证券研究报告 行业动态报告 当前Agent的发展进行到了什么阶段？ 分析师：应瑛 yingying@csc.com.cn SAC 编号：S1440521100010 研究助理：李楚涵 lichuhan@csc.com.cn 发布日期：2025年5月16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。 核心观点 核心观点 尽管尚未有明确的产品定义，但Agent类别与应用场景已迅速丰富。其中，中美大厂Agent发展思路存在差异，北美云厂商主 要关注帮助客户高效部署模型和Agent，国内互联网大厂Agent布局仍延续互联网时代用户流量逻辑；而中美B端企业则均关 注Agent创建和管理平台。考虑到Agent类产品对算力消耗大，Agent发展有望继续带动AI产业链向上，建议关注后续技术突 破→商业化落地拐点。 尽管尚未有明确的产品定义，但Agent类别与应用场景已迅速丰富。工程师流程调优与否对应Agent发展的两条不同路线。学 界普遍认为Agen ...

事件 1）公司发布 2024 年年度报告。公司实现总营业收入 67.46 亿元， 同比增长 13.24%；利润总额达到 10.91 亿元，同比增长 2. 5%；实 现归母净利润 9.40 亿元，同比增长 2.86%。 2）公司发布 2025 年第一季度报告。公司实现总营业收入 16. 66 亿元，同比增长 1.41%；利润总额达到 3.07 亿元，同比增长 9. 24%； 实现归母净利润 2.57 亿元，同比增长 10.94%。 证券研究报告·A 股公司简评 汽车零部件 海内外工厂顺利建设，拓展人形 机器人新方向 核心观点 简评 2024 年公司实现营收、归母净利润、扣非归母净利润 67.46、9. 40、 8.79 亿元，同比分别增长 13.24%、2.86%、0.40%。2025 年 Q1， 公司实现营收、归母净利润、扣非归母净利润 16.66、2.57、2. 36 亿元，同比分别增长 1.41%、10.94%、6.64%。公司持续推进全球 化战略，坚定"新能源汽车+智能驾驶"的产品定位，一方面深度 绑定海外汽车零部件龙头，持续提升传统中小件业务的市场份 额，另一方面实现三电系统零部件、汽车结构件等新能源 ...

证券研究报告·A 股公司简评 汽车零部件 大宗涨价下盈利暂时承压，投资 行之成发力汽车电子 核心观点 25Q1 公司营收、归母、扣非分别为 1.88 亿元、0.05 亿元、0.03 亿元，同比分别+11.90%、-33.76%、-54.01%。利润下滑主要受 到铜等原材料价格上涨影响。展望后续，公司商用发电机业务将 受益于下游需求复苏及出口、售后业务加速拓展；电子真空泵业 务随国内电动化趋势及大客户新能源转型，有望实现稳健增长； 随着大亚储能电站等重点项目落地，工商业储能新业务放量在 即。此外公司宣布投资江西行之成，加快汽车电子领域业务布局。 24 年主业经营稳健&储能加速落地，大宗涨价下盈利暂时承压。 24 年全年公司营收、归母、扣非分别为 7.07 亿元、0.46 亿元、 0.08 亿元，同比分别+9.09%、+131.13%、-48.44%。收入端看， 商用车发电机和电子真空泵销量上升是营收增加的主要因素。分 业务看，1）商用发电机业务：2024 年营收 5.43 亿元，同比+8.34%。 一方面，公司与众多主机厂前期开发的项目陆续上量，总体配套 份额稳中有升；另一方面，公司大力拓展发电机售后市场，在国 ...

