Group 1: Macro Asset Tracking - The bond market shows a divergence in yields, with short-term rates declining and long-term rates rising. The market has fully priced in interest rate cuts, and the 10-year government bond has stabilized after hitting a technical support level [24][31]. - The stock market opened with fluctuations and ended with a slight recovery, with large-cap stocks outperforming small-cap stocks. The technology sector's long-term bull market is not over, but short-term trading is crowded, leading to potential volatility [39][44]. - In the U.S. stock market, the three major indices showed mixed results, with the Nasdaq rising by 1.22%. The market is expected to continue its monthly-level adjustment, and investors should wait for long-term buying opportunities [44]. Group 2: Foreign Exchange Market - The onshore RMB against the USD was reported at 7.2427, down 18 basis points from the previous close. The market is betting on a "revival theory" in Europe, leading to a significant depreciation of the USD index [52]. - The CNY/USD has strong support around 7.1, and it is expected to remain stable between 7.1 and 7.4 in the short term. However, the RMB may face depreciation pressure due to ongoing trade war expectations [52]. Group 3: Commodity Market - The Wenhua Commodity Index rose slightly by 0.21%, with coal and oilseed sectors leading the gains, while corn and ferroalloy sectors lagged. The index is expected to face downward risks after a short-term consolidation [59][60]. Group 4: Important Policies and News - The Ministry of Industry and Information Technology released a directory of new energy vehicle models eligible for vehicle purchase tax exemptions, including models from Xiaomi [67]. - The Shanghai Stock Exchange is improving systems for refinancing, mergers and acquisitions, and stock incentives tailored to technology companies [67]. - The People's Bank of China emphasized the implementation of a moderately loose monetary policy and the potential for rate cuts to support key sectors and strategic areas [68].

2025 年 03 月 13 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250313)：首款搭载原生鸿蒙正式版手机预计 于 3 月 20 日发布 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/13 24/5/25 24/8/6 24/10/18 24/12/30 25/3/13 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（-0.39%）；深证综指（-1.12%）；创业板综 （-1.56%）；科创 50（-2.11%）；沪深 300（-0.40%） 今日 SW 电子板块行情：品牌消费电子（-0.91%）；被动元件（-0.85%）； 电子化学品Ⅲ（-1.77%）；面板（-1.09%）；光学元件（-4.67%）；LED（- 1.92% ...

2025 年 03 月 13 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250313）：长沙和金华义乌市出让地块 走势比较 28% 40% (20%) (8%) 4% 16% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 报告摘要 市场行情： 2025 年 3 月 13 日，今日权益市场大部分板块下跌，上证综指和 深证成指分别下跌 0.39%和 0.99%，沪深 300 和中证 500 分别下跌 0.40%和 0.77%，申万房地产指数下跌 0.95%。 个股表现： 行业新闻： 长沙中交芙蓉城市更新投资 5.71 亿竞得宅地。长沙市芙蓉区成 功出让一宗涉宅组合地块，编号[2025]长沙市 004 号，由长沙中交芙 蓉城市更新投资有限公司以 5.71 亿元总价竞得，成交楼面价为 5002 元/㎡，溢价率为 0%。该地块位于芙蓉区东岸街道东屯村，远大路沿 线片区城市更新项目一期，总面积 51850.30 ㎡， ...

Investment Rating - The report maintains a "Buy" rating for the company, Huali Group (300979) [1][7][11] Core Views - The company's 2024 performance report shows revenue of 24 billion yuan, a year-on-year increase of 19.35%, and a net profit of 3.84 billion yuan, up 20% [4][5] - The company is expected to benefit from new orders from Adidas, which began production in September 2024, contributing to revenue growth [6][7] - The report highlights the company's stable partnerships with major brands like Nike and Converse, while also expanding its customer base [6][7] Summary by Sections Financial Performance - The company reported a net profit margin of 16.0%, with a dividend proposal of 20 yuan per 10 shares, resulting in a payout ratio of 61% [4][5] - In Q4 2024, revenue was 6.5 billion yuan, reflecting an 11.9% increase, while the net profit was 1 billion yuan, up 9.3% [5] Market Position and Expansion - The company has successfully expanded its production capacity with four new factories launched in 2024, including three in Vietnam and one in Indonesia [6] - The new factories are expected to enhance production efficiency and meet increasing order demands, particularly from new clients like Adidas [6][7] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 3.84 billion yuan, 4.43 billion yuan, and 5.17 billion yuan, respectively, with corresponding PE ratios of 20, 17, and 15 [8]

◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/12 24/5/23 24/8/3 24/10/14 24/12/25 25/3/7 2025 年 03 月 12 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250312)：禾赛科技与欧洲顶级主机厂达成多 年独家定点合作 相关研究报告 <<太平洋电子日报(20250311)：阿里 通义与 Manus 达成战略合作>>-- 2025-03-12 <<太平洋电子日报(20250310): 智 元启元大模型发布，台积电 2 月营收 同比增 43%>>--2025-03-10 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 今日市场行情速览：上证指数（-0.23%）；深证综指（+0.13%）；创业板综 （+0.02%）；科创 50（-0.73%）；沪深 300（-0.36%） E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com ...

