国泰君安晨报-2025-04-01

Group 1: Market Strategy and Trends - The overall trading activity in the market is declining, with a weakening profit effect, particularly in the TMT sector, where trading congestion is easing [1][2] - Recent IPO activities are steadily progressing, indicating a clear sign of recovery in the market [1][3] - The market has seen a significant outflow of financing funds and foreign capital, with public and private fund positions also decreasing [1][3] Group 2: Industry Insights - The "Deep Sea Technology" sector is highlighted as a key growth driver, with the marine economy's total output exceeding 10 trillion yuan, growing by 5.9% year-on-year [8][9] - The core segment of "Deep Sea Technology" is the midstream deep-sea equipment manufacturing, which is expected to benefit significantly from domestic substitution logic [9][10] - The government has emphasized the importance of "Deep Sea Technology" in its work report, expanding its scope to include resource development and communication technologies [7][8] Group 3: Company-Specific Research - Huadian International Power's Q4 2024 performance met expectations, with a projected recovery trend in its coal power business for 2025, highlighting its dividend value [19][20] - The company reported a revenue of 112.4 billion yuan for 2024, a decrease of 3.4% year-on-year, but a net profit increase of 23.2% to 5.67 billion yuan in Q4 2024 [19][20] - Dongpeng Beverage's new product "Fruit Tea" has rapidly gained market traction, with sales expected to exceed 70 million yuan in March, indicating a strong growth trajectory [25][26]