行业周报 | 电力设备 证券研究报告 【兴证电新】积极布局固态电池、AIDC 电气、人形机器人三条主线-2025.03.02 【兴证海外新能源】行业跟踪报告：光 伏供给侧有望出清，行业拐点可期- 2025.02.24 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：武圣豪 S0190524030007 wushenghao@xyzq.com.cn 英伟达年度 GTC 大会在即，有望助力 AIDC 电气景气度 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 16 日 | 相关研究 【兴证电新】继续深耕三大未来产业— —固态电池、AIDC 电气、人形机器人- 2025.03.09 投资要点： 推荐标的 | AIDC 电气设备 明阳电气、金盘科技、科士达 | | | --- | --- | | 机器人 | 科达利 | | 锂电 | 宁德时代、亿纬锂能、科达利、中伟股份、璞泰来、特锐德、厦钨新能 | | 电力设备 | 许继电气、平高电气、中国西电、思源电气、明阳电气、望变电气 | | 光伏 | 通威股份，阿特 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the positive momentum in the real estate market, with key cities showing improved transaction volumes and price stability [4] - The introduction of national subsidies for home furnishings is expected to boost demand, with leading companies like Oppein and Sophia participating [4] - The report suggests that the home furnishing sector is currently undervalued, with a price-to-earnings ratio between 10-15x, and anticipates a recovery in performance for leading companies [4] - In the paper industry, prices for various types of paper are experiencing fluctuations, with some categories seeing price increases due to rising costs and demand recovery [4] - The report emphasizes the importance of AI technology in the home furnishing sector, recommending companies that are integrating AI into their products [4] Summary by Sections 1. Market Review - The light industry sector outperformed the market, with a weekly increase of 1.76% compared to the 1.59% rise in the CSI 300 index [6] - Sub-sectors such as home furnishings and paper showed positive performance, with home furnishings up by 2.66% [6] 2. Paper Sector Tracking - The average price of waste paper is 1522 CNY/ton, up 1.7% week-on-week [14] - Prices for various paper products, including corrugated paper and boxboard, have shown slight declines, while cultural paper prices have seen some increases [18][25] 3. Home Furnishing Sector Tracking - The report notes a significant drop in housing transactions in major cities, with a 28.78% decrease in sales [28] - Retail sales in the home furnishing sector reached 100.5 billion CNY in February 2025, reflecting a year-on-year increase of 15.6% [36] 4. Other Sector Tracking - The report provides insights into the performance of various commodities, including oil and polyethylene, with Brent crude oil priced at 70.05 USD/barrel [45][47]

行业周报 | 建筑材料 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 【兴证建材】周观点：淡季静待政策发酵， 关注行业底部机遇-2024.12.24 【兴证建材】周观点：地产利好政策持续 发力，关注玻璃底部机会-2024.12.15 S0190522100003 投资要点： 请阅读最后评级说明和重要声明 1/28 分析师：季贤东 jixiandong@xyzq.com.cn 施工旺季临近，关注建材提价行情 地产贝塔因素更为积极，积极布局零售建材先手。我们认为，随着新一轮地产利好政策 持续加码，对建材业绩至关重要的贝塔因素已经转向。从长期维度来看，消费建材龙头 企业依托渠道结构优化+零售品类拓展，实现经营质量和市场份额的持续提升，或将在 未来存量为主的市场中铸就长牛基础。基于此，我们认为消费建材拐点已现，建议积极 布局以获先手。从竞争格局来看，在零售市场占主导地位的消费建材龙头有望长期制胜， 推荐三棵树、东鹏控股、兔宝宝，建议关注北新建材、东方雨虹、伟星新材。 2024 年，水泥需求延续去年下滑态势，供需矛盾持续加剧，水泥价格重心继续下移。 展望 2025 年，我们认为，在地 ...

