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英伟达发布800VDC白皮书,关注GaN及SiC功率器件
Ping An Securities· 2025-10-21 03:16
证券研究报告 英伟达发布800 VDC白皮书,关注GaN及S iC功率器件 电子行业 强于大市(维持) 平安证券研究所 TMT团队 | 分析师:杨钟 | S1060525080001(证券投资咨询) | 邮箱:YANGZHONG035@pingan.com.cn | | --- | --- | --- | | 研究助理:詹小瑁 | S1060125090006(一般从业资格) | 邮箱:ZHANXIAOMAO140@pingan.com.cn | 2025年10月21日 请务必阅读正文后免责条款 核心观点 近期,英伟达发布《下一代AI基础设施的800伏直流架构》白皮书。其中提到能耗已经成为影响当前及下一代AI数据中心发 展的核心变量。随着GPU革命的到来,数据中心逐渐转变为"AI工厂",其中GPU机架的功率密度接近Web服务器的100倍, 并且仍呈现指数级增长。曾经处于次要地位的电力基础设施,如今已经能够与计算空间所占据的空间相匹敌,甚至超越了 后者。为了满足AI数据中心快速增长的能耗需求,800VDC架构应运而生。与机架内的54 VDC或480VAC系统相比,800 VDC显著降低了电流、铜使用量和电缆体积 ...
2025年前三季度经济增长数据点评
Ping An Securities· 2025-10-21 01:56
2025 年 10 月 21 日 2025 年前三季度经济增长数据点评 政策加力稳投资 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 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 事项: CHANGYIXIN050@pingan.com.cn 前三季度,中国实际 GDP 同比达到 5.2%,为完成全年目标打下较好基础。三 季度,中国实际 GDP 单季同比增长 4.8%,较二季度回落 0.4 个百分点。从支出 法 GDP 来看,三季度最终消费支出对实际 GDP 的拉动为 2.7 个百分点,货物 和服务净出口拉动 1.2 个百分点,二者持平于二季度,对经济增长的支撑延续; 仅资本形成总额对实际 GDP 增速的拉动减弱。 三季度价格出现边际改善。三季度 GDP 平减指数增速为-1.1%,较二季度提升 0.2 个百分点,名义 GDP 同比增速为 3.73%。分行业看,仅第一产业 GDP 平减 指数有所回落;二三产业 ...
国家统计局公布2025年1-9月全国房地产开发投资及销售数据:单月销售降幅收窄,开竣工增速反弹
Ping An Securities· 2025-10-20 09:34
行业点评 行 业 报 告 单月销售降幅收窄,开竣工增速反弹 强于大市( 维持) 行情走势图 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn 事项: 国家统计局公布2025年1-9月全国房地产开发投资及销售数据。 平安观点: 房地产 2025年10月20日 相关研究报告 【平安证券】行业点评*房地产*融资环境延续宽松, 去库存成效持续显现*强于大市20250915 【平安证券】行业点评*房地产*待售面积持续收缩, 国内贷款延续正增*强于大市20250815 行 业 点 评 研 究 报 告 证 券 单月销售降幅收窄,待售面积持续收缩:9月全国商品房销售面积8531 万平米,同比下降10.5%,降幅较8月收窄0.01个百分点;销售金额8025 亿元,同比下降11.8%,降幅较8月收窄2.2个百分点。1-9月全国商品房 销售面积、销售金额累计同比下降5.5%、7.9%,降幅较1-8月扩大0.8 个、0.6个百分点,但分别较20 ...
金融行业周报:央行发布前三季度金融统计数据报告,证监会修订《上市公司治理准则》-20251020
Ping An Securities· 2025-10-20 07:01
金融行业周报 ——央行发布前三季度金融统计数据报告,证监会修订《上市公司治理准则》 证券分析师 证券研究报告 2、中国证监会修订发布《上市公司治理准则》。为贯彻落实《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》《中 共中央办公厅 国务院办公厅关于完善中国特色现代企业制度的意见》,进一步规范上市公司董事、高级管理人员和控股股东、实际控制 人行为,提升上市公司治理水平,中国证监会修订了《上市公司治理准则》。本次围绕健全董事高管激励约束机制,规范控股股东、实 际控制人行为等方面进行修订,具有较强问题导向,标志着上市公司治理监管制度的进一步升级,为提升上市公司治理水平夯实了制度 根基,凸显了规范的公司治理在提高上市公司质量、防范打击违法违规、保护投资者权益方面的重要基础作用。 王维逸S1060520040001(证券投资咨询) 袁喆奇S1060520080003(证券投资咨询) 李冰婷S1060520040002(证券投资咨询) 许 淼S1060525020001(证券投资咨询) 研究助理 李灵琇S1060124070021(一般证券业务) 请务必阅读正文后免责条款 2025年10月20日 1 核心观 ...
