Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]

文娱用品 2025 年 02 月 18 日 [Table_Main] 证券研究报告 | 行业专题 文娱用品 优于大市（维持） 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 市场表现 -24% -12% 0% 12% 24% 37% 49% 61% 2024-02 2024-06 2024-10 文娱用品 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《哪吒 2 带火周边产品，优质 IP 具 高稀缺性》，2025.2.13 2.《万代南梦宫业绩超预期的启示： IP 产业星辰大海》，2025.2.8 谷子经济&布鲁可-春节见闻： 乘风而起，加速渗透进行时 [Table_Summary] 投资要点： | 行业相关股票 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | | EPS | | | PE | | 投资 评级 | | | 代码 | 名称 | 2023 | 2024E | 2025E | 2023 ...

证券研究报告 | 宏观周报 [Table_Main] 宏观周报 证券分析师 2025 年 2 月 17 日 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 陈冠宇 邮箱：chengy@tebon.com.cn 连桐杉 邮箱：liants＠tebon.com.cn 本周看什么？特朗普政策推进，融资平台 降压 --宏观周报（20250210-20250216） [Table_Summary] 摘要： 核心观点：本周聚焦两个方向，其一，特朗普政策的持续推进。其二，美各地加速 压降融资平台，多省一年已压降 50%以上，最高达 76%。 高频宏观数据：高频数据映射的行业来看，地产、文旅消费和汽车行业景气度上 行，建筑建材和农林牧渔行业景气度待修复。 短期投资建议：债市关注中央、地方和各部委两会前政策表述；股市关注宏观逻辑 与产业逻辑的共振，以及配置型资金的跟进。 请务必阅读正文之后的信息披露和法律声明 热点观察 1：特朗普政策的持续推进。过去一周，我们主要关注特朗普两项政策的 推进。一是，特朗普有意重估其黄金 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2]. Core Insights - The report highlights a positive shift in consumer spending policies, particularly benefiting the liquor sector, which is expected to see a recovery in sales [7][10]. - The overall food and beverage sector has shown resilience, with various sub-sectors experiencing different levels of performance, indicating potential investment opportunities [14][17]. Summary by Sections 1. Weekly Insights - The liquor sector is experiencing a rebound due to proactive consumption policies, with a reported increase in sales during the Spring Festival compared to previous periods [10]. - The report suggests focusing on leading companies with strong fundamentals and market control, such as Kweichow Moutai and Wuliangye [10]. 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.15 percentage points, with a weekly increase of 2.34% [17]. - Sub-sectors like pre-processed foods and liquor saw significant gains, while snacks and soft drinks faced declines [18]. 3. Key Data Tracking - Liquor prices have shown stability, with notable brands experiencing price increases of 1-5% [28]. - Beer production in December 2024 increased by 12.20% year-on-year, indicating a recovery in demand [37]. - The average price of fresh milk was reported at 3.12 CNY/kg, reflecting slight fluctuations in the dairy market [41]. 4. Company Performance - Chongqing Beer reported a decline in revenue and profit for 2024, but high-end beer sales are on the rise, suggesting a potential recovery [11]. - The report recommends focusing on companies with strong growth potential in the snack sector, such as Gan Yuan Foods and Xi Mai Foods [14]. 5. Investment Recommendations - The report recommends key players in various segments: - Liquor: Kweichow Moutai, Wuliangye, and Luzhou Laojiao [12]. - Beer: Qingdao Beer and Chongqing Beer [12]. - Soft Drinks: Dongpeng Beverage and Nongfu Spring [12]. - Dairy: Yili and Mengniu [12]. - Snacks: Gan Yuan Foods and Three Squirrels [12].

