耐心等待 ——证券行业周报 投资摘要： 每周一谈 中国人民银行 全国工商联 金融监管总局 中国证监会 国家外汇局联合召开金 融支持民营企业高质量发展座谈会 会议要求，要实施好适度宽松的货币政策， 发挥好结构性货币政策工具作用，强化监管引领，引导金融机构"一视同仁"对 待各类所有制企业，增加对民营和小微企业信贷投放。执行好金融支持民营经济 25 条举措，健全民营中小企业增信制度，加快出台规范供应链金融业务政策文 件。强化债券市场制度建设和产品创新，持续发挥"第二支箭"的撬动引领作用。 抓好"科创板八条""服务现代化产业体系十六条""并购六条"等政策落实落地， 支持民营企业通过资本市场发展壮大。金融机构要强化金融服务能力建设，进一 步畅通民营企业股、债、贷等多元化融资渠道，加大各类金融资源要素投入，将 民营企业金融服务做实、做深、做精。 市场回顾： 上周（2.24-2.28）沪深 300 指数的涨跌幅为-2.22%，申万二级行业指数证券行 业涨跌幅为-3.09%。板块内个股 4 家上涨， 1 家停牌，45 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：中国银河、中金公司、首创证券、西部证券、海通证券。 股 ...

行 业 研 究 国内算力资本开支有望加速 ——电子行业研究周报 投资摘要： 市场回顾 上周（2.17-2.21）申万电子行业指数上涨 6.96%，在申万 31 个行业中排名第 3，跑赢沪深 300 指数 5.96%。申万电子行业三级子行业中数字芯片设计、半 导体设备、印制电路板、半导体材料、电子化学品Ⅲ指数涨跌表现相对靠前， 分别跑赢沪深 300 指数 9.82%、9.26%、8.80%、6.69%、5.96%。 每周一谈：国内算力资本开支有望加速 AI 大模型持续迭代，或将支撑算力硬件投入信心。根据 IT 之家消息，近期 xAI 发布最新一代大模型 Grok 3，在数学推理、科学逻辑推理和代码写作等能力 表现方面，Grok-3 在多项 benchmark 测试中均取得了比 DeepSeek-v3、 GPT-4o、Gemini-2 pro 更优的成绩。Grok 3 使用了 10 万个英伟达 H100 GPU （后扩展到 20 万），累计训练时长达到 2 亿 GPU 小时，这一规模是前代产 品 Grok 2 的十倍。大规模的计算能力部署，使得 Grok 3 能够在更短时间内 处理海量数据集，同时显著提升了模型的 ...

行 业 研 究 国内算力资本开支有望加速 ——电子行业研究周报 投资摘要： 市场回顾 上周（2.17-2.21）申万电子行业指数上涨 6.96%，在申万 31 个行业中排名第 3，跑赢沪深 300 指数 5.96%。申万电子行业三级子行业中数字芯片设计、半 导体设备、印制电路板、半导体材料、电子化学品Ⅲ指数涨跌表现相对靠前， 分别跑赢沪深 300 指数 9.82%、9.26%、8.80%、6.69%、5.96%。 每周一谈：国内算力资本开支有望加速 AI 大模型持续迭代，或将支撑算力硬件投入信心。根据 IT 之家消息，近期 xAI 发布最新一代大模型 Grok 3，在数学推理、科学逻辑推理和代码写作等能力 表现方面，Grok-3 在多项 benchmark 测试中均取得了比 DeepSeek-v3、 GPT-4o、Gemini-2 pro 更优的成绩。Grok 3 使用了 10 万个英伟达 H100 GPU （后扩展到 20 万），累计训练时长达到 2 亿 GPU 小时，这一规模是前代产 品 Grok 2 的十倍。大规模的计算能力部署，使得 Grok 3 能够在更短时间内 处理海量数据集，同时显著提升了模型的 ...

行 业 研 究 仔猪均价连续两周环比下跌 标肥价差周 环比收窄 ——农林牧渔行业研究周报 投资摘要： 每周一谈： 仔猪均价连续两周环比下跌 标肥价差周环比收窄 商品猪出栏均价周环比上涨，仔猪均价周环比下跌 商品猪出栏均重和宰后均重周环比上涨，标肥价差周环比收窄 钢联样本养殖场 1 月实际出栏量月环比减少 9.06%，2 月计划出栏量月环比减 少 12.90%。根据钢联 173 家规模养殖场样本数据，2025 年 1 月实际出栏量月 环比减少 9.06%，2 月计划出栏量 1117.00 万头、月环比减少 12.90%，预计与 春节错期等因素有关。 根据 wind 截至 2 月 21 日数据，自繁自养头均养殖利润 46.84 元/头，利润较前 一周环比增加 24.72 元/头，外购仔猪头均养殖利润 27.69 元/头，利润较前一周 环比增加 31.93 元/头。 投资策略： | | | | 评级 | | | 增持 | | | --- | --- | --- | --- | --- | | | 2025 | 年 02 | 月 | 日 24 | 王伟 分析师 SAC 执业证书编号：S1660524100001 行业 ...