中国宏观周报(2025年10月第2周):部分区域出口运价回升-20251020
Ping An Securities· 2025-10-20 06:55
宏 2025 年 10 月 20 日 中国宏观周报(2025 年 10 月第 2 周) 部分区域出口运价回升 证券分析师 平安观点: 观 报 告 宏 观 周 报 证 券 研 究 报 告 从高频数据观察,本周中下游生产较月初恢复,房地产销售跌幅收窄,假 期后线下出行热度有所回落,工业品期货价格调整。尽管中国出口集装箱 运价指数本周回落,但领先总体运价的上海和宁波出口运价进一步回升。 1. 工业:中下游生产恢复。1)原材料方面,本周日均铁水产量、水泥熟料产 能利用率边际回落,石油沥青开工率、浮法玻璃开工率以及钢材表观需求 提升。2)中下游方面,本周纺织聚酯开工率、织造业开工率边际回升;汽 车全钢胎开工率、半钢胎开工率均有反弹。 2. 地产:新房成交边际提升。1)销售方面,本周(截至 10 月 17 日)30 大 中城市新房销售面积同比-20.4%,增速较上周提升 10.8 个百分点;10 月 以来,30 大中城市新房销售面积同比-25.4%,较上月回落。2)价格方面, 截至 10 月 6 日,近四周二手房出售挂牌价指数环比-0.85%。 3. 内需:假期后线下出行热度回落,10 月以来汽车零售、快递揽收同比略有 ...
海外宏观周报-20251020
Ping An Securities· 2025-10-20 05:24
海外宏观周报 金价再创新高 海外宏观 2025 年 10 月 20 日 证券分析师 截止 10 月 17 日当周:美股、欧股温和反弹,日股、港股下跌,美债和 美元窄幅波动,金价大涨,油价继续承压。在美国政府持续停摆、贸易 政策不确定性延续的背景下,叠加美国地区银行信贷风险暴露,全球风 险偏好仍受压制,全球股票、原油等风险资产仍受冲击,金价受益于避 险需求再创新高。 风险提示:特朗普政策风险超预期,美国滞胀程度超预期,全球金融市场波 动超预期,国际地缘局势超预期等。 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 范城恺 投资咨询资格编号 S1060523010001 FANCHENGKAI146@pingan.com.cn 平安观点: 海外经济政策 1) 全球:10 月 14 日,IMF 发布最新一期《世界经济展望报告》,预计 2025年世界经济将增长 3.2%,较今年 7月预测值上调0.2个百分点。报 告指出,美国关税的急剧上升正在成为主导全球不确定性的最重要因 素。IMF 预计,美国 2025 ...
海康威视(002415):三季报符合预期,继续推进创新业务发展
Ping An Securities· 2025-10-20 04:47
2025年10月20日 海康威视(002415.SZ) 三季报符合预期,继续推进创新业务发展 推荐 ( 维持) 股价:33.06元 公 司 报 告 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.hikvision.com | | 大股东/持股 | 中电海康集团有限公司/37.28% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 9,165 | | 流通A股(百万股) | 9,046 | | 流通B/H股(百万股) | | | 总市值(亿元) | 3,030 | | 流通A股市值(亿元) | 2,991 | | 每股净资产(元) | 8.55 | | 资产负债率(%) | 33.8 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | | | XUYONG318@pingan.com.cn | 事项: 公 司 公 ...
