证券研究报告|食品饮料 [Table_Title] 2024Q4 食饮重仓比例下降，但大众品重仓 比例多数上升 [Table_ReportType] ——食品饮料行业跟踪报告[Table_ReportDate] [Table_Summary] 投资要点： 食品饮料行业增速放缓，关注终端需求回暖 强调提振消费的重要性，多措施并举扩内需 晨曦初现，转机临近 [Table_Authors] 分析师: 陈雯 电话： 02032255207 ⚫ 食饮重仓比例下行，超配比例有所回升：根据 2024Q4 基金重仓持股 数据（本文剔除港股标的），食品饮料行业重仓基金为 4020 家，环比 增加 5 家；重仓持股总市值为 3092.54 亿元，环比下降 413.97 亿元； 重仓比例为 4.56%，环比下降 0.42pcts。相较于历史水平，食饮行业当 前重仓比例低于 5 年均值（7.27%），仍有较大的上升空间。在 31 个 申万一级行业中，食饮重仓比例排名相较上季度下降一名至第三名。 24Q4 食品饮料行业重仓持股市值占重仓持股总市值的比例为 11.73%，环比-0.52pcts。行业超配比例为 5.61%，环比+0.19 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [13]. Core Insights - Shenzhen's action plan aims to accelerate the development of the AI terminal industry, targeting a scale of over 800 billion yuan by 2026, with a goal of producing over 150 million AI terminal products and launching more than 50 popular AI terminal products across various sectors [1][2]. - The plan emphasizes the importance of expanding typical application scenarios for AI terminals, with a focus on smart manufacturing, smart finance, smart cities, smart elderly care, and smart governance, aiming to create over 60 typical application scenarios [3]. - The report suggests investment opportunities in AI consumer terminal brands, typical application scenarios in governance, healthcare, and finance, and the demand for products like large model integrated machines [2][3]. Summary by Sections Industry Events - Shenzhen's Industrial and Information Technology Bureau released an action plan to promote the AI terminal industry, aiming for a scale of over 800 billion yuan by 2026 and the production of over 150 million AI terminal products [1]. Investment Highlights - The action plan sets ambitious targets for AI terminal product output and popular product launches, leveraging the advantages of open-source large models like DeepSeek to enhance AI deployment in consumer devices [2]. - The plan details the creation of typical application scenarios, enhancing the clarity of product implementation paths and accelerating commercialization [3]. - Investment recommendations include focusing on AI consumer terminal brand launches and the widespread application of AI in governance, healthcare, and finance [3].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 04 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一，A 股三大股指冲高回落。上证指数收跌 0.12%，报 3316.93 点， 深证成指涨 0.36%，创业板指涨 1.2%。两市 A 股成交额 1.62 万亿元 人民币，近 3000 股上涨。申万行业方面，有色金属行业领涨，家用 电器行业领跌；概念板块方面，ERP、固态电池概念涨幅居前。港股 方面，香港恒生指数收涨 0.28%，恒生科技指数跌 0.58%。海外方面， 美国三大股指全线收跌，道指跌 1.48%，标普 500 指数跌 1.76%，纳 指跌 2.64%。欧洲股市全线上涨，亚太股市多数上涨。 【重要新闻】 【全国政协十四届三次会议举行首场新闻发布会】2025 年 3 月 3 日 15:00 全国政协十四届三次会议新闻发布会在人民大会堂一层新闻 发布厅举行。大会新闻发言人刘结一向中外媒体介绍本次大会有关情 况并回答记者提问。刘结一在回答记者关于中国经济形势的问题时 说，2024 年的各项经济数据表明 ...

策略研究|策略月报 科技成长板块热度提升 [Table_ReportType] ——2025 年 2 月策略月报 [Table_ReportDate] [投资要点： Table_Summary] 2025 年 02 月 28 日 | 分析师: [Table_Authors] | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 020-32255208 | | 邮箱： | gonghj@wlzq.com.cn | [Table_ReportList] 相关研究 下游行业盈利改善预期提高 科技成长板块基金配置热度较高 地方两会召开，明确发展目标 证 券 研 究 报 [Table_RightTitle] [Table_Title] 告 策 略 月 报 策 略 研 究 ⚫ 2 月 A 股主要股指上涨：截至 2 月 25 日收盘，上证综指收 报 3,346.04 点，较 1 月末上涨 2.94%。分结构看，本月 A 股主要股指上涨。其中，科创 50、创业板指指数涨幅较大。 ⚫ 市场流动性有望延续改善：2 月 A 股限售解禁规模环比回 升，重要股东当月为净 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 02 月 28 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数涨跌不一，截至收盘，沪指收涨 0.23%，深成指收 跌 0.26%，创业板指收跌 0.52%。沪深两市成交额 20042.43 亿元。申 万行业方面，商贸零售、食品饮料、美容护理领涨，通信、计算机、 国防军工领跌；概念板块方面，免税店、海南自贸区、乳业概念涨幅 居前，铜缆高速连接、国资云、MLOps 概念跌幅居前。港股方面，恒 生指数收跌 0.29%，恒生科技指数收跌 1.22%；海外方面，美国三大 指数集体收跌，道指收跌 0.45%，标普 500 收跌 1.59%，纳指收跌 2.78%。 【重要新闻】 【国家金融监管总局、央行印发《银行业保险业绿色金融高质量发展 实施方案》】提出强化对钢铁等领域工艺革新和设备更新改造升级的 中长期贷款支持，加大对充电基础设施领域金融支持，因地制宜探索 支持 EOD 模式项目、区域性环保建设项目，探索开展能效信贷、绿色 信贷资产证券化和绿色供应链融资等服务 ...