行业周报 | 房地产 证券研究报告 相关研究 【兴证地产】2025 年 2 月房地产行业回 顾：小阳春如期而至-2025.03.12 【兴证地产】新房二手房周报：政府工作 报告三处提及稳住楼市相关表述 -2025.03.09 【兴证地产】专项债收购存量闲置土地进 展跟踪-2025.03.05 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 03 月 16 日 新房二手房周报：深圳提高住房公积金贷款额 度，两部门联合发文明确收储细则 投资要点： 投资建议："止跌回稳"成为地产核心逻辑，我们认为地产基本面将迎来长期持续修复。看 好地产板块配置机会。推荐保利发展、招商蛇口、滨江集团、华发股份，建议关注金地集 团等。 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 374.9 万方，环比 +2.9%，同比+34.6%。3 月以来，新 ...

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 16 日 | 相关研究 【兴证电新】继续深耕三大未来产业— —固态电池、AIDC 电气、人形机器人- 2025.03.09 【兴证电新】积极布局固态电池、AIDC 电气、人形机器人三条主线-2025.03.02 【兴证海外新能源】行业跟踪报告：光 伏供给侧有望出清，行业拐点可期- 2025.02.24 行业周报 | 电力设备 证券研究报告 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：武圣豪 S0190524030007 wushenghao@xyzq.com.cn 英伟达年度 GTC 大会在即，有望助力 AIDC 电气景气度 投资要点： 推荐标的 | AIDC 电气设备 明阳电气、金盘科技、科士达 | | | --- | --- | | 机器人 | 科达利 | | 锂电 | 宁德时代、亿纬锂能、科达利、中伟股份、璞泰来、特锐德、厦钨新能 | | 电力设备 | 许继电气、平高电气、中国西电、思源电气、明阳电气、望变电气 | | 光伏 | 通威股份，阿特 ...

行业周报 | 房地产 证券研究报告 相关研究 【兴证地产】2025 年 2 月房地产行业回 顾：小阳春如期而至-2025.03.12 【兴证地产】新房二手房周报：政府工作 报告三处提及稳住楼市相关表述 -2025.03.09 【兴证地产】专项债收购存量闲置土地进 展跟踪-2025.03.05 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 03 月 16 日 新房二手房周报：深圳提高住房公积金贷款额 度，两部门联合发文明确收储细则 投资要点： 投资建议："止跌回稳"成为地产核心逻辑，我们认为地产基本面将迎来长期持续修复。看 好地产板块配置机会。推荐保利发展、招商蛇口、滨江集团、华发股份，建议关注金地集 团等。 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 374.9 万方，环比 +2.9%，同比+34.6%。3 月以来，新 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company is a leading domestic player in the RF power amplifier module market, focusing on the research, design, and sales of RF front-end chips, with products widely used in various wireless communication-enabled devices [3][5][7] - The RF front-end market is steadily growing, with the company expected to benefit from the increasing demand for high-end RF modules and the transition to advanced solutions like Phase8 [4][20] - The company is actively expanding its Wi-Fi FEM product line, which is anticipated to gain traction due to the rising demand for AI applications [41][47] Summary by Sections Company Overview - The company specializes in RF front-end chip development, with a primary focus on RF power amplifier modules, RF switch chips, and Wi-Fi RF front-end modules [5][9] - Key clients include major smartphone brands such as Xiaomi, OPPO, and vivo, as well as leading ODM manufacturers [7][9] Market Analysis - The RF front-end market exceeded USD 19.2 billion in 2022 and is projected to reach USD 26.9 billion by 2028, with a CAGR of 5.8% [4][20] - The company is positioned to capture a growing market share in high-end RF modules, particularly with its new L-PAMiF and L-PAMiD products [4][40] Financial Performance - The company is expected to achieve revenues of CNY 21.03 million, CNY 25.30 million, and CNY 29.32 million for the years 2024, 2025, and 2026, respectively, with corresponding net profits of CNY -24 million, CNY 54 million, and CNY 88 million [4][51] - The gross margin is projected to improve from 24.50% in 2024 to 26.02% in 2026 as the company continues to enhance its product offerings [50] Product Development - The company has successfully launched its new generation of low-voltage L-PAMiF modules, which have shown significant advantages in reducing system costs for clients [40] - The Wi-Fi FEM product line is expanding, with plans to introduce new products targeting AI applications in various consumer electronics by Q2 2025 [41][48]

