| [行业Table_Industry] : 机械 | | | --- | --- | | 日期: | shzqdatemark 2025年02月19日 | | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: | S0870523070002 | | 分析师: | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | | SAC 编号: | S0870523060007 | [Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 [Table_ReportInfo] 《关注工程机械内需回暖，多家机器人企 业进入商业交付阶段》 ——2025 年 01 月 22 日 1 月挖机销量保持正增，宇树、Figure 等机器人 厂商均有重要进展 ——机械行业周报（2025. 2.10-2025.2.14） 过去一周（2025.2.10-2025.2 ...

周观点： DeepSeek 官方发布 R1 模型 推荐设置，多款产品接入 DeepSeek R1 ——先进科技主题周报 20250210-20250216 【市场回顾】 ◆ 本周上证指数报收 3346.72 点，周涨跌幅为+1.3%；深证成指报 收 10749.46 点，周涨跌幅为+1.64%；创业板指报收 2215.3 点， 周涨跌幅为+1.88%；沪深 300 指数报收 3939.01 点，周涨跌幅为 +1.19%。中证人工智能指数报收 1430.3 点，周涨跌幅+3.91%， 板块与大盘走势一致。 【科技行业观点】 ◼ 投资建议 我们认为：硬件和软件轮动，看好 AI 硬件龙头估值修复到 30X。建议 关注以下赛道： [行业Table_Industry] : 电子 日期: shzqdatemark 2025年02月19日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -7% 1% 9% 17% 26% 34% 42% 50% 59% 02/24 05/24 07/24 09/24 12/ ...

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Views - The machinery industry is experiencing a recovery in domestic demand, particularly in the excavator segment, with January sales showing a slight year-on-year increase of 1.1% [3][4] - The report highlights the positive trend in excavator exports, which have maintained growth for six consecutive months, although the growth rate has slowed [4] - The report emphasizes the importance of fiscal policy in stabilizing the real estate sector and improving infrastructure investment, which is expected to boost demand for machinery [5] - The report notes significant advancements in humanoid robots, with companies like Yushutech and Figure AI making strides in commercialization [6][8] Summary by Sections Market Review - The machinery sector saw a slight increase of 0.01% in the week of February 10-14, 2025, ranking 24th among all primary industries [14][15] - Specific segments showed varied performance, with construction machinery up by 2.45% while general equipment and specialized equipment saw declines [15] Industry High-Frequency Data Tracking - January 2025 excavator sales reached 13,000 units, a year-on-year increase of 1.1% [19] - January 2025 loader sales were 7,920 units, also reflecting a year-on-year increase of 1.5% [20] - The report indicates that the penetration rate of electric loaders is increasing, reaching 13.71% in January [4] Automation Equipment - In January 2025, the industrial robot production was 71,000 units, showing a year-on-year increase of 70% [24] - The report notes a 37.3% year-on-year increase in the production of metal cutting machine tools in December 2024 [24] Semiconductor Equipment - Global semiconductor sales in December 2024 reached $56.97 billion, a year-on-year increase of 17.1% [32] - China's semiconductor sales for the same period were $15.53 billion, reflecting a year-on-year increase of 2.6% [32] Raw Material Prices and Exchange Rate Trends - As of February 14, 2025, LME copper was priced at $9,465 per ton, a 0.20% increase from the previous week [37] - The report also notes the latest exchange rate of USD to CNY at 7.27, a decrease of 0.32% from the previous week [37] Industry News and Announcements - Yushutech launched humanoid robots with significant advancements in algorithms, enhancing their performance in various tasks [6] - Figure AI is negotiating a new round of financing, indicating strong investor interest in humanoid robotics [45]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The mechanical equipment industry is experiencing significant advancements, particularly in humanoid robotics, driven by AI technologies and increased participation from various companies [5] - The commercialization of humanoid robots is expected to accelerate, with a notable increase in applications within industrial settings [5] - Key players in the industry include domestic companies such as Huawei, ByteDance, BYD, Xiaomi, and Ant Group, as well as international firms like Tesla and Figure AI [5] Summary by Sections Industry Overview - The mechanical equipment industry is currently witnessing a surge in interest and investment, particularly in humanoid robotics, which is seen as a promising area for growth [5] - The introduction of advanced AI models, such as Grok 3 by xAI, enhances the capabilities of humanoid robots, allowing for more complex problem-solving and broader application scenarios [4] Market Trends - The report highlights a trend of increasing commercialization of humanoid robots, with expectations for significant advancements by the end of the year [4][5] - The industry is entering a phase characterized by diverse entrants and competitive dynamics, indicating a robust growth environment [5] Investment Recommendations - Suggested companies to watch include: - Assemblies: Sanhua Intelligent Controls, Top Group - Sensors: Keli Technology - Reducers: Shuanghuan Transmission, Zhongdali De - Motors: Mingzhi Electric [6] - Specific recommendations for the Huawei robotics supply chain include companies like Tuosida, Zhaowei Electromechanical, and Hechuan Technology [6] - For the Yushu robotics supply chain, companies such as Changsheng Bearing, Obit Optical, and Lingyun Optics are highlighted [6]

Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - The report emphasizes a rotation between hardware and software, with a positive outlook on AI hardware leaders, expecting a valuation recovery to 30X. It suggests focusing on sectors benefiting from DeepSeek and domestic computing power applications [3][6] - The report highlights the expansion of DeepSeek's influence, with major companies and platforms integrating the DeepSeek R1 model, indicating a reshaping of the AI ecosystem [6][7] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3346.72 points, with a weekly increase of +1.3%. The Shenzhen Component Index closed at 10749.46 points, up +1.64%. The ChiNext Index closed at 2215.3 points, rising +1.88%. The CSI 300 Index closed at 3939.01 points, up +1.19%. The China Securities Artificial Intelligence Index closed at 1430.3 points, with a weekly increase of +3.91% [1] Technology Industry Viewpoints - The report suggests focusing on AI new consumption scenarios, benefiting from DeepSeek and the subsequent application of domestic computing power chains. Recommended companies include Hengxuan Technology, Tailin Microelectronics, Sitaiwei, and Doctor Glasses [3] Industry Dynamics - The report identifies several sectors with potential investment opportunities: 1. PCB: Benefiting from the Nvidia/domestic computing power industry chain and Apple industry chain. Recommended companies include Dongshan Precision, Pengding Holdings, Shenghong Technology, and Shiyun Circuit [7] 2. End-side ODM: Benefiting from domestic end-side AI and Xiaomi industry chain. Recommended companies include Huaqin Technology, Longqi Technology, and GoerTek [7] 3. AIDC: Benefiting from BAT's capital expenditure exceeding expectations. Recommended companies include Kehua Data, Data Port, Guanghuan New Network, and Baoxin Software [7]

证券研究报告 2025年2月19日 行业：计算机 增持（维持） 关注信创国产化和AI ● 商业化两大主线 ——● 计算机行业2025年度投资策略 分析师：吴婷婷 ● SAC编号：S0870523080001 主要观点 政策与生态共振，自主可控全面加速。国资委79号文要求2027年底前实现所有中央企业的信息化系统安可信创替 代。万亿国债重点聚焦高水平科技自立自强，有望支撑信创产业发展。据艾媒咨询测算，2023年中国信创产业规 模将达20961.9亿元，2027年有望达到37011.3亿元。外部不确定性增强，自主可控大势所趋，国产算力迎发展新 机遇，华为原生鸿蒙开启国产OS新篇章，信创国产替代加速。节奏上，党政信创持续引领，行业信创新政频出， "2+8+N"战略正在逐步推进，新一轮信创招标或已开启。 AI商业化拐点已至，Agent助力大模型落地。B端，微软、谷歌、Salesforce、百度、腾讯、字节等持续加码，推 动AI Agent商业化落地。C端，国内外Agent惊艳涌现，OpenAI发布AI代理Operator、Deep Research，智谱发布 AutoGLM和GLM-PC两大系统，覆盖移动设备和桌面端 ...

