每日报告回放（2025-02-20 09:00——2025-02-21 15:00） ......................................................................2 A 股策略观察：《推动新型储能制造业高质量发展》2025-02-20 ............................................................................ 2 行业事件快评：通信设备及服务《阿里资本开支上行，带动国产算力投资》2025-02-21................................... 2 行业更新：房地产《收储近在眼前，产业拉开大幕》2025-02-20 .......................................................................... 3 行业事件快评：计算机《DeepSeek NSA 架构引领 AI 效率革新》2025-02-20............................................ ...

资讯汇总 [table_Header]2025.02.20 【科技周报】稀土氧化物助力超稳定催化 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtjas.com | | 登记编号 | S0880520060003 | | | 蔡晨(研究助理) | | | 021-38031023 | | | caichen028680@gtjas.com | | 登记编号 | S0880123070146 | [Table_Report] 往期回顾 【ESG 产业观察】国税总局明确碳排放权交易增 值税政策执行口径，2024 年全球升温首次超过 1.5℃ 2025.02.19 【ESG 周报】ESG 指数涨幅收窄，绿色债券稳步 发行 2025.02.18 【双碳周报】全国碳市场碳排放额累计成交量大 幅上升 2025.02.18 【上海产经观察】特斯拉中国第二座超级工厂在 沪投产 2025.02.18 【产业观察】国务院常务会议支持新型消费加快 发展，促进人工智能与消费深度融合 20 ...

Investment Rating - The report suggests a positive outlook on the industry due to the advancements in Native Sparse Attention (NSA) technology, which is expected to lower the cost of model training and enhance algorithm efficiency in AI models [1]. Core Insights - The NSA technology represents a breakthrough in processing long contexts, which is a critical bottleneck in the development of large models. The attention computation in the softmax architecture accounts for 70%-80% of the total decoding delay for 64k contexts. NSA employs three parallel attention branches to improve efficiency while maintaining performance comparable to full attention models [1]. - The reduction in computational resource requirements for pre-training large models will democratize AI technology, allowing more small and medium enterprises to participate in foundational AI development. This shift is anticipated to broaden the market beyond a few tech giants [1]. - The enhanced capability for long text processing will create new application scenarios and drive innovation in business models. NSA technology enables models to handle entire books, code repositories, or extensive customer service dialogues, significantly expanding AI's application boundaries in document analysis and code generation [2]. Summary by Sections - **Investment Rating**: Positive outlook on the industry due to NSA advancements [1]. - **Long Context Processing**: NSA technology improves efficiency in handling long contexts, addressing a key bottleneck in large model development [1]. - **Democratization of AI**: Lower computational barriers will enable broader participation in AI development, moving beyond major tech companies [1]. - **New Application Scenarios**: Enhanced long text processing capabilities will foster new business models and market opportunities [2].

Investment Rating - The report assigns an "Overweight" rating for the real estate industry, consistent with the previous rating [3]. Core Insights - The operating cash flow of the real estate industry is expected to improve significantly in 2025, primarily due to a decrease in rigid expenditures. In 2024, both the sales amount and development investment of real estate companies are projected to be 10 trillion yuan, with a notable reduction in the three major rigid expenditures: interest expenses, operational costs, and construction costs [6][7]. - The land reserve work is imminent, with some cities already disclosing their land reserve plans. This is expected to provide substantial support for cash flow, as the corresponding construction and tax expenses will also disappear once land is reserved [6][7]. - The stabilization of housing prices will significantly reduce impairment pressure and alleviate financial stress, allowing for a transition to a longer-term industry cycle in 2025. The report suggests that the market should gradually focus on long-duration assets, such as the property sector's cost-reduction logic in the AI era [6][7]. Summary by Sections Investment Outlook - The report highlights that the cash flow situation for real estate companies will improve due to a decrease in rigid expenditures, particularly construction costs, which are expected to decline as a result of reduced sales in previous years [6]. - The land reserve plans disclosed by cities like Beijing and Guangdong are anticipated to enhance cash flow further, as these reserves will eliminate associated construction and tax expenses [6][7]. Company Recommendations - The report recommends focusing on companies that can leverage long-term prospects, such as China Merchants Shekou, China New Group, and Poly Developments, while also keeping an eye on restructuring companies like CIFI Holdings [6][7]. Earnings Forecasts - The earnings per share (EPS) forecasts for key companies in the sector are as follows: - Poly Developments: 1.01 yuan/share for 2025 - China Merchants Shekou: 0.85 yuan/share for 2025 - China New Group: 0.99 yuan/share for 2025 - Binjiang Group: 1.10 yuan/share for 2025 All these companies are rated as "Overweight" [7].

推动新型储能制造业高质量发展 [Table_Authors] 方奕(分析师) ——国内"双碳"每周快讯 投资要点： 风险提示：碳政策与气候变化风险、数据统计口径差异。 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 郭佼佼(分析师) | | | 021-38031042 | | | guojiaojiao028588@gtjas.com | | 登记编号 | S0880523070002 | [Table_Report] 相关报告 被动资金流出扩大，两融余额环比下降 2025.02.16 资本市场做好金融"五篇大文章" 2025.02.11 被动资金净流出，科创与芯片 ETF 居前 2025.02.09 被动成交占比下降，两融交易降温 2025.01.26 2024 年业绩预告披露情况跟踪（2025 年 1 月第 2 期） 2025.01.23 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 本报告导读： 到 2027 年，我国新型储能制造业创新力和综合竞争力要显著 ...

