Investment Rating - The report maintains an investment rating of "Positive" for the building materials industry [1]. Core Insights - The recovery of the construction materials industry is underway, with a focus on high-quality development. The government emphasizes the importance of stabilizing the real estate market and improving building material quality standards, which is expected to benefit leading companies in the sector [2]. - As of March 5, 2025, the funding availability rate for construction sites is 57.3%, with non-residential projects at 59.35% and residential projects at 47.1%. Cement sales are recovering, but adverse weather conditions are impacting demand [2]. - The report suggests that after the relaxation of real estate policies, there may be a marginal improvement in building material demand. Long-term positive outlooks are recommended for companies like Beixin Building Materials and Weixing New Materials, while short-term rebounds are suggested for companies like Dongfang Yuhong and Sankeshu [2]. Summary by Sections Industry Data - The funding availability rates for construction projects indicate a gradual recovery, with non-residential projects showing stronger performance compared to residential projects [2]. - Cement companies are actively increasing prices despite a still cautious demand outlook, supported by significant production cuts in various provinces [2]. Market Trends - The glass processing sector is experiencing slow operational recovery, with prices for float glass declining. The market atmosphere remains subdued, leading to increased inventory levels [2]. - The fiberglass market shows stable pricing trends, with electronic yarn prices stabilizing after previous increases. The overall market for fiberglass remains mixed, with some companies performing better than others [2]. Investment Recommendations - The report recommends a long-term positive outlook for consumer-end companies and suggests monitoring business-to-business companies for potential rebounds in demand [2].

分析师 能宇翔 SAC 证书编号: S0160524070003 xiongyx(actsec.com 相关报告 1. 《哪此资产还可配?》 2025-03-09 "美"周市 2. 《北证 50 接近新高 策略专题报告 / 2025.03.11 1000 家上市公司业绩快报有哪些结论? -2024年年报分析 3 ■ 证券研究报告 李美岑 分析师 SAC 证书编号:S0160521120002 limc(actsec.com 分析师 王亦奕 SAC 证书编号:S0160522030002 wangyy01@ctsec.com 核心观点 别为-57.9%和-30.2%,整体盈利能力偏弱。 不仅业绩正增公司占比高,也是营收业绩双增占比相对最高的两个行业,显示 行业景气度高。与 3Q24 相比,电池、军工电子 II 行业业绩正增公司占比虽在 50%以下,但有明显改善迹象。 场复盘(3月第1周)》 2025-03-08 3. 《科综行情才露牛角》 2025-03-06 * 风险提示:核心假设不当风险;业绩快报和预告部分基于当前已披露数据统 计,结论可能随后续新披露数据发生变化;海外冲击超预期等 请阅读最后一页的重要声明 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company continues to experience growth driven by the dual engines of new energy and module testing [5] - The company achieved a revenue of 1.457 billion yuan in 2024, representing a year-on-year increase of 18.87%, and a net profit of 138 million yuan, up 28.85% year-on-year [5] - The laser business remains stable, with progress in module testing and perovskite equipment [5] - The company is expected to maintain a growth trajectory with projected net profits of 138 million yuan, 225 million yuan, and 279 million yuan for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - Revenue growth rates are projected at 18.87% for 2024, 28.62% for 2025, and 19.57% for 2026 [4] - Net profit growth rates are forecasted at 28.85% for 2024, 62.31% for 2025, and 24.09% for 2026 [4] - Earnings per share (EPS) is expected to increase from 1.46 yuan in 2024 to 2.93 yuan in 2026 [4] - The price-to-earnings (PE) ratio is projected to decrease from 36.36 in 2024 to 18.06 in 2026 [4] Business Development Summary - The company is focusing on the demand for laser processing in the new energy sector and is developing new types of lasers and monitoring modules to enhance customer processing efficiency [5] - The module testing business has expanded to cover all camera testing projects, with significant contributions expected in the next two years [5] - The perovskite film cutting equipment has gained industry-leading status, with ongoing orders and delivery progress [5]

