Investment Rating - The report assigns a "Buy" rating for the defense and military industry, indicating that the expected stock price increase will exceed 15% relative to the benchmark index over the next 12 months [4]. Core Insights - The ground unmanned systems, particularly quadrupedal robots, are gaining significant attention from major military powers due to their advantages in battlefield awareness, mission flexibility, and cost-effectiveness [2]. - Quadrupedal robots, such as the "Machine Wolf" developed by China Weaponry Equipment Group, are being showcased for their capabilities in reconnaissance, logistics support, and precision strikes [2]. - Companies like Hangzhou Yushu Technology and Hangzhou Cloud Deep Technology are actively developing quadrupedal robots for various applications, including military reconnaissance and emergency response [2]. - Several listed companies are expanding their business into the quadrupedal robot sector, indicating a growing market and investment opportunities [2]. Summary by Sections Industry Overview - The report highlights the increasing development and deployment of quadrupedal robots in military applications, showcasing their adaptability to complex terrains and various operational scenarios [2]. Company Developments - Companies such as Construction Industry and Jingye Intelligent are actively involved in the research and development of multifunctional quadrupedal robots for tasks like reconnaissance, logistics, and disaster relief [2]. Market Trends - The report notes a trend towards the integration of advanced robotics in military operations, with significant investments being made in the development of these technologies [2].

行业周报 | 房地产 证券研究报告 【兴证地产】新房二手房周报：房地产"白 名单"融资已达 5.6 万亿元，深化农村土 地制度改革-2025.01.26 【兴证地产】新房二手房周报：全国新建 商品房销售额延续正增长，下阶段房地产 市场有望继续改善-2025.01.19 【兴证地产】新房二手房周报：抓紧明确 收储作保障房相关政策，财政有充足的政 策空间和工具-2025.01.12 S0190520080003 jinluyu@xyzq.com.cn S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 02 月 02 日 新房二手房周报：受春节假期影响，1 月百强 房企销售金额同比微跌 相关研究 投资要点： 风险提示：政策落地不及预期，基本面恢复不及预期，风险化解不及预期。 请阅读最后评级说明和重要声明 1/14 分析师：靳璐瑜 我们跟踪 15 个城市新房+二手房合计成交面积：本周成交面积 91.4 万方，环比 -73.3%，同比+0.9%（本周周环比受春节假期影响，周同比以农历同期销售数据进行 计算）。1 月以来，新房二手房整体成交面积环比-40. ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - Tesla's Optimus robot is accelerating its iteration with a monthly update frequency, and mass production is imminent, targeting small-scale production in 2025 and a tenfold increase in output by 2026 [1][11] - The hardware maturity of Optimus is continuously improving, with significant enhancements in dexterity and intelligence, particularly in the transition from Gen 2 to Gen 3 [16][19] - Tesla's comprehensive strength in the humanoid robot sector is leading the industry, leveraging AI model reuse, engineering capabilities, and optimal application scenarios [2][23] Summary by Sections Section 1: Tesla Optimus Acceleration and Production - The development timeline shows rapid progress from concept to imminent mass production, with plans for 1,000 units to be tested in Tesla factories by 2025 [11][14] - The transition from Gen 1 to Gen 2 focused on significant movement capabilities, while the shift to Gen 3 emphasizes refined motion and dexterity improvements [17][19] Section 2: Core Technologies and Components - The collaboration between FSD (Full Self-Driving) and Optimus's brain enhances perception and decision-making capabilities, utilizing similar sensor technologies [25][26] - The dexterous hand is identified as the most critical component, significantly impacting the robot's performance and application potential [29][30] Section 3: Cost Reduction through Mass Production - Tesla's experience in automotive cost reduction is expected to be applied to humanoid robots, with a target cost reduction to below $20,000 per unit by leveraging shared supply chains and manufacturing processes [3][29] Section 4: Investment Recommendations - The report suggests focusing on investment opportunities in the robotics sector, particularly those related to the advancements in Tesla's Optimus, especially the improvements in the dexterous hand from Gen 2 to Gen 3 [3][34]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report highlights a significant increase in the scale of wealth management products and an increase in the proportion of interbank certificates of deposit [1] - Fund holdings in banks have increased, with a narrowing of the underweight ratio [1][5] - The banking sector's free float market value has risen by 6.57%, while the overall A-share free float market value increased by 2.40% [5][8] Summary by Sections Fund Holdings Analysis - In Q4 2024, the proportion of bank holdings in the four types of funds analyzed rose to 3.41%, up from 2.47% in Q3 2024, indicating a 0.94 percentage point increase [8] - The underweight ratio compared to the industry benchmark decreased from 4.35 percentage points to 3.69 percentage points [8] Individual Bank Stock Holdings - The report indicates that funds have increased their holdings in banks with