证券研究报告 2025 年 02 月 26 日 湘财证券研究所 行业研究 稀土永磁行业月度跟踪 2 月行业大幅跑赢基准，钕铁硼月均价受原料带动环比上行 相关研究： | 《去年12月产业链均价延续环比下跌，工业 | | | --- | --- | | 领域需求持续回升》 | 20250125 | | 《11月产业链均价环比下跌，下游新能源车 | | | 及风电维持高景气》 | 20241227 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4 2 38 绝对收益 7 4 51 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 其他原料：2025 年 2 月硼铁均价为 2.08 万元/吨，月环比略跌 0.15%，同 比跌幅小幅收窄 0.44pct 至 12.34%。铌铁月均价为 28.7 万元/吨，月环比 涨 1.41%，同比涨幅收窄 1.23pct 至 10.85%。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E ratio) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6th percentile of its historical valuation range [4][19] - The upstream prices of rare earth minerals showed a notable increase in February 2025, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in air conditioning production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The rare earth permanent magnet industry outperformed the benchmark index with a relative return of 4% over one month, 2% over three months, and 38% over twelve months. Absolute returns were 7%, 4%, and 51% respectively [3] Upstream Market - Significant month-on-month and year-on-year increases in prices for rare earth minerals, including a 6.55% rise in praseodymium-neodymium oxide to 435,000 CNY/ton and a 6.8% increase in praseodymium-neodymium mixed metal to 535,100 CNY/ton [6][9] - Heavy rare earth prices also showed resilience, with dysprosium oxide and dysprosium iron prices increasing by 3.99% and 4.41% respectively [7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the demand remains strong, the industry faces challenges such as overcapacity and the need for demand to absorb excess supply. The overall industry performance is still in a bottoming phase, and the current high valuation levels lack sufficient earnings support [13]

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [6]. Core Insights - The IVD sector has benefited from the integration of AI in diagnostics, leading to a notable increase in stock performance, with the sector rising by 4.15% last week [1][4]. - The report highlights the significant growth potential in the global IVD market, driven by advancements in AI applications in pathology and diagnostics [4][65]. - The current price-to-earnings (PE) ratio for the IVD sector is 23.64X, with a price-to-book (PB) ratio of 1.73X, indicating a slight increase from the previous week [3][30]. Summary by Sections Industry Performance - The pharmaceutical and biological sectors saw a 2.71% increase, with the IVD sector outperforming the broader market [1][19]. - Notable performers in the IVD sector include companies like Anbiping (+28.2%) and Jiukang Biological (+13.0%) [2][24]. Valuation Metrics - The IVD sector's PE ratio has increased by 0.92X over the past week, while the PB ratio has risen by 0.08X [3][30]. - Historical valuation data shows the IVD sector's PE is at a historical percentile of 52.37% [30]. Market Trends - The report emphasizes the growing importance of AI in the healthcare sector, particularly in pathology, where it addresses challenges such as the shortage of pathologists and diagnostic accuracy [57][65]. - The report suggests focusing on high-growth areas within the IVD sector, such as immunodiagnostics and molecular diagnostics, particularly PCR technology [4][65].

证券研究报告 2025 年 02 月 19 日 湘财证券研究所 行业研究 体外诊断行业周报 "AI+病理"解决行业痛点 --体外诊断行业周报 2.10-2.16 相关研究： 核心要点： 上周医药生物上涨 2.71%，体外诊断上涨 4.15% 上周医药生物报收 7368.10 点，上涨 2.71%，涨幅排名位列申万 31 个一级 行业第 5 位。沪深 300 指数上涨 1.19%，医药跑赢沪深 300 指数 1.53%。 申万医药生物二级子行业医疗服务 II 报收 5380.99 点，上涨 6.51%；中药 II 报收 6446.65 点，上涨 0.80%；化学制药 II 报收 10078.98 点，上涨 0.71%； 生物制品Ⅱ报收 5993.86 点，上涨 1.61%；医药商业Ⅱ报收 5147.41 点， 上涨 4.18%；医疗器械Ⅱ报收 6428.22 点，上涨 4.81%。细分板块来看， 体外诊断受益于 AI+诊疗影响涨幅居前。 从体外诊断板块公司的表现来看，表现居前的公司有：安必平（+28.2%）、 九强生物（+13.0%）、达安基因（+11.2%）、万孚生物（+9.4%）、迪瑞医疗 （+9.1%）； ...