地缘风险降温,油价继续震荡下行
Ping An Securities· 2025-10-19 11:32
Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East have eased, leading to a continued downward trend in oil prices. WTI crude futures fell by 1.00% and Brent crude futures by 1.21% during the period from October 10 to October 17, 2025 [6]. - OPEC's latest monthly market report maintains its global oil demand growth forecast for the next two years, predicting an increase of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through upstream and downstream integration and diversifying their oil and gas sources [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions have decreased, resulting in a downward trend in oil prices. The easing of risks is reflected in the signing of a ceasefire agreement in Gaza and calls for further implementation of the ceasefire by the UN [6]. - The U.S. government is facing a budget impasse, which is impacting economic operations and creating uncertainty regarding fiscal policies [6]. - The report suggests that while short-term oil price risks may persist, the long-term outlook remains anchored by fundamental demand growth [7]. Fluorochemicals - The supply of popular fluorinated refrigerants is tight, leading to continued price increases. R32 refrigerant prices remain high, and R134a prices are also on the rise due to supply constraints and increasing domestic demand [6][7]. - The report highlights that the production of second-generation refrigerants is declining, while third-generation refrigerants have limited quota increases, stabilizing market competition [6]. Semiconductor Materials - The semiconductor sector is experiencing an upward cycle, supported by improving fundamentals and domestic substitution trends. The report recommends focusing on companies like Nanda Optoelectronics and Shanghai Xinyang [7].
三棵树(603737):业绩增长亮眼,毛利率与现金流改善
Ping An Securities· 2025-10-19 11:00
Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% within the next six months [4][12]. Core Insights - The company reported a revenue of 9.39 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.7%, while the net profit attributable to shareholders reached 740 million yuan, up 81.2% year-on-year [4]. - The gross margin improved significantly from 28.7% in the previous year to 32.8%, driven by a faster growth in high-margin home decoration wall paint revenue and a decrease in raw material procurement costs [7]. - The operating cash flow for the first three quarters was 1.09 billion yuan, an increase from 920 million yuan in the same period last year, indicating improved cash flow management [7]. Summary by Sections Company Overview - The company operates in the building materials industry, with a total market capitalization of 34.1 billion yuan and a debt-to-asset ratio of 75.8% [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 9.39 billion yuan, with a net profit of 740 million yuan, marking significant growth rates of 2.7% and 81.2% respectively [4]. - The projected revenues for 2024, 2025, 2026, and 2027 are 12.1 billion yuan, 12.5 billion yuan, 13.2 billion yuan, and 14.3 billion yuan, respectively, with expected net profits of 332 million yuan, 867 million yuan, 1.1 billion yuan, and 1.3 billion yuan [6][9]. Market Position and Strategy - The company is positioned as a leading domestic brand in the paint industry, focusing on both retail and engineering markets to mitigate the impact of real estate downturns [8]. - The company has been actively promoting its "Immediate Living" service and expanding community stores, which are expected to enhance its market share and performance [8]. Future Outlook - The report forecasts a continued improvement in profitability, with net profit projections for 2025-2027 at 867 million yuan, 1.1 billion yuan, and 1.3 billion yuan, respectively [8][10]. - The company is expected to benefit from the ongoing demand for home renovations and the trend towards higher-end products in the paint market [8].
A股策略周报:关注四中全会政策指引-20251019
Ping An Securities· 2025-10-19 11:00
Core Insights - The report emphasizes the importance of the Fourth Plenary Session's policy guidance, suggesting that market fluctuations in the short term do not alter the mid-term upward trend [2] - It highlights the structural differentiation in domestic economic data, with better-than-expected export growth of 8.3% in September, while credit growth is slowing [2][3] - The report suggests focusing on three main investment themes: technology growth sectors, industries benefiting from policy support, and consumer sectors with low valuations [2] Recent Developments - **Trade Data**: September exports increased by 8.3%, with significant growth in exports to Africa, Latin America, and the EU, particularly in integrated circuits and ships [3] - **Financial Data**: New social financing in September was 3.53 trillion yuan, with a year-on-year growth of 8.7%, indicating a slowdown in credit growth [4] - **Price Data**: The Consumer Price Index (CPI) in September showed a year-on-year decrease of 0.3%, while the Producer Price Index (PPI) decreased by 2.3% [5] Policy Tracking - Recent policy adjustments include the expansion of the Hainan duty-free shopping policy, allowing new categories of goods and adjusting the age limit for duty-free shopping [6] - The government is focusing on enhancing domestic demand and stabilizing foreign trade and investment through various measures [6] Market Performance - The A-share market experienced fluctuations, with the banking and coal sectors leading gains, while the overall market saw a decline in major indices [12][13] - The report notes that the market's short-term volatility is influenced by external uncertainties, particularly related to U.S. government shutdowns and U.S.-China relations [2][12]