行业周报 | 家用电器 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 【兴证家电】1 月产业在线空调数据点 评：春节扰动内销出货，外销延续较快 增长-2025.02.23 【兴证家电】石头机械手新品 G30 SPACE 国内预售开启，关注后续扫地机 终端动销-2025.02.16 【兴证海外消费】小米家电：多品类扩 张与智能生态布局-2025.02.10 分析师：颜晓晴 S0190521020002 yanxiaoqing@xyzq.com.cn 分析师：苏子杰 S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S0190523070007 wangyuqing@xyzq.com.cn 研究助理：周庆 zhouqing@xyzq.com.cn 终端动销回暖，底部布局白电黑电年报一季报 行情 投资要点： ⚫ 终端动销回暖，底部布局白电黑电年报一季报行情。近期白电高频数据持续向好，第八 周各品类销售额线下翻倍以上增长，1-8 周累计数据陆续转正，空调表现最为突出，国 补拉动效果持续显现。根据 AVC 数据，25W1-8 空调/冰箱/ ...

行业周报 | 公用事业 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 【兴证公用】港口动力煤持续累库，三 峡出入库流量同比提升-2025.02.23 【兴证公用】新能源上网电价新政落 地，动力煤价持续走低-2025.02.16 【兴证公用】国内对美国产煤炭、LNG 加征 15%关税，关注中长期资金入市下 的红利板块-2025.02.09 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 S0190522120001 lijingyun@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn 请阅读最后评级说明和重要声明 1/23 ⚫ 本期火电组合：建投能源+皖能电力+华电国际+申能股份+华能国际+国电电力 ⚫ 本期清洁电力组合：川投能源+长江电力+国投电力+中国核电+华能水电 ⚫ 本期燃气组合：华润燃气+新奥股份+九丰能源 ⚫ 电力行业新闻：1）2 月 27 日，国家能源局发布《2025 年能源工作指导意见》。（《 ...

行业周报 | 通信 证券研究报告 | | | 报告日期 2025 03 02 相关研究 AIoT WiFi - -2025.02.26 IDC -2025.02.23 -2025.02.23 分析师：章林 S0190520070002 zhanglin20@xyzq.com.cn 分析师：代小笛 S0190521090001 daixiaodi@xyzq.com.cn 分析师：仇新宇 S0190523070005 qiuxinyu@xyzq.com.cn 分析师：朱锟旭 S0190524040001 zhukunxu@xyzq.com.cn 分析师：许梓豪 S0190524070002 xuzihao@xyzq.com.cn 研究助理：王灵境 wanglingjing@xyzq.com.cn 【兴证通信】通信行业周报（02.24-03.02）： DeepSeek 高利润率如何看？ 投资要点： ⚫ 02.24-03.02 9.62% 10.28% 9.99% 8.36% 300 2.22% 3.78% 4.87% 请阅读最后评级说明和重要声明 1/6 ⚫ DeepSeek ⚫ DeepSeek DeepSeek ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Insights - The company, Anpeilong, is a leading domestic manufacturer of automotive-grade sensors, with a significant growth trajectory driven by the domestic substitution of imported products [2][3]. - The sensor industry in China is experiencing a shift towards domestic production, with the market size reaching 364.5 billion yuan in 2023, accounting for approximately 26% of the global market [3][44]. - Anpeilong's revenue has shown robust growth, with a compound annual growth rate (CAGR) of 23.6% from 2018 to 2023, and a projected revenue of 1.17 billion yuan in 2025 [3][25]. Summary by Sections Company Overview - Anpeilong has evolved from a thermal resistor manufacturer to a comprehensive sensor company, developing a product matrix that includes temperature, pressure, oxygen, and force sensors [12][20]. - The company has a stable shareholding structure, with the founder holding 37.31% of the shares, ensuring consistent leadership [17]. Financial Performance - The total revenue for 2023 is reported at 747 million yuan, with a year-on-year growth of 19.4% [3]. - The net profit attributable to shareholders for 2023 is 80 million yuan, reflecting a decline of 10.5% compared to the previous year, but a recovery is expected in 2024 [3][25]. Industry Analysis - The global sensor market is projected to grow from 241.06 billion USD in 2024 to 457.26 billion USD by 2032, indicating a stable growth period for the industry [44]. - The Chinese sensor market is expected to continue expanding, driven by advancements in smart manufacturing and the electric vehicle sector [44]. Product Development - Anpeilong's product strategy focuses on expanding its sensor offerings, with significant advancements in pressure sensors, which have seen revenue growth rates of 261%, 454%, and 43% from 2021 to 2023 [28]. - The company is also investing heavily in research and development, with R&D expenses increasing from 22.92 million yuan in 2020 to 47.40 million yuan in 2023 [33][39]. Market Position - Anpeilong is positioned as a key player in the domestic automotive sensor market, with a strong emphasis on replacing imported products and expanding into new applications [20][25].

