Group 1: Event Overview - The event is organized by Guotai Junan focusing on hardware and AI developments, scheduled for March 5, 2025, in Beijing[1] - Key sessions include discussions on AIDC architecture, advancements in large models by Alibaba and Baidu, and power and temperature control trends in AIDC[2] Group 2: Expert Profiles - Wang Shuo, an IDC expert with a PhD, has extensive research experience in future networks and has received multiple awards in the field[3] - The large model expert from Alibaba has successfully managed the entire lifecycle of large models, ensuring efficient product implementation and business transformation[4] - An AIDC expert with over 10 years in IT infrastructure has contributed to the development of over 10 new intelligent computing centers[5] Group 3: Industry Insights - The LITEON expert has over 17 years of experience in server sales management across various industries, including internet and manufacturing[6] - The VRT expert has over 20 years in the data center industry, focusing on market analysis and strategic client relationships[7] - The AI cloud service expert has extensive experience in cloud products, including IDC and CDN, and is knowledgeable about industry competition and market share[8]

本轮地方债放量下的利差复盘与 3 月发行 节奏展望 债券研究 /[Table_Date] 2025.03.03 ━━信用策略周报 本报告导读： 过去两周地方债放量，部分省份利差有所走阔。 3 月份地方债发行节奏趋缓，新增 地方债的发行高峰将在二三季度。 投资要点： [Table_Report] 相关报告 涨跌同源，静候花开 2025.03.03 存单利率或不会持续高过 MLF：与历史的三点不 同 2025.02.25 城投担保债进入存量时代 2025.02.25 风险偏好抬升，聚焦科技成长 2025.02.24 水利项目应急响应升级影响短期分红 2025.02.24 证 券 研 究 报 告 市 场 策 略 周 报 请务必阅读正文之后的免责条款部分 债 券 研 究 [Table_Authors] 王宇辰(分析师) 010-83939801 wangyuchen026137@gtjas.com 登记编号 S0880523020004 [Table_Summary] 过去两周地方债放量，部分省份利差有所走阔。10Y 期地方债作为 主品种，各省利差相对稳定；15Y、20Y 和 30Y 部分省份利差有所 走阔，15Y ...

Investment Rating - The report suggests a long-term tight supply in wood chips and pulp, emphasizing the importance of upstream resource layout, which may become a key differentiator in profitability [1]. Core Insights - The cash cost differentiation between hardwood and softwood pulp is significant, with Chilean softwood pulp having a cost advantage of $50-100 per ton compared to Europe, and a $20-70 advantage over South American Canada [1]. - The EBITDA profit margin for the largest hardwood producer, Suzano, is superior to its peers, indicating a stable profitability despite varying accounting standards [1]. - The report highlights that raw material, logistics, and energy layout contribute to profitability differences, with wood chips accounting for approximately 40% of cash costs [2]. Summary by Sections Supply Constraints - Long-term supply of softwood is expected to be tight due to limited availability and environmental pressures, while no large-scale new capacity for hardwood pulp is anticipated until 2026 [3]. Cost Structure - The cash cost of softwood pulp has increased from $370 per ton in 2010 to $508 per ton in 2023, with a CAGR of 2.4% for wood chips, chemicals, and labor [1]. - Hardwood pulp cash costs have decreased from $311 per ton in 2012 to $177 per ton in 2023, with a CAGR of -4% due to the appreciation of the dollar [1]. Logistics and Energy - Transportation costs from forest to mill and from mill to port are significant, with 2023 costs ranging from $500 to $1000 per ton, accounting for 10-20% of total delivery costs [2]. - Energy costs represent about 15-20% of pulp production costs, with leading overseas mills efficiently utilizing by-products to meet energy needs [2].

