【光大研究每日速递】20250313

Group 1: Macro Insights - The stock market has shown a structural rally in the technology sector since the Spring Festival, with overall stock prices improving, although a significant number of individual stocks remain in a correction phase [4] - Leverage funds and public funds have rapidly increased their positions, reflecting a strong optimistic sentiment in the market [4] - Continued market momentum may require additional incremental capital inflows; otherwise, the market may need to undergo a "high cut low" process to digest the recent gains [4] Group 2: Fixed Income and REITs - As of February 28, 2025, the number of public REITs in China reached 63, with a total issuance scale of 168.374 billion [5] - The weighted REITs index closed at 129.63, with a monthly return rate of 1.05%, indicating a fluctuating trend in secondary market prices [5] - Compared to other major asset classes, the return rates ranked from high to low are: convertible bonds > A-shares > gold > REITs > pure bonds > US stocks > crude oil [5] Group 3: Industry Trends - The engineering machinery sector has seen unexpected sales and construction activity, establishing a strong start for the 2025 peak season, supported by favorable policies from the Two Sessions [7] - The demand for the engineering machinery industry is expected to continue recovering in the medium term, aided by ongoing internationalization and electrification trends [7] Group 4: Company Performance - China Overseas Macro Group achieved a sales revenue of 40.11 billion in 2024, a year-on-year decrease of 6.3%, with an average monthly sales of 3.34 billion [8] - In January and February 2025, the company recorded a cumulative sales of 4.37 billion, down 3.8% year-on-year, with an average sales price of 12,000 per square meter, reflecting a 5.6% increase [8] - The rapid growth of Yiyuan Communication is highlighted, with a projected revenue of 18.56 billion in 2024, representing a year-on-year increase of approximately 33.9%, and a net profit of 540 million, up 495.33% [9] - Aimeike plans to acquire 85% of the shares of REGEN Biotech, Inc., enhancing its influence in the domestic regenerative medical market [10]