Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,372.55, down 0.25% [2] - The Shenzhen Component Index closed at 10,843.73, down 0.50%, while the ChiNext Index fell by 1.31% to 2,205.31 [2] New Stock Market Insights - The new stock market activity has decreased, with 23 stocks recording positive gains, representing 56.10% of new listings over the past six months, down from 60.47% [5] - In February, the issuance price-to-earnings (PE) ratio for the ChiNext board decreased, while the main board's PE ratio increased [5] Industry Commentary: Communication Sector - DeepSeek released an overview of its inference system, discussing the upper and lower limits of computing power [6] - The report highlights the strong demand for DeepSeek's Blackwell, with revenue reaching $11 billion in the fourth fiscal quarter [7] Fixed Income Market Insights - The fixed income market showed a marginal easing in liquidity, with expectations for interest rates to trend downward [9] - The report indicates that the overall issuance of government bonds increased significantly, with a total issuance of 9,775.60 million yuan in February [14] Derivative Research: Yunda Convertible Bonds - Yunda's convertible bonds are rooted in a growth industry, with a projected increase in express delivery volume to 1.9 billion pieces and revenue to 1.5 trillion yuan by 2025 [15][16] - The company has shown a significant reduction in core operating costs, with a year-on-year decrease of 24.58% in Q2 2024 [18] Derivative Research: Nanjing Pharmaceutical Convertible Bonds - Nanjing Pharmaceutical is positioned for steady growth in the pharmaceutical distribution sector, benefiting from an aging population and changing disease patterns [19][20] - The company has established long-term partnerships with over 2,000 medical institutions, creating a regional entry barrier [20] Company Analysis: Longxun Co., Ltd. - Longxun Co., Ltd. reported a 44.21% increase in revenue to 466 million yuan for 2024, with a net profit growth of 40.62% [23] - The company is expanding its market presence in ultra-high-definition displays and automotive electronics, with a focus on R&D investment [24] - Longxun's market share in the automotive chip sector has significantly increased, with successful mass production of several chips for major automotive companies [24][25]
山西证券：研究早观点-20250310
山西证券·2025-03-10 03:32