证券研究报告 行业研究 / 行业点评 2025 年 03 月 10 日 行业及产业 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 请仔细阅读在本报告尾部的重要法律声明 开源RISC-V芯片有望获得政策推广 xuliang@ajzq.com 本周（20250301-20250307）电子行业涨跌幅为（+2.7 %），涨跌幅排名 9/31 位。SW 电 子三级行业涨跌幅榜靠前的分别是：模拟芯片设计（+5.2 %），数字芯片设计（+5.2 %）， 半导体设备（+4.9 %），光学元件（+4.8 %），电子化学品Ⅲ（+4.7 %）。本周申万一级 行业领涨行业分别为：有色金属（+7.1 %），国防军工（+7.0 %），计算机（+6.7 %）， 机械设备（+5.5%），传媒（+5.2 %），沪深 300 指数涨跌幅为（+1.4 %）。 3月4日，据中国电子电路行业协会CPCA报道，中国政府计划发布指导意见助力开源RISC-V 芯片在全国范围的使用推广。RISC-V 基于精简指令集（RISC）原则，其指令集架构有多种 扩展和配置。与 X86 和 ARM 架构相 ...

证券研究报告 行业研究 / 行业点评 2025 年 03 月 10 日 行业及产业 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建证券电子行业周报(0222-0228) : DeepSeek 开源周发布五大技术》2025/03/03 《爱建证券电子行业周报(0215-0221) : 全球 最新 AI 模型 GroK - 3 发布》2025/02/24 《人工智能专题报告（1）：适合投资人的 DeepSeek 分析报告》2025/02/20 许亮 S0820525010002 0755-83562506 ——爱建证券电子行业周报 开源RISC-V芯片有望获得政策推广 xuliang@ajzq.com 本周（20250301-20250307）电子行业涨跌幅为（+2.7 %），涨跌幅排名 9/31 位。SW 电 子三级行业涨跌幅榜靠前的分别是：模拟芯片设计（+5.2 %），数字芯片设计（+5.2 %）， 半导体设备（+4.9 %），光学元件（+4.8 %），电子化学品Ⅲ（+4.7 %）。本周申万一级 行业领涨行业分别为：有色金属（+7 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][3]. Core Insights - The report highlights the potential for RISC-V open-source chips to gain policy support for nationwide promotion in China, emphasizing their advantages in flexibility, modularity, and low power consumption [3][6][11]. - The electronic industry experienced a weekly increase of 2.7%, ranking 9th out of 31 sectors, with notable performances in semiconductor equipment and analog/digital chip design [3][27]. - The launch of new AI models and products, such as Manus and QwQ-32B, indicates a growing competitive landscape in AI technology, with significant implications for market demand in AI servers and related applications [18][23][24]. Summary by Sections 1. RISC-V and Domestic Chip Development - RISC-V is positioned to support the entry of domestic chips into the open-source era, with the Chinese government planning to issue guidelines for its promotion [6][15]. - The advantages of RISC-V include its open-source nature, modular design, and applicability across various fields such as IoT and automotive electronics [11][13]. 2. Global Industry Dynamics - The report discusses the release of the AI product Manus, which has achieved state-of-the-art performance, and compares it to existing models [18]. - Meta Quest 3S has become the best-selling VR device globally, indicating strong market demand in the VR sector [19]. - The QwQ-32B large language model from Alibaba demonstrates competitive performance with significantly fewer parameters than its counterparts [23]. 3. Market Review - The report provides a weekly overview of industry performance, noting that the electronic sector's increase of 2.7% is supported by strong performances in specific sub-sectors [27][30]. - The top-performing stocks in the electronic industry include Xinhuike and Green达, while the worst performers include Zhichun Technology and Aojie Technology [32].

