证券研究报告 2025 年 02 月 25 日 湘财证券研究所 行业研究 机器人行业周报 Grok3 大模型发布，助力人形机器人产业化落地 ——机器人行业周报（02.17~02.21） 相关研究： 核心要点： 上周机器人行业上涨 15.4%，跑赢沪深 300 指数 14.4 个百分点 上周（02 月 17 日-02 月 21 日），机器人行业上涨 15.4%，跑赢机械设备 行业 7.6 个百分点，跑赢沪深 300 指数 14.4 个百分点。2025 年年初至今， 机器人板块上涨 37.4%，跑赢机械设备 22.7 个百分点。估值方面，截至 2 月 21 日，机器人板块 PE(TTM)为 181.15 倍，位于 2012 年至今 99.7%分位数； PB(LF)约 6.97 倍，位于 2012 年至今 92.4%分位数。 Grok3 大模型发布，助力人形机器人产业化落地 2025 年 2 月 18 日，埃隆·马斯克旗下的 xAI 公司正式发布了其最新一 代大模型 Grok 3。这款模型被誉为"地球上最聪明的人工智能"，其核心亮点 在于引入了"思维链"（Chain of Thought）推理机制。这一机制允许 G ...

证券研究报告 2025 年 02 月 25 日 湘财证券研究所 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -9 -10 绝对收益 3 -9 7 -30% -20% -10% 0% 10% 20% 30% 2024/2/23 2024/4/23 2024/6/22 2024/8/21 2024/10/20 2024/12/19 2025/2/17 沪深300 房地产(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 行业研究 房地产行业数据点评 二手房成交量持续回升，新房仍待修复 相关研究： | 1. 《周度数据跟踪：新房和二手 | | | --- | --- | | 房成交量逐步修复，上海、深圳 | | | 恢复较快》 | 2025.2.18 | （1）上海：二手房成交量回升至 1 月较高水平。根据 Wind 数据，上周 （2.17-2.23）上海二手房日 ...

相关研究： | 《上周正极材料开工下降，负极材料成本上 | | | --- | --- | | 行持续压缩利润》 | 20250218 | | 《上周行业反弹，节后各环节价格多维持平 | | | 稳，供需缓慢恢复》 | 20250212 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7 -10 0 绝对收益 10 -10 15 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 证券研究报告 2025 年 02 月 25 日 湘财证券研究所 行业研究 锂电材料行业周报 上周隔膜行业控库降低开工，负极利润受压下或推涨新单价格 核心要点： ❑ 市场行情：上周锂电材料行业上涨 4.37%，跑赢基准 3.37pct 上周锂电材料行业上涨 4.37%，跑赢基准（沪深 300）3.37pct。行业估值 （市盈率 TTM）回升 0.53x 至 34.51x，当前处于 33.6%历史 ...

证券研究报告 2025 年 02 月 24 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周行业大幅上涨，政策支撑稀土原料价格上行，钕铁硼跟涨 相关研究： | 《上周行业大幅跑输基准，钕铁硼价格涨后 | | | --- | --- | | 趋稳》 | 20250217 | | 《上周稀土原料价格全面上调，成本端支撑 | | | 下钕铁硼价坚挺上行》 | 20250211 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 8 12 42 绝对收益 12 11 57 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周稀土永磁材料行业大涨 9.27%，跑赢基准 8.27pct 上周稀土永磁行业大涨 9.27%，跑赢基准（沪深 300）8.27pct。行业估值 （市盈率 TTM）回升 7.86x 至 92.69x，当前处于 98.7%历史分位。 ...

证券研究报告 2025 年 2 月 24 日 湘财证券研究所 行业研究 食品饮料行业周报 酒企淡季控货稳价，乳品供需格局有望改善 相关研究： | 1.《旺季催化，关注板块性价比 | | | --- | --- | | 优势》 | 2025.01.14 | | 2.《春节消费氛围浓厚，大众品 | | | 表现活跃》 | 2025.02.08 | | 3.《1月CPI涨幅扩大，酒企密集 | | | 控货稳价》 | 2025.02.11 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -4.5 -6.2 -23.8 绝对收益 -0.7 -6.4 -7.1 注：相对收益与沪深 300 相比 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 酒企淡季控货稳价，乳品供需格局有望改善 近期，白酒行业进入春节后的传统淡季，终端销售放缓，渠道库存压力逐 渐上升。为了稳定价格体系、消化库存并为旺季蓄力，多家白酒企业纷纷 采取停货控 ...