证券研究报告 对目前春季行情的思考与展望 分析师：仇华 登记编号：S0500519120001 2025年02月24日 目录 | CONTENTS 01 03 探讨DeepSeek对市场投资的冲击 2025年春季行情正在演绎 04 投资建议和风险提示 02 对于春季行情未来变化的思考 一、2025年春季行情正在演绎 图1 2025年春节后行情的演绎 资料来源：Wind、湘财证券研究所 5 资料来源：通达信、湘财证券研究所 3 一、2025年春季行情正在演绎 图2 2025年以来重要指数以及一级行业涨跌状况 | 代码 | 名称 | 25.02.05-02.09 | 25.02.10-02.16 | 25.02.17-02.23 | 02月05日以来涨跌幅 | 2025年以来涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000688. SH | 科创50 | 6.67 | 0.36 | 7.07 | 14.63 | 10.70 | | 399006. SZ | 创业板指 | 5.36 | 1.88 | 2.99 | 10.55 | 6.53 | | 399 ...

证券研究报告 2025 年 02 月 24 日 湘财证券研究所 策略研究 策略周报 2 月 LPR 维持不变，A 股指数继续震荡上行 ——2025.02.17-2025.02.23 日策略周报 相关研究： 核心要点： 2025.02.17-2025.02.23 日，就 31 个申万一级行业的涨跌幅状况来看，总体 表现为涨跌相当：周涨幅居前的板块是：通信、机械设备，周涨幅分别为 8.09%、7.77%。而周涨跌幅居后的板块是：煤炭、传媒，周涨跌幅分别为 -4.31%和-1.80%。 分析师：仇华 地址：上海市浦东新区银城路88号 就 124 个申万二级行业（扣除林业）涨跌幅状况来看：周涨幅居前的板块 是：电机Ⅱ、自动化设备，周涨幅分别为 13.70%和 12.06%。2025 年以来累 计涨幅居前的是：影视院线、电机Ⅱ，累计涨幅在 29.00%上下。而周涨跌 幅居后的板块是：影视院线、商用车，周涨跌幅分别为-10.86%和-6.37%。 2025 年以来累计涨跌幅居后的板块是：煤炭开采、非白酒，累计跌幅分别 为-13.18%、-10.11%。 就 259 个申万三级行业（扣除 16 个无数据行业）的涨跌幅状况来 ...

证券研究报告 2025 年 2 月 25 日 湘财证券研究所 宏观研究 宏观大类资产周报 科创板领涨，国债收益率有所抬升 相关研究： ❑ 大宗商品普遍上涨 1. 《国内股市普遍上涨，人民 币小幅贬值》 2024.10.29 2. 《国内股市普遍下跌，人民 币窄幅波动》 2024.11.11 3. 《权益继续调整，黄金大幅 反弹》 2024.11.25 4. 《国内权益市场大幅调整债 券收益率再破新低》 2025.01.06 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 科创板领涨 2 月 17 日~ 2 月 21 日，国内权益市场普遍上涨，其中上证指数周涨 0.97%、深证成指周涨 2.25%，创业板周涨 2.99%，科创 50 周涨 7.07%。 受益于人工智能的火爆，以 AI产业链为主的科技股表现亮眼，伴随国内 科技行业的估值修复，未来板块的上涨空间仍存。在国内权益市场风险 偏好回升的基础上，我们认为国内权益市场具备持续向上的动力。 ❑ 债券收 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company has a significant competitive advantage in the parenteral nutrition sector, supported by a well-structured product matrix and ongoing R&D investments [3][4][5]. - The diversified product pipeline is expected to drive sustained revenue growth, with core products showing signs of recovery and new products being launched [4][5][25][36]. Summary by Sections Company Overview - The company has been focused on the parenteral nutrition market since its inception in 2002, establishing a strong brand and product differentiation through continuous R&D [8][9]. - It has developed a competitive edge with several products being the first domestic generics or unique offerings in the market [9][30]. Financial Performance - Revenue has experienced fluctuations, but profit has shown steady growth, with a projected recovery in revenue growth starting in 2024 [12][25]. - The company expects revenues of 1.371 billion, 1.644 billion, and 1.991 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.6%, 20.0%, and 21.1% [5][39]. Product Pipeline and Market Strategy - The core product, injection of multiple vitamins (12), has a high market share and is expected to see revenue growth due to successful procurement bids [27][30]. - New products, including pediatric multi-vitamins and various microelement injections, are anticipated to contribute to revenue growth, with several products already approved for market entry [33][36]. Investment Recommendations - The company is well-positioned in a high-barrier market with a strong brand advantage, and it is expected to benefit from ongoing product launches and market penetration [5][37]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64, 0.78, and 0.99 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.8, 12.1, and 9.6 [5][39].

