证券研究报告 行业研究 / 行业点评 2025 年 03 月 03 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： 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 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(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 | 表 1: DeepEP 基于 NVLink 和 RDMA 普通内核宽带测试结果 . | | --- | | 表 2: DeepEP 延迟敏感场景测试结果 | | 表 3:用于密集模型的普通 GEMM 测试结果 | | 表 4: GEMM 连续性布局性能测试数据 . | | 表 5: 1F1B、ZB1P 与 DualPipe 方法的性能指标比较 | 1.1 FlashMLA 助力 AI 场景生成提速 DeepSeek 开源周发布五大技术 ——爱建证券电子行业周报 请仔细阅读在本报告尾部的重要法律声明 本周 ...

证券研究报告 行业研究 / 行业点评 2025 年 03 月 03 日 行业及产业 电子 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(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 xuliang@ajzq.com DeepSeek 开源周发布五大技术 ——爱建证券电子行业周报 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： 请仔细阅读在本报告尾部的重要法律声明 本周（20250222-20250228）电子行业涨跌幅为（-4.9 %），涨跌幅排名 28/31 位，SW 电子三级行业涨跌幅榜靠前的分别是：半导体材料（+0.4%），数字芯片设计（-2.1%）， 半导体设备（-3.4%），LED（-3.5%），面板（-3.9%）。本周申万一级行业领涨行业分别 为：钢铁（+3.2 %），房地产（+2.2 %），食品饮料（+1.8 %），建筑材料（+1.6 %）， 纺织服饰 ...

证券研究报告 ——智能制造周报（2025/02/24-2025/02/28） 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 《人形产业黎明在即，机械设备板块渐进戴维 斯双击 ——智能制造周报 （2025/02/17-2025/02/21）》2025/02/24 《DeepSeek 有望为机器人带来质效跃迁，关 注多模态交互进展》2025/02/15 行业研究 / 行业点评 2025 年 03 月 01 日 3 月迎来机器人新势力卡位战， 行业及产业 AI 算力投资回溯上游趋势明确 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 1 月成立"墨甲智创机器人科技"与"芜湖瑞祥智能机器人"，2 月成立"芜湖艾蔓智能装备" （智能装备研发），作为安徽省智能装备"链长"单位+港交所 IPO 申请阶段，公司有望催 生地方人形机器人产业链β行情。 请仔细阅读在本报告尾部的重要法律声明 机械设备 强于大市 投资要点： 本周（2025/2/24-2025/2/28）沪深 300 -2.22%，机械设备板块-2.43% ...

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].

证券研究报告 行业研究 / 行业点评 2025 年 02 月 17 日 行业及产业 资料来源：聚源数据，爱建证券研究所 证券分析师 汽车 一年内行业指数与沪深 300 指数对比走势： 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 天神之眼标配，加速智驾普惠 ——汽车行业周报（2025/02/10-2025/02/16） 强于大市 本周汽车板块整体表现与沪深 300 涨幅持平。本周汽车板块收 7,004.6 点（+1.19%），与 沪深 300 涨幅持平（+1.19%），板块排名 15/31。子板块方面，乘用车/摩托车及其他/汽 车服务/汽车零部件/商用车板块，分别+3.71%/+3.65%/+0.52%/+0.07%/-1.61%。 1 月乘用车销量同比-12.1%，新能源车销量同比+10.5%。1 月国内狭义乘用车零售 179.4 万辆，受春节因素影响，同/环比分别-12.1%/-31.9%；新能源乘用车国内零售 74.4 万辆， 同比+10.5%，渗透率 41.5%。今年以来，国内狭义乘用车累计零售 179.4 ...

证券研究报告 行业研究 / 行业点评 2025 年 02 月 17 日 AI 推动具身智能奇点临近，关注机器人大脑革新 ——智能制造周报（2025/02/10-2025/02/14） 风险提示：国际贸易摩擦风险、宏观环境波动风险、新技术投产不达预期。 行业及产业 机械设备 强大于市 本期投资提示： 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 《AI 深度耦合机器人：解锁智能时代产业"密 钥"》2025/02/10 《DeepSeek 有望为机器人带来质效跃迁，关 注多模态交互进展》2025/02/15 王凯 S0820524120002 021-32229888-25522 请仔细阅读在本报告尾部的重要法律声明 本周 (2025/02/10-2025/02/14) 机械设备板块回调-0.16%，申万一级行业排名 27/31。近 三月机械子版块表现优于大盘，机械设备累计变动 10.36%。本周 6 个子版块跑赢大盘，涨 幅前三为工程机械器件、工程机械整机和纺织服装设备，分别上涨 3.37%、2.54%、2.10%。 机器人：关注 DeepSeek 数据蒸馏为具身行 ...

