Investment Rating - The industry is rated as "Outperform the Market," indicating a positive outlook with expectations that the industry index will outperform the CSI 300 index in the next six months [21]. Core Insights - The report highlights a significant decline in the Consumer Price Index (CPI) for February, which fell by 0.7% year-on-year, marking the first negative growth since January 2024. This decline is attributed to various factors, including a high base effect from the previous year's Spring Festival [2]. - The Producer Price Index (PPI) also saw a year-on-year decrease of 2.2% in February, with production material prices dropping by 2.5%. The report suggests that the PPI decline may continue to narrow as industrial demand recovers [2]. - The report anticipates that with the implementation of consumption promotion policies, the CPI is expected to rebound, despite the current negative growth [2]. Summary by Sections Macro Research - February CPI decreased by 0.7% year-on-year, with food prices down by 3.3% and non-food prices down by 0.1%. The CPI also fell by 0.2% month-on-month [2]. - The PPI decreased by 2.2% year-on-year and 0.1% month-on-month, with significant drops in production material prices [2]. - The report notes that the industrial production is gradually recovering, and the PPI's year-on-year decline may continue to narrow [2]. Price Trends - The report provides insights into various price trends, including a notable decrease in fresh vegetable prices by 3.8% month-on-month due to warmer weather and a drop in pork prices by 1.9% [2]. - The report also mentions that prices in the new energy and artificial intelligence sectors are experiencing upward trends, with certain metal prices increasing [2].

NIFD季报 主编:李扬 国内宏观经济 张平 杨耀武 2025 年 3 月 2022 年 4 月 《 NIFD 季报》是国家金融与发展实验室主要的集体研 究成果之一，旨在定期、系统、全面跟踪全球金融市场、 人民币汇率、国内宏观经济、中国宏观金融、国家资产负 债表、财政运行、金融监管、债券市场、股票市场、房地 产金融、保险业运行、机构投资者的资产管理等领域的动 态 ， 并 对 各 领 域 的 金 融 风 险 状 况 进 行 评 估 。 《 N I F D 季 报》由三个季度报告和一个年度报告构成。 NIFD 季度报 告于各季度结束后的第二个月发布，并在实验室微信公众 号和官方网站同时推出； NIFD 年度报告于下一年度 2 月 份发布。 经济回升、外部环境变化与政策支持 摘 要 2024 年，中国经济运行总体平稳、稳中有进，特别是在及 时部署一揽子增量政策后，社会信心得到提振，主要经济指标明 显回升。 展望 2025 年，国际贸易保护主义有愈演愈烈之势，全球贸 易和经济增长面临较大不确定性，发达国家的货币政策不同步 性可能加剧。在外部发展环境不确定性明显增加的情况下，扩大 内需显得格外重要。 2025 年，中国 ...

Market Overview - The U.S. stock indices closed lower, with the Dow Jones down 1.14% at 41433.48 points, S&P 500 down 0.76% at 5572.07 points, and Nasdaq down 0.18% at 17436.1 points [5] - European stock indices also closed lower, with Germany's DAX down 1.29% at 22328.77 points, France's CAC40 down 1.31% at 7941.91 points, and the UK's FTSE 100 down 1.21% at 8495.99 points [5] - Major Asia-Pacific indices closed lower, with Japan's Nikkei 225 down 0.64% at 36793.11 points and India's SENSEX30 down 0.02% at 74102.32 points [5] Domestic Stock Market - A-shares showed a low-open high-close trend, with the Shanghai Composite Index closing up 0.41% at 3379.83 points and the Shenzhen Component Index up 0.33% [13] - Hong Kong's Hang Seng Index experienced a significant drop before rebounding, closing down 0.01% at 23782.14 points, with strong performances in the new energy vehicle and pharmaceutical sectors [13] - Despite a quiet IPO market, the number of companies in the IPO counseling stage increased by over 70, indicating potential growth in IPO activities [13] Company News - Jinglin Asset has fully shifted its investment focus to Chinese assets, completing a significant strategic adjustment since last year [14] - Aoto Technology's IPO application has been accepted, aiming to raise 779 million yuan for programmable logic controllers [14] - Muyuan Foods is considering a secondary listing in Hong Kong, potentially raising at least $1 billion [14] Financial Sector - Shenzhen has launched a new venture capital action plan, aiming to form a trillion-level "20+8" industry fund group by the end of 2026 [19] - The primary market is showing signs of recovery, with CITIC Securities planning to reallocate personnel to its ECM team due to staffing shortages [19] Industry Developments - The National Bureau of Statistics reported that China's automobile production and sales in January-February reached 4.553 million and 4.552 million units, respectively, with significant growth in new energy vehicles [22] - The construction of new information infrastructure in China is accelerating, with the number of standard racks in use exceeding 9 million [23] - The Chinese battery industry saw a significant increase in sales, with a year-on-year growth of 98.8% in February [23]

