捕获主动管理 Alpha 信达金工宽基增强基金组合系列一 [Table_ReportTime] 2025 年 03 月 04 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工专题报告 [Table_Author] 于明明 金融工程与金融产品首席分析 师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱： yumingming@cindasc.com [Table_Summary] ➢ 主动管理 Alpha+宽基 Beta 的基金增强策略。近年来主动偏股基金虽仍 具备在选股上获得 Alpha 收益的能力，但 Beta 端的影响或将变得愈发 显著，以主流宽基指数作为基准的基金组合策略受到了一定的挑战。 本文以沪深 300/中证 500指数为例，对于以主流宽基指数作为基准的宽 基增强基金策略进行了一定探索，核心目标是在获取主动权益型基金 的主动管理的 Alpha 的同时对于宽基指数进行有效跟踪。 ➢ 四步走构建的主动权益宽基增强基金组合策略。我们采用最大化 Alpha 暴 ...

豆包大模型行业深度报告：AI 投入持续加 大，C 端、B 端两手齐抓 计算机行业 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 行业研究 行业深度研究 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 AI 投入持续加大，C 端、B 端两手齐抓 2025 年 3 月 3 日 报告内容摘要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 持续加大 AI 投入，字节 AI 算力投入在大厂中排名第一。组织架构侧， 字节跳动专门组建了 Flow 部门和 Seed 团队，分别致力于于 AI 大模型的 应用开发和基础研究。资源投入侧，字节跳动在服务器购置、IDC 建 设、AI IaaS ...

豆包大模型行业深度报告：AI 投入持续加 大，C 端、B 端两手齐抓 计算机行业 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 行业研究 行业深度研究 | 计算机 | 行业 | | --- | --- | | 投资评级： | 看好 | | 上次评级： | 看好 | 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 AI 投入持续加大，C 端、B 端两手齐抓 2025 年 3 月 3 日 报告内容摘要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 持续加大 AI 投入，字节 AI 算力投入在大厂中排名第一。组织架构侧， 字节跳动专门组建了 Flow 部门和 Seed 团队， ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that the domestic AI large model company DeepSeek has released technical and operational details, suggesting a focus on AI edge computing. The peak node usage for DeepSeek-V3 and R1 inference services reached 278 nodes, with an average usage of 226.75 nodes, indicating strong demand [3][4] - The theoretical daily revenue for DeepSeek is estimated at $562,027, with a cost-profit margin of 545%. However, actual revenue may be lower due to pricing strategies and discounts [3] - The report emphasizes the potential for complex applications in the inference market, such as humanoid robots and autonomous driving, which could reshape consumer electronics [3][4] Summary by Sections Industry Performance - The report notes a general decline in the electronic industry, with the Shenwan electronic secondary index showing year-to-date changes: semiconductors (+10.52%), other electronics II (+1.61%), components (+5.95%), optical optoelectronics (+2.72%), consumer electronics (+8.60%), and electronic chemicals II (+3.79%). This week, the declines were: semiconductors (-3.62%), other electronics II (-5.99%), components (-9.78%), optical optoelectronics (-3.93%), consumer electronics (-6.06%), and electronic chemicals II (-4.00%) [3][5] Key Companies to Watch - The report suggests monitoring companies involved in AI edge computing, including Lens Technology, Linyang Technology, Pengding Holdings, Dongshan Precision, Lexin Technology, Rockchip, Hengxuan Technology, Allwinner Technology, Zhaoyi Innovation, and Amlogic [3]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Views - The report emphasizes that the recent short-term pullback does not alter the overall warming trend of the market, with a continued focus on innovation and AI in healthcare. It suggests monitoring companies that are expected to exceed performance expectations in Q1 2025 [1][3] Market Performance - The pharmaceutical and biotechnology sector experienced a weekly return of -2.72%, outperforming the CSI 300 index by +0.73%, ranking 23rd among 31 first-level sub-industry indices. The smallest weekly decline was in the Traditional Chinese Medicine II sector at -0.39%, while the largest decline was in Biologics at -7.94% [4][10] - Over the past month, the sector's return was +5.07%, outperforming the CSI 300 index by +3.16%, ranking 9th among the first-level sub-industry indices [10][12] Industry Dynamics - The report highlights the launch of "AI Heart Doctor" - CardioMind beta version, a significant breakthrough in AI technology for cardiovascular specialties, integrating multimodal diagnostic data and expert physician experience [4][10] - The report notes a temporary pullback in AI healthcare, influenced by performance reports from companies like BeiGene and upcoming data releases for several innovative drugs, which have rekindled investment sentiment in the innovative drug sector [4][10] Investment Opportunities - The report suggests focusing on several sub-sectors: - **AI-Enabled Drug Development**: Companies like Crystal Technology, Via Biotechnology, and Hongbo Pharmaceutical are recommended for their potential in accelerating new drug launches [4][10] - **Cost Reduction and Efficiency in Medical Services**: Companies such as Kingmed Diagnostics and Aier Eye Hospital are highlighted for their AI-driven improvements in service quality and patient flow [4][10] - **AI in Genomics**: Companies like BGI Genomics and DaAn Gene are suggested for their roles in advancing precision diagnostics through AI [4][10] - **AI Virtual Doctors**: Platforms like Ping An Good Doctor and Alibaba Health are noted for their potential in alleviating patient load through AI [5][10] Expected Performance in Q1 2025 - Companies expected to exceed performance expectations in Q1 2025 include those benefiting from the winter-spring flu season, such as Innotec and Shengxiang Biology, as well as orthopedic consumables companies like Aikang Medical and Kangtuo Medical [6][11]

