Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights that the easing of the Russia-Ukraine conflict is expected to benefit international engineering companies, with significant reconstruction demand in Ukraine estimated to exceed $486 billion over the next decade [4][6] - The report anticipates an improvement in the operational quality of state-owned construction enterprises driven by debt reduction efforts, which are expected to enhance earnings per share (EPS) and price-to-earnings (PE) ratios [5][7] - The report emphasizes the potential acceleration of the "Belt and Road" initiative, which is likely to benefit international engineering firms, particularly in Southeast Asia and the Middle East [6][7] Summary by Sections Important Events Tracking - The State-owned Assets Supervision and Administration Commission (SASAC) has reiterated the need to enhance the quality of central enterprises and improve market value management [11] - As of February 20, 2025, the national construction site resumption rate was 47.7%, a year-on-year decrease of 15.2 percentage points [11] Market Performance Tracking - From February 17 to February 21, 2025, the construction engineering sector (SW) declined by 0.45%, while the overall A-share index rose by 2.06%, resulting in an excess return of -2.51 percentage points for the construction sector [12][13] - The construction sector's price-to-earnings (PE) ratio (TTM) was 9.47, and the price-to-book (PB) ratio was 0.74, indicating low valuation levels historically [16][18] Industry Data Tracking - As of February 21, 2025, a total of 405.13 billion yuan in special bonds had been issued in 2025, with 135.97 billion yuan issued from February 15 to February 21 [21][23] - Fixed asset investment in 2024 reached 5143.74 billion yuan, with a year-on-year growth of 3.2% [21]

行业周报 | 轻工制造 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【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）： AI 赋能家居设计春风起-2025.02.13 【兴证轻工】周观点：多地出台家居国 补政策，关税博弈背景下看好优质出口 龙头-2025.02.09 分析师：林寰宇 S0190524080006 linhuanyu@xyzq.com.cn 分析师：侯宜芳 S0190522100001 houyifang@xyzq.com.cn 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 ⚫ 家居板块：（1）统计局公布 1 月 70 城房价指数，一线城市一二手房价环比继续上涨。 CRIC 监测重点城市一二手成交也延续止跌企稳行情，成交同比持续正增，开盘去化率 突破四成。核心城市二手房市场延续回暖势头，房价上涨小区占比进一步扩大，议价空 间持续收窄，市场信心加速修复。（（2）投资 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the rapid development of AR glasses and the potential of AI applications driven by lower training and inference costs, which are expected to promote the prosperity of AI applications [4][19] - Alibaba's capital expenditure significantly exceeded expectations, indicating a strong commitment to AI infrastructure investment, with projected spending over the next three years expected to surpass the total of the past decade [20] - The introduction of the new iPhone 16e, equipped with the A18 chip, is anticipated to stimulate sales in the smartphone market, supported by government subsidies [21][22] Summary by Sections Market Review - From February 17 to February 21, the overall market rose, with the electronic industry index outperforming the market, increasing by 6.96% [6][7] - Among 478 listed companies in the electronic sector, 433 saw an increase in stock prices, with notable gainers including Longyang Electronics and Nanya New Materials [8] Sub-industry News Semiconductor - The global semiconductor market is projected to grow by 19% in 2024, reaching $621 billion, following a strong recovery from a downturn in 2023 [22] - Taiwan's semiconductor industry is expected to surpass NT$5 trillion in output value in 2024, with a growth forecast of 16.2% for 2025 [11] AI, IoT, and Automotive Electronics - China's intelligent computing power is expected to grow by 43% by 2025, driven by the demand for large models and generative AI [12] - The collaboration between STMicroelectronics and Amazon aims to develop new computer chips targeting the AI data center equipment market [14] Innovative Electronics & Wearables - Meta is launching a $1 million VR/MR development competition to accelerate content creation for mobile experiences [14] Mobile & 5G - The launch of OPPO's Find N5, the world's thinnest foldable flagship, showcases advancements in mobile technology [15] - The iPhone 16e is positioned as an affordable AI smartphone option, expected to boost sales in the mobile sector [21] LCD & LED - The global LCD esports monitor panel shipments are expected to grow by 12% in 2024, but growth will slow to 5% in 2025 [17] Industry Investment Strategy - The report emphasizes the potential of end-side AI applications, particularly in headphones and glasses, and recommends focusing on key players in the sector [19] - The AI wave is expected to drive significant demand for computing power, with recommendations to pay attention to leading companies in various segments, including PCB and AI chip manufacturers [20][22]

