宏观 [Table_ReportDate] 2025 年 02 月 24 日 [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 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 1 月信贷表现提振风险偏好 [Table_ReportType] 宏观周报（2 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 [Table_Industry] [Table_Title] [Table_Report] 2 [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） 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 [Table_PageHeader] 2025 年 2 月 图表目录 | | | 请务必阅读文后重要声明及免责条款 市场有风险 入市需谨慎 - 2 - 1) 权益：上周市场放量上涨。市场方面，国家主席习近平召开 民营企业座谈会，会议 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it indicates a positive outlook for the TMT sector, particularly in AI applications and large model developments [3]. Core Insights - The competition among large models is intensifying, with xAI's Grok-3 showing significant performance improvements over competitors like DeepSeek-V3 in various benchmarks [3]. - The report highlights the divergence in AI development paths between China and the US, with Chinese firms focusing more on algorithm optimization under computational constraints [3]. - The scaling law remains effective, suggesting that companies with ample computational resources, like those in the US, will continue to push the boundaries of large model capabilities [3]. - There is a strong recommendation to monitor the demand for computational power in both domestic and international markets, particularly in vertical applications such as healthcare, education, and finance [3]. Market Weekly Review - The TMT sector's weekly performance showed significant gains, with telecommunications up by 8.09%, electronics by 6.96%, and computers by 3.17%, outperforming the Shanghai Composite Index which rose by 1.00% [3]. - Notable sub-sectors included communication application value-added services (up 12.24%) and digital chip design (up 10.82%) [3]. - Top-performing stocks included Longyang Electronics (up 51.78%) and Donghua Software (up 48.88%) [3]. Industry News and Key Company Announcements - xAI launched Grok-3, which reportedly outperformed DeepSeek-V3 in mathematical reasoning, scientific knowledge assessment, and coding capabilities by 33%, 27%, and 43% respectively [3]. - Major updates in AI models were noted, including Tencent's "Tengxun Yuanbao" and the introduction of new models by various companies, indicating a trend towards more robust AI capabilities [3]. - The report mentions significant recruitment activities in AI-related positions across major companies, reflecting the growing demand for AI talent [3]. AI Application Side - OpenAI's weekly active users reached 400 million as of February 20, 2025, indicating strong user engagement with AI applications [22]. - The report notes that AI-driven revenue for Baidu's intelligent cloud services has seen a nearly threefold increase year-on-year, highlighting the sector's growth potential [28]. - The global personal smart audio market is projected to reach 533 million units in 2025, up 8% from 2024, showcasing the increasing adoption of AI technologies [22]. AI Computing Side - The report emphasizes the importance of computational power in AI development, with significant investments being made by companies like Alibaba and the establishment of new data centers [28]. - The NAND Flash market is expected to improve in the second half of the year due to AI demand, indicating a positive outlook for related hardware sectors [28]. - The report also highlights the launch of new AI models and tools by various companies, which are expected to enhance the capabilities of AI applications across different industries [28].

装备制造 [Table_ReportDate] 2025 年 2 月 24 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 人形机器人智能化水平提升 [Table_ReportType]装备制造行业周报（2 月第 3 周） [Table_S 市场行情回顾 ummary] ： 本周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为+7.77%、+3.7%及+2.9%，在 31 个申万一级行业中排名 分别为第 2、4、6 位；同期沪深 300 涨跌幅为+1.00%。 行业观点： 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 请务必阅读文后重要声明及免责条款 [Table_Industry ...

大消费 [Table_ReportDate] 2025 年 2 月 24 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 [Table_ReportType] 大消费行业周报（2 月第 3 周） [Table_Summary] 行业观点： 风险提示：创新产品渗透不及预期风险、行业竞争加剧、关税 加征、宏观经济增长放缓等风险。 请务必阅读文后重要声明及免责条款 [Table_Industry] 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 DeepSeek 赋能消费品牌"数智化" [Table_Title] [Table_Report] [Table_BaseData] 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 ...

