自贸区提升战略，助力上海园区绽放 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 ——《关于实施自由贸易试验区提升战略的意见》解读 投资要点： 证 券 研 究 股 票 研 究 请务必阅读正文之后的免责条款部分 行 | 叶级: | | --- | | [table_Authors] 涂力磊(分析师) | 谢皓宇(分析师) | 谢盐(分析师) | | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | 登记编号S0880525040101 | S0880518010002 | S0880525040098 | 本报告导读： 在高水平开放和制度创新的引领下，上海自贸区的全产业链融合发展和科技创新突 破不断，将有助于区内物业的增值和租金的上涨，以及对区内企业的股权投资。 业 跟 踪 报 告 报 告 股票研究 /[Table_Date] 2025.04.23 [Table_Summary] 投资建议：我们认为，配套自贸区提升战略的后续自贸、免税和科 技政策创新值得关注。中国各地自贸区中上海自贸区兼具科 ...

Investment Rating - The report assigns an "Overweight" rating for the cross-border payment industry [1][10]. Core Insights - The People's Bank of China and other departments aim to enhance the functionality and global coverage of the Cross-Border Interbank Payment System (CIPS), which is expected to open new growth opportunities for the cross-border payment industry [3][4]. - The implementation of high-level opening-up strategies through free trade zones is anticipated to increase demand for cross-border payment services, thereby supporting the industry's overall growth [4]. - The digital transformation and application of advanced technologies such as blockchain and big data are driving the upgrade of the cross-border payment system, indicating an irreversible trend towards digitalization in cross-border settlements [4]. Summary by Sections Policy Support - The report highlights that the enhancement of CIPS and the promotion of free trade zones will require the collaborative development of the cross-border clearing industry, with innovation being crucial for achieving policy goals [4]. - The demand from export enterprises and the government for cross-border payment services is expected to increase, providing better growth opportunities for related companies [4]. Recommended Stocks - The report recommends the following stocks: Yuxin Technology, Jingbeifang, Newland, Xinguodu, and Lakala as primary beneficiaries, while Changliang Technology, Sifang Jichuang, Baoshui Technology, Ruimaotong, and Anshuo Information are identified as secondary beneficiaries [4][5]. Financial Projections - The report provides earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E for the recommended stocks, indicating a positive outlook for their financial performance [5].

Model Architecture and Performance - Gemma 3 features a lightweight architecture that balances performance and efficiency, supporting up to 128K tokens for long context processing[26] - The model includes four variants with parameters ranging from 1B to 27B, allowing for diverse application scenarios and hardware compatibility[9] - The innovative attention layer design alternates local and global attention, significantly reducing computational complexity from O(n²) to O(n×1024)[27] Multimodal Capabilities - Gemma 3 achieves significant advancements in multimodal processing, effectively integrating image and text information through the SigLIP visual encoder and Pan&Scan algorithm[18] - The model's training utilized 14 trillion tokens for the 27B variant, enhancing its ability to learn complex language patterns and improve multilingual processing capabilities[19] Application and Use Cases - In practical applications, Gemma 3 enhances intelligent customer service by accurately interpreting images and text, improving user interaction quality[23] - The model demonstrates high reliability in image content moderation, achieving an accuracy rate of 99.2% in identifying harmful content[25] Risk Factors - Potential risks include slower-than-expected advancements in language model technology and unavoidable issues related to AI knowledge hallucination[33]

SHIP THE START FOR START FOR START FOR START FOR START FOR START FOR START FOR START FOR START FOR START FOR START FOR STATES OF THE FOR THE 关税—技术限制双压下的政策突围 基于非对称优势 本报告导读: 特朗普 2025年执政以来与我国贸易摩擦进入新一轮升级阶段,我们认为美国难以通 过加征关税达到特朗普政府的贸易体系改革目标,预计知识产权保护可能将成为下 一阶段中美贸易领域的聚焦重点,出口限制、投资限制、科技制裁的广度和强度强 于特朗普 1.0 时期。根据我国优势,我们提出了相应"突围"政策建议。 投资要点: 0 我们认为美国难以通过加征关税达到贸易体系改革目标。从特朗普 对外政策大框架下理解关税加征政策,贸易体系改革是特朗普对外 政策的重要一环,其目标是增加税源、促进美国投资、提振就业。 美国服务贸易强、商品贸易弱,对中国、欧洲、北美洲商品贸易持 续逆差。我们认为,在美国制造业缺乏竞争力、金融、保险、房地 产租赁业以及专业和商业服务取代制造业成为支柱产业、美元是国 际货 ...

