证券研究报告 行业研究 / 行业点评 2025 年 04 月 07 日 行业及产业 机械设备 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 《设备为锚，掘金 4 月先进制造景气主线—— 爱建智能制造周报 （2025/03/24-2025/03/28）》2025-03-31 《机械板块成长资金分化，设备厂整合趋势加 速——智能制造周报 （2025/03/17-2025/03/21）》2025-03-24 《人形机器人回调现布局良机，机械设备回暖 共筑新增长极——智能制造周报 （2025/03/10-2025/03/14）》2025-03-16 《C 端机器人市场有望依托软件优化产能爬坡 ——智能制造周报 请仔细阅读在本报告尾部的重要法律声明 关税催化内需闭环， "东升西落"下的 强于大市 投资要点： 本周（2025/3/31-2025/4/3）沪深 300 -1.37%，机械设备板块-2.51%，申万一级行业排名 26/31 位。近三月机械子板块整体表现优于沪深 300 指数，但本周机械设备所有子板块均下 跌，3 子板块跌幅小于沪深 300，工控设备-0.27%，楼 ...

证券研究报告 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 《GTC2025 聚焦 AI 和芯片领域——电子行业 周报》2025-03-26 《MWC2025 聚焦 AI 与 5G-A 技术创新—— 爱建证券电子行业周报》2025-03-16 《开源 RISC-V 芯片有望获得政策推广——爱 建证券电子行业周报》2025-03-10 《DeepSeek 开源周发布五大技术——爱建证 券电子行业周报》2025-03-03 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 行业研究 / 行业点评 2025 年 04 月 03 日 行业及产业 美国关税调整加大消费电子不确定性 ——电子行业周报 请仔细阅读在本报告尾部的重要法律声明 本周（20250322-20250328）电子行业涨跌幅为（-2.1%），涨跌幅排名 24/31 位。SW 一 级行业领涨行业分别为：医药生物（+1.0%），农林牧渔（+0.6%），食品饮料（+0.4%）， 家用电器（+1.2%），基础化工（+0.0%），沪深 300 ...

证券研究报告 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 《GTC2025 聚焦 AI 和芯片领域——电子行业 周报》2025-03-26 《MWC2025 聚焦 AI 与 5G-A 技术创新—— 爱建证券电子行业周报》2025-03-16 《开源 RISC-V 芯片有望获得政策推广——爱 建证券电子行业周报》2025-03-10 《DeepSeek 开源周发布五大技术——爱建证 券电子行业周报》2025-03-03 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 行业研究 / 行业点评 2025 年 04 月 03 日 行业及产业 美国关税调整加大消费电子不确定性 ——电子行业周报 请仔细阅读在本报告尾部的重要法律声明 本周（20250322-20250328）电子行业涨跌幅为（-2.1%），涨跌幅排名 24/31 位。SW 一 级行业领涨行业分别为：医药生物（+1.0%），农林牧渔（+0.6%），食品饮料（+0.4%）， 家用电器（+1.2%），基础化工（+0.0%），沪深 300 ...

证券研究报告 行业研究 / 行业点评 2025 年 04 月 01 日 汽车 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 《电动智能加速发展，换电优势待观望——汽 车行业周报（2025/03/17-2025/03/23）》 2025-03-24 《小鹏力推新车，加速智驾普及——汽车行业 周报（2025/03/10-2025/03/16）》 2025-03-17 《两会定调，智能汽车加速发展——汽车行业 周报（2025/03/03-2025/03/09）》 2025-03-10 《FSD 落地加速智驾升级——汽车行业周报 （2025/02/24-2025/03/02）》2025-03-03 《DeepSeek 加速电车智能化——电车智能化 点评系列》2025-02-25 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 整车央企战略重组，电动智能发展加速 ——汽车行业周报（2025 ...

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a performance of -3.49% compared to the Shanghai Composite Index's +0.01% during the week of March 24-28, 2025 [3][8]. Core Insights - The report highlights a shift from thematic investment to investment based on industry prosperity, with equipment serving as a value anchor. The human-shaped robot sector is expected to follow an "order landing - equipment first" logic, driven by breakthroughs in domestic capabilities and a starting equipment prosperity cycle [3][29]. - The semiconductor equipment sector is experiencing a potential reshaping of investment logic due to the introduction of new products by companies like Xinkailai at the SEMICON China exhibition, which could enhance domestic substitution trends [3][37]. - The engineering machinery sector shows strong domestic sales momentum, particularly in excavators, driven by infrastructure projects and equipment renewal cycles [3][29]. - The renewable energy equipment sector is entering a growth phase, with significant orders reported by leading companies, indicating a clear upward trend in the supply chain [3][29]. Summary by Sections 1. Overall Performance of the Mechanical Equipment Sector - The mechanical equipment sector experienced an overall adjustment with a PE-TTM valuation decrease of 4.01% during the week [16][3]. - The machine tool segment led the sector with a weekly increase of 0.78% [12][3]. 2. Focus on Advanced Manufacturing and New Product Releases - The report emphasizes the importance of new product launches in advanced manufacturing, particularly in core components [29][30]. - Notable advancements include Figure AI's progress in humanoid robot walking technology and various new product releases at the ITES Shenzhen Industrial Exhibition [30][31]. 3. Recovery Cycle in Manufacturing - The report indicates a clear recovery cycle in manufacturing, supported by macroeconomic indicators such as PMI remaining in the prosperity zone and a narrowing decline in PPI [3][29]. - The engineering machinery sector is highlighted for its strong domestic sales, particularly in excavators, with significant year-on-year growth [3][29]. 4. Semiconductor Equipment Developments - New product announcements from companies like Xinkailai and Beifang Huachuang at the SEMICON China exhibition are expected to impact the domestic semiconductor equipment market positively [37][39]. - The report notes that TSMC is set to begin mass production of 2nm chips, indicating a significant advancement in semiconductor technology [41]. 5. Renewable Energy Equipment Trends - The renewable energy equipment sector is witnessing a surge in orders, with leading companies confirming substantial contracts, indicating a positive industry outlook [3][29].

