深圳打造具身智能机器人先锋城市，工程机械 2 月迎开门红 [Table_Industry] 机械行业 ——机械行业周报 | [Table_Invest] | | --- | | 评级： 增持 | | 增持 | | --- | | 上次评级: | | [table_Authors] 肖群稀(分析师) | 欧阳蕤(分析师) | 刘麒硕(研究助理) | | --- | --- | --- | | 0755-23976830 | 021-38676550 | 0755-23976666 | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 S0880522120001 | S0880523120002 | S0880123070153 | 本报告导读： 上周（2025/3/3-2025/3/7）机械设备指数涨跌幅为+6.39%。关注人形机器人等领 域科技创新，工程机械销量回升，半导体设备自主可控需求强化。 投资要点： 风险提示：新技术研发不达预期、产业政策变化、市场竞争加剧等。 [T ...

股票研究 /[Table_Date] 2025.03.09 国防支出预算增长 7.2%，国防建设有望稳步推进 [Table_Industry] 军工 ——2025 年国防支出预算点评 | [table_Authors] 彭磊(分析师) | 杨天昊(分析师) | 周明頔(研究助理) | | --- | --- | --- | | 010-83939806 | 010-83939791 | 010-83939792 | | penglei018712@gtjas.com | | yangtianhao027639@gtjas.com zhoumingdi028698@gtjas.com | | 登记编号 S0880518100003 | S0880523080010 | S0880123070156 | 本报告导读： [Table_Invest] 评级： 增持 上次评级: 增持 2025 年全国财政安排国防支出预算 17847 亿元，同比增长 7.2%，高于国内 GDP 增 长预期目标 5%，国防现代化建设任务有望稳步推进。 投资要点： 军工《军工持仓环比提升，分系统环节获较多增 持》2025.02.27 军工《 ...

中国科技资产的价值觉醒 [Table_Authors] 方奕(分析师) ——科技"转型牛"投资系列二 本报告导读： 大国博弈的竞争，已经从经贸关系的竞争，转向科技创新的竞争，这将驱动投资逻 辑和估值观念的改变。由于商业机会、社会资本与冒险精神的涌现，以及自主可控 从 1.0 追赶到 2.0 创新，2025 年投资的主战场在科技，中国科技资产迎来价值觉醒。 投资要点： 风险提示：国内产业突破不及预期；关税与科技冲突的不确定性。 策略研究 /[Table_Date] 2025.03.13 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan026724@gtjas.com | | 登记编号 | S0880524080006 | | | 苏徽(分析师) | | | 021-38676434 | | | suhui012865@gtjas.com | | 登记编号 | S0880516080006 ...

需求或触底回升，回购彰显长期发展信心 武进不锈(603878) ——武进不锈更新报告 | | | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 6.75 | | | 上次预测: | 9.86 | | Table_CurPrice] [当前价格： | | 5.68 | 本报告导读： 受到公司下游石化、煤化工行业景气度下降影响，公司业绩大幅下降。新疆煤化工 投资较大，预期需求逐步触底。公司持续回购彰显对自身长期发展的信心。 [Table_Balance] 资产负债表摘要(LF) | 股东权益（百万元） | 2,667 | | --- | --- | | 每股净资产（元） | 4.75 | | 市净率（现价） | 1.2 | | 净负债率 | -19.73% | [Table_PicQuote] 52周股价走势图 -27% -15% -3% 9% 21% 34% 2024-03 2024-07 2024-11 2025-03 武进不锈 上证指数 | [Table_Trend] ...

Investment Rating - The report assigns an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - OpenAI has launched four AI agent toolkits, including a new Responses API and open-source Agents SDK, which simplify the development of AI agent applications and enhance product development capabilities [4]. - The introduction of new tools accelerates the diverse application of agents, responding to competitors like Google, Microsoft, and Alibaba, while reinforcing OpenAI's competitive edge established by its first AI agent product, Operator [9]. - Recommended stocks include Dingjie Zhizhi, Foxit Software, and iFlytek, with beneficiaries being Fanwei Network, Maifushi, and Rundamedical [9]. Summary by Sections Investment Highlights - The Responses API features web and document search tools, with the web search tool achieving higher accuracy than competitors, significantly reducing manual search costs [9]. - The computer operation tool, supported by the CUA model, automates tasks like clicking and scrolling, enhancing agent interaction with the external world [9]. - The open-source Agents SDK improves agent collaboration, allowing for customizable LLM models and tools, which simplifies multi-threaded task processing and reduces developer workload [9]. - OpenAI employs a "free API + paid tools" business model, expanding its market through free offerings while recouping R&D costs via paid tools, ensuring a sustainable financial foundation for future growth [9].

