行 业 研 究 我们认为国产代工和先进制程龙头的展望反映行业景气预期，公司产能扩张可 逐步释放为公司业绩，在设备自主可控背景下、持续的资本开支对国产设备需 求形成支撑。从下游场景看，国内 AI 应用的扩大有望传导到数据中心算力需 求和智能端侧硬件领域，带动国产芯片产业链维持较好景气水平。此前半导体 禁令将促使 AI 相关 GPU、HBM 等高性能芯片代工向国内厂商转移，加快国 内龙头代工企业先进工艺迭代和设备更新，利好国产设备和先进封装等环节。 用户庞大的应用和智能终端接入大模型或加速 AI 普及。根据 IT 之家消息，近 日微信、腾讯元宝、ima 等多款产品接入 DeepSeek-R1 模型，苹果公司与阿 里巴巴合作为国行版的 iPhone 开发 AI 功能，用户庞大的应用和智能终端接入 大模型或加速 AI 应用普及。此外，DeepSeek 等模型的本地部署或将带动应 用环节的算力投资、AIPC 等换机，建议关注 AI 需求对国产算力、存储芯片、 端侧 SoC 的带动以及对晶圆代工和国产设备、封装等制造环节的传导。 AI 算力需求或支撑国产芯片产业链景气 提升 ——电子行业研究周报 投资摘要： 市场回顾 上 ...

行 业 研 究 提振消费政策预期有望带动板块行情 ——食品饮料行业研究周报 投资摘要： 每周一谈：提振消费政策预期有望带动板块行情 提振消费政策预期有望带动食品饮料板块行情企稳回升。根据中国政府网消 息，近期国常会研究提振消费有关工作，会议提出要切实转变观念，把提振消 费摆到更加突出位置。我们认为后续宏观增量政策空间或主要在于促消费领 域，食品饮料各子行业需求改善可期。同时，宏观经济指标中社零和 CPI 等 有望提振，或将带动消费板块投资情绪回升。春节白酒销售工作顺利度过，白 酒企业重点工作阶段性转向控货挺价。根据酒业家媒体近期在河南、山东、湖 北等多地调研，终端烟酒店在春节期间的整体动销同比下滑超 10%，但具体 聚焦白酒业务，在渠道普遍较为消极的情绪下，酒类销售超预期，销量较 2024 年中秋国庆有较好增长，其中大众价格带白酒表现突出。根据酒业家消息，五 粮液、今世缘、洋河、珍酒等部分酒企核心大单品在春节前后相继宣布停货、 控货，控货动作已传导至出货和价格端，五粮液普五、洋河 M6+等产品动销 加速、出货量走高、批价出现上涨。 分场景看，宴席场景在 2025 年的回补有望带动各价位带全国化代表品牌、地 产 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Views - 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% from February 10 to February 14, ranking 21st among 31 industries, underperforming the CSI 300 Index by 0.92% [12][18] - For the month of February 1 to February 14, the index increased by 6.43%, ranking 4th among 31 industries, outperforming the CSI 300 Index by 3.24% [12] - Year-to-date, the index has risen by 6.15%, ranking 6th among 31 industries, and has outperformed the CSI 300 Index by 6.05% [12] Company Insights - 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 monthly capacity of 948,000 8-inch wafers by year-end [2][27] Industry Dynamics - The integration of AI capabilities into consumer electronics is accelerating, with major applications like WeChat and iPhone collaborating with AI models [4][32] - The report suggests focusing on AI-driven demand and domestic substitution logic within the AI industry chain and related consumer electronics [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 advanced packaging sectors [3][4]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [5] Core Insights - Expectations for policies to boost consumption are likely to stabilize and rebound the food and beverage sector. The government has emphasized the importance of consumption, which is expected to improve demand across various sub-sectors [18][29] - The white wine sector has seen a successful sales period during the Spring Festival, with companies focusing on inventory control and price stabilization. Despite a general decline in sales for other alcoholic beverages, white wine sales have exceeded expectations [18][29] - The beer and other sub-sectors are under performance pressure, but there are opportunities for short-term recovery and future earnings elasticity due to macroeconomic policy support [28][29] Summary by Sections Market Review - The food and beverage index rose by 2.34% in the week of February 10-14, outperforming the CSI 300 index by 1.15%. However, it has declined by 4.75% year-to-date, ranking 29th among 31 sectors [9][15] Investment Strategy - Recommendations include focusing on white wine investment opportunities based on scene adaptation, regional optimization, and dividend rate enhancement. Specific companies to watch include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [29] - For beer, companies like Yanjing Beer are suggested due to potential market growth and cost reduction benefits. The report also highlights resilient condiment companies such as Haitian Flavoring and Angel Yeast [29] - Attention is drawn to snack food companies like Youyi Food and Three Squirrels, as well as beverage companies like Dongpeng Beverage for their growth potential [29] Industry Dynamics - The report notes that the white wine industry is still facing price and inventory pressures, with leading manufacturers implementing inventory control measures to adjust growth rates. The banquet scene is expected to recover in 2025, benefiting various price segments [22][30] - The report also discusses the performance of major brands and their strategies for maintaining market order and enhancing brand influence [30][32]

