【AI 产业跟踪】 Gemini 2.5 Pro 编程全球霸 产业研究中心 榜,OpenAI发布 o4-mini 和 o3 满血版 CR 摘要:产业最新趋势跟踪,点评产业最新风向 O AI 行业动态 OpenAI 华人科学家:AI 发展的下半场,评估将比训练重要 Slingshot AI 创始人:通过 AI 扩大心理健康服务的可及性 OpenAI 产品哲学:先发布再迭代、不要低估模型微调和评估 AI一年完成 10亿年「博士研究时间」 Anthropic 工程师的 AI Agent 教程: 不做全场景、保持简单 AI 数字人即将爆发十亿级赛道 OpenAI 与 Wind-surf 开展 30 亿美元收购谈判 O AI 应用资讯 国内资讯 | ર્ | 李嘉琪(分析师) | | --- | --- | | S | 021-38676666 | | 登记编号 | S0880524040001 | | S | 刘峰(研究助理) | | S | 021-38676666 | | 登记编号 | S0880124060013 | 微信首个 AI 助手上线 可灵 AI 2.0 首发实测 魔搭 ModelScope 上线 MC ...

HIFF 策略研究 / 2025.04.22 策 2025.03.18 被动再度买入电子,延续流出主要宽甚 推进新一代煤电转型升级 方奕(分析师) 021-38676666 一国内"双碳"每周快讯 登记编亏 S0880520120005 本报告导读: 郭佼佼(分析师) 021-38676666 《新一代煤电升级专项行动实施方案(2025-2027年)》系统部署开展新一代煤电 升级专项行动,着力全面纵深推进煤电转型升级,筑牢煤电兜底保障功能。 合记编与 投资要点: 相关报告 0 政策/会议动态:4月10日,生态环境部发布《关于加强重点行业涉 融资资金高位流出,ETF 逆势净流入 2025.03.30 新污染物建设项目环境影响评价工作的意见》。4月14日,国家发 全国碳排放权交易市场首次扩围 2025.03.27 新房销售增速放缓,乘用车销售景气延续 展改革委、国家能源局联合印发《新一代煤电升级专项行动实施方 案(2025-2027年)》的通知。 参研究报 请务必阅读正文之后的免责条款部分 2025.03.16 外资交易热度抬升,杠杆资金延续流入 2025.03.14 ESG 债券:截至4月20日,ESG(绿色) ...

上周海外短期流动性压力释放 吴信坤(分析师) 021-38676666 一全球股市立体投资策略周报 登记编亏 S0880525040061 本报告导读: 陈菲(分析师) 021-38676666 上周新兴市场表现更优,成交普遍缩量,港股投资情绪环比改善、美股 投资情绪恶化。海外短期流动性压力释放,美国经济预期趋弱。 登记编与 S0880525040127 投资要点: 看,港股方面,上周港股卖空占比较前周环比下降,处于历史偏高 位置;美股方面,上周 NAAIM 经理人持仓指数较前周环比下降, 处于历史低位。从波动率看,上周港股、美股、欧股、日股波动率 均下降。从估值看,上周发达、新兴市场整体估值较前周提升。 参研究报 改善。 风险提示:部分指标为估测数据,美联储降息快于预期,特朗普政 O 策不确定性。 海外策略研究 目录 | 1. 全球市场:新兴市场表现更优 . | | --- | | 2. 全球流动性: 上周海外短期压力释放 . | | 3. 全球经济:美国景气趋弱,欧洲景气偏强……………………………………………………………………………………10 | | 4. 风险提示 | 请务必阅读正文之后的免责条款部分 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant developments in the technology sector, particularly in semiconductor, automotive electronics, AI, and metaverse industries, indicating a dynamic investment landscape Summary by Sections 1. Weekly Capital Market Overview - During the period from April 12 to April 18, 2025, there were 14 financing events in the technology sector, all occurring domestically, with advanced manufacturing, AI, and VR/AR leading the financing activity with 9, 4, and 1 events respectively [9] - Notable IPOs included Hong Kong's Everbright Digital and China's Hong Kong-listed Kent Catalysts, raising significant capital for their respective operations [12][16] 2. Semiconductor Sector Dynamics - Intel is nearing the sale of 51% of its Altera chip division to Silver Lake for $8.75 billion, a significant reduction from its previous acquisition cost [35] - The U.S. has imposed new export restrictions on NVIDIA's H20 and AMD's MI308 AI chips to China, potentially impacting NVIDIA with a projected loss of $5.5 billion [38] - AMD announced its first 2nm chip, the core complex die (CCD), which is set to enhance its product offerings in the high-performance computing market [39] 3. Automotive Electronics Sector Dynamics - Onsemi has canceled its $6.9 billion acquisition of Allegro MicroSystems, which was aimed at strengthening its position in the automotive chip market [41] - Yika Technology successfully validated its single-chip "cabin driving parking integration" solution, demonstrating a cost reduction of at least 20% compared to traditional methods [42] - SAIC and Huawei launched a new brand "SAIC Shangjie," marking a significant collaboration in the smart vehicle sector [43] 4. AI Sector Dynamics - OpenAI and Google have made advancements in AI models, with OpenAI releasing o3/o4-mini and Google unveiling a dolphin language model [4] - The AI sector continues to see rapid growth, with significant investments and product launches from leading companies [4] 5. Metaverse Sector Dynamics - Huawei introduced new smart glasses, and partnerships in the metaverse space are expanding, indicating a growing interest in immersive technologies [5]

