——人形机器人行业专题研究周报 证券研究报告 人形机器人 报告日期：2025 年 03 月 10 日 智元推出通用具身大模型，重视人形机器人大脑发展 华龙证券研究所 最近一年走势 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《政府工作报告首提具身智能，政策助 力人形机器人量产加速—人形机器人专 题点评报告》2025.03.06 《区域机器人产业发展加速，人形机器 人运动能力突破—人形机器人行业专题 研究周报》2025.03.04 《 Figure 推 出 Helix,1X 发 布 NEO 专题研究周报》2025.02.26 摘要： 请认真阅读文后免责条款 投资评级：推荐（维持） 2025 年 3 月 3 日至 2025 年 3 月 7 日，人形机器人指数上涨 2.52%。 同期沪深 300 上涨 0.99%，上证综指上涨 1.56%，深成指上涨 2.17%。 行业政策更新：①2 月 28 日，北京出台政策，加快危险、重复、 繁重岗位作业的具身智能机器人替代。②深圳市科技创新局于 2025 年 3 月 3 日发布《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2 ...

证券研究报告 计算机 报告日期：2025 年 03 月 10 日 Manus 推高 AI Agent 关注度，AI+医疗有望加速落地 ——计算机行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 请认真阅读文后免责条款 摘要： 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《把握 AI 主线，关注政府报告中新质生 产力方向—计算机行业点评报告》 2025.03.06 《阿里加码 AI 与云计算，DeepSeek 开 2025.02.25 《英伟达发布 Cosmos 平台，关注 AI 产 业 投 资 机 会 — 计 算 机 行 业 周 报 》 2025.01.14 分析师：孙伯文 Manus 再度提升 AI Agent 关注度，产业趋势进一步强化。Manus 是由 Monica 团队推出的通用 AI Agent，能够操作电脑，做出决策 并执行任务。其核心能力包括：自主任务执行、网页浏览和研究、 代码开发、数据分析、内容创作和任务回放。AI Agent 或接力 Chat bot，成为下一阶 ...

证券研究报告 有色金属 报告日期：2025 年 03 月 10 日 美非农就业引市场担忧，降息预期或仍平稳 ——有色金属行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 《美国多项政策变动推动黄金逼近 3000 美元，金价或高位震荡—有色金属 行业周报》2025.02.25 《多重利好推动金价续创新高，国内工 业金属需求预期向好—有色金属行业周 报》2025.02.11 工业金属需求—有色金属行业周报》 2025.01.08 摘要： 请认真阅读文后免责条款 美 2 月非农就业数据不及预期，鲍威尔讲话些许缓解市场担忧。 2025 年财政政策或将更加积极，工业金属有望受益。维持有色行 业"推荐"评级。 分析师：景丹阳 贵金属：当地时间 3 月 7 日，美国劳工部公布 2 月份就业数据。 美国 2 月份失业率 4.1%，预期 4%，前值 4%；2 月季调后非农就 业人口增 15.1 万人，预期增 16 万人，前值从 14.3 万人修正为增 12.5 万人。低于预期的非农就业数据导致市场对美国经济走弱的 担忧增强，主要市场 ...

证券研究报告 人形机器人 报告日期：2025 年 03 月 10 日 智元推出通用具身大模型，重视人形机器人大脑发展 ——人形机器人行业专题研究周报 行业研究报告 模型将为具身智能技术发展带来更多前所未有的可能。 风险提示：技术迭代风险、量产进度不确定性、估值风险、政策风险、 所引用数据来源发布错误数据等。 华龙证券研究所 最近一年走势 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《政府工作报告首提具身智能，政策助 力人形机器人量产加速—人形机器人专 题点评报告》2025.03.06 《区域机器人产业发展加速，人形机器 人运动能力突破—人形机器人行业专题 研究周报》2025.03.04 《 Figure 推 出 Helix,1X 发 布 NEO 专题研究周报》2025.02.26 摘要： 请认真阅读文后免责条款 投资评级：推荐（维持） 2025 年 3 月 3 日至 2025 年 3 月 7 日，人形机器人指数上涨 2.52%。 同期沪深 300 上涨 0.99%，上证综指上涨 1.56%，深成指上涨 2.17%。 行业政策更新：①2 月 28 日，北京出台政策，加快危险、 ...

