Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook on the acceleration of Agent product deployment due to the MCP protocol [3]. Core Insights - The rapid promotion of the MCP (Model Context Protocol) is expected to accelerate the deployment of Agent products. This protocol, introduced by Anthropic in November 2024, aims to standardize the interaction between large language models and external applications, reducing fragmentation and interaction costs. Major players like OpenAI and Tencent have already integrated MCP into their services, indicating a significant shift in the AI landscape [3]. - The TMT sector showed varied performance in the week of April 21-25, with telecommunications leading at 1.32% growth, while media saw a slight decline of 0.11%. Notable stock performances included Shijia Photon with a 66.54% increase and Zhishang Technology at 44.76% [3][3]. - The report highlights the potential for new Agent products that could surpass existing models like "Manus," driven by the integration of MCP by leading domestic AI firms. It emphasizes the importance of monitoring the evolution of these products and the associated traffic benefits for application tool companies [3]. Weekly Market Review - The TMT sector's performance from April 21-25 showed the following changes: - Telecommunications: +1.32% - Computer: +0.99% - Electronics: +0.83% - Media: -0.11% [3]. - The top-performing sub-industries included: - Telecommunications network equipment and devices: +5.62% - Consumer electronics components and assembly: +4.06% - Telecommunications cables and accessories: +3.82% - Conversely, the worst performers were: - Analog chip design: -6.22% - Telecommunications application value-added services: -3.52% - Film and animation production: -1.77% [3]. Industry News and Key Company Announcements - Significant events in April included the launch of various MCP services by major companies like Alibaba Cloud and Tencent Cloud, which are expected to lower the development barriers for Agent products [3]. - The report notes that the AI industry is poised for growth, with predictions of substantial revenue increases for companies like OpenAI, which anticipates revenues exceeding $125 billion by 2029 [22]. - The establishment of AI-focused alliances and initiatives, such as the one in Dongguan, aims to enhance the AI industry's infrastructure and capabilities, indicating a strong commitment to AI development in the region [24].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology sector and AI medical investment opportunities [2][3]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) during the week of April 21-25, 2025 [3][8]. - The upcoming ASCO annual meeting from May 30 to June 3, 2025, is expected to showcase over 70 oral presentations and more than 10 significant studies from domestic innovative drug companies, indicating a growing competitiveness in the oncology field [3][12]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, aiming for significant advancements in competitiveness and quality management by 2027 [3][12]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16%, with notable performances in medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][8]. - Individual stock performances included significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, 2025, Kangfang Biotech announced that its drug Aniko® (pembrolizumab injection) received FDA approval for treating recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Biotech also reported that its PD-1/VEGF bispecific antibody drug Yiwosi (generic name: Yiwosi monoclonal antibody injection) received approval for a new indication in treating advanced or metastatic non-small cell lung cancer [13]. - The report highlights various companies' quarterly performance forecasts, with notable growth in revenue and profit for companies like Aier Eye Hospital and Hengrui Medicine, while others like InnoCare and Watson Bio reported declines [17][18].

装备制造 [Table_ReportDate] 2025 年 4 月 28 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 逆变器 3 月出口保持增长 [Table_ReportType]装备制造行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The rapid promotion of the MCP (Model Context Protocol) is expected to accelerate the deployment of Agent products, enhancing the AI industry development and creating opportunities for leading domestic model manufacturers [3][5]. - The TMT sector showed varied performance in the week of April 21-25, with telecommunications leading at 1.32% growth, while media experienced a slight decline of 0.11% [3][5]. - Key stocks in the electronics sector saw significant weekly gains, with Zhishang Technology rising by 44.76% and ST Yushun by 27.66% [3][5]. Weekly Market Review - The TMT sector's performance from April 21 to April 25 showed the following changes: telecommunications (1.32%), computers (0.99%), electronics (0.83%), and media (-0.11%) [3][5]. - The top-performing sub-industries included telecommunications network equipment and devices (5.62%), consumer electronics components and assembly (4.06%), and telecommunications cables and accessories (3.82%) [3][5]. - Notable individual stock performances included: - Electronics: Zhishang Technology (44.76%), ST Yushun (27.66%), and Aobi Zhongguang-UW (17.34%) - Computers: Xincheng Technology (37.25%), Jinqiao Information (19.46%), and ST Huijin (19.25%) - Media: Shiyinbao (21.10%), Xingfu Lanhai (15.12%), and Hengdian Film (14.30%) - Telecommunications: Shijia Photon (66.54%), Wuhan Fanggu (28.87%), and Xinyi Sheng (22.22%) [3][5]. Industry News and Key Company Announcements - The MCP protocol, introduced by Anthropic in November 2024, aims to standardize interactions between large language models and external applications, reducing fragmentation and interaction costs [3][5]. - Major companies like Alibaba Cloud and Tencent Cloud have launched MCP services, significantly lowering the development barriers for Agent products [3][5]. - ByteDance's Agent product "Kouzi Space" began internal testing, allowing users to create complex task flows without coding [3][5]. - Baidu's AI Developer Conference introduced the "Baidu Search Open Platform·AI Open Plan," offering billions of precise search traffic for quality AI applications [3][5].

