《市场分析：成长行业领涨 A 股宽幅震荡》 2025-02-06 《市场分析：半导体行业领涨 A 股震荡上扬》 2025-01-17 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信半导体行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：通信家电行业领涨 A 股小幅上 行》 2025-01-16 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 02 月 06 日 投资要点： ◼ A 股市场综述 周四（02 月 06 日）A 股市场低开高走、震荡上行，早盘股指低开后 震荡上扬，盘中股指在 3263 点附近遭遇阻力，午后股指维持震荡， 尾盘再度震荡走高，盘中电机、半导体、游戏以及汽车等行业表现 较好；贵金属、银行、珠宝首饰以及煤炭等行业表现较弱，沪指全 天基本呈现震荡上扬的运行特征。创业板市场周四震荡上涨，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建 ...

生物医药Ⅱ 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 证券研究报告-年报点评 增持(上调) 市场数据(2025-02-05) | 收盘价(元) | 17.99 | | --- | --- | | 一年内最高/最低(元) | 25.33/15.63 | | 沪深 300 指数 | 3,795.08 | | 市净率(倍) | 1.77 | | 流通市值(亿元) | 25.48 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 10.14 | | 每股经营现金流(元) | 0.58 | | 毛利率(%) | 81.05 | | 净资产收益率_摊薄(%) | 4.39 | | 资产负债率(%) | 20.25 | | 总股本/流通股(万股) | 60,102.75/14,164.85 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -28% -20% -12% -4% 4% 12% 21% 29% 2024.02 2024.06 2024.10 2025.02 华兰疫苗 沪深30 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Insights - The company, Ailis (688578), reported a significant performance in 2024, with total revenue expected to reach 3.55 billion yuan, a year-on-year increase of 76%. The net profit attributable to shareholders is projected to be 1.43 billion yuan, reflecting a 121.99% increase [7]. - The core product, Fumetnib, has been included in the national medical insurance directory for two indications, contributing to a steady increase in market share and sales revenue. The company has also implemented cost control measures to enhance profitability [7]. - The expansion of indications for Fumetnib is ongoing, with recent approvals for clinical trials aimed at new treatment applications, which are expected to further boost the company's performance [7]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 3.55 billion yuan, net profit of 1.44 billion yuan - 2025: Revenue of 4.22 billion yuan, net profit of 1.67 billion yuan - 2026: Revenue of 5.28 billion yuan, net profit of 1.94 billion yuan [8][9]. - Earnings per share (EPS) are projected to be 3.19 yuan in 2024, 3.72 yuan in 2025, and 4.32 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 21.96, 18.85, and 16.22 respectively [8][9].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股宽幅震荡 ——市场分析 相关报告 《市场分析：半导体行业领涨 A 股震荡上 扬》 2025-01-17 《市场分析：通信家电行业领涨 A 股小幅上 行》 2025-01-16 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 02 月 06 日 投资要点： ◼ A 股市场综述 周三（02 月 05 日）A 股市场高开低走、宽幅震荡，早盘股指高开后 震荡回落，盘中股指在 3228 点附近获得支撑，午后股指维持震荡， 盘中软件开发、互联网服务、游戏以及家电等行业表现较好；航空 机场、保险、银行以及酿酒等行业表现较弱，沪指全天基本呈现宽 幅震荡的运行特征。创业板市场周三震荡整固，创业板成分指数全 天表现强于主板市场。 第1页 / 共7页 《市场分析：光伏传媒行业领涨 A 股震荡整 固》 2025-01-15 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 | 1. ...

| 国际市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅(%) | | 道琼斯 | 30,772.79 | -0.67 | | 标普 500 | 3,801.78 | -0.45 | | 纳斯达克 | 11,247.58 | -0.15 | | 德国 DAX | 12,756.32 | -1.16 | | 富时 100 | 7,156.37 | -0.74 | | 日经 225 | 26,643.39 | 0.62 | | 恒生指数 | 20,597.09 | -0.93 | 资料来源：聚源，中原证券研究所 证券研究报告-晨会聚焦 发布日期：2025 年 02 月 06 日 【财经要闻】 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 0% 6% 13% 19% 25% 32% 38% 44% 2024.02 2024.06 2024.10 2025.02 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | ...

