Investment Rating - The report assigns an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - OpenAI has launched four AI agent toolkits, including a new Responses API and open-source Agents SDK, which simplify the development of AI agent applications and enhance product development capabilities [4]. - The introduction of new tools accelerates the diverse application of agents, responding to competitors like Google, Microsoft, and Alibaba, while reinforcing OpenAI's competitive edge established by its first AI agent product, Operator [9]. - Recommended stocks include Dingjie Zhizhi, Foxit Software, and iFlytek, with beneficiaries being Fanwei Network, Maifushi, and Rundamedical [9]. Summary by Sections Investment Highlights - The Responses API features web and document search tools, with the web search tool achieving higher accuracy than competitors, significantly reducing manual search costs [9]. - The computer operation tool, supported by the CUA model, automates tasks like clicking and scrolling, enhancing agent interaction with the external world [9]. - The open-source Agents SDK improves agent collaboration, allowing for customizable LLM models and tools, which simplifies multi-threaded task processing and reduces developer workload [9]. - OpenAI employs a "free API + paid tools" business model, expanding its market through free offerings while recouping R&D costs via paid tools, ensuring a sustainable financial foundation for future growth [9].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [1] Core Insights - The defense sector has shown an upward trend, with significant increases in indices, particularly a 7.44% rise in the national defense and military index, outperforming the broader market by 5.88 percentage points [4][9] - The report emphasizes that the intensification of great power competition is a long-term trend, leading to increased defense spending and a positive long-term outlook for the military industry [10][11] Summary by Sections Market Review - The national defense and military index rose by 7.44% from March 3 to March 7, outperforming the Shanghai Composite Index, which increased by 1.56% [15][16] - The CSI National Defense Index performed the best among military indices, with an 8.98% increase [17][18] - The report highlights strong performances in the national defense information technology and materials processing sectors [19][21] Major News in the Military Industry - President Xi Jinping emphasized the importance of completing the military's "14th Five-Year Plan" during a meeting with military representatives, which is crucial for achieving the centenary goals of the military [26] - SpaceX's eighth test flight of the "Starship" faced setbacks, and Russia conducted strikes on Ukrainian energy facilities, indicating ongoing geopolitical tensions [28] Investment Focus - Key investment areas identified include: 1. Assembly: AVIC Shenyang Aircraft Corporation 2. Components: AVIC Optoelectronics, Aerospace Electrical Equipment 3. Subsystems: AVIC Onboard, North Navigation 4. Materials and Processing: Fushun Special Steel, AVIC Heavy Machinery, Philit, Tunan Co., Huayin Technology, and Plit [11][12]

AI 应用自留地：行业 Know-how 和本地数据 [Table_Industry] 计算机 | 4 1 | | --- | | H 利 1 | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 李博伦(分析师) | 伍巍(研究助理) | 钟明翰(研究助理) | | | --- | --- | --- | --- | | 0755-23976516 | 021-38031029 | 021-38031383 | | | libolun@gtjas.com | wuwei028683@gtjas.com | zhongminghan029903@gtjas.com | [Table_Report] 相关报告 | | 登记编号 S0880520020004 | S0880123070157 | S0880124070047 | | 本报告导读： 从互联网到 AI 时代，落地应用的竞争壁垒由信息的公开性转向私有性，看好国内在 垂域行业 Know-how 基础上定制 AI 工作流和搭建私有数据库的 ...

白酒 2025：寻找份额主线 [Table_Industry] 食品饮料 ——基于苏、皖、汾酒的比较 | [table_Authors] 訾猛(分析师) | 李耀(分析师) | 李美仪(分析师) | | --- | --- | --- | | 021-38676442 | 021-38675854 | 021-38038667 [Table_subIndustry] | | zimeng@gtjas.com | liyao022899@gtjas.com | limeiyi026738@gtjas.com | | 登记编号 S0880513120002 | S0880520090001 | S0880524080002 | 本报告导读： 2025 白酒主线实质在于寻找份额逻辑，行业存量博弈明显，由价的集中到量的集中， 个股超额收益来自于获取市场份额的能力。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 食品饮料《消费预期回暖，开启估值修复》 2025.03.01 食品饮料《周期寻底，份额优先》2025.02.25 食品饮料《大众品防御属性凸显，聚焦"黑马" 成长性》20 ...

投资要点： 创新转型乘风破浪，精麻市场蓝海启航 海思科(002653) ——海思科首次覆盖报告 | [table_Authors] 丁丹(分析师) | 甘坛焕(分析师) | 姜铸轩(分析师) | 评级 | 增持 | | --- | --- | --- | --- | --- | | 0755-23976735 | 021-38675855 | 021-38674878 | 目标价格 | 46.99 | | dingdan@gtjas.com | | gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com | | | | 登记编号 S0880514030001 | S0880523080007 | S0880524080010 | [当前价格： Table_CurPrice] | 34.23 | | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,015 | 3,355 | ...

