Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [10]. Core Insights - The release of the GO-1 model marks a significant advancement in embodied intelligence, transitioning from single-task capabilities to generalization, thus elevating the field to a new level [2]. - The GO-1 model utilizes the Vision-Language-Latent-Action (ViLLA) architecture, which integrates multi-modal large models and mixed expert models, addressing the gap between image-text input and robotic action execution [2]. - The model's revolutionary learning ability allows it to adapt quickly to various environments and tasks, enhancing its applicability across different scenarios [2]. - Despite challenges in execution complexity and scene adaptability, the GO-1 is positioned to drive humanoid robots towards AGI (Artificial General Intelligence), facilitating their adoption in domestic and industrial sectors [2]. Summary by Sections Product Lines - The company has three main product lines: Expedition, Genie, and Lingxi, with steady production progress. Expedition focuses on bipedal robots for commercial applications, Genie targets multi-task wheeled robots for open environments, and Lingxi is designed for home use [4]. - The manufacturing facility in Shanghai's free trade zone is set to commence production in October 2024, with plans for a second factory to produce approximately 10,000 humanoid robots annually [4]. Market Outlook - The humanoid robot industry is expected to experience a dual drive of "technological breakthroughs and mass production" by 2025, with the GO-1 model's open-source ecosystem injecting new momentum into the sector [4]. - Continuous policy support is anticipated to enhance the competitiveness and self-sufficiency of the supply chain within the humanoid robot industry [4].

Core Insights - The report indicates that consumption remains the primary driving force for economic development, with policies aimed at enhancing consumer confidence and spending capacity [10][12] - The government plans to implement a "Special Action Plan to Boost Consumption," focusing on improving consumption capacity, increasing quality supply, and enhancing the consumption environment [10][12] Market Review - On Monday, the A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.19% at 3,366.16 points, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.25% [2][7] - The total trading volume in the A-share market reached 1.51 trillion RMB, with over 3,000 stocks rising [2][7] - In the industry sector, coal and non-ferrous metals led the gains, while the computer and media sectors saw declines [2][7] - The Hong Kong Hang Seng Index fell by 1.85%, and the Hang Seng Technology Index dropped by 2.52% [2][7] - Internationally, all three major U.S. stock indices declined, with the Dow Jones down 2.08%, the S&P 500 down 2.70%, and the Nasdaq down 4.00% [2][7] Important News - The Guangdong Provincial Government issued policies to promote innovation in the artificial intelligence and robotics industries, focusing on key technology breakthroughs, nurturing quality enterprises, and enhancing application scenarios [3][8] - The China Academy of Information and Communications Technology has initiated the compilation of technical standards for multimodal intelligent agents to accelerate their industrial application [3][8] Investment Highlights - The consumption policy will focus on two main areas: enhancing the "trade-in" policy and improving service quality [10][12] - The subsidy for the trade-in policy will increase from 150 billion RMB to 300 billion RMB, expanding the categories eligible for subsidies [10][12] - The report suggests that the food and beverage sector, particularly the liquor industry, will face increased tax burdens but may benefit from a shift towards direct sales to mitigate tax pressures [12] - The report highlights the potential growth in the social services sector, particularly in tourism and hospitality, driven by improved vacation policies and the expansion of the inbound tourism market [12]

Investment Rating - The industry investment rating is "Outperform the Market" with an expected relative increase of over 10% in the industry index compared to the market over the next six months [12]. Core Insights - Consumption is recognized as the primary driving force for economic development, with the government emphasizing the continuation and enhancement of consumption policies from the previous year [2]. - The government plans to implement a "Special Action Plan to Boost Consumption," focusing on enhancing consumer capacity, increasing quality supply, and improving the consumption environment to stimulate domestic demand [2][3]. - The policy will particularly target two areas: expanding the "trade-in" policy and enhancing service quality, with a significant increase in subsidy funds from 150 billion to 300 billion yuan [3]. Summary by Sections Consumption Policy Focus - The government aims to address insufficient effective demand for goods and inadequate quality supply for services through enhanced policies [3]. - The subsidy categories for the trade-in policy will expand from 8+N to 12+N, directly stimulating consumer purchasing desire [3]. Service Sector Expansion - The policy will promote the opening of sectors such as telecommunications, healthcare, and education, while also supporting inbound tourism development [3]. - Continued support for service sectors like elderly care, childcare, and cultural tourism is expected, with 18 policy documents already issued last year [3]. Investment Recommendations - In the goods consumption sector, the trade-in policy is anticipated to stimulate consumer purchasing and promote industry growth [3]. - In the service consumption sector, opening up will attract foreign quality consumption power, while internal relaxation will encourage diverse service supply [3]. - Key sectors to focus on include: 1. Food and Beverage: The liquor industry is expected to face increased tax burdens but high-end brands may show resilience [9]. 2. Social Services: The tourism and hospitality sectors are expected to benefit from improved vacation policies and inbound consumption [9]. 3. Retail: The gold market is projected to benefit from increased demand as a safe-haven asset [9]. 4. Light Industry Manufacturing: The home appliance sector is expected to see demand growth due to supportive policies [9].