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2025 年 02 月 17 日 食品饮料 优于大市（维持） 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 黄欣培 资格编号：S0120524100002 邮箱：huangxp3＠tebon.com.cn 研究助理 市场表现 -29% -20% -10% 0% 10% 20% 29% 2024-02 2024-06 2024-10 食品饮料 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《食品饮料行业周报 20250205- 20250207-春节动销稳定，建议关注 节后需求恢复速度》，2025.2.10 2.《西麦食品（002956.SZ）：燕麦行 业乘风起，龙头企业加速发展》， 2025.1.27 3.《东鹏饮料（605499.SH）：乘时好 风起，万里东鹏飞》，2025.1.24 4.《食品饮料行业周报(20250113- 20250119）：社零增速改善，节前动 销符合预期》，2025.1.20 5.《食品饮料行业周报 20250106- 20250110-八代五 ...

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The report highlights the upcoming peak season for coal and coke steel, suggesting a focus on the elasticity of these commodities [4] - It emphasizes the potential for price rebounds in coking coal due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [6][8] - The report identifies three key investment directions: coking coal elasticity, quality dividends, and long-term growth [8] Industry Data Tracking - **Price Analysis**: The report notes a decline in thermal coal prices, with Qinhuangdao Q5500 thermal coal price at 741 RMB/ton, down 11 RMB/ton (-1.46%) [14][19] - **Supply and Demand**: There is an increase in railway coal inflow to Qinhuangdao port, with a total of 489,000 tons, up 39.71% from the previous week [40][44] - **Inventory Analysis**: Total coal inventory at major ports increased by 443,200 tons (+6.45%), with Qinhuangdao inventory rising by 51,000 tons (+8.04%) [47][49] Market Performance - The coal sector underperformed the market, with a decline of 1.50% compared to a 1.30% increase in the Shanghai Composite Index [59][62] Important Events Review - The report includes significant industry news and company announcements, such as the increase in coal exports from Russia to China and production updates from Shaanxi Coal and Chemical Industry Group [67][69]

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][5]. Core Insights - The report highlights the significant role of ERP systems as a gateway for enterprise services, accumulating high-quality data and potentially positioning DeepSeek as a leader in private deployment [5]. - DeepSeek's recent open-source model releases have enhanced computational efficiency, leading to rapid adoption, with a global daily active user count surpassing 20 million within 20 days of launch [5]. - The report emphasizes the transformative potential of AI in ERP systems, particularly following SAP's integration of AI into its product matrix, which has resulted in a stock price increase of 187.8% from January 3, 2023, to February 14, 2025 [5]. - The SaaS market in China reached a scale of 58.1 billion yuan in 2023, growing at approximately 23.1%, indicating a rising penetration rate and the potential for AI applications to enhance SaaS value [5]. Summary by Sections Market Performance - The computer industry has shown a performance trend with fluctuations ranging from -24% to +61% over the specified periods [3]. Related Research - The report references several related studies that explore the implications of AI in various applications, including robotics and enterprise resource planning [4]. Investment Recommendations - The report suggests focusing on companies such as Kingdee International, Yonyou Network, Hand Information, Dingjie Smart, P-Link Software, Saiyi Information, Shiji Information, Jiuxi Software, and China Software International for potential investment opportunities [5].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The report highlights that the U.S. has imposed a 25% tariff on imported steel and aluminum, which is expected to increase trade tensions and impact market dynamics [5]. - Precious metals are experiencing a surge in demand due to the tariffs, with gold prices reaching historical highs [5]. - Industrial metals are showing price differentiation, with copper prices rising amidst a recovering market sentiment [5]. Summary by Sections 1. Industry Data Review - **Precious Metals**: Gold prices have increased, with the Shanghai Gold Exchange's Au9999 closing at 687 CNY/g, reflecting a weekly change of 2.6% and a yearly change of 43.2% [15]. - **Industrial Metals**: Prices are mixed; SHFE copper rose by 1.1% to 78,090 CNY/ton, while LME copper increased by 5.6% to 9,812 USD/ton [35][37]. - **Aluminum**: SHFE aluminum price reached 20,710 CNY/ton, up 0.5%, with LME aluminum at 2,662 USD/ton, up 0.9% [49]. - **Lead**: SHFE lead price decreased by 0.3% to 17,130 CNY/ton, while LME lead fell by 1.5% to 1,951 USD/ton [59]. - **Zinc**: SHFE zinc price increased by 0.5% to 24,125 CNY/ton, with LME zinc at 2,845 USD/ton, up 1.0% [66]. 2. Market Performance - The report notes a significant increase in copper inventory, with SHFE copper stocks rising by 110.6% [38]. - The report also indicates a mixed performance in the lead market, with a notable increase in lead inventory [60]. 3. Investment Recommendations - The report suggests a positive outlook for the non-ferrous metals sector, particularly in precious metals, with recommendations for companies such as Shandong Gold and Zijin Mining [5]. - For industrial metals, the report recommends companies like Tianshan Aluminum and China Hongqiao, emphasizing the expected recovery in demand [5].

