可能尚未充分。另 外，英 ...

| 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年3月2日） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 321 | | -1 7% . | -0 . | 9% | | | 沪深300 | | 3 , | 890 | | -2 2% . | -1 . | 1% | | 板 | SW钢铁指数 | | 2 , | 225 | | 3 2% . | 5 . | 8% | | 块 | | SW普钢指数 | 2 , | 271 | | 5 3% . | 8 . | 8% | | | | SW特钢指数 | 3 , | ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - Fresh pet food represents a new direction in the upgrade and anthropomorphism of pet food consumption, emphasizing fresh, human-grade ingredients with high moisture content and minimal processing [1][2] - FreshPet, a leading company in the fresh pet food market, achieved a revenue of $975 million in FY24, marking a 27.2% increase year-on-year, with a CAGR of 32.5% from 2019 to 2024 [3][4] - The domestic market is beginning to follow the overseas trend, with companies like Pet&Fresh adapting the fresh food model to local preferences [7][8] Product Overview - Fresh pet food is primarily made from fresh meat and vegetables, with a high protein content exceeding 70%, and is available in both freshly made and refrigerated forms [1][2] - FreshPet's product range includes various high-end offerings, such as Vital and Nature's Fresh, catering to different consumer needs [4] Market Dynamics - FreshPet has established a strong market presence with a 3.4% share in the dog food market and a 96% share in the fresh food category in the U.S. [3] - The company has a robust supply chain with multiple production facilities and plans for expansion to meet growing demand [6] Competitive Landscape - The fresh pet food market is characterized by high transportation and storage costs due to the need for cold chain logistics, which presents both challenges and opportunities for pricing strategies [2][10] - Pet&Fresh is innovating in the domestic market by leveraging online channels and offering a diverse product range to attract consumers [8][9] Investment Recommendations - The report recommends investing in leading companies with strong supply chains and innovative research capabilities, such as Guibao Pet, Zhongchong Co., and Petty Co. [10]

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The report highlights that the recent market adjustments may provide better investment opportunities in the non-bank financial sector, particularly in brokerage and insurance segments [1][2][4] - The report notes a surge in mergers and acquisitions within the brokerage sector, with several firms announcing consolidation plans, which has led to increased market expectations [1] - The insurance sector is experiencing a phase of adjustment, with a notable increase in the allocation of stocks and long-term bonds by insurance companies, indicating a strategic shift to capitalize on market conditions [2] Summary by Sections Brokerage - The report recommends specific brokerage firms including China Galaxy, CITIC Securities, and GF Securities, while suggesting to pay attention to East Asia Securities, Western Securities, Dongwu Securities, and Huaxi Securities [4] - The brokerage sector is expected to benefit from the ongoing M&A activities and a potential rebound in stock prices following the recent market corrections [1] Insurance - The report recommends major insurance companies such as New China Life, China Life, and China Property & Casualty Insurance [4] - The insurance sector's asset allocation has shifted significantly, with stock and bond investments increasing by 28.29% and 26.31% respectively year-on-year, reflecting a proactive approach to market fluctuations [2] Multi-Financial and Fintech - The report suggests investments in firms like Zhinanzhen and Dongfang Caifu, while also recommending attention to Dingdian Software and Wealth Trend [4] Overseas Financial - The report advises focusing on companies such as Futu Holdings, Tiger Brokers, Jiufang Zhitu Holdings, Lianlian Digital, and OSL Group [4] Market Data - The report notes that the equity market experienced a comprehensive pullback, with the CSI 300 and ChiNext indices declining by 2.22% and 4.87% respectively during the week [13][14]

Group 1: PMI and Manufacturing Insights - The manufacturing PMI for February 2025 recorded at 50.2%, an increase of 1.1 percentage points month-on-month, indicating a recovery influenced by the post-Spring Festival period[1] - Large enterprises' PMI rose to 52.5%, up 2.6 percentage points from the previous month, while medium and small enterprises' PMIs decreased to 49.2% and 46.3%, respectively[1] - The production index for large enterprises increased nearly 5 percentage points to 56.2%, serving as a core support for the manufacturing sector's recovery in February[1] Group 2: Demand and Economic Outlook - The new orders index for manufacturing improved to 51.1%, up 1.9 percentage points, indicating a return to expansion after briefly falling below 50%[9] - The overall economic growth target for 2025 is expected to be around 5%, with the first quarter GDP growth potentially reaching 5.1%[16] - The composite PMI output index for February was 51.1%, reflecting an overall recovery in economic sentiment[16] Group 3: Sector Performance and Trends - The production index for the equipment manufacturing sector was above 54%, showing a nearly 2 percentage point increase, while high-tech manufacturing reached 53%, up 3 percentage points[3] - The average daily coal consumption of the six major power generation groups increased to 782,500 tons in February, significantly higher than the previous month's 639,700 tons[7] - The EPMI for strategic emerging industries rose to 49%, a 3.4 percentage point increase, ending a four-month decline[12]