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]

Macro Overview - The US stock market showed weakness during the Spring Festival trading week (January 27-31), with the Dow Jones up 0.27%, S&P 500 down 1%, and Nasdaq down 1.64%[11] - The Federal Reserve paused interest rate cuts, maintaining the federal funds rate target range at 4.25% to 4.5%, marking the first pause since the rate cut cycle began in September 2024[3] - The US dollar index rose by 0.96% to 108.516, while the offshore RMB depreciated against the dollar by 778 basis points to 7.3221[11] Trade Policy Impact - On February 1, the US implemented tariffs on imports from Canada, Mexico, and China, with a 25% additional tariff on products from Canada and Mexico, and a 10% tariff on Chinese goods[3] - The tariffs are expected to increase energy prices and inflation expectations, while weakening rate cut expectations, particularly in the absence of tax cuts and other economic countermeasures[3] Market Reactions - Nvidia's stock fell over 15%, resulting in a market capitalization loss of $55.225 billion (approximately RMB 400.47 billion), significantly impacting overall market sentiment[3] - Gold prices reached a historic high, surpassing $2800 per ounce, driven by increased risk aversion amid trade conflict concerns[3] Economic Indicators - January's manufacturing PMI was reported at 49.1%, down 1 percentage point from the previous month, indicating a contraction in manufacturing activity[12] - December's industrial enterprise profit growth rebounded to 11.0% year-on-year, compared to a decline of 7.3% in November, reflecting seasonal and policy impacts[19]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on specific sectors that may benefit from seasonal trends and consumer behavior [4]. Core Insights - The Spring Festival travel volume is expected to reach a historical high, with an estimated 9 billion trips, a 7% increase compared to 2024, indicating strong consumer demand [4]. - Traditional consumption is thriving during the Spring Festival, with significant increases in foot traffic at jewelry stores and a notable rise in online sales during the national New Year goods festival [4]. - The report highlights the potential for investment in the gold and jewelry sector, as well as local consumption sectors such as supermarkets and restaurants, due to the anticipated increase in consumer spending during the holiday season [4]. Summary by Sections Market Weekly Review - Most sectors in the consumer industry experienced a pullback in the six trading days before the Spring Festival, with textile and apparel, social services, and home appliances showing varying degrees of decline [4]. - The report notes significant stock performances, with leading gainers and losers identified across various consumer sectors [12][13]. Industry News and Key Company Announcements - The report mentions various industry developments, including the anticipated IPO of a beverage manufacturer and the performance of the beer production sector [15]. - It also discusses government initiatives to boost consumer spending through subsidies for appliance replacements, which are expected to drive sales in the home appliance sector [16][20]. - The report highlights the performance forecasts of several companies, indicating a mix of growth and challenges across different sectors, with some companies expecting significant profit increases while others anticipate losses [20][24].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The integration of basic medical insurance and commercial health insurance through a synchronized settlement platform has shown initial success in pilot provinces, enhancing claims efficiency and breaking down data barriers between insurance departments, medical institutions, and insurance companies [2][11]. - The application of AI in the pharmaceutical sector continues to advance, with notable developments such as Tempus's acquisition of Ambry Genetics for $600 million, aimed at expanding genetic cancer risk detection capabilities [2][13]. - The pharmaceutical industry remains focused on 2024 performance forecasts, with blood products showing the best performance this week, up 2.74%, while hospitals and traditional Chinese medicine sectors faced declines [2][7]. Summary by Sections Market Weekly Review - The pharmaceutical and biological index remained flat during the week of January 20-27, 2025, with blood products leading gains at 2.74%, followed by medical research outsourcing at 2% and pharmaceutical distribution at 1.15%. The hospital sector saw a decline of 0.88%, with traditional Chinese medicine and vaccines down 1.68% and 1.91%, respectively [7][10]. - Top-performing stocks included Jianyou Co. (up 12.87%), while Dali Pharmaceutical faced the largest drop at -26.34% [11]. Industry News and Key Company Announcements Important Industry Events - The synchronized settlement platform for basic medical insurance and commercial health insurance has begun operations, achieving initial results in pilot provinces, significantly improving claims efficiency [11]. Industry News - Crystal Technology partnered with JW Pharmaceutical to develop a new generation of drug synthesis laboratories using AI and robotics, aiming to enhance drug discovery efficiency [13]. - Tempus completed the acquisition of Ambry Genetics for $600 million, expanding its capabilities in genetic cancer risk detection [13]. Company Announcements - Yuyue Medical announced a strategic investment in Inogen, acquiring shares worth approximately $27.21 million [17]. - Kailai Ying projected a revenue decline of 23%-25% for 2024, primarily due to the absence of large orders from the previous year [17]. - Other companies, such as Jin Domain Medical and Zhaoyan New Drug, also reported significant projected losses for 2024 [17][19].