农业行业 行业研究 | 行业周报 生猪行业深亏，提速去产能 ——东方证券农林牧渔行业周报（20251006-20251012） 核心观点 投资建议与投资标的 投资建议：（1）看好生猪养殖板块，优质公司持续盈利和分红率提升依然是推动板块长 期业绩和估值提升的核心驱动；近期政策与市场合力推动生猪养殖行业产能去化，助力 未来板块业绩长期提升，相关标的：牧原股份(002714，买入)、温氏股份(300498，买 入)、神农集团(605296，未评级)、巨星农牧(603477，未评级)等。（2）后周期板块，生 猪存栏量回升提振饲料、动保需求，若本轮生猪去产能顺畅，产业链利润有望逐步向下 游传导，驱动动保板块上行，相关标的：海大集团(002311，未评级)、瑞普生物 (300119，未评级)等。（3）种植链，当前粮价上行趋势已确立，种植&种业基本面向好， 大种植投资机会凸显，相关标的：苏垦农发(601952，未评级)、北大荒(600598，未评 级)、海南橡胶(601118，未评级)、隆平高科(000998，未评级)等。（4）宠物板块，宠食 行业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌认可度持续 提 ...

核心观点 投资建议与投资标的 风险提示 有色、钢铁行业 行业研究 | 行业周报 黄金稀土或再迎高光时刻 ——有色钢铁行业周观点（2025 年第 41 周） 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化。 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 10 月 12 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | 李一涛 | 执业证书编号：S0860124120001 | | | liyitao@orientsec.com.cn | | | 021-63326320 | | --- | --- | | 黄雨韵 | 执业证书编号：S0860125070019 | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | | AI 发展为何离不开金属软磁粉芯：——AI | 2025-10-09 | | --- | ...

基础化工行业 行业研究 | 行业周报 中美贸易争端再起，行业基本面迎考验 核心观点 投资建议与投资标的 ⚫ 我们看好在绿色聚酯产业中已领先布局关键节点的万凯新材(301216，买入)。短期 受贸易争端影响较小的农药制剂环节，如润丰股份(301035，买入)、国光股份 (002749，买入)、海利尔(603639，买入)等。同时也看好"反内卷"政策预期驱动 下，石化与化工行业有望出现景气复苏，主要相关标的包括中国石化(600028，买 入)、恒力石化(600346，买入)、荣盛石化(002493，买入)、万华化学(600309，买 入)、华谊集团(600623，买入)；。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 10 月 12 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | | | niji@orientsec.com.cn | | | 021-63326320 | | 万里扬 | 执业证书编号：S0860519090003 | | | wanliyang@or ...

9 月销量回到行业第一，预计多款新车上市 将拉动自主销量继续向上突破 核心观点 盈利预测与投资建议 ⚫ 预测 2025-2027 年 EPS 分别为 1.05、1.17、1.31 元，维持可比公司 25 年 PE 平均 估值 25 倍，目标价 26.25 元，维持买入评级。 风险提示 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 上汽集团 600104.SH 公司研究 | 动态跟踪 | | 买入 | | --- | --- | | 股价（2025年10月10日） | 17.13 元 | | 目标价格 | 26.25 元 | | 52 周最高价/最低价 | 21.19/12.6 元 | | 总股本/流通 A 股（万股） | 1,149,528/1,149,528 | | A 股市值（百万元） | 196,914 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 10 月 12 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6]. Core Insights - The demand for power-saving solutions is critical for AI end-users deploying ASIC chips, as the power consumption of AI computing continues to rise significantly [9][13]. - Metal soft magnetic powder cores are essential for ASIC power modules, providing higher current capacity and better thermal stability compared to traditional ferrite materials [9][56]. - The market for metal soft magnetic powder cores is expected to grow substantially due to the increasing deployment of ASIC chips and the upcoming DDR6 memory standards, which will further drive demand for high-performance inductors [9][26]. Summary by Sections Pain Points: Power Saving as a Core Concern for ASIC Deployment - The power consumption of NVIDIA's AI computing cards has increased dramatically, with the latest models reaching up to 2700W, highlighting the urgent need for power-efficient solutions [13][14]. - ASIC chips offer higher efficiency and lower power consumption compared to traditional GPU chips, making them a preferred choice for AI applications [19][24]. - The shift towards self-developed ASIC chips by major AI companies is driven by the need to optimize power efficiency and reduce costs [29][27]. Materials: Metal Soft Magnetic Powder Cores as Essential Components - The vertical stacking design of power modules significantly reduces PDN losses, enhancing overall power efficiency [46]. - The demand for smaller and more efficient inductors is increasing due to the compact design of vertical power modules [48]. - Metal soft magnetic powder cores can handle higher currents and provide better performance in high-power applications compared to traditional materials [56][57]. Market: Dual-Drive from GPU and ASIC - The demand for inductors is projected to exceed 400 million units as AI companies ramp up their ASIC chip production [9][11]. - The introduction of DDR6 memory is expected to further increase the usage of inductors, as it requires improved power integrity and efficiency [9][19]. Application Expansion: DDR6 Memory to Drive Growth - The transition to DDR6 memory will necessitate a higher volume of inductors, as it introduces new power management requirements [19][4]. - The integration of PMIC solutions in DDR5 has already set a precedent for increased inductor usage, which will continue with DDR6 [19][4]. Industry Comparison: Competitive Advantages of Platinum New Materials - Platinum New Materials holds a competitive edge in the production of metal soft magnetic powder due to its advanced atomization technology, which results in finer particle sizes and lower oxygen content [9][21]. - The company's production capacity is expected to ramp up significantly, reaching 300 million units by 2026, positioning it well within the growing market [9][12].