证券研究报告 美容护理 报告日期：2025 年 03 月 10 日 AI+医美：技术创新与个性化定制引领行业发展 ——美容护理行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 景—美容护理行业周报》2025.02.18 《巨子生物重组人Ⅳ型胶原蛋白专利获 批，医美行业迎来新突破—美容护理行 业周报》2025.02.10 减肥新药进展—美容护理行业周报》 2025.01.20 摘要： 请认真阅读文后免责条款 | 2 | 行业要闻 2 | | --- | --- | | 3 | 重点公司公告 3 | | 4 | 本周观点 3 | | 5 | 投资建议 5 | | 6 | 风险提示 6 | | 图 | | 1：申万一级行业周涨跌幅一览 1 | | --- | --- | --- | | 图 | | 2：美容护理股票周涨幅前五 1 | | 图 | | 3：美容护理股票周跌幅前五 1 | | 图 | 4：美业 | AI 大脑正式接入 DeepSeek 4 | | 图 | | 5：气质设计机器人 5 | | 图 | 6：AIWO | 健康管理机 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][24]. Core Insights - Manus has significantly increased the attention on AI Agents, indicating a strengthening trend in the industry. AI Agents are expected to become the next mainstream AI product form, succeeding Chatbots. They are capable of executing tasks autonomously, browsing the web, conducting research, developing code, analyzing data, creating content, and replaying tasks. This evolution is seen as a necessary step towards achieving Artificial General Intelligence (AGI) [6][17][24]. - The AI+Healthcare sector is experiencing rapid catalysts, with a focus on cost reduction and efficiency enhancement. The establishment of AI-assisted diagnostic solutions and the integration of AI technologies into healthcare software are expected to create differentiated advantages for companies in this space. The domestic healthcare software market is projected to grow at a compound annual growth rate (CAGR) of 11.7% from 2023 to 2028, reaching a total market size of 35.75 billion yuan by 2028 [21][24]. Summary by Sections Recent Market Performance - From March 3 to March 7, 2025, the Shenwan Computer Index increased by 6.74%. The top five performing stocks in the sector were Lifan Holdings, Yunding Technology, Zhiyuan Huilian, Xinkaipu, and Shisheng Intelligent [11]. Industry News - The 14th National People's Congress opened on March 5, 2025, where Premier Li Qiang emphasized the continuous promotion of "AI+" actions, integrating digital technology with manufacturing and market advantages, and supporting the widespread application of large models [15]. Key Company Announcements - Jinli Technology announced plans to sign a fund cooperation agreement to invest in the "14+7" strategic emerging industry cluster in Nanshan District, Shenzhen [15]. Investment Recommendations - The report suggests that companies with foresight in the AI Agent field and those possessing industry know-how are likely to benefit first. The report highlights specific companies to watch in the AI Agent and computing power sectors, including Dingjie Zhizhi, Yonyou Network, Saiyi Information, Haiguang Information, and Yunsai Zhili. In the AI+Healthcare sector, companies such as Rundar Medical, Neusoft Group, Chuangye Huikang, and Jiuyuan Yinhai are recommended [24][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has established a diversified product matrix with a focus on becoming a leading comprehensive beverage group, enhancing brand value and market competitiveness [6] - The flagship product, Dongpeng Special Drink, has shown steady growth, capturing a 47.9% market share in the energy drink segment, marking a 4.9 percentage point increase year-on-year [6] - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 15.839 billion yuan, a 40.63% increase year-on-year, and net profit attributable to shareholders at 3.327 billion yuan, up 63.09% [4] Financial Performance - In 2024, the company achieved a gross margin of 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to lower raw material costs [6] - The net profit margin for 2024 was 21.00%, reflecting a 2.89 percentage point increase from the previous year [6] - The company’s operating cash flow for 2024 was 5.789 billion yuan, a 76.44% increase year-on-year [4] Market Position and Growth Strategy - The company is expanding its product offerings into electrolyte drinks, sugar-free tea, and large-packaged beverages, which supports product structure optimization [9] - The second growth curve, "Dongpeng Water," has entered the "billion-level product" category, with a sales volume share of 6.7%, up 5.0 percentage points year-on-year [6] - The company plans to deepen its national and omnichannel strategies while exploring international markets, including establishing a presence in Indonesia [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20.456 billion yuan, 25.393 billion yuan, and 30.189 billion yuan, respectively, with year-on-year growth rates of 29.15%, 24.13%, and 18.89% [9] - Net profit projections for the same years are 4.427 billion yuan, 5.657 billion yuan, and 6.901 billion yuan, with growth rates of 33.06%, 27.80%, and 21.99% [9] - The company is expected to maintain a price-to-earnings ratio (P/E) of 26.9X for 2025, decreasing to 17.3X by 2027 [9]

