Investment Rating - The industry investment rating is "Maintain Buy" for the power equipment sector [5] Core Viewpoints - The penetration of AI large models is accelerating, with significant demand for AIDC (AI Data Center) driven by collaborations between major telecom operators and state-owned enterprises [1][3] - China's intelligent computing power is projected to double by 2026, reaching 1460.3 EFLOPS, with the market size expected to grow to $33.7 billion [2] - The introduction of DeepSeek is driving innovation at the algorithm level, which is enhancing computational architecture and data center transformations, leading to increased demand for computing power [3] Summary by Sections AI Computing Power Growth - In 2024, China's intelligent computing power is expected to reach 725.3 EFLOPS, a year-on-year increase of 74.1%, with a market size of $19 billion, growing by 86.9% [2] - By 2025, the intelligent computing power is projected to reach 1037.3 EFLOPS, a 43% increase from 2024, with a market size of $25.9 billion, reflecting a 36.2% growth [2] - The growth trajectory continues into 2026, with the computing power expected to hit 1460.3 EFLOPS and the market size reaching $33.7 billion, which is 1.77 times that of 2024 [2] Investment Recommendations - The report suggests focusing on companies benefiting from the growth in AI computing power and AIDC demand, particularly in the uninterruptible power supply (HVDC/UPS) segment, recommending companies like Zhongheng Electric, Hewei Electric, and Kehua Data [4] - In the distribution transformer segment, companies such as Jinpan Technology and Mingyang Electric are highlighted for potential investment [4] - For backup power and diesel generator segments, Weichai Heavy Machinery and Keta Power are recommended [4]

计算机 行业研究/行业周报 DeepSeek：V3/R1 满血版上线华为云 ——全球 AI 产业跟踪（2025.2.10-2025.2.14) ◼ 核心观点 Perplexity：推出新版 Sonar 搜索模型 据 IT 之家，近日 AI 搜索引擎企业 Perplexity 宣布推出其开发的新版 Sonar 搜索模型。该模型由 Llama3.370B 进一步训练而来，对搜索应用 进行了优化，运行在 Cerebras 推理基础设施上。Perplexity 表示新版 Sonar 的 Token 解码速度达到 1200 个每秒，是 Gemini 2.0 Flash 的 8.5 倍以上，"几乎可以即时生成答案"。在回答质量方面，Perplexity 称其 用户对新版 Sonar 模型的表现评价明显超过了 GPT-4omini 和 Claude 3.5 Haiku，高于前沿模型 Claude 3.5 Sonnet，同时与 GPT-4o 差异不大。 华为：小艺助手网页端上线，适配手机/PC，支持 R1 深度思考 据 IT 之家，近日华为小艺助手 App 官宣接入 DeepSeek，用户将鸿蒙 原生版小艺助手升级至 11. ...

计算机 行业研究/行业周报 DeepSeek：V3/R1 满血版上线华为云 ——全球 AI 产业跟踪（2025.2.10-2025.2.14) 据 IT 之家，近日华为小艺助手 App 官宣接入 DeepSeek，用户将鸿蒙 原生版小艺助手升级至 11.2.10.340 版本后，可在智能体广场体验 DeepSeek-R1 智能体（支持联网搜索功能）。 DeepSeek：V3/R1 满血版上线华为云 据 IT 之家，近日华为技术有限公司发文宣布，DeepSeek V3/R1 671B 旗舰模型（满血版）已基于华为云昇腾云服务全栈优化适配，满足业 务商用部署需求。目前，昇腾云服务已适配 DeepSeek 系列模型。 腾讯：腾讯元宝接入 DeepSeekR1 模型，支持深度思考+联网搜索 据 IT 之家，近日腾讯元宝宣布 DeepSeekR1 模型联网、满血上线。官 方表示，腾讯元宝是依托于腾讯混元、DeepSeek 大模型，基于跨知识 领域和自然语言理解能力的大模型 AI 产品。其支持对用户的提问进 行深度思考、逻辑推理和详细回答，同时也支持联网搜索信息，以提 高推理和回答的时新性和权威性。 百度：文心下一代模型 ...

非银金融 行业研究/行业周报 交投活跃+并购预期催化，券商景气度上行 ——券商&资本市场周观察（2025.2.10-2025.2.14） ◼ 市场要闻 财政部拟划转所持三大 AMC 股权至中央汇金；2024 年第四季度中国 货币政策执行报告提出：择机调整优化货币政策力度和节奏；开年首月 新增贷款超 5 万亿元，社融增量创新高；今年首批重磅宽基 ETF 即将 发行。 ◼ 数据跟踪 交投：本周 A 股日均成交 17487 亿元，环比+8.2%，1 月日均股基成交 额 14253 亿元，同比+64.2%。 两融：截止 2025.2.14，A 股两融余额 18532 亿元，其中融资余额 18423 亿元，融券余额 109 亿元，环比分别+1.8%、+1.8%、+4.8%。年内日均 两融余额同比+13.7%。 基金发行：本周新成立 4 只权益类基金（3 只指数类+1 只混合类），合 计 5.1 亿份，环比-75.9%。1 月新成立权益类基金 283.2 亿份（股票 ETF、 主动权益分别 113.0、170.1 亿份），环比-23.2%，同比 151.3%。 股债行情:截至本周末，沪深 300 年内涨跌幅+0.10%， ...

