Investment Rating - The report provides an investment rating of "Recommended" for the humanoid robot industry, marking its first coverage [4]. Core Insights - The humanoid robot industry is entering a "technological breakthrough → mass production cost reduction → scenario penetration" golden cycle, with upstream high-barrier component manufacturers and vertically integrated whole machine enterprises expected to benefit first [21][22]. - The humanoid robot index rose by 9.82% from February 5 to February 7, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index [4][10]. Industry Dynamics - The establishment of the Lingxi division by Zhiyuan Robotics in Shenzhen is underway, with recruitment for key positions ongoing [5][12]. - Tesla is accelerating the mass production of its Optimus humanoid robot at its Fremont factory, with a production target of 10,000 units in 2025 and a forecasted price drop to $20,000 when annual production reaches 1 million units [5][15]. - Figure, a notable player in the humanoid robot sector, has terminated its collaboration with OpenAI, claiming significant breakthroughs in end-to-end AI development independently [5][17]. Investment Recommendations - Investors are advised to focus on two main lines: "high certainty + incremental technology," closely monitoring Tesla's Optimus production progress and domestic supply chain developments [21][22]. - Specific stocks to watch include: - Tesla Supply Chain: Sanhua Intelligent Control (002050.SZ), Top Group (601689.SH), Fengcai Technology (688279.SH), and others [21][22]. - Yushul Chain: Changsheng Bearing (300718.SZ), Manster (301325.SZ), and others [21][22]. - Huawei Chain: Zhaowei Electromechanical (003021.SZ), Zhongjian Technology (002779.SZ), and others [21][22]. - Zhiyuan Chain: Wolong Electric Drive (600580.SH), Lens Technology (300433.SZ), and others [21][22].

Investment Rating - The report maintains an investment rating of "Recommended" for the industry [2][36] Core Insights - The European photovoltaic component prices have started to rise after several months of decline, with N-type monofacial components increasing by 12% and P-type monofacial components by 8% in January [4][18] - The UK government is accelerating the development of offshore wind power, planning to unlock 13 offshore wind projects with a total capacity of 16GW, potentially attracting £20 billion to £30 billion in investments [4][19] - In 2025, the total investment in the power grid by the State Grid and Southern Grid is expected to exceed 825 billion yuan, marking an increase of 220 billion yuan compared to 2024 [4][19] - A recent notice from the National Development and Reform Commission and the National Energy Administration promotes the market-oriented pricing of renewable energy, aiming for all renewable energy to enter the electricity market [4][19] Summary by Sections Industry Performance - From February 5 to 7, 2025, the Shenwan Electric New Energy sector rose by 4.18%, ranking 7th among 31 industries, while the Public Utilities sector increased by 0.17%, ranking 26th [8][9] Photovoltaic Industry - The report indicates a trend of rising prices in the photovoltaic sector, with a focus on high-efficiency products as demand stabilizes [4][18] - The average price of P-type M10 battery cells remains at 0.33 yuan per watt, while N-type cells are priced at 0.29 yuan per watt [26] Wind Power Industry - In 2024, the domestic wind power sector added 79.82GW of new capacity, reflecting a year-on-year increase of 6% [32] Power Grid Investment - The total investment in the power grid for 2025 is projected to exceed 825 billion yuan, with significant increases from both the State Grid and Southern Grid [4][19] Investment Recommendations - The report suggests focusing on leading companies in the photovoltaic sector such as Junda Co., Aisheng Co., Tongwei Co., Longi Green Energy, and Fulete [36] - For the wind power sector, recommended companies include Daikin Heavy Industries, Taisheng Wind Energy, and Dongfang Cable [36] - In the power grid equipment sector, companies like Guodian Nari, XJ Electric, and Sany Medical are highlighted [36]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][9]. Core Viewpoints - The introduction of high-level intelligent driving features priced below 100,000 yuan is expected to accelerate the democratization of intelligent driving technology, with BYD leading this initiative [5][9]. - The Tian Shen Eye C system, utilizing the DiPilot100 platform, showcases advanced capabilities such as over 1,000 kilometers of zero takeover driving and a 99% success rate in automated parking, enhancing the overall driving experience [5][9]. - The report anticipates that the penetration rate of high-level intelligent driving features will significantly increase in 2025, with projected sales of L2.5 and above intelligent passenger vehicles reaching 5-5.5 million units, corresponding to a penetration rate of approximately 21.4%-23.5% [5][9]. Summary by Sections Recent Developments - On February 10, 2025, BYD held a strategic release event for its intelligent driving technology, launching 21 models equipped with the Tian Shen Eye C system [3][5]. Market Dynamics - The report highlights that the combination of technological advancements, cost reductions, and market dynamics will drive the rapid adoption of intelligent driving features, marking 2025 as a pivotal year for this technology [5][9]. - The competitive landscape is expected to shift as domestic automakers enhance their self-developed intelligent driving capabilities, with BYD setting a benchmark for others to follow [5][9]. Investment Opportunities - The report suggests focusing on domestic automakers with latecomer advantages and new energy vehicle companies leading in intelligent driving technology, such as BYD, Geely, Changan, Great Wall, Xpeng, and Li Auto [9]. - Key beneficiaries in the intelligent hardware system segment include companies involved in intelligent driving domain controllers, sensors, and smart chassis configurations [9].