证券研究报告·政策研究 【中信建投政策研究】供应链系列（三）： 中国供应链发展全景视图与趋势展望 核心观点 中国供应链安全已构建从总量政策到行业专项、从财税支持到金融 服务的全方位政策体系。在"供给侧结构性改革"和"双循环"战略背 景下，我国持续推动产业链供应链韧性提升，形成了以自主创新为核心、 以产业基础再造和产业链提升为方向的发展路径。我国已大幅减少对欧 美高端制造的依赖，但在关键技术和核心零部件领域仍存短板。面对地 缘政治摩擦挑战，我国正加快全球供应链网络建设、深化国际合作、强 化"走出去"和"引进来"双向开放，以提升供应链弹性；同时通过人 才培养、优化投资环境和技术创新防止产业空心化。我国供应链战略正 由过去的规模扩张向质量提升、由单纯市场参与向规则引领转变，旨在 打造具备国际竞争力的现代产业体系。 摘要 中国自 2012 年起构建系统性供应链安全政策体系，涵盖总量与行 业层面。在"供给侧结构性改革""双循环"战略下，中央政府不断提 升产业链供应链韧性和安全水平。习近平总书记强调产业链供应链关键 要自主可控、安全高效。财政方面，高新技术企业所得税优惠、增值税 留抵退税、研发费用加计扣除等政策大幅降低企 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the banking sector [6]. Core Viewpoints - The report indicates that the social financing (社融) growth in April 2025 was stable and met expectations, supported by government bonds and a low base effect from the previous year [1][3][17]. - It is anticipated that the credit growth rate will remain between 7% and 8% in 2025, driven by proactive fiscal and monetary policies [1][17]. Summary by Sections Social Financing and Government Bonds - In April 2025, social financing increased by 1.16 trillion yuan, which is 1.22 trillion yuan more than the previous year, primarily due to the early issuance of government bonds [2][10][24]. - The total social financing for the first four months of 2025 reached 16.34 trillion yuan, showing a year-on-year increase of 3.61 trillion yuan [3]. Credit Demand and Lending Trends - April saw a decrease in both corporate and retail lending, with total new loans amounting to 280 billion yuan, down 450 billion yuan year-on-year [11]. - Corporate loans increased by 604.1 billion yuan, but this was a decrease of 234 billion yuan compared to the previous year, largely due to the impact of debt replacement policies [11][12]. - Retail short-term loans decreased by 4.019 trillion yuan, while retail medium- and long-term loans saw a slight decrease of 1.231 trillion yuan [13]. Monetary Aggregates - M1 growth was stable at 1.5%, while M2 growth increased to 8.0%, reflecting a rebound from a low base last year [14][16]. - The report notes that the decrease in deposits was minor, with a reduction of 440 billion yuan in April, which is significantly less than the 3.5 trillion yuan drop observed in the same month last year [16]. Investment Outlook - The report emphasizes that despite the traditional seasonal decline in credit in April, the support from government bonds has been significant, and the overall credit environment remains stable [17]. - The expectation is for a gradual improvement in credit demand as economic policies take effect, particularly for small and medium enterprises [17][18].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a steady growth in net profit of 6.06% for 2024 and a year-on-year increase of 14.14% in Q1 2025, indicating robust performance [1][2]. - The expected investment scale from the State Grid will exceed 650 billion yuan in 2025, with the Southern Grid planning a fixed asset investment of 175 billion yuan, suggesting a high industry prosperity [1][12]. - The company secured new contracts worth 66.3 billion yuan in 2024, a year-on-year increase of 13.78%, ensuring a solid foundation for future growth [1][10]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 57.417 billion yuan, a year-on-year increase of 11.15%, with a net profit of 7.610 billion yuan, up 6.06% [2][3]. - For Q1 2025, the operating income was 8.895 billion yuan, reflecting a 14.76% year-on-year growth, with a net profit of 680 million yuan, increasing by 14.14% [2][3]. Business Segments - The smart grid business showed stability with a revenue of 28.468 billion yuan in 2024, growing by 10.7%, and a gross margin of 29.52% [4]. - The energy low-carbon segment experienced significant growth, with revenue reaching 12.185 billion yuan, a 26.43% increase [9]. Market Outlook - The industry is expected to maintain a high level of prosperity, with significant investments planned by the State Grid and Southern Grid [12]. - The company is actively expanding its market presence both domestically and internationally, with successful bids for major projects in various regions [13]. Order Backlog - The company has a strong order backlog of 50.697 billion yuan, with new signed orders amounting to 29.006 billion yuan in 2024 [10]. Research and Development - The company increased its R&D investment to 4.032 billion yuan in 2024, representing 7.02% of its operating income, focusing on smart grid upgrades and digital technologies [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% within the next six months [4][29]. Core Views - The company is expected to achieve profitability in 2024, with significant improvements in net loss, which narrowed by 58.6% year-on-year to a loss of 269 million USD [2][3]. - Revenue for 2024 reached 1.031 billion USD, reflecting a year-on-year growth of 9.6% (excluding exchange rate effects), although this growth was slightly below expectations due to price adjustments from domestic industry procurement policies [2][3][8]. - The company is focusing on cost reduction and efficiency improvements, which are anticipated to support its path to profitability [12][14]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.031 billion USD, with a year-on-year growth of 9.6% [2][3]. - The net loss for 2024 was 269 million USD, a significant reduction from the previous year's loss of 646 million USD [2][3]. - EBITDA turned positive, improving from a loss of 370 million USD in the previous year to a profit of 60 million USD [2][3]. Business Segments - The coronary business generated 166 million USD in revenue, growing by 9.9%, with domestic sales increasing by 2.0% and overseas sales by 47.0% [9]. - The orthopedic segment achieved 253 million USD in revenue, up 6.2%, with domestic sales rising by 26.1% [9]. - The self-owned product export business saw a remarkable growth of 84.7%, reaching 96 million USD in revenue [3][10]. Future Outlook - For 2025, the company is expected to continue its growth trajectory, with projected revenues of 1.141 billion USD, representing a growth rate of 10.67% [15][16]. - The company anticipates achieving a significant reduction in losses, with a forecasted net profit of -53 million USD for 2025, followed by a profit of 91 million USD in 2026 [15][16]. - The ongoing global expansion of self-owned products is expected to be a key growth driver, with the company entering over 100 countries and regions [10][11].

