行 业 点 评 报 告 行业周度报告-关注自主可控相关 公司-20250113 司-20250120 行业周度报告-关注算力及 AI 应 用的公司-20250210 用的公司-20250217 的公司-20250224 的公司-20250303 证 券 研 究 报 告 证券分析师：黄宜忠 执业证书编号：S0370623080003 公司邮箱：huangyizhong@jyzq.cn 联系电话：0755-83025184 电子行业 行业周度报告 —短期关注存储行业相关公司 消费电子：中国智能手机市场明显呈现高端化趋势，600 美元 及以上价格段的市场份额从 2018 年的 11% 增长至 2024 年的 28%。 行业周度报告-关注业绩预增的公 面板：3 月电视面板行情—美国关税大棒落下，面板价格涨幅 或收窄。 行业周度报告-关注算力及 AI 应 投资建议：一方面 AI 技术的不断演变下，全球资金不断投入，带 动整个电子行业复苏。另一方面，在高科技领域，美国不断对我们 施压和制裁，自主可控是不变的旋律。建议关注 AI 算力产业链景 嘉微、龙芯中科、海光信息等公司，半导体产业链北方华创、中芯 国际、先锋精科、华锋 ...

低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-02-19 2025-02-19 低空经济指数 沪深300 相关报告 低空经济行业周报（第八周） 低空经济行业周报（第七周） 低空经济行业周报（第六周） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济周报（02.24-03.02） —民航法修订在即，促进低空经济发展相关内容写入修订 草案 评级：增持（维持） ⚫ 板块行情回顾： 本周低空经济指数跌 2.60%，相对涨幅-0.38%，日均成交 额 410.14 亿元（近一年 156.08%分位），市盈率（TTM）达 82.40 倍（近一年 75.52%分位），本周日均主力净流入额- 8.90 亿元。较上周而言，本周成交额大幅上升，估值维持 高位，主力资金净流入转向净流出 ...

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index decreased by 2.60% this week, with an average daily trading volume of 41.014 billion yuan, indicating a significant increase compared to the past year [3][11]. - The sector's price-to-earnings ratio (TTM) stands at 82.40, reflecting a high valuation level [3][11]. - There was a net outflow of 890 million yuan from major funds this week, contrasting with the previous week’s inflow [3][11]. Market Performance - The top five performing stocks this week include Green Energy Wisdom, XPeng Motors-W, Jilin Chemical Fiber, Nairui Radar, and Funeng Technology, while the worst performers are Zongshen Power, Zhongke Star Map, ZTE Communications, Shangong Shenbei, and Aerospace Hongtu [4][15]. - The report highlights a significant increase in trading volume, with a year-on-year increase of 156.08% [3][11]. Industry Dynamics - A total of 20 projects were signed at the Guiyang Low-altitude Economy Industry Launch Conference, with a total investment of 10.55 billion yuan [5][21]. - The Shanghai Pudong New Area has initiated the construction of a low-altitude transportation system [5][26]. - The first flight of regular low-altitude logistics operations in northern islands has been successfully conducted [5][31]. Policy Developments - The Sichuan Provincial Office has issued key tasks for the low-altitude economy industry chain for 2025, aiming to stabilize logistics routes and enhance infrastructure [6][36]. - The upcoming revision of the Civil Aviation Law includes provisions to promote the development of the low-altitude economy [6][38]. Key Company Developments - EHang has announced a strategic partnership with Jianghuai Automobile and Hefei Guoxian Holdings to establish a joint venture for manufacturing low-altitude aircraft [7][39]. - A collaboration between Xiangyuan Cultural Tourism and XPeng Huitian aims to create a comprehensive business model for low-altitude tourism [7][40]. - BYD and DJI have launched an intelligent vehicle-mounted drone system, enhancing their product offerings in the low-altitude economy [7][40].

低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-01-18 2025-01-18 低空经济指数 沪深300 相关报告 低空经济行业月报（2025 年一月） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济行业月报（2025 年二月） —全国两会在即，30 省份政府工作报告将"低空经济"列 为重点工作，各地产业动作频频 评级：增持（维持） ⚫ 板块行情回顾： 本月低空经济指数涨 10.73%，相对涨幅 8.82%，大幅跑赢沪深 300 指数，日均成交额 319 亿元（近一年 121%分位），市盈率（TTM） 达 80.34 倍（近一年 75%分位），日均主力资金净流入额-4.04 亿 元。较上月而言，本月成交额大幅提升（上月日均 182 亿元），估 值进一步抬升，主力 ...