证券研究报告 （2025.01.27-02.04） 合规 诚信 专业 稳健 分 析 师：郑婷 SAC登记编码：S0730524110001 发布日期：2025年2月5日 n 1月27日，商务部等6部门办公厅关于做好2025年家装厨卫"焕新"工作的通知 n 1月27日，国家统计局发布工业企业利润数据 n 1月27日，国家统计局发布PMI数据 n 1月27日，人民银行公布2024年金融市场运行情况 n 2月1日，中指研究院发布百城价格指数报告 n 2月1日，证监会主席吴清在《求是》撰文《奋力开创资本市场高质量发展新局面》 n 2月2日，3.6万亿元标注中国创新力度 n 2月2日，DeepSeek继续在全球刷屏 n 2月4日，我国服务贸易规模首次超过万亿美元 n 2月4日，多部门对美方发布关税反制措施 商务部等6部门办公厅关于做好2025年家装厨卫"焕新"工作的通知 n 1月27日，商务部等6部门办公厅关于做好2025年家装厨卫"焕新"工作的通知 01 各地要强化统筹，做好政策跨年度顺畅衔接和平稳 有序过渡 一、总体要求 02 各地商务、发展改革、民政、财政、住房城乡建设、 市场监管等部门要明确责任分工，加强协作。 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 02 月 05 日 资料来源：Wind,中原证券 0% 6% 13% 19% 25% 32% 38% 44% 2024.02 2024.06 2024.09 2025.01 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,250.60 | | -0.06 | | 深证成指 | | 10,156.07 | | -1.33 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 3,817.08 | | -0.41 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 3,61 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the power equipment and new energy sector, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [71][62]. Core Insights - The photovoltaic industry is experiencing a significant downturn, with a 5.23% decline in the photovoltaic index in January, underperforming the CSI 300 index. The average daily trading volume in the photovoltaic sector dropped significantly to 21.7 billion yuan [6][8]. - In 2024, domestic new photovoltaic installations reached a record high of 277.17 GW, a year-on-year increase of 27.80%, with December alone contributing 70.87 GW, up 36.63% year-on-year [19][22]. - The supply-side adjustments in the photovoltaic industry are showing effects, with upstream prices stabilizing. The production of polysilicon decreased significantly, with December output at 103,800 tons, down 21.95% month-on-month [29][34]. - The report suggests that while the industry is entering a phase of destocking and capacity reduction, a complete turnaround in supply-demand dynamics and a return to growth will require more positive factors [62][62]. Summary by Sections Industry Performance Review - The photovoltaic index saw a significant drop in January, with most sub-sectors experiencing declines. The best-performing sub-sector was conductive silver paste, which increased by 3.77%, while polysilicon and solar modules saw declines of 10.45% and 7.92%, respectively [11][14]. - The overall performance of photovoltaic stocks was weak, with many companies reporting losses as they entered the annual performance forecast period [8][14]. Industry and Company Dynamics - The National Development and Reform Commission and the National Energy Administration issued a plan to optimize power system regulation capabilities to support the reasonable consumption of over 200 million kilowatts of new energy annually from 2025 to 2027 [15][15]. - The report highlights the importance of new technologies in the solar battery sector, including the development of perovskite heterojunction stacked batteries [48][48]. Key Data Points - The report notes that the cumulative export value of solar batteries in 2024 was 217.698 billion yuan, a year-on-year decrease of 28.80%, with December exports amounting to 14.054 billion yuan, down 15.76% year-on-year [22][22]. - The average price of polysilicon stabilized at 39 yuan/kg as of January 15, 2025, with N-type silicon wafers experiencing price increases due to heightened demand [34][35]. Investment Recommendations - The report recommends focusing on sectors with clear capacity clearance expectations, such as photovoltaic glass, integrated component manufacturers, polysilicon materials, and electronic silver paste [62][62].

Investment Rating - The report maintains a "Market Perform" investment rating for the electrical equipment sector, indicating that the sector is expected to perform in line with the broader market over the next six months [6][75]. Core Insights - The electrical equipment index outperformed the CSI 300 index in January, rising by 1.53% compared to a decline of 2.59% for the CSI 300, marking a 4.12 percentage point advantage [3][9]. - The macroeconomic environment shows improvement, with a GDP growth of 5.4% year-on-year in Q4 2024, supported by a series of incremental fiscal policies [6][16]. - Electricity consumption in 2024 reached 98,521 billion kWh, a year-on-year increase of 6.8%, with all sectors showing growth [6][24]. - Investment in power and grid projects remains robust, with power engineering investments totaling 1,168.7 billion yuan, up 12.1% year-on-year, and grid engineering investments at 608.3 billion yuan, up 15.3% [6][36]. - The electrical equipment sector is experiencing strong demand driven by domestic grid construction and international market opportunities, particularly in the context of ongoing upgrades and expansions in Europe and the U.S. [6][36][49]. Summary by Sections Market Review - The electrical equipment sector's performance in January was strong, with the index ranking 6th among major industry indices [3][9]. - Sub-sectors such as motors and power electronics showed positive growth, while transmission and distribution equipment faced declines [9][12]. Macroeconomic Overview - The overall economic outlook is positive, with a stable PMI indicating continued expansion in manufacturing activities [6][16]. - The total fixed asset investment for 2024 was 514,374 billion yuan, reflecting a 3.2% year-on-year increase [16]. Electrical Equipment Sector - The sector's electricity consumption and production are on an upward trend, with significant increases in both [24][26]. - The average utilization hours for power generation equipment decreased slightly, while total installed capacity increased by 14.6% year-on-year [29][30]. Industry Dynamics - The report highlights ongoing international demand for electrical equipment, with exports showing double-digit growth [6][49]. - The report notes a significant increase in the capacity of newly added transformer equipment, which rose by 25.19% year-on-year [34]. Investment Rating Details - The current PE ratio for the electrical equipment sector is 34.31, indicating a slight increase and positioning it at the historical median [68][70]. - The report anticipates that the sector's valuation may continue to recover as grid construction accelerates and export demand remains strong [72].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [9][13]. Core Views - The company, established in 2004, specializes in drug research, development, and production services, providing integrated services across four main business segments: laboratory services, CMC services (small molecule CDMO), clinical research services, and large molecule and cell and gene therapy services [7][9]. - The company forecasts a revenue of 12 billion to 12.346 billion yuan for 2024, representing a year-on-year growth of 4% to 7%. The net profit is expected to be between 1.729 billion and 1.857 billion yuan, reflecting an 8% to 16% increase [9]. - The earnings per share (EPS) for 2024 is projected to be between 0.98 and 1.05 yuan, with corresponding price-to-earnings (P/E) ratios of 25.24, 22.52, and 19.00 for the years 2024, 2025, and 2026 respectively [9][10]. Financial Summary - Revenue and profit forecasts for the company are as follows: - 2022A: Revenue of 10,266 million yuan, net profit of 1,375 million yuan - 2023A: Revenue of 11,538 million yuan, net profit of 1,601 million yuan - 2024E: Revenue of 12,190 million yuan, net profit of 1,751 million yuan - 2025E: Revenue of 13,980 million yuan, net profit of 1,962 million yuan - 2026E: Revenue of 16,302 million yuan, net profit of 2,325 million yuan [8][10]. - The company’s gross margin is reported at 33.87%, with a diluted return on equity (ROE) of 10.62% and a debt-to-asset ratio of 40.49% [2][9].