证券研究报告 行业研究 / 行业点评 2025 年 04 月 14 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 《关税催化内需闭环，"东升西落"下的攻守 之道——爱建智能制造周报 （2025/03/31-2025/04/03）》2025-04-07 《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 （2025/03/03-2025/03/07）》2025-03-11 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com ——爱建智能制造周报（2025/04/07-2 ...

证券研究报告 行业研究 / 行业点评 2025 年 04 月 14 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 《关税催化内需闭环，"东升西落"下的攻守 之道——爱建智能制造周报 （2025/03/31-2025/04/03）》2025-04-07 《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 （2025/03/03-2025/03/07）》2025-03-11 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com ——爱建智能制造周报（2025/04/07-2 ...

Investment Rating - The report rates the electronics industry as "stronger than the market" [1] Core Viewpoints - The electronics sector is significantly impacted by ongoing U.S. tariff adjustments, particularly affecting the consumer electronics segment, while semiconductor equipment is less affected due to lower export ratios [5][19] - The report highlights the rapid increase in power demand for data centers driven by AI applications, with a notable shift towards controllable nuclear fusion as a potential energy solution [9][11] - Huawei's 2024 annual report indicates a strong performance with a revenue of 862.1 billion RMB, reflecting a 22.4% year-on-year growth, while R&D investment remains substantial at 179.7 billion RMB [19][20] Summary by Sections Industry Investment Rating - The electronics industry is rated as "stronger than the market" [1] Industry Dynamics - The consumer electronics sector is facing significant challenges due to U.S. tariffs, with a 34% tariff on imports from China impacting various components [5] - Semiconductor equipment and certain chip design sectors are expected to show resilience against trade tensions [5] - The global market for small modular reactors (SMR) is projected to reach hundreds of billions by 2030, driven by the need for stable energy supply for AI data centers [11] Company Performance - Huawei reported a total revenue of 862.1 billion RMB for 2024, with a net profit of 62.6 billion RMB, and a significant R&D investment of 179.7 billion RMB [19][20] - SK Hynix completed the acquisition of Intel's NAND Flash business for 9 billion USD, enhancing its market position in the memory sector [22][23] - Major players like OpenAI, Microsoft, Google, and Amazon are increasing investments in nuclear fusion technology to support future energy needs [16][17] Market Performance - The electronics industry experienced a decline of 2.7% in the past week, ranking 27th out of 31 sectors [27] - The semiconductor equipment sector showed positive growth, with a 2.8% increase, while other segments faced declines [30]

证券研究报告 行业研究 / 行业点评 2025 年 04 月 08 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 《整车央企战略重组，电动智能发展加速—— 汽车行业周报（2025/03/24-2025/03/30）》 2025-04-01 《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 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 关税风险敞口有限，电动智能加速发展 ——汽车行业周报（2025/03/31-2025/04/06 ...

证券研究报告 行业研究 / 行业点评 2025 年 04 月 08 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 《整车央企战略重组，电动智能发展加速—— 汽车行业周报（2025/03/24-2025/03/30）》 2025-04-01 《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 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 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 ...

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a recent performance of -2.51% compared to the Shanghai Composite Index's -1.37% [3][8]. Core Insights - The mechanical equipment sector has shown a mixed performance, with all sub-sectors experiencing declines this week, although the declines were less severe than the overall market [3][8]. - The human-shaped robot market is experiencing strong demand, with significant investments in software-driven domestic robots, indicating a potential growth area [3][31]. - The semiconductor equipment sector is advised to focus on domestic substitution, especially companies closely tied to major wafer foundry clients and those achieving breakthroughs in advanced process nodes [3][37]. - The engineering machinery sector is expected to benefit from domestic demand and the "Belt and Road" initiative, with limited exposure to U.S. tariffs [3][41]. - The renewable energy equipment sector, particularly wind power, is highlighted for its strategic value and growth potential, with strong order visibility and international project wins [3][41]. Summary by Sections Section 1: Market Performance - The mechanical equipment sector underperformed the Shanghai Composite Index by 1.14 percentage points this week, with all sub-sectors declining [3][8]. - The sector's PE-TTM valuation decreased by 4.61%, with notable declines in metal products and general equipment sub-sectors [3][16]. Section 2: Company Developments - The launch of new collaborative robots and advancements in solid-state battery technology are drawing market attention, indicating innovation within the sector [31][39]. - Companies like Yuanshu Technology and Cheng Tian Technology are making strides in the exoskeleton robot market, showcasing strong consumer interest and demand [32][35]. Section 3: Sector Opportunities - The semiconductor equipment sector is advised to pivot towards domestic alternatives, especially in light of recent tariff impacts [3][37]. - The engineering machinery sector is positioned to benefit from strong domestic sales and limited exposure to U.S. markets, presenting a favorable investment opportunity [3][41]. - The renewable energy equipment sector, particularly in wind energy, is noted for its defensive attributes and growth potential, with significant order inflows expected [3][41].

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].