投资摘要： 每周一谈：全固态电池加速攻关 产业化前景渐明 据新华网消息，近日，第二届中国全固态电池创新发展高峰论坛在北京举行。会 议期间，8 位院士，6 家行业组织、60 多位专家学者以及 200 余家整车、电池、 材料企业，多家研究机构，以及多个地方政府代表，共同聚焦材料科学、新工艺 新装备及产业前沿进展，探讨全固态电池创新突破及挑战。 全国政协常委、经济委员会副主任，工业和信息化部原部长苗圩表示：固态电池 产业化仍需解决技术、工艺和成本的问题。从当前全球固态电池研发进展来看， 量产技术工艺有待成熟，2027 年前后实现小批量生产。 欧阳明高院士提出：当前要聚焦以硫化物电解质为主体电解质匹配高镍三元正极 和硅碳负极的技术路线，以比能量 400 瓦时/公斤、循环寿命 1000 次以上为性能 目标，确保 2027 年实现轿车小批量装车，2030 年实现规模量产。 一汽集团首席科学家王德平表示：全固态电池经过近几年的发展，已突破关键技 术，现阶段正处于原型样机阶段。能量密度达 400Wh/kg 的全固态电池，预计在 未来两至三年，有望实现小批量装车应用。 全固态电池加速攻关 产业化前景渐明 ——电力设备行业研究周 ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [4]. Core Insights - The all-solid-state battery technology is accelerating towards commercialization, with significant discussions at the recent summit involving experts and industry leaders [1][6]. - The industry is focusing on overcoming technical, process, and cost challenges to achieve mass production, with small-scale production expected around 2027 and large-scale production by 2030 [1][7]. - The all-solid-state battery offers advantages over traditional lithium-ion batteries, including higher safety, energy density, and flexible design, indicating a promising future for this technology [2][7]. Summary by Sections Weekly Discussion - The second China All-Solid-State Battery Innovation Development Summit highlighted advancements and challenges in the field, with key figures emphasizing the need for improved production techniques [1][6]. - The target performance for the all-solid-state battery includes an energy density of 400 Wh/kg and a cycle life of over 1000 times, aiming for small-scale automotive applications by 2027 [1][6]. Market Review - The electric power equipment industry experienced a weekly change of 0.08%, ranking 25th among 31 primary industries, underperforming compared to the Shanghai Composite Index and other major indices [3][8]. - Specific segments within the industry showed varied performance, with electric motors and photovoltaic equipment experiencing declines, while other power equipment segments saw gains [3][8]. Price Changes of Lithium-Ion Batteries and Key Materials - The report includes insights into the price trends of lithium-ion batteries and critical materials, although specific data points are not detailed in the provided content [20].

估值或重构 ——证券行业周报 投资摘要： 每周一谈 2025 年 2 月上旬流通领域重要生产资料市场价格变动情况 据对全国流通领域 9 大类 50 种重要生产资料市场价格的监测显示，2025 年 2 月上旬与 1 月下旬相 比，21 种产品价格上涨，20 种下降，9 种持平。 市场回顾： 上周（2.10-2.14）沪深 300 指数的涨跌幅为 1.19%，申万二级行业指数证券行 业涨跌幅为 0.72%。板块内个股 40 家上涨，1 家平盘，1 家停牌，8 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：天风证券、锦龙股份、财通证券、华泰证券、东北证券。 股价涨跌幅后五名为：南京证券、国泰君安、东兴证券、东方财富、中原证券。 本周投资策略： 上周证券行业指数涨跌幅落后于沪深 300 指数，行业内个股多数上涨，板块弹性 明显收缩，显示市场更多的动力可能是来自于概念股的活跃或者是局部的看好。 随着进入年报及一季报的披露期，市场或会重新构建证券公司的估值。 风险提示：政策风险、市场波动风险。 评级 增持（维持） 1、《证券行业周报：活跃中或孕育着调 整》2025-02-12 2、《证券行业周报：关注估值与业绩的 ...

