[Table_Title] 3 月排产数据向好，行业涨价信号明确 ——电力设备新能源行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 03 月 02 日至 03 月 07 日，上证综指上涨 1.56%，深证成指 上涨 2.19%，创业板指上涨 1.61%。其中申万电力设备上涨 1.75%， 较沪深 300 跑赢 0.36pct。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 0.05%/3.86%/1.22%/2.44%。 重点板块跟踪 三元锂电池：广汽本田旗下全新纯电车型 P7 核心技术细节曝光，该 车基于本田云驰智能高效纯电架构打造，支持 L2+级辅助驾驶、高精 导航及自动泊车功能，搭载宁德时代定制 90 度三元锂电池，CLTC 续 航最高 650km。 [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 03 月 11 日 光伏招标：大唐集团招标，标段一采购为 N 型 TOPCon 光伏组件，预 估采购总量 19.5GW，中标候选人 10 位：晶科能源、通威股份、晶澳 太阳能、隆基乐叶、一道新能、正泰新能、阿 ...

证券研究报告 [Table_Title] 每日复盘 2025 年 03 月 11 日 2025 年 3 月 11 日市场低开高走，军工板块集体拉升 报告要点： 2025 年 3 月 11 日市场低开高走，军工板块集体拉升。上证指数上涨 0.41%，深证成指上涨 0.33%，创业板指上涨 0.19%。市场成交额 14816.33 亿 元，较上一交易日减少 237.57 亿元。全市场 2908 只个股上涨，2322 只个股 下跌。 风格上看，各指数涨跌幅排序为：消费>金融>稳定>周期>成长>0；小盘 价值>中盘价值>中盘成长>大盘价值>小盘成长>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：国防军工 （2.39%），食品饮料（1.93%），农林牧渔（1.62%）；表现相对靠后的是：汽 车（-0.34%），电子（-0.29%），综合金融（-0.28%）。概念板块方面，多数 概念板块上涨，昨日连板_含一字、轮毂电机、噪声防治等大幅上涨；机器 人执行器、汽车一体化压铸、MLOps 等板块走低。 资金筹码方面，主力资金 3 月 11 日净流出 177.57 亿元。其中超 ...

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 03 月 11 日 [Table_Title] 两会消费政策定调积极，上美股份业绩预 告亮眼 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 本周（2025.03.03-2025.03.07），申万商贸零售/社会服务/美容护理分 别 0.96%/4.14%/2.09%，在 31 个一级行业中排名第 21/6/14；同期上 证综指+1.21%，深圳成指+2.19%，沪深 300 指数+1.39%。 细分子版块来看，本周申万商贸零售/社会服务/美容护理子版块中，教 育/专业连锁/专业服务受两会政策热点催化涨幅居前，分别达 6.92%/6.36%/5.74%，贸易/酒店餐饮/一般零售板块下跌。 行业重点事件更新 《2025 年政府工作报告》中"提振内需"跃居工作任务首位。报告强 调 2025 年"使内需成为拉动经济增长的主动力和稳定锚"，商品消费 方面安排超长期特别国债 3000 亿元支持消费品以旧换新；服务消费 方面，报告提出从放宽准入、减少限制、优化监管等方面入手，扩大 健康、养老、托幼、家政等多元化服务供给；创 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% year-on-year [2]. - The company is planning to issue H shares to support its international business development [4]. Revenue Growth - The company's revenue from energy drinks, electrolyte drinks, and other beverages for 2024 was 13.304 billion, 1.495 billion, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 0.445 billion, and 0.026 billion yuan, respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3]. - The company’s revenue in Guangdong and nationwide reached 4.360 billion and 9.010 billion yuan, respectively, with year-on-year growth of 15.93% and 49.57% [3]. Profitability Improvement - The company's net profit margin and gross margin for 2024 were 21.00% and 44.81%, respectively, with increases of 2.89 and 1.74 percentage points year-on-year [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].

Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [1] - The energy drink segment continues to show strong momentum, with revenue from energy drinks, electrolyte drinks, and other beverages reaching 13.304 billion, 1.495 billion, and 1.023 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2] - The company is planning to issue H shares to support its international business development and advance its globalization strategy [4] Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 3.281 billion yuan, a year-on-year increase of 25.12%, and a net profit of 619 million yuan, up 61.21% year-on-year [1] - The gross profit margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 21.00%, up 2.89 percentage points year-on-year [5] Revenue Growth - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 445 million, and 2.6 million yuan respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3] - The company’s revenue from Guangdong province was 4.360 billion yuan, while national revenue reached 9.010 billion yuan, with year-on-year growth rates of 15.93% and 49.57% respectively [3] Future Projections - The company is expected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for the years 2025, 2026, and 2027, with growth rates of 30.75%, 28.37%, and 21.95% respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% to 1.495 billion yuan in 2024 [2]. - The company plans to issue H shares to support its international business development and global strategy [4]. Revenue Growth - Revenue from energy drinks, electrolyte drinks, and other beverages in 2024 was 13.304 billion yuan, 1.495 billion yuan, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - All major channels experienced revenue growth, with the distribution channel growing by 37.28% to 13.607 billion yuan in 2024 [3]. - The company’s revenue in Guangdong reached 4.360 billion yuan, a year-on-year increase of 15.93%, while national revenue grew by 49.57% to 9.010 billion yuan [3]. Profitability Improvement - The company's net profit margin and gross margin improved to 21.00% and 44.81%, respectively, driven by lower raw material prices and reduced expense ratios [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion yuan, 5.584 billion yuan, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 03 月 11 日 [Table_Title] 两会政策助推产业变革，AI Agent 迎来爆发时刻 2) 中科星图发布《2024 年年度报告》，公司实现营业收入 32.57 亿 元，同比增长 29.49%；实现归属于上市公司股东的净利润 3.52 亿元， 同比增长 2.67%；实现归属于上市公司股东的扣除非经常性损益的净 利润 2.40 亿元，同比增长 4.03%。 投资观点 1）本周，中国创业公司 Monica 发布的全球首款通用 Agent（自主智 能体），产品定位于一位性能强大的通用型助手，不仅仅是提供想法， 而是能将想法付诸实践，真正解决问题。从 Manus 的表现来看，Agent 已经在真实的场景中落地，能够大幅提升工作效率。这与我们之前的 判断一致，以 AI Agent 为代表的 AI 应用已经到了爆发时刻。从国内 软件与服务市场来看，产品型公司有望结合产品特征，在自身覆盖的 领域推出特定功能的 Agent；软件服务类公司有望帮助客户实现各类 Agent 功能，我们建议关注推出 AI Agent ...

[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 3 月 10 日 [Table_Title] Manus 推动 AI Agent 加速，兼顾基础及端侧硬件 ——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（2025.3.3-2025.3.7）上证综指上涨 1.56%，深证成 指上涨2.19%，创业板指上涨 1.61%。本周申万通信上涨2.81%。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，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2025.3.3-2025.3.7）通信板块三级子行业中，其 他通信设备上涨幅度最高，涨幅为 12.00%，通信网络设备及器件回 调幅度最高，跌幅为 0.37%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.3.3-2025.3.7）通信板块涨幅板块分析方 面，亿通科技（42.30%）、东软载波（29.95%）、*ST 信通 （27.61%）涨幅分列前三。 Manus 像人一样思考和行动的"AI 智能体" 据悉， Manus ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week of March 3 to March 7, 2025, saw the Shanghai Composite Index rise by 1.56%, the Shenzhen Component Index by 2.19%, and the ChiNext Index by 1.61%. The telecommunications sector, represented by the Shenwan index, increased by 2.81% during the same period [2][10]. - Among the sub-sectors, "Other Communication Equipment" experienced the highest increase of 12.00%, while "Communication Network Equipment and Devices" faced a slight decline of 0.37% [2][13]. - Individual stock performance highlighted Yitong Technology leading with a 42.30% increase, followed by Dongsoft Carrier at 29.95% and *ST Xintong at 27.61% [2][15]. Summary by Sections Market Overview - The telecommunications sector showed a positive trend with a 2.81% increase in the Shenwan index for the week [10]. - The sub-sector "Other Communication Equipment" had the highest weekly gain of 12.00%, while "Communication Network Equipment and Devices" saw a minor decline [13]. Key Developments - Manus, a new AI agent, is designed to think and act like a human, providing practical solutions rather than just ideas. It utilizes a multi-signature system driven by independent models, distinguishing itself from simpler AI assistants [3]. - The report suggests focusing on the computing power supply chain and satellite internet, recommending stocks such as ZTE Corporation and Haige Communication [4]. Company Announcements - Key announcements in the telecommunications sector include a significant asset acquisition by Xichuang Data, with a total procurement contract amounting to approximately 3 billion RMB [28].

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 3 月 10 日 [Table_Title] 工程机械边际回暖，两会强调低空及高 端制造 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 3 月 2 日至 3 月 8 日,上证综指上涨 1.56%,深证成指上涨 2.19%,创业板指上涨 1.61%。其中申万机械设备上涨 5.46%，相较沪 深 300 指数跑赢 4.07pct,在 31 个申万一级行业中排名第 4。细分子行 业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化设备分 别涨 6.06%/4.18%/1.51%/8.03%/5.58%。 低空经济板块：2024 年政府工作报告指出"积极打造生物制造、商业 航天、低空经济等新增长引擎"，2025 年两会政府工作报告提出"开 展新技术新产品新场景大规模应用示范行动,推动商业航天、低空经济 等新兴产业安全健康发展"。从积极培育到培育壮大，从打造新增长引 擎到大规模应用示范，低空经济的政策端，产业端实现同频共振，多 地政府争相布局，企业积极推进，低空经济有望从蓝图到实 ...