房地产 房地产 因城施策调减限制性措施，持续用力推动房地产 市场止跌回稳 2025 年 03 月 05 日 行业点评报告 中性/维持 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 02 <<从中央经济工作会议看 2025 房地 产行业>>--2025-01-22 <<重启土储专项债，存量用地加速去 库存>>--2024-12-30 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 ---2025 年政府工作报告点评 走势比较 (40%) (32%) (24%) (16%) (8%) 0% 23/9/22 23/12/3 24/2/13 24/4/25 24/7/6 24/9/16 子行业评级 房 地 产 开 发 | 和运营 | | | --- | --- | | 房地产服务 | 无评级 | 相关研究报告 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告摘要 事件： 2025 年 3 月 ...

估值与流动性周观察——2 月第四期 2025 年 03 月 05 日 投资策略 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/3/5 24/5/16 24/7/27 24/10/7 24/12/18 25/2/28 市场普跌，红利占优，流动性转强，交投活跃度上升。上周宽基指数 估值普跌，红利表现最优，创业板指指数表现最弱。整体看，市场估值下 跌为主，当前各宽基指数估值修复至一年高位。从 PE、PB 偏离度的角度 看，消费板块估值普遍较为便宜。向前看，本周市场 ERP 小幅下降，处于 一倍标准差附近附近。上周全 A 成交额 9.96 万亿，较前一周上升，换手 率 10.12%，较前一周上升，融资供给端中基金、两融、ETF 净流入；资金 需求端 IPO 规模为 0，再融资规模 39.32 亿元。市场资金合计净流入 407.56 亿元，流动性转强。 市场表现：红利、微盘股、消费表现最好；创业板指、成长、深圳成 指表现最弱。 相关研究报告 <<无人问津与人声鼎沸>>--2025- 03-03 <<3 月金股>>--2025-02-28 <<估值与流动性周观察——2 月第 ...

2025 年 03 月 05 日 行业周报 看好/维持 电子 电子 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 太平洋电子日报(20250305) ：H 发布下一代高性能 AI 存储 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/5 24/5/16 24/7/27 24/10/7 24/12/18 25/2/28 相关研究报告 <<太平洋电子日报(20250304) ： RISC-V 迎来发展新机遇>>--2025- 03-04 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 报告摘要 今日市场行情速览：上证指数（+0.53%）；深证综指（+0.41%）；创业板综 ...

2025 年 03 月 05 日 行业周报 看好/维持 医药 医药 诺华以超 8 亿美元囊获 KYORIN 免疫疗法 KRP-M223 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/5 24/5/17 24/7/29 24/10/10 24/12/22 25/3/5 医药 沪深300 ◼ 推荐公司及评级 报告摘要 市场表现： 2025年3月5日，医药板块涨跌幅-0.74%，跑输沪深300指数1.19pct， 涨跌幅居申万 31 个子行业第 28 名。各医药子行业中，血液制品(-0.60%)、 医疗耗材(-0.66%)、其他生物制品（-0.72%）表现居前，线下药店（-1.78%)、 医院(-1.36%)、体外诊断（-1.25%)表现居后。个股方面，日涨幅榜前 3 位 分别为海创药业(+6.50%)、复旦复华(+5.99%)、通化金马(+5.68%)；跌幅 榜前 3 位为浩欧博（-8.91%）、诺禾致源(-6.31%)、开立医疗（-5.58%)。 行业要闻： 近日，KYORIN 宣布，公司与诺华就其所开发的慢性自发性荨麻疹 （CSU）潜在疗法 KRP-M223，达成一项总额超 ...

2025 年 03 月 04 日 行业周报 看好/维持 医药 医药 罗氏创新疗法 TNKase 获 FDA 批准，用于治疗 AIS ◼ 走势比较 报告摘要 2025年3月4日，医药板块涨跌幅+0.54%，跑赢沪深300指数0.62pct， 涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，体外诊断(+2.26%)、 医疗设备(+1.17%)、医院（+0.85%）表现居前，其他生物制品（-0.06%)、 医疗研发外包(+0.07%)、线下药店（+0.17%)表现居后。个股方面，日涨 幅榜前 3 位分别为华大智造(+20.00%)、圣湘生物(+15.24%)、艾迪药业 (+11.31%)；跌幅榜前 3 位为江苏吴中（-8.80%）、智翔金泰(-6.22%)、四 环生物（-6.01%)。 行业要闻： 近日，罗氏（Roche）旗下基因泰克（Genentech）宣布，美国 FDA 已 批准血栓溶解剂 TNKase（tenecteplase）上市，用于治疗成人急性缺血性 中风（AIS）。TNKase 是一种组织纤溶酶原激活剂，具有溶解血栓的作用。 该药以一次五秒的静脉推注给药，启动一种能够分解血栓成分纤维蛋白的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company achieved a total operating revenue of 1.346 billion, representing a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 205 million, up 24.53% year-on-year [4] - The significant profit growth is primarily attributed to the phased operation of the "Jiacheng International Port" project, which is the largest automated intelligent warehouse in Asia [5] - The company is actively expanding partnerships with major cross-border e-commerce platforms and has signed a strategic agreement with Guangdong Port and Shipping Group [5] - The core competitive advantages include a cross-border digital customs clearance technology system, a logistics industry internet platform architecture, and an operational system that integrates intelligent algorithms with physical networks [5] Financial Summary - The company forecasts operating revenue of 1.409 billion for 2025, with a year-on-year growth of 4.7% [7] - The net profit attributable to shareholders is projected to be 213 million in 2025, reflecting a year-on-year increase of 4.3% [7] - The diluted earnings per share are expected to be 0.62 yuan in 2025, with a price-to-earnings ratio of 20.59 [7]