海外行业周报 | 地产建筑业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 相关研究 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 【兴证海外地产】海外地产周报 （2025.02.10-2025.02.16）：布局地产板 块正当时-2025.02.17 分析师：严宁馨 S0190521010001 请注意: 严宁馨并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 【兴证海外地产】海外地产周报 （2025.02.03-2025.02.09）：建议积极布 局地产板块-2025.02.09 【兴证海外地产】海外地产周报 （2025.01.20-2025.01.26）：港股地产进 入年报业绩期-2025.01.26 yanningxin@xyzq.com.cn 分析师：孙钟涟 S0190521080001 请注意: 孙钟涟并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 sunzhonglian@xyzq.com.cn | 公司 | 股价 | 市值 | 近一周涨跌幅 | ...

策略研究 | 策略专题报告 证券研究报告 报告日期 2025 年 02 月 20 日 分析师：张启尧 S0190521080005 zhangqiyao@xyzq.com.cn 分析师：陈禹豪 S0190523070004 chenyuhao@xyzq.com.cn 相关研究 【兴证策略】13-15 年"互联网＋"行情 对当下的启示-2025.02.15 【兴证策略】2024 年"百大牛股"画像- 2025.01.30 【兴证策略】全球龙头估值比较 （20250127）-2025.01.27 五大关键指标看本轮 AI 行情 投资要点： 对此我们认为，短期随着成交占比上升至高位，板块出现震荡波动的概率的确在提升，但 通常不会导致行情系统性终结，影响主要在于结构，在基本面和流动性预期无明显压力的 情况下，更多会以内部轮动和高低切换的方式消化短期过热的市场情绪。 中期看，当一个行业、板块所处的产业趋势、生命周期、政策环境、基本面逻辑等出现重 大变化时，则可能突破交易拥挤的桎梏，而形成新的趋势性行情，无论是 2013-2014 年的 中小创、2016-2020 年的核心资产、2020-2021 年的新能源，都是在成交 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - Efficiency is the driving force behind technological iteration, with BC and HJT technologies showing a power increase of 20-30W compared to the same version TOPCon single modules, indicating the conditions for technological iteration are met [2][21] - New battery technologies have demonstrated significant efficiency improvements over time, with single crystal batteries replacing multi-crystal batteries and TOPCon batteries replacing PERC batteries, leading to a gradual market exit for multi-crystal technology [5][10] - The penetration rate of new technologies often exceeds market expectations, as seen with TOPCon's rapid adoption [2][19] Summary by Sections 1. Review: Technological Iteration - Efficiency advantages are foundational for technological iteration, with significant potential for further improvements [5] - Premium advantages persist, with high-efficiency batteries maintaining price premiums over lower-efficiency counterparts [8] - The cycle of technological iteration is shortening, driven by demand and capital support [11] 2. BC/HJT New Technology Iteration - The expansion timeline for new technologies shows competitive development among battery technologies [25] - Patent applications reflect the emphasis on technological advancements, with a notable increase in BC technology applications [28] - Efficiency improvement pathways for new technologies are becoming clearer, with BC and HJT technologies exploring distinct performance enhancement routes [32] 3. Investment Recommendations - Recommended companies for BC technology include Longi Green Energy and Jinko Solar, while Tongwei Co. is highlighted for HJT technology [23][27] 4. Cost Reduction Strategies - Cost reduction is a primary goal for new technologies, with HJT and BC technologies already demonstrating excellent mass production capabilities [52] - The cost structure for different technologies is analyzed, showing that TOPCon has the lowest non-silicon costs compared to HJT and TBC [52][54] - BC technology has a clear cost reduction path, focusing on efficiency improvements, equipment investment reductions, and silver-free technology [57]