◼ 核心观点 国内海风项目加速推进，国内企业出海进行时。1）国内海风：根据风 电头条援引中国铁建港航局，2025 年 2 月 11 日，申能海南 CZ2 海上 风电示范项目主体工程全部完工（该项目总规划 1200MW，本次工程 为一期场区，规划容量 603MW）。根据风电头条，2025 年 2 月 7 日温 州市生态环境局发布《关于苍南 5 号海上风电项目环境影响报告书的 核准意见》，该项目规划容量 800MW。2）出海：根据龙船风电网，近 日远景能源与越南 EPC 承包商 PC1 集团签署风电机组供货协议；远 景能源将为菲律宾 Libmanan 风电项目提供风电机组，该项目总装机 容量 58.5MW。根据龙船风电网，近日亨通集团与 Esteyco 签订合同， 为 WHEEL 浮式风电试点项目设计、制造和交付整套动态海上电缆系 统。 ◼ 数据跟踪 电力设备 行业研究/行业周报 国内海风项目加速推进，国内企业出海进行时 ——风电行业周报（20250210-20250214） ◼ 风险提示 行业政策变化风险、原材料价格短期大幅波动风险、风电项目延期/风 电装机不及预期风险、市场竞争加剧风险。 本周（2025021 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic gaming industry, focusing on high-quality game development and operations, which has led to steady growth since 2021. In Q3 2024, the company achieved revenue of 3.928 billion yuan and a net profit of 1.280 billion yuan, with year-on-year growth rates of 29.65% and 18.27%, respectively [1][27] Summary by Sections Company Overview - The company is a well-known internet gaming listed company in China, primarily engaged in the development, production, and operation of high-quality online games. It has a long-term layout in virtual reality and the metaverse, actively exploring global distribution to reach a wider audience [16] Business Strategy - The company focuses on three main business areas: game development, publishing, and investment + IP, enhancing its competitive edge and reinforcing its core business [18] - The company has a diverse product matrix, including retro-themed games and innovative premium games, supported by strong R&D capabilities and operational experience [18][19] Market Potential - The Chinese mobile gaming market is expected to grow steadily, with projected market sizes of 344.2 billion yuan, 359 billion yuan, and 372.3 billion yuan from 2024 to 2026, with year-on-year growth rates of 5.10%, 4.30%, and 3.70%, respectively [50] - The overseas market for self-developed games is also growing, with actual sales revenue reaching 18.557 billion USD in 2024, a year-on-year increase of 13.39% [56] Financial Performance - The company has experienced significant revenue growth since 2021, with revenues of 2.375 billion yuan, 3.726 billion yuan, and 4.295 billion yuan from 2021 to 2023, and a net profit of 577 million yuan, 1.025 billion yuan, and 1.462 billion yuan during the same period [27] - The mobile gaming segment constitutes the majority of the company's revenue, accounting for 81.99% in the first half of 2024 [30] Future Outlook - The company has a robust pipeline of quality game titles, with several products already approved for release, laying a solid foundation for future growth [2] - The management has committed to not selling shares for the next five years and will continue to increase their holdings, demonstrating confidence in the company's future [3]

电子 行业研究/行业周报 魅族接入 DeepSeek，中国平板市场向好 ——电子行业周报（2025.02.10-2025.02.14） ◼ 核心观点 本周核心观点与重点要闻回顾 AI 端侧：DeepSeek 融入星纪魅族 AI 生态，相关产业链有望持续受 益。DeepSeek 融入星纪魅族 AI 生态，手机及 AR 智能眼镜可直接语 音使用。星纪魅族 AR 智能眼镜 StarV Air2 及 MYVU 目前已接入 DeepSeek 大模型。我们认为，AI 端侧各项应用发展态势良好，相关 产业链有望持续受益。 消费电子：IDC 称 2024 中国平板电脑市场出货量同比增长 4.3%，相 关产业链有望持续受益。伴随 2025 年 1 月国补政策落地，中国平板 市场需求将被进一步激发，3000 元左右市场容量预计上半年将明显 提升。我们认为，CES2025 期间或将展示更多 AI 与消费电子结合应 用，如 AIPC、AI/AR 眼镜、智能驾驶与机器人等，叠加补贴政策出 台，相关产业链有望持续受益。 先进封装：台积电 171 亿美元或投资先进制程和封装，相关产业链有 望持续受益。台积电计划投资 171.41 亿美元， ...

