◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 ◼ 股票数据 | 总股本/流通(亿股) | 11.17/11.17 | | --- | --- | | 总市值/流通(亿元) | 151.75/151.75 | | 12 个月内最高/最低价 | 16.43/10.9 | | (元) | | 相关研究报告 <<首旅酒店深度报告：结构升级加速 拓店，稳坐前列待疫后花开>>-- 2022-11-03 <<首旅酒店三季报点评：Q3 实现扭亏 拓店速度恢复>>--2022-11-02 <<首旅酒店三季报点评：主业稳健增 长 投 资 收 益 放 大 业 绩 增 速 >>-- 2018-10-30 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 2025 年 03 月 31 日 公司点评 买入/维持 首旅酒店(600258) 目标价: 昨收盘:13.59 首旅酒店 24 年报点评：业绩保持平稳 资产质量提升 事件：首旅酒店发布 202 ...

2025 年 03 月 30 日 公司点评 买入/维持 金宏气体(688106) 昨收盘:18.50 业绩短期承压，现场制气业务快速增长 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 股票数据 | 总股本/流通(亿股) | 4.82/4.82 | | --- | --- | | 总市值/流通(亿元) | 89.17/89.17 | | 12 个月内最高/最低价 | 23.44/14.58 | | (元) | | 相关研究报告 <<特气品类积极扩张，电子大宗载气 服务能力持续提升>>--2024-04-28 <<产品结构持续优化，业绩维持稳健 增长>>--2023-11-17 证券分析师：王亮 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司近日发布 2024 年年报，期内实现营收 25.25 亿元，同 比增长 4.03%；实现归母净利润 2.01 亿元，同比下滑 36.12%；本次拟 每 10 股派发现金红利 1.00 元（含税）。 特种气 ...

OpenAI 发布 GPT-4o 生图功能，DeepSeek-V3 完成版本升级 (2025.03.24-03.30) 传媒互联网 [Table_Title] 传媒互联网 ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 [Table_Message] 2025-03-30 行业周报 看好/维持 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ OpenAI GPT-4o 生图功能发布，Agents SDK 支持 MCP 协议 OpenAI 发布 GPT-4o 原生生图功能。不同于传统图像生成的自回归技 术，逐步生成图像的每个像素或部分来构建图像，GPT-4o 生图采用 非自回归技术，直接生成整个图像，这使得模型能够一次性理解和处 理图像的整体结构和细节，实现细节和一致性的提升。从生成实例来 看，GPT-4o 生图具备通过多轮对话逐步完善图像并保持多次生成的 一致性、准确将文字嵌入图像、多样化风格适应等功能。目前，GPT- 4o 可在 ChatGPT 中直接生成图像。此外，OpenAI 对开发者工具箱 A ...