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry, indicating a positive outlook for the sector amidst improving consumer demand during the Spring Festival season [5][26]. Core Insights - The overall sales performance of the liquor sector during the Spring Festival was in line with market expectations, showing a slight improvement compared to the previous Mid-Autumn Festival and National Day, but a decline compared to last year's Spring Festival [5][26]. - The demand for consumer goods, particularly snack gift boxes, has seen significant growth, with offline sales channels recovering, exemplified by a more than 25% year-on-year increase in sales at Sam's Club during the New Year season [5][26]. - The report suggests that the food and beverage sector is likely to experience a recovery due to favorable policies aimed at expanding domestic demand [5][26]. Summary by Relevant Sections Liquor Sector - High-end liquor consumption primarily occurs in business gifting scenarios, with notable sales increases for Feitian Moutai and the eighth generation of Wuliangye before the Spring Festival. However, the mid-range liquor segment remains weak due to its reliance on business occasions [5][26]. - The liquor sector is currently in a bottoming phase, with potential for recovery as consumer spending improves. The industry is at historically low valuation levels, presenting medium to long-term investment opportunities [5][26]. Consumer Goods - The nut snack sector is experiencing robust growth, with the market size expected to exceed 300 billion yuan in 2024, and projected to grow by 10-15% in 2025, surpassing 3500 billion yuan [5][27]. - The dairy sector is anticipated to see marginal improvements as excess production capacity is gradually eliminated, with fresh milk prices currently at 3.12 yuan per kilogram, down 14% year-on-year [5][27]. - The beer industry is expected to stabilize, with companies like Chongqing Beer reporting a slight decline in revenue but maintaining a stable competitive landscape [5][27]. Restaurant Supply Chain - The report highlights a 4.1% year-on-year increase in sales for key retail and restaurant enterprises during the Spring Festival, indicating a stable start to the consumer market [5][29]. - The recovery of the downstream restaurant industry is expected to benefit the seasoning and frozen food sectors, with recommendations to focus on companies like Haitian Flavoring and Tianwei Food [5][29].

证券研究报告 有色金属 报告日期：2025 年 02 月 10 日 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 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 工业金属需求—有色金属行业周报》 2025.01.08 《美联储降息预期转鹰，贵金属短期价 格波动可能加剧—有色金属行业周报》 2024.12.25 《美联储降息预期转鹰，贵金属价格震 摘要： 请认真阅读文后免责条款 告》2024.12.20 美国 1 月失业率数据稳定，非农就业降温，中国央行继续增持黄 金，金价续创新高。维持有色行业"推荐"评级。 贵金属：美国 1 月季调后非农就业人口增 14.3 万人，创 2024 年 10 月以来新低，预期增 17 万人。1 月份失业率为 4%，预期 4.1%， 前值 4.1%。整体来看，就业数据基本稳定，非农就业大幅降温， 可能对美联储降息预期产生影响。根据中国人民银行数据，央行 2025 年 1 月底黄金储备 7345 万盎司，较 2024 年 12 月底 7329 万 盎司增加 16 万盎司 ...

证券研究报告 邮箱：yangy@hlzq.com 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 托举重卡需求向上—汽车行业事件点评 报告》2025.01.11 《理想加速发力 AI，2025 年车市智能化 进展可期—汽车行业周报》2025.01.02 《广汽发布第三代机器人 GoMate，人形 机器人量产渐行渐近—汽车行业点评报 告》2024.12.30 汽车 报告日期：2025 年 02 月 10 日 DeepSeek 赋能车企+比亚迪智驾平权，2025 年智驾平权有望加速 ——汽车行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 华龙证券研究所 摘要： 请认真阅读文后免责条款 5 . 本周观点：DeepSeek 赋能车企+比亚迪智驾平权，2025 年智驾平 权有望加速。技术端、成本端和市场端三重推动下，高阶智驾渗 透率或将快速提升，2025 年有望成为智驾平权元年。技术端， DeepSeek 赋能下，云端训练成本、车端芯片成本均有望下降，智 驾系统迭代效率提升，传统自主车企自研智驾系统有望实现加速 追赶；成本端，除智驾训练及芯片降本 ...

