执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 18.07 10.58 20.77 绝对收益 23.09 5.46 37.26 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 节档票房新高，《哪吒之魔童闹海》票房 创影史记录 – 2025.02.07 3. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 证券研究报告·行业点评报告 2025 年 2 月 13 日 江海证券研究发展部 传媒行业 信小店风起，春节有望裂变 – 2025.01.03 5. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 分析师：张婧 豆包大模型团队提出全新超稀疏架构， 推理成本大幅下降 事件： 行业评级：增持（维持） 2025 年 2 月 12 日，字节跳动豆包大模型团队提出了全新的稀疏模型架构 Ult ...

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The "Copper Industry High-Quality Development Implementation Plan (2025-2027)" was jointly released by the Ministry of Industry and Information Technology and 11 other ministries on February 11, 2025, which is expected to significantly boost the development of the entire copper industry chain [5][6] - The report emphasizes that copper is a crucial raw material and strategic resource for national economic development, with China being the largest producer and consumer of copper products globally [6][7] - The plan aims to enhance copper resource security, promote high-end, green, and intelligent transformation, and increase copper mineral resources by 5%-10% by 2027 [6][7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 20.01% compared to the CSI 300 index, with an absolute return of 36.5% [3] Investment Highlights - The copper industry plan covers upstream and downstream aspects of the copper supply chain, focusing on enhancing high-end equipment manufacturing capabilities, which will benefit the market for related mechanical equipment [6][7] - Key tasks include increasing domestic copper resource exploration, promoting the construction of new copper mines, and enhancing the market for exploration equipment [6][7] - The plan also emphasizes the need for comprehensive utilization of by-product resources and the promotion of large-scale mining equipment, which is expected to drive demand in the market [6][7] - The report highlights the importance of improving waste copper recycling capabilities and establishing large-scale recycling bases, which will positively impact the market for recycling equipment [6][7] - The focus on green and efficient copper smelting and processing equipment is expected to expand the market size as policies are implemented [6][7] - The report anticipates the emergence of new markets for advanced copper production equipment as innovation in the industry accelerates [6][7]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The launch of the innovative drug Yinuo Qing (generic name: Isu-Paglutide α) marks a significant breakthrough in diabetes treatment in China, benefiting a large patient population [6][4] - China has the highest number of diabetes patients globally, with 116.4 million individuals aged 20-79 affected, and this number is expected to rise to 164 million by 2030 [6] - The domestic diabetes drug market is projected to reach 259.2 billion RMB by 2030, driven by improved patient payment capabilities and the development of innovative drugs [6] - Continuous policy support for diabetes prevention and treatment is evident, with initiatives like the "Healthy China 2030" plan elevating diabetes management to a national strategic level [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -17.48% compared to the CSI 300 index [2] Recent Developments - The first prescription for Yinuo Qing was issued on February 11, 2025, at Shanghai Sixth People's Hospital and Nanjing Gulou Hospital, indicating a successful market entry [4][6] Market Potential - The innovative drug Yinuo Qing has a long half-life of 204 hours and demonstrates significant efficacy, with a 2.2% reduction in HbA1c after 24 weeks and an average weight loss of 4 kg within 4 weeks [6] - The increasing prevalence of diabetes in China, attributed to urbanization and aging population, underscores the urgent need for effective treatment options [6] Policy Environment - A series of supportive policies are in place to enhance diabetes prevention and treatment, emphasizing the promotion of new technologies and products in the healthcare sector [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Viewpoints - The integration of AI in the medical field is driving a transition from traditional experience-based medicine to data-driven precision medicine, presenting significant investment opportunities [7][8] - The implementation of AI technologies is expected to alleviate the shortage of pathologists in China, enhancing the efficiency and accuracy of pathological examinations, thereby supporting clinical decision-making [7][8] - Recent policy developments are favorable for AI applications in healthcare, with various government initiatives promoting the integration of AI in medical services and research [7][8] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 2.63% over the past month, -3.5% over the past three months, and -16.59% over the past year compared to the CSI 300 index [3] Investment Highlights - The AI medical sector is experiencing continuous catalysts, with stocks related to AI in healthcare gaining significant attention and value [7] - Notable companies such as YiduCore and Zhiyun Health are integrating DeepSeek AI models to enhance data mining capabilities and improve healthcare service efficiency [7] - The stock price of BGI Genomics surged over 36% recently due to its involvement in AI medical applications [7] Policy Support - National and local governments are actively promoting AI in healthcare, with guidelines and plans aimed at integrating AI into various medical fields [7][8] - The National Health Commission has released reference guidelines for AI applications in healthcare, identifying 84 specific areas for development [7][8] Investment Recommendations - The report suggests focusing on companies in various AI-related sectors, including AI pharmaceuticals (e.g., Chengdu XianDao, Hongbo Pharmaceutical, Heng Rui Pharmaceutical), AI diagnostics (e.g., Sichuan Medical, Weining Health), and AI drug development (e.g., WuXi AppTec) [8]

证券研究报告·行业点评报告 2025 年 2 月 12 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.79 6.53 19.59 绝对收益 11.82 0.53 34.99 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-机械设备行 业："两新"政策 2024 成效显著，2025 继续加力，助力机械设备产业发展 – 2025.02.12 业：机械设备行业跟踪报告 （2025.01.02~2025.02.09） – 2025.01.06 机械军工行业研究组 分析师：任沐昕 房地产止跌企稳趋势显现，助力产业链 相关机械设备市场发展预期恢复 事件： 行业评级：增持（维持） 2025 年 2 月 11 日，住房和城乡建设部网站登发《止跌回稳信号强劲 房地产市 场未来可期》文章。 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素 ...

