产能释放驱动 24Q4 收入修复，受益 AI 带动半导体需求回升 证券研究报告 | 公司动态点评 2025 年 02 月 21 日 华虹半导体（01347.HK） | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2286 | 2004 | 2257 | 2610 | 3125 | | 增长率 yoy（%） | -7.7 | -12.3 | 12.6 | 15.6 | 19.7 | | 归母净利润（百万元） | 280 | 58 | 108 | 247 | 307 | | 增长率 yoy（%） | -37.8 | -79.2 | 85.2 | 129.5 | 24.4 | | ROE（%） | 4.4 | 0.9 | 1.7 | 3.8 | 4.5 | | EPS 最新摊薄（元） | 0.16 | 0.03 | 0.06 | 0.14 | 0.18 | | P/E（倍） | 31.8 | 153.3 | 82.8 | 36.1 | 29.0 | | P/B（ ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The strategic transformation of the company is showing significant results, with the AI+ healthcare model expected to reshape the valuation system [2][3]. - The company has focused on high-margin medical-grade remote health monitoring devices and services, leading to improved operational efficiency and profitability [2]. - The company is well-positioned to benefit from the expansion of the chronic disease management market and the emerging AI+ healthcare sector [8]. Financial Summary - Revenue projections for 2024-2026 are estimated at 1.013 billion, 1.266 billion, and 1.585 billion yuan, respectively, with year-over-year growth rates of 14.5%, 25.0%, and 25.2% [1][8]. - The net profit attributable to the parent company is expected to reach 64 million, 105 million, and 145 million yuan for the same period, reflecting year-over-year growth rates of 85.5%, 64.6%, and 38.2% [1][8]. - The company's return on equity (ROE) is projected to improve from 5.5% in 2024 to 10.9% in 2026 [1]. Business Segments - The health equipment segment is focusing on new product launches, including blood glucose meters and hearing aids, which are expected to gain market traction [2]. - The RPM (Remote Patient Monitoring) segment has established deep collaborations with leading clients in Europe and the US, creating a closed-loop business model [2]. - The cardiovascular digital chronic disease service segment is integrating remote health monitoring devices with AI software and medical services, with initial validation in various healthcare settings [2]. Market Position and Future Outlook - The company has accumulated a substantial amount of multi-dimensional physiological data from over ten million users, laying a solid foundation for developing a vertical AI model in the cardiovascular field [3]. - The report anticipates that the company will achieve a revenue of 1.013 billion yuan in 2024, with a corresponding net profit of 0.64 billion yuan, indicating a strong growth trajectory [8].

证券研究报告 | 行业动态点评 2025 年 02 月 20 日 通信 Figure 发布 Helix，端到端 AI 助力机器人持续拓展 Figure 发布 Helix，持续助力机器人长期发展。2025 年 2 月 20 日，Figure 正式宣布推出 Helix，Helix 是一个通用视觉-语言-动作（VLA）模型，它统一 了感知、语言理解和学习控制，以克服机器人领域的多个长期挑战。据 Figure 官网介绍，Helix 具备以下几大优势： 全上身控制：Helix 是第一个可以实现输出整个人形机器人上半身的高速连续 控制，包括手腕、躯干、头部和单根手指的 VLA 模型。 多机器人协作：Helix 是第一个可以在两个机器人上同时运行的 VLA 模型，使 它们能够解决共享的、长期的操作任务，处理它们以前从未见过的物品。 拿起任何东西：配备 Helix 的 Figure 机器人现在可以拿起几乎任何小型家用 物品，包括它们以前从未遇到过的数千种物品，只需遵循自然语言提示即可。 作者 分析师 侯 宾 执业证书编号：S1070522080001 邮箱：houbin@cgws.com 单个神经网络：与以前的方法不同，He ...

