行业研究丨深度报告丨基础化工 [Table_Title] 腱绳材料：腱绳传动前景可期，高性能纤维打开 空间 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 基础化工 cjzqdt11111 [Table_Summary] 灵巧手是人形机器人的关键部件，具有负载能力、运动能力、控制能力和感知能力等，配有驱 动系统、传动系统、传感系统和控制系统。在传动模式中，腱绳驱动是目前灵巧手研究中应用 最为广泛的传动方式，超高分子量聚乙烯（UHMWPE）纤维、PBO 纤维相比芳纶纤维、碳纤 维、钢丝绳更具优势，关注超高分子量聚乙烯纤维、PBO 产业链的投资机会。提前储备前端材 料的企业具备先发优势，有望优先打入腱绳赛道，进一步渗透进产业链。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 PBO 纤维耐热性能较 UHMWPE 更胜一筹，但是发展进程仍然缓慢，制备中单体合成、聚合 体合成和纤维纺丝三个环节各具难 ...

丨证券研究报告丨 公司研究丨点评报告丨高能环境（603588.SH） [Table_Title] 高能环境 2025Q1 点评：扣非业绩同比增 22.8%，关注资源化项目盈利提升 报告要点 [Table_Summary] 高能环境 2025Q1 实现营收 33.08 亿元，同比增 5.9%；归母净利润 2.25 亿元，同比增 15.8%； 扣非归母净利润 2.03 亿元，同比增 22.8%。参考 2024 年整体情况，我们推测今年一季度固废 危废资源化利用板块营收仍保持较快增长（推测江西鑫科、靖远二期、金昌高能二期、珠海新 虹同比贡献增量较多）。2025Q1 经营活动现金流净额达到 2.62 亿元，同比大幅改善，且资本 开支明显收敛。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 %% %% research.95579.com 1 请阅读最后评级说明和重要声明 %% %% 高能环境 ...

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车：启动 720 亿参数自驾基模研发，AI 智 驾进展持续领先 报告要点 [Table_Summary] 2025 年 4 月 14 日，小鹏汽车在香港举办 AI 技术分享会，首次披露正在研发 720 亿参数的超 大规模自动驾驶大模型，即"小鹏世界基座模型"，未来小鹏将通过云端蒸馏小模型的方式将基 模部署到车端，大幅提升 AI 汽车智力上限，同时也将赋能小鹏的 AI 机器人、飞行汽车等。小 鹏世界基座模型赋能，将大幅提升 AI 汽车智力上限，AI 智驾进展持续领先。AI 基础设施优势 显著，算力集群、数据基础设施构建核心竞争优势，助力搭建"云端模型工厂"。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title 小鹏汽车：启动2] ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [11]. Core Insights - The recent tariff increases by the Trump administration, expected to reach 54% on Chinese imports, will have a short-term negative impact on textile companies' orders and profits, particularly those with high export ratios to the U.S. and thin margins. However, long-term supply chain adjustments are anticipated to favor leading companies with strong competitive advantages [4][8]. - The report suggests that Q1 retail performance for apparel brands was stable, and favorable policies may boost domestic demand, recommending active investment in Q2 [9][10]. Summary by Sections Tariff Impact History - Historical tariff increases have led to limited impacts on manufacturing capacity as many companies have already relocated production overseas. The third round of tariffs affected approximately $3.5 billion in goods, while the fourth round impacted $30.7 billion, primarily in apparel and home textiles [7][22]. - The U.S. has borne the brunt of tariff costs, with domestic production not sufficiently replacing imports, leading to cost pass-through to consumers [7][22]. Current Tariff Effects - The latest tariff increases are expected to suppress profits and orders in the short term, with the combined tariff rates on Chinese goods reaching between 61.5% and 79% [8][9]. - Long-term, the supply chain is expected to restructure, benefiting leading firms as manufacturers shift production to lower-tariff regions like Indonesia and India [8][9]. Sector Strategy - The report is optimistic about brand performance in Q2, suggesting that the current tariff situation may enhance domestic demand and consumer preference for local brands. It recommends identifying undervalued stocks with strong growth potential [9][10]. - The manufacturing sector is expected to face short-term challenges due to unexpected tariff increases, but long-term prospects remain positive for companies with robust supply chains and profit margins [9][10].

联合研究丨公司深度丨麦格米特（002851.SZ） [Table_Title] 麦格米特：厚积薄发，为"AI"发电 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 麦格米特历史经营业绩整体保持稳健增长，公司深耕传统主业电源产品、家电电控的同时，不 断通过收并购，横向拓展行业、产品种类，同时加速布局海外市场，推动自身成长。公司依托 于自身特有的基因特点已经寻找到了一条适合自己的发展道路。立足长期，伴随 AIDC 放量， 电源远期市场空间广阔；公司的 AIDC 供电业务平台化未来可期，一方面是基于品类增加持续 提升业务范围，另一方面基于卡位优势有广阔的市占率提升空间。因此，我们认为公司的 AIDC 供电体系综合解决方案正逐步形成，有望成为公司平台化之路的新成长点。 报告要点 分析师及联系人 [Table_Author] 赵智勇 邬博华 司鸿历 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520080002 SFC：BRP550 SFC：BQK482 SFC：BUD284 曹小敏 SAC：S0490 ...