Group 1: Market Overview - The A-share market is experiencing a strong expectation of fundamental improvement due to policy support, with a high market risk appetite compared to the uncertainties in the US market caused by tariff policies [4][17]. - The major indices showed positive performance from March 3 to March 7, 2025, with the Shanghai Composite Index increasing by 1.56% and the CSI 300 Index rising by 1.39% [17]. - The consumer price index (CPI) in February decreased by 0.2% month-on-month and 0.7% year-on-year, primarily due to the high base effect from the Spring Festival and a decline in food prices [4][8]. Group 2: Industry Focus - The government work report emphasizes the need to boost consumption and effective investment, focusing on sectors such as home appliances and automobiles [22]. - The real estate sector is highlighted with the government’s first mention of "stabilizing the property market" in its overall requirements, indicating a supportive policy environment [22]. - There is a strong focus on independent technological innovation and advanced manufacturing, with attention on electronics, digital economy, power equipment, and machinery [22]. Group 3: Export Performance - In the first two months of 2025, exports reached 3.88 trillion yuan, a year-on-year increase of 3.4%, with mechanical and electrical products accounting for 60% of total exports [10][12]. - The export of mechanical and electrical products grew by 5.4% year-on-year, with significant increases in automatic data processing equipment (11.7%) and integrated circuits (13.2%) [10][12]. Group 4: Policy and Economic Indicators - The central bank plans to enhance financial support for technological innovation, increasing the re-lending scale from 500 billion yuan to between 800 billion and 1 trillion yuan [19]. - The government aims to resolve structural contradictions in key industries and promote the exit of inefficient production capacity while expanding high-end supply [21].

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [2][7]. Core Insights - The government work report emphasizes the expansion of 5G applications, the acceleration of industrial internet innovation, and the development of future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G. It also highlights the promotion of commercial aerospace and low-altitude economy as emerging industries [3][22]. - A national venture capital fund is being established to attract nearly 1 trillion yuan in social capital, focusing on hard technology sectors including artificial intelligence, quantum technology, and hydrogen energy storage, which are expected to drive the communication industry chain's accelerated development [4][18]. Summary by Sections Recent Developments - On March 5, the government work report mentioned the need to optimize the layout of national computing resources and create internationally competitive digital industry clusters [3][22]. - The report also noted the establishment of a "carrier-level" national venture capital fund aimed at early, small, long-term investments in hard technology [4][18]. Industry Performance - The communication index rose by 2.81% from March 3 to March 7, 2025, with various sub-sectors showing different performance levels [11]. Key Companies and Investment Opportunities - Recommended companies include: - Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) [25]. - Light module demand: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) [25]. - Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisoc (000938.SZ), Quectel (603236.SH) [25]. - Commercial aerospace opportunities: China Satellite Communications (601698.SH), Huace Navigation (300627.SZ) [25].

Investment Rating - The report maintains an investment rating of "Recommended" for the low-altitude economy sector [2][7]. Core Insights - The government work report from the Two Sessions in 2025 emphasizes the promotion of the low-altitude economy and other emerging industries, indicating a shift from "development exploration" to "pilot operation" in 2025. Over 30 provinces have introduced special policies to support this transition [4][9]. - The application of eVTOL (electric Vertical Take-Off and Landing) and drones is highlighted as crucial for the low-altitude economy, with significant potential in various sectors such as logistics, aerial photography, and urban transportation. eVTOL is expected to reduce travel time significantly, with costs projected to drop to 6 yuan per kilometer per person [4][9]. - The low-altitude economy index has shown a positive performance, increasing by 3.38% over the past two weeks, outperforming major indices like the CSI 300 [10][11]. Industry Dynamics - The 2025 Two Sessions reiterated the importance of low-altitude economy infrastructure, with calls for enhanced planning, standardization, and regulatory frameworks to support its development [14][15]. - Recent legislative changes, including amendments to the Civil Aviation Law, aim to foster the growth of general aviation and low-altitude economy, encouraging local governments to support the industry [15][16]. - Significant investments and projects are being initiated, such as the signing of a cooperation agreement in Guiyang worth 10.6 billion yuan for low-altitude economic development [17][18]. Company Dynamics - EHang Intelligent has partnered with Jianghuai Automobile and Guoxian Holdings to establish an eVTOL manufacturing base in Hefei, focusing on advanced and automated production [19]. - The electric flying car Model A, backed by Elon Musk, has successfully completed test flights and is expected to be delivered in Q4 2025, indicating advancements in flying vehicle technology [19]. - SF Express has ordered 100 ES1000 large unmanned transport aircraft from Yifei Aviation Technology, marking a significant step in the commercialization of drone logistics [20]. Investment Recommendations - The report suggests focusing on various segments within the low-altitude economy: 1. Manufacturing: Companies like Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, and others are highlighted. 2. Infrastructure: Companies such as Lais Information, Huase Group, and Sichuan Jiuzhou are recommended. 3. Operations: Firms like CITIC Haizhi, Xiyu Tourism, and Xiangyuan Culture are noted for their potential [7][22].