Investment Rating - The report indicates a shift from strong beta to strong alpha in the computer industry, suggesting a focus on sectors with significant growth potential such as AI applications, cloud computing, and domestic innovation [4][6][7]. Core Insights - The report emphasizes the importance of AGI (Artificial General Intelligence) expectations, highlighting that the release of Manus has intensified market interest in AGI, which could lead to a significant evolution in technology companies and AI applications [7][8]. - The RISC-V open-source ecosystem is rapidly developing, with a projected compound annual growth rate (CAGR) of over 40% for RISC-V based SoCs, expected to reach 20 billion units by 2024 and over 200 billion by 2031 [9][11]. - The report suggests focusing on companies within the RISC-V ecosystem and those involved in AI, cloud computing, and domestic innovation, such as Haiguang Information, Keda Information, and others [8][19]. Summary by Sections Industry Overview - The computer industry index rose by 6.46% from March 2 to March 8, outperforming the ChiNext index by 4.85 percentage points [21][22]. - The report notes that the current momentum in the computer industry is comparable to the upward trend observed from 2018 to 2020, but with stronger potential this time [4][6]. RISC-V Ecosystem - RISC-V architecture is rapidly evolving, characterized by its modularity and open-source nature, which allows for high scalability and low energy consumption [11][12]. - The domestic RISC-V ecosystem is thriving, with major companies like Alibaba and Huawei actively participating, and the RISC-V International Foundation has over 4000 members from 52 countries [9][14]. - Investment recommendations include companies like Haiguang Information, Cambrian, and Loongson Technology, which are positioned to benefit from the increasing penetration of domestic software and hardware [19][20]. Market Performance - The report highlights that the computer industry has shown strong performance, with significant weekly gains and a notable increase in trading volume [21][22]. - Specific stocks such as Xinkai Pu and Hengfeng Information have seen substantial weekly increases, indicating strong market interest [23]. Major News - The report covers significant developments in AI, including the launch of the QwQ-32B model by Alibaba, which demonstrates competitive performance with significantly fewer parameters compared to existing models [36]. - The report also notes the increasing deployment of AI technologies in the financial sector, with multiple institutions adopting the DeepSeek model for various applications [44].

行业深度报告 | 国防军工 证券研究报告 | 报告日期 | 2025 年 03 月 09 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 【兴证军工】军费增速连续三年保持 7.2%，锚定建军百年目标攻坚——2025 年国防开支预算数据评析-2025.03.06 军事人工智能独角兽，国防科技产业变 革引领者 Auduril 深度研究——【兴证军 工】海外研究启示录 2025-2025.02.27 【兴证军工观察】继续战略看多航天精 导产业链，十四五末需求拐点已至- 2025.02.23 请阅读最后评级说明和重要声明 1/40 ⚫ 21 世纪初至今，军事人工智能在技术突破催化下进入快速发展期。大数据、云计算、 GPU 的发展使得深度学习模型的规模和复杂性不断增加，促进了人工智能在军事领域 的全面应用，主要包括：实现作战指挥过程中辅助决策的专家系统、提升军事训练质量 和效益的辅助训练系统、提升无人作战平台的环境感知和自主控制、实现对作战目标的 快速识别、特征提取和计算视觉技术等。军事人工智能在国家层面的竞争拉开序幕，中 国、俄罗斯等国家相继颁布相关文件，立足顶层对人工智能在军事领域 ...

行业周报 | 电子 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 09 日 | 相关研究 【兴证电子】周报：国补点燃中国智能 手机市场，看好端侧 AI 硬件创新浪潮和 国产算力需求-2025.03.02 【兴证电子】周报：阿里巴巴资本开支 超预期，看好端侧 AI 硬件创新浪潮和国 产算力需求-2025.02.23 分析师：姚康 S0190520080007 yaokang@xyzq.com.cn 分析师：仇文妍 S0190520050001 qiuwenyan@xyzq.com.cn 分析师：张元默 S0190523020002 zhangyuanmo@xyzq.com.cn 分析师：胡园园 S0190525010001 huyuanyuan1@xyzq.com.cn 分析师：王恬恬 S0190524040002 wangtiantian22@xyzq.com.cn 研究助理：刘珂瑞 liukerui@xyzq.com.cn 【兴证电子】半导体设备皇冠上的明 珠，自主可控大势所趋—光刻机行业深 度报告-2025.03.04 研究助理：刘 ...