Investment Rating - The report maintains a positive outlook on the engineering machinery sector, indicating stable growth in exports and suggesting continued investment opportunities in this area [2][3]. Core Insights - The engineering machinery sector saw a first-quarter export value of $12.92 billion, reflecting a year-on-year increase of 7.61% [2]. - In the photovoltaic sector, the prices of main materials have declined, but inverter exports in March reached $633 million, up 5.68% year-on-year, with strong demand from Europe and Asia [2]. - The humanoid robot industry is experiencing rapid development, highlighted by significant showcases at the Shanghai Auto Show, indicating a potential new growth phase for the sector [2]. Summary by Sections Engineering Machinery - The first quarter of 2025 saw stable growth in engineering machinery exports, with a total export value of $12.92 billion, a 7.61% increase year-on-year [2]. - Emerging markets such as Africa, Latin America, Southeast Asia, and the Middle East are experiencing faster growth compared to mature markets [2]. Photovoltaic Sector - The prices of photovoltaic materials have dropped significantly, while inverter exports in March totaled $633 million, marking a 5.68% increase year-on-year [2]. - European markets showed a recovery in demand, particularly in Germany, the UK, and Italy, contributing to the growth in inverter exports [2]. Humanoid Robots - The Shanghai Auto Show showcased advancements in humanoid robots, with significant improvements in functionality and design from domestic manufacturers [2]. - The report suggests focusing on high-value segments with strong technological barriers, such as components for humanoid robots [2].

大消费 [Table_ReportDate] 2025 年 4 月 28 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] IP 潮玩和宠物食品赛道延续高景气度 [Table_ReportType] 大消费行业周报（4 月第 4 周） [Table_Summary] 行业观点： 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（4/21-4/25）大消费板块表现分化。美容护理、家 ...

Investment Rating - The report indicates a strong market outlook for the IP toy and pet food sectors, suggesting a positive investment rating for these industries [2]. Core Insights - The IP toy industry is experiencing high growth, with leading brand Pop Mart reporting a revenue increase of 165%-170% year-on-year for Q1 2025, and a significant 475%-480% growth in overseas revenue [2][4]. - The pet food sector also shows robust growth, with leading brands reporting revenue increases of 21.22% and 19.2% year-on-year for 2024, and Q1 2025 revenues growing by 34.82% and 25.41% respectively [2][4]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance, with beauty care and home appliances leading with increases of +3.80% and +2.28% respectively, while food and beverage sectors saw declines [4]. - Notable stock performances included Wanchen Group (+22.23%) and Budweiser (+61.05%) leading the gains, while ST Chuntian (-21.52%) and Xingguang Co. (-31.73%) faced significant losses [4]. Industry News and Key Company Announcements - The report highlights the strong growth potential in the Chinese toy market, with projections estimating the market size to reach 168.9 billion yuan by 2024, growing at a CAGR of nearly 18% from 2017 to 2024 [2][4]. - The pet market is also expanding, with the urban pet consumption market expected to grow by 7.5% in 2024, reaching 300.2 billion yuan, and projected to hit 404.2 billion yuan by 2027 [2][4].

[Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 宏观 [Table_ReportDate] 2025 年 04 月 21 日 宏观市场整体波动性减弱 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 [Table_ReportType] 宏观周报（4 月第 3 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 5) 风险提示：基本面恢复不及预期、贸易摩擦超预期升级。 CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量上涨。市场方面，主力资金吸筹增强对 市场控盘，宽基 ETF 占沪深 300 自由流通市值比率快速抬升， 降低市场波动率，市场对基本面或在趋于钝化。关税动态方 面，中美层面，关税战有缓和预期，军工板块走弱。上周四商 务部回应是否在工作层面与美方展开沟通表示，中国商务部与 美方对口部门一直保持工作层沟通，中方的立场一直很明确， 对于美方进行经贸领域磋商持开放 ...

[Table_ReportDate] 2025 年 04 月 21 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 大模型迎来多模态及推理能力双提升 TMT 行业周报（4 月第 3 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 | 一、 | 市场周度回顾 3 | | --- | --- | | 二、 | 行业要闻及重点公司公告 5 | | | 2.1 行业重要事件 5 | | | 2.2 公司公告 9 | [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（4/14-4/18）涨跌 幅为：传媒（1.91%）、通信（0.53%）、电子（-0.64%）、计 ...