[Table_Page] 投资策略月报|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 复合调味品：新品类有望加速涌现 ——月度聚焦 202503 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-17 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]符蓉 SAC 执证号：S0260523120002 021-38003552 furong@gf.com.cn 分析师： 廖承帅 SAC 执证号：S0260524070009 021-38003816 liaochengshuai@gf.com.cn 分析师： 钱浩 SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn -30% -20% -10% 0% 10% 20% 03/24 05/24 08/24 10/24 12/24 03/25 食品饮料 沪深300 请注意，符 ...

[Table_Page] 投资策略周报|机械设备 证券研究报告 [Table_Title] 机械设备行业周报 关注英伟达 GTC 大会，重视节后开工链 核心观点： [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 03/24 05/24 08/24 10/24 12/24 03/25 机械设备 沪深300 | [分析师： Table_Author]代川 | | --- | | SAC 执证号：S0260517080007 | | SFC CE No. BOS186 | | 021-38003678 | | daichuan@gf.com.cn | | 分析师： 孙柏阳 | | SAC 执证号：S0260520080002 | | 021-38003680 | | sunboyang@gf.com.cn | | 分析师： 范方舟 | | SAC 执证号：S0260522080001 | | 021-38003750 | | fanfangzhou@gf.com.cn | | 请注意，孙柏阳,范方舟并非香港证券及期货事务监察委员 | 会的注册持牌人，不可在香港从事受 ...

Xml [Table_Page] 投资策略周报|家用电器 [Table_Title] 家用电器行业 1~2 月家电零售预计实现中高个位数增长 Table_Summary] 核心观点： | [Table_G rade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2025-03-17 | [相对市场表现 Table_PicQuote] 证券研究报告 -14% -6% 1% 9% 16% 24% 03/24 05/24 08/24 10/24 12/24 03/25 家用电器 沪深300 [Table_Author] 分析师： 曾婵 SAC 执证号：S0260517050002 SFC CE No. BNV293 0755-82771936 zengchan@gf.com.cn 分析师： 陈尧 SAC 执证号：S0260524010003 021-38003786 shchenyao@gf.com.cn 请注意，陈尧并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- ...

[Table_Page] 宏观经济研究报告 2025 年 3 月 14 日 证券研究报告 [Table_Title] 广发宏观 | | | 建筑业景气度与融资价格：一种固收择时框架 | | --- | --- | --- | | 分析师： [Tabl | 郭磊 | 分析师： 陈礼清 | | e_Author] | SAC 执证号：S0260516070002 | SAC 执证号：S0260523080003 | | | SFC CE.no: BNY419 | | | | 021-38003572 | 021-38003809 | | | guolei@gf.com.cn | chenliqing@gf.com.cn | | | 请注意，陈礼清并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | [Table_Summary] 报告摘要： ⚫ 利率取决于资金供给和需求，所以逻辑上来说，国民经济中融资需求较高的部门会对利率影响较大。1在前期报 告《修复结构性失衡：2025 年货币环境展望》中，我们详细阐述了这一框架：低融资需求的部门比如出口带动 经济时，利率往往偏低；高融资需求的部门比 ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 "好房子"利好建材量质齐升，关注一季报方向 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2025-03-16 [Table_PicQuote] 相对市场表现 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | | --- | --- | | | SAC 执证号：S0260514080004 | | | SFC CE No. BMB592 | | 021-38003688 | | | | xielu@gf.com.cn | | 分析师： | 张乾 | | | SAC 执证号：S0260522080003 | | 021-38003687 | | | | gzzhangqian@gf.com.cn | | 分析师： | 吴红艳 | | | SAC 执证号：S0260525020003 | | 无 ...