汽车与零部件行业 行业研究 | 动态跟踪 预计鸿蒙智行车型销量市场份额将有望继 续提升，产业链公司将持续受益 核心观点 投资建议与投资标的 ⚫ 随着多款新车陆续上市、智能辅助驾驶国标落地在即，预计鸿蒙智行车型销量及市 占份额将有望进一步提升，建议关注鸿蒙智行整车及产业链相关公司。鸿蒙智行整 车相关标的：上汽集团(600104，买入)、江淮汽车(600418，未评级)、赛力斯 (601127，未评级)；零部件相关标的：银轮股份(002126，买入)、新泉股份 (603179，买入)、博俊科技(300926，买入)、精锻科技(300258，买入)、沪光股份 (605333，未评级)、华域汽车(600741，买入)、拓普集团(601689，买入)、星宇股 份(601799，买入)、华阳集团(002906，买入)等。 风险提示 鸿蒙智行车型销量低于预期、鸿蒙智行新车发布进度低于预期、市场竞争加剧风险。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 10 月 08 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxu ...

核心观点 投资建议与投资标的 我们认为，近期产业在模型、应用以及算力基建领域均呈现积极变化，有望进一步提升 投资者对产业未来发展的信心，建议投资者关注以多模态为代表的 AI 应用、国产算力以 及存储领域。 AI 应用领域，相关标的包括万兴科技(300624，未评级)、科大讯飞(002230，买入)、金 山办公(688111，增持)、合合信息(688615，未评级)、虹软科技(688088，未评级)、当虹 科技(688039，未评级)、卓易信息(688258，未评级)、税友股份(603171，买入)、东土 科技(300353，未评级)等。 计算机行业 行业研究 | 行业周报 AI 硬件领域，相关标的包括 海光信息(688041，买入)、寒武纪-U(688256，未评级)、同 有科技(300302，未评级)、中科曙光(603019，买入)、浪潮信息(000977，未评级)、紫 光股份(000938，未评级)、科华数据(002335，未评级)、开普云(688228，未评级)等。 AI 视频迎来 GPT-3.5 时刻，算力基建持续 扩张 风险提示 AI 发展不及预期；行业竞争加剧。 国家/地区 中国 行业 计算机行业 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [6][17]. Core Insights - The Nobel Prize in Physics awarded for quantum science research is expected to enhance the attention of governments and leading tech companies towards the industrialization of quantum technology, accelerating its commercialization process [3][10]. - The research recognized by the Nobel Prize lays a theoretical foundation for the industrialization of quantum technology, with significant contributions from the awarded scientists in developing superconducting circuits and quantum bits [9][10]. - Recent advancements in quantum technology, such as the installation of the first quantum computer in a data center in New York City, signify a shift from laboratory research to practical applications in the industry [9][10]. Summary by Sections Investment Recommendations and Targets - The report suggests focusing on leading domestic quantum technology companies, including Guandun Quantum, Guoxin Technology, Tengjing Technology, and Huagong Technology, as potential investment targets [3][10]. Industry Overview - The report highlights the growing interest in quantum technology following the Nobel Prize announcement, with expectations for increased investment and development in quantum computing, communication, and measurement technologies [9][10].

宏观经济 | 动态跟踪 内需与政策将重新主导 PMI 9 月 PMI 点评 研究结论 报告发布日期 2025 年 10 月 08 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 王仲尧 | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | | | wangzhongyao1@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 迈向"十五五"：迎接新政策风格 | 2025-09-28 | | --- | --- | ...

Investment Rating - The investment rating for Alibaba is "Buy" (maintained) with a target price of 205.34 HKD [4][9] Core Insights - The report highlights Alibaba's rapid advancements in AI technology and its strong commitment to becoming a global leader in AI services, with significant investments in AI and cloud computing [8] - The company has solidified its position in AI and instant retail, with expectations for continued revenue growth in its cloud business due to its leading model capabilities and open-source strategy [9] - The forecast for Alibaba's revenue for FY2026-2028 has been adjusted upwards due to the deepening AI strategy and advancements in model technology, with projected revenues of 10084 billion, 11391 billion, and 12482 billion respectively [9][11] Summary by Sections Company Overview - Alibaba's stock price as of September 29, 2025, is 173.4 HKD, with a 52-week high of 177.8 HKD and a low of 76.07 HKD [4] - The total market capitalization of Alibaba's H shares is 3,307,194 million HKD [4] Financial Performance - The report projects a revenue growth of 8.34% for 2024, with a slight increase to 5.86% in 2025, followed by a modest growth of 1.21% in 2026 [11] - The adjusted net profit for FY2026-2028 is forecasted to be 1412 billion, 1878 billion, and 2166 billion respectively, reflecting an increase in profit margins due to accelerated AI revenue [9][11] AI and Cloud Strategy - Alibaba's AI strategy is characterized by a commitment to open-source models, with the Qwen series models achieving significant user penetration and growth in derivative models [8] - The company aims to enhance its cloud services, with expectations of a tenfold increase in energy consumption for global data centers by 2032, indicating a robust growth trajectory in cloud computing [8] Market Position - The report emphasizes Alibaba's leading position in the AI model landscape, with Qwen 3 max ranking third globally in LLM Arena scores, surpassing competitors like GPT-5 [8][12] - The open-source strategy has resulted in over 100,000 clients for the Qwen series, with a significant increase in model downloads and usage [8][14]