【兴证建筑】周观点：专项债和赤字率 提升，基建投资稳健增长可期 （2025.3.1-2025.3.7）-2025.03.09 行业点评报告 | 建筑装饰 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 13 日 相关研究 分析师：李明 S0190524060003 liming22@xyzq.com.cn 乌克兰重建，哪些建筑企业有望受益 投资要点： 【兴证建筑】周观点："化债"再融资专 项债发行超万亿，项目资金到位率持续 改善（2025.2.22-2025.2.28）- 2025.03.02 【兴证建筑】周观点：俄乌冲突缓和信 号不断，利好国际工程企业（2025.2.15- 2025.2.21）-2025.02.23 分析师：黄杨 S0190518070004 huangyang@xyzq.com.cn 请阅读最后评级说明和重要声明 1/7 ⚫ 2025 年，俄乌释放和谈积极信号，预期俄乌冲突结束曙光初现。当地时间 2 月 12 日， 俄罗斯总统普京与美国总统特朗普举行电话会谈，重点讨论乌克兰局势调解及双边关 系。随后，美俄代表团在沙特利雅得会晤，达成四点共识，旨在解决两国间"棘手问 ...

Investment Rating - The report maintains a positive outlook on the investment potential of Yushu Technology, highlighting the growth trend in the domestic humanoid robot market and related investment opportunities in the supply chain [2]. Core Insights - Yushu Technology has evolved from a student project to a leading global humanoid robot company, with a focus on high-performance quadrupedal and humanoid robot development, achieving over 60% global market share in quadrupedal robots by 2023 [2][11]. - The company emphasizes a self-research and development model combined with practical business applications and low-cost production, creating a positive feedback loop that enhances its competitive advantages [2][20]. - The next phase for Yushu Technology involves transitioning humanoid robots from specialized to general industrial applications, with ongoing collaborations to gather real-world data for training [2][31]. Summary by Sections Yushu Technology: From Student Project to Global Leader - The company was founded in 2016 and quickly filled a market gap with its quadrupedal robots, achieving significant sales and recognition [11][30]. - By 2023, Yushu's quadrupedal robots held a 40.65% market share in China, with a global shipment share of 69.75% [31]. Company Advantages - Yushu Technology's competitive edge lies in its self-developed hardware, practical business strategies, and cost advantages, which create a virtuous cycle of growth and innovation [20][36]. - The core team, primarily composed of graduates from top universities, drives rapid commercialization through strong research capabilities [23][28]. Future Outlook - The company aims to enhance the versatility of humanoid robots in industrial settings, focusing on data collection and real-world application to achieve commercial viability [2][31]. - Yushu Technology's humanoid robots, such as the G1, are priced significantly lower than competitors like Tesla's Optimus, showcasing a strong market position [20][36].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report indicates that the condiment sector is transitioning from a growth driven by price increases and cost resonance to a focus on "quality-price ratio" competition due to weakened restaurant demand and increased consumer price sensitivity [3][4] - The report highlights that the condiment industry has experienced a significant valuation drop, with current valuations around 25.3x, a 52% decrease from the 2016-2023 average, suggesting that negative factors have largely been cleared [3][4] - The report emphasizes the importance of head companies maintaining their advantages and the cultivation of new consumption scenarios to enhance demand recovery [3][4] Summary by Sections I. Changes and Constants in the Condiment Sector - The pre-pandemic growth in the condiment sector was primarily driven by the expansion of the restaurant industry, which accounted for 45% of the condiment market in 2016 [11] - Post-pandemic, the capacity of the restaurant sector has contracted, leading to a shift in demand towards household consumption, which, while lower in volume, has a higher average spending [24][27] - The report notes a significant slowdown in the entry of new companies into the market, indicating a shift from incremental competition to stock competition [31][32] II. Investment Recommendations - The report concludes that the sector has completed its bottoming process in terms of performance, expectations, and valuations, with a focus on the recovery of the restaurant sector and cost catalysts as future drivers [42][46] - It suggests monitoring two main directions: the sustained advantages of leading companies and the enhancement of demand through new consumption scenarios [46] - The report recommends several companies, including Zhongju Gaoxin and Haitian Flavor Industry, which have national brands, and highlights the potential of companies like Qianhe Flavor Industry and Tianwei Food [48][49]