严格尾气排放标准，带动催化剂量增价涨 [Table_Industry] 环保 股票研究 /[Table_Date] 2025.02.18 [Table_Invest] 评级： 增持 | | | | [table_Authors] 徐强(分析师) | 于歆(分析师) | | | --- | --- | --- | | 010-83939805 | 021-38038345 | [Table_Report] 相关报告 | | xuqiang@gtjas.com | yuxin024466@gtjas.com | 环保《水资源费改税施行，调价机制加速理顺》 | | 登记编号 S0880517040002 | S0880523050005 | 2025.02.10 | 本报告导读： 上周 CEA 周成交 41 万吨，周成交均价 92 元/吨。地方碳配额周成交 42 万吨，周成 交均价 26 元/吨。全国 CCER 周成交 631 吨。 投资要点： 环保《国六标准加强执行力度，尾气催化剂有望 受益》2025.02.10 环保《焦化行业执行污染物新标，大气治理持续 推进》2025.01.27 环保《科学仪器国产化进程提速 ...

Investment Rating - The report suggests a positive outlook for the AI industry, particularly in the context of advancements in AI models and semiconductor manufacturing [3]. Core Insights - The release of the Grok 3 model by xAI demonstrates superior performance in mathematics, science, and coding compared to competitors, indicating a significant leap in AI capabilities [1]. - The open-source models and research in the AI field are accelerating the evolution of AI models, with new innovations like the Native Sparse Attention mechanism aimed at reducing computational costs [2]. - The competition in the AI sector is intensifying, with a notable gap in chip manufacturing capabilities in China, which is seen as a bottleneck for the AI industry's growth [3]. - Key technological breakthroughs and rapid growth in downstream demand are identified as catalysts for the industry [4]. Summary by Sections AI Model Performance - Grok 3 outperforms models like Gemini-2 Pro and GPT-4o in various domains, supported by a substantial GPU infrastructure [1]. Open Source Innovations - DeepSeek's new attention mechanism and the release of multimodal models signify a trend towards more efficient and capable AI systems [2]. Industry Competition and Challenges - The AI model competition is accelerating, but China's semiconductor manufacturing still lags behind, posing challenges for scaling AI applications [3]. Catalysts for Growth - Breakthroughs in technology and increasing demand from various sectors are expected to drive the AI industry forward [4].

Investment Rating - The report suggests a positive investment outlook for the AI and social platform integration, particularly highlighting the benefits for cloud service providers and data center operators due to the increasing demand for computing power [1]. Core Insights - The launch of Grok3 and the SuperGrok subscription service marks a new phase of deep integration between AI and social platforms, creating significant opportunities for AI solution providers with vertical advantages and data barriers [1]. - The balance between computing resource reserves and open-source strategies emphasizes the equal importance of computing power and algorithms, with Grok3 utilizing 100,000 H100 GPUs for training, establishing a significant technical barrier [1]. - The report indicates that the surge in computing demand is creating new market opportunities, particularly in computing infrastructure and leasing services, which may become strategic areas within the AI industry chain [1]. Summary by Sections Section 1: Technological Advancements - Grok3's technology further validates the competitive path among large model vendors, achieving scores of 93 and 85 in AIME and GPQA respectively, surpassing competitors [2]. - DeepSearch's intelligent search capability not only analyzes internet data but also integrates real-time data streams from the X platform, creating a unique data barrier [2]. Section 2: Business Model Innovations - The integration of AI services with social platforms is creating new business models, with xAI's SuperGrok subscription plan linking advanced AI features to X platform Premium+ memberships [2]. - Social platforms are transitioning from content distribution to AI capability output platforms, enhancing user engagement and willingness to pay [2].

| | wangyuchen026137@gtjas.com | | --- | --- | | 登记编号 | 010-83939801 S0880523020004 | 本报告导读： 土储专项债重启，收储节奏有望提速 [Table_Authors] 王宇辰(分析师) ━━信用策略周报 债券研究 /[Table_Date] 2025.02.19 土储专项债或将改善地方国企与城投的现金流量表。 未来一周地方债发行将显著 放量，特殊再融资债发行节奏明显前置于新增地方债。 投资要点： [Table_Report] 相关报告 从 1 月社融和货政报告看宽货币的节奏 2025.02.18 板块补涨行情延续 2025.02.17 弱震荡格局下 T 合约在 60 日均线处或将得到强 支撑 2025.02.17 新旧生产力转换显成效与债市"资产荒"或并存 2025.02.16 关注 REITs行情独立性 2025.02.11 证 券 研 究 报 告 研 究 请务必阅读正文之后的免责条款部分 债 券 市 场 策 略 周 报 [Table_Summary] 土储专项债或将改善地方国企与城投的现金流量表。截至 2 月 16 日，广 ...

资讯汇总 [table_Header]2025.02.18 【双碳周报】全国碳市场碳排放额累计成交量大幅上升 摘要： 产业研究中心 [Table_Report] 往期回顾 【科技周报】科学家开发单晶超晶格制备新策略 2025.02.15 | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtjas.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia025750@gtjas.com | | 登记编号 | S0880524010001 | 【上海产经观察】上海优化营商环境 8.0 行动方 案发布 2025.02.12 【产业观察】中国证监会发布《关于资本市场做 好金融"五篇大文章"的实施意见》 2025.02.12 【双碳周报】全国碳市场碳排放额累计成交量大 幅下降 2025.02.12 【ESG 产业观察】资本市场做好金融"五篇大文 章"的实施意见发布，2024 年我国完成国土绿化 面积超 1 ...