Investment Rating - The mechanical equipment sector is rated as "Outperform" compared to the market [3] Core Insights - The C-end robot market is expected to enhance performance through software optimization, while the B-end market shows stable hardware module profits [3] - The semiconductor equipment sector is witnessing accelerated resource integration among major manufacturers, indicating a shift towards domestic alternatives [3] - The engineering machinery market is transitioning to a mature stage, with growth driven by equipment upgrades and export opportunities [3] - The new energy equipment sector is entering a seasonal recovery phase, with leading companies likely to lead a rebound [3] - The report emphasizes the importance of AI and new algorithms in shaping the future of intelligent manufacturing [25] Summary by Sections 1. Mechanical Equipment Sector Performance - The mechanical equipment sector outperformed the market with a 5.46% increase, while the Shanghai Composite Index rose by 1.39% [10] - The engineering machinery components led the sector with a 16.63% increase [10][14] - The overall performance of 17 sub-sectors was better than the market, with notable gains in machine tools and general equipment [10] 2. AI and Intelligent Manufacturing - The report highlights the global first multi-task collaborative training of humanoid robots by UBTECH, marking a significant advancement in group intelligence [25] - The application of AI technologies is expected to drive the evolution of intelligent manufacturing from semi-flexible to fully flexible production [25] 3. Semiconductor Equipment - The domestic semiconductor equipment sector is experiencing a second phase of growth driven by increased capital expenditure from upstream wafer manufacturers [3] - TSMC's $100 billion investment in the U.S. is noted as a significant move to strengthen the semiconductor supply chain [30][31] 4. Engineering Machinery - The engineering machinery market is characterized by a shift towards equipment upgrades and increased exports, particularly benefiting from the Belt and Road Initiative [3] - The report indicates a recovery in the market with a focus on new energy and automation technologies [3] 5. New Energy Equipment - The new energy equipment sector is entering a recovery phase, with leading companies expected to drive a new round of growth [3] - The report mentions the IPO application of leading lithium battery equipment company, which aims to enhance its global presence [33] 6. Corporate Dynamics - The report includes updates on various companies, such as the acquisition by Baoxin Technology to strengthen its position in the high-end microelectronics equipment sector [38]

行业及产业 两会定调，智能汽车加速发展 汽车 ——汽车行业周报（2025/03/03-2025/03/09） 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建证券汽车行业周报（0224-0302)：FSD 落地加速智驾升级》 2025/03/03 《DeepSeek 加速电车智能化——电车智能化 点评系列》 2025/02/25 《爱建证券汽车行业周报（0217-0223)：深圳 加码机器人，AI+持续演绎》 2025/02/24 《爱建证券汽车行业周报（0210-0216)：天神 之眼标配，加速智驾普惠》 2025/02/17 证券分析师 证券研究报告 行业研究 / 行业点评 2025 年 03 月 10 日 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 请仔细阅读在本报告尾部的重要法律声明 强于大市 投资要点： 本周汽车板块跑赢沪深 300 指数。本周汽车板块报收 7,285.6 点，上涨 3.08%，板块排名 7/31，同期沪深 300 指数报收 3,944.0 点，上涨 1.39%。子板块方面，汽 ...

Investment Rating - The automotive sector is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector underperformed the CSI 300 index, with a decline of 2.72% this week, while the CSI 300 index fell by 2.22% [4][16] - Passenger vehicle sales showed a year-on-year increase, with average daily retail sales of 49,000 units from February 10-23, reflecting a 33% increase year-on-year [4][40] - The introduction of Tesla's Full Self-Driving (FSD) in China is expected to drive technological upgrades among domestic automakers [9][11] Summary by Sections Market Review - The automotive sector's index closed at 7,068.1 points, ranking 24th out of 31 sectors [4][16] - Sub-sectors such as motorcycles, commercial vehicles, and passenger vehicles experienced declines of -1.04%, -1.06%, and -4.36% respectively [4][16] Industry Tracking - Passenger vehicle retail sales from February 1-23 totaled 924,000 units, with a cumulative retail of 2.718 million units year-to-date, down 4% year-on-year [40] - Notable sales figures for February include BYD with 318,233 units (+161.4% YoY), XPeng with 30,453 units (+570.0% YoY), and Li Auto with 26,263 units (+29.7% YoY) [46][47] Investment Recommendations - Focus on autonomous vehicle technology and smart cockpit advancements, with recommendations to consider XPeng Motors and Xiaomi Group [4] - In the auto parts sector, there is a positive outlook on the rise of domestic supply chains for electric and intelligent core technologies, with suggested stocks including KEBODA and Baolong Technology [4]

