Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Buy" rating due to expected consumption recovery driven by policy support [1]. Core Insights - The textile and apparel sector is entering a recovery phase supported by policy stimulus and improved consumer confidence, with a better macro environment compared to 2024. Concerns regarding tariff impacts on manufacturing are deemed overstated, as companies have adapted to previous tariff changes [4][9]. - Following the "924" policy, there is a noticeable increase in market preference for small and medium-sized companies, indicating a shift in risk appetite [4]. - The Hong Kong stock market is expected to experience a valuation recovery in consumer stocks due to policy support and style rotation, with recommendations to focus on companies like Anta Sports, 361°, and Yue Yuen Industrial [4][9]. - The report anticipates a transition from a single-direction market to more frequent rotations between brand and manufacturing sectors in 2025, with resilient performance expected from quality manufacturers and selective recovery in brand companies [4]. Market Review - The Shanghai Composite Index, Shenzhen Component Index, and Hang Seng Index saw increases of +1.56%, +2.19%, and +5.62% respectively. The textile and apparel sector increased by +1.42%, underperforming the Shanghai Composite by 0.14 percentage points [5][15]. - The report highlights that the textile and apparel sector ranked 15th among 31 primary industries in terms of weekly performance [5][15]. Industry Data Tracking Retail Data - In December, the total retail sales amounted to 45,171 billion yuan, with a year-on-year growth of 3.7%. The growth rate for essential consumer goods was significantly higher than that for discretionary items like clothing and cosmetics [21][23]. Raw Material Prices - The Cotlook A Index for cotton decreased by 2.8% to 13,331, while the China Cotton Price Index fell by 0.7% to 14,835. Wool prices increased by 1.2% to 765 cents/kg [27][31]. Export Data - Vietnam's textile and apparel exports grew by 12.6% year-on-year in January and February, while shoe exports increased by 10.1% [34].

Investment Rating - The report indicates a positive outlook for the industry, expecting returns to exceed the CSI 300 Index by more than 5% in the next six months [62]. Core Insights - The A-share market saw a rebound, with the Shanghai Composite Index closing at 3372.55, reflecting a weekly increase of 1.56%. Most sectors experienced gains, particularly non-ferrous metals, defense, and computer industries, which rose by 7.08%, 6.96%, and 6.74% respectively [4][7]. - The Hong Kong market also performed well, with the Hang Seng Index closing at 24231.30, up 5.62%, and the Hang Seng China Enterprises Index increasing by 5.90% [8]. - In the U.S. market, major indices such as the Dow Jones, Nasdaq, and S&P 500 saw declines of -2.37%, -3.45%, and -3.10% respectively [8][23]. Summary by Sections 1. Major Asset Market Overview (1) Equity - The report highlights significant gains in the A-share market, with various indices showing positive performance. The large-cap value and growth indices increased by 1.01% and 1.28% respectively [7][10]. - The report notes that most industries saw an increase, with notable performances in non-ferrous metals, defense, and computing sectors [4][7]. (2) Bonds - The report details bond yields, with the 1-year, 3-year, and 10-year government bond yields at 1.55%, 1.59%, and 1.80% respectively, reflecting changes of 9.50 basis points, 7.41 basis points, and 8.50 basis points [25][26]. - Credit spreads for 1-year corporate bonds (AAA) and local government bonds were reported at 53.67 basis points and 51.22 basis points, with movements of -8.44 basis points and -6.41 basis points respectively [25]. (3) Commodities - The commodity market showed mixed results, with crude oil prices dropping by 5.02%, while gold and copper prices increased by 1.17% and 1.80% respectively [32][33]. - The report also mentions the performance of various commodity indices, with the South China index reflecting a decline of 1.55% [38]. (4) Foreign Exchange - The report provides an overview of currency performance against the RMB, noting that the USD, EUR, and GBP experienced changes of -0.63%, 3.79%, and 1.99% respectively [39][43]. - The USD index remained stable at 103.89, while gold prices increased to 2917.70 USD/ounce, up 1.76% from the previous week [39]. 2. Fund Market Overview (1) New Fund Establishments - A total of 25 new funds were established this week, including 18 equity funds and 3 fixed income funds, with the largest being the Hongli interbank certificate index fund at 50.00 billion [44]. (2) Fund Quantity and Scale - As of March 7, 2025, there are 12,437 open-end public funds with a total scale of 32.78 trillion, with equity funds making up the largest number at 6,331 [48][50]. (3) Performance Comparison - The report indicates that all major fund categories, except fixed income funds, recorded positive returns, with equity funds showing the highest increase of 2.83% [55][56].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.96% on March 7, 2025, underperforming the CSI 300 index by 0.65 percentage points, ranking 22nd among 31 sub-industries [4]. - The approval of ARS's Neffy (1 mg epinephrine nasal spray) by the FDA marks a significant innovation in the delivery method for treating type I allergic reactions in children aged 4 and above, representing the first major advancement in 35 years for this patient group [5]. - Notable stock performances included Aosaikang (+9.99%), Yipinhong (+9.77%), and Rejing Biology (+8.84%) on the gainers' list, while Aopumai (-6.26%), Puri Eye (-5.97%), and BGI (-4.86%) led the decliners [4]. Summary by Sections Market Performance - As of March 7, 2025, the pharmaceutical sector's performance was -0.96%, with sub-sectors like in vitro diagnostics (-0.43%) and blood products (-0.72%) performing better, while hospitals (-2.11%) and medical devices (-1.67%) lagged [4]. Industry News - ARS announced FDA approval for Neffy, a nasal spray for treating severe allergic reactions in children, highlighting a significant advancement in treatment options [5]. - Jingxin Pharmaceutical announced an increase in its share buyback plan from a minimum of RMB 200 million to RMB 350 million, with a maximum limit raised from RMB 400 million to RMB 700 million [5]. - Novogene signed a strategic cooperation agreement with BGI to collaborate on various health management areas [5]. Company News - Heng Rui Pharmaceutical received clinical trial approval for several new drugs, indicating ongoing development in their pipeline [6]. - Kanglong Chemical reported the completion of a share reduction plan, with a total of 10,666,716 shares sold, representing 0.60% of the company's total equity [6].

