[Table_Reportdate] 2025年3月17日 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 海外科技股2024Q4业绩回暖， DeepSeek大模型引燃AI云与端热情 ——半导体行业2月份月报 2. AI Agent产品Manus亮相，AI眼 镜驱动消费电子新一轮增长——电 子行业周报（2025/3/3-2025/3/9） 3. 英伟达Blackwell芯片需求高涨， 小米新机与新车发布拉动市场热情 ——电子行业周报（2025/2/24- 2025/3/2） [Table_NewTitle] 北方华创拟取得芯源微控制权，关注 GTC大会带来的AI产业链机遇 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 ➢ 电子板块观点：下周英伟达GTC 2025大会即将发布的 ...

[Table_Reportdate] 2025年03月17日 [晨会纪要 Table_NewTitle] 20250317 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 wangyang@longone.com.cn [Table_Report] ➢ 1.海外数据波动与国内资产的确定性——资产配置周报（2025/03/10-2025/03/14） ➢ 2.通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025年2月美国CPI ➢ 1.中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》 ➢ 2.国务院第八次全体会议：要更加注重加大政策力度和激发市场力量良性互动、协同发力 ➢ 3.央行：着力推动提升重大战略、重点领域和薄弱 ...

[Table_Reportdate] 2025年03月17日 ➢ 1.海外数据波动与国内资产的确定性——资产配置周报（2025/03/10-2025/03/14） ➢ 2.通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025年2月美国CPI 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 wangyang@longone.com.cn [Table_Report] 财经要闻 晨 会 纪 要 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 [table_main] 重点推荐 [晨会纪要 Table_NewTitle] 20250317 [证券分析师： Table_Authors] ➢ 1.中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》 ➢ 2.国务院第八次全体会议：要更加注重加大政策力度和激发市场力量良性互动、协同发力 ➢ 3.央行：着力推动提升重大战略、重点领域和薄弱 ...

Investment Rating - The industry investment rating is "Market Weight" [10] Core Viewpoints - The report highlights that the People's Bank of China released financial data for February, indicating a marginal slowdown in credit due to the high volume of lending in January. Government financing has significantly supported social financing, countering the negative impact of the slowdown in corporate and household credit. Notably, household credit in January-February reached a five-year low, raising concerns about the urgency to stabilize household credit [7][8] - Government financing has accelerated, with new government bonds issued amounting to 1.69 trillion yuan in February, an increase of 1.10 trillion yuan compared to the same period last year. This accounted for 75% of the new social financing, which rose to 8.20% [7][8] - The report indicates a marginal slowdown in credit issuance to enterprises and individuals, with new RMB loans in February totaling 650.6 billion yuan, a year-on-year decrease of 326.7 billion yuan. The decline in corporate credit is attributed to the high lending in January and the accelerated pace of government debt management [7][8] - Future credit efforts may focus on optimizing structure, with an increased emphasis on stabilizing household credit. The government aims to support consumption and small businesses, as indicated by recent fiscal policies [7][8] - Monetary supply remains stable, with M2 and M1 growing by 7.0% and 0.1% year-on-year, respectively. The report notes that the tightening of funding rates has led banks to stabilize their interest margins, promoting rational loan pricing [7][8] Summary by Sections Macroeconomic Policy - The report emphasizes the positive impact of macroeconomic policies and the need to focus on stable dividends and recovery potential in the banking sector [3] Credit Market Trends - The report discusses the trends in credit issuance, highlighting the need for a balanced approach to support both corporate and household sectors [7][8] Government Financing - Government financing has played a crucial role in supporting social financing growth, with significant increases in bond issuance [7][8] Interest Rate Environment - The report suggests that the current monetary policy environment is relatively favorable for interest margins, with expectations of a less severe decline in margins compared to previous years [9] Investment Recommendations - The report advises focusing on stable dividends and recovery potential, particularly in state-owned banks and leading small and medium-sized banks [9]

[Table_Reportdate] 2025年03月16日 [海外数据波动与国内资产的确定性 Table_NewTitle] ——资产配置周报（2025/03/10-2025/03/14） [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 总 量 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 策 略 研 究 图表目录 | 图 1 全球主要大类资产周度表现， % . | | --- | | 图 2 中债美债周度表现，BP … | | 图 3 申万一级行业周度涨跌幅，%，… | | 图 4 原油价格，美元/桶 …………… ...

