Investment Rating - The report maintains a "Recommended" investment rating for the transportation industry [2]. Core Insights - The transportation industry is expected to see continued demand growth in 2025, with a focus on performance-elastic stocks [4]. - The express delivery sector experienced a significant increase in business volume and revenue, with a year-on-year growth of 21.5% in business volume and 13.8% in revenue for 2024 [5][18]. - The report highlights the recovery of oil tanker rates and steady growth in express delivery volumes, indicating a positive outlook for the industry [4]. Summary by Sections Weekly Industry Data Tracking (2025.02.17 - 02.22) - **Aviation Data**: Domestic flight volume was 95,561 flights, with an average of 13,652 flights per day, down 3.94% week-on-week and 2.25% year-on-year. Domestic passenger volume reached 13.4471 million, down 3.71% week-on-week and 4.88% year-on-year [9][10]. - **Express Delivery Data**: For the week of 2025.2.10-2025.2.16, the average daily collection volume was approximately 518 million pieces, and the delivery volume was about 553 million pieces, with week-on-week increases of 4.35% and 45.05% respectively [14]. - **Shipping Data**: The BDI index was 873 points, up 10% week-on-week. The VLCC-TCE rate was $44,366 per day, up 11% week-on-week [46][47]. Recent Key Reports - The report lists several recent key reports, including strategies for the express delivery sector and insights into the oil tanker market, indicating ongoing research and analysis in the transportation industry [52][53]. Recommended Stocks - The report suggests a recommended stock portfolio including companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others, indicating a diversified approach to investment in the transportation sector [6].

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report emphasizes increasing allocations to AI and domestic leading companies, driven by a boost in confidence for a strong technological nation and supportive policies [4][6] - Alibaba's significant capital expenditure, reaching 31.775 billion yuan in a single quarter, reflects a strong commitment to AI development, indicating a sustained high demand in the computing power supply chain [4][6] - The report suggests focusing on companies in the AI and domestic innovation sectors, particularly those with high cost-performance ratios [4][6] Summary by Sections Industry Weekly Viewpoints - The report highlights the need to enhance investments in AI and domestic leading companies, supported by recent policy initiatives emphasizing self-innovation [6] - The computing power supply chain is experiencing high demand, with major players like Alibaba increasing their investments significantly [6] DeepSeek and Inference Computing Power Market - DeepSeek has significantly reduced the training cost for large models, with a single training session costing only 5.576 million USD [8][9] - The inference computing power market shows immense growth potential, with future demand estimates ranging from 283.8 billion to 1.1036 trillion yuan under different scenarios [13][17] - The report recommends focusing on companies such as Haiguang Information, Inspur Information, and others that are adapting to DeepSeek technology [23] Market Performance Review - From February 16 to February 22, the computer index rose by 3.76%, outperforming other major indices [25] - The report notes that the computer sector ranked fourth among all industries during this period [25] Major News - The report includes significant advancements in AI, such as the introduction of new algorithms and models that enhance AI capabilities [28][30][40] - It also mentions the increasing utilization of computing power centers, driven by the demand for AI applications [42]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights a strong fluctuation in pig prices and an upward trend in corn prices [2] - The average price of live pigs as of February 21 is 14.79 CNY/kg, reflecting a week-on-week increase of 1.23% [21] - The report indicates that supply pressures are limited due to some farming enterprises choosing to hold back pigs for weight gain, while demand remains subdued [21] Summary by Sections 1. Market Review - The industry index for the period from February 14 to February 21 shows a decline of 1.41% [15] - Individual stock performances varied, with notable declines in companies like Wen's Foodstuffs (-0.75%) and Muyuan Foods (-2.88%), while New Hope saw an increase of 8.67% [15] 2. Livestock Prices - The average price of live pigs is reported at 14.79 CNY/kg, with a week-on-week increase of 1.23% [21] - The price of broiler chickens is 2.85 CNY/500g, down 2.40% from the previous week, indicating a surplus in supply and weak demand [21] 3. Grain Prices - Domestic corn prices are reported at 2108.57 CNY/ton, with a slight increase of 0.34% week-on-week [20] - The price of domestic wheat is 2408.61 CNY/ton, reflecting a week-on-week increase of 0.44% [20] 4. Oil Prices - The price of soybean oil is reported at 8380.00 CNY/ton, showing a decrease of 0.48% week-on-week [20] 5. Sugar, Cotton, and Rubber - Domestic sugar prices are at 6160.00 CNY/ton, with an increase of 1.48% week-on-week [20] 6. Aquaculture Prices - The price of shrimp is reported at 300.00 CNY/kg, reflecting a decrease of 6.25% week-on-week [20]

