Investment Rating - The report assigns an investment rating of "Recommended" for the home appliance industry [3][26]. Core Insights - The report emphasizes the importance of AI-enabled enhancements in home appliance products, highlighting a recent meeting led by Li Qiang that focused on boosting consumption and supporting new types of consumption, including "AI + consumption" [3][7]. - It suggests paying attention to companies in the home appliance sector that are integrating AI into their products, such as Hisense and Ecovacs, which are making strides in smart technology and service robots [4][7]. Industry Performance Overview - The home appliance sector (SW) saw a weekly increase of 0.2%, ranking 24th among 31 first-level industries in the Shenwan classification, underperforming the CSI 300 index by 1.03 percentage points [3][8]. - Sub-sector performance varied, with white goods down by 0.82%, while black appliances, small appliances, kitchen and bathroom appliances, and cleaning equipment saw increases of 8.81%, 4.23%, 4.84%, and 4.23% respectively [3][8]. - The price-to-earnings ratio (TTM) for the home appliance sector was 15.6x as of February 14, 2025, placing it at a relatively low valuation compared to other industries [3][8]. Company Dynamics - The report tracks individual company movements, noting that XGIMI Technology is planning to transfer 197.85 million shares, representing 2.83% of its total shares, to institutional investors due to shareholder funding needs [8]. Industry Data Tracking 1. Air Conditioner Sales: In December 2024, total air conditioner sales reached 17.46 million units, a year-on-year increase of 30.0%, with domestic sales at 7.36 million units (+20.5%) and exports at 10.10 million units (+37.9%) [9]. 2. Refrigerator Sales: Total refrigerator sales in December 2024 were 8.36 million units, up 12.5% year-on-year, with domestic sales at 4.17 million units (+11.9%) and exports at 4.19 million units (+13.0%) [10]. 3. Washing Machine Sales: Total washing machine sales reached 8.06 million units in December 2024, a 16.9% increase year-on-year, with domestic sales at 4.21 million units (+12.6%) and exports at 3.84 million units (+22.0%) [12]. 4. Range Hood Sales: In November 2024, total range hood sales were 2.94 million units, a year-on-year increase of 12.4%, with domestic sales at 1.79 million units (+16.8%) and exports at 1.15 million units (+6.2%) [13]. 5. Cleaning Appliance Retail: In January 2025, online and offline retail sales of robotic vacuum cleaners were 26.7 thousand and 1.2 thousand units, respectively, with year-on-year increases of 14.7% and 7.7% [14].

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The construction materials sector has shown a decline in the Shenyin Wanguo Construction Materials Index by 0.30%, underperforming the CSI 300 Index by 2.28% [4][5] - The cement prices have slightly decreased, while glass prices have increased. The national average cement price is 391.17 RMB/ton, down by 0.51% from January 27 [7][14] - The report highlights a significant drop in real estate transactions due to the Spring Festival, with a 71.5% decrease in transaction area [6] Summary by Sections Market Performance Review - The Shenyin Wanguo Construction Materials Index fell by 0.30%, while the CSI 300 Index rose by 1.98%, indicating a 2.28% underperformance [5] - The cement index decreased by 0.88%, while the glass and fiberglass index increased by 1.74% [5] Industry Dynamics and Key Sub-industry Tracking - Real estate transactions in 30 major cities saw a total of 5,359 units sold, a decrease of 12,846 units from the previous week, with a transaction area of 56.18 million square meters, down 71.5% [6] - The national cement average price has slightly decreased, with the largest drop in East China at 6.67 RMB/ton [7] - The national average price for float glass increased to 1,347.14 RMB/ton, up by 1.51% from January 27, with the largest increase in South China at 80 RMB/ton [14] Core Investment Insights - The cement industry is experiencing a continued price decline with reduced inventory levels, indicating a potential bottoming out of the market [16] - The glass industry is facing a balance of weak supply and demand, with a slight increase in production expected in 2024 compared to 2023 [16] - The report identifies a positive trend in the plastic pipe, building coatings, and gypsum board sectors, with leading companies likely to increase market share [17] Recommended Stocks - Recommended stocks include Conch Cement, Huaxin Cement, Qibin Group, and Weixing New Materials, with expected net profits for 2024-2026 outlined for each company [18][20]

