2025 年 03 月 18 日 行业周报 看好/维持 医药 医药 太平洋医药日报（20250318）：Avidity 在研疗法 1/2 期临床成功 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/30 24/8/11 24/10/23 25/1/4 25/3/18 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 市场表现： 2025 年 3 月 18 日，医药板块涨跌幅+0.86%，跑赢沪深 300 指数 0.59pct，涨跌幅居申万 31 个子行业第 4 名。各医药子行业中，医疗研发 外包(+5.56%)、医院(+1.34%)、线下药店（+1.31%）表现居前，医疗设备 （+0.09%)、医药流通(+0.12%)、疫苗（+0.27%)表现居后。个股方面，日 涨幅榜前 3 位分别为科兴制药(+10.59%)、东方海洋(+10.15%)、康惠制药 (+9.99%)；跌幅榜前 3 位为金城医药（-5.29 ...

2025 年 03 月 19 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250319）：华润置地签订 63.42 亿港元贷 款融资协议 走势比较 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 子行业评级 | 房 地 产 开 发 | 无评级 | | --- | --- | | 和运营 | | | 房地产服务 | 无评级 | 推荐公司及评级 相关研究报告 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告摘要 市场行情： 2025 年 3 月 19 日，今日权益市场大部分板块下跌，上证综指和 深证综指分别下跌 0.10%和 0.40%，沪深 300 上涨 0.06%，中证 500 下 跌 0.52%，申万房地产指数下跌 0.64%。 个股表现： 房地产板块个股涨幅前五名为亚通股份、格力地产、南山控股、 皇庭国际、皇庭 B，涨幅分别为 10.05%/10.00%/4.64%/3.31%/1.68%； 个股跌幅前五名为光 ...

2025 年 03 月 19 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250319)：美国加州圣何塞举行 GTC 2025 大会 (20%) (6%) 8% 22% 36% 50% 24/3/19 24/5/30 24/8/10 24/10/21 25/1/1 25/3/14 电子 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <<太平洋电子日报(20250318) ：谷 歌携手联发科开发下一代张量处理 单元>>--2025-03-19 <<太平洋电子日报(20250317) ：三 星 SDI 计划建设全固态电池生产 线>>--2025-03-18 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（-0.10%）；深证综指（-0.40%）；创业板 ...

2025 年 03 月 19 日 公司点评 买入/维持 三一重工(600031) 目标价: 24.63 昨收盘:20.00 看好工程机械行业需求向上，公司回购股份彰显发展信心 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/19 24/5/31 24/8/12 24/10/24 25/1/5 25/3/19 三一重工 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 84.75/84.64 | | --- | --- | | 总市值/流通(亿元) | 1,695/1,692.8 | | | 4 | | 12 个月内最高/最低价 | 20.76/13.84 | | (元) | | 相关研究报告 <<全球化布局稳步推进，高质量发展 持续深化>>--2024-09-03 <>--2023-05-04 <<22 年业绩承压，23 年趋势向好>>- -2023-02-01 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liu ...

2025 年 03 月 19 日 行业点评 看好/维持 电子 电子 Blackwell Ultra 发布，加速训练和测试时扩展推理 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：李珏晗 事件：3 月 17 日至 21 日美国加州圣何塞举行 GTC 2025 大会，英伟 达 CEO 黄仁勋发表主题演讲，发布下一代产品 Blackwell Ultra、Vera Rubin 等新品。 Blackwell Ultra 芯片存算性能显著提升，大幅优化训练和测试时扩 展推理能力。Blackwell Ultra 以 Blackwell 架构为基础，搭载 288G 容 量的 12 层堆叠 HBM3e，同时 FP4 运算性能显著强化，B200 具备 1.5 倍计 算能力。Blackwell Ultra NVL72 平台预计将于 25 年下半年推出，FP4 推 理浮点运算能力达到 1.1 ExaFlops，FP8 训练运算能力达到 0.36 ExaFlops，为 GB200 NVL72 的计算性能的 1.5 倍；配备 20TB HBM，为上 一代 ...