啤酒：竞争格局转变，景气修复预期 [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 ——啤酒板块 1Q25 更新 证 券 研 究 报 告 | [table_Authors] 訾猛(分析师) | 姚世佳(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号S0880513120002 | S0880520070001 | 本报告导读： 内需刺激预期强化，啤酒弹性与韧性兼备。我们预判竞争格局拐点带来景气机遇， 龙头出货量或显著修复，竞争态势优于预期。中期加码新渠道、布局新赛道。 投资要点： 股 票 研 究 行 业 跟 踪 报 告 请务必阅读正文之后的免责条款部分 股票研究 /[Table_Date] 2025.04.22 [Table_Summary] 投资建议：内需刺激预期强化，啤酒板块弹性与韧性兼备。我们预 判竞争格局转变带来局部景气机遇。我们重申景气环比修复、成本 下行、竞争温和的年度观点。价格提升逻辑弱化，而利润率改善、 分红逻辑强化，景气修复催化。旺季在即，建议重点布局啤酒板块， 建议"增持"华润啤酒 ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2][10]. Core Insights - The upstream research and development pharmaceutical sector is a crucial part of China's key industrial chain, with a focus on domestic substitution accelerated by the impact of U.S. tariff events [4]. - The biopharmaceutical industry is recognized as a strategic emerging industry, with various supportive policies from the government aimed at increasing the domestic supply rate of high-end products [5]. - The domestic innovation-driven substitution is expected to enhance the domestic substitution rate rapidly, as the Chinese market is becoming a new emerging market for life science products due to its large population and growing demand [5]. - The cost pressure on imported brands due to tariffs is likely to highlight the cost-effectiveness of domestic brands, creating a favorable environment for domestic companies like Titan Technology, Aladdin, and Nanwei Technology [5]. Summary by Sections - **Policy Benefits**: The biopharmaceutical industry is classified as a strategic emerging industry, with government policies promoting domestic substitution and innovation [5]. - **Market Growth**: The life science products market in China is projected to grow rapidly, with significant opportunities for domestic companies to replace imported products [5]. - **Competitive Advantage**: Companies with strong R&D capabilities that can match or exceed the performance of imported products are expected to thrive in the competitive landscape [5].

【AI 产业跟踪】 Gemini 2.5 Pro 编程全球霸 产业研究中心 榜,OpenAI发布 o4-mini 和 o3 满血版 CR 摘要:产业最新趋势跟踪,点评产业最新风向 O AI 行业动态 OpenAI 华人科学家:AI 发展的下半场,评估将比训练重要 Slingshot AI 创始人:通过 AI 扩大心理健康服务的可及性 OpenAI 产品哲学:先发布再迭代、不要低估模型微调和评估 AI一年完成 10亿年「博士研究时间」 Anthropic 工程师的 AI Agent 教程: 不做全场景、保持简单 AI 数字人即将爆发十亿级赛道 OpenAI 与 Wind-surf 开展 30 亿美元收购谈判 O AI 应用资讯 国内资讯 | ર્ | 李嘉琪(分析师) | | --- | --- | | S | 021-38676666 | | 登记编号 | S0880524040001 | | S | 刘峰(研究助理) | | S | 021-38676666 | | 登记编号 | S0880124060013 | 微信首个 AI 助手上线 可灵 AI 2.0 首发实测 魔搭 ModelScope 上线 MC ...

HIFF 策略研究 / 2025.04.22 策 2025.03.18 被动再度买入电子,延续流出主要宽甚 推进新一代煤电转型升级 方奕(分析师) 021-38676666 一国内"双碳"每周快讯 登记编亏 S0880520120005 本报告导读: 郭佼佼(分析师) 021-38676666 《新一代煤电升级专项行动实施方案(2025-2027年)》系统部署开展新一代煤电 升级专项行动,着力全面纵深推进煤电转型升级,筑牢煤电兜底保障功能。 合记编与 投资要点: 相关报告 0 政策/会议动态:4月10日,生态环境部发布《关于加强重点行业涉 融资资金高位流出,ETF 逆势净流入 2025.03.30 新污染物建设项目环境影响评价工作的意见》。4月14日,国家发 全国碳排放权交易市场首次扩围 2025.03.27 新房销售增速放缓,乘用车销售景气延续 展改革委、国家能源局联合印发《新一代煤电升级专项行动实施方 案(2025-2027年)》的通知。 参研究报 请务必阅读正文之后的免责条款部分 2025.03.16 外资交易热度抬升,杠杆资金延续流入 2025.03.14 ESG 债券:截至4月20日,ESG(绿色) ...

上周海外短期流动性压力释放 吴信坤(分析师) 021-38676666 一全球股市立体投资策略周报 登记编亏 S0880525040061 本报告导读: 陈菲(分析师) 021-38676666 上周新兴市场表现更优,成交普遍缩量,港股投资情绪环比改善、美股 投资情绪恶化。海外短期流动性压力释放,美国经济预期趋弱。 登记编与 S0880525040127 投资要点: 看,港股方面,上周港股卖空占比较前周环比下降,处于历史偏高 位置;美股方面,上周 NAAIM 经理人持仓指数较前周环比下降, 处于历史低位。从波动率看,上周港股、美股、欧股、日股波动率 均下降。从估值看,上周发达、新兴市场整体估值较前周提升。 参研究报 改善。 风险提示:部分指标为估测数据,美联储降息快于预期,特朗普政 O 策不确定性。 海外策略研究 目录 | 1. 全球市场:新兴市场表现更优 . | | --- | | 2. 全球流动性: 上周海外短期压力释放 . | | 3. 全球经济:美国景气趋弱,欧洲景气偏强……………………………………………………………………………………10 | | 4. 风险提示 | 请务必阅读正文之后的免责条款部分 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant developments in the technology sector, particularly in semiconductor, automotive electronics, AI, and metaverse industries, indicating a dynamic investment landscape Summary by Sections 1. Weekly Capital Market Overview - During the period from April 12 to April 18, 2025, there were 14 financing events in the technology sector, all occurring domestically, with advanced manufacturing, AI, and VR/AR leading the financing activity with 9, 4, and 1 events respectively [9] - Notable IPOs included Hong Kong's Everbright Digital and China's Hong Kong-listed Kent Catalysts, raising significant capital for their respective operations [12][16] 2. Semiconductor Sector Dynamics - Intel is nearing the sale of 51% of its Altera chip division to Silver Lake for $8.75 billion, a significant reduction from its previous acquisition cost [35] - The U.S. has imposed new export restrictions on NVIDIA's H20 and AMD's MI308 AI chips to China, potentially impacting NVIDIA with a projected loss of $5.5 billion [38] - AMD announced its first 2nm chip, the core complex die (CCD), which is set to enhance its product offerings in the high-performance computing market [39] 3. Automotive Electronics Sector Dynamics - Onsemi has canceled its $6.9 billion acquisition of Allegro MicroSystems, which was aimed at strengthening its position in the automotive chip market [41] - Yika Technology successfully validated its single-chip "cabin driving parking integration" solution, demonstrating a cost reduction of at least 20% compared to traditional methods [42] - SAIC and Huawei launched a new brand "SAIC Shangjie," marking a significant collaboration in the smart vehicle sector [43] 4. AI Sector Dynamics - OpenAI and Google have made advancements in AI models, with OpenAI releasing o3/o4-mini and Google unveiling a dolphin language model [4] - The AI sector continues to see rapid growth, with significant investments and product launches from leading companies [4] 5. Metaverse Sector Dynamics - Huawei introduced new smart glasses, and partnerships in the metaverse space are expanding, indicating a growing interest in immersive technologies [5]