Investment Rating - The report indicates a cautious investment rating for the machinery equipment sector, with a recent performance of -0.16% compared to the Shanghai Composite Index's increase of 1.19% [13]. Core Insights - The machinery equipment sector has shown a cumulative change of 10.36% over the past three months, outperforming the broader market [13]. - The robotics segment is highlighted for its potential breakthroughs, particularly with the introduction of DeepSeek data distillation technology, which is expected to enhance training efficiency and commercial viability of humanoid robots [5][30]. - The semiconductor equipment sector is projected to benefit from optimistic capital expenditure forecasts from major wafer foundries, driven by AI's demand for computational power [5][30]. - The new energy equipment sector is experiencing a recovery cycle, with strong demand for electric vehicles and lithium battery equipment [5][30]. Summary by Sections 1. Machinery Equipment Sector Adjustment - The machinery equipment sector has underperformed the market recently, ranking 27th out of 31 sectors [13]. - Six sub-sectors outperformed the market, with engineering machinery components leading with a 3.37% increase [13][20]. 2. AI and Intelligent Manufacturing - The report emphasizes the integration of new algorithms and computational power in shaping new dynamics in intelligent manufacturing [28]. - The introduction of humanoid robots by companies like Unitree Technology showcases advancements in robotics technology [28]. 3. Manufacturing Sector Disparities - The report notes significant disparities within the manufacturing sector, with a strong recovery in automation and high-end equipment [30]. - The semiconductor equipment market is highlighted for its robust global growth and the ongoing domestic substitution process [30]. 4. New Energy Equipment - The demand for new energy vehicles remains strong, with a reported 34% year-on-year increase in sales [5][30]. - The lithium battery equipment sector is entering a recovery phase, supported by favorable market conditions [5][30]. 5. Semiconductor Equipment - The report indicates a positive outlook for semiconductor equipment, driven by increased capital expenditures from major players like SMIC [5][30]. 6. Robotics and Automation - The humanoid robotics market is expected to see significant advancements, with companies like Apptronik and UBTECH leading innovations [30][32]. - The report highlights the importance of AI in enhancing the capabilities of humanoid robots, which could transform various industries [30][32].

AI 深度耦合机器人：解锁智能时代产业"密钥" 行业研究 / 行业点评 2025 年 02 月 10 日 证券研究报告 ——智能制造周报（2025/02/03-2025/02/07） 风险提示：国际贸易摩擦风险、宏观环境波动风险、新技术投产不达预期。 行业及产业 机械设备 强大于市 本期投资提示： 一年内行业指数与沪深 300 指数对比走势： 王凯 S0820524120002 021-32229888-25522 请仔细阅读在本报告尾部的重要法律声明 资料来源：聚源数据，爱建证券研究所 本周 (2025/02/03-2025/02/07) 机械设备板块上涨 5.45%，申万一级行业排名 5/31，跑 赢沪深 300 指数 3.47 个百分点，强于市场平均水平。受工信部《中国制造 2025》战略、国 家"新质生产力"战略引领下、大规模设备更新消费品以旧换新的共同催化，子板块工控设 备 (+11.98%)、机器人 (+11.22%) 和机床工具 (+9.01%) 领涨。 机器人：技术创新为驱动核心，AI 历史时刻或助力机器人新突破，重塑产业格局。1) 华为 持续优化与 DeepSeek 的战略合作，有力推动国产 ...

Market Overview - The market has shown signs of recovery with the Shanghai Composite Index closing at 3,241.82 points, a weekly increase of 2.31%, and a trading volume of 2,372.58 billion [10][11] - The Shenzhen Component Index rose by 3.73% to 10,161.32 points, with a trading volume of 3,542.66 billion [10][11] - The overall market sentiment is cautious despite the rebound, with small-cap stocks performing relatively stronger [11] Sector Performance - The report highlights that sectors such as social services and computing have performed well, while banking and home appliances have lagged [15][16] - The digital marketing and digital finance themes are noted as relatively strong, while state-owned enterprises, new energy, and pharmaceuticals have shown smaller gains [15][16] Investment Opportunities - There is an increase in thematic trading opportunities, particularly in digital marketing related to platforms like Xiaohongshu, which has attracted significant capital [15][16] - The report emphasizes the importance of event-driven strategies, particularly in sectors benefiting from artificial intelligence applications and semiconductor innovations [15][16] Valuation Metrics - The overall A-share market has a TTM PE ratio of 18.01, with the ChiNext at 55.39, indicating a high valuation for growth stocks [21][22] - The report suggests that despite the high valuations in certain sectors, there remains a good margin of safety in the overall market [22] Long-term Strategy - The report advocates for a shift from trading to investment, focusing on high-quality assets, particularly in technology growth and high-dividend stocks [21][22] - It also suggests that the entry of long-term capital into the market will depend on the implementation of relevant reform measures [15][21]

Market Performance - The Shanghai Composite Index closed at 3,241.82 points with a weekly increase of 2.31%, and a trading volume of 23,725.83 billion yuan[4] - The Shenzhen Component Index reached 10,161.32 points, up 3.73% for the week, with a trading volume of 35,426.62 billion yuan[4] - The CSI 300 Index rose 2.14% to 3,812.34 points, with a trading volume of 14,433.46 billion yuan[4] - The ChiNext Index increased by 5.39% to 2,717.97 points, with a trading volume of 16,259.14 billion yuan[4] Market Sentiment and Trends - Market sentiment is cautiously optimistic, with small-cap stocks showing stronger performance amid a rebound[6] - The macroeconomic environment remains stable, supporting market stability, while expectations for a US interest rate cut have improved, easing pressure on the yuan[6] - Short-term market fluctuations are expected to continue, with a focus on observing trading activity for potential opportunities[6] Valuation Metrics - The overall A-share market has a TTM PE ratio of 18.01, with the ChiNext at 55.39, and the SSE 50 at 10.72[33] - The CSI 300 has a PE of 12.44, while the CSI 1000 stands at 35.84, indicating a relatively low valuation level and good safety margins[33] Investment Strategy - The strategy emphasizes a shift from trading to investment, focusing on quality assets, particularly in technology and high-dividend sectors[7] - Short-term opportunities are identified in state-owned enterprise reforms and artificial intelligence-related sectors[7] Risks - Key risks include escalating global trade disputes and geopolitical uncertainties, as well as domestic economic growth and policy uncertainties[38]