(Source: Zhongyuan Securities Research Institute).

Monthly Gold Shares

Monthly Gold Stock Portfolio of Zhongyuan Securities Research Institute (February 2025).

—February 1 - February 28, 2025

Analyst: Liu Zhi

Registration code: S0730520110001

Investment Highlights:

January

2025 monthly gold stock portfolio operation review. As of the close of trading on January 24, 2025, the Shanghai Composite Index fell 2.85%, the CSI 300 Index fell 2.52%, and the ChiNext Index fell 0.71% in January 2025. In January 2025, the monthly return on the gold stock portfolio was 1.39%, outperforming the CSI 300 Index by 3.9 percentage points and the ChiNext Index by 2.09 percentage points.

Strategic Outlook for February 2025. From the perspective of macro policies, on January 22, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration of Financial Supervision jointly issued the "Implementation Plan for Promoting Medium and Long-term Funds into the Market". Indicator requirements. First, for public funds, it is clear that the circulating market value of A-shares held by public funds will increase by at least 10% each year in the next three years. The second is to invest 30% of the annual new premiums of large state-owned insurance companies in A-shares from 2025 onwards. Third, the pilot of long-term stock investment of the second batch of insurance funds will be put in place in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded in the future. Considering the risk appetite of insurance funds, the funds flow more to industries with high cost performance and margin of safety, and are optimistic about the dividend theme, such as coal, electricity, banking, infrastructure and other industries.

In terms of industry policies, on January 3, the National Development and Reform Commission said that the next step will be to expand domestic demand in an all-round way, significantly increase the scale of ultra-long-term special treasury bond funds, and strengthen the implementation of the "two new" policies. All localities have actively launched the policy of bridging the old with the new. Optimistic about household appliances, consumer electronics, automobiles and other industries that are favored by policies.

From a technical point of view, due to the full adjustment of the market index in December and January, it is currently in a period of stabilization and rebound, and it is expected that TMT, non-bank financial and other industries will perform better in February due to favorable policies and strong in the early stage.

Recommendation of the monthly gold stock portfolio target in February 2025

Based on the research and judgment of the market trend and the industry, we recommend the target of the monthly gold stock portfolio in February 2025: 601058. SH Sailun Tire, 688777.SH Central Control Technology, 688578.SH Allist, 002517.SZ Kaiying Network, 002747.SZ Estun, 002046.SZ SINOMACH Seiko, 002311.SZ Haida Group, 600066.SH Yutong Bus, 688313.SH Shijia Photonics, 300910.SZ Ruifeng New Materials.

Risk warning: (1) The performance of the market is less than expected; (2) the company's performance was lower than expected; (3) Past performance is not indicative of future performance; (4) the risk of inconsistency between the market expectations on which the portfolio is based and the actual operation of the market; (5) the market expectations on which the portfolio is based are based on a monthly cycle; (6) It is not excluded that the stock prices of the individual stocks in the portfolio will fluctuate significantly.

1. Review of the operation of Zhongyuan Securities' monthly gold stock portfolio in January 2025

As of the close of trading on January 24, 2025, the Shanghai Composite Index fell 2.85%, the CSI 300 Index fell 2.52%, and the ChiNext Index fell 0.71% in January 2025.

The monthly gold stock portfolio of Zhongyuan Securities Research Institute in January 2025 is: 002648. SZ Satellite Chemical, 000938.SZ Unisplendour, 603259.SH WuXi AppTec, 002560.SZ Tongda, 603986.SH GigaDevice, 600066.SH Yutong Bus, 600941.SH China Mobile, 003000.SZ Jinzai Food, 000719.SZ Zhongyuan Media, 002891.SZ Zhongpet. In January 2025, the monthly return on the gold stock portfolio was 1.39%, outperforming the CSI 300 Index by 3.9 percentage points and the ChiNext Index by 2.09 percentage points.

As of the close of trading on January 24, 2025, the monthly return on the portfolio of gold stocks in January 2025 was 1.39%, outperforming the CSI 300 Index by 3.9 percentage points and the ChiNext Index by 2.09 percentage points.

2. Zhongyuan Securities' strategic views in February 2025

From the perspective of macro policies, on January 22, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration of Financial Supervision jointly issued the "Implementation Plan for Promoting Medium and Long-term Funds into the Market". Indicator requirements. First, for public funds, it is clear that the circulating market value of A-shares held by public funds will increase by at least 10% each year in the next three years. The second is to invest 30% of the annual new premiums of large state-owned insurance companies in A-shares from 2025 onwards. Third, the pilot of long-term stock investment of the second batch of insurance funds will be put in place in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded in the future. Considering the risk appetite of insurance funds, the funds flow more to industries with high cost performance and margin of safety, and are optimistic about the dividend theme, such as coal, electricity, banking, infrastructure and other industries.