证券研究报告|传媒 [Table_Title] 2 月版号发放量维持高位，IP 系列作品受到 市场关注 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 2 月 21 日国家新闻出版署公告 2 月份国产游戏版号及进口游戏版 号，共有 110 款国产游戏和 3 款进口游戏过审。 投资要点： ⚫ 2 月版号发放量维持高位，涵盖多类型产品与知名厂商。年初至今国产游 戏合计通过审批 233 款，2 月份通过审批 110 款，包括网易《灵兽大冒 险》、灵犀互娱《三国志幻想大陆 2:枭之歌》、凉屋游戏《元气骑士大 乱斗》、雷霆游戏《乱世仙统》、四三九九《天道旅人》、恺英网络《三 国特攻队》等；年初至今进口游戏合计通过审批 16 款，2 月份通过审批 3 款，分别为北京国技《决策三国》、厦门嗨哩《破门而入：行动小队》、 萌星科技《植物大战僵尸 3》。2 月份游戏版号中，IP 系列作品受到市场 关注： ⚫ 《元气骑士大乱斗》背靠现象级 IP，潜力可期。《元气骑士》作为凉屋游 戏现象级 IP，其系列作品均受到市场验证，表现不 ...

[Table_MeetReportDate] 2025 年 02 月 27 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 【重要新闻】 【金融监管总局与国家发改委召开金融资产投资公司股权投资试点 座谈会】会议强调，要深刻认识扩大金融资产投资公司股权投资试点 对于支持科技创新、服务民营企业的重要意义。通过积极推进试点工 作，吸引带动更多社会资本支持科创企业发展。会议提出，金融监管 总局将加强与国家发改委的协同配合，推动优化股权投资环境，调动 更多资金和资源支持试点。 市 场 研 究 [Table_Title] 万联晨会 周三 A 股三大指数集体收涨，截至收盘，沪指收涨 1.02%，深成指收 涨 0.93%，创业板指收涨 1.23%。沪深两市成交额 19380.4 亿元。申 万行业方面，钢铁、房地产、非银金融领涨，传媒、通信、综合涨幅 靠后；概念板块方面，特钢概念、减速器、一体化压铸涨幅居前，转 基因、玉米、ST 板块概念跌幅居前。港股方面，恒生指数收涨 3.27%， 恒生科技指数收涨 4.47%；海外方面，美国三大指数涨跌不一，道指 收跌 0.43%，标普 500 收涨 0.01%， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 02 月 26 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收跌，截至收盘，沪指收跌 0.8%，深成指收 跌 1.17%，创业板指收跌 1.13%。沪深两市成交额 18963.92 亿元。申 万行业方面，机械设备、汽车上涨，传媒、农林牧渔、非银金融领跌； 概念板块方面，华为手机、科创次新股、工业母机概念涨幅居前，转 基因、粮食概念、玉米概念跌幅居前。港股方面，恒生指数收跌 1.32%， 恒生科技指数收跌 1.57%；海外方面，美国三大指数涨跌不一，道指 收涨 0.37%，标普 500 收跌 0.47%，纳指收跌 1.35%。 【重要新闻】 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,346.04 | -0.80% | | 深证成指 | 10,854.50 | -1.17% | | 沪深 300 | 3,92 ...

Market Overview - The A-share market experienced a collective decline on Monday, with the Shanghai Composite Index falling by 0.18%, the Shenzhen Component Index down by 0.08%, and the ChiNext Index decreasing by 0.67%. The total trading volume in the Shanghai and Shenzhen markets reached 20,799.07 billion yuan [2][6] - In terms of industry performance, sectors such as construction decoration, building materials, and real estate led the gains, while communication, pharmaceutical biology, and media sectors faced declines. Concept sectors like land circulation, ecological agriculture, and grain concepts saw significant increases, whereas concepts related to AI, brain-machine interfaces, and e-sports experienced notable declines [2][6] Important News - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to enhance the role of capital markets in promoting new industrialization. He highlighted the importance of a multi-tiered capital market system and the collaboration between stock, bond, and futures markets. He also called for support for technology companies in financing and mergers and acquisitions, as well as improving the regulatory framework for listings and private equity [3][7] - DeepSeek announced the launch of "Open Source Week," introducing its first open-source codebase, Flash MLA, which is optimized for Hopper GPUs and designed for efficient decoding of variable-length sequences, currently in practical production use [3][7]

Market Overview - The A-share market saw all three major indices rise last Friday, with the Shanghai Composite Index up by 0.85%, the Shenzhen Component Index up by 1.82%, and the ChiNext Index up by 2.51%. The total trading volume in the Shanghai and Shenzhen markets reached 21,920.37 billion yuan [1][5]. - In terms of industry performance, the telecommunications, computer, and electronics sectors led the gains, while banking, textile and apparel, and coal sectors lagged behind [1][5]. - Concept sectors such as liquid cooling servers, state-owned cloud, and computing power leasing saw significant increases, while the China-South Korea Free Trade Zone, private hospitals, and community group buying concepts experienced declines [1][5]. - The Hong Kong market also performed well, with the Hang Seng Index rising by 3.99% and the Hang Seng Technology Index increasing by 6.53% [1][5]. - In contrast, the U.S. markets experienced declines, with the Dow Jones down by 1.69%, the S&P 500 down by 1.71%, and the Nasdaq down by 2.20% [1][5]. Important News - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to deepen the deployment of the "AI+" special action for central enterprises, emphasizing the need to seize the strategic window for the development of the artificial intelligence industry. The meeting called for increased funding and the establishment of a talent evaluation system that aligns with industry characteristics [2][6]. - A State Council executive meeting, chaired by Premier Li Qiang, discussed new measures to promote service trade and consumption in sectors such as telecommunications, education, culture, healthcare, and finance. The meeting also approved an action plan to improve the recycling and utilization system for new energy vehicle batteries [2][6].