行业周报 | 基础化工 证券研究报告 | | | 相关研究 【兴证化工】化工行业周报———阿里巴 巴资本开支提速有望拉动氟化液需求，继 续关注化工核心资产及新材料成长 （20250217-20250221）-2025.02.23 【兴证化工】化工行业周报———国常会 研究提振消费及化解重点产业结构性矛 盾，继续关注化工核心资产及新材料成长 （20250210-20250214）-2025.02.16 【兴证化工】化工行业周报———旺季将 至有望带动化工品价格上行，继续关注化 工核心资产及新材料成长 （20250203-20250207）-2025.02.09 分析师：吉金 S0190522030003 jijin@xyzq.com.cn 分析师：张勋 S0190521100002 zhangxun19@xyzq.com.cn 分析师：刘梓涵 S0190523070006 liuzihan@xyzq.com.cn 分析师：陈垒 S0190524070001 chenlei22@xyzq.com.cn 春耕需求推动化肥价格悉数上行，继续关注化 工核心资产及新材料成长 投资要点： ⚫ 春耕需求逐步启动，化肥价格悉数 ...

分析师：林寰宇 行业周报 | 轻工制造 证券研究报告 | 报告日期 | 2025 年 03 月 02 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 【兴证轻工】周观点：中国信通院启动 AI 眼镜专项测试，推荐轻工板块 AI+投 资机会-2025.02.23 【兴证轻工】周观点：AI 家居设计春风 起，新型烟草传递积极信号-2025.02.16 【兴证轻工】家居行业专题报告（二）： S0190524080006 linhuanyu@xyzq.com.cn 分析师：侯宜芳 S0190522100001 houyifang@xyzq.com.cn 研究助理：储天舒 chutianshu1@xyzq.com.cn 周观点：木浆系浆纸价格延续上行，建议积极 关注两会与三八大促进展 投资要点： ⚫ 风险提示：原材料价格波动；需求大幅下滑；政策风险。 请阅读最后评级说明和重要声明 1/11 AI 赋能家居设计春风起-2025.02.13 ⚫ 家居板块：（（1）2 月，百强房企实现销售操盘金额同比增长 1.2%，延续止跌回稳态势， 但受去年与今年春节错期和供应端约束影响，整体保持低位运行。 ...

行业周报 | 有色金属 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 【兴证金属】钴行业点评：刚果（金） 钴出口暂停，全球钴价中枢或将上移- 2025.02.25 【兴证金属】美国延续强势购金，大宗 商品价格如期回调-2025.02.23 【兴证金属】有色金属：俄乌战争趋向 结束，大宗价格或迎短期回调- 2025.02.16 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：赵远喆 S0190524070011 zhaoyuanji@xyzq.com.cn 研究助理：汤璐阳 tangluyang@xyzq.com.cn 美国衰退信号初现，大宗价格出现回调 投资要点： ⚫ 周度观点：受俄乌局势缓和及美国经济数据预期走弱影响，大宗价格出现回调 宏观因素看，本周受美俄主导俄乌局势取向快速和谈，及美国 Q1 经济数据预冷预期强化 影响，大宗商品价格出现明显回调。我们预计短期美国强势购金行为将延续，金价短暂回 调后有望继续走高冲击 3000 美元/盎司。基本金属方面，俄乌战争趋向结束， ...

行业周报 | 交通运输 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 【兴证交运】交通运输行业周报 （2025.02.17 - 02.22）——油轮运价继 续回升，快递揽投量稳步增长- 2025.02.23 【兴证交运】2025 年 1 月快递月报：继 续看好 2025 年行业需求，建议关注业绩 弹性标的-2025.02.20 【兴证交运】交通运输行业周报 （2025.02.09 - 02.15）——美国制裁持 续发力见效；春运旅客总量同比增长 7.2%-2025.02.16 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn 分析师：王凯 S0190521090002 wangkai21@xyzq.com.cn 分析师：袁浩然 S0190523070003 yuanhaoran@xyzq.com.cn 分析师：陈尔冬 S0190524080005 chenerdong@xyzq.com.cn 交通运输行业周报（2025.02.23 – 03.01）—— 快递业务量同比增长显著， 航空、航运业量价维持平稳 投资要点： 根 ...

