2025 年 03 月 10 日 行业周报 看好/维持 计算机 计算机 通用型 AI Agent 更近一步，AI 应用蓄势待发 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 推荐公司及评级 报告摘要 Manus AI 发布，通用型 AI Agent 更进一步。3 月 6 日，华人团队 Monica.im 推出通用 Agent 产品 Manus。Manus 作为 Agent，能够独立思 考、规划并且执行复杂任务，在 GAIA 基准测试中，Manus 超越 OpenAI 的 Deep Research 获得评分第一。相较于此前的 Agent 产品，Manus 具有以 下突破：一是具有自主执行任务的能力，可直接交付成果而非仅提供建议。 二是有很强的跨领域工具调用能力，支持代码编写、网页爬虫、数据分析 等工具。根据官方示例，Manus 可应用于旅游规划、简历筛选、金融分析、 合同审查等多类型任务，覆盖教育、金融、电商等多个场景。 AI Agent 是当前 AI 技术演进的重要趋势之一，目前科技巨头 ...

子行业评级 2025 年 03 月 09 日 行业周报 看好/维持 医药 医药 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）(2025.03.03-2025.03.09) (20%) (10%) 0% 10% 20% 30% 24/3/7 24/5/18 24/7/29 24/10/9 24/12/20 25/3/2 医药 沪深300 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 ...

2025-03-07 宏观点评 赤字率新高，加力稳增长 ——2025 年政府预算草案点评 | 证券分析师：徐超 | 电话：18311057693 | E-Mail：xuchao@tpyzq.com | 分析师登记编号：S1190521050001 | | --- | --- | --- | --- | | 证券分析师：万琦 | 电话：18702133638 | E-Mail：wanq@tpyzq.com | 分析师登记编号：S1190524070001 | 事件：2025 年 3 月 5 日财政部提请十四届全国人大三次会议审查《关于 2024 年中央和地方预算执行情况与 2025 年中央和地方预算草案的报告》。 对于 2025 年政府预算草案，我们有以下几点理解： 如何理解"更加积极"这一定调？财政部部长蓝佛安在十四届全国人大三次会议经济主题记者会上表示，可以 将其理解为"持续用力、更加给力"。前者表现在新旧政策的衔接与前后贯通，既涉及存量政策的持续推进，也包括 新政策的及时出台，打开了今年增量财政政策的想象空间。后者则直指政策力度的加码，对此报告多处措辞均可印 证，比如"用好用足政策空间"、"加强超常规逆周 ...

2025 年 03 月 07 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250307) ：AI 板块热度不断 ◼ 走势比较 60% (20%) (4%) 12% 28% 44% 24/3/7 24/5/19 24/7/31 24/10/12 24/12/24 25/3/7 ◼ 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(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 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（-0.25%）；深证综指（-0.53%）；创业板综 （-1.0 ...

2025 年 03 月 07 日 行业周报 看好/维持 医药 医药 沪深300 ◼ 推荐公司及评级 报告摘要 市场表现： 2025年3月7日，医药板块涨跌幅-0.96%，跑输沪深300指数0.65pct， 涨跌幅居申万 31 个子行业第 22 名。各医药子行业中，体外诊断(-0.43%)、 血液制品(-0.72%)、线下药店（-0.74%）表现居前，医院（-2.11%)、医 疗设备(-1.67%)、疫苗（-1.65%)表现居后。个股方面，日涨幅榜前 3 位 分别为奥赛康(+9.99%)、一品红(+9.77%)、热景生物(+8.84%)；跌幅榜前 3 位为奥浦迈（-6.26%）、普瑞眼科(-5.97%)、华大智造（-4.86%)。 医药 ARS 吸入式过敏疗法 Neffy 获 FDA 批准 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/7 24/5/19 24/7/31 24/10/12 24/12/24 25/3/7 行业要闻： 近日，ARS 宣布，美国 FDA 已批准 Neffy（1 mg 肾上腺素鼻喷剂）上 市，用于治疗 4 岁及以上、体重 15 至 30 公斤的儿童患者的 ...

电子 电子 太平洋电子日报(20250307) ：AI 板块热度不断 2025 年 03 月 07 日 行业日报 看好/维持 ◼ 走势比较 60% (20%) (4%) 12% 28% 44% 24/3/7 24/5/19 24/7/31 24/10/12 24/12/24 25/3/7 ◼ 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(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 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 证 券 股 份 有 限 公 司 证 券 研 究 报 告 报告摘要 今日市场行情速览：上证 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][16]. Core Views - The company's performance is driven by capacity release and structural optimization, leading to a recovery in earnings, with Q4 2024 net profit showing a significant year-on-year increase of 130.5% [5][7]. - The company achieved a revenue of 649 million yuan in 2024, a year-on-year growth of 1.4%, while the net profit for the same year was 136 million yuan, reflecting a decline of 15.3% [4][5]. - The acquisition of Chaomeisi for 240 million yuan is expected to enhance the company's capabilities in emerging fields such as low-altitude economy and humanoid robotics [6][7]. Financial Summary - The company’s annual production capacity for UHMWPE fibers reached 8,560 tons by the end of 2024, with a utilization rate of 111.43%, while composite material capacity increased to 2,175 tons with a utilization rate of 78.27% [5]. - Revenue projections for 2024-2026 are 649 million yuan, 984 million yuan, and 1,250 million yuan, respectively, with corresponding net profits of 136 million yuan, 195 million yuan, and 224 million yuan [9][12]. - The expected EPS for 2024, 2025, and 2026 are 0.60 yuan, 0.87 yuan, and 1.00 yuan, respectively, with a projected PE ratio decreasing from 27.41 in 2024 to 16.61 in 2026 [9][12].