Investment Rating - The report maintains a "Buy" rating for Nanhua Futures (603093) with a target price based on the last closing price of 12.88 [1] Core Views - Nanhua Futures demonstrated differentiated development capabilities, with a reported operating income of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 458 million yuan, up 13.96% year-on-year [4][6] - The company is expected to benefit from a high interest rate environment abroad, with net interest income increasing by 25.01% to 682 million yuan, driven primarily by overseas operations [6][7] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and expand its overseas business [6] Summary by Sections Financial Performance - For the reporting period, Nanhua Futures achieved an operating income of 1.324 billion yuan and a net profit of 458 million yuan, with a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4][5] - The company’s domestic futures brokerage business client equity reached 31.561 billion yuan, a year-on-year increase of 48.54%, although net income from brokerage fees decreased by 11.33% to 446 million yuan due to increased competition [5] - The wealth management business saw a significant decline, with the management scale of Nanhua Fund down 29.87% to 14.805 billion yuan [5] Business Segments - The overseas business showed strong performance, with net income from overseas operations increasing by 15.32% to 654 million yuan, supported by a favorable high-interest environment [6] - The risk management business faced challenges, with basis trading revenue down 9.17% and off-exchange derivatives business nominal principal decreasing by 18.60% [5] Future Projections - Revenue projections for 2025-2027 are estimated at 5.960 billion yuan, 6.271 billion yuan, and 6.643 billion yuan respectively, with net profits expected to be 552 million yuan, 614 million yuan, and 666 million yuan [7][8] - The estimated EPS for the same period is projected to be 0.90 yuan, 1.01 yuan, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 43.26 on March 27, 2025 [1][9]. Core Insights - The company reported a slight decline in operating revenue of 0.48% year-on-year, totaling 337.49 billion yuan, while net profit increased by 1.22% to 148.39 billion yuan. The return on equity (ROE) was 14.49%, down by 1.73 percentage points [4][9]. - The company is expected to benefit from economic recovery, with projected operating revenues for 2025-2027 of 342.30 billion, 356.58 billion, and 372.33 billion yuan, respectively [9]. Summary by Sections Financial Performance - For the fourth quarter of 2024, the company achieved operating revenue of 84.78 billion yuan and net profit of 35.21 billion yuan, reflecting year-on-year increases of 7.53% and 7.63%, respectively [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a focus on optimizing the loan structure [5]. - Total deposits amounted to 9.10 trillion yuan, marking an increase of 11.54% year-on-year, with a notable shift towards fixed-term deposits [5]. Income and Profitability - Net interest income for the reporting period was 211.28 billion yuan, a decrease of 1.58% year-on-year, but the decline was narrowing [6]. - Non-interest income rose by 1.41% to 126.21 billion yuan, supported by investment income and fair value changes [6]. Asset Quality - The company's non-performing loan (NPL) ratio stood at 0.95%, with a provision coverage ratio of 411.98%, indicating stable asset quality [7]. - New NPL generation was 66.70 billion yuan, with a focus on monitoring retail loan quality [7]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 14.86%, reflecting a year-on-year increase of 1.13 percentage points, indicating strong internal capital replenishment capabilities [8]. - The company proposed a cash dividend of 2 yuan per share, with a dividend payout ratio of 35.32% [8].

2025 年 03 月 30 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报：低空经济首个 OC 证落地，溴素价格大涨 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 基础化工 沪深300 相关研究报告 <<化工周报（3/17-3/23）：企业主动 降负推动有机硅价格反弹；制冷剂价 格维持高位>>--2025-03-24 <<化工新材料周报：制冷剂价格持续 走强，关注 UHMWPE纤维>>--2025-03- 23 <<化工周报（3/10-3/16）：《提振消 费专项行动方案》有望拉动相关产品 需求增长>>--2025-03-18 证券分析师：王亮 氟化工：制冷剂价格持续强势。本周（3.23-3.30）制冷剂 R134a 出 厂均价 46500 元/吨，较上周同期上涨 1.09%；制冷剂 R32 出厂均价 47000 元/吨，较上周上涨 3.3%；制冷剂 R125 出厂均价 45000 元/吨， 较上周上涨 1.12%；国内制冷剂 R22 出厂均价 36000 元/吨，较上周上 涨 0 ...

(20%) (8%) 4% 16% 28% 40% 24/3/29 24/6/9 24/8/20 24/10/31 25/1/11 25/3/24 ◼ 股票数据 海尔智家(600690) 目标价: 昨收盘:27.16 海尔智家：2024Q4 业绩稳健提升，看好 AI 与新兴市场空间 ◼ 走势比较 2025 年 03 月 29 日 公司点评 买入/维持 | 总股本/流通(亿股) | 93.83/62.55 | | --- | --- | | 总市值/流通(亿元) | 2,548.4/1,698 | | | .72 | | 12 个月内最高/最低价 | 35.37/23.1 | | (元) | | 相关研究报告 <<海尔智家：2024Q3 业绩延续双位数 增长，拟并表日日顺物流充分协同赋 能长期>>--2024-10-30 <<海尔智家：2024Q2 盈利能力持续提 升，新兴市场快速成长>>--2024-08- 29 <<海尔智家：2023Q4 业绩稳健增长， 分红比例预计逐步提升>>--2024- 04-02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S11905240 ...