速推进 ——汽车行业研究周报 投资摘要： 行 业 研 究 上汽和华为开启深度合作 汽车智能化加 每周一谈：上汽和华为开启深度合作 汽车智能化加速推进 根据中国证券报消息，2 月 21 日，上汽集团股份有限公司与华为终端有限公司在 上海签署深度合作协议。双方将在产品定义、生产制造、供应链管理、销售服务 等领域展开战略合作，共同为用户带来智能化出行体验。 上汽在整车制造、零部件研发等方面有很强的实力，而华为作为全球领先的 ICT （信息与通信）基础设施和智能终端提供商，拥有智能汽车领域软、硬、芯、云 等核心技术。 此次上汽与华为开启战略合作，将进一步发挥各自优势，打造具有竞争力的智能 汽车产品，加速把汽车智能化推向新的高度。 新能源汽车上半场是电动化，下半场是智能化。前不久，比亚迪宣布"比亚迪全 系搭载高阶智驾"，智能驾驶将成为消费者购车决策时的重要考量，汽车智能化 水平将显著影响其销量。 汽车加速智能化，相关产业链企业将显著受益。 本周投资策略及重点关注： 汽车板块应关注低估值的整车和零部件龙头企业因业绩改善带来的机会，新能源 电动化和智能化的优质赛道核心标的。因此我们建议关注：在新能源领域具备先 发优势的自主 ...

Investment Rating - The industry investment rating is "Accumulate" [5] Core Insights - The average price of piglets has decreased for two consecutive weeks, while the price difference between fat pigs and standard pigs has narrowed week-on-week [1][11] - The average selling price of commodity pigs has increased by 1.17% week-on-week, reaching 14.76 yuan/kg as of February 21, 2025, but short-term price support is lacking due to post-Spring Festival demand decline [15][26] - The average price of piglets has dropped by 5.70% week-on-week, ending a six-week upward trend, with the average price for 7kg piglets at 488.57 yuan/head [15][29] - The average price of culling sows has increased by 1.56% week-on-week, reaching 10.42 yuan/kg [15][26] Summary by Sections Weekly Market Review - The average weight of commodity pigs at the time of sale has increased by 0.08% week-on-week to 123.48kg, and the average post-slaughter weight has increased by 0.24% to 91.52kg [26] - The price difference between fat pigs and standard pigs is -1.28 yuan/kg, indicating a narrowing week-on-week, with downstream slaughter volumes showing a week-on-week increase [26][29] Profitability Insights - As of February 21, 2025, the average profit for self-bred pigs is 46.84 yuan/head, an increase of 24.72 yuan/head week-on-week, while the profit for purchased piglets is 27.69 yuan/head, up by 31.93 yuan/head week-on-week [29][30] Investment Strategy - Recommendations include focusing on leading companies with breeding scale and cost advantages such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [9][31] - In the poultry sector, attention is drawn to companies with proprietary breeding sources like Shennong Development and others [31][33] - The animal health sector is also highlighted, with suggestions to invest in companies benefiting from the upward pig cycle [32][33]

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [5] Core Insights - The report highlights the recent joint press conference by the China Securities Regulatory Commission and the Supreme People's Procuratorate, focusing on strict legal measures against securities violations to promote a healthy and stable capital market [10][11] - The securities industry index underperformed the CSI 300 index last week, indicating increased stock differentiation within the sector, which may lead to heightened volatility in the future [3][25] - The report notes that nearly 90% of the 34 securities firms that have disclosed their 2024 earnings reported positive net profit growth, with four firms exceeding 10 billion yuan in net profit [30][31] Market Review - For the week of February 17-21, the CSI 300 index increased by 1%, while the securities industry index rose by 0.58%. Within the sector, 28 stocks increased, 1 remained flat, 1 was suspended, and 20 declined [2][12] - The top five performing stocks in the securities sector were Xinda Securities, Great Wall Securities, Dongxing Securities, China Galaxy, and Dongwu Securities, while the bottom five were Jinlong Shares, Guolian Minsheng, Hatou Shares, Hualin Securities, and GF Securities [13][15] Industry Fundamentals - The securities industry comprises 50 listed companies, with an average price-to-earnings (P/E) ratio of 27.45, compared to the market average P/E ratio of 12.80 [6][29] Recent Developments - The report discusses the potential impact of the transfer of shares from three national asset management companies to Central Huijin Investment, which may lead to increased consolidation among securities firms [27][28] - The report emphasizes that the tightening of regulations is crucial for maintaining investor confidence and ensuring the stability of the capital market [11][29]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - January saw a significant increase in new energy vehicle (NEV) sales, with 944,000 units sold, representing a year-on-year growth of 29.4% and a penetration rate of 38.9% [10][11] - The overall installation of power batteries in January reached 38.8 GWh, marking a year-on-year increase of 20% [11][12] - The installation of lithium iron phosphate (LFP) batteries surged to 30.2 GWh, accounting for 78% of total installations, with a year-on-year growth of 53%. In contrast, ternary battery installations decreased by 32.5% to 8.5 GWh, representing 22% of total installations [12][13] - Leading companies in the battery sector, such as CATL and BYD, maintained strong positions, with CATL's installations at 18.25 GWh (47% of total) and BYD's at 8.88 GWh (23%), showing year-on-year growth of 14% and 48% respectively [19][20] Summary by Sections 1. NEV Sales Situation - NEV sales in January 2025 reached 944,000 units, a 29.4% increase year-on-year, with a penetration rate of 38.9% [10][11] 2. Power Battery Installation Overview - Power battery installations totaled 38.8 GWh in January, reflecting a 20% year-on-year increase [11][12] 3. Different Types of Power Battery Installations - LFP battery installations were 30.2 GWh, up 53% year-on-year, while ternary battery installations fell to 8.5 GWh, down 32.5% [12][13] 4. Leading Companies' Power Battery Installation Volumes - CATL's battery installations were 18.25 GWh (47% of total), and BYD's were 8.88 GWh (23%), with respective year-on-year growth of 14% and 48% [19][20] 5. Market Performance Review - The power equipment industry experienced a weekly increase of 2.9%, ranking 6th among 31 primary industries [27][28]

