Investment Rating - The report recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The low-altitude economy is being integrated into national strategies, signaling a significant growth opportunity for urban economies and the global consumer market. The market size for low-altitude economy is expected to reach trillions, driven by policy support and infrastructure development [3]. - The mechanical equipment sector is showing resilience, with excavator sales experiencing rapid growth. The total trade volume for engineering machinery reached $8.426 billion, a year-on-year increase of 7.27%, indicating a recovery in industry sentiment [3][4]. Weekly Market Review - From March 23 to March 28, 2025, the Shanghai Composite Index fell by 0.40%, while the ShenZhen Component Index and the ChiNext Index dropped by 0.75% and 1.12%, respectively. The Shenwan Mechanical Equipment Index decreased by 3.49%, underperforming the CSI 300 Index by 3.5 percentage points, ranking 28th among 31 sectors [11][12]. - Within the mechanical equipment sub-sectors, general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw declines of -3.94%, -3.69%, -2.36%, -3.06%, and -3.35%, respectively [11][14]. Key Sector Tracking - The low-altitude economy is now a key driver for urban economic growth and consumption expansion, transitioning from pilot exploration to full-scale implementation [3]. - The mechanical equipment sector remains competitive despite external pressures such as tariffs, with domestic leading companies showing strong resilience in both supply and demand [3]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, SuJiaoKe, and WanFeng AoWei among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui HeLi [4].

Investment Rating - The report maintains a "Recommended" investment rating for the optional consumption industry [6] Core Insights - The report highlights a focus on performance realization and improvement in market conditions as annual reports are being disclosed [2] - The optional consumption sector has shown varied performance, with specific segments like tourism benefiting from the Qingming holiday, while others like education and professional chains have seen declines [12][14] Summary by Sections Market Performance - For the week of March 24-28, 2025, the performance of the Shenwan retail, social services, and beauty care sectors was -2.05%, -1.96%, and -1.64% respectively, ranking them 23rd, 20th, and 16th among 31 primary industries [12][14] - The Shanghai Composite Index decreased by 0.40%, while the Shenzhen Component Index fell by 0.75%, and the CSI 300 Index remained flat at +0.01% [12] Key Events and Announcements - Beauty Care: - Juzhibio reported a revenue of 5.539 billion yuan in 2024, up 57.2% year-on-year, with a net profit of 2.152 billion yuan, a 46.5% increase [21] - Kefu Mei achieved a revenue of 4.54 billion yuan, growing 62.9% year-on-year [21] - Maogeping's revenue reached 3.885 billion yuan, a 34.6% increase, with a gross margin of 84.4% [21] - Retail: - Pop Mart's revenue surpassed 10 billion yuan for the first time in 2024, with a year-on-year growth of 106.9% [20] - Chinagoods platform registered over 4.8 million buyers, and Yiwu International Trade City saw a 12.15% increase in daily foot traffic [22] - Social Services: - Meixue Ice City reported a revenue of 24.829 billion yuan, up 22.3% year-on-year, with a net profit of 4.454 billion yuan, a 39.8% increase [24] - Bawang Tea Ji submitted an IPO application, reporting a GMV of 29.5 billion yuan and revenue of 12.405 billion yuan in 2024 [25]

[Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 04 月 1 日 [Table_Title] 政策驱动与去库共振，市场化交易实施 ——电力设备新能源行业周报 新能源车：我国新能源汽车链持续保持快速增长，经过两年价格下行 低端产能快速出清，行业边际改善。建议优先关注成本端受益于上游 原材料价格低位，盈利稳定的电池及结构件环节，建议关注宁德时代、 亿纬锂能、豪鹏科技及科达利、震裕科技；其次，随着供给端结构改 善，行业过剩产能逐步去化， 建议关注优先受益于行业复苏的领军企 业如湖南裕能、龙蟠科技、万润新能、璞泰来、天赐材料、新宙邦、 星源材质等公司。 周度行情回顾 2025 年 03 月 23 日至 03 月 28 日，上证综指下降 0.4%，深证成指下 降 0.75%，创业板指下降 1.12%。其中申万电力设备下降 0.75%，较 沪深 300 跑输 0.76pct。细分子行业来看，申万光伏设备/风电设备/电 池/电网设备分别涨 0.25%/-5.02%/-0.41%/-0.69%。 重点板块跟踪 2024 年度，新宙邦实现营业收入 78.47 亿元，同比增长 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [28]. Core Insights - The humanoid robot concept index experienced a decline of 3.90% from March 23 to March 28, 2025, underperforming the CSI 300 index by 3.91 percentage points. However, year-to-date, the humanoid robot index has increased by 38.26%, outperforming the CSI 300 index by 35.78 percentage points [2][11]. - The report highlights significant developments in the humanoid robot sector, including advancements in technology, policy support, and substantial investments in the industry [3][5]. Weekly Market Review - The humanoid robot index's performance from March 23 to March 28, 2025, showed a decline of 3.90%, while the year-to-date performance indicates a rise of 38.26% [11]. - The report notes that the humanoid robot industry is gradually ramping up production, with major manufacturers providing guidance for thousands of units, benefiting component suppliers and upstream equipment manufacturers [5]. Weekly Hotspots Policy Developments - The Ministry of Commerce announced the establishment of a new consumption technology exhibition area at the upcoming Consumer Expo, focusing on cutting-edge technologies including humanoid robots [3][19]. - Policies from Chongqing and Guangxi emphasize the development of intelligent driving technologies and the humanoid robot industry [3][20]. Product and Technology Iteration - The report mentions various technological advancements, including the introduction of emotional support humanoid robots and significant production orders for domestic manufacturers [3][21][22]. - Notable achievements include the demonstration of complex movements by humanoid robots, showcasing their advanced capabilities [3][21]. Investment and Financing - Significant investments in the humanoid robot sector include a $120 million angel round financing for TARS and nearly 100 million yuan in B-round financing for Cheng Tian Technology [3][24][25]. - Companies like Qiangrui Technology are expanding their supply chains through strategic acquisitions [3][24]. Key Company Announcements - Meihu Co. reported a design capacity of 50,000 sets per year for its harmonic reducer production line, indicating a strong market outlook [4][25]. - The report also highlights various collaborations and contracts signed by companies in the humanoid robot sector, including partnerships with academic institutions for technology development [4][25].

[Table_Title] 政策驱动与去库共振，市场化交易实施 ——电力设备新能源行业周报 [Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 04 月 1 日 [Table_Summary] 报告要点： 周度行情回顾 2025 年 03 月 23 日至 03 月 28 日，上证综指下降 0.4%，深证成指下 降 0.75%，创业板指下降 1.12%。其中申万电力设备下降 0.75%，较 沪深 300 跑输 0.76pct。细分子行业来看，申万光伏设备/风电设备/电 池/电网设备分别涨 0.25%/-5.02%/-0.41%/-0.69%。 重点板块跟踪 2024 年度，新宙邦实现营业收入 78.47 亿元，同比增长 4.85%；归属 于上市公司股东的净利润 9.42 亿元，同比下降 6.83%；归属于上市公 司股东的扣除非经常性损益的净利润 9.50 亿元，同比下降 0.59%。 投资建议 光伏：24Q4 光伏企业充分计提资产减值轻装上阵，板块业绩底部夯 实。随着抢装潮来临 3 月排产提升，产业链各环节价格反弹、库存下 降趋势明确，行业积极信号持续酝酿，建议关 ...

[Table_Main] 行业研究|工业 证券研究报告 周度行情回顾 2025 年 3 月 23 日至 3 月 28 日，人形机器人概念指数下跌 3.90%， 相较沪深 300 指数跑输 3.91pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 38.26%，相较沪深 300 指数跑赢 35.78pct。 周度热点回顾 工业行业周报、月报 2025 年 04 月 01 日 [Table_Title] 它石智航完成天使轮融资，宇树更新进 展 ——人形机器人产业周报 [Table_Summary] 报告要点： 政策端，商务部宣布第五届消博会将设立新消费科技展区，聚焦智能 网联新能源汽车、人工智能设备、智能机器人等前沿科技产品，国内 外最新人形机器人将同台竞技。重庆和广西分别发布政策文件，强调 智能车载操作系统研发、车路云网图协同等智能驾驶技术攻关，以及 大模型技术攻关和智能机器人产业发展。 产品技术迭代方面，1X 机器人向英伟达 CEO 赠送定制皮夹克，国产 人形机器人订单火爆，商汤与归墟机器人合作推出情感陪伴功能人形 机器人，宇树科技人形机器人 G1 完成高难度动作展现核心力量。投 融资领域，强瑞技术拟 ...

