证券研究报告·行业动态 欧洲 2 月电车跟踪：九国注册量同比+19% 延续强势，碳排目标推迟预计影响有限 核心观点 2 月九国电车销量 17.6 万，同比+19%，环比+2%，其中主要国家： 法国电车补贴退坡致销量短期承压，同比-15%；德国电车销量同比 +32%，主要系24年基数较低；英国电车销量环比-32 %，同比+35%， 环比降低主要系新旧牌照替换周期，但同比表现强劲，主要系 4 月 1 日起新能源车将与燃油车缴纳车辆税对齐，部分销量前置。政策 端来看，欧盟执委会将于近期通过碳排目标新修正案，原定于 25 年的碳排考核目标可能放宽至以 25-27 年三年碳排放均值作为合 规条件，基于欧盟碳排放考核推迟，预计 25 年欧洲电车销量同比 +10%至 326.7 万辆以上。但 1-2 月欧洲九国注册量同比+22%表现 强势，我们认为 25 年仍有机会实现 340 万以上销量。 行业动态信息 欧洲九国 2 月新能源车注册量 17.60 万辆，同比+19.3%，环比 +1.9%，渗透率 24.6%，同比+4.5pct，环比+0.7pct。 分国家来看： 1）英国：2 月销量 2.85 万辆，同比/环比+35.2 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the engineering machinery sector [4]. Core Viewpoints - The domestic demand for excavators has exceeded expectations, with a 51% year-on-year growth in sales during January and February 2025, indicating a strong recovery in the market [1][10]. - The report anticipates a cyclical upturn in the domestic market, as the sales volume of core products has dropped by 70%-80% compared to the previous peak, alleviating the base pressure significantly [3][20]. - The report highlights that the demand for equipment replacement and upgrades will provide sustained support for the cyclical upturn, with a new round of replacement cycle beginning [3][28]. Summary by Sections Domestic Demand Performance - In January and February 2025, excavator sales reached 11,640 units in February, a 99.4% increase year-on-year, with total sales for the two months at 17,045 units, reflecting a 51.4% increase [10][12]. - Other machinery types also showed positive performance despite the impact of the Spring Festival in January, with loaders and graders experiencing year-on-year growth of 23.9% and 5.7%, respectively [2][10]. Market Cycle Analysis - The domestic engineering machinery market has experienced four years of decline, and the report suggests that it is nearing a bottom, with expectations for recovery in 2025 [3][20]. - The report notes that significant investment in infrastructure and construction projects is expected to commence in the second half of 2024, which will further boost demand for engineering machinery [21][22]. Replacement Demand - The report emphasizes that the demand for equipment replacement is expected to increase, driven by the aging of machinery and government policies aimed at phasing out older, more polluting models [28][34]. - The increase in the export of second-hand machinery has also contributed to the reduction of domestic inventory, enhancing the certainty of replacement demand [39][40]. Regional Performance - The report identifies regions with strong growth, particularly those with strict environmental regulations and significant water conservancy projects, such as Heilongjiang, Hainan, and Guangxi, which saw year-on-year growth exceeding 40% in 2024 [15][16]. - The performance of different regions varies significantly, influenced by local investment conditions and project commencement timelines [15][20]. Investment Recommendations - The report recommends focusing on leading companies in the sector, such as XCMG and SANY, which are expected to benefit from the recovery in domestic demand and have strong profit margins [45].

