研究早观点 2025 年 2 月 21 日 星期五 市场走势 资料来源：最闻 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证新股】新股周报（2025.02.17-2025.02.21）-新股市场活跃度下降， 1 月份创业板发行 PE 上升 【行业评论】计算机：行业快报-Grok 3 正式发布，头部模型推理性能 进一步提升 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,350.78 | -0.02 | | 深证成指 | | 10,794.55 | 0.20 | | 沪深 | 300 | 3,928.90 | -0.29 | | 中小板指 | | 6,736.15 | 0.47 | | 创业板指 | | 2,225.58 | -0.06 | | 科创 | 50 | 1,033.09 | -0.14 | 资料来源：最闻 分析师： 李召麒 研究早观点 【今 ...

新股周期：12 月份科创板佳驰科技/先锋精科、创业板英思特/博苑股份/博科测试/蓝宇股 份，主板中力股份/国货航上市，三大板块新股首日涨幅和开板估值均下降，发行 PE 均 上升。1 月份科创板赛分科技/思看科技/兴福电子/海博思创、创业板黄山谷捷/钧崴电子/ 惠通科技/超研股份、主板天和磁材/富岭股份/亚联机械上市，科创板/主板新股首日涨幅 和开板估值均下降，创业板新股首日涨幅和开板估值上升，科创板和主板发行 PE 下降。 新股研究 新股周报（2025.02.17-2025.02.21） 新股市场活跃度下降，1 月份创业板发行 PE 上升 2025 年 2 月 20 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，1 月份创业板新股首日涨幅和开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 21 只股票录得正涨幅(占比 45.65%，前值 95.65%)。 科创板：上周科创板无新股上市。周内合合信息录得周涨幅超 10%，拉普拉斯录得周跌 幅超-5%。 创业板：上周创业板无新股上市。周内蓝宇股份、超研股份录得周涨幅超 10%，慧翰股 份录得周跌幅约-10%。 沪深主板：上周沪深主板无新 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the computer industry [1][11]. Core Insights - The report highlights the significant performance improvements of Grok 3, which surpasses competitors like DeepSeek V3 and GPT-4o in various benchmarks, indicating a strong potential for AI applications [3][4]. - The introduction of Grok 3 is expected to accelerate the adoption of AI applications across multiple sectors, including enterprise services, office applications, finance, education, and healthcare [6]. Summary by Sections Market Performance - The computer industry has shown strong market performance over the past year, with a focus on AI applications and their potential for widespread implementation [1]. Key Developments - Grok 3 was officially released on February 18, 2025, with enhanced features and subscription options, indicating a strategic move to capture a larger user base [2][3]. - Grok 3's performance in mathematical reasoning and scientific logic has improved by 27%-43% compared to DeepSeek V3, showcasing its advanced capabilities [3][5]. Investment Recommendations - The report suggests focusing on AI-related stocks, including: 1. AI + Enterprise Services: Kingdee International, Fanwei Network, and others 2. AI + Office: Kingsoft Office, Foxit Software, etc. 3. AI + Finance: New Wisdom Software, Tonghuashun, etc. 4. AI + Healthcare: RunDa Medical, Weining Health, etc. [6][7].