证券研究报告行业动态报告 跨境电商物流系列研究（三）（更新） ——剖析美国关税政策调整对跨境电商物流的影响 分析师：梁骁 liangxiaobj@csc.com.cn SAC 编号:S1440524050005 分析师：韩军 hanjunbj@csc.com.cn SAC 编号:S1440519110001 SFC 编号:BRP908 发布日期：2025年5月13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。请务必阅读正文之后的免责条款和声明。 内容摘要 核心观点 1、特朗普取消低值小包免税政策的核心逻辑？ 中国跨境电商商业模式打破美国资本构建的覆盖"衣食住行"的垄断利润，美国计划在自身能控制的清关及尾程配送环节设置障碍，反制 中国跨境电商。但在过去的执行过程中遇到各种现实问题： （1）美国增加清关障碍：但中国跨境电商生态通过近岸中转和低报货值绕开这一壁垒，所以当下美国欲通过对"加墨加税" 和"取消低 值小包免税政策"对以上动作进行根本整治。当下却遇到了"加墨两国反制" 和" ...

证券研究报告·政策动态 【中信建投政策研究】国务院召开"一揽子金融政策支持稳 市场稳预期"新闻发布会，中美经贸沟通正式重启（2025 年 5 月 5 日-5 月 11 日） 核心观点 本周重点关注三方面政策：（1）国务院召开"一揽子金融政策支持稳市场 稳预期"新闻发布会，预计此次政策组合拳能有效对冲关税冲击。降准降 息及再贷款等举措，增强企业资金流动性，助力受关税影响企业拓展新兴 市场、转型内销；监管部门各领域协同发力，稳定市场预期，多维度提升 企业抵御关税风险的能力。（2）中美经贸沟通正式重启，会谈达成实质 性成果，超出市场普遍预期。缓解中美间产业链和物流成本压力，提振企 业预期及全球市场风险偏好。（3）英美达成自特朗普启动全球关税攻势 以来首份贸易框架协议，市场风险偏好阶段性提振。然而由于英美贸易关 系的特殊性，该协议难以成为其他国家可广泛参照的典型范本。 摘要 1、国务院召开"一揽子金融政策支持稳市场稳预期"新闻发布会 简评：人民银行发布数量型政策、价格型政策、结构型政策三大类政 策，宣布通过降准、降息、再贷款、再贴现等数量型与价格型工具释放逾 万亿元流动性，政策组合体现出"总量宽松+结构定向"协同发力 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].