Investment Rating - The industry investment rating is "Recommended" [3][5] Core Insights - The mechanical equipment sector saw a significant increase of 5.45% last week, outperforming the CSI 300 index, with automation equipment and general equipment showing the best performance at +9.93% and +6.31% respectively [3][11] - The humanoid robot industry is experiencing rapid advancements, highlighted by Tesla's recruitment for engineering positions to accelerate the mass production of humanoid robots, and the successful performance of UTree robots at the Spring Festival Gala [4][13] - In the engineering machinery sector, major manufacturers like Zoomlion and XCMG reported strong sales, with Zoomlion delivering over 10,000 units worth approximately 5.7 billion yuan, indicating a potential increase in profitability for the sector [4][14] Summary by Sections Market Performance - The mechanical equipment sector's performance ranked 5th among 31 first-level industries, with all sub-sectors showing positive growth, particularly automation equipment and general equipment [11] - The TTM price-to-earnings ratio for the mechanical equipment sector is 32.61x, compared to 18.42x for all A-shares [11] Humanoid Robots - UTree's humanoid robots showcased advanced motion control capabilities at the Spring Festival Gala, indicating significant progress in both software and hardware [4][13] - Tesla's humanoid robot project is set to enter small-scale production, with expectations for thousands of units to be produced by 2025 [13][14] Engineering Machinery - The engineering machinery sector is expected to benefit from improved operating hours and strong sales performance, with a notable increase in demand for excavators and other machinery [16][17] - The sector's valuation has become attractive after previous corrections, with recommendations to focus on companies like SANY Heavy Industry and XCMG [17]

Investment Rating - The industry investment rating is "Recommended" [3][5] Core Views - The engineering machinery sector has shown a positive start in 2025, with excavator sales in January reaching 12,500 units, a year-on-year increase of 1.1%. Domestic sales were 5,405 units, down 0.3%, while export sales were 7,107 units, up 2.19% [4][14] - The humanoid robot segment is experiencing rapid advancements, highlighted by the successful performance of Yush Robot's humanoid robots during the Spring Festival Gala. The G1 humanoid robot is priced at 99,000 yuan, while the H1 model is priced at 650,000 yuan, with both models quickly selling out [4][16] - The engineering machinery sector is expected to see significant growth in February due to a low base effect, and the overall performance in Q1 2025 is anticipated to be strong [4][14] Summary by Sections Industry Performance Review - The mechanical equipment sector saw a decline of 0.16% last week, underperforming compared to the CSI 300 index, which rose by 1.19%. The engineering machinery sector performed relatively well with a gain of 2.65% [12][13] - The price-to-earnings ratio (TTM) for the mechanical equipment sector is 32.61x, compared to 18.72x for the entire A-share market [12] Industry Perspective Update - In January 2025, various types of excavators sold totaled 12,500 units, with domestic sales at 5,405 units and export sales at 7,107 units. The sales of loaders reached 7,920 units, with domestic sales at 3,706 units and export sales at 4,214 units [14][15] - The export market continues to show recovery, with expectations for improved conditions in the European and American markets, as well as sustained demand in emerging markets like the Middle East and India [14][15] Company Information Tracking - A partnership agreement was signed between Anhui Forklift Group and Huawei to enhance cooperation in digital transformation and intelligent logistics, indicating a trend towards smart logistics in the industry [17]