[Table_Reportdate] 2025年03月16日 [海外数据波动与国内资产的确定性 Table_NewTitle] ——资产配置周报（2025/03/10-2025/03/14） [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 总 量 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 策 略 研 究 [Table_Report] ➢ 全球大类资产回顾：3月14日当周，全球股市表现分化，美股继续调整，A股表现亮眼；主 要商品期货中黄金创新高，原油、铜上涨，铝收跌；美元指数小幅回落，日元贬值，欧元 和人民币小幅升 ...

[Table_Reportdate] 2025年03月14日 [Table_invest] 买入（首次覆盖） [乐鑫科技（ Table_NewTitle] 688018）：AIOT次新品显著 放量，产品矩阵拓展布局新市场 ——公司深度报告 [table_main] 投资要点： 司 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 ➢ 公司目标市场规模扩大2.5倍，次新品放量增长，产品矩阵丰富不断延伸新市场。公司次新 类的高性价比产品线ESP32-C3、ESP32-C2以及高性能产品线ESP32-S3处于高速增长 期，2024年业绩快报显示收入增长约40%。同时，在原材料成本下降、新客户不断增加、 前期毛利率较高的手持小型化设备放量、竞争格局改善多重因素加持下，公司盈利能力进 一步提升，公司2024年毛利率水平保持40%以上。公司除了经典产品（8266、ESP32、 S2）、次新品（C2、C3、S3），还布局新产品（C5、C6、H2、H4、P4），新产品在2025 年有望逐步放量，同时，公司也将下游应用布局到消费电 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is experiencing significant growth in its new AIoT products, with a product matrix that is expanding into new markets. The revenue for 2024 is projected to grow by approximately 40% due to the successful launch of new products and an increase in market demand [4][39]. - The company is positioned to benefit from the increasing market size of its target sectors, with the potential to expand its market capacity to 2.5 times the current IoT device market [4]. - The company is focusing on a "connect + process" product strategy, which is expected to enhance its competitive edge in the AIoT sector [4]. Summary by Sections Company Overview - The company, established in 2008 and headquartered in Shanghai, specializes in IoT chips and modules. It has become a leading supplier of Wi-Fi MCU chips globally, with a significant market presence [12][14]. - The company has a diverse product line that includes classic products, new products, and next-generation products, with a focus on enhancing AI capabilities [17]. AIoT Market - The global IoT device connection count is projected to grow from 8 billion in 2018 to 27 billion by 2025, with a compound annual growth rate (CAGR) of approximately 19% [4]. - The company is expected to benefit from the domestic market's shift towards localization and the high growth of the AIoT industry [4]. Financial Performance - The company has shown stable revenue growth from 2019 to 2023, with a CAGR of 17.3%. The revenue for 2024 is forecasted to reach 2.01 billion, reflecting a 40% increase [39]. - The gross margin is expected to remain above 40%, supported by a favorable cost structure and an expanding product line [41]. Product Strategy - The company is expanding its product offerings to include new models such as C5, C6, H2, H4, and P4, which are anticipated to enter the market in 2025 [20]. - The product matrix is increasingly focused on high-performance and cost-effective solutions, catering to various applications in consumer electronics and smart home devices [19]. Business Model - The company employs a B2D2B business model that fosters a developer ecosystem, enhancing customer engagement and product adoption [26]. - The acquisition of M5Stack is expected to strengthen the company's market position and enhance its product offerings in the developer community [31].

[Table_Reportdate] 2025年03月14日 [晨会纪要 Table_NewTitle] 20250314 [Table_Report] [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 ➢ 1.通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025年2月美国CPI ➢ 2.帝科股份（300842）： 业绩稳步发展，高铜浆料有望量产——公司简评报告 ➢ 1.央行党委召开扩大会议，研究部署贯彻落实举措 ➢ 2.美国2月PPI低于预期 | 1.1. 通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025 年 2 月美国 | | | --- | --- | | CPI | 3 | | 1.2. 帝科股份（300842）：业绩稳步发展，高铜浆料有望量产——公司简评报 ...

[Table_Reportdate] 2025年03月14日 [晨会纪要 Table_NewTitle] 20250314 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.通胀压力短期缓解，关税压力仍存不确定性——海外观察：2025年2月美国CPI ➢ 2.帝科股份（300842）： 业绩稳步发展，高铜浆料有望量产——公司简评报告 ➢ 1.央行党委召开扩大会议，研究部署贯彻落实举措 ➢ 2.美国2月PPI低于预期 1.重点推荐 1.1.通胀压力短期缓解，关税压力仍存不确定性——海外观察： 2025 年 2 月美国 CPI 证券分析师：刘思佳，执 ...