Investment Rating - The report maintains a rating of "Outperform" for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The Japanese securities industry has experienced increasing concentration, with the top five comprehensive securities firms dominating the market, accounting for over 40% of industry revenue and 45% of net profit as of 2023 [1][11]. - The number of foreign securities firms in Japan has significantly decreased from 52 in 2000 to just 9 by 2022, with their market share in revenue dropping from over 30% to approximately 1% [1][11]. - The industry has seen a stabilization in commission income, although the proportion of brokerage business has declined from 70.8% in 1990 to 24.6% in 2023 [3][34]. - The market has matured with a rise in institutional investors, whose share of the market increased from 4.7% in 1990 to 31.8% in 2023, while the share of individual investors decreased from 23.9% to 16.9% [3][41]. Summary by Sections 1. Japanese Securities Industry Transformation - The industry has a high concentration level, with major firms like Nomura and Daiwa leading the market [1][11]. - Total assets in the industry have shown an upward trend despite economic crises, with net assets surpassing 8.29 trillion yen in March 2024 [2][12]. - Net profit has stabilized post-2012, with ROE figures of 4.57% and 8.29% for the fiscal years 2022 and 2023 respectively [20][21]. 2. Cost Structure and Employee Dynamics - The industry's cost structure remains high, with a cost-to-income ratio of 83.6% in 2023, and management fees constituting a significant portion of total costs [28][30]. - The number of employees in the securities industry has halved since the peak in 1990, stabilizing around 85,000 by 2023 [31][32]. 3. Revenue Streams and Market Dynamics - Commission income has stabilized, with total commission income exceeding 2.7 trillion yen in 2023, but brokerage commissions have decreased significantly [34][35]. - Trading income has fluctuated but has stabilized, while financial income surged to 1.81 trillion yen in 2023, marking a 79.86% increase year-on-year [40][41]. 4. Case Studies of Differentiated Development - Daiwa Securities focuses on both domestic and international markets, enhancing its service offerings through technological innovation and strategic acquisitions [46][47]. - Rakuten Securities has leveraged its technological advancements to expand its market share, achieving a total account number exceeding 10.2 million in 2023 [64][65].

证券研究报告|行业专题报告 2025 年 02 月 17 日 传媒 事件：公募基金 24Q4 持仓披露完毕，传媒行业维持低配，细分板块及个股 表现有所分化。 24Q4 传媒行业维持低配，低配比例略有提升。24Q4 传媒行业重仓市值占 比为 0.81%，环比下降 0.1pct；传媒行业总市值/全 A 总市值为 1.54%，环 比下降 0.02pct。传媒行业整体维持低配，低配比例为 0.73%，环比上升 0.08pct。整体来看，传媒低配比例环比有所提升，持仓仍处低位，向后展 望，我们认为传媒行业有望受益于国内大模型性能的提升以及 API 服务定价 的下降有望加速国内 AI 应用落地，并逐步兑现业绩，此外伴随微信小店、 谷子经济等热点话题催动以及市场风险偏好提升，我们认为传媒行业配置有 望逐步企稳回升。 板块表现有所分化，游戏板块偏好度提升，影视院线板块偏好度持续回落。 分板块来看，游戏板块由超配下降至平配，广告营销、影视院线低配比例有 所扩大，数字媒体、出版及电视广播板块低配比例有所收窄： （1）24Q4 游戏板块超配比例为 0.11%，环比提升 0.07pct。板块整体偏好 度有所下降，24Q4 重仓市值为 ...