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [5] Core Insights - The securities industry index underperformed the CSI 300 index last week, indicating a potential shift in market dynamics driven by concept stocks and localized optimism [3][22] - The upcoming annual and quarterly report disclosures may lead to a reevaluation of securities companies' valuations [3][22] - The average price-to-earnings (P/E) ratio for the industry is 27.29, significantly higher than the market average of 12.74, suggesting potential overvaluation concerns [6] Market Review - During the week of February 10-14, the CSI 300 index increased by 1.19%, while the securities industry index rose by 0.72% [2][11] - Out of 50 stocks in the sector, 40 experienced price increases, 1 remained flat, and 8 saw declines [11] - The top five performing stocks were Tianfeng Securities, Jinlong Co., Caitong Securities, Huatai Securities, and Northeast Securities, while the bottom five were Nanjing Securities, Guotai Junan, Dongxing Securities, Dongfang Fortune, and Zhongyuan Securities [12][13] Weekly Investment Strategy - The report suggests that the market's momentum may be shifting towards concept stocks, with a notable contraction in the sector's elasticity [3][22] - The report emphasizes the importance of monitoring the alignment between valuations and performance as the earnings season progresses [3][22] Industry Developments - The DeepSeek concept is gaining traction in the securities industry, with multiple firms announcing successful local deployments of the DeepSeek-R1 model, enhancing their digital transformation efforts [26][27] - AI-driven wealth management is reshaping the industry, with firms focusing on technology integration to improve service delivery and client engagement [28][29]

Investment Rating - The report suggests a focus on undervalued leading companies in the automotive sector due to performance improvement opportunities, particularly in the new energy and intelligent vehicle segments [3][13]. Core Insights - BYD has launched its "Universal Intelligent Driving" strategy, introducing the "Tian Shen Zhi Yan" technology matrix, which will equip all its models with advanced driving technologies, making high-level intelligent driving accessible to a wider audience [1][9]. - BYD has sold over 4.4 million vehicles equipped with L2 and above driving assistance, establishing the largest vehicle cloud database in China, and has a significant R&D team of over 110,000 engineers, including more than 5,000 dedicated to intelligent driving [2][11]. - The report emphasizes the automotive industry's recovery, driven by economic normalization and supportive policies, with expectations for continued growth in production and sales [13][17]. Summary by Sections 1. Intelligent Driving Strategy - BYD's "Tian Shen Zhi Yan" includes three technology solutions: A (DiPilot 600), B (DiPilot 300), and C (DiPilot 100), with the C version being available in 21 models priced between 70,000 to 200,000 [1][9]. - The C version features advanced perception hardware and algorithms, covering essential user scenarios [1][9]. 2. Investment Strategy and Focus - The report recommends focusing on leading companies in the new energy sector, such as BYD, Li Auto, and Changan Automobile, as well as stable, undervalued component manufacturers like Huayu Automotive and Fuyao Glass [3][13][17]. - A specific investment focus includes a balanced portfolio with equal weight on BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [14][15]. 3. Market Performance - The automotive sector's weekly performance was a gain of 1.19%, ranking third among 31 sectors, with the overall market indices showing similar trends [16][19]. - The report highlights the performance of various automotive sub-sectors, noting significant movements in passenger vehicles and automotive services [16][23]. 4. Component Prices - The report includes insights on the prices of key automotive materials, such as battery prices, hot-rolled coil, aluminum, and rubber, which are critical for the industry [25][27][30].

比亚迪全系搭载高阶智驾 加速高阶智驾 普及 ——汽车行业研究周报 每周一谈：比亚迪全系搭载高阶智驾 加速高阶智驾普及 2 月 10 日，比亚迪举办智能化战略发布会，重磅发布全民智驾战略。根据比亚迪 消息，在整车智能战略下，比亚迪将构建起天神之眼技术矩阵，其全系车型将搭 载高阶智驾技术，其中天神之眼 C 首批上市 21 款车型，覆盖 7 万级到 20 万级， 让高阶智驾人人可享，引领汽车行业智能化变革。 比亚迪天神之眼共包含三套技术方案：天神之眼 A - 高阶智驾三激光版（DiPilot 600）、天神之眼 B - 高阶智驾激光版（DiPilot 300）、天神之眼 C - 高阶智驾 三目版（DiPilot 100）。天神之眼 A 主要应用在仰望，天神之眼 B 主要应用在腾 势及比亚迪品牌，天神之眼 C 则搭载在比亚迪品牌。 其中，配备前视三目 5R12V 感知硬件及端到端控制算法的天神之眼 C，实现架 构、传感器、算法、数据四大领先，覆盖用户刚需使用场景。 比亚迪拥有巨大的数据优势，目前累计销售超过 440 万台搭载 L2 及以上驾驶辅 助的车辆，构建起中国最大的车云数据库；同时，比亚迪还拥有全球最大的研发 ...