太平洋钢铁日报（20250318）"十四五"钢铁低碳技术项目启动 2025 年 03 月 18 日 行业周报 中性/维持 钢铁 钢铁 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 钢铁 沪深300 ◼ 子行业评级 | 普钢 | 中性 | | --- | --- | | 其他钢铁 | 中性 | | 特材 | 中性 | ◼ 推荐公司及评级 相关研究报告 <<钢铁行业日报（20250317）煤钢焦 产业链数字化持续升级>>--2025- 03-17 <<钢铁行业日报（20250314）发改委 持续实施粗钢产量调控>>--2025- 03-15 证券分析师：张庚尧 电话： E-MAIL：zhanggy@tpyzq.com 分析师登记编号：S1190521010002 报告摘要 市场行情： 2025 年 3 月 18 日，今日钢铁行业相关板块整体上涨，上证指数 （+0.11%）；深证成指（+0.52%）；创业板指（+0.61%）；科创 50（+0.61%） 沪深 300（+0.27%）。 个股表现 ...

Investment Rating - The report assigns an "Accumulate" rating for Huafa Co., Ltd. (600325) [1][10] Core Views - The company's short-term performance is under pressure, but its financing channels remain open [1][8] - In 2024, the company reported a revenue of 599.9 billion yuan, a year-on-year decline of 16.8%, and a net profit attributable to shareholders of 9.5 billion yuan, down 48.2% year-on-year [3][4] Summary by Sections Financial Performance - The company's gross margin decreased to 14.32% in 2024, down 3.82 percentage points from 2023 [4] - The company recorded a total sales volume of 1,054.44 billion yuan, a decrease of 16.3% year-on-year, maintaining a sales scale above 100 billion yuan for five consecutive years [5] - The company’s net profit for 2024 was significantly impacted by a 19.67 billion yuan increase in impairment provisions, which was 3.24 billion yuan more than the previous year [4] Market Position - The company focuses on key cities and has successfully acquired six quality projects in major cities like Shanghai, Guangzhou, Chengdu, and Xi'an in 2024 [6] - The company’s land reserve at the end of 2024 was 3.7683 million square meters, with a construction area of 8.3563 million square meters, a year-on-year decrease of 29.7% [6] Financing and Cost Management - In 2024, the company expanded its financing channels, successfully securing 2.125 billion yuan through a Pre-reits initiative and planning to issue 5.5 billion yuan in convertible bonds [7] - The comprehensive financing cost was 5.22%, a decrease of 0.26 percentage points compared to 2023, indicating a continued downward trend [7] Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 15.57 billion yuan, 16.27 billion yuan, and 13.31 billion yuan respectively, with corresponding P/E ratios of 10.09X, 9.66X, and 11.80X [8][10]

Investment Rating - The report maintains a "Buy" rating for Nanshan Zhishang (300918) with a target price based on the last closing price of 21.34 [1][8]. Core Views - The traditional business remains stable, with expectations for accelerated growth in ultra-high molecular weight polyethylene (UHMWPE) and nylon in 2025 [1][8]. - The company is focusing on optimizing product structure and enhancing operational quality, which is expected to improve profitability in its traditional business [5][8]. Financial Performance Summary - In 2024, the company reported revenue of 1.616 billion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.8% [4][11]. - The fourth quarter of 2024 saw revenue of 453 million yuan, down 5.0% year-on-year, and a net profit of 66 million yuan, down 19.8% year-on-year [4][11]. - The company’s revenue and net profit forecasts for 2025, 2026, and 2027 are 2.317 billion yuan, 2.818 billion yuan, and 3.337 billion yuan respectively, with corresponding net profits of 258 million yuan, 330 million yuan, and 413 million yuan [11][8]. Business Segment Performance - The fabric segment experienced a revenue decline of 9.54% to 810 million yuan, influenced by downstream demand, but the gross margin improved by 1.54 percentage points to 35.54% due to high-value product orders and effective cost control [5][8]. - The apparel business saw a revenue increase of 4.45% to 610 million yuan, with a gross margin increase of 0.75 percentage points to 36.55% as the company strategically reduced low-margin orders [5][8]. - The UHMWPE segment achieved a revenue increase of 94.75% to 176 million yuan, driven by the full production of the second phase [6][8]. Strategic Developments - The company plans to establish a garment production facility in Indonesia with a total investment of 15.67 million USD (approximately 112.38 million yuan), expected to enhance overseas trade by leveraging local labor and tax incentives [5][8]. - The nylon project, with an annual capacity of 80,000 tons, is progressing well, with partial production lines already operational and full operations expected by May 2025 [6][8]. Growth Outlook - The company aims to build a new materials industry ecosystem with a focus on traditional apparel and new material fibers, anticipating a synergistic development across the entire industry chain [8][11]. - The expected net profit growth rates for 2025, 2026, and 2027 are 35.2%, 28.1%, and 25.0% respectively, indicating strong future performance [11][8].

