[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 [Table_ReportDate] 2025 年 2 月 17 日 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 [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 [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（ ...

证券研究报告 [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 医药生物 [Table_Title] 影像云索引打通医疗数据共享 [Table_ReportDate] 2025 年 02 月 17 日 [Table_ReportType] 医药生物行业周报（2 月第 2 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_BaseData] 1) 周度市场回顾。本周（含 8 个交易日，2 月 5 日-2 月 14 日）医药生物指数收涨 6.02%，跑赢 Wind 全 A（5.3%） 和沪深 300（3.19%）。整体来看，AI+医药方向持续走 强，测序和大模型为最强方向。从板块来看，医院 （14.31%）、医疗设备（12.54%）和医疗研发外包 （10.57%）走势较为强势，中药（2.65%） ...

[Table_ReportDate] 2025 年 02 月 17 日 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] DeepSeek 引领国内推理侧行情 TMT 行业周报（2 月第 2 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_ReportType] [Table_BaseData] 1) 周 度 市 场 回 顾 。 TMT 板 块 内 一 级 行 业 周 涨 跌 幅 （ 2025.02.05-2025.02.14 ， 下 同 ） 为 ： 计算机 （22.29%）、传媒（17.43%）、电子（6.43%）、通信 （6.13%），受益于春节期间 DeepSeek 相关催化，TMT 板块整体跑赢沪深 300（3.19%）。TMT 板块内涨幅靠前 的三级 ...

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].

Investment Rating - The report suggests focusing on the domestic AI industry chain, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The TMT sector has shown strong performance, with the overall weekly increase of the TMT sector outperforming the Shanghai and Shenzhen 300 index [3]. - DeepSeek's R1 model has been released, demonstrating competitive performance compared to OpenAI's models, and significantly lower API pricing, which is expected to enhance cost efficiency for applications [3][18]. - The surge in user demand for DeepSeek's services is anticipated to drive domestic computing power needs, suggesting potential investment opportunities in semiconductor foundries, cloud service providers, and related sectors [3][24]. Weekly Market Review - The TMT sector's weekly performance from January 20 to January 27, 2025, showed a rise in the computer sector by 2.43%, media by 2.03%, and communication by 1.06%, while electronics saw a slight decline of 0.18% [3]. - Notable sub-sectors with significant gains included horizontal general software (8.72%), educational publishing (6.93%), and communication terminals and accessories (5.06%) [3]. - Top-performing stocks included Han's Information (61.37%), PuLian Software (58.99%), and CaiXun Co. (44.45%) in the computer sector [3][13]. Industry News and Key Company Announcements - DeepSeek's R1 model was launched on January 20, 2025, showcasing its capabilities in various tasks and offering significantly lower API pricing compared to competitors [18]. - The demand for DeepSeek's services has led to a spike in server usage, indicating a growing need for domestic computing power solutions [3][24]. - Major cloud service providers, including Huawei Cloud and Tencent Cloud, have integrated DeepSeek's R1 model into their offerings, enhancing accessibility for developers [22][24]. AI Model Developments - DeepSeek's R1 model has been noted for its performance in mathematical, coding, and natural language tasks, with a pricing structure that is 27-55 times lower than OpenAI's offerings [18]. - The introduction of new multi-modal frameworks by DeepSeek, such as Janus-Pro, has further positioned the company as a competitive player in the AI space [18]. - The report highlights the trend of decreasing API/token prices, which is expected to accelerate the diversification of AI applications [24].

[Table_ReportDate] 2025 年 2 月 5 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 装备制造 [Table_Title] 机器人亮相春晚促行业发展进入快车道 [Table_ReportType]装备制造行业周报（2 月第 1 周） [Table_S 市场行情回顾 ummary] ： 春节前最后 6 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+0.02%、-0.74%及+0.7%，在 31 个申万一级行业 中排名分别为第 12、21、7 位；同期沪深 300 涨跌幅为+0.12%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table ...