Economic Growth Targets - The economic growth target for this year is set at around 5%, unchanged from last year, reflecting a conservative outlook due to a more complex external environment[2] - The implicit nominal growth rate of the fiscal deficit is 4.9%, indicating a cautious approach to economic growth assessment[2] - The target for consumer price inflation is adjusted to around 2%, down from the previous 3%, aligning more closely with actual conditions[2] Policy Measures - The fiscal budget deficit is set at 4%, exceeding the previous "3%" threshold, with a planned deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year[8] - Local government special bonds are proposed at 4.4 trillion yuan, a 13% increase from last year, indicating a significant rise in fiscal stimulus efforts[8] - The central government's investment budget is planned at 735 billion yuan, a nearly 5% increase from last year's 700 billion yuan[19] Key Focus Areas - Expanding domestic demand is prioritized, with a focus on enhancing consumer capacity and promoting supply release[18] - A special long-term bond of 300 billion yuan is allocated to support the "old for new" consumption policy, doubling last year's funding[18] - Real estate regulation continues with a strategy of "controlling new supply and managing existing stock," aiming to stimulate demand in the housing market[20] Risks and Considerations - Potential policy adjustments may exceed expectations, impacting economic recovery[21] - Economic recovery may fall short of projections, influenced by various external factors[22] - Historical experiences may not fully apply to current economic conditions, leading to unpredictable outcomes[22]

最近 12 月市场表现 相关报告 国力股份(688103) / 其他电子Ⅱ / 公司点评 / 2025.02.27 业务符合预告，静待下游开花 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-02-27 | | --- | --- | | 收盘价(元) | 51.75 | | 流通股本(亿股) | 0.95 | | 每股净资产(元) | 11.30 | | 总股本(亿股) | 0.95 | 1. 《收入增长利润承压，下游有望多点 开花》 2025-01-26 2. 《业绩承压延续，期待多领域成长空 间》 2024-11-01 3. 《收入增长利润承压，看好未来多领 域发展潜力》 2024-08-28 盈利预测： | [Table_FinchinaSimple] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 700 | 692 | 797 | 1370 | 1699 | | 收入增长率(%) | 37.53 | -1.12 | 15.10 | 71.97 | ...

月度金股 / 2025.03.02 财通策略&多行业—2025 年 3 月金股 分析师 李美岑 SAC 证书编号：S0160521120002 limc@ctsec.com 分析师 任缘 SAC 证书编号：S0160523080001 renyuan@ctsec.com 相关报告 1. 《中国资产的春季行情——2 月市场 回顾》 2025-03-01 核心观点 请阅读最后一页的重要声明！ 证券研究报告 2. 《如何把握两会行情》 2025-02-28 3. 《中国资产迎春天》 2025-02-23 ❖ "春季躁动、成长进攻"，政策预期叠加国内科技产业变革推动中国资产迎春天。 春节前至今"春季躁动"兑现，AI 等新质产业利好+提前交易两会&财政政策， 热度显著修复。2 月底政治局会议强调更积极有为的宏观政策，扩大内需，推 动科技创新和产业创新融合发展，稳住楼市股市，奠定稳增长的基调。参考历 史两会前后行情：会前提前上涨，会中可能暂缓，会后继续上攻。参考历史， 景气复苏/有为政策+情绪复苏的年份，行情强势可能性大，方向预计延续 TMT 成长/小盘（成长上攻+会前主线延续）。3 月政策交易暂缓阶段，可能阶段切向 红 ...

证券Ⅱ / 行业投资策略周报 / 2025.02.17 市场成交额继续提升，关注 AI 驱动业态变革 ——证券基金行业周度跟踪 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -14% 0% 14% 28% 42% 56% 证券Ⅱ 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《市场交投活跃，券商基本面边际改 善确定性强——证券基金行业周度跟 踪》 2025-02-09 2. 《中长期资金加速入市,券商基本面 有望继续改善——证券基金行业周度 跟踪》 2025-01-27 1 重点数据跟踪 1.1 市场行情：权益市场整体上涨，创业板指数领涨 创业板指数领涨，中证全债下跌。本周（2.10-2.14）上证指数、创业板指、沪深 300、科创 50 分别上涨 1.30%、1.88%、1.19%、0.36%，券商板块上涨 0.72%，跑 赢科创 50；中证全债下跌 0.10%。年初至今上证指数、创业板指、沪深 300、科 创 5 ...