行业点评报告 | 银行 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 07 日 【兴证银行】险资持续举牌银行，长期 配置价值凸显 ——银行业周报 （2025.02.24-2025.03.02）-2025.03.03 【兴证银行】LPR 持平，银行业季度经 营数据披露——银行业周报 （2025.02.17-2025.02.23）-2025.02.23 【兴证银行】低利率时期银行股表现全 球比较分析-2025.02.21 分析师：陈绍兴 S0190517070003 chenshaox@xyzq.com.cn 分析师：王尘 S0190520060001 wangchenyjy@xyzq.com.cn 分析师：曹欣童 S0190522060001 caoxintong@xyzq.com.cn 如何理解银行同业存单备案额度显著增长 投资要点： 相关研究 （1）信贷方面，2025 年 1 月全口径新增人民币贷款+5.13 万亿元，同比多增 2100 亿元，信贷增量超市场预期。银行主动靠前发力意愿较强，前期项目储备释放，信 贷投放在高基数下仍实现同比多增，结构上对公端表现强劲，预计制造业贷款、" ...

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 相关研究 【兴证计算机】一文看懂 DS 带动下推理 算力市场空间及投资机会-2025.02.23 【兴证计算机】云计算：全面解析 DeepSeek 影响下的投资机会- 2025.02.16 【兴证计算机】从 DeepSeek 崛起看国 产 AI 生态投资机会-2025.02.09 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 分析师：杨海盟 S0190523070001 yanghaimeng@xyzq.com.cn 分析师：桂杨 S0190524040005 guiyang@xyzq.com.cn DeepSeek 跟踪：AI 平权领军，加力开源及 降价（02.23-03.01） 投资要点 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights that BYD is expanding its overseas market through new share placements, while continuing to advance in high-end and intelligent vehicle segments [3] Financial Metrics Summary - Revenue projections are as follows: - 2023A: 602.32 billion - 2024E: 797.59 billion - 2025E: 968.40 billion - 2026E: 1,120.26 billion - The revenue growth rates are projected at: - 2024E: 32.4% - 2025E: 21.4% - 2026E: 15.7% [4][7] - Net profit estimates are: - 2023A: 30.04 billion - 2024E: 39.83 billion - 2025E: 54.43 billion - 2026E: 64.99 billion - The net profit growth rates are projected at: - 2024E: 32.6% - 2025E: 36.7% - 2026E: 19.4% [4][7] - Return on Equity (ROE) is expected to be: - 2023A: 21.6% - 2024E: 23.9% - 2025E: 26.7% - 2026E: 26.1% [4][7] - Earnings per Share (EPS) projections are: - 2023A: 10.33 - 2024E: 13.69 - 2025E: 18.71 - 2026E: 22.34 [4][7]

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 【兴证计算机】一文看懂 DS 带动下推理 算力市场空间及投资机会-2025.02.23 【兴证计算机】云计算：全面解析 DeepSeek 影响下的投资机会- 2025.02.16 相关研究 【兴证计算机】从 DeepSeek 崛起看国 产 AI 生态投资机会-2025.02.09 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn 分析师：陈鑫 S0190522030001 chenxin21@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 分析师：杨海盟 S0190523070001 yanghaimeng@xyzq.com.cn 分析师：桂杨 S0190524040005 guiyang@xyzq.com.cn De ...