行业周报 | 银行 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 相关研究 【兴证银行】低利率时期银行股表现全 球比较分析-2025.02.21 【兴证银行】社融信贷超预期，银行业 绩趋势向好——银行业周报 （2025.02.10-2025.02.16）-2025.02.16 【兴证银行】信贷开门红，社融超预期 ——2025 年 1 月金融数据点评- 2025.02.15 分析师：陈绍兴 S0190517070003 chenshaox@xyzq.com.cn 分析师：王尘 S0190520060001 wangchenyjy@xyzq.com.cn 分析师：曹欣童 S0190522060001 caoxintong@xyzq.com.cn ⚫ 风险提示：银行资产质量超预期恶化，监管政策超预期变化 请阅读最后评级说明和重要声明 1/15 ⚫ 投资建议：重点考虑以下几条主线：（（1）股息红利策略，重点推荐：工商银 行、农业银行、上海银行、沪农商行等。（2）顺周期主线，重点推荐：招商 银行、宁波银行、常熟银行、杭州银行、成都银行。（3）受益于化债，重点 推荐：渝农商行、长沙银行 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights that the easing of the Russia-Ukraine conflict is expected to benefit international engineering companies, with significant reconstruction demand in Ukraine estimated to exceed $486 billion over the next decade [4][6] - The report anticipates an improvement in the operational quality of state-owned construction enterprises driven by debt reduction efforts, which are expected to enhance earnings per share (EPS) and price-to-earnings (PE) ratios [5][7] - The report emphasizes the potential acceleration of the "Belt and Road" initiative, which is likely to benefit international engineering firms, particularly in Southeast Asia and the Middle East [6][7] Summary by Sections Important Events Tracking - The State-owned Assets Supervision and Administration Commission (SASAC) has reiterated the need to enhance the quality of central enterprises and improve market value management [11] - As of February 20, 2025, the national construction site resumption rate was 47.7%, a year-on-year decrease of 15.2 percentage points [11] Market Performance Tracking - From February 17 to February 21, 2025, the construction engineering sector (SW) declined by 0.45%, while the overall A-share index rose by 2.06%, resulting in an excess return of -2.51 percentage points for the construction sector [12][13] - The construction sector's price-to-earnings (PE) ratio (TTM) was 9.47, and the price-to-book (PB) ratio was 0.74, indicating low valuation levels historically [16][18] Industry Data Tracking - As of February 21, 2025, a total of 405.13 billion yuan in special bonds had been issued in 2025, with 135.97 billion yuan issued from February 15 to February 21 [21][23] - Fixed asset investment in 2024 reached 5143.74 billion yuan, with a year-on-year growth of 3.2% [21]

行业周报 | 轻工制造 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【兴证轻工】周观点：AI 家居设计春风 起，新型烟草传递积极信号-2025.02.16 【兴证轻工】家居行业专题报告（二）： AI 赋能家居设计春风起-2025.02.13 【兴证轻工】周观点：多地出台家居国 补政策，关税博弈背景下看好优质出口 龙头-2025.02.09 分析师：林寰宇 S0190524080006 linhuanyu@xyzq.com.cn 分析师：侯宜芳 S0190522100001 houyifang@xyzq.com.cn 投资要点： ⚫ 风险提示：原材料价格波动；需求大幅下滑；政策风险。 请阅读最后评级说明和重要声明 1/11 ⚫ 家居板块：（1）统计局公布 1 月 70 城房价指数，一线城市一二手房价环比继续上涨。 CRIC 监测重点城市一二手成交也延续止跌企稳行情，成交同比持续正增，开盘去化率 突破四成。核心城市二手房市场延续回暖势头，房价上涨小区占比进一步扩大，议价空 间持续收窄，市场信心加速修复。（（2）投资 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the rapid development of AR glasses and the potential of AI applications driven by lower training and inference costs, which are expected to promote the prosperity of AI applications [4][19] - Alibaba's capital expenditure significantly exceeded expectations, indicating a strong commitment to AI infrastructure investment, with projected spending over the next three years expected to surpass the total of the past decade [20] - The introduction of the new iPhone 16e, equipped with the A18 chip, is anticipated to stimulate sales in the smartphone market, supported by government subsidies [21][22] Summary by Sections Market Review - From February 17 to February 21, the overall market rose, with the electronic industry index outperforming the market, increasing by 6.96% [6][7] - Among 478 listed companies in the electronic sector, 433 saw an increase in stock prices, with notable gainers including Longyang Electronics and Nanya New Materials [8] Sub-industry News Semiconductor - The global semiconductor market is projected to grow by 19% in 2024, reaching $621 billion, following a strong recovery from a downturn in 2023 [22] - Taiwan's semiconductor industry is expected to surpass NT$5 trillion in output value in 2024, with a growth forecast of 16.2% for 2025 [11] AI, IoT, and Automotive Electronics - China's intelligent computing power is expected to grow by 43% by 2025, driven by the demand for large models and generative AI [12] - The collaboration between STMicroelectronics and Amazon aims to develop new computer chips targeting the AI data center equipment market [14] Innovative Electronics & Wearables - Meta is launching a $1 million VR/MR development competition to accelerate content creation for mobile experiences [14] Mobile & 5G - The launch of OPPO's Find N5, the world's thinnest foldable flagship, showcases advancements in mobile technology [15] - The iPhone 16e is positioned as an affordable AI smartphone option, expected to boost sales in the mobile sector [21] LCD & LED - The global LCD esports monitor panel shipments are expected to grow by 12% in 2024, but growth will slow to 5% in 2025 [17] Industry Investment Strategy - The report emphasizes the potential of end-side AI applications, particularly in headphones and glasses, and recommends focusing on key players in the sector [19] - The AI wave is expected to drive significant demand for computing power, with recommendations to pay attention to leading companies in various segments, including PCB and AI chip manufacturers [20][22]