氢周一见|动量守恒 SP-PTL 实现大尺寸规模化量产 产业研究中心 | | S | 陈磊(分析师) | | --- | --- | --- | | | S | 021-38676666 | | | 登记编号 | S0880522060001 | | 4月7日,北京 | | | | 施首都标准化战 | | | | 61个项目给予 | S | 王浩(分析师) | | 氢能项目入选, | | | | | 2 | 021-38676666 | | | 登记编号 | S0880513090004 | | 色甲醇等绿色能 | | | | 、市国资委、市 | | | | 行动方案(2025- | ર્ | 鲍雁辛(分析师) | | 易集聚区,建设 | | | | | 2 | 021-38676666 | | 能源交易方式。 | | | | 人 + L = 11. '1 · + | | | 摘要: 产业政策及动态 标准和交易机制。支持国内外企业参与绿色能源交易,扩大交易规模。(上 海市商务委员会) 登记编号 0 北京:氢能项目入选石景山区首都标准化战略补助资金。4月7日,北京 市石景山区市场监督管理局发布对 2024年度石 ...

欧洲央行利率决议符合市场预期 [Table_Authors] 王子翌(分析师) ——大类资产配置周度点评（20250421） 登记编号 S0880523050004 021-38676666 本报告导读： 我们维持此前的战术性大类资产配置观点。我们维持对 A 股的战术性标配观点，维 持对国债的战术性超配观点，维持对黄金的战术性超配观点。 投资要点： 主 动 量 化 周 报 融 工 程 金融工程/[Table_Date] 2025.04.21 [Table_Summary] 我们维持对 A 股的战术性标配观点。"924"系列政策组合拳有力地 逆转了此前市场极度悲观的预期，并消除了政策的不确定性，市场 风险偏好中枢以及资金流动性得以趋势性提升，A 股定价回归"以 我为主"的主线，而对复杂多变的外部宏观背景逐渐钝化。总量政 策层面，财政积极发力、货币政策维持宽松，市场担忧的债务问题 亦在逐步缓解；产业层面，中国科技的突破有利于企业增加信心并 增加资本开支。特朗普针对中国乃至全球的关税战争压制了全球投 资者的风险偏好，但机构资金购买权益提振股市的行为稳定了市场 情绪，市场对于 A 股定价因子的预期较为稳定。我们认为 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 11.42 CNY [2][6][12]. Core Insights - The report highlights that Xiangcai Co. possesses competitive advantages in traffic conversion and providing quality wealth management services. The merger with Dazhihui is expected to drive significant growth in the company's performance [3][40]. - The company is transitioning towards an "AI advisory brokerage" model, leveraging technology to enhance customer engagement and service offerings [12][31]. Financial Summary - The financial projections indicate a decline in revenue from 3,516 million CNY in 2022 to 2,321 million CNY in 2023, followed by a gradual recovery to 2,966 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 8% from 2024 to 2026 [5][16]. - Net profit is forecasted to recover from a loss of 326 million CNY in 2022 to a profit of 413 million CNY by 2026, with significant growth expected in 2025 [5][16]. - Earnings per share (EPS) are projected to increase from -0.11 CNY in 2022 to 0.14 CNY in 2026 [5][16]. Business Model and Strategy - Xiangcai Co. has transformed into a financial holding platform focused on securities business, with over 70% of its revenue derived from this sector [23][24]. - The company is enhancing its wealth management capabilities by integrating digital platforms and collaborating with leading financial technology firms [30][37]. - The merger with Dazhihui is anticipated to create synergies that will enhance customer acquisition, service integration, and innovative business offerings [40][41]. Valuation Methodology - The report employs a relative valuation approach, using a P/E ratio of 90x for 2025 to arrive at the target price of 11.42 CNY, reflecting the company's growth potential [18][20]. - A P/B ratio of 3x is also considered, leading to an alternative valuation of 13.01 CNY, but the report favors the more conservative P/E valuation [18][22].