证券研究报告|行业深度报告 2025 年 02 月 17 日 非银行金融 经济泡沫破裂后的日本证券业复盘 日本证券业集中度不断提升，外资券商市占率下降。上世纪 80 年代末，日 本泡沫经济破裂后券商数量保持稳定，总体数量保持在 250 家左右，证券业 竞争格局进一步集中化。日本证券行业具有集中度非常高的特点，综合性大 券商占据绝对优势地位，形成了如今日本证券市场五大综合型券商独大的局 面。2023 年五大券商的营业收入占行业营业收入 40%以上，净利润占行业 净利润 45%以上。2000 年以来，受日本经济的长期低迷、通货紧缩、市场 激烈竞争以及监管环境变化等多因素影响，外资券商数量逐步收缩，数量从 2000 年 52 家下降至 2022 年 9 家，在营业收入方面，外资券商的市场占 有率由高峰近 30%以上下降到约 1%。 股市下行导致资产负债表质量恶化，同时收入下降但成本刚性导致净利润波 动。一方面，行业总资产和行业净资产虽然受到泡沫破裂、亚洲金融危机和 2008 年金融危机的影响，资产水平有所下降，但总资产整体的上升趋势未 有所改变。净资产在 2013 年股市重启上涨行情后，净资产规模也在波动上 升，2 ...

三生制药（1530.HK） 开展双抗 ADC 联用研究，研发矩阵储备丰富 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6859.4 | 7815.9 | 8863.3 | 9988.9 | 11407.3 | | 增长率 yoy（%） | 7.5 | 13.9 | 13.4 | 12.7 | 14.2 | | 归母净利润（百万元） | 1914.9 | 1549.2 | 2004.9 | 2212.3 | 2475.7 | | 增长率 yoy（%） | 16.0 | -19.1 | 29.4 | 10.3 | 11.9 | | ROE（%） | 14.8 | 11.0 | 12.7 | 12.4 | 12.4 | | EPS 最新摊薄（元） | 0.8 | 0.6 | 0.8 | 0.9 | 1.0 | | P/E（倍） | 7.1 | 8.8 | 6.8 | 6.2 | 5.5 | | P/B（倍） | 1.1 | 1.0 | 0.9 | 0.8 | ...

证券研究报告 | 行业周报 2025 年 02 月 17 日 汽车 比亚迪发布"天神之眼"高阶智驾，加速推进智驾平权 | 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | 投资 | EPS （元） | | PE | | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 14.48 | 10.72 | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 16.8 | 14.21 | | 002284.SZ | 亚太股份 | 增持 | 0.29 | 0.35 | 31.76 | 26.31 | | 002906.SZ | 华阳集团 | 增持 | 1.31 | 1.78 | 27.38 | 20.15 | | 09660.HK 地平线机器人-W | | 买入 | 1.26 | 1.56 | 5.41 | 4.37 | | 301106.SZ | 骏成科技 | 增持 | ...

证券研究报告|行业周报 2025 年 02 月 18 日 电力及公用事业 行业周报（2.10-2.16）：各省持续出台绿电政策，板块因市场风格 切换表现低迷 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 001289.SZ | 龙源电力 | 增持 | 0.82 | 0.89 | 20.33 | 18.73 | | 600163.SH | 中闽能源 | 增持 | 0.39 | 0.42 | 13.26 | 12.31 | | 600674.SH | 川投能源 | 增持 | 1.02 | 1.09 | 15.28 | 14.3 | | 600795.SH | 国电电力 | 买入 | 0.55 | 0.51 | 7.76 | 8.37 | | 600886.SH | 国投电力 | 增持 | 1.04 | 1.18 | 13.96 | 12.31 | | 600900.SH | 长江电力 | 买入 | 1 ...

行业点评观点：根据风电头条数据统计，2025 年 1 月央企陆上和海上风电项 目机组开标总规模约 6.24GW，中标规模最大的三家整机商合计中标规模 3.4GW，品牌集中度较高。均价方面，含塔筒海风项目中标均价为 2910.00 元 /kw，环比上月下降 10.19%；不含塔筒陆风项目中标均价为 1422.39 元/kW， 同比、环比均有所下降；含塔筒陆风项目中标均价为 2122.42 元/kW，同比、 环比均有所提升，主要原因是部分开标项目容量较小从而导致单价较高。 证券研究报告 | 行业周报 2025 年 02 月 17 日 风电周报（2025.2.10-2025.2.16） 五部门印发重点风电低碳技术，广东 300MW 海风机组启动招标 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.42 | 0.66 | 17.57 | 11.13 | | ...