Investment Rating - The report maintains a "Buy" rating and raises the target price to 11.66 CNY, up from the previous forecast of 8.23 CNY [1][13]. Core Views - The company is strategically positioned in the AI and cloud computing sectors, with the Tianwen Intelligent Cloud Platform designed for private deployment of large models. It has recently been included in Gartner's report on the competitive landscape of Chinese hyper-converged suppliers, indicating strong long-term growth potential [2][13]. - The company is expected to achieve significant profit growth, with projected net profits for 2024, 2025, and 2026 at 0.82 billion, 2.96 billion, and 3.83 billion CNY respectively, and corresponding EPS of 0.07, 0.25, and 0.32 CNY [13][27]. Financial Summary - Revenue is projected to decline from 3.54 billion CNY in 2022 to 2.88 billion CNY in 2024, before recovering to 3.25 billion CNY in 2025 and 3.68 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 12.9% from 2025 to 2026 [4][27]. - The net profit attributable to the parent company is forecasted to turn from a loss of 371 million CNY in 2023 to profits of 82 million CNY in 2024, 296 million CNY in 2025, and 383 million CNY in 2026 [4][27]. - The company’s current price-to-earnings (P/E) ratio is 52.62, with an expected P/E of 131.83 for 2024, decreasing to 36.49 in 2025 and 28.17 in 2026 [4][29]. Market Data - The company has a total market capitalization of 10.285 billion CNY, with a 52-week stock price range of 4.08 to 9.76 CNY [5][9]. - The company has a net asset value per share of 7.84 CNY, with a price-to-book (P/B) ratio of 1.1 [6][29]. Revenue and Profit Forecast - The company is expected to generate revenues of 28.85 billion CNY in 2024, 32.54 billion CNY in 2025, and 36.75 billion CNY in 2026, with a focus on enhancing its AI and cloud computing capabilities [27][29]. Valuation Analysis - The report uses a P/E valuation method, assigning a target P/E of 46.5 for 2025 based on the company's leading position in the network security sector and its comprehensive capabilities [29][30].

Group 1: Utility Industry - The report maintains an "Overweight" rating for the utility sector, particularly focusing on city gas companies transitioning from growth to dividend phases, with expected improvements in free cash flow and dividend payouts [2][24]. - The natural gas consumption volume is projected to grow significantly, with a 5-year CAGR of 12.4%, driven by urbanization and environmental policies [3][24]. - The report highlights the challenges faced by the city gas industry, including slowing gas consumption growth and rising costs, which have led to a decline in return on equity (ROE) and net profit growth [3][25]. Group 2: Kid's King Company - The report maintains an "Overweight" rating for Kid's King, projecting EPS growth of 76%, 65%, and 37% for 2024-2026, with a target price of 19.14 yuan [6][7]. - The establishment of a subsidiary, Smart Future, aims to provide AI-driven solutions for children and new families, enhancing the company's position in the mother and child retail sector [6][7]. - Kid's King is expanding its store network and enhancing its digital capabilities, which are expected to accelerate its AI product deployment and improve customer engagement [6][7]. Group 3: Market Performance - The report notes that the equity market has performed well, with a year-to-date return of 0.59% for risk parity strategies, indicating a positive outlook for equity investments [8][10]. - The report emphasizes the strong historical performance of H-share gas companies, which have benefited from early market entry and the establishment of exclusive operating rights [3][24]. - The report suggests that the overall market sentiment remains optimistic, with expectations for continued growth in the equity market driven by favorable economic conditions [8][10].

DeepSeek 重构算力基建长期价值的认知 [Table_Industry] 计算机 股票研究 /[Table_Date] 2025.03.14 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 李博伦(分析师) | 伍巍(研究助理) | 钟明翰(研究助理) | | | --- | --- | --- | --- | | 0755-23976516 | 021-38031029 | 021-38031383 | | | libolun@gtjas.com | wuwei028683@gtjas.com | zhongminghan029903@gtjas.com | [Table_Report] 相关报告 | | 登记编号 S0880520020004 | S0880123070157 | S0880124070047 | | 本报告导读： 市场低估了 DeepSeek 生态对算力需求的放大效应，我们预计仅其推理端就将产生 近百万 PFLOPS 的算力需求。精度支持及通信效率率先突破的国产 AI 芯片厂商将 获得显著的发展机会。 投资要点： 计算机《AI 应用 ...

外资交易热度抬升，杠杆资金延续流入 [Table_Authors] 方奕(分析师) ——市场主动资金流动性周观察 本报告导读： 本期市场整体交易热度边际下降，TMT 板块交易拥挤度缓解。资金维度看，外资和 融资资金大幅流入，偏股基金发行保持高位，ETF 延续流出，散户交易活跃。 投资要点： 策略研究 /[Table_Date] 2025.03.13 | | | 021-38031658 | | --- | --- | --- | | | fangyi020833@gtjas.com | | | 登记编号 | S0880520120005 | | | | 郭胤含(分析师) | | | | 021-38031691 | | | | guoyinhan026925@gtjas.com | | | 登记编号 | S0880524100001 | | [Table_Report] 相关报告 促进企业温室气体信息自愿披露 2025.03.12 沪深 300ETF 延续流出趋势 2025.03.09 银行业保险业绿色金融高质量发展 2025.03.04 2024 年科创板业绩快报情况跟踪 2025.03.02 被动资金流出 ...