习近平出席解放军和武警部队代表团全体会议，SpaceX 试飞 遇挫 --国防军工行业周报 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 彭磊(分析师) | 宋博(分析师) | | --- | --- | | 010-83939806 | 010-83939829 | | penglei018712@gtjas.com | songbo027618@gtjas.com | | 登记编号 S0880518100003 | S0880522120007 | [Table_Report] 相关报告 军工板块上涨，习近平出席解放军和武警部队代表团全体会议，SpaceX"星舰"第 八次试飞遇挫，大国博弈加剧是长期趋势，军工长期向好。 军工《国防支出预算增长 7.2%，国防建设有望稳 步推进》2025.03.09 军工《习近平会见绍伊古，阿布扎比防务展落 幕》2025.03.03 股 票 研 究 究 报 告 请务必阅读正文之后的免责条款部分 行 业 周 报 | 1. | 习近平出席解放军和武警部队代表团全体会议，SpaceX"星舰"第八次 | | --- | --- | ...

AI 应用自留地：行业 Know-how 和本地数据 [Table_Industry] 计算机 | 4 1 | | --- | | H 利 1 | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 李博伦(分析师) | 伍巍(研究助理) | 钟明翰(研究助理) | | | --- | --- | --- | --- | | 0755-23976516 | 021-38031029 | 021-38031383 | | | libolun@gtjas.com | wuwei028683@gtjas.com | zhongminghan029903@gtjas.com | [Table_Report] 相关报告 | | 登记编号 S0880520020004 | S0880123070157 | S0880124070047 | | 本报告导读： 从互联网到 AI 时代，落地应用的竞争壁垒由信息的公开性转向私有性，看好国内在 垂域行业 Know-how 基础上定制 AI 工作流和搭建私有数据库的 ...

白酒 2025：寻找份额主线 [Table_Industry] 食品饮料 ——基于苏、皖、汾酒的比较 | [table_Authors] 訾猛(分析师) | 李耀(分析师) | 李美仪(分析师) | | --- | --- | --- | | 021-38676442 | 021-38675854 | 021-38038667 [Table_subIndustry] | | zimeng@gtjas.com | liyao022899@gtjas.com | limeiyi026738@gtjas.com | | 登记编号 S0880513120002 | S0880520090001 | S0880524080002 | 本报告导读： 2025 白酒主线实质在于寻找份额逻辑，行业存量博弈明显，由价的集中到量的集中， 个股超额收益来自于获取市场份额的能力。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 食品饮料《消费预期回暖，开启估值修复》 2025.03.01 食品饮料《周期寻底，份额优先》2025.02.25 食品饮料《大众品防御属性凸显，聚焦"黑马" 成长性》20 ...

投资要点： 创新转型乘风破浪，精麻市场蓝海启航 海思科(002653) ——海思科首次覆盖报告 | [table_Authors] 丁丹(分析师) | 甘坛焕(分析师) | 姜铸轩(分析师) | 评级 | 增持 | | --- | --- | --- | --- | --- | | 0755-23976735 | 021-38675855 | 021-38674878 | 目标价格 | 46.99 | | dingdan@gtjas.com | | gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com | | | | 登记编号 S0880514030001 | S0880523080007 | S0880524080010 | [当前价格： Table_CurPrice] | 34.23 | | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,015 | 3,355 | ...

Investment Rating - The report maintains a "Buy" rating and raises the target price to 11.66 CNY, up from the previous forecast of 8.23 CNY [1][13]. Core Views - The company is strategically positioned in the AI and cloud computing sectors, with the Tianwen Intelligent Cloud Platform designed for private deployment of large models. It has recently been included in Gartner's report on the competitive landscape of Chinese hyper-converged suppliers, indicating strong long-term growth potential [2][13]. - The company is expected to achieve significant profit growth, with projected net profits for 2024, 2025, and 2026 at 0.82 billion, 2.96 billion, and 3.83 billion CNY respectively, and corresponding EPS of 0.07, 0.25, and 0.32 CNY [13][27]. Financial Summary - Revenue is projected to decline from 3.54 billion CNY in 2022 to 2.88 billion CNY in 2024, before recovering to 3.25 billion CNY in 2025 and 3.68 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 12.9% from 2025 to 2026 [4][27]. - The net profit attributable to the parent company is forecasted to turn from a loss of 371 million CNY in 2023 to profits of 82 million CNY in 2024, 296 million CNY in 2025, and 383 million CNY in 2026 [4][27]. - The company’s current price-to-earnings (P/E) ratio is 52.62, with an expected P/E of 131.83 for 2024, decreasing to 36.49 in 2025 and 28.17 in 2026 [4][29]. Market Data - The company has a total market capitalization of 10.285 billion CNY, with a 52-week stock price range of 4.08 to 9.76 CNY [5][9]. - The company has a net asset value per share of 7.84 CNY, with a price-to-book (P/B) ratio of 1.1 [6][29]. Revenue and Profit Forecast - The company is expected to generate revenues of 28.85 billion CNY in 2024, 32.54 billion CNY in 2025, and 36.75 billion CNY in 2026, with a focus on enhancing its AI and cloud computing capabilities [27][29]. Valuation Analysis - The report uses a P/E valuation method, assigning a target P/E of 46.5 for 2025 based on the company's leading position in the network security sector and its comprehensive capabilities [29][30].