Investment Rating - The report maintains a "Recommended" investment rating for the banking industry [1] Core Insights - The performance of bank stocks during low interest rate periods is closely related to macroeconomic expectations and their own profitability. During crisis events that lead to significant interest rate cuts, bank performance typically declines sharply, resulting in underperformance relative to the market. However, once entering a low interest rate plateau with recovering macroeconomic expectations, bank profitability tends to improve, leading to excess returns for bank stocks. The report focuses on the performance of banks in the US, Eurozone, Japan, South Korea, Hong Kong, and Taiwan during these periods [1][17] Summary by Sections 1. Global Comparison of Bank Stock Performance in Low Interest Rate Periods - Bank stock performance varies significantly across different countries and regions due to differences in macroeconomic environments, economic development stages, and banking operating models [1][17] 2. United States: Short Low Interest Rate Cycle with Economic Recovery - The US experienced two low interest rate periods in the past 20 years, with bank stocks achieving excess returns during the recovery phases. In the crisis periods, banks faced increased bad debts and provisions, which eroded profits, leading to weaker stock performance [21][29] 3. Eurozone: Long-Term Low Interest Rates with Overall Underperformance - The Eurozone has been in a low interest rate environment since 2009, with bank stocks generally underperforming the market. However, as the interest rate environment began to improve, banks started to see some recovery in profitability and stock performance [38][45] 4. Japan: Long-Term Low Interest Rates with Periodic Outperformance - Japan's banking sector has struggled under a long-term low interest rate environment, but saw periods of outperformance during times of profitability recovery, particularly after the resolution of bad debt issues [4][38] 5. South Korea: Long-Term Low Interest Rates with Pressure on Profitability - South Korean banks have faced profitability pressures in a long-term low interest rate environment, but have begun to see improvements as the economy transitions to a higher quality growth phase [4][38] 6. Hong Kong: Strong Performance of Hang Seng Bank - Hang Seng Bank outperformed the market during the interest rate cuts due to strong fundamentals, high ROE, and dividends. However, its performance weakened in the later stages due to external economic pressures [4][38] 7. Taiwan: Significant Recovery in Profitability - Taiwan's banking sector has shown significant recovery in profitability after a long period of low interest rates, leading to slight excess returns during the recovery phase [4][38]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the rapid development of AI/AR glasses, driven by advancements in AI technology and the emergence of various new products from major manufacturers [5][6] - The AR display technology is continuously evolving, with multiple solutions coexisting, including optical and display technologies [10][12] - Micro OLED technology is maturing, while Micro LED production technology is still facing challenges [22][28] Summary by Sections 1. AI Leads the Charge in AR Glasses - AR glasses are emerging as a new wearable device that combines augmented reality display functions with the form of glasses, offering features like display, virtual-real fusion, and portability [5] - The introduction of AI capabilities has led to a surge in AI/AR glasses products, with major companies like Ray-Ban Meta, Huawei, and others launching new models [6][8] 2. Continuous Iteration of AR Display Technology - The main display technologies for AR include projection display, LCD, LED, OLED, Micro OLED, and Micro/Mini LED, while optical solutions are categorized into Optical See-Through (OST) and Video See-Through (VST) [10][11] - The optical waveguide solution is currently the only one that allows AR glasses to maintain a form factor similar to regular glasses, providing advantages in thickness, field of view, and light transmission [13][14] 3. High Maturity of Micro OLED Technology and Challenges for Micro LED - The Micro OLED supply chain includes upstream raw materials, assembly components, manufacturing, and testing equipment, with significant market share held by Japanese and Korean companies [25][24] - Micro LED technology is still in the process of overcoming production challenges, particularly in achieving full-color displays and mass transfer issues [28][36] 4. Company Analysis - Key players in the Micro LED sector include Huazhuan Optoelectronics, Liyade, and others, while Micro OLED manufacturers include BOE, Aolai Technology, and others [22][27] - The report suggests monitoring companies involved in the AR industry, particularly those focusing on Micro LED and Micro OLED technologies [22][27]

行业点评报告 | 交通运输 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 20 日 | 相关研究 【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 【兴证交运】交通运输行业周报 （2025.02.02 - 02.07）——美国对伊制 裁提振油轮供需，春节假期快递业务量 增长显著-2025.02.09 【兴证交运】油轮板块点评 （2025.02.05）——美国准备制裁伊 朗，油轮供需有望再获提振-2025.02.05 分析师：胡杉 S0190524080004 hushan@xyzq.com.cn 分析师：郭军 S0190524110002 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn ⚫ 投资建议： 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 投资要点： ⚫ 事件：各快递公司公告 2025 年 1 月运营数据。 1、电商快递：圆通/韵达/申通， ...

行业点评报告 | 交通运输 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 20 日 | 相关研究 【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 【兴证交运】交通运输行业周报 （2025.02.02 - 02.07）——美国对伊制 裁提振油轮供需，春节假期快递业务量 增长显著-2025.02.09 【兴证交运】油轮板块点评 （2025.02.05）——美国准备制裁伊 朗，油轮供需有望再获提振-2025.02.05 分析师：胡杉 S0190524080004 hushan@xyzq.com.cn 分析师：郭军 S0190524110002 guojun1@xyzq.com.cn 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn 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 投资要点： ⚫ 事件：各快递公司公告 2025 年 1 月运营数据。 附表 | ...