罗氏创新疗法 TNKase 获 FDA 批准，用于治疗 AIS ◼ 走势比较 报告摘要 2025 年 03 月 04 日 行业周报 看好/维持 医药 医药 市场表现： 2025年3月4日，医药板块涨跌幅+0.54%，跑赢沪深300指数0.62pct， 涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，体外诊断(+2.26%)、 医疗设备(+1.17%)、医院（+0.85%）表现居前，其他生物制品（-0.06%)、 医疗研发外包(+0.07%)、线下药店（+0.17%)表现居后。个股方面，日涨 幅榜前 3 位分别为华大智造(+20.00%)、圣湘生物(+15.24%)、艾迪药业 (+11.31%)；跌幅榜前 3 位为江苏吴中（-8.80%）、智翔金泰(-6.22%)、四 环生物（-6.01%)。 行业要闻： 近日，罗氏（Roche）旗下基因泰克（Genentech）宣布，美国 FDA 已 批准血栓溶解剂 TNKase（tenecteplase）上市，用于治疗成人急性缺血性 中风（AIS）。TNKase 是一种组织纤溶酶原激活剂，具有溶解血栓的作用。 该药以一次五秒的静脉推注给药，启动一种能够分解血栓成分 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, Jiacheng International (603535) [1][6]. Core Views - Jiacheng International's 2024 annual report shows a total revenue of 1.346 billion, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 205 million, up 24.53% year-on-year [4][5]. - The significant profit growth is attributed to the phased operation of the "Jiacheng International Port" project, which is the largest automated intelligent warehouse in Asia [5][6]. - The company is actively expanding partnerships with major cross-border e-commerce platforms and has signed a strategic agreement with Guangdong Port and Shipping Group [5]. - The core competitive advantages include a cross-border digital customs clearance technology system, a logistics industry internet platform, and an operational system that integrates intelligent algorithms with physical networks [5]. Financial Summary - The company reported a basic earnings per share of 0.59 yuan and a weighted ROE of 8.06% for 2024 [4]. - The proposed dividend policy includes a distribution of 0.9 yuan per 10 shares (tax included) and a capital increase of 4.8 shares for every 10 shares held, totaling 31 million, which accounts for 15.18% of the net profit for 2024 [4]. - Financial forecasts indicate a revenue increase to 1.409 billion in 2025, with a net profit of 213 million, reflecting a year-on-year growth of 4.3% [7].

2025 年 03 月 04 日 行业周报 看好/维持 电子 电子 太平洋电子日报(20250304) ：RISC-V 迎来发展新机遇 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/16 24/7/28 24/10/9 24/12/21 25/3/4 相关研究报告 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 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 个股涨幅 TOP3：鑫汇科（+29.97%）；芯原股份（+20.01%）；安路科技 （+20.00%） 个股跌幅 TOP3：光华科技（-7.75%）;生益电子（-7.19%）；GQY 视讯（- 5 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][17] Core Views - The company has shown continuous high growth in performance, with significant increases in contract liabilities and inventory [1][5] - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10] - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points year-on-year, indicating a higher proportion of high-margin products [4][10] - The company is increasing its R&D investment, which grew by 22.63% year-on-year, accounting for 37.61% of revenue [4][10] Financial Performance - The company’s revenue projections for 2025-2027 are 14.165 billion, 20.581 billion, and 28.402 billion yuan respectively, with net profits of 3.005 billion, 4.642 billion, and 6.539 billion yuan [6][10] - The net profit growth rates for the same period are projected at 55.61%, 54.50%, and 40.86% respectively [10][14] - The company’s total liabilities at the end of 2024 were 5.908 billion yuan, with significant increases in contract liabilities and inventory [5][14] Market Position and Opportunities - The company is positioned as a leader in domestic computing power, benefiting from the growing demand for AI computing power [6][10] - The launch of DeepSeek is expected to drive the demand for inference computing power, which the company is well-positioned to capitalize on [6][10] - The company plans to collaborate with partners to launch industry-specific integrated machine solutions, which is anticipated to meet the rapidly growing market demand [6][10]