——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 加速推进智驾平权—汽车行业事件点评 报告》2025.02.11 证券研究报告 汽车 报告日期：2025 年 02 月 17 日 2025 年乘用车市场进入淘汰期，车企加速整合&扩张 权，2025 年智驾平权有望加速—汽车行 业周报》2025.02.10 托举重卡需求向上—汽车行业事件点评 报告》2025.01.11 摘要： 请认真阅读文后免责条款 5 . 本周观点：2025 年乘用车市场进入淘汰期，车企加速整合&扩张。 我们认为 2025 年乘用车市场将进入淘汰期，主要原因系新能源竞 争进入下半场，自主厂商在电动化优势的基础上加大智能化投入， 在比亚迪等头部车企引领下推动智驾平权，合资厂商等部分转型 较慢、智驾投入不足的车企对应产能将加速出清，乘用车市场格 局有望收敛。为应对淘汰期，各车企加速整合与扩张。汽车国央 企有望通过合并提升新能源竞争力。控股长安 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [2][22]. Core Viewpoints - The food and beverage sector is expected to benefit from proactive consumption policies aimed at boosting demand recovery, with a focus on enhancing consumer spending and exploring consumption potential [4][22]. - The recent performance of the food and beverage sector, which saw a 2.34% increase, outperformed the Shanghai Composite Index by 1.04 percentage points, ranking eighth among 31 primary industries [4][22]. Summary by Relevant Sections Recent Market Performance - From February 10 to February 14, 2025, the food and beverage index rose by 2.34%, with the sub-sectors showing varied performance: pre-processed foods (+3.40%), liquor (+3.13%), and beer (+1.55%) [9][22]. - Notable individual stock performances included Rock Shares (+25.75%) and Yiming Foods (+12.67%) [9]. Key Industry Developments - The State Council emphasized the importance of boosting consumption, particularly in sectors with strong growth potential, which is expected to positively impact the food and beverage sector [4][22]. - The liquor segment, particularly high-end brands like Moutai, is anticipated to recover as consumer spending increases, with current valuations at historically low levels [23][24]. Company Recommendations - The report suggests focusing on specific companies within the liquor sector, including Kweichow Moutai (600519.SH), Wuliangye (000858.SZ), and Shanxi Fenjiu (600809.SH), as they are expected to benefit from the anticipated recovery in consumer demand [23][24]. - In the snack and frozen food segments, companies like Haitian Flavoring (603288.SH) and Anjuke Foods (603345.SH) are recommended due to expected improvements from the recovery of the restaurant industry [24]. Price Trends - Recent price fluctuations for Moutai show a range between 2230 CNY and 2250 CNY per bottle, indicating market volatility but also a stable demand outlook [13][23]. - The average price of fresh milk as of February 7, 2025, was reported at 3.12 CNY per kilogram, reflecting a 14% year-on-year decrease, which may lead to improved margins for dairy companies [24].

一、市场分析 DeepSeek 延续火爆，两市缩量有待观察 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3322.17 | 0.56 | | 深证成指 | 10631.25 | 0.52 | | 中小 100 | 6619.64 | 0.44 | | 创业板指 | 2183.88 | 0.44 | | 沪深 300 | 3901.06 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44470.41 | 0.38 | | 纳斯达克 | 19714.27 | 0.98 | | 标普 500 | 6066.44 | 0.67 | | 英国富时 100 | 8767.8 | 0.77 | | 日经 225 | 38801.17 | 0.04 | | 恒生指数 | 21521.98 | 1.84 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.3127 | 0.04 | | 欧元兑美元 | 1.0306 | -0.01 | | ...