Investment Rating - The report recommends an initial investment rating of "Buy" for the semiconductor industry, particularly focusing on power semiconductors like IGBT and SiC [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in both prices and shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among local manufacturers. The SiC market is anticipated to enter a phase of oversupply in 2024, leading to a decline in prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will also accelerate the adoption of SiC in higher-end models [3][44]. Summary by Sections Overall Viewpoint - The IGBT market is transitioning from a downturn to a recovery phase, with improved shipment volumes and price stabilization indicating a potential market rebound [11][20]. IGBT Industry Improvement and SiC Adoption - The power semiconductor sector is critical for energy conversion and control in various applications, including EVs and industrial control. The market is expected to grow significantly, with IGBT shipments projected to increase as demand from the automotive sector rises [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to grow from 15.5 million units in 2019 to 39 million units by 2024, with a compound annual growth rate (CAGR) of 20.27%. However, the self-sufficiency rate remains below 35% as of 2023 [31][12]. - The SiC market is expected to experience oversupply in 2024, with a 50% increase in global production capacity compared to 2023, leading to a significant price drop [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The global EV market is projected to grow from 3.31 million units in 2020 to 14.65 million units in 2023, with a CAGR of 64.2%. China's EV sales are expected to reach 12.86 million units in 2024, significantly boosting demand for power semiconductors [44][45]. - The penetration of SiC in high-voltage applications is increasing, with 800V platform vehicles expected to dominate the market, enhancing the efficiency and performance of EVs [50][49]. Competitive Landscape - The IGBT market is currently dominated by overseas manufacturers, but Chinese companies are gradually increasing their market share due to technological advancements and capacity expansions [13][15]. - The competitive landscape for SiC substrates is also shifting, with Chinese firms expected to gain a larger share as they ramp up production and improve technology [15][42].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 1 日 [Table_Title] 运营商资本开支向算力倾斜，关注 OFC 开幕催化 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.3.24-2025.3.28）上证综指回调 0.40%，深证 成指回调 0.75%，创业板指回调1.12%。本周申万通信回调 3.87%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.24-2025.3.28）通信板块三级子行业中， 其他通信设备回调幅度最低，跌幅为 3.15%，通信工程及服务回调幅 度最高，跌幅为 8.41%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.24-2025.3.28）通信板块涨幅板块分析方 面，*ST 九有（8.09%）、ST 路通（7.37%）、东土科技（5.68%） 涨幅分列前三。 运营商 CAPEX 变局：整体"瘦身"，算力投资"不设限" 3 月 31 日消息，三 ...

[Table_Title] 海内外模型端加速迭代，关注业绩披露情况 ——传媒行业周报（2025.3.24-2025.3.30） [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.3.24-2025.3.30，下同）：传媒行业（申万）下跌 1.39%，排名子行业第 13 名，同期沪深 300 涨 0.01%，上证指数跌 0.40%，创业板指跌 1.12%，恒生科技指数跌 2.89%。本周，传媒（申 万）行业中，读客文化、果麦文化、ST 联合、新华文轩和读者传媒表 现最好，周内分别实现涨幅+21.60%、+15.16%、+14.53%、+11.69% 和+10.86%；涨跌幅后 5 名为返利科技（-18.54%）、浙文互联（- 15.35%）、卓创资讯（-12.82%）、大晟文化（-12.14%）和福石控股（- 9.49%）。港股方面，恒生科技成分股网易-S、百度集团-SW 表现较好。 行业重点数据及动态更新 AI 应用： 阿里、腾讯、字节互联网平台竞争 AI 超级 app。最新一周 （3.24 至 3.30）七麦预估 iphone 端 Deepseek 下载量为 209.1 万， 环 ...