Inflation Trends - In February, China's Consumer Price Index (CPI) decreased by 0.7% year-on-year, against a market expectation of a 0.4% decline, following a 0.5% increase in January[1] - The average CPI for January-February showed a slight decline of 0.1% compared to the same period last year, while December's CPI had a 0.1% increase[5] - Food prices fell by 1.3% year-on-year in January-February, compared to a 0.5% decline in December[5] Core CPI and PPI Analysis - The core CPI for January-February increased by 0.3% year-on-year, slightly down from a 0.4% increase in December[5] - The Producer Price Index (PPI) in February dropped by 2.2% year-on-year, slightly worse than the expected 2.1% decline and an improvement from a 2.3% drop in the previous month[9] - The prices of production materials decreased by 2.5% year-on-year, contributing approximately 1.86 percentage points to the overall PPI decline[9] Price Movements and Policy Implications - February's PPI saw a month-on-month decrease of 0.1%, following a 0.2% decline in January[10] - The government has set a CPI growth target of around 2% for 2025, down from 3% in 2024, indicating a shift in monetary policy focus[13] - The report emphasizes the importance of maintaining liquidity and aligning monetary supply growth with economic growth and price expectations[13]

Core Viewpoint - The article discusses the upcoming IPOs of five companies in the A-share market, highlighting their business focus, financial performance, and fundraising plans. Group 1: Company Summaries - Jiangnan New Materials focuses on the research, production, and sales of copper-based new materials, with core products including copper ball series, copper oxide powder series, and high-precision copper-based heat sinks. The company aims to enhance its product competitiveness and has established a customer base among leading PCB manufacturers [2][3]. - Xidian Co., Ltd. specializes in semiconductor testing equipment, particularly in probe testing technology. The company has become the largest probe station equipment manufacturer in mainland China, with a growing market share from 13% in 2019 to 25.70% in 2023 [4][5][6]. - New Asia Cable is engaged in the research, production, and sales of electric wires and cables, with a strong brand presence in the industry. The company has seen steady revenue growth and plans to invest in smart manufacturing and marketing network projects [7]. - Victory Nano is a well-known third-party testing laboratory in the semiconductor industry, providing various analysis services. The company has experienced revenue growth and plans to enhance its testing capabilities through new projects [8][9]. - Zhejiang Huayuan focuses on customized automotive system connectors, supplying major automotive manufacturers. The company is expanding its product applications in the electric vehicle sector and has shown consistent revenue growth [10][11][12]. Group 2: Financial Performance - Jiangnan New Materials expects revenues of 62.3 billion, 68.18 billion, and 86.99 billion from 2022 to 2024, with net profits of 1.05 billion, 1.42 billion, and 1.76 billion respectively [3]. - Xidian Co., Ltd. projects revenues of 4.42 billion, 5.46 billion, and 5.08 billion from 2022 to 2024, with net profits of 1.16 billion, 0.89 billion, and 0.93 billion respectively [6]. - New Asia Cable anticipates revenues of 27.63 billion, 30.13 billion, and 28.34 billion from 2022 to 2024, with net profits of 1.1 billion, 1.64 billion, and 1.35 billion respectively [7]. - Victory Nano forecasts revenues of 2.87 billion, 3.94 billion, and 4.15 billion from 2022 to 2024, with net profits of 0.66 billion, 0.99 billion, and 0.82 billion respectively [8]. - Zhejiang Huayuan expects revenues of 4.91 billion, 5.53 billion, and 6.82 billion from 2022 to 2024, with net profits of 0.77 billion, 0.83 billion, and 1.08 billion respectively [11].