Market Analysis - The market is experiencing a divergence in technology stocks, with a need to control positions as the Shanghai Composite Index closed at 3318.06, down 0.12%, and the Shenzhen Component Index at 10557.62, down 0.69% [2][5] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion, a decrease of 949 billion from the previous trading day, indicating a contraction in market activity [4][5] - The DeepSeek concept stocks showed mixed performance, while media and film stocks surged against the trend, and gold stocks collectively strengthened [4][5] Data Insights - As of February 10, the financing balance on the Shanghai Stock Exchange was reported at 936.542 billion, an increase of 8.506 billion from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 888.741 billion, up by 10.551 billion, leading to a total of 1.825283 trillion across both exchanges, an increase of 19.057 billion [7] Investment Advisory Perspectives - The AI sector, particularly led by DeepSeek, is beginning to show signs of divergence, with many stocks retreating after initial gains. Defensive sectors such as banking and precious metals are gaining strength, indicating a shift towards risk aversion among investors [8] - The Shanghai Composite Index has reached its 60-day moving average, with technical indicators entering an overbought zone, suggesting a significant need for technical adjustments and caution in position management [8] Concept Highlights - Apple is set to launch a dual-folding smartphone next year, which is expected to feature Apple's own modem, enhancing the interaction experience of AI functions on larger screens. This development is anticipated to boost the folding screen market and related companies in the supply chain [9] - DeepSeek has accelerated the application of AI glasses, with reports indicating that multiple AI products are expected to hit the market in the first half of the year, suggesting a significant growth potential in the AI glasses market [11] - NXP has announced a cash acquisition of Kinara for $307 million, which is expected to enhance AI performance in various applications, particularly in the rapidly growing automotive market [11] Future Events Reminder - Notable upcoming events include Nvidia's 2024 earnings announcement on February 19, which is relevant to the artificial intelligence sector, and Apple's shareholder meeting on February 25 [15]

偶倒 0680 2025 年第 24 期，总第 1823 期（电子版） 2025 年 2 月 13 日 星期四 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 盘面上，市场热点轮番活跃，个股涨多跌少，全市场超 3500 只个股上 涨。从板块来看，芯片股午后爆发，阿里巴巴概念股集体大涨，DeepSeek 概念股再度走强，地产股尾盘异动。 下跌方面，黄金等周期股集体调整。板块方面，半导体、DeepSeek、阿 里巴巴概念、AI 智能体等板块涨幅居前，黄金概念、有色金属、油气、 港口等板块跌幅居前。 货币市场 截至收盘，沪指涨 0.85%，深成指涨 1.43%，创业板指涨 1.81%。 〖资料来源：财联社 2 月 12 日收评〗 一、市场分析 指数能否形成有效突破还需观察 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3346.39 | 0.85 | | 深证成指 | 10708.88 | 1.43 | | 中小 100 | 6682.25 | 1.49 | | 创业板指 | 2191.76 | 1.81 | | 沪深 30 ...

一、市场分析 套牢盘抛压较大，关注 60 日均线支撑位 偶倒 0680 2025 年第 25 期，总第 1824 期（电子版） 2025 年 2 月 14 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3332.48 | -0.42 | | 深证成指 | 10626.62 | -0.77 | | 中小 100 | 6613.25 | -1.03 | | 创业板指 | 2176.16 | -0.71 | | 沪深 300 | 3905.14 | -0.38 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44711.43 | 0.77 | | 纳斯达克 | 19945.64 | 1.5 | | 标普 500 | 6115.07 | 1.04 | | 英国富时 100 | 8764.72 | -0.49 | | 日经 225 | 39384.02 | -0.2 | | 恒生指数 | 21814.37 | -0.2 | | ...

Market Analysis - The market showed a rebound last Friday, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 104.8 billion yuan compared to the previous trading day [4][8] - AI application remains a focal point in the market, with many stocks experiencing declines, while nearly 2800 stocks fell overall [4][5] - The AI medical concept stocks surged collectively, while sectors like real estate, retail, and tourism saw declines [7][8] Data Insights - As of February 13, the financing balance on the Shanghai Stock Exchange was 940.586 billion yuan, a decrease of 0.0557 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 896.87 billion yuan, down by 0.0311 billion yuan, bringing the total to 1.837456 trillion yuan, a decrease of 0.0868 billion yuan [10] Investment Insights - The market's recent volume contraction indicates a potential shift towards individual stock performance, with a recommendation to focus on quality stocks during dips [11] - The launch of the DeepSeek model adaptation evaluation by the China Academy of Information and Communications Technology aims to enhance the integration of domestic AI chips with DeepSeek, potentially reducing reliance on foreign hardware and lowering costs [12][13] Key News - Google CEO Sundar Pichai announced significant advancements in "Agentic Workflows," which allow AI to assist users in completing tasks through natural language descriptions. This technology has progressed from 50% to 85% completion in one year [15] - The AI+education sector is expected to grow significantly, with projections indicating that the B-end and C-end markets will reach 47.7 billion yuan and 28.2 billion yuan respectively by 2027 [15] Stock Performance Review - Notable stocks that hit the daily limit include: - Yaxin Security (688225.SH) with a 19.98% increase due to its integration with DeepSeek and data elements [17] - Vision Source (002841.SZ) rising by 10% linked to DeepSeek and robotics [17] - Other stocks like ST Jiajia (002650.SZ) and Hefei Urban Construction (002208.SZ) also saw significant gains due to various factors including mergers and acquisitions [17] Future Events Reminder - Key upcoming events include NVIDIA's 2024 earnings announcement on February 19, which is relevant to the AI sector [19]

