平安证券：晨会纪要-20250318

Group 1: Real Estate Industry - The real estate sales and investment continued to decline in January-February 2025, with sales area down 5.1% and sales amount down 2.6% year-on-year [8][10] - The investment amount in real estate development was 1.1 trillion yuan, a year-on-year decrease of 9.8%, with new construction down 29.6% [9][10] - The report suggests focusing on "good houses" entering the market, which may stimulate new demand, particularly for companies with lighter historical burdens and strong product capabilities [11][12] Group 2: Shanghai Pharmaceuticals - Shanghai Pharmaceuticals is positioned for growth in the pharmaceutical industry, with a focus on innovative drugs and traditional Chinese medicine, with several new drug pipelines entering clinical research [12][13] - The company has a stable commercial segment, with a distribution network covering the entire country and over 2000 quality brand pharmacies [13][14] - The CSO business has shown rapid growth, achieving sales of 2.9 billion yuan in 2023, a year-on-year increase of approximately 50% [14] Group 3: Robotics Industry - The report highlights the importance of rotary actuators in humanoid robots, which require high torque density and dynamic response, emphasizing the need for customized development [15][16] - The market for frameless torque motors is growing, with a market size of 180 million yuan in 2023, reflecting a year-on-year increase of 19.73% [16] - The report recommends focusing on companies involved in core components for humanoid robots, such as motors and reducers, as the industry moves towards commercialization [15][16]