favorable dividend yields and those that combine growth and dividend value [11] - The top banks by fund holdings in Q4 2024 are China Merchants Bank, Jiangsu Bank, Industrial and Commercial Bank of China, Chengdu Bank, and Ningbo Bank [11] - Notable increases in holdings include Jiangsu Bank (+2.61 billion), China Merchants Bank (+1.38 billion), Agricultural Bank of China (+0.96 billion), and Industrial and Commercial Bank of China (+0.81 billion) [11][12]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights a structural reversal in demand for the defense and military industry, indicating potential investment opportunities [2][4] - The report provides insights into the changes in holdings of military stocks among public funds, suggesting a cautious but optimistic outlook for the sector [5][12] Summary by Relevant Sections Public Fund Holdings - As of Q4 2024, the market value of military stocks in the top ten holdings of 6064 active public funds reached 43.719 billion, accounting for 2.46%, an increase of 0.10 percentage points quarter-on-quarter [3][5] - The total market value of 120 military stocks in the A-share market is 1.95 trillion, representing 2.08% of the total A-share market value of 93.96 trillion, with a quarter-on-quarter increase of 0.13 percentage points [6][8] Fund Allocation Trends - The allocation of military stocks in the top ten holdings of active public funds decreased to 1.59% after excluding 11 military-themed funds, indicating a low allocation status [12] - The proportion of state-owned military stocks among actively held military stocks rose to 80.33% in Q4 2024, recovering from a decline in previous quarters [13][16] Sector Breakdown - As of Q4 2024, the allocation of military stocks by sector shows that aviation military stocks account for 26.18%, with a quarter-on-quarter increase of 4.48 percentage points, while aerospace military stocks account for 22.96%, showing a decrease of 6.01 percentage points [16] Stock Performance - The top stocks with increased holdings in Q4 2024 include Guorui Technology (1.366 billion), AVIC High-Tech (1.233 billion), and Aero Engine Corporation (1.123 billion) [22] - The stocks with the largest reductions in holdings include AVIC Optoelectronics (-2.049 billion) and Aerospace Electric (-1.636 billion) [22][24]

Investment Rating - The report suggests a focus on high-growth sectors, particularly in AI applications, with a positive outlook on AI Agent development and related investments [4][6]. Core Viewpoints - The report emphasizes that 2025 is expected to be a breakout year for AI Agents, with significant advancements in AI capabilities and applications [4][6]. - It highlights the importance of focusing on sectors with clear industrial trends and strong policy support, particularly in domestic AI development and computing power [4][6]. Summary by Sections 1. Industry Weekly Viewpoints - The report indicates a strong performance in the AI sector, with a recommendation to hold positions through the holiday period, as AI Agents are poised for explosive growth [6]. - It suggests focusing on high-growth areas such as domestic innovation, computing power, and AI applications, particularly those with clear industrial catalysts and substantial growth potential [6]. 2. AI Industry Tracking 2.1 Computing Power - A historic AI infrastructure project, the "Star Gate Project," has been launched with a planned investment of $500 billion over four years by major companies including OpenAI and SoftBank [8]. - Global tech companies are expected to spend approximately $229 billion on servers in 2024, with significant investments from Microsoft and Amazon [9]. 2.2 Algorithms - Domestic AI models are undergoing significant upgrades, with companies like ByteDance and DeepSeek enhancing their capabilities to compete with leading global models [10][12]. 2.3 Applications - The introduction of new AI Agents, such as the GLM-PC by Zhiyu and the Operator by OpenAI, marks a significant advancement in AI applications, enabling users to automate various tasks [19][21]. - The report notes that both B2B and B2C markets are seeing increased demand for AI Agents, which are expected to drive substantial growth in the coming years [21]. 2.4 Investment Recommendations - The report recommends focusing on companies involved in computing power, algorithms, and applications, including Haiguang Information, Kingsoft Office, and iFLYTEK, among others [22]. 3. Market Review - The report states that the computer index rose by 4.66% from January 19 to January 26, outperforming other major indices [23][24].

行业评级 推荐（维持） 报告日期 2025 年 01 月 26 日 相关研究 【兴证海外地产社服】海外地产周报 （2025.01.13-2025.01.19）：统计局发布 2024 年房地产市场情况-2025.01.19 海外行业周报 | 地产建筑业 证券研究报告 【兴证海外地产社服】海外地产周报 （2025.01.06-2025.01.12）：关注香港本 地股的高股息属性-2025.01.12 【兴证海外地产社服】海外地产周报 （2024.12.30-2025.01.05）：12 月新房 销售回稳趋势持续-2025.01.05 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 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。 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 海外地产 ...

