[Table_Rating] 增持（维持） [Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年02月24日 | [Table_Author] 分析师: | 尤靖宜 | | --- | --- | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号: | S0870524090004 | [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -18% -13% -8% -2% 3% 8% 13% 18% 23% 02/24 05/24 07/24 09/24 12/24 02/25 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《多家医药企业布局 AI 领域，行业迎接新 趋势》 ——2025 年 02 月 16 日 《银屑病市场空间大，国产 TYK2 抑制剂迎 来新突破》 ——2025 年 01 月 26 日 《医保基金即时结算改革全面实施，国内 药企 BD 交易总额创新高》 ——2025 年 01 月 ...

AI 大模型竞赛加剧，DeepSeek 加速赋 能各行各业 ——计算机行业周报（2025.2.17—2025.2.21） 过去一周（2.17-2.21）上证综指上涨 0.97%，创业板指上涨 2.99%， 沪深 300 指数上涨 1.00%，计算机（申万）指数上涨 3.17%，跑赢上 证综指 2.21 个百分点，跑赢创业板指 0.19 个百分点，跑赢沪深 300 指 数 2.17 个百分点，位列全行业第 5 名。 ◼ 周观点 阿里未来三年将大幅增加"云+AI"领域投资。2 月 20 日，阿里巴巴 集团发布 2025 财年第三季度业绩。财报数据显示，截至 2024 年 12 月 31 日止季度，阿里营收为 2801.5 亿元，同比增长 8%。其中，云智能 集团收入为人民币 317.42亿元，同比增长 13%，AI相关产品收入连续 六个季度实现三位数的同比增长。阿里巴巴在该季度资本开支大幅增 长至 317.75 亿元，环比大增 80%。阿里巴巴集团 CEO 吴泳铭在财报 会议上强调 AGI 的优先级，表示未来三年，阿里将围绕 AI 和云计算的 基础设施建设、AI基础模型平台以及 AI原生应用、现有业务的 AI转型 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The integration of AI technologies like DeepSeek with the light industry is expected to enhance consumer demand, supported by policies promoting consumption and stabilizing the real estate market. This is anticipated to lead to a gradual recovery in domestic demand and improved expectations for cyclical sectors, resulting in potential valuation recovery [2][8] - The home furnishing sector is showing signs of recovery, with the national building materials and home furnishing market index reaching 110.35 in January 2025, a year-on-year increase of 8.46% and a month-on-month increase of 1.53%. The implementation of policies promoting replacement and upgrades is expected to boost consumer spending [2] - The paper and packaging industry is witnessing price increases from major companies, indicating a recovery trend. Companies like Sun Paper are expected to raise prices by 200 yuan per ton starting March 1, 2025, which may lead to stable growth in the sector [3] - The export chain is benefiting from ongoing overseas restocking demand, particularly in products like insulated cups and office furniture. Companies with proactive overseas capacity and supply chain strategies are recommended for investment [3][4] Summary by Sections Light Industry - The integration of AI technologies with light manufacturing is expected to enhance user experience and drive technological innovation in the home furnishing sector. Companies such as Oppein Home, ZBOM, and KUKA are highlighted as potential investment opportunities [2] - The home furnishing market is projected to benefit from the implementation of new policies aimed at expanding consumption, with leading brands likely to increase their market share [2] Paper & Packaging - Major paper companies are set to increase prices, indicating a recovery in the industry. The upcoming traditional peak season is expected to further support this trend, with companies like Sun Paper and Huawang Technology recommended for investment [3] Export Chain - The increase in container shipping rates and the ongoing demand for overseas restocking are expected to benefit the light industry export chain. Companies like Jiangxin Home and Jiayi Co. are suggested for their strong overseas strategies [4] Textile & Apparel - The overall consumption environment is showing signs of weak recovery, with policies aimed at boosting domestic demand. The outdoor economy is driving sales in sportswear, and companies like Bosideng are leveraging AI for product design, enhancing their competitive edge [8][9] - The textile manufacturing sector is expected to grow due to increased overseas production and enhanced core competitiveness, with companies like Huali Group and Weixing Co. recommended for investment [9][10]