In terms of industry policies, on January 3, the National Development and Reform Commission said that the next step will be to expand domestic demand in an all-round way, significantly increase the scale of ultra-long-term special treasury bond funds, and strengthen the implementation of the "two new" policies. All localities have actively launched the policy of bridging the old with the new. Optimistic about household appliances, consumer electronics, automobiles and other industries that are favored by policies.

From a technical point of view, due to the full adjustment of the market index in December and January, it is currently in a period of stabilization and rebound, and it is expected that TMT, non-bank financial and other industries will perform better in February due to favorable policies and strong in the early stage.

3. Recommendation of Zhongyuan Securities' monthly gold stock portfolio target in February 2025

Based on the research and judgment of the market trend and the industry, we recommend the following monthly gold stock portfolio for February 2025:

601058.SH Sailun Tire, 688777.SH Central Control Technology, 688578.SH Allist, 002517.SZ Kaiying Network, 002747.SZ Eston, 002046.SZ SINOMACH Seiko, 002311.SZ Haida Group, 600066.SH Yutong Bus, 688313.SH Shijia Photonics, 300910.SZ Ruifeng New Materials.

Recommendation logic for the monthly gold stock portfolio in February 2025

　　01

Sailun tires 601058.SH

Since its world premiere in the fourth quarter of 2021, the company's liquid gold tires have been widely acclaimed, and it has made efforts in both the supporting market and the replacement market. The tire industry continued to prosper, and the company's performance was beautiful.

　　02

Central Control Technology 688777.SH

The company has steady growth, low valuation, increased AI layout in the industrial field, has robot-related business layout, and has strong overseas layout capabilities.

　　03

Alice 688578.SH

The company is a scarce and innovative pharmaceutical company that has been commercialized and proven, driven by endogenous and epitaxial two-wheel drive, and gradually expands its product layout. The company's annual report performance is high.

　　04

Kaiying Network 002517.SZ

The company's game version number is smooth, new products continue to be released, and there are many game projects in reserve.

　　05

Eston 002747.SZ

In December, the output of industrial robots increased by 36.7%, the company is the domestic leader of industrial robots, a comprehensive layout of the industrial chain and humanoid robots, the recovery of industry fundamentals and the theme of humanoid robots.

　　06

SINOMACH Seiko 002046.SZ

The veteran special bearing research and development unit, the market share and status of special bearings are high, and the demand growth is sustainable. The company's superhard material layout is complete, from equipment, materials, to superhard materials and tools to form a complete industrial chain, in Henan Province to build the superhard material industry this advantageous industry background, the company is expected to benefit in the medium and long term.

　　07

Haid Group 002311.SZ

The competition in the industry has intensified, the company's market share has been further improved, the company's core business has grown steadily, and the breeding sector has turned losses into profits.

　　08

Yutong Bus 600066.SH

With the implementation of the 14th Five-Year Transportation Plan, the promotion of the pilot construction of comprehensive electrification of vehicles in the public sector and the promotion of the "trade-in" policy, as well as the continuous recovery of the tourism industry and the recovery of overseas markets, it is expected that the demand of the bus industry will continue to rise, and the company's industry leaders are expected to fully benefit from the upward cycle of the industry.

　　09

Shijia Photon 688313.SH

The company's AWG chips and components for 800G optical modules, MPO optical fiber connectors, CW light sources and other products are expected to benefit from the volume of high-speed optical modules.

　　10

Ruifeng New Material 300910.SZ

At present, most of the domestic high-end lubricant additives come from imports, and the company's high-end lubricant additives may benefit from domestic substitution under the environmental impact of intensified geopolitical conflicts.

Disclaimer:

1. The gold stock portfolio of the institute mainly provides research reference for institutional investment and corporate investment consultants;

2. The gold stock portfolio is a combination of research results and does not constitute an investment recommendation for individual stocks;

3. The research results of the gold stock portfolio are only for reference in the current period, and are not time-selective, nor do they constitute investment advice.

4. Risk Warning

(1) The performance of the broader market is less than expected;

(2) the company's performance does not meet expectations;

(3) Past performance is not indicative of future performance;

(4) the risk of inconsistency between the market expectations on which the portfolio is based and the actual operation of the market;

(5) The market expectation on which the portfolio is based is based on a monthly operating cycle, and it is not excluded that the fundamentals of the individual stocks in the portfolio will change significantly during the month and there will be significant fluctuations;

(6) Gold stocks operate in a combination mode, and it is not excluded that the stock prices of individual stocks in the portfolio will fluctuate significantly, resulting in a negative contribution to the portfolio income.

Securities Analyst Promises:

The undersigned analyst of this report has the securities analyst qualification granted by the Securities Association of China, and his position meets the relevant compliance requirements of the regulatory authorities. Based on a serious and prudent professional attitude, professional and rigorous research methods and analytical logic, I produce this report independently and objectively. This report accurately reflects my research views, and I am responsible for the content and opinions of the report, and ensure that the sources of information in the report are legal and compliant.

Important Notice: