2025 年 02 月 10 日 行业周报 看好/维持 计算机 计算机 Deepseek 影响深远，中国 AI 市场有望重构 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/2/19 24/4/29 24/7/8 24/9/16 24/11/25 25/2/3 计算机 沪深300 ◼ 推荐公司及评级 | 海光信息 | 买入 | | --- | --- | | 科大讯飞 | 买入 | | 用友网络 | 买入 | | 道通科技 | 买入 | | 虹软科技 | 买入 | | 智微智能 | 买入 | | 熵基科技 | 买入 | 相关研究报告 <>--2025-01-21 <<智慧教育业务高速增长 AIGC 业务 逐步落地>>--2024-12-10 << 业绩略超预期，各项业务快速增 长>>--2024-11-18 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： 投资建议：Deepseek 对中国 AI 产业影响深远，我们看好 2025 年 AI 应用以及国产算力的发展，我们建议重点关注海 ...

2025 年 02 月 10 日 行业周报 看好/维持 基础化工 基础化工 化工周报（2/5-2/9）： 库存偏紧推动氯化钾价格上涨；AI 应用有望拉动电子材料需求 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/1/22 24/4/3 24/6/14 24/8/25 24/11/5 25/1/16 相关研究报告 <<化工周报（1/6-1/12）： 三代制冷 剂毛利继续扩大；供应偏紧推动烧碱 价格上涨>>--2025-01-13 <<化工周报（12/30-1/5）：三代制冷 剂毛利持续向好；涤纶长丝库存大幅 下降>>--2025-01-07 <<化工周报（12/23-12/29）： 政策推 动制冷剂景气持续向好；丙烯酸价格 上涨>>--2024-12-31 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 库存偏紧推动氯化钾价格上涨。本周氯化钾工厂库存较上周小幅 减量。国产 6 ...

2025 年 02 月 10 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 121 期 20250120-20250209）：重视电动车智能化 龙头的产业链效应，BC 放量有望加速 ◼ 走势比较 (10%) 0% 10% 20% 30% 40% 24/2/19 24/4/29 24/7/8 24/9/16 24/11/25 25/2/3 ◼ 推荐公司及评级 报告摘要 ⚫ 行业整体策略：重视电动车智能化龙头，BC 放量有望加速 未来产业变革中，新技术是改变竞争格局的核心，如电动车中的智能 化、光伏的 BC；目前电动车的智能化已经逐步走出来，BC 在 2025 年 将是真正有效放量的一年。 新能源汽车产业链核心观点：中下游新周期已开启 1）重视小米、小鹏、特斯拉等下游龙头在未来智能化时代的引领作用。 a）小米汽车 2025 年 1 月新增订单远超工厂产能；2025 年交付目标为 30 万辆，目标增长率达 122%。b）小鹏汽车 1 月回到销量冠军，已连 续 3 个月交付量破 3 万辆；2025 年挑战 35 万辆的销量目标，同比增 长 83%。c）近期特斯拉中国宣布 Model 3 ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [14]. Core Insights - The home appliance industry is anticipated to benefit from the "old-for-new" policy driving domestic sales and sustained export growth, particularly in the white goods, black goods, and two-wheeler segments [1][9]. Summary by Sections White Goods - Domestic sales in Q4 are driven by the "old-for-new" policy, with air conditioners, refrigerators, and washing machines showing year-on-year growth of +24.1%, +8.6%, and +17.4% respectively in October [3]. - Export performance remains strong, with air conditioners, refrigerators, and washing machines experiencing year-on-year export growth of +54.3%, +18.1%, and +17.8% respectively in October [4]. - The report predicts that national subsidies will further boost mid-to-high-end white goods consumption, leading to stronger profit growth for leading companies in Q4 [4]. Black Goods - The black goods sector is seeing a recovery in shipments, with October to December showing year-on-year growth rates of +3.1%, +6.9%, and +9.7% for television shipments [5]. - TCL's global television shipments in Q4 increased by +19.3%, indicating the effectiveness of its "mid-to-high-end and large-screen" strategy [5]. - The report suggests that the product structure is improving, with Mini LED technology gaining traction, and anticipates strong performance from leading black goods companies in Q4 [5]. Kitchen Appliances - The national subsidy program positively impacts the sales of range hoods and dishwashers, with dishwashers showing over 40% year-on-year growth for two months during Q4 [6]. - The report forecasts retail sales of range hoods and integrated stoves to be 131 billion and 26 billion respectively in Q4, with year-on-year growth rates of +39.4% and -59.6% [6]. - The performance of traditional kitchen appliance companies is expected to be better than that of integrated kitchen appliances due to market differentiation [6]. Small Kitchen Appliances - The domestic market is shifting towards high-end products, with Q4 showing strong growth in exports for various small kitchen appliances, including microwaves and coffee machines [9]. - The report notes that while national subsidies have limited impact, high-end products are likely to benefit first, with overall export growth being robust [9]. Two-Wheelers - The two-wheeler sector is expected to see significant growth in Q4, driven by government policies and expanding demand [10]. - Electric bicycles have benefited from the "old-for-new" policy, with over 102,000 units replaced by mid-December [10]. - The report highlights rapid growth in fuel motorcycle sales, with year-on-year increases of +12.24%, +14.86%, and +27.87% from October to December [10].

Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [38]. Core Insights - The report highlights Tesla's recruitment of engineers and Figure's self-developed AI model, indicating a progressive approach towards mass production of humanoid robots. Tesla aims to produce 10,000 units in 2025 and ramp up to 1 million units annually by 2026, with production costs projected to fall below $20,000 per unit [4][11][14]. - The humanoid robot industry is experiencing rapid development and technological iteration, emphasizing the importance of opportunities within the supply chain [4][11]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the acceleration of Tesla's humanoid robot production plans and the significant breakthroughs made by Figure in autonomous AI development. Tesla's recruitment for key positions reflects its commitment to scaling production [4][11]. - The report suggests that the humanoid robot sector is on a fast track, with a focus on technological advancements and production scaling [4][11]. Industry Key News - The report mentions significant developments in the engineering machinery sector, including the launch of high-end cranes by XCMG and SANY Heavy Industry's overseas orders, indicating a robust market for engineering machinery [12][13]. - The establishment of Haier Brothers Robotics signifies Haier's strategic expansion into the robotics field, aiming to enhance its competitiveness in smart home and industrial automation markets [17]. Market Performance Review - During the period from February 3 to February 7, the CSI 300 index rose by 2.0%, while the machinery sector outperformed with a 4.7% increase, ranking 7th among all primary industries. The industrial robotics and control systems sub-sector saw the highest growth at 10.1% [31].

2025 年 02 月 07 日 行业周报 看好/维持 医药 医药 Equillium 在研疗法 2 期临床成功，用于治疗 UC ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/2/7 24/4/20 24/7/2 24/9/13 24/11/25 25/2/6 医药 沪深300 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 （来源：Cumberland，太平洋证券研究院） 公司要闻： 市场表现： 2025年2月7日，医药板块涨跌幅+1.47%，跑赢沪深300指数0.17pct， 涨跌幅居申万 31 个子行业第 11 名。各医药子行业中，医院(+3.23%)、医 疗设备(+2.98%)、体外诊断（+2.19%）表现居前，血液制品（-0.15%)、 其他生物制品(+0.85%)、医疗耗材（+1.16%)表现居后。个股方面，日涨 幅榜前 3 位分别为华大制造(+15.43%)、药石科技 (+13.85%)、美年健康 ( ...

[Table_Message] 2025-02-09 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 DeepSeek 助力下，关注拥有场景优势的公司 (2025.02.05-02.07) ◼ 走势对比 ◼ 子行业评级 | 游戏 | 看好 | | --- | --- | | 影视 | 看好 | ◼ 相关研究报告 《DeepSeek-V3 发布，12 月 135 款游戏 版号获批》 《豆包大模型全新升级，微信小店送礼 功能开启灰度测试》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ DeepSeek 利好拥有场景优势的公司 1 月 20 日深度求索发布并开源全新模型 DeepSeek-R1，模型架构来 源于公司此前发布的 V3 模型 MoE 架构。V3 模型曾以仅用 557.6 万美 元的训练成本，实现与 GPT-4o 相当的性能水平引发市场关注。此次 发 ...

医药 医药 科技引领，医药资产望迎来估值重塑（附高尿酸血症及通风专题研究）(2025.02.05-2025.02.09) (20%) (10%) 0% 10% 20% 30% 24/2/8 24/4/21 24/7/3 24/9/14 24/11/26 25/2/7 医药 沪深300 子行业评级 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | 2025 年 02 月 09 日 行业周报 看好/维持 报告摘要 本周观点 本周，我们梳理了中国高尿酸血症及痛风的流行病学、治疗方式及其 不足，以 ...

2025 年 02 月 06 日 行业周报 看好/维持 医药 Cumberland 小分子疗法 2 期临床成功，用于治疗 DME ◼ 走势比较 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025年2月6日，医药板块涨跌幅+1.15%，跑输沪深300指数0.16pct， 涨跌幅居申万 31 个子行业第 16 名。各医药子行业中，医疗研发外包 (+3.17%)、医院(+1.76%)、医疗设备（+1.49%）表现居前，血液制品（- 0.30%)、线下药店(+0.33%)、医药流通（+0.35%)表现居后。个股方面， 日涨幅榜前 3 位分别为华大基因(+15.48%)、毕得医药(+12.40%)、诺禾致 源(+10.21%)；跌幅榜前 3 位为南卫股份（-3.92%）、海泰新光(-3.50%)、 博拓生物（-2.60%)。 行业要闻： 近日，Cumberland 宣布，其 2 期临床试验 FIGHT DMD 获得积极顶线 结果。该研 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [7]. Core Insights - Roche's innovative therapy Susvimo has received FDA approval for the treatment of Diabetic Macular Edema (DME), marking it as the first FDA-approved therapy that requires fewer treatment sessions than conventional intravitreal injections to maintain vision [2][6]. - The pharmaceutical sector showed a performance increase of +0.56% on February 5, 2025, outperforming the CSI 300 index by 1.14 percentage points, ranking 9th among 31 sub-industries [1][6]. Market Performance Summary - The hospital sector led with a +1.71% increase, followed by blood products (+1.56%) and medical research outsourcing (+1.44%). Conversely, medical consumables experienced a decline of -0.54% [1]. - Notable individual stock performances included Huada Manufacturing (+14.36%), Nanmo Biology (+11.36%), and JG Development (+9.93%) on the gainers' list, while Bid Medical (-8.19%), Rejing Biology (-6.27%), and Lianying Medical (-6.12%) were among the biggest losers [1]. Company News Summary - Nuo Si Ge (301333) announced a share buyback of 1,442,000 shares, representing 1.49% of its total share capital, with a transaction price range of 35.06-43.15 CNY per share [2]. - Xiangyu Medical (300404) reported a buyback of 1,486,300 shares, accounting for 0.9289% of its total share capital, with a price range of 28.02-32.25 CNY per share [3]. - Yangguang Nuohe (600285) disclosed a buyback of 2,333,935 shares, which is 2.08% of its total share capital, at a price range of 34.05-37.82 CNY per share [3]. - Jiuzhou Pharmaceutical (603456) announced that its subsidiary Zhejiang Ruibo passed the FDA's cGMP inspection, receiving a favorable inspection report [3].