证券研究报告 行业研究 / 行业点评 2025 年 03 月 31 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 《机械板块成长资金分化，设备厂整合趋势加 速——智能制造周报（2025/03/17- 2025/03/21）》2025-03-24 《人形机器人回调现布局良机，机械设备回暖 共筑新增长极——智能制造周报 （2025/03/10-2025/03/14）》2025-03-16 《C 端机器人市场有望依托软件优化产能爬 坡——智能制造周报（2025/03/03- 2025/03/07）》2025-03-11 《3 月迎来机器人新势力卡位战，AI 算力投资 回溯上游趋势明确——智能制造周报 （2025/02/24-2025/02/28）》2025-03-01 《人形产业黎明在即，机械设备板块渐近戴维 斯双击——智能制造周报（2025/02/17- 2025/02/21）》2025-02-24 证券分析师 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 设备为锚，掘金 4 月先进制造景气主线 ——爱建智能制造周报（2 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The electronic industry is experiencing a significant shift towards AI and advanced computing technologies, with a focus on the development of new chip architectures such as Blackwell and Vera Rubin [6][7] - The demand for computing power is expected to surge as the industry transitions from Perception AI to Agentic AI and Physical AI, with projections indicating a hundredfold increase in computational requirements [7][9] - The report highlights the strong performance of companies like Xiaomi, which achieved record revenue and profit growth in 2024, indicating robust market demand and operational efficiency [26][29] Summary by Sections Industry Performance - The SW electronic industry experienced a decline of 4.1% in the week of March 15-21, 2025, ranking 29th out of 31 sectors [3][36] - Key sectors within the electronic industry, such as LED and electronic chemicals, also faced declines, with LED down 2.7% and electronic chemicals down 2.9% [3][40] Technological Developments - NVIDIA's GTC 2025 conference showcased advancements in AI chip technology, with the Blackwell Ultra chip expected to significantly enhance AI inference capabilities, outperforming previous architectures by up to 40 times in certain applications [9][15] - The report notes that NVIDIA's data center capital expenditures are projected to exceed $1 trillion by 2028, reflecting the growing investment in AI infrastructure [9][13] Company Highlights - Xiaomi reported a record quarterly revenue of 109 billion yuan in Q4 2024, marking a 48.8% year-on-year increase, with a full-year revenue of 365.9 billion yuan, up 35% [26][29] - The company's smartphone segment saw a revenue increase of 21.8% in 2024, with a global shipment of 169 million units, reflecting strong market performance [26][29] - Tencent announced a substantial increase in R&D investment, reaching 707 billion yuan in 2024, indicating a strategic focus on AI development [30][31]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Insights - The electronic industry has experienced a decline of 4.1% in the past week, ranking 29th out of 31 sectors, while the Shanghai Composite Index fell by 2.3% [3][36] - Nvidia's GTC 2025 conference highlighted advancements in AI and chip technology, with CEO Jensen Huang predicting that capital expenditures for data centers will exceed $1 trillion by 2028 [3][9] - Xiaomi Group reported record revenue for Q4 2024, achieving 109 billion yuan, a year-on-year increase of 48.8%, and a full-year revenue of 365.9 billion yuan, up 35% [26][29] - The report emphasizes the ongoing demand for computing power driven by AI advancements, particularly in the transition from Generative AI to Agentic AI and Physical AI, which is expected to significantly increase computational requirements [7][8] Summary by Sections 1. AI and Chip Developments - Nvidia's Blackwell architecture has been fully launched, showcasing a 25-fold performance improvement over the previous Hopper architecture [15][16] - The Blackwell Ultra NVL72 chip is set to be delivered in the second half of 2025, with performance enhancements of 1.5 times compared to the previous generation [19][20] 2. Company Performance - Xiaomi's smartphone revenue for 2024 reached 191.8 billion yuan, with a gross margin of 12.6% and a global shipment of 169 million units, marking a 15.7% increase [26][28] - Tencent's 2024 R&D investment reached 70.7 billion yuan, indicating a strong commitment to AI development [30][31] 3. Market Trends - The electronic industry is experiencing a normal market correction after significant prior gains, with expectations for a rebound driven by advancements in computing power and technology upgrades [3][4] - The report notes that the semiconductor sector is crucial for supporting the growing demand for AI applications and related technologies [9][10]

行业及产业 小鹏力推新车，加速智驾普及 行业研究 / 行业点评 2025 年 03 月 17 日 相关研究 《爱建证券汽车行业周报（0303-0309)：两会 定调，智能汽车加速发展》 2025/03/10 《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 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 汽车 一年内行业指数与沪深 300 指数对比走势： 证券研究报告 资料来源：聚源数据，爱建证券研究所 ——汽车行业周报（2025/03/10-2025/03/16） 风险提示：技术发展不及预期；行业竞争加剧；政策落地不及预期。 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： 因市场风格切换与资金分流，本周汽车板块跑输 ...

证券研究报告 行业研究 / 行业点评 2025 年 03 月 17 日 汽车 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（0303-0309)：两会 定调，智能汽车加速发展》 2025/03/10 《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 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 行业及产业 小鹏力推新车，加速智驾普及 ——汽车行业周报（2025/03/10-2025/03/16） 风险提示：技术发展不及预期；行业竞争加剧；政策落地不及预期。 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： 因市场风格切换与资金分流，本周汽车板块跑输 ...