[Table_Page] 跟踪分析|汽车 证券研究报告 [Table_Title] 汽车行业：AI 赋能汽车系列 人形机器人领域：逻辑比事实更重要 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-03-12 [Table_PicQuote] 相对市场表现 -14% -3% 8% 18% 29% 40% 03/24 05/24 08/24 10/24 12/24 03/25 汽车 沪深300 | [分析师： Table_Author]闫俊刚 | | --- | | SAC 执证号：S0260516010001 | | 021-38003682 | | yanjungang@gf.com.cn | | 分析师： 陈飞彤 | | SAC 执证号：S0260524040002 | | 021-38003726 | | gfchenfeitong@gf.com.cn | | 分析师： 纪成炜 | | SAC 执证号：S0260518060001 | | SFC CE No. BOI548 | | 021-38003594 | | jicheng ...

[Table_Page] 跟踪分析|航运港口 证券研究报告 [Table_Title] 航运港口行业 俄乌局势对航运市场影响几何？ [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-12 | [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 03/24 05/24 07/24 10/24 12/24 03/25 航运港口 沪深300 | [分析师： Table_Author]许可 | | --- | | SAC 执证号：S0260523120004 | | SFC CE No. BUY008 | | 0755-82984511 | | xuke@gf.com.cn | | 分析师： 李然 | | SAC 执证号：S0260523120009 | | liran@gf.com.cn | | 请注意，李然并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | | DocReport] [Table_ 相关研究 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） | [Table_ 单位 Finance] :人民币百万元 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,180 | 7,047 | 7,696 | 9,321 | 11,151 | | 增长率 （ ） % | -9.7% | -13.8% | 9.2% | 21.1% | 19.6% | | 经调整EBITDA（百万元） | -755 | -265 | 613 | 2,417 | 3,487 | | 经调整净利润（百万元） | -1,994 | -1,291 | -858 | -170 | 147 | | EPS（元/股） | -0.73 | -0.61 ...

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） [分析师： Table_Author]杨琳琳 SAC 执证号：S0260514050004 SFC CE No. BNC117 0755-23480370 yll@gf.com.cn 分析师： 刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 gfliuxuefeng@gf.com.cn 分析师： 吴祖鹏 SAC 执证号：S0260521040003 wuzupeng@gf.com.cn -32% 91% 214% 336% 459% 582% 03/24 05/24 07/24 09/24 11/24 01/25 03/25 金山云 恒生指数 请注意，吴祖鹏并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | ...

[Table_Page] 行业专题研究|传媒 2025 年 3 月 11 日 证券研究报告 [Table_Title] AI 应用系列报告 | | | Meta：从社媒龙头看 | AI | 赋能广告量价齐升，大模型及产品表现可期 | | --- | --- | --- | --- | --- | | [Tabl 分析师： | 旷实 | 分析师： | 叶敏婷 | 分析师： 罗悦纯 | | e_Author] | SAC 执证号：S0260517030002 | | SAC 执证号：S0260519110001 | SAC 执证号：S0260524120001 | | | SFC CE.no: BNV294 | | | | | | 010-59136610 | | 021-38003665 | | | | kuangshi@gf.com.cn | | yeminting@gf.com.cn | luoyuechun@gf.com.cn | | | | 请注意，叶敏婷,罗悦纯并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [ ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is recognized as a leading designer brand in the fashion industry, maintaining a high return on equity (ROE) and a high dividend payout, showcasing its resilience in the market [8]. - The rise of "interest consumption" among younger consumers highlights the company's ability to attract a loyal customer base willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - The net profit attributable to shareholders is expected to increase from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The earnings per share (EPS) is forecasted to rise from RMB 1.20 in 2023 to RMB 1.94 in 2027, indicating a steady increase in profitability [2]. Company Overview - The company operates a diverse brand portfolio, including mature brands like JNBY and emerging brands such as POMME DETERRE, catering to various consumer demographics [17]. - The company's historical development can be divided into three phases: initial establishment (1994-2004), brand matrix construction (2005-2016), and a focus on innovation and sustainability (2017-present) [18][19]. - The ownership structure is stable, with the founding couple holding a significant majority of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, driven by younger consumers who prioritize quality and personal expression in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay for products that enhance their lifestyle and social connections, emphasizing the importance of brand identity and aesthetic appeal [36][41].

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading designer brand in the fashion industry, characterized by high ROE and high dividend payouts, with a robust brand matrix that caters to various consumer demographics [8]. - The rise of "interest consumption" among younger consumers highlights the resilience of designer brands, as they are willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix for comprehensive market coverage, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a CAGR of approximately 9.3% [2]. - EBITDA is expected to increase from RMB 1,202 million in 2023 to RMB 1,491 million in 2027 [2]. - The net profit attributable to shareholders is forecasted to rise from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The EPS is projected to grow from RMB 1.20 in 2023 to RMB 1.94 in 2027, with a corresponding P/E ratio decreasing from 6.5 to 7.1 [2]. Company Overview - The company operates multiple brands, including the mature brand JNBY and several growth brands, providing a diverse product offering that appeals to various age groups [17]. - The company has a stable shareholding structure, with the founders holding a significant portion of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, with younger consumers prioritizing quality and social attributes in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay more for products that reflect their personal style and social identity [41].

[Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 | 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] 用不及预期；只是根据公开渠道的统计，未必能体现行业和公司订单全貌，存在趋势不一致的可能。 ⚫ 我们选 ...

[Table_Page] 深度分析|煤炭开采 证券研究报告 进口煤经济性减弱，减量因素增多，淡季有望支撑沿海市场 [Table_Summary] 核心观点： | [Table_Grade]行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-11 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author] 宋炜 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 煤炭开采 沪深300 | | SAC 执证号：S0260518050002 | | --- | --- | | | SFC CE No. BMV636 | | | 021-38003691 | | | songwei@gf.com.cn | | 分析师： | 沈涛 | | | SAC 执证号：S0260523030001 | | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf.com.cn | | 分析师： | 安鹏 | | | ...