[Table_Rating] 增持（维持） [◼Table_Summary] 投资要点： [行业Table_Industry] : 食品饮料 日期: shzqdatemark 2025年02月23日 | [Table_Author] 分析师: | 王慧林 | | --- | --- | | Tel: | 15951919467 | | E-mail: | wanghuilin@shzq.com | | SAC 编号: | S0870524040001 | | 分析师: | 赖思琪 | | Tel: | 021-53686180 | | E-mail: | laisiqi@shzq.com | | SAC 编号: | S0870524090001 | | 分析师: | 袁家岗 | | Tel: | 02153686249 | | E-mail: | yuanjiagang@shzq.com | | SAC 编号: | S0870524090003 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -26% -20% -14% -8% -2% 4% 10% 16% 22% 02/24 0 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The report highlights that the company is a leading domestic high-end processor manufacturer, poised to benefit from the domestic substitution trend and the surge in intelligent computing demand, with expected continuous revenue growth [9][56]. Summary by Sections Company Overview - The company, Haiguang Information, originated from the Chinese Academy of Sciences and is primarily owned by Zhongke Shuguang. It has established a strong foundation through technology licensing agreements with AMD for high-end processor technologies [6][22]. Financial Performance - The company has shown significant revenue growth from 3.79 billion yuan in 2019 to 60.12 billion yuan in 2023, with a compound annual growth rate (CAGR) of 99.55% [6][24]. - Revenue projections for 2024, 2025, and 2026 are 89.31 billion yuan, 125.84 billion yuan, and 165.09 billion yuan, respectively, with net profits expected to reach 18.96 billion yuan, 29.51 billion yuan, and 40.43 billion yuan [9][56]. Product Lines - The company operates two main product lines: CPUs and GPUs. The CPU product line includes the 7000, 5000, and 3000 series, targeting various market segments from high-end servers to entry-level computing [18]. - The GPU product line, particularly the "Deep Computing Unit" (DCU), is designed for high-performance computing applications, including AI and big data processing [18][45]. Market Position and Competitive Advantage - The company benefits from a robust X86 ecosystem, which enhances its competitive edge against international giants like Intel and AMD. The X86 architecture is noted for its extensive software application support [7][38]. - The Haiguang 7390 CPU features 32 cores and 64 threads, with a base frequency of 2.7GHz, showcasing competitive performance against domestic alternatives [7][40]. Growth Drivers - The report emphasizes the increasing demand for intelligent computing, with the intelligent computing market expected to grow at a CAGR exceeding 65% from 2021 to 2030 [8][50]. - The company is well-positioned to capture market share in the domestic X86 server market, which is projected to grow significantly due to government policies promoting domestic chip usage [44]. Research and Development - The company maintains a high R&D expenditure, with R&D expenses consistently around 30% of revenue, reflecting its commitment to innovation and product development [26][30]. Valuation - The report suggests that the company's valuation has upward potential, with projected P/E ratios for 2024, 2025, and 2026 at 166.92, 107.22, and 78.28, respectively, compared to peers [56].

证券研究报告 2025年2月20日 行业：通信 增持 （维持） 科赋新成长，算力与传统设备并重 ——通信行业2025年度投资策略（系列一） 一、行业回顾：行业增长逻辑发生改变，通信设备利好 二、估值分析：板块估值有望长期上扬，两大概念引领产业成长 三、机构持仓：持仓比例稳健，光通信企业备受青睐 四、运营商&IDC：运营商业绩稳健增长，IDC题材广受热捧 五、光通信&物联网：光通信为AI浪潮受益者，物联网发展未来可期 六、传统设备商：传统设备厂主业暂时性承压，积极布局科技赛道 七、风险提示 一、 行业回顾：行业增长逻辑发生改变，通信设备利好 资料来源：iFinD，上海证券研究所 图1 各行业2024年涨跌幅排名（%）（中信一级行业分类） 资料来源：iFinD，上海证券研究所 图2 2024年全年细分行业指数月度涨跌幅（%） (30.00) (20.00) (10.00) 0.00 10.00 20.00 30.00 40.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 CI005839.CI 电信运营Ⅱ指数 CI005840.CI 增值服务Ⅱ指数 CI005841.CI 通讯 ...