[Table_Rating] 增持（维持） [Table_Summary] [行业Table_Industry] : 汽车 日期: shzqdatemark [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 2025年02月18日 [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -7% -1% 6% 12% 19% 25% 32% 38% 45% 02/24 05/24 07/24 09/24 12/24 02/25 汽车 沪深300 ——2025 年 02 月 11 日 《2024 年新能源汽车渗透率 40.9%，多家 车企提出 2025 年销量目标》 ——2025 年 01 月 22 日 《24Q4 单季发力全年产销创新高，25 年 "以旧换新"政策延续看好汽车市场》 ——2025 年 01 月 15 日 比亚迪发布全民智驾战略，"全国低空交 通一张网"项目正式启动 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2025年02月17日 -20% -14% -9% -3% 2% 8% 14% 19% 25% 02/24 05/24 07/24 09/24 12/24 02/25 建筑材料 沪深300 [Table_ReportInfo] 相关报告： 《节后首周开复工同比偏缓，关注半导体 项目密集开工》 ——2025 年 02 月 10 日 《水泥收并购加速，关注龙头份额提升》 ——2025 年 02 月 05 日 《2024 年地产延续调整，新材料关注电子 材料龙头业绩释放》 ——2025 年 01 月 21 日 开复工关注元宵后集中修复，AI 应用加 速半导体材料机会 ——建筑材料&新材料行业周报（20250210-20250214） 光伏玻璃：过去一周（2.10-2.14），供给端方面，2 月 14 日开工率 68.12%，环比持平。 玻纤：过去一周（2.10-2.14）玻纤缠绕直接纱 2400tex 价格持平。 碳纤维：过去一周（2.10-2 ...

DeepSeek 本地化部署持续扩容，端侧 AI 加速落地 ——计算机行业周报（2025.2.10—2025.2.14） 过去一周（2.10-2.14）上证综指上涨 1.30%，创业板指上涨 1.88%， 沪深 300 指数上涨 1.19%，计算机（申万）指数上涨 7.77%，跑赢上 证综指 6.47 个百分点，跑赢创业板指 5.89 个百分点，跑赢沪深 300 指 数 6.58 个百分点，位列全行业第 2 名。 ◼ 周观点 各行各业正加速推进 DeepSeek 本地化部署。自 1 月 20 日发布以来， DeepSeek-R1 模 型 迅 速 风 靡 全 网 ，QuestMobile 数 据 显 示 ， DeepSeek 在 2 月 1 日突破 3000 万大关，成为史上最快达成这一里程 碑的应用。国内外多家企业纷纷宣布接入 DeepSeek，根据正和岛公 众号，据不完全统计，目前已有超过 200 家头部企业完成 DeepSeek 技术接口的集成部署。金融行业方面，银行、券商、基金、保险均在 加速部署 DeepSeek。截止 2 月 12 日，已有近二十家券商完成了 DeepSeek 模型的本地化部署，De ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年02月17日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 市场行情回顾 过去一周（02.10-02.14），SW 电子指数上涨 0.27%，板块整体跑输沪 深 300 指数 0.92 个百分点，从六大子板块来看，元件、消费电子、光 学光电子、半导体、其他电子Ⅱ、电子化学品Ⅱ涨跌幅分别为 2.12%、0.49%、0.35%、-0.06%、-0.25%、-1.56%。 核心观点 中芯国际 24Q4 收入再创新高，展望 25Q1 淡季不淡。2025 年 2 月 11 日晚，中国大陆晶圆代工龙头厂中芯国际发布 2024 年第四季度财报， 销售收入再创新高达 22.07 亿美元，环比增长 1.7%，毛利率为 22.6%，环比上升 2.1 个百分点，全年收入首次突破 80 亿美元大关， 进一步巩固了全球第二大纯晶圆代工厂地位。中芯国际第四季度按应 用分类，收入占比分别为：智能手机 24.2%、计 ...