Group 1: Monetary and Credit Trends - In January, M2 growth rate decreased to 7.0%, down 0.3 percentage points from the previous month[10] - New M1 growth rate was 0.4%, a decline of 0.8 percentage points compared to December[26] - Total social financing (社融) reached a historical high of 7.06 trillion yuan, an increase of 586.6 billion yuan year-on-year[17] Group 2: Loan Dynamics - New RMB loans in January amounted to 5.13 trillion yuan, with a year-on-year increase of 210 billion yuan[11] - Corporate loans surged to 4.78 trillion yuan, marking a historical monthly high, with short-term loans increasing by 1.74 trillion yuan and medium to long-term loans by 3.46 trillion yuan[13] - Residential loans saw a decrease, with short-term loans down by 497 billion yuan and medium to long-term loans increasing by 4.935 trillion yuan, but still lower than the previous year[12] Group 3: Economic Outlook - The report suggests that the "weak reality" may be improving, with indicators pointing towards a stabilization of expectations and a potential recovery in economic fundamentals[34] - Key variables to monitor include M1 growth, corporate profitability, and price levels, particularly core CPI trends, which are crucial for assessing policy effectiveness and market performance[20] - The likelihood of further monetary easing remains strong, with a higher feasibility of reserve requirement ratio cuts compared to interest rate reductions in the short term[34]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The AI sector is a core competitive arena between China and the US, with ongoing multi-dimensional competition in policy, technology, and funding. The US currently holds a first-mover advantage, but China is catching up, eliminating the technological gap [5][16]. - DeepSeek's deployment is driving significant demand for computing power across various industries, with a notable increase in commercial applications and cloud service integration [20][21]. Summary by Sections Investment Strategy - AI is a key competitive field between China and the US, with the US imposing restrictions on high-end chip purchases by China, while China is fostering open collaboration [5][16]. - DeepSeek's optimization reduces the need for high-end chips and promotes the development of smaller models, enhancing edge deployment [17][20]. - The deployment of DeepSeek has led to widespread cloud service integration, establishing a commercial charging model and increasing demand for computing power across various sectors [20][21]. Industry News - DeepSeek has become a focal point for multiple parties, with various cloud providers and government entities successfully deploying or integrating the model [21]. - The 2025 China Artificial Intelligence Computing Power Development Assessment Report predicts that the scale of intelligent computing power will double within two years, reaching 1,037.3 EFLOPS by 2025 [23]. - ByteDance's UltraMem sparse model architecture significantly reduces inference costs by up to 83%, enhancing the feasibility of large model applications [24]. - The successful launch of the low-orbit satellite group for the GW constellation marks a significant step in expanding satellite internet capabilities [25]. Market Review and Focus - The telecommunications sector has outperformed the broader market, with a 3.20% increase in the index, while the AI computing index rose by 12.24% [26][28]. - Key companies to watch include ZTE, Unisoc, and Meig Smart, among others, as they are positioned to benefit from advancements in AI and computing infrastructure [30].