证券研究报告·行业点评报告 2025 年 2 月 11 日 江海证券研究发展部 机械军工行业研究组 分析师：任沐昕 "两新"政策 2024 成效显著，2025 继 续加力，助力机械设备产业发展 投资要点： 事件： 行业评级：增持（维持） 2025 年 2 月 11 日，国家发展和改革委员会发布《2024 年大规模设备更新和消费 品以旧换新工作取得显著成效》文章，对"两新"政策在 2024 年的显著成果进 行总结，同时 2025 年开年后，政府陆续公布新的"两新"相关优化、加力政策。 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.19 7.92 18.92 绝对收益 11.71 2.97 34.86 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2025.01.02~2025.02.09） – 2025.02.11 业：电力系统优化与数据基础设施建设政 策齐发，推动相关设备市场发展 – 2025.01.07 3. 江海证券-行业点评报告-机械设备行 业：赤泥综合利用推动氧 ...

证券研究报告·行业点评报告 2025 年 2 月 11 日 江海证券研究发展部 通信行业 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 5.65 8.36 36.48 绝对收益 8.86 3.41 52.41 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-通信行业： Cosmos 世界基础模型开放，机器人和自 动驾驶汽车应用加速 – 2025.01.13 2. 江海证券-行业点评报告-通信行业：AI 产业高速成长，算力重要性持续凸显 – 2025.01.06 3. 江海证券-行业点评报告-通信行业：卫 星互联网高速发展，持续看好 – 2024.12.09 投资要点： VideoWorld 去掉语言模型，实现了统一执行理解和推理任务。 现有模型大多依赖语言或标签数据学习知识，很少涉及纯视觉信号的学习。然 而，语言并不能捕捉真实世界中的所有知识。例如，折纸、打领结等复杂任务， 难以通过语言清晰表达。作为一种通用视频生成实验模型，Vid ...

证券研究报告·行业点评报告 2025 年 2 月 11 日 江海证券研究发展部 计算机行业 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 21.32 9.11 39.35 绝对收益 24.53 4.16 55.28 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-计算机行业： 谷歌推出 Gemini 2.0，OpenAI 启动 12 天 新品发布周期 – 2024.12.16 2. 江海证券-行业点评报告-计算机行业： 人工智能赋能，智能驾驶进程加速 – 2024.12.02 3. 江海证券-行业点评报告-计算机行业： 随着各类 AI Agent 的发布与大模型的升 级，关注相关产业链公司 – 2024.10.31 分析师：张婧 DeepSeek 开源模型发布，多家云厂商 宣布接入 事件： 风险提示：AI 技术发展不及预期的风险；行业竞争加剧风险；宏观经济风险。 敬请参阅最后一页之免责条款 2 投资评级说明 | 投资建议的评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | | | 买入 | 相对同期基准指数涨幅在 相 ...

Investment Rating - The industry rating is maintained at "Overweight" [5] Core Viewpoints - The machine tool industry is expected to see further improvement in 2025, driven by the release of equipment update demands and the effects of incremental policies [9] - The export value of machine tools in December 2024 showed a significant year-on-year increase of 21.7%, indicating a positive growth trend [6][9] - The domestic demand for high-end CNC machine tools is anticipated to grow, supported by the rapid development of emerging industries such as aerospace and humanoid robots [9] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 27.07% compared to the CSI 300 index, with an absolute return of 42.76% [3] - The export value of tools in 2024 reached 25.653 billion yuan, a year-on-year increase of 9.8%, while imports decreased by 2.66% [5] Machine Tool Data - In December 2024, the production of cutting and forming machine tools increased by 35% and 14.3% respectively, indicating a recovery trend [6][9] - The average price of exported machine tools was $617.04 per unit, reflecting a year-on-year increase of 2.02% [6] Policy Support - Recent policies have been implemented to promote high-quality development in the machine tool industry, including the inclusion of CNC machine tools in the encouraged category of the Industrial Structure Adjustment Guidance Catalog [6][9] - The collaborative innovation within the industry has been significantly enhanced, contributing to the international competitiveness of China's machine tool sector [6]

证券研究报告·行业点评报告 2025 年 2 月 10 日 江海证券研究发展部 传媒行业 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 9.44 8.94 13.83 绝对收益 12.42 3.79 29.51 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：春 节档票房新高，《哪吒之魔童闹海》票房 创影史记录 – 2025.02.07 2. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 3. 江海证券-行业点评报告-传媒行业：微 信小店风起，春节有望裂变 – 2025.01.03 4. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 5. 江海证券-行业点评报告-传媒行业：鼓 励体育产业发展，提示投资机会 – 2024.12.02 分析师：张婧 AI agent 产业进展不断，提示相关投 资机会 事件： 投资要点： 微软官宣 all in ai a ...