Investment Rating - The investment rating for the beauty and personal care industry is "Recommended" [6][30]. Core Insights - The report highlights a significant breakthrough in the medical beauty industry with the approval of a patent for recombinant human type IV collagen by Juzhi Biotechnology, marking a milestone in the field [3][30]. - The industry is experiencing trends of technological innovation and product diversification, with a focus on effective skincare products and a broadening of medical beauty product lines [6][30]. Summary by Sections Recent Developments - Juzhi Biotechnology has achieved a groundbreaking patent for recombinant human type IV collagen, which is expected to open new applications in the industry [3][30]. - A strategic collaboration between Guangzhou Luohua Biotechnology and Marubi Biotechnology aims to accelerate the application of biotechnology in skincare [5][16]. Market Performance - The Shenyuan Beauty and Personal Care Index increased by 1.62% from February 5 to February 7, 2025, with notable stock performances from companies like Runben Co., Ltd. and Kedi-B [11]. Investment Recommendations - The report suggests focusing on companies such as Juzhi Biotechnology, Haohai Biological Technology, Huaxi Biological, Huadong Medicine, Runben Co., Ltd., and Pumen Technology due to their strong R&D foundations and promising product lines [6][30]. Key Company Announcements - Juzhi Biotechnology's patent for recombinant human type IV collagen is expected to enhance skin barrier repair and anti-inflammatory effects, showcasing its potential in various skincare applications [25][29]. - The report also mentions the withdrawal of the IPO application by Wuhan Qizhi Laser Technology Co., Ltd., indicating regulatory challenges in the industry [18]. Financial Projections - The report includes earnings per share (EPS) forecasts for key companies, with Juzhi Biotechnology projected to have an EPS of 2.45 yuan in 2025, reflecting a positive growth trajectory [32].

证券研究报告 钢铁 报告日期：2025 年 02 月 10 日 社会库存相对低位，节后钢价震荡偏强 ——钢铁行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 行业周报》2025.01.21 《淡季供需双降，贸易商冬储意愿谨慎 —钢铁行业周报》2025.01.13 《淡季供需收紧，库存延续去化—钢铁 行业周报》2024.12.10 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 2 月 7 日，五大钢材合计产量 808.63 万吨， 周环比上升 0.25%，同比下降 1.02%;247 家钢铁企业铁水日均产 量 228.44 万吨，周环比上升 1.33%，同比上升 1.95%;247 家钢铁 企业高炉产能利用率 85.76%，周环比上升 1.12 pct，同比上升 1.96 pct;87 家独立电弧炉钢厂产能利用率 3.27%,周环比下降 1.70 pct,同比下降 3.90 pct。五大钢材中螺纹钢及热轧卷板 ...

偶倒 0680 2025 年第 15 期，总第 1814 期（电子版） 2025 年 1 月 23 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） 一、市场分析 趋势抱团+局部轮动 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3213.62 | -0.89 | | 深证成指 | 10225.87 | -0.77 | | 中小 100 | 6292.2 | -0.75 | | 创业板指 | 2101.03 | -0.54 | | 沪深 300 | 3797.02 | -0.93 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44156.73 | 0.3 | | 纳斯达克 | 20009.34 | 1.28 | | 标普 500 | 6086.37 | 0.61 | | 英国富时 100 | 8545.13 | -0.04 | | 日经 225 | 39791.06 | 0.37 | | 恒生指数 | 19778.77 | -1.63 | | | 货币市场 | | ...

截至收盘，沪指涨 0.7%，深成指涨 1.15%，创业板指涨 1.36%。 敬请参阅正文之后的免责声明 - 1 - 2025-1-24 0680 2025 年第 17 期，总第 1816 期（电子版） 2025 年 1 月 27 日 星期一 （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） 一、市场分析 合理仓位 持股过节 | | 沪深指数 | | | --- | --- | --- | | ？ | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3252.63 | 0.7 | | 深证成指 | 10292.73 | 1.15 | | 中小 100 | 6335.93 | 1.36 | | 创业板指 | 2121.84 | 1.36 | | 沪深 300 | 3832.86 | 0.77 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44424.25 | -0.32 | | 纳斯达克 | 19954.3 | -0.5 | | 标普 500 | 6101.24 | -0.29 | | 英国富时 100 | 8502.35 | -0.73 | | 日经 ...