证券研究报告 | 固定收益研究 2025 年 04 月 03 日 关注转债抗跌性 可转债策略周报（0324-0328） 一、一周行情回顾：转债市场继续随权益市场下跌，跌幅较前一周收窄 截至上周五，万得全 A 指数收于 5,161.01 点，一周下跌 1.29%；上证指数收于 3,351.31 点，一周下跌 0.40%；中证转债收于 429.63 点，一周下跌 0.20%；可 转债正股指数收于 1,803.07 点，一周下跌 2.19%。 权益市场方面，上周上证指数缩量下跌。上周上证指数、深证综指及创业板指 下跌，沪深 300、上证 50、深证 100 小幅上涨，大盘股优势明显。分行业看， 上周医药生物、农林牧渔、食品饮料和家用电器行业表现较好，前期表现强劲 的计算机、通信行业在继续领跌。 转债行情方面，中证转债指数小幅下跌，同时成交量、成交额继续下滑。上周 AA+级别转债、大盘转债、低价转债表现占优。分行业看，农林牧渔、家用电 器、公用事业、非银金融、银行行业转债表现相对较好，通信、电气设备、计 算机、汽车和国防军工行业转债跌幅领先。个券层面，回盛转债（农林牧渔）、 润禾转债（化工）、汇车退债（汽车）、京源转 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 1870 CNY, while the current stock price is 1549.02 CNY [3]. Core Insights - The company is expected to experience a reasonable revenue growth slowdown to around 9% in 2025, following two years of sales growth exceeding 10%. This is attributed to external environmental pressures faced in 2023 and 2024. The easing of volume pressure is anticipated to stabilize the wholesale price [1][6]. - The focus for the company will shift towards enhancing channel service capabilities and quality, as well as cultivating consumer groups. Historically, industry adjustment periods have provided opportunities for strong companies to further exploit their potential and expand their advantages [1][6]. - The current valuation stands at 21x PE, with a dividend yield maintained above 3.5%, indicating a safety margin for investors [1][6]. Financial Performance - In 2024, the company achieved total revenue of 1741.4 billion CNY and a net profit of 862.3 billion CNY, reflecting year-on-year growth of 15.7% and 15.4%, respectively [6][7]. - The sales revenue from Moutai liquor and series liquor in 2024 was 1459 billion CNY and 247 billion CNY, showing growth of 15.3% and 19.7%, respectively. Moutai liquor sales volume increased by 10.2% to 46,413 tons [6][7]. - The company’s operating cash flow increased by 38.9% year-on-year to 924.6 billion CNY in 2024, with a dividend payout ratio of 75% [6][7]. Financial Projections - The projected total revenue for the company is expected to reach 190.1 billion CNY in 2025, with a year-on-year growth rate of 9% [7][15]. - The earnings per share (EPS) are forecasted to be 74.78 CNY in 2025, with a PE ratio of 20.7 [7][16]. - The company’s net profit margin is projected to remain stable around 49.4% in 2025, with a return on equity (ROE) of 37.9% [16].

证券研究报告 | 公司点评报告 2025 年 04 月 03 日 赛力斯（601127.SH） 2024 业绩高增，领跑高端 SUV 市场 中游制造/汽车 2024 年 11 月，公司发布全新一代赛力斯超级增程系统。该系统采用赛翼 （C2E）增城架构，实现 RoboREX 智能控制，热效率达 44.8%，综合油耗 降低 15%，1 升油可发电超 3.6 度，处于行业量产增程器的领先水平。2024 年，公司增程器销量达 47 万台。 此外，智能座舱及智能驾驶领域，公司与华为联合开发并量产的鸿蒙座舱和 ADS 智驾系统，率先实现全国无图智驾。公司深度融合整车控制技术，持续 优化智驾体验，实现全维安全进化。智能测试领域，公司运用大数据、自动 化和 AI 技术，构建 VTS+VHR+IDS 三大系统，提供全链路、全生命周期主动 智慧服务。 强烈推荐（维持） 目标估值：NA 当前股价：125.82 元 基础数据 | 总股本（百万股） | 1633 | | --- | --- | | 已上市流通股（百万股） | 1510 | | 总市值（十亿元） | 205.5 | | 流通市值（十亿元） | 190.0 | | 每股净 ...