【重要新闻】 【中国自三月二十日起对原产于加拿大的部分进口商品加征关税】3 月 8 日，国务院关税税则委员会发布公告，根据《中华人民共和国关 税法》《中华人民共和国海关法》《中华人民共和国对外贸易法》等法 律法规和国际法基本原则，经国务院批准，国务院关税税则委员会发 布公告，自 2025 年 3 月 20 日起，对原产于加拿大的菜子油、油渣 饼、豌豆加征 100%关税；对原产于加拿大的水产品、猪肉加征 25%关 税。 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 10 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五，A 股三大股指集体回调，上证指数收跌 0.25%报 3372.55 点， 深证成指跌 0.5%，创业板指跌 1.31%。两市 A 股成交额 1.82 万亿元 人民币，超 3400 股下跌。申万行业方面，有色金属、国防军工行业 领涨，通信、房地产行业领跌；概念板块方面，金属锌概念上涨，租 售同权概念跌幅居前。港股方面，香港恒生指数收跌 0.57%；恒生科 技指数跌 0.52%。海外方面，美 ...

证券研究报告|计算机 [Table_Title] 全球首款通用 AI Agent Manus 发布，关注 AI 应用的加速落地 [Table_ReportType] ——计算机行业快评报告[Table_ReportDate] [事件Table_Summary] ： 2025 年 3 月 6 日，中国的 AI 创业公司 Monica 发布了全球第一款通用 AI Agent 产品 Manus。 投资要点： 中国创业公司 Monica 发布全球首款通用 AI Agent Manus，具备 5 方面 主要优势和特点。中国 AI 创业公司 Monica 发布了其产品 Manus，根据 官方介绍，Manus 是一个通用的 AI Agent，可以连接思想和行动，它不 仅会思考，还会提供结果。相比其他 AI 产品，Manus 的主要优势和特 点主要包括 5 个方面：1）自主执行能力：Manus 能够在云端独立完成 任务，无需人工干预，直接交付完整的任务成果；2）多智能体系统： 由多种模型支持，具备强大的工具调用能力，可灵活编写代码、智能浏 览网页和操作各类应用；3）持续学习与记忆：Manus 具备记忆功能， 能够根据历史数据 ...

证券研究报告|计算机 [Table_Title] 全球首款通用 AI Agent Manus 发布，关注 AI 应用的加速落地 [Table_ReportType] ——计算机行业快评报告[Table_ReportDate] [事件Table_Summary] ： 2025 年 3 月 6 日，中国的 AI 创业公司 Monica 发布了全球第一款通用 AI Agent 产品 Manus。 投资要点： 中国创业公司 Monica 发布全球首款通用 AI Agent Manus，具备 5 方面 主要优势和特点。中国 AI 创业公司 Monica 发布了其产品 Manus，根据 官方介绍，Manus 是一个通用的 AI Agent，可以连接思想和行动，它不 仅会思考，还会提供结果。相比其他 AI 产品，Manus 的主要优势和特 点主要包括 5 个方面：1）自主执行能力：Manus 能够在云端独立完成 任务，无需人工干预，直接交付完整的任务成果；2）多智能体系统： 由多种模型支持，具备强大的工具调用能力，可灵活编写代码、智能浏 览网页和操作各类应用；3）持续学习与记忆：Manus 具备记忆功能， 能够根据历史数据 ...