Group 1: Bond Market - The bond market has stabilized and rebounded as expected, with all maturities of interest rate bonds rising, particularly the long end outperforming the short end. The market has fully priced in the interest rate cut expectations, and the 10-year government bond futures have stabilized after reaching a technical support level [3][16][18] - The 1-year government bond yield has fully priced in the expected interest rate cut for this year, and the yield curve is currently flat, indicating a lower probability of making significant bets [18][16] Group 2: Stock Market - The A-share market has shown a mixed performance, with sectors that performed well yesterday declining today, indicating a fragmented market. The small-cap index has performed well, while the tech and North Star indices have lagged [4][21] - The technology sector's long-term bull market remains intact, but short-term trading is crowded, leading to potential volatility. Investors are advised to take profits and focus on low-position stocks in consumer, medical, and dividend sectors [4][21][22] Group 3: US Stock Market - The US stock market indices have continued to decline, with the Dow Jones index experiencing a significant drop. The market is expected to undergo a monthly-level adjustment, with investors advised to wait for long-term buying opportunities [4][23] - Recent economic data from the US has underperformed expectations, leading to rising inflation expectations and signs of stagflation. The market's perception of the "Trump Put" has shifted towards a "Trump Recession" narrative [23][26] Group 4: Foreign Exchange Market - The onshore RMB against the USD was reported at 7.2425, up 147 basis points from the previous close. The market is betting on a European recovery narrative, leading to a significant depreciation of the USD index [5][29] - The CNY/USD has strong support around 7.1, and it is expected to remain stable in the range of 7.1-7.4 in the short term. However, there is potential for depreciation due to ongoing trade war pressures [29][5] Group 5: Commodity Market - The Wenhua Commodity Index has slightly declined by 0.04%, with the non-ferrous sector leading gains. However, the overall market is expected to experience downward risks after a short-term fluctuation, and a cautious approach is recommended [5][32]

2025 年 03 月 12 日 行业日报 中性/维持 房地产 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 房地产 太平洋房地产日报（20250312）：南京拟允许房票跨区安置 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250311）：成 都土拍地价创新高）>>--2025-03-11 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告摘要 市场行情： 2025 年 3 月 12 ...

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% year-on-year [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a significant increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance - The total market capitalization of BOSS Zhipin is 60.814 billion HKD, with a total share capital of 900 million shares [3]. - The company maintained a low marketing expense ratio of 28.18%, with Q4 marketing expenses decreasing by 1.64% year-on-year to 426 million yuan [4]. - Research and development expenses increased to 1.816 billion yuan, a 17.6% year-on-year growth, supporting technological innovation and product iteration [4]. Future Projections - For Q1 2025, BOSS Zhipin expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - The company forecasts revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 19%, 17%, and 16% [8][9]. - The projected net profit for the same years is 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

2025 年 03 月 11 日 行业深度研究 看好/维持 医药 医药 国产软镜破局提速，天地广阔龙头大有可为 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 无评级 | | 其他医药医疗 | 无评级 | 相关研究报告 <<开立医疗（300633.SZ）：行业招标 数据改善，看好设备更新落地助力公 司业绩增长>>--2025-11-01 <<澳华内镜（688212.SH）：营收增速 短期承压，看好设备更新陆续落地后 公司业绩释放>>--2024-10-31 <<太平洋证券医药行业周报：医疗设 备招投标大幅改善，看好国产设备公 司投资机会>>--2025-01-12 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：17717408201 E-MAIL：l ...

2025 年 03 月 11 日 行业日报 中性/维持 房地产 太平洋房地产日报（20250311）：成都土拍地价创新高 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 房地产 推荐公司及评级 相关研究报告 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 <<从中央经济工作会议看 2025 房地 产行业>>--2025-01-23 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 报告摘要 市场行情： 2025 年 3 月 11 日，今日权益市场大部分板块上涨，上证综指和 深证成指分别上涨 0 ...