Investment Rating - The investment rating for Rocket Lab USA, Inc. is "Buy" (首次增持) [1] Core Views - Rocket Lab USA, Inc. is positioned as the third-largest space exploration company globally, focusing on providing launch services and space systems solutions, primarily through its Electron rocket designed for small payloads [3][4] - The company has launched 60 Electron rockets to date, with plans to enhance launch frequency and develop the Neutron rocket, aiming for its first flight in the second half of 2025 [3][4] - Revenue projections for Rocket Lab indicate significant growth, with expected revenues of $555 million in 2025, $894 million in 2026, and $1.207 billion in 2027, alongside a path to profitability by 2027 [3][4] Financial Summary - **Revenue Growth**: Projected total revenue for 2024 is $436 million, with a year-on-year growth of 78%. For 2025, the revenue is expected to reach $555 million, reflecting a 27% increase [3][10] - **Net Profit**: The company is expected to report a net loss of $190 million in 2024, narrowing to a loss of $157 million in 2025, and achieving a profit of $68 million by 2027 [3][10] - **Gross Margin**: The gross margin is projected to improve from 27% in 2024 to 40% by 2027, indicating enhanced operational efficiency [3][10] - **Earnings Per Share (EPS)**: EPS is expected to improve from -$0.38 in 2024 to $0.14 in 2027, signaling a potential turnaround in profitability [3][10] Business Model and Competitive Advantage - Rocket Lab's competitive edge lies in its end-to-end service model, offering both rocket launch and satellite design services, which appeals to clients seeking comprehensive solutions [3][4] - The company operates two launch sites in New Zealand and the USA, providing flexibility in launch windows and minimizing the impact on ground personnel [3][4] - The introduction of the Neutron rocket, capable of carrying payloads of up to 13,000 kg, marks a strategic shift from small payloads to a broader range of space transportation services [3][4]

行业点评报告 | 煤炭 证券研究报告 | | | 报告日期 2025 年 03 月 05 日 相关研究 【兴证煤炭】煤炭行业周报（2025.2.23- 2025.3.1）——煤价压力逐步释放，聚焦 红利煤炭龙头-2025.03.02 【兴证煤炭】煤炭行业周报（2025.2.16- 2025.2.22）——动煤价格加速触底，焦 煤将迎补库行情-2025.02.23 【兴证煤炭】煤炭行业周报（2025.2.9- 2025.2.15）——煤价弱势下行，静待需 求回暖-2025.02.16 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 政策护航转型，煤业焕新动能 ——2025 政府工作报告点评 投资要点： 2025 年 3 月 5 日，国务院总理李强在第十四届全国人大三次会议上作政府工作报告，对此 我们点评如下： 宏观政策定调积极，红利龙头受益显著： 能源行业结构转型，"一体化+"迎价值重估： 请阅读最后评级说明和重要声明 1/2 ⚫ 经济增长与能耗约束双重作用：报告明确"国内生产总值增长 5%左右"的增速目标，为 煤炭需求提供基础支撑。但"单位国内生产总值能耗降低 3%左右 ...

Investment Rating - The investment rating for the company is "Buy" [9]. Core Views - The company has shown robust revenue growth, with FY25Q4 revenue exceeding consensus expectations at $39.331 billion, representing a year-over-year increase of 78% and a quarter-over-quarter increase of 12% [5]. - The new Blackwell chip series has started shipping, with management indicating a quarterly revenue of $11 billion from the new chips, which is better than previous expectations [5]. - The company is expected to benefit from the increasing demand for AI applications and infrastructure, with projected revenues for FY26-28 being $204.84 billion, $253.29 billion, and $293.11 billion respectively [5]. Financial Summary - For FY25, the company reported a revenue of $130.497 billion, with a year-over-year growth of 114% [4]. - Non-GAAP net profit for FY25 is projected at $74.266 billion, reflecting a year-over-year growth of 145% [4]. - The gross margin is expected to remain stable at 75% across the forecast period from FY25 to FY28 [4]. - The return on equity (ROE) is projected to decline from 92% in FY25 to 35% by FY28 [4]. - Earnings per share (EPS) on a Non-GAAP basis are forecasted to grow from $3.03 in FY25 to $6.92 in FY28 [4].