Investment Rating - The industry investment rating is "Outperform the Market" [35] Core Insights - The report highlights the launch of Manus, the world's first general AI agent product by Chinese startup Monica.im, which showcases strong versatility and complex task execution capabilities [2][6] - Alibaba's QwQ-32B model, with 32 billion parameters, is positioned to match the performance of the full version DeepSeek-R1, significantly reducing deployment costs for AI applications [4][27] - The Chinese government emphasizes the importance of AI in its 2025 work report, promoting the "Artificial Intelligence +" initiative to integrate digital technology with manufacturing and market advantages [28] Application Sector - Manus represents a breakthrough in general AI agents, capable of autonomously completing complex tasks beyond traditional AI assistants [7][10] - In GAIA benchmark tests, Manus achieved state-of-the-art performance across all difficulty levels [7][9] - Manus demonstrated its capabilities through real-world scenarios, including resume screening, property selection, and stock analysis, showcasing its ability to handle diverse tasks [10][14][16] Algorithm Sector - Alibaba's QwQ-32B model integrates agent capabilities and is designed to operate efficiently on consumer-grade hardware, making it accessible for widespread use [24][26] - The model's performance in mathematical reasoning, programming, and general capabilities is comparable to leading models, indicating its competitive edge [24][25] - The open-source nature of QwQ-32B under the Apache 2.0 license allows for commercial use, further promoting its adoption [26][27] Policy Sector - The Chinese government is committed to fostering the AI industry as a key component of new productive forces, with initiatives aimed at supporting the widespread application of large models [28][30] - The "Artificial Intelligence +" initiative is expected to drive the integration of AI across various sectors, enhancing productivity and innovation [28][31] Investment Recommendations - The report recommends several companies across different AI sectors, including iFlytek for AI algorithms, and strong recommendations for companies like Hengsheng Electronics in AI applications [32]

行业动态跟踪报告 AIC 股权投资试点扩容，关注中小银行获批进程 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业深度报告*银行*科技金融系列报告 （四）：从全球经验看科技金融服务模式选择*强于大 市 20250110 银行 2025 年 3 月 6 日 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 摘要： 3 月 5 日，国家金融监督管理总局发布《关于进一步扩大金融资产投资公司股 权投资试点的通知》（下称《通知 ...

行情走势图 银行 2025 年 3 月 6 日 行业动态跟踪报告 AIC 股权投资试点扩容，关注中小银行获批进程 强于大市（维持） 相关研究报告 【平安证券】行业深度报告*银行*科技金融系列报告 （四）：从全球经验看科技金融服务模式选择*强于大 市 20250110 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 摘要： 3 月 5 日，国家金融监督管理总局发布《关于进一步扩大金融资产投资公司股 权投资试点的通知》（下称《通知》）。 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 证 券 研 究 报 告 告 AIC 股权投资试点再扩容，科技金融政策再加码。《通知》主要包括以下 内容：1）AIC 扩容，既包括设 ...

晨会纪要 其 他 报 告 2025年03月06日 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3342 | 0.53 | -1.72 | | 深证成份指数 | 10709 | 0.28 | -3.46 | | 沪深300指数 | 3903 | 0.45 | -2.22 | | 创业板指数 | 2190 | 0.01 | -4.87 | | 上证国债指数 | 223 | 0.04 | -0.15 | | 上证基金指数 | 7033 | 0.55 | -2.23 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23594 | 2.84 | -2.29 | | 中国香港国企指数 | 8630 | 3.14 | -2.88 | | 中国台湾加权指数 | 22872 | 1.22 | -2.85 | | 道琼斯指数 | 43007 | ...

Investment Rating - The report maintains an investment rating of "Outperform" for the banking sector [1]. Core Insights - The core viewpoint emphasizes a "pro-cyclical + high dividend" strategy, with policy measures driving valuation recovery in the sector. The average dividend yield for the sector is currently at 4.50%, which remains historically high compared to the risk-free rate represented by the 10-year government bond yield. This indicates a continued appeal for fixed-income-like investments. The report also highlights the potential for regional banks benefiting from economic recovery and policy effectiveness, with a focus on the expected improvements in the real estate and consumer sectors [3][17]. Summary by Sections Investment Rating - The banking sector is rated as "Outperform" [1]. Core Insights - The average dividend yield for the banking sector is 4.50%, which is historically high compared to the risk-free rate [3][17]. - The report suggests that regional banks with strong growth potential and benefiting from policy support should be closely monitored [3][17]. - The static price-to-book (PB) ratio for the sector is currently at 0.66, indicating a significant safety margin with an implied non-performing loan rate exceeding 15% [3][17]. Market Trends - In February 2025, the banking sector experienced a decline of 0.98%, underperforming the CSI 300 index by 2.89 percentage points, ranking 27th out of 30 sectors [21][27]. - The report notes that the average dividend yield of the six major state-owned banks in Hong Kong is 1.33 percentage points higher than that of A-shares, making them attractive to stable investment funds [4][9]. Individual Stock Recommendations - The report recommends focusing on regional banks such as Chengdu Bank and Changsha Bank, which are expected to benefit from their regional advantages and ongoing economic recovery. Chengdu Bank is projected to have earnings per share (EPS) growth of 13.1% to 15.1% from 2024 to 2026, with a corresponding PB ratio of 0.90x to 0.70x [50][54][56].