低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-01-18 2025-01-18 低空经济指数 沪深300 ⚫ 政策动态： 相关报告 低空经济行业月报（2025 年一月） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济行业月报（2025 年二月） —全国两会在即，30 省份政府工作报告将"低空经济"列 为重点工作，各地产业动作频频 评级：增持（维持） ⚫ 板块行情回顾： 本月低空经济指数涨 10.73%，相对涨幅 8.82%，大幅跑赢沪深 300 指数，日均成交额 319 亿元（近一年 121%分位），市盈率（TTM） 达 80.34 倍（近一年 75%分位），日均主力资金净流入额-4.04 亿 元。较上月而言，本月成交额大幅提升（上月日均 182 亿元），估 值 ...

电子行业周报-关注消费类电子公 司-20250106 行业周度报告-关注自主可控相关 公司-20250113 行业周度报告-关注业绩预增的公 司-20250120 应用的公司-20250210 应用的公司-20250217 发展的公司-20250224 证 券 研 究 报 告 证券分析师：黄宜忠 执业证书编号：S0370623080003 公司邮箱：huangyizhong@jyzq.cn 联系电话：0755-83025184 电子行业 行业周度报告 —关注受益 AI 发展的公司 2025 年 3 月 3 日 评级：增持（维持） 上周国内电子行业（申万一级）下跌 4.87%，近 10 年估值分 位数为 79%，海外半导体指数亦出现调整。个股来看，涨幅明显， 其中表现较好的为翱捷科技-U、芯原股份、卓翼科技、ST 华微等。 行 业 点 评 报 告 根据全球半导体观察资讯，DRAM 市场依旧延续前周趋势，整 体需求仍集中在 DDR5 SK Hynix 2Gx8-5600 颗粒，价格持续高涨。 DDR4/DDR3 颗粒需求表现维持疲弱态势。NAND Wafer 现货市场买气 持续升温，Wafer 市场不仅低容量产品 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - 2024 is identified as the inaugural year for the low-altitude economy, with the industry still in its early stages facing various challenges such as unclear development directions, lack of standards and regulations, insufficient infrastructure, and application scenarios yet to be developed [5][11] - A significant number of local governments have issued specific policies to support the low-altitude economy, categorized into two types: "Action Plans" and "Several Measures," both typically spanning three years until 2026/2027 [5][11] - The total planned industry scale across 22 provinces that have released "Action Plans" amounts to 1.71 trillion yuan, with nearly 100 core enterprises and over 8,000 industry chain companies identified [7][11] Summary by Sections Section 1: Action Plans - 22 out of 31 provincial-level administrative regions have released "Action Plans," focusing on industry scale, core enterprise cultivation, industry chain composition, take-off and landing sites, general airports, route development, flight volume, and application scenario development [7][9] - Key regions leading the low-altitude economy development include the Greater Bay Area, Yangtze River Delta, and Sichuan-Chongqing region, with ambitious targets set [7][9] - The planned industry scale in key provincial-level administrative regions includes 3 trillion yuan for Guangdong, 500 billion yuan for Shanghai, and 1 trillion yuan for Beijing [8][9] Section 2: Several Measures - Local governments are providing substantial financial support through various measures, including tax incentives, infrastructure funding, and operational subsidies for low-altitude economy enterprises [13][16] - Specific financial support includes zero tariffs on certain aviation-related imports, tax reductions, and direct funding for infrastructure projects [13][16] - The measures also encompass operational subsidies for different types of aircraft, with specific rates for eVTOL and drone operations [14][16] Section 3: Rapid Industry Actions - The low-altitude economy is witnessing swift actions and project launches driven by policy guidance, with a focus on cultivating the aircraft industry chain, including manufacturing, certification, and sales [17][18] - Major players in the eVTOL sector are actively developing new aircraft, with expectations for significant advancements in certification and operational readiness by 2026-2027 [18]