| [Table_Rating] | 增持（维持） | ◼[Table_Summary] 行业走势 | | --- | --- | --- | | [行业Table_Industry] : 通信 | | | | 日期: | shzqdatemark 2025年02月20日 | | | [Table_Author] | | | | 刘京昭 分析师: | | | | E-mail: | liujingzhao@shzq.com | | | SAC 编号: | S0870523040005 | | | | | 动了 16.66%、9.23%。 | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 | 比较 | | 通信 49% | 沪深300 | 行业核心观点 ◼ | | 42% | | | | 35% | | | | 28% | | | | 21% | | | | 14% | | | | 7% | | | | 0% | | | | 02/24 05/24 07/24 09/24 | 12/24 | 02/25 | | -7% | | | | [Table_ReportInfo] | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6]. Core Views - The company is a leading player in the domestic automotive brake system market, actively expanding its product range and achieving steady growth in performance [6]. - The company has a strong focus on the chassis sector, advancing multiple products with robust technical barriers [7]. - The company is well-positioned to benefit from the trends of lightweight components and smart electronic control systems, with significant growth potential in international markets [9]. Summary by Sections 1. Domestic Automotive Brake Leader, Actively Expanding Product Areas - The company has been deeply engaged in the automotive brake system for nearly 20 years, becoming a domestic leader in this field [19]. - The company has a rich product matrix covering mechanical brakes, electronic control, and mechanical steering, with a high concentration of sales from major clients [20][36]. - Revenue growth has been rapid, with a CAGR of 46.29% from 2021 to 2023, and a year-on-year increase of 28.85% in Q1-Q3 2024 [23]. 2. Focus on Chassis with Multiple Products and Strong Technical Barriers - The company is a domestic leader in electronic parking brakes (EPB), with a significant market share and ongoing improvements in technology [52]. - The company has successfully launched its line control braking system (WCBS), achieving production milestones and expanding capacity [63]. - The acquisition of Zhejiang Wanda has allowed the company to enter the steering system market, enhancing business synergy [36]. 3. Leading Lightweight Business with Global Strategy Advancement - The company has established a comprehensive product matrix for lightweight components, with advanced production processes that improve quality and reduce costs [8]. - The construction of a factory in Mexico is part of the company's global strategy, aimed at localizing supply for overseas clients [8]. - The company is expected to see significant revenue growth from international markets as production capacity expands [8]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 98.54 billion, 124.21 billion, and 151.63 billion yuan, respectively, with year-on-year growth rates of 31.84%, 26.05%, and 22.08% [12]. - Net profit forecasts for the same years are 11.99 billion, 15.43 billion, and 19.46 billion yuan, with corresponding growth rates of 34.44%, 28.74%, and 26.12% [12].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [2][29]. Core Viewpoints - The basic chemical index outperformed the CSI 300 index by 0.24 percentage points, with a weekly increase of 1.43% compared to 1.19% for the CSI 300 [2][9]. - Key sub-industries showing strong performance include food and feed additives (4.67%), membrane materials (3.83%), and textile chemical products (3.55%) [2][11]. - The report highlights a stable organic silicon market with prices expected to remain high due to production cuts and strong pricing strategies from manufacturers [4]. Market Trends - The basic chemical index increased by 1.43% from February 10 to February 16, outperforming the CSI 300 index [2][9]. - The top-performing products in terms of price increase include acetone (9.17%), acrylamide (7.14%), and DMC (5.47%) [3][20]. - The report notes significant price drops for products like liquid chlorine (-14.02%) and maleic anhydride (-5.38%) [3][18]. Chemical Price Trends - The report lists the top five products with the highest weekly price increases: acetone (9.17%), acrylamide (7.14%), VA (6.67%), DMC (5.47%), and naphtha (4.88%) [3][20]. - Conversely, the top five products with the largest price decreases include liquid chlorine (-14.02%), maleic anhydride (-5.38%), and acrylonitrile (-3.78%) [3][18]. Investment Recommendations - The report suggests focusing on several key sectors: refrigerants, chemical fibers, and agricultural chemicals, with specific companies highlighted for potential investment [5][29]. - Recommended companies include Jinshi Resources, Juhua Co., and Wanhu Chemical among others [5][29].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1] Core Insights - The communication sector showed strong performance in 2024, with the CITIC Communication Index increasing by 28.84%, ranking 4th among 30 primary industries, indicating significant excess returns compared to the broader market [3][9] - The report anticipates continued benefits for the communication sector in 2025 due to a warming macroeconomic environment and ample liquidity, recommending investment in three key areas: computing power construction, 6G investments (satellite communication & IoT), and dividends from operators and equipment manufacturers [3][9] Summary by Sections Communication Industry Overview - The CITIC Communication Index outperformed the broader market in 2024, with a growth of 28.84% [9] - The report suggests focusing on computing power, satellite communication, and IoT as key investment areas for 2025 [9] Technology Mainline - The demand for computing power remains strong, with a focus on application advancements. The report highlights the impact of DeepSeek on training and inference computing power, predicting that inference demand will surpass training demand in the medium to long term [3] - Google's capital expenditure is projected to reach $75 billion in 2025, indicating potential short-term stock price fluctuations but a stable long-term outlook for the computing power industry [3] Wireless Communication Mainline - The 6G technology is progressing steadily, with the standardization timeline established, aiming for commercialization by 2030. The integration of AI and communication is expected to enhance the importance of wireless communication [4][52] - The report emphasizes the potential of satellite internet and IoT as significant sub-sectors catalyzed by 6G technology [4] Dividend Mainline - High dividends reflect investment value, with a focus on operators and large equipment manufacturers. The three major operators and ZTE Corporation are increasing their dividend payouts, indicating stable shareholder returns [4][69] - The report notes that the capital expenditures of the three major operators are increasing, with a shift towards digital transformation and AI-related investments [4][75]