发布日期：2025年3月11日 本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规情况下 ，本报告亦可能由中信建投（国际）证券有限公司在香港提供。同时请务必阅读正文之后的免责条款和声明。 前言：可灵，不可忽视的国产AI新力量 1 证券研究报告行业动态报告 可灵：头部AI视频产品 ——AI产品深度拆解（系列1） 分析师：杨艾莉 yangaili@csc.com.cn 010-85156448 SAC 编号：S1440519060002 SFC 编号：BQI330 分析师：杨晓玮 yangxiaowei@csc.com.cn SAC 编号：S1440523110001 近期，在国新办举行的新闻发布会上，政府工作报告起草组成员、国务院研究室副主任陈 昌盛提到，中国AI产业跑出加速度，除了大家熟知的Deepseek、宇树科技之外，还有可灵 视频，在国际上的评价已经超过Sora，可灵的价值正在被逐步认知。 可灵是由快手在24年初推出的AI视频生成模型，推出后在国内和海外都引起好的反响，尤 其是网页端80%以上的访问量都来自海外，呈现"墙内开花墙外香"的趋 ...

2 月 28 日晚发布公司 2024 年年度业绩快报：2024 年全年实现 收入 24.19 亿元，同比增长 9.27%；实现归母净利润 2898 万 元，同比下滑 71.91%。 简评 2024 年车载业务进入密集量产交付，实现收入超 6 亿元 收入端，2024 年公司整体收入同比保持增长，主要得益于车 载业务收入贡献，全年车载收入超 6 亿元，收入占比近 25%。全 年车载收入主要来自前期定点车型问界 M9，据 AITO 官方公布， 截至 12 月 19 日，问界 M9 累计大定已经突破 19 万辆，推动公司 车载业务成为公司主要增长点。利润端，全年归母净利润同比下 滑 71.91%，主要系参股公司业绩下滑形成的投资损失、仲裁纠纷 事项发生法律服务费用以及收入结构变化所致。此外，公司主动 调整 C 端业务策略，C 端业务收入占比及毛利率均有所下降对利 润有所影响。未来随着参股公司逐步剥离、C 端业务收入占比下 滑，其对净利润的影响将逐步减弱。 展望 2025 年，在一系列财政货币政策刺激下，经济有望逐 步复苏，影院市场预计将保持增长。此外公司紧抓中国新能源车 智能化的黄金机遇，与华为智选合作伙伴赛力斯、北 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The acquisition of 20.75% of Shanghai Fuchi shares, increasing the company's stake to 85%, will solidify its strategic position in the MIM (Metal Injection Molding) business and enhance business synergy, reinforcing its competitive advantage in high-end manufacturing [1][3]. - The company's three main businesses (P&S, SMC, MIM) are expected to resonate positively, with the MIM business poised for rapid growth as the market for foldable smartphones expands [1][9]. - The company is considered an undervalued player in the humanoid robot sector, with potential growth driven by the integration of axial flux motors, P&S, and MIM technologies [1][10]. Summary by Sections Acquisition Details - The company plans to acquire 20.75% of Shanghai Fuchi through a combination of share issuance and cash payment, with the share price set at 14.68 CNY per share, which is 80% of the average trading price over the last 60 trading days [2]. Business Performance - The company anticipates a significant increase in net profit for 2024, projecting a year-on-year growth of 92%-107%, with revenues expected to exceed 5 billion CNY [3][7]. - The three main business segments are expected to achieve record highs, driven by increased orders and improved production efficiency [3][8]. Business Segments 1. **P&S Business**: Benefiting from the growth of the automotive sector and the exit of foreign competitors, the P&S business is expected to see stable growth [8]. 2. **SMC Business**: The SMC segment is experiencing continuous improvement in demand, particularly in the photovoltaic and home appliance sectors [8]. 3. **MIM Business**: The MIM segment is set for rapid development, particularly with the anticipated increase in foldable smartphone shipments, projected to reach approximately 10.86 million units in 2024, a 52.4% year-on-year increase [9]. Financial Projections - The company forecasts revenues of over 5 billion CNY in 2024, with net profits expected to reach between 395.95 million CNY and 655.71 million CNY by 2025 [13]. - The projected P/E ratios for 2024 and 2025 are 38 and 23, respectively, reflecting the company's growth potential and industry position [11].