市 场 研 究 研报精选 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 07 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四，A 股三大指数全线上涨，上证指数收涨 1.17%，报 3381.1 点， 深证成指涨 1.77%，创业板指涨 2.02%。两市 A 股成交额约 1.91 万亿 元人民币，超 4200 股上涨。申万行业方面，计算机、传媒行业领涨； 概念板块方面，ERP、智谱 AI、AI 智能体概念涨幅居前。港股方面， 恒生指数收涨 3.29%，报 24369.71 点，恒生科技指数涨 5.4%。美国 三大股指全线收跌，道指跌 0.99%，标普 500 指数跌 1.78%，纳指跌 2.61%。欧洲及亚太股市多数上涨。 【重要新闻】 【十四届全国人大三次会议经济主题记者会召开】十四届全国人大三 次会议于 2025 年 3 月 6 日（星期四）下午 3 时，在梅地亚中心新闻 发布厅举行记者会，邀请国家发展和改革委员会主任郑栅洁、财政部 部长蓝佛安、商务部部长王文涛、中国人民银行行长潘功胜、中国证 券监督管理委员会主席 ...

[Table_ReportType] ——传媒行业月报[Table_ReportDate] [投资要点： Table_Summary] ⚫ 新游情况：2025 年 2 月份共 4 款新重点手游上线。4 款上线的重 点新游分别是恺英网络发行的《彩虹橙》（2 月 14 日上线）、中手 游发行的《仙剑世界》（2 月 19 日上线）、盛趣游戏发行的《龙之 谷世界》（2 月 20 日上线）及儒意景秀发行的《荒野国度》（2 月 27 日上线）。 证券研究报告|传媒 [Table_Title] 2 月四款重点新游上线，《龙之谷世界》IP 市场价值凸显 [Table_IndustryRank] 游戏运营情况：《龙之谷世界》成功移植手游，IP 市场价值凸显。 《龙之谷》作为国内动作端游的标杆级 IP，凭借无锁定战斗系统、 流畅打击感以及独特副本机制，在端游市场积累了大量忠实用户， 为后续端游转手游奠定了坚实的用户基础。《龙之谷世界》在移动 端的复刻策略精准聚焦核心玩家需求，通过高度还原端游体验，强 化 IP 情怀共鸣，成功吸引端游存量用户下载，并拉动弃坑玩家回流， 并借助手游平台扩大用户渗透，表现较为突出，IP 价值凸显，2 ...

证券研究报告|交通运输 [Table_Title] 政府工作报告再次提及低空经济，低空经济 有望加速落地 [Table_ReportType] ——低空经济快评报告[Table_ReportDate] [行业核心观点： Table_Summary] 低空经济涉及产业链较长，产业综合带动能力较强，低空经 济是具有较强发展潜力的新兴产业。其产业链涉及高端制造 业、通信等多个行业，应用端广泛涵盖智慧城市、文旅观 光、科技农业等新业态，低空经济是典型的资金、技术与高 端人才密集型产业，产业规模空间广阔。从航空器制造、低 空运营服务到低空基础设施建设，蕴藏着较大的市场潜力待 激发。2024 年及 2025 年两次政府工作报告提及低空经济， 体现了政策端的大力扶持，但预计短期内较难在收入端体 现，建议关注相关事件驱动带来的板块机会，短期建议关注 低空基础设施建设领域相关标的。 事件：2025 年 3 月 5 日，政府工作报告中提到"培育壮大新兴 产业、未来产业。深入推进战略性新兴产业融合集群发展。开展 新技术新产品新场景大规模应用示范行动，推动商业航天、低空 经济等新兴产业安全健康发展。建立未来产业投入增长机制，培 育生 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 06 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三，A 股三大指数震荡走高，上证指数收涨 0.53%，报 3341.96 点， 深证成指涨 0.28%，创业板指涨 0.01%。两市 A 股成交额约 1.49 万亿 元人民币，超 2100 股上涨。申万行业方面，通信行业领涨，房地产 行业跌幅居前；概念板块方面，6G、F5G、人形机器人概念涨幅居前。 港股方面，香港恒生指数收涨 2.84%，恒生科技指数涨 4.02%。美国 三大股指全线收涨，道指涨 1.14%，标普 500 指数涨 1.12%，纳指涨 1.46%。欧洲及亚太股市多数上涨。 【重要新闻】 【十四届全国人大三次会议在京开幕，李强作政府工作报告】第十四 届全国人民代表大会第三次会议 5 日上午在北京人民大会堂开幕。根 据会议议程，国务院总理李强代表国务院向大会作政府工作报告。报 告共分三个部分：一、2024 年工作回顾；二、2025 年经济社会发展 总体要求和政策取向；三、2025 年政府工作任务 ...