2025 年 03 月 28 日 投资策略 策略日报（2025.03.28）调整如期而至 <<策略日报（2025.03.26）成交缩量， 红利为王>>--2025-03-26 <<策略日报（2025.03.25）科技风紧， 小盘扯呼>>--2025-03-25 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券研究助理：徐梓铭 E-MAIL：xuzm@tpyzq.com 一般证券从业编号：S1190123050005 相关研究报告 <<不输为赢>>--2025-03-23 <<无人问津与人声鼎沸>>--2025- 03-03 <<策略日报（2025.03.27）低位补 涨>>--2025-03-27 大类资产跟踪 债券市场：利率债长端下跌短端震荡。今年节后，由于资金面持续偏 紧，资金价格中枢整体抬升，此前过度计价的降息预期得到修正，债市如 期在半年线附近企稳回升，目前已具备配置价值。债市消极对待"择机降 准降息"。但技术面上债市的反弹结构保持完好，可继续高看一线。考虑 到"适度宽松"的基调表态，和风险偏好因素，建议在做好久期管理的背 景下进 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 6.635 billion yuan in 2024, representing a year-on-year growth of 0.4%, while the net profit attributable to shareholders was 733 million yuan, up 2.6%. The adjusted net profit reached 1.018 billion yuan, marking a significant increase of 41.65% [3][6] - The revenue from innovative drugs reached 4.928 billion yuan, accounting for 74.3% of total revenue, which is the highest since the company's listing [3][6] - The company is set to launch multiple innovative drugs, including Enlitai and Xianbixin, which are expected to significantly contribute to revenue growth [4][5] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.635 billion yuan and a net profit of 733 million yuan. The adjusted net profit was 1.018 billion yuan, indicating a robust growth trajectory [3][8] - The projected revenues for 2025, 2026, and 2027 are 7.659 billion yuan, 9.073 billion yuan, and 10.493 billion yuan, respectively, with year-on-year growth rates of 15.43%, 18.47%, and 15.65% [6][8] Innovative Drug Pipeline - The company has received approval for two new innovative drugs in 2024, expanding its portfolio to a total of eight approved innovative drugs. This includes the anticipated launch of Xianbixin, which is expected to enhance treatment options for stroke patients [4][5] - The innovative drug revenue is expected to continue growing, supported by the inclusion of Koseira and Enlitai in the national medical insurance directory, which will facilitate sales growth [4][5] Valuation Metrics - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.52 yuan, and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 [6][8] - The report suggests that the company's valuation is likely to recover as the revenue from innovative drugs increases and multiple new products are launched [6]

Investment Rating - The report maintains an "Accumulate" rating for Zhujiang Beer with a target price of 11.76, compared to the last closing price of 10.30 [1]. Core Insights - Zhujiang Beer achieved a revenue of 5.731 billion in 2024, representing a year-on-year increase of 6.56%. The net profit attributable to shareholders was 810 million, up 29.95% year-on-year, while the net profit excluding non-recurring items was 762 million, reflecting a 36.79% increase [4][5]. - The sales volume of beer in 2024 was affected by demand, with a slight decline in overall production in China. However, Zhujiang Beer managed to increase its sales volume by 2.6% to 143.96 million tons and the average price per ton rose by 4.3% to 3828 [5][6]. - The company continues to optimize its product structure, launching new products like Zhujiang P9 and Zhujiang Beer 1985, while the flagship product, 97 Pure Draft, is expected to maintain double-digit growth [5][6]. Financial Performance - In Q4 2024, Zhujiang Beer reported a revenue of 844 million, a year-on-year increase of 2.11%, with net profit soaring by 118.74% to 4 million [4]. - The gross profit margin for 2024 reached 46.30%, an increase of 3.5 percentage points year-on-year, driven by product structure upgrades and cost optimization [5][10]. - The company forecasts revenue growth rates of 6% for 2025, 6% for 2026, and 5% for 2027, with net profit growth rates of 15%, 10%, and 9% respectively [5][6]. Market Position and Strategy - Zhujiang Beer has shown resilience in the South China market, with revenue from the region increasing by 7.5% to 5.49 billion, while other regions experienced a decline of 10.4% [5]. - The company has optimized its distributor network, with a net decrease of 114 distributors in Guangdong but an increase of 16 in other regions [5]. - The report highlights the ongoing structural upgrades and cost reductions as key drivers for improved profitability and market competitiveness [5][10].