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The mechanical equipment sector saw a weekly increase of 7.77%, outperforming the CSI 300 index, with automation equipment and general equipment showing strong performance at +12.06% and +9.03% respectively [3][12] - In January 2025, a total of 12,500 excavators were sold, marking a year-on-year growth of 1.1%. Domestic sales were 5,405 units, down 0.3%, while exports reached 7,107 units, up 2.19% [4][14] - The humanoid robot industry is experiencing rapid development, with significant advancements in AI capabilities and hardware design, as demonstrated by recent product launches from companies like Figure and 1X [5][18] Summary by Sections Market Performance - The mechanical equipment sector outperformed the CSI 300 index with a 7.77% increase, ranking second among 31 first-level industries [12] - The best-performing sub-sectors included automation equipment (+12.06%) and general equipment (+9.03%) [12] Engineering Machinery - The engineering machinery sector is expected to see improved performance in February due to low base effects, with a positive outlook for Q1 2025 [4][14] - The sector's valuation has become attractive after previous corrections, with recommendations for companies such as SANY Heavy Industry, XCMG, and Zoomlion [4][15] Humanoid Robots - The humanoid robot sector is witnessing a surge in activity, with new product launches and advancements in technology, including the introduction of the NEO Gamma robot by 1X [5][16][18] - Key components like reducers and screws are critical for enhancing humanoid robot capabilities, with recommendations for companies involved in these areas [5][18] Investment Suggestions - The report suggests continued attention to the humanoid robot sector due to recent catalysts and the potential for cost reductions in production [6][13] - The engineering machinery sector is also highlighted for its recovery potential and attractive valuations, encouraging low-position investments [6][15]

所 2025 年 2 月 17 日 [table_reportdate] [table_main] 行业周报 行业研究 行业周报 投资评级：推荐 二、行业观点更新: 1、基本面动态：宁德时代在披露筹划发行 H 股并在香港联交所上市相 关提示性公告后正式向联交所提交了相关申请。此次港股上市募集的资 金将重点用于海外产能扩张、国际业务拓展及境外营运资金补充，为公 司长期国际化战略提供资金支持。 乘用车 1 月表现较弱，宁德、比亚迪开年出大招 汽车周报 核心观点 行业表现对比图 一、摘要： 1 月乘用车零售销量 179.4 万辆，同比下降 12.1%，环比下降 31.9%，1 月表现较弱主要受到 2024 年政策驱动下车市出现一定的透支，同时受 到春节因素的影响。新能源龙头开年出大招，宁德时代赴港上市，为国 际化战略筹集资金；比亚迪大搞高阶智驾，发布 21 款搭载天神之眼 C 车型，覆盖 7-20 万元级别，智能化车型增配不加价，加速 2025 年车企 智能化竞争。 资料来源：ifind 比亚迪召开"天神之眼 开创全民智驾时代"智能化战略发布会，比亚 迪天神之眼 C 首批上市 21 款车型，覆盖 7 万级到 20 ...

Investment Rating - The industry investment rating is "Recommended" [3] Core Insights - In January 2025, China's automobile sales reached 2.423 million units, a year-on-year decrease of 0.6% and a month-on-month decrease of 30.5%, primarily affected by the Spring Festival [3] - The sales of power and other batteries in January were 80.4 GWh, showing a year-on-year increase of 40.8% despite a month-on-month decline of 36.5% [3][12] - The introduction of new models and the acceleration of smart technology integration among Chinese automakers are expected to intensify competition in the 300,000 to 500,000 yuan market segment in 2025 [4] Summary by Sections Industry Dynamics - The Ministry of Industry and Information Technology has approved new vehicle models, including the Xiaomi YU7, which offers two battery options and various drive configurations [4] - The competition among major brands like BYD, Li Auto, and Tesla is expected to strengthen due to the continuation and expansion of subsidy policies in 2025 [4] Investment Opportunities - Investment opportunities in the automotive industry are concentrated in electrification and smart technology [5] - Recommended companies include BYD and Seres for their significant growth potential, as well as leading players in the electric and smart technology sectors such as CATL, EVE Energy, and Silver Wheel [5] Industry Performance Analysis - The automotive sector saw a 3.73% increase last week, with strong performances from companies like BYD and Silver Wheel, while traditional automakers faced challenges [6] - The integration of smart technologies is expected to narrow the competitive gap between leading firms like Huawei and Tesla [6] Data Tracking and Analysis - In January 2025, the total automobile production and sales were 2.45 million and 2.423 million units, respectively, with a notable decline in commercial vehicle sales [11] - The demand for batteries is significantly influenced by the growth of new energy vehicles, with a strong year-on-year increase in battery sales [13]