股票研究/[Table_Date] 2025.02.17 新股精要—国内汽车造型及声学部件领先 生产商汇通控股 本周新股发行信息 | [table 毓恬冠佳（ _NewStock] 301173.SZ）发行 2196 万股 | | --- | | 汇通控股（603409.SH）发行 3151 万股 | | 常友科技（301557.SZ）发行 1108 万股 | | [table_Authors] 王政之(分析师) | 施怡昀(分析师) | 王思琪(分析师) | [Table_Report] 相关报告 | | --- | --- | --- | --- | | 021-38674944 | 021-38032690 | 021-38038671 | | | | | | 次新市场延续上行趋势，当周招股逐步常态化 | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | 2025.02.16 | | 登记编号 S0880517060002 | S0880522060002 | S0880524080007 | 次新板块迎 ...

// 债市综述 // 1. 公开市场操作 央行3月3日以固定利率、数量招标方式开展了970亿元7天期逆回购操作，操作利率为1.5%。Wind数据显示，当日2925亿元逆回购到期，据此计 算，单日净回笼1955亿元。 （*数据来源：Wind-央行动态PBOC） 2.资金面 3月首个交易日，银行间市场资金面整体转松，存款类机构主要回购加权利率多数走低。 海外方面，最新美国隔夜融资担保利率为4.36%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.99%附近，较上日略有下行。 （IMM） （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债收益率普遍下行，中短券表现更好。 | | 1Y | | ZY | | 3Y | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.5300 ▼7.00 | 23 | 1.3775 ▼6.25 | રિટ | ...

文 ｜ 杨帆 明明 玛西高娃 彭阳 2月制造业PMI回到荣枯线上方，1 - 2月制造业PMI均值总体好于2 0 2 4年，反映制造业景气保持较 好状态。结合分项数据和实物工作量指标看，经济的供给和需求端短期表现较好，PPI读数短期有 望出现一定回升。从结构上来看，装备制造业表现相对较好，部分中低附加值产业相对较弱，大型 企业和中小型企业表现分化。2月非制造业PMI环比回升，主要受建筑业季节性回升所带动，服务 业景气有所回落，近两周基建实物工作量与历史同期的差距有所减小，项目复工节奏有望边际加 快。近期经济运行整体表现较好，主要是受益于前期以旧换新"促消费"、关税预期"抢出口"、以及 四季度专项债集中发行使用三条线索，预计后续消费刺激政策接续力度、应对关税影响的宏观政策 力度是左右经济运行节奏的两条主线。 2 0 2 5年2月，中国制造业采购经理指数（制造业PMI）为5 0 . 2%，较上月提高1 . 1个百分点；中国 非制造业商务活动指数（非制造业PMI）为5 0 . 4%，较上月提高0 . 2个百分点。 ▍ 2月制造业PMI回到荣枯线上方，1 - 2月制造业PMI均值总体好于2 0 2 4年，反映制造业景气 ...

2024年前三季度的乘用车销量增速位居全球前二十大乘用车公司之首。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）于2025年2月28日正式向港交 所递交招股说明书，拟主板挂牌上市，中金、华泰和广发担任联席保荐人。 1997年，奇瑞汽车的"发动机一厂"破土动工。1999年，奇瑞汽车自主研发的第一台发动机下线； 同年，奇瑞汽车的第一辆轿车——000001号"风云"下线。 2 001 年， 奇瑞汽车首批 "风云"轿车 批量进入国际市场，实现了整车出口海外市场的突破 。 2 003 年， 奇瑞汽车自主研发的第一辆新 能源汽车下线 。 2 024 年前三季度 ，奇瑞汽车 是 全球前二十大乘用车公司中唯一一家中国市场销量、海外市场销 量、新能源汽车销量 和 燃油车销量与2023年同期相比增幅均超过30.0%的公司。 同期， 奇瑞汽 车 的 乘用车销量较2023年同期增长51.8%，增速位居全球前二十大乘用车公司之首。 目前，奇瑞汽车旗下拥有五个主要品牌——1、奇瑞：面向大众和家庭用户，已累计销售超过1,000 万辆 ...

上海毓恬冠佳科技股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰君安证券股份有限公司 一、上市概况 1、股票简称：毓恬冠佳 2、股票代码：301173 3、首次公开发行后总股本：8,783.4772万股 4、首次公开发行股票数量：2,195.8700万股，占发行后公司总股本的比例为 25.00%，本次公开发行全部为新股，无老股转让。 1 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 险。创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，上海毓恬冠佳科技股份有限公司（以下简称 "发行人"或"本公司"）发行的人民币普通股票将于2025年3月3日在深圳证券 交易所创业板上市，上市公告书全文和首次公开发行股票并在创业板上市的招股 说明书全文披露于中国证券监督管理委员会指定的信息披露网站（巨潮资讯网， ...