Group 1: Market Overview - The five major indices tracked last week all experienced gains, with the CSI 300 Index and the Shanghai Composite Index reaching new highs for the year on February 21, indicating a strong market trend [2][20]. - The performance of major indices last week was as follows: CSI 300 increased by 1.00%, Shanghai Composite Index by 0.97%, Shenzhen Component Index by 2.25%, ChiNext Index by 2.99%, and CSI 500 by 1.84% [10][11]. Group 2: Industry Performance - Among the 31 first-level industry indices tracked, 16 saw an increase while 15 experienced a decline. The top five performing industries were telecommunications, machinery, electronics, automotive, and computers, while the bottom five were coal, media, real estate, non-ferrous metals, and oil & petrochemicals [11][12]. Group 3: Trading Data - Total trading volume last week was 698.377 billion shares, with a total transaction value of 9,569.817 billion yuan. There were 3,327 stocks that rose and 1,993 that fell [12][13]. - As of the end of last week, 73 stocks reached historical highs, while none reached historical lows. The number of stocks hitting new highs over the past 30, 60, and 120 days were 1,064, 751, and 325 respectively, while the number of stocks hitting new lows were 262, 94, and 59 respectively [14][15]. Group 4: Margin Trading Data - Margin trading data indicated that the weekly financing balance increased by approximately 32.2 billion yuan, while the weekly margin short balance increased by about 0.4 billion yuan [15].

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Viewpoints - The demand for AI computing power is expected to support the prosperity of the domestic chip industry chain, with significant growth anticipated in various application areas [2][3] - SMIC's Q4 2024 gross margin exceeded guidance, and its revenue outlook for Q1 2025 is above the industry average, indicating a positive trend for the company and the sector [2][3] - The expansion of domestic AI applications is likely to drive demand for data center computing power and smart hardware, maintaining a favorable industry outlook [3][4] Summary by Sections Market Review - The Shenwan Electronics Industry Index rose by 0.27% last week, ranking 21st among 31 industries, underperforming the CSI 300 Index by 0.92% [12][18] - For the month of February (1st to 14th), the index increased by 6.43%, ranking 4th among industries, outperforming the CSI 300 Index by 3.24% [12] - Year-to-date, the index has risen by 6.15%, ranking 6th and outperforming the CSI 300 Index by 6.05% [12] Company Performance - SMIC reported Q4 2024 sales revenue of 15.917 billion yuan, a year-on-year increase of 31.0%, with a gross margin of 22.6% [2][27] - The company expects Q1 2025 revenue growth of 6-8% and a gross margin of 19-21%, indicating a positive outlook compared to industry averages [3][31] - The capital expenditure for 2024 is projected at $7.33 billion, with a production capacity utilization rate of 85.5% in Q4 2024, up 8.7 percentage points year-on-year [2][27] Industry Dynamics - The integration of AI capabilities into consumer applications is accelerating, with major companies like Apple and Tencent adopting AI models, which is expected to boost demand for domestic computing and storage chips [4][32] - The semiconductor industry is experiencing a shift towards domestic manufacturers for high-performance chips due to previous semiconductor bans, benefiting local foundries and equipment manufacturers [3][4] - The report suggests focusing on companies within the AI supply chain and domestic electronics sectors, including Haiguang Information, ZTE, and others [4][32]