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 cycle in production [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 releases in advanced manufacturing, particularly in core components [29][30]. - Companies like Figure AI are making significant advancements in humanoid robot technology, showcasing the potential for rapid development in this area [30][31]. 3. Market Dynamics and Economic Indicators - The report notes a recovery cycle in manufacturing, supported by positive macroeconomic indicators such as PMI remaining in the prosperity zone [3][29]. - The engineering machinery sector is benefiting from strong domestic sales, with notable increases in excavator operating hours [3][29]. 4. Semiconductor Equipment Developments - New product launches at SEMICON China are expected to influence the domestic semiconductor equipment market significantly [37][39]. - Companies like North Huachuang are entering new markets with innovative products, enhancing the competitive landscape [39][40]. 5. Renewable Energy Equipment Trends - The renewable energy sector is witnessing a surge in orders, indicating a robust growth trajectory [3][29]. - Leading companies are expanding production capabilities, which is expected to drive further growth in the sector [3][29].

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 ...

证券研究报告 行业研究 / 行业点评 2025 年 03 月 16 日 人形机器人回调现布局良机，机 行业及产业 械设备回暖共筑新增长极 ——智能制造周报（2025/03/10-2025/03/14） 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 《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》2025/03/11 《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》 2025/03/01 《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》2025/02/24 证券分析师 请仔细阅读在本报告尾部的重要法律声明 2 | 终 1: 近三个月机械子板块累计涨跌幅区间 | | --- | | 图 2: 本周沪深 300+1.59%, 机械板块-0.68%……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 6 | | 冬 3: 本周磨具磨料+3.04%，领涨机械设备板块 …… ...

行业研究 / 行业点评 2025 年 03 月 16 日 人形机器人回调现布局良机，机 行业及产业 械设备回暖共筑新增长极 证券研究报告 ——智能制造周报（2025/03/10-2025/03/14） 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 《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》2025/03/11 《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》 2025/03/01 《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》2025/02/24 证券分析师 王凯 S0820524120002 021-32229888-25522 wangkai526@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（2025/3/10-2025/3/14）沪深 300 +1.59%，机械设备板块 -0.68%，申万一级行业 排名 30/31 位。近三月机械子板块总体表现优于大盘，本周整体回调，3 子板块跑赢大盘， 涨幅前三为磨具磨料、能源及重型设备和印刷包装机 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][3]. Core Insights - The report highlights that AI has become the main innovation direction for electronic terminal devices, with emerging products like smart glasses and robots gaining prominence. Continuous product launches in the AI application layer are expected to drive demand for related terminal products [3][23]. - The report notes that the traditional AI computing power supply chain is facing challenges from new open-source forces, leading to a new cycle of declining AI computing costs, which will benefit application-layer industries directly [3][23]. - The report anticipates a new wave of upgrades in servers, smartphones, and intelligent driving systems, alongside a sustained increase in demand for domestic computing power chips [3][23]. Summary by Sections 1. MWC 2025 Focus on AI and 5G-A Technology Innovation - The MWC 2025 showcased global leading technology companies and innovations, focusing on AI integration, 5.5G-A technology development, and AI terminal device trends [6][10]. 2. Global Industry Dynamics - OpenAI launched a new set of API and agent development tools to simplify AI agent development, enhancing capabilities for information retrieval and task execution [22][23]. - Samsung is accelerating the development of glass substrates, aiming for mass production by 2027, which is expected to reduce semiconductor manufacturing costs and enhance chip performance [24][25]. - ASML and Imec have signed a new five-year strategic cooperation agreement to advance semiconductor technology, focusing on high-end node chip development [26][27]. - Meta is testing its first self-developed AI training chip based on the RISC-V architecture, with plans for mass deployment in 2026, aiming to reduce reliance on external suppliers [28][29]. 3. Market Review - The electronic industry experienced a decline of 0.6% this week, ranking 29th out of 31 sectors, while the SW electronic sub-sectors showed varied performances, with printed circuit boards leading at +8.6% [31][34].

证券研究报告 行业研究 / 行业点评 2025 年 03 月 16 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(0301-0307) : 开源 RISC-V 芯片有望获得政策推广》2025/03/10 《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 xuliang@ajzq.com MWC2025 聚焦 AI 与 5G-A 技术创新 ——爱建证券电子行业周报 风险提示：1）国际贸易摩擦加剧；2）下游需求不及预期；3）技术升级进度滞后 请仔细阅读在本报告尾部的重要法律声明 本周（20250308-20250314）电子行业涨跌幅为（-0.6 %），涨跌幅排名 29/3 ...

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 ...