证券研究报告 | 行业点评报告 2025 年 04 月 03 日 通信行业事件点评 卫星互联网技术试验星成功发射，手机直连技术验证提速 TMT 及中小盘/通信 事件：北京时间 2025 年 4 月 1 日 12 时 00 分，我国在酒泉卫星发射中心使 用长征二号丁运载火箭，成功将卫星互联网技术试验卫星发射升空，卫星顺 利进入预定轨道，发射任务获得圆满成功。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 22EPS | 23EPS | 23PE | PB | | --- | --- | --- | --- | --- | --- | --- | | 信科移动-U | 688387.SH | 19.32 | -0.23 | -0.10 | -54.06 | 3.03 | | 创意信息 | 300366.SZ | 3.99 | -0.10 | -0.79 | -8.41 | 2.30 | | 铖昌科技 | 001270.SZ | 6.18 | 1.33 | 0.51 | 77.59 | 4.54 | | 通宇通讯 | 002792.SZ | 7.73 | 0.20 | 0.20 | 95.17 | ...

Investment Rating - The investment rating for Hangzhou Bank is "Strongly Recommended" [3] Core Views - Hangzhou Bank has demonstrated stable operations and high growth potential, with a strong performance in Q1 2025, maintaining high profit growth and excellent asset quality indicators [1][6] - The bank's total assets reached 2.2 trillion yuan, a year-on-year increase of 15.8%, with loan and deposit growth rates of 14.3% and 21.1%, respectively [6][6] - The non-performing loan ratio remains low at 0.76%, and the provision coverage ratio is robust at 530.07%, indicating strong asset quality [6][6] - The bank's governance structure is sound, with a stable core management team, which supports its strategic continuity and operational stability [6][6] - The ongoing conversion of 15 billion yuan in convertible bonds is expected to further strengthen the bank's capital base and accelerate business expansion [6][6] Financial Data and Valuation - Total operating revenue (in million yuan) is projected to grow from 32,932 in 2022 to 45,804 in 2026, with a compound annual growth rate (CAGR) of approximately 10.2% [2][37] - Net profit attributable to shareholders is expected to increase from 11,679 million yuan in 2022 to 22,298 million yuan in 2026, reflecting a CAGR of 14.1% [2][37] - Earnings per share (EPS) is forecasted to rise from 1.83 yuan in 2022 to 3.64 yuan in 2026 [2][37] - The price-to-earnings (P/E) ratio is projected to decrease from 8.0 in 2022 to 4.0 in 2026, indicating increasing valuation attractiveness [2][37] - The return on equity (ROE) is expected to remain strong at 12.5% [3] Performance Metrics - In Q1 2025, the bank achieved a year-on-year revenue growth of 2.2% and a net profit growth of 17.3%, continuing its trend of double-digit growth [6][6] - The bank's asset quality remains a core strength, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530.07% [6][6] - The bank's total assets and deposits have shown strong growth, with total assets increasing by 15.8% year-on-year and deposits growing by 21.1% [6][6]

药监局发文支持高端医疗器械创新发展，迎长期利好 消费品/生物医药 近日，国家药监局发布《国家药监局关于优化全生命周期监管支持高端医疗器 械创新发展的举措（征求意见稿）》，提出完善审评审批机制、加强全生命周 期监管及大力支持高端医疗器械重大创新和医疗器械企业出海的具体措施，利 好医疗器械行业高质量发展。 （1）创新器械：惠泰医疗、赛诺医疗、微电生理； （2）脑机接口及康复机器人：诚益通、伟思医疗、翔宇医疗、三博脑科； 药监局征求意见稿点评 （3）手术机器人：天智航、微创机器人； （4）高端医学影像设备：联影医疗、迈瑞医疗、开立医疗、澳华内镜、祥生 医疗、理邦仪器。 ❑ 风险提示：政策变动风险、竞争加剧风险、创新研发不及预期风险、政策落 地执行不及预期风险等。 证券研究报告 | 行业点评报告 2025 年 04 月 02 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 467 | 9.2 | | 总市值（十亿元） | 5871.5 | 6.8 | | 流通市值（十亿元） | 5189.2 | 6.6 | 行业指数 % 1m 6m 12m 绝对表现 ...

Group 1 - The manufacturing PMI for March increased to 50.5%, up 0.3 percentage points month-on-month, driven by a recovery in both supply and demand [12][25] - The non-manufacturing PMI recorded 50.8%, up 0.4 percentage points month-on-month, although it showed a downward trend over three months [12][25] - New orders index rose to 51.8%, up 0.7 percentage points month-on-month, indicating a recovery in demand, particularly in TMT and general/specialized equipment sectors [14][21] Group 2 - In the information technology sector, the Philadelphia Semiconductor Index decreased by 8.13% to 4282.46 points, while the DXI Index increased by 4.21% to 55171.39 points [29][30] - DDR5 DRAM prices increased by 2.32% to $5.33, with 8GB DDR4 DRAM prices rising by 5.45% to $1.65 [31] Group 3 - In the midstream manufacturing sector, sales of major engineering machinery improved year-on-year in February, while heavy truck sales turned negative in March [25][28] - The solar power installation capacity in February showed a rolling year-on-year increase, indicating growth in the renewable energy sector [28] Group 4 - In the consumer demand sector, the sales of home appliances showed a month-on-month increase, while the prices of live pigs and sugar rose [25][28] - The film box office revenue saw a decline in the ten-day average, although it increased year-on-year since the beginning of the year [28] Group 5 - In the resource sector, the national cement price index increased, while the prices of rebar and steel billets decreased [28] - Brent crude oil prices rose by 5.18%, indicating upward pressure on energy costs [28] Group 6 - In the financial real estate sector, the land transaction premium rate and the transaction area of commercial housing increased, while the index for second-hand housing listings decreased [28] - The SHIBOR rates for 1-week and 2-week periods decreased, indicating a tightening in the money market [28] Group 7 - The public utility sector saw an increase in natural gas prices, while the average daily power generation of key power plants showed a widening year-on-year decline [28]