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry experienced a decline of 4.9% in the past week, ranking 28th out of 31 sectors, while the SW electronic sub-sectors showed mixed performance [2][44]. - DeepSeek launched five major technologies during its "Open Source Week," enhancing AI capabilities and reducing hardware dependency for developers [5][28]. - OpenAI released its largest and most expensive model, GPT-4.5, which significantly improves computational efficiency compared to its predecessor [34][35]. - The report highlights a growing demand for domestic semiconductor chips as the global storage chip industry begins to recover [2][40]. Summary by Sections 1. DeepSeek Open Source Week Releases - FlashMLA enhances AI scene generation speed with optimized decoding efficiency [6][8]. - DeepEP improves collaboration among AI experts by addressing inefficiencies in token distribution across GPUs [9][11]. - DeepGEMM revolutionizes matrix operations for AI models, achieving up to 1358 TFLOPS performance [14][16]. - DualPipe and EPLB optimize parallel computing strategies, significantly improving AI training efficiency [19][22]. - The 3FS distributed file system supports high-performance data processing for AI workloads, achieving a throughput of 6.6 TiB/s [23][27]. 2. Global Industry Dynamics - NVIDIA reported a record revenue of $39.3 billion for Q4 2025, driven by strong demand in data centers [30][32]. - OpenAI's GPT-4.5 model showcases enhanced performance metrics, including a 62.5% accuracy rate in benchmarks [34][35]. - Alibaba announced a substantial investment of 380 billion yuan in cloud and AI hardware infrastructure over the next three years [36]. - TSMC's advanced packaging orders surged, with NVIDIA securing over 70% of the capacity for its new GPU architecture [37][39]. - Samsung signed a patent licensing agreement with Yangtze Memory Technologies for 3D NAND technology, marking a significant advancement in domestic semiconductor capabilities [40]. 3. Market Review - The electronic industry saw a decline of 4.9%, with semiconductor materials showing a slight increase of 0.4% while other sectors faced losses [2][44][47]. - Notable stock performances included Aojie Technology (+30.0%) and Chipone Technology (+27.4%), while Shengyi Electronics saw a decline of 24.3% [48].

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry experienced a decline of 4.9% in the past week, ranking 28th out of 31 sectors, while the SW electronic sub-sectors showed mixed performance with semiconductor materials up by 0.4% and others down [2][44]. - DeepSeek launched five open-source projects aimed at enhancing AI model efficiency, showcasing a competitive strategy against OpenAI's high-cost models [2][28]. - The report highlights significant advancements in AI hardware and software, indicating a potential surge in demand for domestic semiconductor chips [2][40]. Summary by Sections 1. DeepSeek Open Source Week Releases - DeepSeek announced the launch of five open-source projects to enhance AI capabilities, including FlashMLA for efficient model inference and DeepEP for improved GPU communication [5][9]. - FlashMLA achieved a data throughput of 3000 GB/s and 580 TFLOPS on the H800 platform, nearly doubling performance compared to previous models [6][8]. - DeepEP optimized GPU communication, achieving a bottleneck bandwidth of 153 GB/s for intra-node and 46 GB/s for inter-node communications [11][12]. 2. Global Industry Dynamics - NVIDIA reported a record revenue of $39.3 billion for Q4 2025, with significant growth in data center revenues [30][31]. - OpenAI launched its largest model, GPT-4.5, which is expected to enhance performance significantly but comes with a high API cost [33][34]. - Alibaba announced a massive investment of 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking a significant commitment to the sector [36]. 3. Market Review - The electronic industry saw a decline of 4.9% in the past week, with semiconductor materials showing slight gains while other sectors faced losses [2][44]. - The report lists top-performing stocks in the electronic sector, with notable gains from companies like Aojie Technology (+30.0%) and Chipone Technology (+27.4%) [48]. - The Philadelphia Semiconductor Index experienced a decline of 11.7%, reflecting broader market challenges [51].