Investment Rating - The industry investment rating is "Positive," with expectations that the overall return of the industry will exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - Google is collaborating with MediaTek to develop the next-generation Tensor Processing Unit (TPU), which is expected to begin production at TSMC next year [8]. - The electronic sector shows varied performance, with brand consumer electronics up by 0.90%, while passive components decreased by 0.13% [4]. - Notable stock performances include Fuhang Micro (+14.70%), Shengyi Electronics (+13.90%), and Jingquanhua (+10.01%) [4]. Sub-industry Ratings - The report includes sub-industry ratings and recommended companies, although specific details on these ratings are not provided in the extracted content [3]. Company Performance Summaries - Aohong Electronics reported a revenue of 1,293 million CNY, a 19.45% increase year-on-year, and a net profit of 141 million CNY, up 6.45% [5]. - Bawei Storage plans to raise up to 1,900 million CNY through a specific stock issuance for expansion projects [5]. - Tongfeng Electronics achieved a revenue of 128.8 million CNY, an 18.91% increase, and a net profit of 9.57 million CNY, up 10.36% [6]. - Xunjiexing reported a revenue of 47.46 million CNY, a slight increase of 2.26%, but a net loss of 1.97 million CNY, a decline of 114.65% [6]. - Xindong Link achieved a total revenue of 405 million CNY, a 27.57% increase, with a net profit of 22.2 million CNY, up 48.21% [8]. - Huazheng New Materials reported a revenue of 3.865 billion CNY, a 14.97% increase, but a net loss of 97 million CNY [8].

Investment Rating - The industry investment rating is Neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [12]. Core Insights - The report highlights that the real estate sector is experiencing mixed performance, with the Shanghai Composite Index and Shenzhen Composite Index showing slight increases, while the Shenwan Real Estate Index has decreased by 0.39% [4]. - Recent land transactions in Hangzhou indicate active market engagement, with two residential plots sold for a total of 2.375 billion yuan, showcasing competitive bidding [6]. - The report notes a significant policy adjustment in Henan Province, increasing housing loan limits by 20%, which may stimulate demand in the housing market [7]. Summary by Sections Market Performance - On March 18, 2025, the Shanghai Composite Index rose by 0.11%, and the Shenzhen Composite Index increased by 0.49%. The CSI 300 and the Zhongzheng 500 indices rose by 0.27% and 0.41%, respectively [4]. Individual Stock Performance - The top five gainers in the real estate sector include Yuehongyuan A (up 9.95%), Yunnan Chengtou (up 4.30%), Guangming Real Estate (up 3.07%), China Merchants Shekou (up 2.31%), and Hefei Construction (up 2.07%). The top five losers include Waigaoqiao (down 3.05%), Rongfeng Holdings (down 2.30%), I Love My Home (down 2.29%), Nanshan Holdings (down 2.07%), and Zhujiang Shares (down 1.95%) [5]. Industry News - Two residential plots in Hangzhou were sold, with Greentown Real Estate Group acquiring one for 2.04 billion yuan at a floor price of 20,171 yuan per square meter, reflecting a premium rate of 9.09%. Another plot was sold to Hangzhou Xingning Real Estate for 335 million yuan at a floor price of 20,472 yuan per square meter, with a premium rate of 24.07% [6]. Company Announcements - Xiamen Anju Group announced the issuance of corporate bonds totaling up to 1.3 billion yuan, with two varieties of bonds set to be issued [10].