Investment Rating - The industry investment rating is "Recommended" (Maintain) [1][4] Core Insights - The Japanese soft drink industry has shown significant growth in tea drinks and sugar-free beverages, with ITO EN achieving an excess return of 358.9% from 1992 to 2009, outperforming other companies [3][6] - ITO EN's revenue structure for FY 2023 shows that beverages account for 88%, with tea beverages making up 70% of that, highlighting the company's strong position in the green tea market [3][15] - The company has successfully identified and capitalized on consumer trends, launching innovative products such as sugar-free and caffeine-free options, and has diversified into barley tea and coffee markets [3][8] Summary by Sections I. Company Overview - ITO EN was established in 1966 and has grown its sales from 74.13 billion JPY in 1992 to 453.9 billion JPY in FY 2023, with a CAGR of 6.02% [15][22] - The company is a leader in the green tea beverage market, holding a 36% market share in Japan as of FY 2023 [22][23] II. Performance and Stock Price Trends - ITO EN's stock has experienced three significant price increases since its IPO, with the most notable being an 846.4% rise from 1995 to 1999, driven by market expansion and product popularity [50][57] - The company's revenue has shown consistent growth, with a CAGR of 6.42% from FY 2021 to FY 2023, despite challenges from market competition and economic fluctuations [29][43] III. Core Competitiveness Analysis - ITO EN's R&D capabilities have allowed it to lead in the ready-to-drink green tea segment, launching products that address health-conscious consumer demands [3][23] - The company has successfully entered new markets, including barley tea and coffee, to find additional growth opportunities [3][8] IV. Overseas Expansion - ITO EN's overseas revenue share increased from 1.53% in FY 2011 to 11.72% in FY 2023, although it lags behind competitors like Suntory, which has a 52% overseas revenue share [7][8] - The company has faced challenges in the Chinese market, where Suntory has gained significant market share through effective localization strategies [7][8] V. Investment Recommendations - The report suggests that strong product strength, brand power, and an understanding of consumer trends are essential for success in the soft drink industry [8] - Recommended stocks include Nongfu Spring (09633.HK) for its strong brand and strategic positioning in sugar-free tea drinks, and China Resources Beverage (02460.HK) for its growth potential [8]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The soft drink sector in Japan has shown sustained growth in consumption, with a compound annual growth rate (CAGR) of 1.55% in household expenditure from 1990 to 2023, driven primarily by increased consumption volume [19][9] - The average price of soft drinks in Japan has experienced a decline followed by a recovery, with a CAGR of -1.63% from 1990 to 2010, and a subsequent increase from 324.2 yen/liter to 347.6 yen/liter from 2010 to 2023, reflecting a CAGR of 0.54% [19][9] - The market for sugar-free beverages in Japan has expanded significantly, with the market size growing from 2.71 trillion yen in 1990 to 3.75 trillion yen in 2023, increasing its market share from 12% to 56% [10][19] Summary by Sections 1. Soft Drink Sector Growth - The Japanese soft drink market has seen continuous growth in both consumption and expenditure, with household spending on soft drinks rising from 3.91 million yen in 1990 to 6.49 million yen in 2023 [19][9] - Per capita consumption of soft drinks has increased from 86.9 liters per year to 186.8 liters per year, with a CAGR of 2.35% [19][9] 2. Historical Development of the Japanese Soft Drink Market - The market has evolved through three stages: rapid growth in the 1960s to early 1980s, a shift towards tea drinks in the 1980s to 2010, and a focus on health and sugar-free options from 2011 to 2023 [26][27][28] 3. Internal Structural Changes in the Soft Drink Market - The rise of vending machines and the post-war economic boom significantly boosted the consumption of carbonated drinks and coffee in the early stages [41][42] - The health trend led to the emergence of tea drinks as a mainstream option, with tea drink production increasing from 120 million liters in 1985 to 662.49 million liters in 2022, achieving a CAGR of 11.45% [44][45] 4. Yield Performance of the Soft Drink Sector - The soft drink sector has outperformed other necessary consumption categories, with companies like ITO EN achieving an excess return of 358.9% from 1992 to 2009 [11] 5. Investment Recommendations - The report suggests focusing on companies with strong brand power and distribution channels in the sugar-free beverage and ready-to-drink tea sectors, highlighting key players such as Nongfu Spring, Tingyi Holdings, Uni-President, and China Resources Beverage [10][11]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report emphasizes a positive outlook for the real estate sector, suggesting proactive investment in retail building materials [6] - It highlights the improvement in the cement industry, indicating price stability during the off-season and signaling a bottoming out [7] - The report recommends focusing on high-dividend stocks for their investment value [8] - A strategy for 2025 is proposed, indicating a potential turning point in supply and demand dynamics [9] Summary by Sections Industry Insights and Investment Recommendations - The report suggests that the real estate beta factor is becoming more positive, advocating for early investments in retail building materials [6] - It notes that the cement industry is showing signs of bottom improvement, with price increases stabilizing profits [7] - High-dividend stocks are recommended for their attractive configuration value [8] - The 2025 strategy indicates a potential turning point in profitability and supply-demand dynamics [9] Market Performance - The report provides a brief overview of market performance, indicating fluctuations in the building materials sector [11] Price Changes in Building Materials - Cement prices have shown a percentage change of 1% during the specified period [16] - The report also discusses price changes in float and photovoltaic glass, indicating a significant percentage increase [19] Key Company Tracking and Industry News - The report includes updates on key companies and industry news, focusing on the integration of various sectors to enhance competitiveness [49]