证券研究报告·行业动态 每周观察：光伏领跑者历史复盘，行业后 续将向什么方向演进？ 核心观点 通过复盘 2015-2017 年光伏领跑者计划实施的背景及影响，我们发现当前行 业状态与当时的产业背景较为相似。陕西省今年 2 月发布"领跑者计划"， 若后续在全国范围推开，将助推低效产能逐步出清。但和 15-17 年相比，目 前行业不同的情况在于光伏 3 项 N 型电池技术各有优势，不同场景下适配 性有明显差异，分布式及背面反射率偏低的场景下 BC 综合输出功率具有优 势，而反射率较高的场景中 TOPCon、HJT 等综合输出功率较高。建议关注 布局 BC、TOPCon3.0 等高效 N 型技术较为领先的企业。 摘要 上一轮光伏"领跑者计划"推出背景如何？ 2015 年前后光伏行业供需失衡，行业陷入价格战泥潭导致企业新技术投资 意愿低，技术进步缓慢。为解决这一问题，光伏"领跑者计划"应运而 生。2015-2017 年，国内共推出三轮领跑者计划，项目规模分别为 1GW/5.5GW/6.5GW，分别占当年国内新增装机的 7.8%/15.9%/12.2%。电池& 组件效率等技术门槛逐步提升，规模逐步扩大。 政策实施推动单 ...

本周（2.28-3.7）中信消费者服务行业涨跌幅、商业贸易行业涨 跌幅分别为 3.27%、0.48%，相对上证综指，分别跑赢 1.72pct、 跑输 1.08pct，相对沪深 300 分别跑赢 1.89pct、跑输 0.91pct，在 中信一级行业中排名第 7、23。 板块表现： 社会服务：出境游板块涨跌幅第一（+9.04%），酒店>餐饮>景 区>免税，涨跌幅分别为+0.89%、+0.74%、+0.61%、-1.20%。 商贸零售：电商及服务板块涨跌幅第一（+3.90%），专营连锁> 专业 市场 经营 >一 般 零售 >贸 易， 涨 跌幅 分别 为+3.69% 、 +2.69%、-1.81%、-2.52%。 板块新闻： 证券研究报告·行业动态 政府工作报告强调大力提振消 费，关注扩大内需方向 核心观点 国务院总理李强在政府工作报告中介绍今年政府工作任务时提 出，大力提振消费、提高投资效益，全方位扩大国内需求。促 进消费和投资更好结合，加快补上内需特别是消费短板，使内 需成为拉动经济增长的主动力和稳定锚；实施提振消费专项行 动，推动消费提质升级。扩大健康、养老、托幼、家政等多元 化服务供给。落实和优化休假制度， ...

Investment Rating - The report suggests a positive outlook for the power sports industry, indicating it is in a growth phase driven by increased consumer spending and demand for recreational vehicles [4]. Core Insights - The motorcycle industry is experiencing a recovery in overseas demand, particularly in Europe and emerging markets, while Japanese, Indian, and Chinese companies are seeing growth. In contrast, European and American brands are under pressure [2][3]. - The four-wheeler market is also witnessing a rebound in demand, but leading brands are facing challenges due to high inventory levels and increased competition, leading to a decline in profit margins [3]. - The report anticipates continued robust recovery in motorcycle demand through 2025, with increased competition in overseas markets, providing opportunities for Chinese companies to gain market share [2][3]. Summary by Sections Two-Wheelers - The demand for motorcycles in Europe and emerging markets is recovering, with Japanese, Indian, and Chinese brands performing strongly. The global motorcycle market saw a sustained increase in demand in Q4 2024, with emerging markets driving growth [2][6]. - The motorcycle consumption structure is changing, with increased competition in mature markets leading to a divergence in pricing, profit per unit, and profit margins among brands [2][13]. Four-Wheelers - The demand for four-wheelers in Europe and North America is recovering, but leading brands are struggling with high inventory levels and competitive pressures, resulting in a notable decline in profit margins [3][6]. - Secondary brands like Chuanfeng and Kawasaki are benefiting from effective inventory management and are expected to continue gaining market share [3][6]. Outlook - The report projects ongoing recovery in both two-wheeler and four-wheeler demand, with a notable divergence in brand performance. Japanese companies are expected to exceed initial sales and profit forecasts due to favorable currency exchange rates and recovering demand in Europe and emerging markets [3][6]. - The competition in overseas markets is expected to intensify, with Chinese companies likely to capture more global market share [3][6]. Investment Recommendations - The report recommends investing in leading companies in the all-terrain vehicle and mid-to-large displacement motorcycle segments, particularly Spring Wind Power and TaoTao Industries, which have advantages in local operations and cost control [4].