股票研究/[Table_Date] 2025.02.17 新股精要—国内汽车造型及声学部件领先 生产商汇通控股 本周新股发行信息 | [table 毓恬冠佳（ _NewStock] 301173.SZ）发行 2196 万股 | | --- | | 汇通控股（603409.SH）发行 3151 万股 | | 常友科技（301557.SZ）发行 1108 万股 | | [table_Authors] 王政之(分析师) | 施怡昀(分析师) | 王思琪(分析师) | [Table_Report] 相关报告 | | --- | --- | --- | --- | | 021-38674944 | 021-38032690 | 021-38038671 | | | | | | 次新市场延续上行趋势，当周招股逐步常态化 | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | 2025.02.16 | | 登记编号 S0880517060002 | S0880522060002 | S0880524080007 | 次新板块迎 ...

政务系统接入 DeepSeek，本地部署再提速 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 上次评级: 增持 请务必阅读正文之后的免责条款部分 本报告导读： 政府部门本地部署 DeepSeek，将模型能力与政务系统融合，看好政务 IT 和国资云 的投资机会。 投资要点： 计算机《效率革命剑指"暴力计算法则"》 2025.02.14 计算机《重视企业本地部署大模型的投资机会》 2025.02.12 计算机《金融行业本地部署 DeepSeek，金融 IT 充分受益》2025.02.08 计算机《Deep Research 发布，深化 Agent 应用》 2025.02.05 计算机《AI 竞赛加速，国内技术与应用快速崛 起》2025.02.03 股 票 研 究 行 业 更 新 证 券 研 究 报 告 [细分行业评级 Table_subIndustry] 计算机 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 wu ...

旺季化工品价格探涨，重视供需与成本机会 [Table_Industry] 基础化工 ——基础化工行业周报 | [table_Authors] 沈唯(分析师) | 钱伟伦(分析师) | 陈传双(研究助理) | | --- | --- | --- | | 0755-23976795 | 021-38038878 | 021-38676675 | | shenwei024936@gtjas.com | | qianweilun027712@gtjas.com chenchuanshuang027603@gtjas.com | | 登记编号 S0880523080006 | S0880523040003 | S0880123060038 | 本报告导读： 政策端积极化解行业供需阶段性矛盾，推荐业绩有韧性且中长期有成长的周期龙头 及格局优异、需求增长的新材料细分龙头。2025 年，特朗普关税 2.0 正式开启，海 外产能有望重估。 投资要点： [Table_Report] 相关报告 基础化工《化工品价格景气度复苏，重视供需与 成本机会》2025.02.16 基础化工《老产品供需优化，创制药放量加速》 2025.02.1 ...

AI 应用持续火热，美团京东将为骑手缴纳社保 [Table_Industry] 社会服务业 ——商社行业周报（2025.02.17-2025.02.23） | [table_Authors] 刘越男(分析师) | 宋小寒(分析师) | | --- | --- | | 021-38677706 | 010-83939087 | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 S0880516030003 | S0880524080011 | 股 票 研 究 本报告导读： AI 应用持续火热，恒生指数公司公布系列季度检讨结果。 投资要点： 化》2025.02.23 社会服务业《春运预定逐步出炉，微信小店开放 群功能》2025.01.26 社会服务业《政策支持文旅消费，永辉天津调改 店销售创新高》2025.01.19 社会服务业《CES 展会热度高、预计春运跨区流 动达 90 亿人次》2025.01.12 社会服务业《日本新设对华 10 年旅游签，微信小 店引爆潮流》2024.12.29 行 业 周 报 证 券 研 究 报 告 请务必阅读正文 ...