业绩符合预期，新能源零组件开始放量 凯中精密(002823) ——凯中精密 2024 年年报点评 [Table_Industry] 资本货物/工业 | [table_Authors] 肖群稀(分析师) | 刘麒硕(研究助理) | [Table_Target] 目标价格： | 15.39 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880522120001 | S0880123070153 | | | | | | [当前价格： Table_CurPrice] | 12.53 | 本报告导读： 公司新能源汽车零组件业务进入放量期，看好 2025 年公司新业务持续放量，带动业 绩成长。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,024 | 3,050 | 3,648 | 4,107 | 4,653 | | (+ ...

【智能车产业跟踪】比亚迪发布第五代 DM-p 产业研究中心 混动技术,广汽发布具身智能核心部件 摘要:产业最新趋势跟踪,点评产业最新风向 Q 信息速递 新能源汽车周度销量榜: 新车发布: 上周(4月5日至4月11日)新发布的汽车:风云 A8、零跑 B10、江淮 X8E 家、比亚迪汉 L、唐 L、大通 G50 混动、大道 EV、捷途 X90 C-DM、北京 BJ40 增程、创维 EV6。 | S | 王浩(分析师) | | --- | --- | | S | 021-38676666 | | 登记编号 | S0880513090004 | 政策与热点事件: 0 锂电资讯 据 Wind,SMM 数据,近期电芯、模组、PACK 价格平衡震荡,电池级碳酸锂 价格震荡小幅下行,4月11日均价报 7.16万元/吨。预计碳酸锂价格在短期内 仍将维持震荡偏弱走势。 乘联分会崔东树:美增加关税将使中国电动汽车在海外有更大发展空间 发改委:赴广东等开展新能源汽车及相关行业专题调研 四川:首次针对汽车后市场出台专项政策 长安汽车:2024年营业收入 1597.33 亿元,同比增长 5.58% 上汽与 OPPO 深化战略合作 长城汽 ...

宏观研究 /[Table_Date] 2025.04.17 | "开门红"的经济：结构如何 | [Table_Authors] | 李林芷(分析师) | | --- | --- | --- | | | | 021-38676666 | | 2025 年一季度经济数据点评 | 登记编号 | S0880525040087 | | 本报告导读： | | 梁中华(分析师) | | 一季度经济中生产、消费、投资全面改善，政策受益板块表现更加强劲，下阶段预 | | 021-38676666 | | 计积极政策会继续逐步发力稳增长。 | 登记编号 | S0880525040019 | 投资要点： 证 券 研 究 报 告 宏 观 研 究 请务必阅读正文之后的免责条款部分 宏 观 专 题 [Table_Summary] 2025 年一季度经济实现"开门红"，GDP 实际同比增长 5.4%，与去 年四季度持平且高于年度增长目标。一方面，促消费、稳地产等政 策叠加春节假期效应，居民各类需求集中性释放；另一方面，外需 仍有韧性，尤其是 3 月"抢出口"现象再现，对国内生产有一定支 撑。 从分项看，生产、消费、投资增速均有回升，这主要 ...