电力设备 行业研究/行业周报 国内海风项目加速推进，国内企业出海进行时 ——风电行业周报（20250210-20250214） ◼ 核心观点 国内海风项目加速推进，国内企业出海进行时。1）国内海风：根据风 电头条援引中国铁建港航局，2025 年 2 月 11 日，申能海南 CZ2 海上 风电示范项目主体工程全部完工（该项目总规划 1200MW，本次工程 为一期场区，规划容量 603MW）。根据风电头条，2025 年 2 月 7 日温 州市生态环境局发布《关于苍南 5 号海上风电项目环境影响报告书的 核准意见》，该项目规划容量 800MW。2）出海：根据龙船风电网，近 日远景能源与越南 EPC 承包商 PC1 集团签署风电机组供货协议；远 景能源将为菲律宾 Libmanan 风电项目提供风电机组，该项目总装机 容量 58.5MW。根据龙船风电网，近日亨通集团与 Esteyco 签订合同， 为 WHEEL 浮式风电试点项目设计、制造和交付整套动态海上电缆系 统。 ◼ 数据跟踪 本周（20250210-20250214）板块行情回顾：本周电力设备板块涨跌幅 1.12%，在 31 个申万一级行业涨跌幅排名中位列第 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [7] Core Views - The rise of new Chinese-style clothing reflects a growing consumer interest, with significant sales potential in the national trend market. During the 2025 Spring Festival, national retail sales reached 881.36 billion yuan, a year-on-year increase of 7.12%, with clothing and textile products generating 97.61 billion yuan, up 3.45% year-on-year [13][14] - The winter sports sector is experiencing growth, driven by the popularity of ice and snow tourism during the winter season and the Asian Winter Games, indicating potential sales growth in related apparel and equipment [14] - The integration of AI in the textile industry is transforming production processes, enhancing automation and intelligence across design, supply chain management, and marketing, which presents new opportunities for industry growth [15][16] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.19%, while the textile and apparel sector increased by 1.18%, slightly underperforming the index by 0.01 percentage points, ranking 16th among 31 industries [18] - Among the three sub-sectors, apparel and home textiles, and accessories saw increases of 1.04% and 4.52%, respectively, while textile manufacturing declined by 0.53% [23] Key Data - In December, the total retail sales of consumer goods reached 45,172 billion yuan, a year-on-year increase of 3.7%, with clothing and textile products experiencing a slight decline of 0.3% [33] - As of February 14, domestic cotton prices rose to 14,793.79 yuan per ton, while international cotton prices reached 76.71 cents per pound, reflecting increases of 0.43% and 1.74%, respectively [44] Investment Recommendations - The report suggests focusing on companies benefiting from outdoor sports trends and domestic demand recovery, including Anta Sports, Li Ning, and 361 Degrees [17] - It highlights brands with high loyalty in men's and children's clothing, such as Biyinlefen and Hailan Home, as well as the recovery of the lingerie sector driven by comfort and self-care trends [17] - The report also emphasizes the potential of the pet industry and textile manufacturing leaders with quick response capabilities, such as Shenzhou International and Zhejiang Natural, alongside companies leveraging AI in textile applications [17]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Viewpoints - The neurointerventional industry is entering a rapid growth phase, with the market size expected to increase from RMB 58 billion in 2020 to RMB 175 billion by 2026, representing a compound annual growth rate (CAGR) of 20.1% from 2020 to 2026 [1][26]. - The company is a leading player in the domestic neurointerventional market, with a comprehensive product portfolio that includes various fields such as acute ischemia, stenosis, hemorrhage, and access [1]. - The company is expected to recover from previous losses and achieve profitability, with projected revenues of approximately RMB 4.48 billion, RMB 5.78 billion, and RMB 7.00 billion for 2024, 2025, and 2026, respectively [3][5]. Summary by Sections Company Overview - The company was established in 2007 and began its neurointerventional business in 2016, listing on the STAR Market in 2019 as the first company from Tianjin [1]. - The company's revenue from its neurointerventional product line, including the SINO SHENCHANG brand, is projected to reach approximately RMB 178 million in 2023, reflecting a year-on-year growth of 65.3% [1]. Neurointerventional Market - The neurointerventional market is characterized by high barriers to entry and high margins, with the introduction of new products expected to significantly enhance the company's profitability [2]. - The market for neurointerventional medical devices in China is projected to grow rapidly, driven by increasing disease prevalence, a growing number of qualified surgeons, and the development of domestic medical devices [19][26]. Product Pipeline and Innovations - The company's main neurointerventional products include the NOVA stent, which is the world's first drug-eluting stent specifically designed for treating intracranial artery stenosis, and various balloon products [2][32]. - The company is also advancing its pipeline with new products such as self-expanding drug-eluting stents and flow-directed anti-coagulation coated stents, which are expected to drive future growth [2][34]. Financial Projections - The company is expected to achieve a net profit of approximately RMB 33 million in 2025 and RMB 76 million in 2026, with significant year-on-year growth rates of 701.4% and 130.4%, respectively [3][5]. - The projected revenue growth rates for 2024, 2025, and 2026 are 30.6%, 29.0%, and 21.1%, respectively [3][5]. Competitive Landscape - The company faces competition from other players in the neurointerventional space, but its NOVA stent has a unique first-mover advantage in the market [2][38]. - The overall market for neurointerventional devices is expected to see increased competition, but the company's established position and innovative products are likely to maintain its competitive edge [2][19].