策略配置&固定收益&房地产&金融 2025 年 3 月 5 日 2025 年政府工作报告学习体会 政策信号更积极，科技创新添活力 证券分析师 魏伟 投资咨询资格编号 S1060513060001 BOT313 WEIWEI170@pingan.com.cn 陈骁 投资咨询资格编号 S1060516070001 CHENXIAO397@pingan.com.cn 刘璐 投资咨询资格编号 S1060519060001 LIULU979@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 袁喆奇 投资咨询资格编号 S1060520080003 YUANZHEQI052@pingan.com.cn 张亚婕 投资咨询资格编号 S1060517110001 ZHANGYAJIE976@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn 郑子辰 投资咨询资格编号 S1060521090001 ZHENGZICHEN160@pingan.com. ...

2025 年 3 月 5 日 2025 年政府工作报告解读 变局·新局 证券分析师 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 张璐 投资咨询资格编号 事项： 2025 年 3 月 5 日上午，李强总理向十四届全国人大三次会议作《政府工作报 告》。 平安观点： 宏 观 报 告 宏 观 动 态 跟 踪 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 2025 年经济增长目标设定和宏观政策总体安排取向积极、符合预期，宏观政 策有定力、有预案、有共识，将对中国经济行稳致远提供有力支撑。 1. 对增长目标的理解。GDP 增速目标定在 5%左右。在前期一揽子增长量政策的 支持下，一季度 GDP 增速有望保持在 5%以上，有望实现"开门红"；全年要 达到 5%左右目标，要求后三季度不能出现 ...

Investment Rating - The report maintains a "Strong Buy" rating for the food and beverage industry, specifically highlighting the potential in the liquor sector due to the ongoing digital transformation [1]. Core Insights - The report outlines the evolution of online liquor sales in China, indicating a significant growth trajectory with a 56.4% year-on-year increase in online liquor sales, reaching over 120 billion yuan in 2023 [3][23]. - The shift towards online sales is driven by several factors, including the pressure on traditional sales channels, the influence of substantial subsidies from e-commerce platforms, and the preferences of younger consumer demographics [3][34]. - The report anticipates a long-term trend towards the standardization of online liquor sales, with the potential rise of professional operational agencies to assist liquor manufacturers in navigating the digital landscape [3][44]. Summary by Sections Review of Online Liquor Development - The report identifies four key phases in the development of online liquor sales from 2000 to the present, highlighting the gradual maturation of the e-commerce landscape and the increasing integration of liquor brands into online platforms [3][4]. Reasons for Growth - The report attributes the growth of online liquor sales to the maturity of logistics and payment systems, the normalization of e-commerce subsidies, and the changing preferences of younger consumers who are more inclined to shop online [3][34][37]. Future Outlook - The report suggests that the online penetration rate for liquor is currently at 12%, indicating substantial room for growth compared to the overall consumer goods market, which has a penetration rate of approximately 30% [3][44]. - It also notes that the rise of high-potential channels like Douyin (TikTok) presents significant opportunities for further expansion in online liquor sales [3][44]. Investment Recommendations - The report recommends focusing on three main lines of investment: high-end liquor brands such as Kweichow Moutai and Wuliangye, mid-range brands like Shanxi Fenjiu, and local brands positioned in expanding price segments [3][44].

证券研究报告 策略周报：迎接两会政策窗口 证券分析师 | 魏伟 | 投资咨询资格编号：S1060513060001 | | --- | --- | | 陈骁 | 投资咨询资格编号：S1060516070001 | | 张亚婕 | 投资咨询资格编号：S1060517110001 | | 靳旭媛 | 一般从业资格编号：S1060124070018 | 2025年3月2日 请务必阅读正文后免责条款 1 ※ 核心观点|迎接两会政策窗口 2 • 上周美股在多重扰动下走弱，A股、港股在获利盘压力下回调。海外方面，美股在关税扰动持续、经济数据不及预期、科技股泡沫担忧等 影响下大幅调整，纳指下跌3.5%，10Y美债快速下行近20BP至4.2%。国内方面，A股在获利盘压力下回调，上证指数下跌1.7%，红利反弹， 中证红利指数上涨1.0%；市场交投仍保持活跃，全周日均成交额继续升至近2万亿元；宽基ETF继续资金流出，机器人、人工智能、证券等 主题ETF继续流入。结构上，钢铁/房地产/食品饮料/建筑材料等顺周期板块在两会政策与经济复苏预期下上涨1%-4%，TMT板块回调。 • 海外方面，美国通胀压力边际缓和，特朗普关税、地缘政治不 ...

Investment Rating - The report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].