[Table_Page] 投资策略|定期报告 2025 年 3 月 16 日 证券研究报告 [Table_Title] 资金持续南下 ——周度全追踪（3 月第 2 期） [Table_Summary] [[Table_Summary Table_Title] ] 报告摘要： [联系人： Table_Contacts] 毕露露 bilulu@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 [Table_Author] 㤷㈹㤵㠱ㄠ′〲㔭〳ⴱ㜠ㄱ㨰㠺㈳ 分析师： 刘晨明 SAC 执证号：S0260524020001 SFC CE NO. BVH021 liuchenming@gf.com.cn 分析师： 郑恺 SAC 执证号：S0260515090004 SFC CE No. BUU989 021-38003559 zhengkai@gf.com.cn 分析师： 赵阳 SAC 执证号：S0260524030008 gfzhaoy@gf.com.cn 分析师： 陈振威 SAC 执证号：S0260524090002 chenzhenwei@gf.com.cn 请注意，赵阳、陈振威并非香港 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 25.49 CNY and a reasonable value of 33.48 CNY per share [2]. Core Insights - The company, YunSai ZhiLian, is positioned to benefit from the growth in computing power and data elements, leveraging its strong background in cloud services, big data, and intelligent products [8]. - The demand for AI computing power is expected to double every 3.4 months, driven by the rapid evolution of AI applications [8]. - The company has made significant investments in data center infrastructure, with plans to have approximately 9,600 standard rack resources upon completion of its projects [8]. Summary by Sections Company Overview - YunSai ZhiLian is a specialized IT service provider focusing on cloud services, big data, and intelligent products, with a comprehensive business layout from "cloud" to "end" [12]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, with a concentrated shareholding structure [15]. Business Segments - The company operates three core business segments: cloud service big data, industry solutions, and intelligent products, aiming to provide comprehensive smart city solutions [23][24]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23]. Financial Analysis - The company has shown consistent revenue growth, with revenues of 45.34 billion CNY in 2022 and 52.64 billion CNY in 2023, driven by advancements in digitalization and cloud services [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from 2022 [28]. - The gross margin for cloud service big data remained stable, while the industry solutions segment saw a decline in gross margin [30]. Market Trends - The AI application trend is expected to significantly increase the demand for computing power, with the global demand for computing resources projected to grow rapidly [47]. - The Chinese market for intelligent computing power is anticipated to reach 259 billion USD by 2025, with a growth rate of 36.2% [61]. Investment Recommendations - The report forecasts revenues of 57.25 billion CNY, 65.42 billion CNY, and 76.86 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 2.1 billion CNY, 2.53 billion CNY, and 3.39 billion CNY [8]. - The valuation method used is the PS (Price to Sales) ratio, with a target PS of 7x for 2025, leading to a reasonable value of 33.48 CNY per share [8].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 25.49 CNY and a reasonable value of 33.48 CNY per share [2]. Core Insights - The company, YunSai ZhiLian, is positioned to benefit from the growth in computing power and data elements, leveraging its strong background in cloud services, big data, and intelligent products [8]. - The demand for AI computing power is expected to double every 3.4 months, indicating a robust growth trajectory for the industry [8]. - The company has made significant advancements in its IDC (Internet Data Center) layout, with plans to have approximately 9,600 standard rack resources upon completion of its projects [8]. Summary by Sections Company Overview - YunSai ZhiLian is a specialized IT service provider focusing on cloud services, big data, and intelligent products, with a comprehensive business layout from "cloud" to "end" [12]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, which provides a solid backing for its operations [15]. Business Segments - The company operates three core business segments: cloud service big data, industry solutions, and intelligent products, aiming to provide comprehensive smart city solutions [23]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23][24]. Financial Analysis - The company has shown consistent revenue growth, with revenues of 45.34 billion CNY in 2022 and 52.64 billion CNY in 2023, driven by advancements in digital transformation [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from the previous year [28]. - The company's gross margin has remained stable, with the cloud service big data segment maintaining a gross margin of around 18.5% [30]. Market Trends - The AI application trend is clear, with a significant increase in computing power demand expected as AI applications accelerate [47]. - The domestic computing power market is rapidly developing, with policies supporting the growth of AI computing infrastructure [61]. - The report highlights that the market for intelligent computing power in China is projected to reach 259 billion USD by 2025, indicating substantial growth potential [61].

Investment Rating - The industry rating is "Buy" with the previous rating also being "Buy" [5] Core Viewpoints - The report highlights a rebound in new housing demand despite a decrease in new housing transaction volume, indicating a potential recovery in the real estate market [5] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including financial support for urban renewal and housing purchases [15][16] - The report notes that the second-hand housing market is showing signs of recovery, with significant year-on-year increases in transaction volumes [37][44] Summary by Sections 1. Industry Policy and Fundamental Tracking - Recent policies include the inclusion of old urban residential areas in renewal projects and the promotion of financial products to lower home purchase barriers [15][16] - The central government is focusing on stabilizing the real estate market through various financial measures, including potential interest rate cuts [15][16] 2. Key City Transaction Situation - In the 11th week of 2025, the monitored 51 cities recorded a total housing transaction area of 3.2838 million square meters, a 10.0% decrease from the previous week and a 1.6% decrease year-on-year [19][24] - The first-tier cities showed a 5.2% increase in transaction volume compared to the previous week, with significant year-on-year growth [30][34] 3. Key Company Tracking - The report includes a valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" based on their projected earnings and market performance [6] 4. Real Estate Development Sector Investment View - The report suggests that if supply and demand can align effectively, the market's recovery will be supported by favorable policies and consumer confidence [5] 5. Property Management Sector Investment View - The property management sector is experiencing a slight recovery, with the average price-to-earnings ratio reported at 7.7x [5]

Xm l [Table_Page] 跟踪分析|房地产 [Table_Title] 房地产及物管行业 25 年第 11 周周报 来访认购逆势提升，新房关注推盘情况 [Table_Summary] 核心观点： 证券研究报告 [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 03/24 05/24 08/24 10/24 12/24 03/25 房地产 沪深300 | [分析师： Table_Author]郭镇 | | | --- | --- | | SAC 执证号：S0260514080003 | | | SFC CE No. BNN906 | | | 021-38003639 | | | guoz@gf.com.cn | | | 分析师： | 邢莘 | | SAC 执证号：S0260520070009 | | | 021-38003638 | | | xingshen@gf.com.cn | | | 分析师： | 谢淼 | | SAC 执证号：S0260522070007 | | | SFC CE No. BVB342 | | | 021-38003637 | | ...