海外行业周报 | 地产建筑业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 相关研究 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 【兴证海外地产】海外地产周报 （2025.02.10-2025.02.16）：布局地产板 块正当时-2025.02.17 分析师：严宁馨 S0190521010001 请注意: 严宁馨并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 【兴证海外地产】海外地产周报 （2025.02.03-2025.02.09）：建议积极布 局地产板块-2025.02.09 【兴证海外地产】海外地产周报 （2025.01.20-2025.01.26）：港股地产进 入年报业绩期-2025.01.26 yanningxin@xyzq.com.cn 分析师：孙钟涟 S0190521080001 请注意: 孙钟涟并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 sunzhonglian@xyzq.com.cn | 公司 | 股价 | 市值 | 近一周涨跌幅 | ...

策略研究 | 策略专题报告 证券研究报告 报告日期 2025 年 02 月 20 日 分析师：张启尧 S0190521080005 zhangqiyao@xyzq.com.cn 分析师：陈禹豪 S0190523070004 chenyuhao@xyzq.com.cn 相关研究 【兴证策略】13-15 年"互联网＋"行情 对当下的启示-2025.02.15 【兴证策略】2024 年"百大牛股"画像- 2025.01.30 【兴证策略】全球龙头估值比较 （20250127）-2025.01.27 五大关键指标看本轮 AI 行情 投资要点： 对此我们认为，短期随着成交占比上升至高位，板块出现震荡波动的概率的确在提升，但 通常不会导致行情系统性终结，影响主要在于结构，在基本面和流动性预期无明显压力的 情况下，更多会以内部轮动和高低切换的方式消化短期过热的市场情绪。 中期看，当一个行业、板块所处的产业趋势、生命周期、政策环境、基本面逻辑等出现重 大变化时，则可能突破交易拥挤的桎梏，而形成新的趋势性行情，无论是 2013-2014 年的 中小创、2016-2020 年的核心资产、2020-2021 年的新能源，都是在成交 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - Efficiency is the driving force behind technological iteration, with BC and HJT technologies showing a power increase of 20-30W compared to the same version TOPCon single modules, indicating the conditions for technological iteration are met [2][21] - New battery technologies have demonstrated significant efficiency improvements over time, with single crystal batteries replacing multi-crystal batteries and TOPCon batteries replacing PERC batteries, leading to a gradual market exit for multi-crystal technology [5][10] - The penetration rate of new technologies often exceeds market expectations, as seen with TOPCon's rapid adoption [2][19] Summary by Sections 1. Review: Technological Iteration - Efficiency advantages are foundational for technological iteration, with significant potential for further improvements [5] - Premium advantages persist, with high-efficiency batteries maintaining price premiums over lower-efficiency counterparts [8] - The cycle of technological iteration is shortening, driven by demand and capital support [11] 2. BC/HJT New Technology Iteration - The expansion timeline for new technologies shows competitive development among battery technologies [25] - Patent applications reflect the emphasis on technological advancements, with a notable increase in BC technology applications [28] - Efficiency improvement pathways for new technologies are becoming clearer, with BC and HJT technologies exploring distinct performance enhancement routes [32] 3. Investment Recommendations - Recommended companies for BC technology include Longi Green Energy and Jinko Solar, while Tongwei Co. is highlighted for HJT technology [23][27] 4. Cost Reduction Strategies - Cost reduction is a primary goal for new technologies, with HJT and BC technologies already demonstrating excellent mass production capabilities [52] - The cost structure for different technologies is analyzed, showing that TOPCon has the lowest non-silicon costs compared to HJT and TBC [52][54] - BC technology has a clear cost reduction path, focusing on efficiency improvements, equipment investment reductions, and silver-free technology [57]