分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 建筑材料 / 行业投资策略周报 / 2025.02.17 建材行业策略周报 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -20% -11% -2% 7% 16% 25% 建筑材料 沪深300 相关报告 | 1. 《建材行业策略周报》 | 2025-02-09 | | --- | --- | | 2. 《建材行业策略周报》 | 2025-02-04 | | 3. 《建材行业策略周报》 | 2025-01-20 | 收储政策加速落地，产业链需求或企稳回升 核心观点 消费建材：广东省推进收储，看好地产链估值率先反弹。据克而瑞，2025 年 2 月 7 日-9 日广东 7 城披露了 2025 年的首批专项债闲置土地收储清单，涉 及 48 幅地块，土地面积约 224.6 万方，合计金额达 171 亿元；其中珠海收储 14 幅地块，共 66.52 亿元，是收储金额最多的。从收购价格来看，排除协议土 地以及已部分开发的土地后，剩余 36 块净地对比拿地价格的收购折扣为 87.5%。从项目公司性质来看，48 幅地块 ...

医药生物 / 行业投资策略周报 / 2025.02.17 高质量数据或成为 AI 医疗的核心 ■ 证券研究报告 因 投资评级:看好(维持) 张文录 分析师 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 华挺 分析师 SAC 证书编号: S0160523010002 huating@ctsec.com 相关报告 1.《疾病治疗专题研究-COPD 领域出现 新突破》 2025-02-13 2. 《2025年1月原料药相关价格情况》 2025-02-12 3. 《2024 年 12 月原料药相关价格情 况 》 2025-01-28 医药投资策略报告 核心观点 目前海外 AI 诊断已经进入快速商业化阶段,如 Tempus AI、福瑞股份子公司 Echosens、Nanox 和 Imvaria 等。建议关注:AI 诊断,影像如福瑞股份、迈瑞 医疗、联影医疗、万东医疗等;体外诊断如迪安诊断、金域医学、圣湘生物、 达安基因、塞力医疗和润达医疗等;病理如安必平等;AI 疾病预测如华大智 造、华大基因、诺禾致源、贝瑞基因等。AI 机器人如微创机器人、天智航等。 AI 医疗供应链:美年 ...

Group 1: U.S. Policy Changes - Trump administration plans to impose tariffs up to 100% on China, with a 25% tariff on Canada and Mexico starting February 1[5] - Energy policy shifts towards traditional energy development, exiting the Paris Agreement, and reducing subsidies for electric vehicles, resulting in a 6% drop in ICE Brent crude oil prices since January 16[5] - Trump aims to influence Federal Reserve decisions, advocating for lower interest rates to stimulate capital expenditure in oil and gas sectors[6] Group 2: Domestic Policy Initiatives - Chinese government emphasizes expanding domestic demand, with policies promoting consumption and capital market development ahead of the Spring Festival[24] - The China Securities Regulatory Commission encourages long-term investments, mandating public funds to grow their A-share holdings by at least 10% annually over the next three years[24] Group 3: Market Trends and Asset Allocation - In Q4 2024, fund allocation decreased by 0.1% to 83.2%, while allocations to Hong Kong and STAR Market increased by 2.0% and 1.9% respectively[25] - Sector allocations show increases in electronics (+2.0%), automotive (+0.3%), and banking (+0.5%), while reductions were seen in industrial metals and real estate[25] Group 4: Investment Opportunities - Focus on TMT (Technology, Media, Telecommunications), small-cap stocks, and growth themes as primary investment strategies for the upcoming market cycle[17] - AI infrastructure investment of $500 billion announced, with significant potential in related sectors such as computing power and energy[21]