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 [Table_Title] 商业健康保险药品目录落地加速 [Table_ReportDate] 2025 年 02 月 24 日 [Table_ReportType] 医药生物行业周报（2 月第 3 周） | 一、 市场周度回顾 3 | | | --- | --- | | 二、 行业要闻及重点公司公告 4 | | | 2.1 行业重要事件 | 4 | | 2.2 行业要闻 | 4 | | 2.3 公司公告 | 5 | [Table_PageHeader] 2025 年 02 月 图表目录 | Figure 1 | 申万一级行业涨跌幅（%） | 3 | | --- | --- | --- | | Figure 2 | 医药细分三级子行业涨跌幅（%） | 3 | | Figure 3 | 医药生物行业周涨 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The TMT sector outperformed the CSI 300 index, with significant gains driven by the release of DeepSeek's models, particularly in the computer and media sub-sectors [3][4] - DeepSeek's V3 and R1 models are reshaping the competitive landscape of AI large models, potentially leading to breakthroughs in vertical application scenarios such as AI healthcare, education, and finance [3][4] - The rapid user growth of DeepSeek, reaching 22.15 million daily active users within 20 days of launch, indicates a surge in demand for inference capabilities, which is expected to drive growth in computing power requirements [3][4] Market Weekly Review - The TMT sector saw significant weekly gains, with the computer industry leading at 22.29%, followed by media at 17.43% and electronics at 6.43% [3][4] - Notable stock performances included Qingyun Technology with a 208.19% increase and Light Media with a 264.43% increase [3][4] Industry News and Key Company Announcements Important Industry Events - The report highlights several key events in the AI sector, including the launch of new models by major companies and significant user growth for DeepSeek [15][17] - The AI technology exhibition in Dubai and the AI action summit in Paris are noted as important gatherings for industry leaders [16][17] Industry News - DeepSeek's rapid user growth and the introduction of new models are expected to enhance the competitive dynamics in the AI market [17][21] - The report mentions various companies, including JD Cloud and Huawei, integrating DeepSeek's models into their services, indicating a trend towards broader adoption of AI technologies [17][21] Company Announcements - Several companies, including Kingsoft and Cloud Tianyi, are reported to be integrating DeepSeek's models into their products, showcasing the growing influence of DeepSeek in the industry [34][36] - The report also notes that DeepSeek's API services are being adopted by various cloud service providers, further expanding its market reach [34][36]

宏观 [Table_ReportDate] 2025 年 02 月 17 日 [Table_Author] 分析师：陈江月 1 月金融数据实现开门红 [Table_ReportType] 宏观周报（2 月第 2 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 执业证书：S1030520060001 电话：0755-83199599-9055 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_Report] 2 [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） 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：上周市场放量上涨。市场方面，DeepSeek 和传媒板块 热点对市场题材情绪有所带动，但在时点止盈等影响市场风格 切换较为频繁。基本面方面，1 月核心 CPI 继续小幅攀升， 同比为 0.6%，抬升至 7 个月以来最高，在政策红利持续释放 之下，耐用消费品的价格有趋稳的迹象，对消费板 ...

分析师：杨贵洲 [Table_ReportDate] 2025 年 2 月 17 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 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 装备制造 [Table_Title] "天神之眼"发布促行业发展进入快车道 [Table_ReportType]装备制造行业周报（2 月第 2 周） [Table_S 市场行情回顾 ummary] ： 春节后 8 个交易日机械设备、电力设备及汽车行业指数涨跌 幅分别为+5.29%、+4.27%及+8.20%，在 31 个申万一级行业中 排名分别为第 8、12、3 位；同期沪深 300 涨跌幅为+3.19%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table ...

大消费 [Table_ReportDate] 2025 年 2 月 17 日 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 [T分析师able_A：uthor 罗鹏 ] 证券研究报告 [Table_Title] 《哪吒 2》助力"谷子"消费热潮 [Table_ReportType] 大消费行业周报（2 月第 2 周） [Table_Summary] 行业观点： 风险提示：行业竞争加剧，终端需求疲软，宏观经济增长放缓， 重点 IP 热度波动的风险等。 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Report] [Table_BaseData] 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（ ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology index rose by 6.02% during the period from February 5 to February 14, outperforming the Wind All A index (5.3%) and the CSI 300 index (3.19%) [2][7] - The AI + healthcare sector continues to strengthen, with sequencing and large models being the strongest directions [2][7] - The introduction of the medical insurance imaging cloud index by the National Medical Insurance Bureau aims to facilitate medical data sharing, reduce redundant examinations for patients, and enhance the efficiency of medical services [2][11] - Chinese innovative pharmaceutical companies are reshaping the global pharmaceutical innovation landscape by leveraging high-quality, low-cost talent and a progressive innovation approach [2][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology index increased by 6.02%, with hospitals (14.31%), medical devices (12.54%), and medical research outsourcing (10.57%) showing strong performance [7][8] - The top three performing stocks were BGI Genomics (75.25%), Dian Diagnostics (73.59%), and Meinian Health (49.08%) [9] Industry News and Key Company Announcements - The National Medical Insurance Bureau launched the medical imaging cloud index to improve data sharing among medical institutions [11] - Anke Bio plans to invest over 200 million yuan in Weisheng Pharmaceutical, focusing on long-acting growth hormone therapies [12] - The report highlights various collaborations and approvals in the industry, including partnerships for drug development and clinical trial advancements [14][16]