Investment Rating - The industry investment rating is maintained as "Buy" [7] Core Insights - New and second-hand housing prices in first-tier cities show signs of stabilization, with a notable narrowing of year-on-year declines [10] - The core goal of the "stop decline and stabilize" policy is to stabilize market volume and price, with first-tier cities showing signs of price stabilization while second and third-tier cities are recovering more slowly [10] - Recent progress in special bond support for the acquisition of existing land is expected to alleviate financial pressures on enterprises and optimize supply, leading to an improved market supply-demand structure [10] Summary by Sections New Housing Market - In January, new housing prices in 70 large and medium-sized cities fell by 5.4% year-on-year (a narrowing of 0.3 percentage points) and decreased by 0.1% month-on-month (unchanged) [2] - The decline in new housing prices has persisted for 34 months year-on-year since April 2022 and for 20 months month-on-month since June 2023 [3] - In first-tier cities, new housing prices fell by 3.4% year-on-year (narrowing by 0.4 percentage points) and increased by 0.1% month-on-month [4] Second-Hand Housing Market - In January, second-hand housing prices fell by 7.8% year-on-year (a narrowing of 0.3 percentage points) and decreased by 0.3% month-on-month (unchanged) [2] - The decline in second-hand housing prices has lasted for 36 months year-on-year since February 2022 and for 21 months month-on-month since May 2023 [3] - In first-tier cities, second-hand housing prices fell by 5.6% year-on-year (narrowing by 1.1 percentage points) and increased by 0.1% month-on-month [4] Market Performance - The relative performance of the real estate sector has shown a decline of 2% over the past month, 11% over the past three months, and 11% over the past year compared to the CSI 300 index [8] - Absolute returns for the sector were 1% over the past month, -12% over the past three months, and 5% over the past year [9]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The release of the Grok 3 series by xAI significantly enhances model capabilities, outperforming major models like GPT-4o and Gemini-2 Pro in various benchmark tests [4][5] - The Grok 3 model's performance is attributed to a tenfold increase in computational power compared to its predecessor, Grok 2, with a training cluster expanded to 200,000 GPUs [5] - The use of reinforcement learning has become a consensus development direction in the industry, enhancing the reasoning capabilities of models like Grok 3 [6] - The sustained high demand for computational power in AI model training supports a positive outlook for the electronic industry, particularly in the computational power sector [7] Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 43.22% compared to the CSI 300 index, with an absolute return of 58.65% [3][4] Investment Recommendations - The report suggests focusing on investment opportunities within the computational power sector, given the competitive advancements in AI models and the ongoing high demand for computational resources [7]

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - DeepSeek is reshaping the global AI industry landscape, emphasizing the importance of domestic computing power and AI applications [2]. - The report highlights significant algorithmic innovations by DeepSeek that have drastically reduced training costs and improved performance [12]. - The emergence of DeepSeek as a major player in the AI sector has prompted international competitors to reconsider their traditional AI development strategies [16][18]. Summary by Sections 1. DeepSeek's Algorithmic Innovations - DeepSeek has made substantial innovations in algorithm engineering, significantly lowering training costs and achieving excellent training results [12]. - The company has invested 1 billion yuan in over 10,000 NVIDIA A100 GPUs, leading to the launch of its first open-source general-purpose large language model, DeepSeek LLM, in November 2023 [8]. - The total cost of ownership (TCO) for DeepSeek's AI infrastructure is estimated at $2.573 billion over four years, with operational costs significantly reduced compared to competitors [9][10]. 2. DeepSeek's Impact on the Global AI Landscape - DeepSeek's advancements have led to a reevaluation of traditional AI development paths by overseas firms, positioning it as a key global AI player [16]. - The company has broken the monopoly of OpenAI's closed models by open-sourcing its research, which is expected to lead the industry towards more innovative developments [18]. 3. Outlook on Computing Power and Application Segments - The report anticipates a surge in domestic computing power demand, particularly in server manufacturing, domestic computing chips, and related infrastructure [22]. - DeepSeek's reduction of barriers for large model training and inference is expected to foster the growth of high-quality AI applications [23]. - Alibaba is projected to lead a new wave of AI computing capital expenditure, with investments in cloud and AI infrastructure expected to exceed the total of the past decade [22]. 4. Investment Recommendations - The report suggests focusing on AI computing power and applications, giving the electronics sector an "Overweight" rating due to the favorable conditions created by DeepSeek's innovations [28].

行业研究 电子行业点评报告 证券研究报告 2025 年 2 月 20 日 湘财证券研究所 Grok 3 发布，模型能力大幅提升 相关研究： | 1.《CPO具多项优势，成为光通 | | --- | | 信重要发展趋势》 2025.01.22 | | 2.《AI PC下沉至中端机型，今 | | 年渗透率有望快速提升》 | | 2025.01.22 | | 3.《"国补"开始实施，有望刺 | | 激智能手机需求》 2025.01.22 | 行业评级：增持 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.79 10.31 43.22 绝对收益 9.85 9.1 58.65 -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 24-02 24-03 24-04 24-05 24-06 24-07 24-08 24-09 24-10 24-11 24-12 25-01 25-02 电子(申万) 沪深300 注：相对收益与沪深 300 相比 联系人：李杰 证书编号：S0500521070001 Tel：(8621) 50293520 Email：lijie5@xcsc ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit growth for 2024 despite a decline in revenue due to adjustments in the photovoltaic industry [3][4] - The company's operating profit margin improved by 1.7 percentage points to 28.2% in 2024, driven by refined management strategies [4] - Future growth is expected from the refrigeration and air compressor business, semiconductor sector expansion, and after-sales maintenance services [5] Financial Performance - In 2024, the company achieved an operating revenue of approximately 3.70 billion yuan, a year-on-year decrease of 3.9% [3] - The net profit attributable to shareholders was approximately 880 million yuan, reflecting a year-on-year increase of 2.2% [3] - The basic earnings per share were approximately 1.65 yuan, an increase of 2.2% year-on-year [3] - The weighted average ROE was approximately 22.3%, a decrease of 3.5 percentage points year-on-year [3] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 3.70 billion, 3.83 billion, and 4.19 billion yuan, with year-on-year growth rates of -3.9%, 3.4%, and 9.6% respectively [5] - Net profit forecasts for the same period are 880 million, 930 million, and 1.04 billion yuan, with year-on-year growth rates of 2.2%, 5.1%, and 11.8% respectively [5] - The corresponding P/E ratios for 2024-2026 are 11.5, 10.9, and 9.8 times [5]