[Table_Message] 2025-03-09 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 阿里发布 QwQ-32B，Monica 推出 Manus (2025.03.03-03.09) ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 《GPT-4.5 发布，阿里开源万相 2.1》 《1 月游戏收入同增 28%，阶跃星辰开源 两款多模态大模型》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ 阿里发布开源推理模型 QwQ-32B，推理能力显著提升 阿里发布开源通义千问 QwQ-32B 推理模型，该模型基于强大的基础 模型进行大规模强化学习，实现推理能力显著提升。在技术路径上， QwQ-32B 采用了多阶段强化学习的训练策略，在初始和第二阶段分别 对模型的数学、编程、通用任务，以及通用能力进行训练。实验表明， 通过少数步骤的通用强化学习，可提升模型 ...

2025-03-09 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.03.03-2025.03.09)：2025 年中国国防预算增长 7.2% 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 2025 年中国国防预算增长 7.2% 据新华社消息，根据 3 月 5 日公布的 2025 年中央和地方财政预 算草案报告，2025 年我国国防支出为 17846.65 亿元，增长 7.2%。这 是中国国防预算连续 10 年维持个位数增长。2016 年国防预算增幅为 7.6%，结束了此前 5 年连续两位数增长的局面。此后从 2021 年至今 的五年时间，中国国防预算增幅始终维持在 7%左右，分别为 6.8%、 7.1%、7.2%和 7.2%。另据报告，2024 年我国 ...

2025 年 03 月 09 日 行业周报 看好/维持 医药 医药 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | 相关研究报告 <>--2025-03-06 <<诺华以超 8 亿美元囊获 KYORIN 免 疫疗法 KRP-M223>>--2025-03-06 <<罗氏创新疗法 TNKase 获 FDA 批准， 报告摘要 本周观点 本周，我们梳理了中国甲状腺眼病的流行病学、治疗方式等，重点关 注 IGF-1R 靶向创新药。 板块持续活跃，政策推动创新药资产重估（附甲状腺眼病专题研究）(2 ...

2025 年 03 月 09 日 行业周报 看好/维持 机械 2 月挖机销售超预期，继续看好工程机械板块 (20%) (10%) 0% 10% 20% 30% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 机械 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <<挖机复苏趋势延续，看好国内外需 求共振>>--2025-03-03 <<1 月社融数据开门红，建议关注顺 周期板块>>--2025-02-17 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：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 报告摘要 行情回顾 本期（3 月 3 日-3 月 7 日），沪深 300 上涨 1.4%，机械板块上涨 4.7%，在 所有一级行业中排名 5。细分行业看，基础件涨幅最大，上涨 9.1%；光伏 设备跌幅最大，下跌 2.1%。 本周观点 2 月挖机销售超预期，继续看好工程机械板块。 根据 ...

2025 年 03 月 09 日 行业周报 看好/维持 电子 电子 我国加快发展端侧大模型，AI 板块催化不断持续热度不减 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 电子 沪深300 相关研究报告 <<太平洋电子日报(20250307) ：AI 板块热度不断>>--2025-03-07 <<太平洋电子日报(20250306) ：中 国团队发布通用型 ai agent 产品 manus>>--2025-03-06 <<太平洋电子日报(20250305) ：H 发 布下一代高性能 AI 存储>>--2025- 03-06 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 同辉信息：《2024 年年度业绩快报》2024 年营业收入 2.17 亿元；同 比增长 13.60%；归母净利润-0.70 亿元 云创数据：《2024 年年度业绩快报》2024 年营业收入 2.62 亿元；同 比减少 11.27%；扣非净利润为- ...

2025 年 03 月 10 日 行业周报 看好/维持 农林牧渔 农林牧渔 周报（第 10 期）：农产品贸易加征关税，粮价有望继续上涨 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 种植业 | 无评级 | | --- | --- | | 畜牧业 | 无评级 | | 林业 | 无评级 | | 渔业 | 无评级 | | 农 产 品 加 工 | 无评级 | | Ⅱ | | ◼ 推荐公司及评级 | 登海种业 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | 相关研究报告 <<周报（第 9 期）：养殖产能去化，估 值底部，长期投资机会显现>>-- 2025-03-03 <<美国奶牛感染禽流感事件梳理及 对食品安全的影响>>--2025-02-17 <<公司点评：成本持续领先，业绩高 速增长>>--2025-01-17 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号： ...

2025 年 03 月 10 日 行业周报 看好/维持 农林牧渔 农林牧渔 周报（第 10 期）：农产品贸易加征关税，粮价有望继续上涨 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 种植业 | 无评级 | | --- | --- | | 畜牧业 | 无评级 | | 林业 | 无评级 | | 渔业 | 无评级 | | 农 产 品 加 工 | 无评级 | | Ⅱ | | ◼ 推荐公司及评级 | 登海种业 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | 相关研究报告 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 报告摘要 一、市场回顾 农业板块跟随大市上涨，其中动保和养殖涨幅领先。1、上周，申万 农业指数上涨 1.03%，同期，上证综指上涨 1.55%，深成指上涨 2.19%，农业板块整体表现基本同步于大市；2、细分来看，六大二 ...