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The emergence of DeepSeek will accelerate the digital transformation of financial institutions, providing a more efficient way to demonstrate the phased effects of digital transformation and enabling mass replication [6][8] - DeepSeek's general and reasoning models offer high performance at a cost reduced to less than one-tenth of leading models, making it more accessible for financial institutions [2][11] - The integration of AI capabilities with financial scenarios will shift the competitive focus from technological barriers to the value extraction of financial data [2][11] Summary by Sections 1. Core Pain Points of Digital Transformation in Financial Institutions - Traditional financial institutions face three core contradictions: long-term strategic goals versus short-term performance KPIs, long-term value versus short-term financial pressures, and the growth of mature business versus the small proportion of innovative business [8][19] - Digital transformation requires a unified planning approach to address the scattered demands from business sides and the systematic thinking needed for technical development [16][19] 2. Digital Marketing in Financial Institutions - The traditional marketing model emphasizes product sales, leading to challenges in service standardization and the need for a more agile and data-driven marketing system [26][27] - The report suggests a shift from product sales to user operation, focusing on customer experience and trust [21][22] 3. Application of Large Models in Financial Institutions - Continuous accumulation of high-quality business data and deepening vertical scenario understanding are crucial for leveraging large models to accelerate digital transformation [5][12] - The report emphasizes that AI is not a job replacer but a capability amplifier, allowing financial professionals to focus more on value judgment and distribution [8][19] 4. DeepSeek's Role in Digital Transformation - DeepSeek's introduction is seen as a catalyst for quantifying and accelerating the effects of digital transformation, significantly reducing transformation costs [8][19] - The report outlines eight key conclusions regarding the empowerment of the financial industry by DeepSeek, including the importance of human-machine collaboration and the need for gradual innovation in digital transformation [8][19] 5. Pain Points and Digital Value in Various Financial Sectors - The report provides an in-depth analysis of the pain points and digital value in sectors such as brokerage, insurance, credit, supply chain finance, and other fintech institutions [7][10]

证券研究报告·行业动态 REITs 周报（2.15-2.21）：中外运仓储物流 REIT 获问询，国寿设合伙企业聚焦 REITs 投资 核心观点 本周中证 REITs 全收益指数上涨 1.23%，收于 1064.08。从我们构 建的指数来看，本周产权类 REITs 上涨 0.5%，经营权类 REITs 上 涨 6.0%。本周中银中外运仓储物流 REIT 获上交所问询，监管重 点关注整租方的运营情况、关联交易的定价依据、竞争性物业的 影响以及项目估值的合理性等方面。尤其是估值方面，需分析同 类物业对本项目的影响以及出租率、租金增长率的合理性。此外， 中国人寿拟出资设立合伙企业聚焦基础设施公募 REITs 投资。认 缴出资总额为 52.37 亿元，其中国寿认缴出资额为 35 亿元，国寿 资本为管理人。 行业动态信息 政策及新闻回顾：1）中国人寿拟出资设立合伙企业聚焦基础设施 公募 REITs 投资。认缴出资总额为 52.37 亿元，其中国寿认缴出 资额为 35 亿元，国寿资本为管理人。2）万科集团与中信金石、 新华保险、大家保险共同设立"万新金石（厦门）住房租赁基金"， 总规模 16 亿元。基金将收购厦门泊寓院儿 ...