Investment Rating - The report indicates a strong investment outlook for the rocket launch industry, projecting the global market to exceed $50 billion by 2032 [1]. Core Insights - The United States and China lead the global rocket launch market, with the U.S. achieving 116 launches and a 94% success rate in 2023, while China completed 67 launches with a 99% success rate [1]. - The report highlights the trend towards liquid reusable rocket technology, which significantly reduces launch costs. For instance, SpaceX's Falcon 9 has seen a 70% reduction in launch costs through hardware reuse [3]. - The Chinese commercial rocket launch market is expanding rapidly, driven by increasing satellite network demands and a focus on cost reduction through liquid reusable technology and supply chain optimization [4]. Summary by Sections Rocket Design and Components - Rocket design consists of three main parts: propulsion system, guidance and control system, and structural components. Liquid reusable rockets are identified as the future trend due to their advantages over solid fuel rockets [2]. - Liquid fuel rockets offer higher specific impulse and thrust, making them suitable for large-scale missions, while solid fuel rockets are simpler and quicker to prepare but have limitations in performance [2]. Cost Reduction Strategies - SpaceX's experience shows that liquid reusable rocket technology and supply chain management have led to significant cost reductions. The average cost per launch for the Falcon 9 has stabilized around $17 million after multiple reuses [3]. - The report emphasizes the importance of scaling supply chains and the establishment of private companies in China's rocket launch sector, which enhances competition and efficiency [4]. Future Market Trends - The Chinese rocket launch market has surpassed 100 billion yuan, with expectations for rapid growth driven by satellite network requirements and a focus on cost efficiency [4]. - The report notes that leading players in China are actively developing liquid reusable rocket technologies, indicating a competitive landscape with independent launch capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Insights - The company has received multiple product approvals and is set to disclose significant clinical data, with its first domestic TROP2 ADC expected to lead clinical iterations [3][11]. - Merck's continued investment overseas indicates the emerging potential of the next-generation blockbuster products [11]. Financial Summary - Revenue projections for 2024-2026 have been adjusted to 1.732 billion, 1.670 billion, and 2.666 billion RMB respectively, reflecting a slight decrease in 2025 expectations [11]. - The company reported a revenue increase from 804 million RMB in 2022 to 1.540 billion RMB in 2023, representing a 91.6% growth [7]. - The gross profit is expected to rise from 759 million RMB in 2023 to 1.103 billion RMB in 2024 [7]. Product Development - The core product, Lukanasatuzumab, was approved for market release in November 2024, targeting second-line and above triple-negative breast cancer (TNBC) [11]. - Additional indications for Lukanasatuzumab are in the NDA stage, with approvals anticipated in 2025 for 3L EGFRm NSCLC and 2L EGFRm NSCLC [11]. - Other products, including Tagolizumab and biosimilars, are also set for approval in early 2025 [11]. Clinical Trials - The company is expected to disclose critical clinical data from ongoing trials, including registration trials for Lukanasatuzumab in various indications [11]. - Merck has initiated 12 key clinical trials for Lukanasatuzumab, indicating its importance in the oncology field [11].

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic industry, indicating a positive outlook as the sector is expected to enter a price increase phase and is currently at a projected bottom position [1][2]. Core Insights - The photovoltaic industry is at a projected bottom, with the fundamentals stabilizing. Positive catalysts from both supply and demand sides are anticipated to emerge, leading to an upward trend in industry prosperity and improved supply-demand dynamics [1][2]. - Key areas of focus include the continuous decline in inventory, which is expected to lead to improved profitability in segments such as batteries, silicon wafers, and photovoltaic glass, as well as leading companies with favorable market positions [1][2]. - Technological advancements are ongoing, with breakthroughs in BC battery efficiency and the gradual application of innovations like copper paste and bifacial technology [1][2]. Summary by Sections - **Price Recovery**: The photovoltaic industry is experiencing a comprehensive price recovery, with major domestic photovoltaic module companies collectively raising prices by 3-5 cents/watt for distributed systems and 2-3 cents/watt for channel customers. Despite being in a seasonal demand lull, inventory levels are healthy, and prices have begun to stabilize [1]. - **Catalysts for Growth**: The report identifies key catalysts for growth, including price recovery across the industry chain, supportive supply-side policies, and accelerated technological breakthroughs [3].