Market Overview - The domestic market indices showed an upward trend, with the Shanghai Composite Index closing at 3,351.54, up by 0.81%, and the Shenzhen Component Index closing at 10,772.65, up by 1.46% [2] Industry Commentary - The electronics sector is highlighted by Alibaba's confirmation of a partnership with Apple, which will lead to the launch of the iPhone SE4. This collaboration is expected to enhance AI capabilities in the device [3][4] - The semiconductor sector saw varied performance, with the Philadelphia Semiconductor Index rising by 3.03% while the Taiwan Semiconductor Index fell by 4.37% [4] Key Developments - ByteDance's Doubao team introduced a new sparse model architecture, UltraMem, which can reduce inference costs by up to 83% compared to MoE, significantly improving inference speed [4] - Alibaba's co-founder confirmed the partnership with Apple to provide AI servers for the Chinese market, indicating a strategic move to localize services for Apple products [4] Financial Performance - Yongxi Electronics reported a revenue of 3.605 billion yuan for 2024, a year-on-year increase of 50.76%, and a net profit of 67 million yuan, marking a return to profitability [4] - SMIC reported a revenue of 57.796 billion yuan for 2024, a 27.7% increase year-on-year, but a net profit decline of 23.3% to 3.699 billion yuan [4] Price Trends in the Photovoltaic Industry - The price of dense polysilicon remained stable at 39.0 yuan/kg, while granular silicon saw a 2.8% increase to 37.0 yuan/kg. The overall inventory of polysilicon is slowly decreasing [6] - The average price of M10 solar cells remained at 0.33 yuan/W, with a slight increase in the price of 182mm N-type solar cells to 0.285 yuan/W [6] Investment Recommendations - The report suggests focusing on domestic replacements in equipment, materials, and components, as well as high-performance chips driven by AI technology. Companies to watch include Aiko, Longi Green Energy, and others in the photovoltaic sector [8]

资料来源：最闻 2025 年 2 月 19 日 行业研究/行业周报 相关报告： 券电子行业周跟踪 2025.2.12 出口，新一轮清单涵盖多个高科技领域- 山西证券电子行业周跟踪 2025.1.21 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 电子 周跟踪（20250210-20250214） 领先大市-A(维持) 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.2.10-2025.2.14）市场大盘普遍上涨，上证指数涨 1.30%，深圳成指涨 1.64%，创业板指涨 1.88%，科创 50 涨 0.36%，申万电子 指数涨 0.27%，Wind 半导体指数跌 0.69%。外围市场，费城半导体指数涨 3.03%，台湾半导体指数跌 4.37%。细分板块中，周涨跌幅前三为模拟芯片设 计（+3.13%）、元件（+2.12%）、分立器件（+0.92%）。从个股看，涨幅前五 为利尔达（+31.66%）、昀冢科技（+29.69%）、力王股份（+26.58%）、致尚 科技（+22.73%）和利扬芯片（+20.83%）；跌幅前五为天键股份（- ...

化学原料行业近一年市场表现 资料来源：最闻 相关报告： 材料"行动计划，霍尼韦尔官宣 1 拆 3- 新材料周报（250203-0207） 2025.2.12 价标准公示，长鸿高科拟建 15 万吨生物 新材料- 新材料周报 （250113-0117） 2025.1.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 0.11%，跑输创 业板指 1.99%。近五个交易日，合成生物指数上涨 6.08%，半导体材料下跌 0.75%， 电子化学品下跌 0.59%，可降解塑料上涨 2.92%，工业气体下跌 0.21%，电池化 学品上涨 2.21%。 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250210-0214） 领先大市-B(维持) 《国家重点推广低碳技术目录》公布，深交所受理美瑞新材定增材料 2025 年 2 月 18 日 行业研究/行业周报 摘要 二级市场表现 产业链周度价格跟踪 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry [1]. Core Insights - The demand for computing power from internet giants is expected to surge, particularly with Tencent's integration of DeepSeek into WeChat, which has over 1.3 billion monthly active users. This is anticipated to drive significant growth in search capabilities and cloud demand [1]. - Alibaba's collaboration with Apple is set to accelerate capital expenditures in cloud computing, as Apple's ecosystem will generate substantial cloud computing needs. Alibaba Cloud has also upgraded its flagship model, further solidifying cloud demand [2]. - Cummins' Power System business reported a revenue increase of 22% year-on-year in Q4 2024, driven by data center applications and the mining market. The EBITDA margin improved to 18.0%, with expectations of continued growth in 2025 [3]. Summary by Sections Industry Dynamics - The global data center market is expanding due to the push from cloud computing, big data, and artificial intelligence. National policies are encouraging the development and innovation of the data center industry [4]. - The report highlights investment opportunities in the domestic supply chain related to core equipment, particularly in generator sets and liquid cooling equipment [4]. Market Performance - The report provides insights into the recent market performance of the other general machinery sector, indicating a positive trend [5].