杠杆资金活跃，主力大幅流出 TMT —— 量化市场追踪周报（2025W9） 2025 年 3 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 金工定期报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W9)：杠杆资金活跃，主 力大幅流出 TMT 2025 年 3 月 2 日 股票仓位：截至 2025/2/28，主动权益型基金的平均仓位约为 88.76%。其 中，普通股票型基金的平均仓位约为 90.58%（较上周上升 0.37pct），偏股 混合型基金 ...

周观点：关注景气改善的低位顺周期，继续 布局新消费及消费成长 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 03 月 02 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： Luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 消费及消费成长 [Table_ReportDate] 2025 年 03 月 02 日 本期内容提要: [Table_S [造纸： Table_Summary 浆价连续上涨后或企稳，重视特种纸涨价 um ...

Investment Rating - The report assigns a positive investment rating to Junbei Technology (603009.SH) based on its strong performance and growth potential [2]. Core Insights - The company achieved a revenue of 2.02 billion yuan in 2024, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 70 million yuan, up 40.4% year-on-year [2][4]. - The company is focusing on a dual-engine development strategy, launching a new business in robotic screw technology, which is expected to enhance its growth trajectory [4]. - Profitability metrics showed an increase in gross margin to 18.5% and net margin to 3.67% for the full year 2024, indicating improved operational efficiency [4]. Financial Performance Summary - In 2024, the company reported total revenue of 2,024 million yuan, with a growth rate of 7.6% compared to 2023. The net profit attributable to the parent company was 71 million yuan, reflecting a significant growth of 40.4% year-on-year [5]. - The gross margin for 2024 was 18.5%, an increase of 1.0 percentage points year-on-year, while the net margin improved by 1.1 percentage points to 3.67% [4][5]. - For Q4 2024, the company experienced a decline in net profit to 10 million yuan, down 51.8% year-on-year, indicating some volatility in the latter part of the year [4]. Growth Projections - The report forecasts that the net profit attributable to shareholders will reach 100 million yuan in 2025, 130 million yuan in 2026, and 180 million yuan in 2027, with corresponding EPS of 0.31, 0.39, and 0.52 yuan [4][5]. - The anticipated growth rates for revenue are projected at 21.1% for 2025, 17.6% for 2026, and 15.3% for 2027, indicating a robust growth outlook [5]. Strategic Initiatives - The company is actively pursuing opportunities in the humanoid robotics sector, with a significant investment of 1.85 billion yuan planned for a new research and development base for planetary roller screws [4]. - This strategic move is expected to leverage the company's existing technological capabilities and enhance its competitive position in the market [4].

Group 1 - The report suggests that the recent upward trend in the market, which began before the Spring Festival, is likely to develop into the second wave of a bull market. However, initial gains may be limited by seasonal factors and last year's high points [2][6][18] - The recent market adjustment is attributed to seasonal profit-taking ahead of the Two Sessions and overheating in specific trading segments, particularly in TMT stocks and low AH share premiums [3][9][12] - Economic and profit expectations have not yet manifested, with the report indicating that concerns over US tariff policies are not the core issue affecting the stock market. The report anticipates significant fluctuations in economic data during March and April, which could lead to upward movements in the market [3][12][14] Group 2 - Signs of a potential upward breakout in the index are emerging, but confirmation is still needed. Recent improvements in financing, PMI, and second-hand housing sales indicate a positive trend, although the strength of these improvements remains uncertain [3][14][15] - The report highlights that the rapid increase in financing balances has reached historical highs, indicating signs of incremental capital inflow, despite a recent decline in ETF shares [15][17] - The report recommends a strategic focus on sectors such as Hong Kong internet stocks, steel, and banking, while suggesting caution in real estate until further data validation is available [24][26]

宏观研究 [Table_ReportType] 专题报告 | [Table_A 解运亮 uthor宏观首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 邮 | 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 证券研究报告 [Table_Title] 当强生产脉冲渐弱，基建有望接过大旗 [Table_ReportDate] 2025 年 3 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 2024 年底为完成经济增长目标，制造业出现一波强脉冲生产，2025 年开 年随着强生产脉冲动力减弱，制造业 PMI 回落。我们认为，当强生产脉冲 减弱，基建有望接过大旗。 ...