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 ...

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 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 ...

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]

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].

Investment Rating - The automotive sector is rated as "stronger than the market" with a performance that matches the Shanghai Composite Index, both increasing by 1.19% [2][7]. Core Insights - The automotive sector's overall performance is in line with the Shanghai Composite Index, ranking 15 out of 31 sectors. The passenger vehicle segment saw a notable increase of 3.71%, while commercial vehicles declined by 1.61% [2][7]. - In January, domestic passenger car sales decreased by 12.1% year-on-year, while new energy vehicle (NEV) sales increased by 10.5%, achieving a penetration rate of 41.5% [2][26]. - Major automotive companies are accelerating the adoption of intelligent driving technologies, with BYD launching its "Tian Shen Zhi Yan" high-level intelligent driving system across its entire model range [2][42]. - State-owned automotive enterprises are planning restructuring, with the establishment of Zeekr Technology Group, which aims for a 40% growth rate and a sales target of 710,000 vehicles in 2025 [2][42]. Summary by Sections Market Review - The automotive sector's index closed at 7,004.6 points, with a 1.19% increase, matching the Shanghai Composite Index's performance [7]. - The passenger vehicle segment increased by 3.71%, while commercial vehicles saw a decline of 1.61% [7]. Industry Tracking - January saw a seasonal decline in overall automotive sales, with NEV sales showing a year-on-year increase [26]. - The overall retail sales of narrow passenger vehicles in January were 1.794 million units, down 12.1% year-on-year [26]. - NEV retail sales reached 744,000 units in January, marking a 10.5% increase year-on-year [26]. Company Developments - BYD announced the integration of DeepSeek technology into its vehicles, enhancing human-vehicle interaction [2][42]. - Changan Automobile and Dongfeng Motor are planning restructuring with state-owned enterprises [2][42]. - Zeekr Technology Group was established following the acquisition of Lynk & Co, aiming for significant growth in the coming years [2][42]. Stock Performance - Notable stock performances include Baolong Technology (+11.46%), Zhongding Holdings (+9.77%), and Xiaomi Group (+5.30%) [16]. - Xpeng Motors experienced a decline of 6.21% in stock performance [16]. New Energy Vehicle Trends - In January, Changan's new energy vehicle sales surged by 358.3% year-on-year, while BYD's sales decreased by 3.2% [30]. - The overall inventory coefficient for automotive dealers was 1.40, indicating a slight increase but still below the warning line [31]. Export Performance - In December, the export of new energy vehicles reached 134,000 units, reflecting a year-on-year increase of 20.7% [34]. Future Vehicle Launches - Upcoming vehicle launches include BYD's Han L and Tang L, as well as new models from various manufacturers, indicating a strong pipeline for new energy vehicles [46].