Investment Rating - The report maintains a "Leading the Market-B" rating for the new materials sector [2] Core Insights - The new materials sector experienced a slight decline, with the new materials index down by 0.11%, underperforming the ChiNext index by 1.99%. Over the past five trading days, the synthetic biology index rose by 6.08%, while semiconductor materials and electronic chemicals saw declines of 0.75% and 0.59%, respectively [2][13] - The report highlights the potential of AI in synthetic biology, suggesting that companies like Huaheng Biological and Kaisa Biological are worth monitoring due to their strategic investments in AI-driven protein optimization platforms [4][5] Summary by Sections 1. Market Performance - The new materials sector saw a decline, with the new materials index down 0.11% and synthetic biology index up 6.08% [2][13] - The overall market performance for the week showed the CSI 300 index up by 1.19% and the Shanghai Composite index up by 1.3% [9] 2. Price Tracking 2.1 Amino Acids - Valine price at 15,350 CNY/ton, down 0.32%; Arginine at 29,000 CNY/ton, up 3.57%; Tryptophan at 56,500 CNY/ton, up 1.80% [25] 2.2 Biodegradable Plastics - PLA (FY201 injection grade) priced at 18,000 CNY/ton, unchanged; PBS at 19,000 CNY/ton, unchanged [28] 2.3 Industrial Gases - Oxygen priced at 358 CNY/ton, down 6.04%; Nitrogen at 385 CNY/ton, down 1.53% [32] 3. Investment Recommendations - The report suggests focusing on companies like Huaheng Biological and Kaisa Biological due to their advancements in AI applications in synthetic biology, which is expected to grow significantly, with the domestic biomanufacturing market projected to reach nearly 2 trillion CNY by 2033, with a CAGR of 16.6% from 2023 to 2033 [4][5]

农林牧渔 农业行业周报 同步大市-A(维持) | 首选股票 | | 评级 | | --- | --- | --- | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 002567.SZ | 唐人神 | 增持-B | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | | 000876.SZ | 新希望 | 增持-B | 相关报告： 【山证农林牧渔】畜禽养殖板块 2024 年业绩值得期待-【山证农业】农业行业 周 报 （ 2025.01.13-2025.01.19 ） 2025.1.20 【山证农林牧渔】行业或存在明显的正 向预期差-【山证农业】农业行业 2025 年度策略 2025.1.20 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 执业登记编码：S07 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development and Wen's Shares [2] Core Views - The livestock farming sector is expected to see improved performance in 2024, with a potential recovery in profitability starting from Q2 2024. The market may be overly pessimistic regarding the impact of rising pig production capacity on profitability cycles [5][6] - The report highlights that the poultry industry may benefit from a rebound in demand and lower raw material costs, suggesting a positive outlook for companies like Shengnong Development and Haida Group [6] Summary by Sections Livestock Farming - As of February 14, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.44, 15.32, and 14.64 yuan/kg, reflecting a week-on-week decrease of 1.70%, 3.34%, and 2.20% respectively. The average pork price was 21.78 yuan/kg, down 5.02% [4][27] - The self-breeding profit was 22.12 yuan/head, while the profit from purchasing piglets was -4.24 yuan/head [4][27] Poultry Farming - The weekly price for white feather broiler chickens was 6.17 yuan/kg, down 14.54% from January 24. The price for broiler chicks was 1.96 yuan/chick, down 21.91% [39] - The profit from chicken farming was -3.53 yuan/chick, and egg prices were 7.80 yuan/kg, down 17.02% [39] Feed Processing - In 2024, the total industrial feed production in China was 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of compound feed was 29,354.0 million tons, down 1.8% [44] Market Performance - For the week of February 10-16, 2025, the Shanghai and Shenzhen 300 index increased by 1.19%, while the agriculture sector rose by 1.06%, ranking 17th among sectors. The top-performing sub-industries included animal health, pig farming, and feed additives [3][20]