Group 1 - The report highlights that the Chinese government has introduced consumption-boosting policies, focusing on three main areas: supporting income growth, enhancing consumption, and optimizing the consumption environment. Specific measures include promoting service consumption, upgrading major consumption categories, and strengthening brand leadership in new consumption forms such as AI and health-related products [5][6][12]. - In January, the total social financing stock reached 415.2 trillion yuan, with a year-on-year growth of 8%. The net financing of government bonds was 693.3 billion yuan, showing a significant increase compared to the previous year. Additionally, the increase in RMB loans amounted to 5.13 trillion yuan, with a notable rise in loans to the real economy [6][9][12]. - The report indicates that the U.S. Federal Reserve is not in a hurry to adjust interest rates, as the U.S. economy remains strong with a stable unemployment rate of 4%. The Consumer Price Index (CPI) for January showed a year-on-year increase of 3%, the largest since June 2024, which is above market expectations [9][11]. Group 2 - The report notes that despite market fluctuations, major indices recorded gains, with the Shanghai Composite Index increasing by 1.30% and the CSI 300 by 1.19% during the period from February 10 to February 14, 2025. The market's resilience is attributed to the performance of the domestic demand and technology sectors [12][18]. - The report emphasizes the importance of monitoring changes in market volume and the sustainability of hot sectors, particularly during earnings announcements. It also mentions the potential impact of U.S. tariff policy changes on the market [12][18]. - The report identifies key industry focuses, including domestic demand, technology innovation, and the real estate chain. Specific sectors to watch include home appliances, automobiles, machinery, semiconductors, and consumer electronics [13][14][16].

汽车 报告日期：2025 年 02 月 17 日 证券研究报告 2025 年乘用车市场进入淘汰期，车企加速整合&扩张 ——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 加速推进智驾平权—汽车行业事件点评 报告》2025.02.11 权，2025 年智驾平权有望加速—汽车行 业周报》2025.02.10 行业研究报告 智能化核心环节标的德赛西威，科博达，华阳集团，均胜电子， 伯特利，保隆科技，速腾聚创，拓普集团，双环传动，北特科技， 贝斯特，隆盛科技等；（3）商用车建议关注客车&重卡龙头宇通 客车，中国重汽，潍柴动力等。 风险提示：宏观经济波动风险；相关政策不及预期；原材料价格 波动风险；地缘政治风险；重点车型销量不及预期；智能驾驶进 展不及预期；第三方数据误差风险；重点关注公司业绩不及预期。 表：重点关注公司及盈利预测 | 2025/02/14 | | EPS（元） | | | | PE | | 投资 ...

证券研究报告 人形机器人 报告日期：2025 年 02 月 17 日 宇树人形机器人京东开售，科技巨头加速布局 ——人形机器人行业周报 摘要： 请认真阅读文后免责条款 5 . 行情回顾：2025 年 2 月 10 日至 2025 年 2 月 14 日，人形机器人 指数涨跌幅-0.82%。同期沪深 300 涨跌幅+1.19%，上证综指涨跌 幅+1.30%，深证成指涨跌幅+1.64%%，创业板指涨跌幅+1.88%， 科创 50 涨跌幅+0.36%。 宇树人形机器人产品上架京东，主要面向企业用户开发需求。宇 树科技旗下 Unitree H1 与 G1 两款人形机器人上架京东平台，其 中 G1 在较短时间内全部预定完毕，当前两款产品主要面向企业 用户的开发、研究等需求。 Meta 正投资研发基于 AI 驱动的仿生机器人，计划成为"行业安 卓"定义整个平台。Meta 公司正大力投资于基于 AI 驱动的仿生 人形机器人，其远期目标是开发用于机器人制造的 AI、传感器和 软件，并将其销售给第三方公司，以便这些公司能够开发自己的 机器人。Meta 的目标是成为机器人行业的"安卓"，定义整个平 台。 苹果发布家用机器人相关职位 ...