计算机 4 月投资策略 TMT 及中小盘/计算机 3 月科技赛道投资热点聚焦机器人、AI 及深海科技等方向，但整体看因临近财 报季，3 月中下旬起赛道交易拥挤度大幅缓解。4 月，我们认为应业绩、产业趋 势兼顾，重视 25Q1 业绩可能超预期标的以及有潜在重大产业进展催化的 DeepSeek、AI 端侧等相关方向。 证券研究报告 | 行业定期报告 2025 年 04 月 02 日 重视 AI 产业变化，兼顾潜在绩优个股 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 283 | 5.6 | | 总市值（十亿元） | 3462.1 | 4.0 | | 流通市值（十亿元） | 3020.8 | 3.8 | 行业指数 % 1m 6m 12m 绝对表现 -11.2 42.2 34.5 相对表现 -11.1 45.4 26.4 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 Apr/24 Jul/24 Nov/24 Mar/25 (%) 计算机 沪深300 推荐（维持） 刘玉萍 S1090518120002 liuyuping@cmschina. ...

无锡银行（600908.SH） 息差平稳，股东增持彰显信心 总量研究/银行 无锡银行披露 2024 年度报告。24A 营业收入、PPOP、归母利润同比增速分别 为 4.15%、6.37%、2.35%，增速分别较 24Q1~3 变动+0.33pct、-0.74pct、 -3.03pct，营收增速稳步回升，PPOP、归母净利润增速下降。累计业绩驱动上， 规模、中收增长、其他非息高增、成本收入比下降形成正贡献，净息差收窄、 拨备少提和有效税率上升为主要负贡献。 核心观点： 证券研究报告 | 公司点评报告 2025 年 04 月 02 日 亮点：（1）信贷规模持续扩张，资产结构改善。2024 年贷款同比增长 9.50%， 增速较 24Q3 提升 0.24pct。2024 年对公贷款同比增长 10.7%，而零售贷款 同 比下降 7.8%。对公端主要增长在租赁服务业、制造业、建筑业等，零售端按揭 贷款、消费贷和经营贷规模均有不同幅度的下跌。截至 2024 年末，贷款占总资 产比例 60.99%，占比较 24Q3 末进一步提升 0.08pct，较 2023 年末提升 0.11pct。 （2）息差平稳。2024 年净息差 1 ...

Investment Rating - The report maintains a strong buy recommendation for the company [6] Core Views - The company's revenue growth is recovering, with a significant contribution from non-interest income, which increased by 61.7% year-on-year in 2024 [2] - The credit scale continues to expand, with total assets growing by 5.8% year-on-year, surpassing the average growth rate of peer banks [2] - The asset quality is improving, as indicated by a decrease in the non-performing loan ratio to 1.38% and an increase in the provision coverage ratio to 178.67% [3] Summary by Sections Performance - In 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.19%, 4.97%, and 0.92% year-on-year, respectively [1] - The net profit growth rate slightly declined, while revenue and PPOP growth rates showed recovery [1][19] Non-Interest Income - Non-interest income saw a remarkable increase, with the core incremental revenue coming from investment gains from FVOCI, which rose by 2.53 billion [2] - The contribution from non-interest income to total revenue is significant, with a year-end figure of 60.5 billion in unrealized gains, accounting for 39.8% of the annual net profit [2] Interest Margin and Asset-Liability Management - The company's net interest margin for 2024 was 1.71%, reflecting a decrease of 9 basis points from previous quarters [4] - The decline in interest margin is attributed to a larger decrease in asset yields compared to the improvement in liability costs [4] Asset Quality - The non-performing loan ratio decreased to 1.38%, with a reduction in the non-performing loan balance by 470 million [3] - The overdue loan ratio also declined to 1.81%, continuing a downward trend [3] Capital and Shareholder Information - The company has a stable dividend policy with a high dividend yield, making it an attractive investment opportunity [4] - The major shareholder is Zhejiang Financial Holdings Co., Ltd., holding a 12.57% stake [6]