2025 年 03 月 06 日 行业周报 看好/维持 医药 医药 Jazz 以 9.35 亿美元收购 Chimerix ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/6 24/5/18 24/7/30 24/10/11 24/12/23 25/3/6 维力医疗（603309）：公司发布公告，近日收到美国 FDA 的通知，公 司产品维力浸水式间歇性导尿管、维力预润滑间歇性导尿管获得了美国 FDA 批准注册，表明该产品获得了进入美国市场销售的资质，对该产品在 海外市场的推广和销售起到积极推动作用。 2025年3月6日，医药板块涨跌幅+1.57%，跑赢沪深300指数0.19pct， 涨跌幅居申万 31 个子行业第 15 名。各医药子行业中，医疗研发外包 (+3.24%)、体外诊断(+2.75%)、疫苗（+2.35%）表现居前，血液制品 （+0.68%)、线下药店(+0.69%)、医药流通（+1.06%)表现居后。个股方面， 日涨幅榜前 3 位分别为热景生物(+19.34%)、安必平(+14.76%)、翔宇医疗 (+12.25%)；跌幅榜前 3 位为万泽股份（-2.75%）、南卫股 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][6][14] Core Views - The company's revenue for 2024 reached 15.534 billion yuan, representing a year-on-year growth of 17.83%, while the net profit attributable to shareholders surged by 2208.66% to 1.204 billion yuan [3][4] - The sales volume of both liquid and solid methionine hit historical highs, driving a 24% revenue increase in this segment [4] - Despite fluctuations in raw material prices, improved production stability and supply chain optimization led to a significant increase in gross margin, with functional product gross margin rising by 13 percentage points to 26.02% [4] - The demand for specialty products, particularly in the poultry, aquaculture, and ruminant sectors, has shown resilience, especially with the recovery of the North American market [4] - The company has successfully launched enzyme composite packages to enhance breeding efficiency, with sales growth exceeding 20% in Europe and Asia-Pacific markets [4] - The company has reduced recurring costs by 179 million yuan, contributing to a net profit margin increase from 0.4% to 7.76% [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.534 billion yuan and a net profit of 1.204 billion yuan, with significant growth rates of 17.83% and 2208.66% respectively [3][4] - The forecasted EPS for 2025, 2026, and 2027 are 0.59 yuan, 0.64 yuan, and 0.72 yuan respectively [6][8] Capacity Expansion - The company is accelerating capacity construction, with a 37,000-ton specialty feed additive factory in Nanjing expected to complete trial operations by December 2024 [5] - A 30,000-ton capacity expansion project in Europe has been completed, with ramp-up currently underway [5] - The company plans to transition key ruminant product esterification processes from outsourcing to in-house production, with trial production expected to start in the second half of 2025 [5] Investment Outlook - The company is positioned as a global leader in the methionine industry, with a diversified specialty product portfolio serving as a second growth pillar [6] - The expected revenue growth rates for 2025, 2026, and 2027 are 10.13%, 10.14%, and 9.78% respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company's performance recovery is driven by capacity release and structural optimization, with Q4 2024 earnings exceeding expectations [5][6] - The company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 136 million yuan, a decline of 15.3% [4][5] - In Q4 2024, the company reported a net profit of 49 million yuan, a significant year-on-year growth of 130.5% [4][5] Summary by Sections Company Performance - By the end of 2024, the company's UHMWPE fiber annual production capacity reached 8,560 tons, with a utilization rate of 111.43%, and composite material capacity increased to 2,175 tons, with a utilization rate of 78.27% [5] - The company effectively mitigated the downward pressure on fiber prices by exiting high-cost old production capacity and improving production efficiency, maintaining stable gross margins in its main business [5] Mergers and Acquisitions - The acquisition of Chaomeisi for 240 million yuan for a 75.8% stake is expected to help the company expand into low-altitude economy and humanoid robotics sectors [6] - Chaomeisi has an annual production capacity of 5,000 tons of aramid fiber and 2,000 tons of aramid paper, serving major clients such as Airbus and AVIC [6] Financial Forecast - The company is projected to have earnings per share (EPS) of 0.60 yuan, 0.87 yuan, and 1.00 yuan for the years 2024, 2025, and 2026 respectively [7][9] - Revenue is expected to grow significantly, with projections of 984 million yuan in 2025 and 1,250 million yuan in 2026, reflecting growth rates of 51.49% and 27.07% respectively [9][12]