Investment Rating - The report maintains an "Add" rating for the company [1] Core Views - The company is a leader in FPC testing equipment, benefiting from industry recovery and technological innovation, which is expected to drive demand growth [3][4] - The company has a strong technical background and customer base, positioning it well to capitalize on the growth in the FPC market, which is projected to grow from $12.191 billion in 2023 to $15.117 billion by 2028 [3][4] - The acquisition of Axis Tec is expected to open new growth avenues in the silicon photonics equipment sector [3][4] Summary by Sections 1. Company Overview - The company has focused on the testing field for over a decade, becoming a leading provider of FPC testing equipment [8] - It has established relationships with eight of the top ten global FPC manufacturers, including major clients like Apple [8][4] 2. FPC Testing Equipment - The FPC market is experiencing a recovery driven by technological innovations in mobile devices and the automotive sector, which is expected to increase demand for FPC testing equipment [3][4] - The company has maintained a high gross margin of around 57% and has a robust R&D investment strategy, with R&D expenses consistently above 15% of revenue [3][4] 3. MEMS Testing Equipment - The MEMS testing equipment segment shows significant potential, with the global MEMS market expected to grow from $14.6 billion in 2023 to $20 billion by 2029 [3][4] - The company has developed advanced pressure sensor testing equipment and is expanding its product offerings in the MEMS sector [3][4] 4. Acquisition of Axis Tec - The acquisition of a 67% stake in Axis Tec for approximately 20.73 million yuan is aimed at entering the silicon photonics equipment market, which is expected to enhance the company's growth prospects [3][4] 5. Financial Projections and Investment Recommendations - The company is projected to achieve net profits of 0.98 billion yuan in 2024, 1.50 billion yuan in 2025, and 1.82 billion yuan in 2026, with corresponding P/E ratios of 44.3, 29.0, and 23.9 [3][4]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights a structural market shift towards active equity funds, particularly those focused on technology and growth sectors, which have shown significant excess returns [4][6][25] - The overall market experienced a decline in January 2025, with major indices such as the CSI 300, CSI 500, and CSI 1000 showing declines of -3.0%, -2.4%, and -1.9% respectively, while mixed equity funds saw a slight increase of 0.2% [4][6] - The bond market continued its upward trend, albeit with reduced gains compared to previous periods, with the CSI All Bond Index, CSI Financial Bond Index, and CSI Corporate Bond Index showing increases of +0.5%, +0.1%, and +0.2% respectively [4][6] Market Review - In January 2025, the equity market overall declined, with the CSI 300, CSI 500, and CSI 1000 indices showing respective declines of -3.0%, -2.4%, and -1.9% [6] - The mixed equity fund index, however, increased by 0.2%, indicating a potential shift in investor preference towards active management strategies [6] - The bond market continued to rise, with the CSI All Bond Index gaining +0.5%, while credit spreads for AAA-rated bonds narrowed [4][8] Product Application Situation - A total of 147 funds were applied for in January 2025, a decrease of 15 from the previous month, with significant reductions in bond fund applications [11] - The number of mixed funds applied for increased, focusing on high-growth sectors such as technology and advanced manufacturing [12][14] - The application for index funds saw a slight decrease, with 85 funds applied for, reflecting a more diversified product offering [13][14] Product Issuance Situation - In January 2025, a total of 833 billion units of new funds were issued, a year-on-year increase of 47.3% but a month-on-month decrease of 44.3% [19] - The issuance of stock and mixed funds accounted for 34.0% of the total new fund issuance, indicating a shift in investor focus towards equity products [19] - The issuance of bond funds saw a significant decline, with a total of 469.76 billion yuan issued, reflecting a shift in market sentiment [27] Existing Scale - As of the end of January 2025, the net asset value of public funds reached 31.93 trillion yuan, a year-on-year increase of 16.7% but a month-on-month decrease of 2.7% [4][19] - The stock and mixed fund assets accounted for 24.5% of the total, indicating a slight increase in their proportion [4][19] Discussion on Active Equity Funds - The report discusses the potential for active equity funds to regain prominence, particularly those focused on high-growth sectors, which have shown resilience and significant returns [25] - Factors driving the growth of certain funds include concentrated investments in high-performing sectors and the recognition of fund managers' long-term performance [25] - The report notes that some active equity funds have achieved returns exceeding 40% year-to-date, drawing renewed interest from investors [25]