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" [3] Core Insights - The AI-driven intelligent manufacturing sector is experiencing a significant turning point, with cross-industry players accelerating their entry due to comprehensive technological reserves and ecosystem collaboration capabilities [3][10] - The report highlights the robust growth potential in the mechanical equipment sector, driven by technological advancements and policy support, particularly in the fields of robotics, AI, and renewable energy [3][25] Summary by Sections 1. Mechanical Equipment Sector Adjustment - The mechanical equipment sector saw a decline of 2.43% this week, while the Shanghai and Shenzhen 300 index fell by 2.22%, ranking 22nd out of 31 sectors [3][10] - The engineering machinery segment led the gains with an increase of 3.67%, followed by building equipment and rail transit equipment [3][10] 2. AI and Intelligent Manufacturing - The mechanical industry is steadily growing with diverse application prospects, supported by new algorithms and computing power [25] - Major companies are investing heavily in AI infrastructure, with Alibaba announcing a 380 billion yuan investment over three years [3][25] 3. Semiconductor Equipment - Samsung and Yangtze Memory Technologies reached a patent agreement for hybrid bonding technology, which will be used in the next generation of NAND flash memory [31] - Intel has begun using ASML's first two High-NA EUV machines, which significantly enhance production efficiency [33] 4. Renewable Energy Equipment - The report notes a strong demand for new energy vehicles and a recovery cycle for lithium battery equipment [3][34] - A significant wind power project was announced, with a total scale of 800MW, indicating robust growth in the wind energy sector [37] 5. Robotics and Automation - The report emphasizes the emergence of humanoid robots and their applications, with companies like Xiaomi and Chery actively developing their robotics capabilities [3][30] - Innovations in robotics, such as the G1 robot's ability to learn any action, showcase advancements in motion control and learning capabilities [30]

Investment Rating - The report rates the industry as "Outperform" [4][30]. Core Insights - DeepSeek stands out with significant price advantages and comparable reasoning capabilities to leading models like OpenAI's [4][5]. - The architecture of DeepSeek, based on MLA+MoE, reduces inference costs and enhances computational efficiency, shifting industry focus from training to inference [4][8]. - The deployment of DeepSeek is expected to catalyze advancements in humanoid robots, particularly in industrial and logistics applications [12][15]. Summary by Sections Industry and Sector - The report highlights the progress in multimodal interactions and the potential of AI models like DeepSeek to transform humanoid robotics [2][12]. Performance Comparison - DeepSeek V3 demonstrates competitive performance metrics against models like GPT-4 and Claude-3.5, with a notable cost advantage [5][7]. - The cost structure of DeepSeek shows a significant reduction in pricing per million tokens compared to competitors [7][26]. Technological Advancements - DeepSeek's MLA+MoE architecture allows for efficient processing and reduced memory usage, enhancing model performance [8][10]. - The model's training efficiency is improved through innovative methods, achieving a substantial reduction in computational costs [11][9]. Market Trends - The humanoid robotics sector is expected to see growth driven by AI advancements, with DeepSeek playing a crucial role in enhancing robot capabilities [12][15]. - The report anticipates that humanoid robots will first be deployed in industrial, logistics, medical, and retail sectors from 2024 to 2035 [12][15]. Business Model - DeepSeek targets the long-tail market by providing customized, low-cost AI solutions, avoiding direct competition with larger firms [17][19]. - The report suggests that DeepSeek may adopt profitable strategies similar to leading international companies in the humanoid robotics space [20][22].