Investment Rating - The industry rating is maintained at "Overweight" [4][6] Core Insights - The six departments have jointly issued the "Guiding Opinions on Promoting the Large-Scale Utilization of Marine Energy," emphasizing the importance of marine energy as a significant green renewable energy source, including tidal energy, wave energy, temperature difference energy, and salinity gradient energy [1][2] - China, as a maritime power with a coastline of 18,000 kilometers and a jurisdictional sea area of approximately 3 million square kilometers, aims to alleviate power shortages in coastal areas and islands through marine energy development, which will also promote the development of related industries [2][3] - The goal is to achieve a marine energy installed capacity of 400,000 kilowatts by 2030, with the establishment of multi-energy complementary power systems for islands and large-scale demonstration projects [2][3] Summary by Sections Policy Overview - The "Guiding Opinions" aim to cultivate new productive forces in the marine sector and enhance the development of marine equipment manufacturing, special materials, transportation, aquaculture, marine corrosion prevention, marine engineering, power distribution, and comprehensive seawater utilization [2][3] Industry Development - China has implemented several large-scale demonstration projects for tidal and wave energy, with operational installed capacities ranking first, second, and third globally for wave energy, tidal energy, and tidal range energy, respectively [3] - The "Guiding Opinions" propose to support the construction of key projects, including a 100-megawatt tidal energy project and multi-energy complementary applications for islands, while encouraging the integration of wave energy with offshore wind farms [3] Investment Recommendations - The large-scale and multi-energy complementary development of marine energy is expected to reduce the development costs of renewable energy projects and improve revenue per kilowatt-hour, suggesting a focus on integrated opportunities in the green electricity sector [4]

Investment Rating - The industry maintains an "Overweight" rating [6][8][19] Core Insights - In 2024, transformer exports are expected to reach 45.75 billion yuan, reflecting a year-on-year increase of 28.3%, with significant growth in North America and Africa [2] - Complete switch exports are projected at 100.7 billion yuan, up 7.2% year-on-year, with strong growth in high-voltage cabinets [3] - Switch equipment exports are anticipated to total 31.42 billion yuan, marking a 9.2% increase, with notable growth in isolating switches [4] - Electric meter exports are expected to grow to 11.43 billion yuan, a year-on-year increase of 11.1%, driven by strong demand in Asia and Africa [5] Summary by Sections 1. Transformer, Switch, and Electric Meter Export Situation in 2024 - Transformer exports are projected at 45.75 billion yuan, with Asia as the primary region at 22.26 billion yuan, a 31.6% increase year-on-year [2] - Complete switch exports are expected to be 100.7 billion yuan, with Asia leading at 47.63 billion yuan, a 15.7% increase [3] - Switch equipment exports are estimated at 31.42 billion yuan, with Asia contributing 16.19 billion yuan, a 9.9% increase [4] - Electric meter exports are forecasted at 11.43 billion yuan, with Asia and Africa showing strong growth [5] 2. Investment Recommendations - Focus on domestic grid investment growth, particularly in ultra-high voltage projects and procurement by State Grid and Southern Grid [6][19] - Monitor the acceleration of overseas grid construction, especially in developed countries like the US and Europe, as they enter a new cycle of upgrades [6][19]