一、摘要： Deepseek 通过算法结构的优化，实现了 AI 模型的大幅降本增效，同时 通过蒸馏技术，成功地将自身知识迁移到了更小的模型中。其中，32B 和 70B 版本的性能超越了 GPT-4o、Claude3.5Sonnet，接近 o1-mini。同 时，1.5B 参数模型性能与 GPT4o 相当，适用于资源有限的设备（如 PC 或手机），极大降低了 AI 技术的使用门槛。此外，据 QuestMobile 数 据显示，DeepSeek 在 1 月 28 日的日活跃用户数首次超越豆包，随后在 2 月 1 日突破 3000 万大关，成为史上最快达成这一里程碑的应用。目 前国内主流云平台，如百度智能云、华为云、腾讯云、火山引擎、天翼 云等，均陆续上线了相关模型，支持公有云在线部署、专混私有化实例 部署等模式，希望吸引更多客户使用其算力和服务。此外，多家国产芯 片厂商也都在纷纷响应，华为、摩尔线程、海光信息于近期宣布了适配 支持。当前主流国产芯片已基本实现对 DeepSeek 蒸馏版小模型的兼容 支持。这意味着任何能够运行 Llama、Qwen 等常见开源模型的设备， 现可无缝运行 DeepSeek 的蒸馏版小 ...

Investment Rating - The industry investment rating is "Recommended" [1] Core Insights - The release of DeepSeek-R1 by domestic AI company Deepseek marks a significant advancement in AI capabilities, offering performance on par with global leaders while providing cost advantages and full open-source access. This development is expected to accelerate the deployment of AI applications, particularly in edge computing scenarios that require real-time processing and high privacy [1][2] - The semiconductor industry is poised for growth, driven by the acceleration of domestic substitution and the increasing demand for semiconductor equipment. Key companies recommended include SMIC and Huahong, as well as equipment manufacturers benefiting from advancements in domestic technology [1][2][11] - The consumer electronics sector is experiencing a recovery, supported by government subsidies for upgrading digital products and the integration of AI technologies into new devices such as AI PCs, smartphones, and smart glasses. This trend is expected to enhance demand and market conditions for core consumer electronics companies [3][11] Summary by Sections AI Computing - Since the AI boom in 2023, domestic AI firms have entered a phase of large-scale deployment, with DeepSeek-R1's release marking a new milestone for domestic models. The semiconductor supply chain is expected to benefit from this advancement, particularly in foundry, GPU, and ASIC segments, with key recommendations including SMIC, Huahong, and others [2][11] Semiconductor - The semiconductor equipment sector is set to benefit from accelerated domestic substitution. The consumer electronics industry has shown signs of recovery since Q3 2024, with prices for storage and other components increasing by over 10% year-on-year. Domestic manufacturers are expected to gain market share due to U.S. restrictions on semiconductor exports [2][11][12] Consumer Electronics - The National Development and Reform Commission's support for upgrading consumer electronics is expected to stimulate demand. The integration of AI into various consumer products is creating new market opportunities, with a diverse range of AI-enabled devices anticipated to emerge in 2025 [3][11]

研究所 [table_reportdate] 通信\电子 2025 年 2 月 17 日 行业周报 行业研究 行业周报 投资评级：推荐 算力需求长期看涨，中芯国际业绩优于预期 --通信及电子 20250217 周报 1）摘要 国内 AI 公司深度求索发布最新模型 DeepSeek-R1，DeepSeek-R1 在性能 上对标全球领先水平，并且具有明显的成本优势，同时实现全面开源， DeepSeek R1 的发布及其具备的各项优势，有望使得 AI 应用加速落地， 端侧持续受益。随着端侧算力的增强，端侧模型将在更多的领域中发挥 重要作用，特别是在需要实时处理和高隐私要求的应用场景中。全球 AI 应用商业化有望提速，AI 应用场景将有望和消费电子等场景深度结 合，进入百花齐放的时期。在算力环节我们优先推荐国内晶圆代工环节， 首推龙头中芯国际和华宏公司，同时建议关注上游设备，半导体设备行 业在成熟制程扩产、国产化替代以及国产设备技术突破的共同推动下， 保持快速增长，同时在先进制程工艺以及设备领域，国内各大厂商也相 继取得进展，进一步提升国内半导体产业链上限，我们重点推荐中芯国 际、北方华创、拓荆科技。当前消费电子景气 ...