Group 1 - The core viewpoint of the report emphasizes that the A-share directed issuance market is closely linked to policy and institutional development, with policy being the main driving force for market growth [1][2] - The report outlines the evolution of the A-share directed issuance market through four stages: initiation (2006-2013), expansion (2014-2016), regulation (2017-2019), and optimization (2020-present) [4][9][11][14] - The current market environment, characterized by a 14% discount rate, indicates a certain safety margin for investors, suggesting that participation in the directed issuance market is timely [2][30] Group 2 - The report analyzes the average return of directed issuance over the past 15 years, which stands at 15.76%, significantly outperforming the average return of the CSI 300 index at 3.26% [30] - It highlights that in 8 out of the last 15 years, the post-lockup return was positive, and in 10 years, it achieved excess returns compared to the CSI 300 index, indicating a favorable investment success rate [30] - The report notes that the correlation between post-lockup returns and market conditions is significant, with higher returns occurring during periods of relaxed policies and favorable market conditions [36] Group 3 - The report discusses the impact of policy adjustments on the issuance conditions and thresholds, which directly affect the feasibility of corporate directed issuance [19] - It emphasizes the importance of pricing mechanisms and the reduction of arbitrage opportunities, which have been influenced by regulatory changes over the years [21] - The report also highlights the shift in funding direction towards key sectors such as renewable energy and high-end manufacturing, driven by regulatory guidance [22][27] Group 4 - The report indicates that the current market is suitable for participation in directed issuance, as the average post-lockup return exceeds 10%, significantly surpassing the CSI 300 index [38] - It points out that the lock-up period for directed issuance shares creates a discount rate, which varies inversely with market conditions, suggesting a strategic approach for investors [38] - The report concludes that the ongoing support from regulatory authorities and favorable macroeconomic conditions present new investment opportunities in the directed issuance market [2][25]

Investment Rating - The report maintains an "Overweight" investment rating for the computer industry [3]. Core Insights - The computer industry has shown a significant recovery post-Spring Festival, outperforming the CSI 300 index by nearly 20 percentage points as of February 17, 2025 [5][11]. - The DeepSeek concept has gained substantial market traction, leading to a surge in capital inflow into related stocks, with the industry capturing the highest market share, surpassing the electronics sector [5][21]. - The report highlights the resurgence of interest in software and IT services, with the industry’s market share reaching a 10-year high, indicating potential overheating in some segments [5][27]. Summary by Sections 1. Independent Market Performance - From December 2024 to January 13, 2025, the computer industry index fell by 16.47%, underperforming the CSI 300 index by nearly 11% [10]. - Post-January 13, the computer industry began to recover, with a notable increase in performance after the Spring Festival [11]. 2. Market Heat and Share - The computer industry’s market share has surpassed that of the electronics sector, achieving the highest market share in the market [18][21]. - The software development and IT services sectors have regained prominence, with significant capital flow back into these areas post-Spring Festival [28][30]. 3. Key Events: DeepSeek's Impact - DeepSeek's launch of its self-developed model R1 has created significant buzz in the global tech industry, leading to a surge in trading volume within the A-share market [33]. - The innovations from DeepSeek, particularly in MoE and MLA technologies, have reduced reliance on high-end GPUs and lowered operational costs significantly [34][42]. 4. Emerging Opportunities in AI - The report identifies AI all-in-one machines, particularly those based on DeepSeek technology, as a new growth area, with advantages in rapid deployment, efficient resource utilization, and enhanced data security [57][58]. - Companies such as Inspur Information, Zhongke Shuguang, and Unisplendour are highlighted as key players in the all-in-one machine segment [63].

Investment Rating - The report rates the electronic industry as "Overweight" (first-time rating) [1] Core Insights - DeepSeek has achieved three major breakthroughs in algorithm efficiency, significantly reducing memory usage and inference latency while maintaining model performance [1][2] - The optimization of algorithms does not diminish the value of the computing power industry but rather restructures demand, leading to a multi-tier growth engine in the trillion-level computing power market [1][29] - The demand for high-performance computing chips remains strong due to the continuous expansion of model parameters and training data [1][35] Summary by Sections Breakthroughs in DeepSeek Architecture - DeepSeek optimizes from input processing to computation and output stages, enhancing computing efficiency while reducing redundant calculations [2] - The introduction of a KV cache mechanism reduces inference complexity significantly, leading to lower resource consumption [2][5] - The Multi-Head Latent Attention (MLA) technology reduces KV cache space by over 90% while maintaining performance [5] Efficiency Improvements - The DeepSeek-V3 model activates only about 5.5% of parameters per token, significantly lowering computational load [8][10] - The GRPO algorithm allows for high-level reasoning capabilities without the need for supervised fine-tuning, achieving better performance with reduced training costs [21][25] Market Demand and Growth - The report predicts that the global advanced packaging revenue will grow from approximately $37.8 billion in 2023 to $69.5 billion by 2029, with a compound annual growth rate of 11% [1] - The demand for advanced packaging technologies, such as 2.5D and 3D packaging, is expected to rise as traditional methods face limitations [1][51] Investment Recommendations - The report suggests focusing on key players in the 2.5D/3D packaging technology, including equipment manufacturers and OSAT companies [1]