[Table_Summary] 近期高溢价地块主要是房企避险、好房子和限价打开等因素共同作用的结果，非理性成分不算 大，竞品对标角度大多仍具备产品逻辑，后续考验主要在于高端购买力，先来者的风险收益比 明显好于后到者，阿尔法特征显性化。出口承压阶段，产业政策往往具备放松空间，板块至少 具备阶段性超额收益和结构性机会，但持续性则需更多条件配合。建议关注具备核心资产的优 质房企、产品力突出的改善型房企、受益于化债的当地龙头，以及稳定现金流物企。 [Table_Author] [Table_Title] 如何理解高价地的供需逻辑和风险收益？ 报告要点 行业研究丨专题报告丨房地产 SAC：S0490520040001 SFC：BUV416 丨证券研究报告丨 分析师及联系人 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 如何理解高价地的供需逻辑和风险收益？ [Table_Summary2] 核心区域高溢价地块频现，拿地结构性分化再加剧 近期土地市场分化加剧，一面是核心地块高溢价成交，地价记录屡刷新，另一面是非核心地块 依然冷清。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 36.791 billion yuan for 2024, representing a year-on-year growth of 9.33%. However, the net profit attributable to shareholders decreased by 44.55% to 1.089 billion yuan [2][4]. - For the first quarter of 2025, the company expects a net profit attributable to shareholders in the range of 434 to 463 million yuan, indicating a year-on-year growth of 50% to 60%, with a median estimate of 449 million yuan, which corresponds to a 55% increase [2][4]. - The company anticipates a non-recurring net profit in the range of 392 to 419 million yuan for the first quarter of 2025, also reflecting a year-on-year growth of 50% to 60%, with a median estimate of 406 million yuan, marking a 55% increase [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.791 billion yuan and a net profit of 1.089 billion yuan, with a significant decline in profit attributed to asset impairment losses in the LED business [4][8]. - The projected financials for 2025 include total revenues of 43.413 billion yuan and a net profit of 3.531 billion yuan, indicating a recovery in profitability [13]. Business Strategy - The company is focusing on optimizing its LED business operations and enhancing profitability through strategic adjustments and cost management [8]. - The demand for electronic circuits and precision components is expected to rise due to the growth of AI applications, which will positively impact the company's performance [8]. Market Outlook - The company is positioned to benefit from collaborations in the new energy sector, particularly with Tesla, which is expected to enhance operational efficiency and profitability [8]. - The upcoming year is anticipated to be significant for hardware innovation, particularly with the expected launch of AI-enabled smartphones, which may provide substantial growth opportunities for the company [8].

丨证券研究报告丨 [Table_Title] 核心业务稳健运行，减值报废及 BC 有所拖累 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年度实现收入 1820.7 亿元，同比变动+3.8%，归属 净利润 130.3 亿元，同比变动-22.5%，归属扣非净利润 133.6 亿元，同比变动-18.7%。2025Q1 实现收入 430.7 亿元，同比变动-6.7%，环比变动+25.0%，归属净利润 30.8 亿元，同比变动- 25.9%，环比变动+58.9%，归属扣非净利润 30.4 亿元，同比变动-26.3%，环比变动+25.1%。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨万华化学（600309.SH） 万华化学（600309.SH） cjzqdt11111 [Table_Title2] 核心业务稳健运行，减值报废 ...

联合研究丨行业点评 [Table_Title] 卡游递交港股招股书，关注卡牌赛道投资机会 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 据港交所文件，头部卡牌厂商卡游向港交所提交上市申请书。借助小马宝莉卡牌等爆款产品， 公司 2024 年实现泛娱乐产品商品交易总额 231 亿元，实现集换式卡牌商品交易总额 187 亿 元。公司 2021-2024 年营收分别为 22.98/41.31/26.62/100.57 亿元，经调归母净利润分别为 7.95/16.20/9.34/44.66 亿元。截至 2022/2023/2024 年底，公司 IP 数量分别为 30/37/70 个， IP 储备实现加速拓展。2024 年公司在中国集换式卡牌中市场份额为 71.1%，头部地位稳固。 建议关注卡游上市进展，以及在 IP、渠道等关键环节具备卡位优势的相关公司投资机会。 分析师及联系人 [Table_Author] 高超 蔡方羿 仲敏丽 SAC：S0490516080001 SAC：S0490516060001 SAC：S0490522050001 ...

Investment Rating - The investment rating for the communication equipment industry is "Positive" and maintained [8]. Core Insights - Huawei Cloud launched the revolutionary CloudMatrix 384 super node, which breaks through computing bottlenecks with a "poolable, equalized, and combinable" architecture, achieving dual leadership in interconnect bandwidth and memory bandwidth [2][11]. - The CloudMatrix 384 super node is expected to alleviate computing anxiety, with plans for tens of thousands of units to be deployed in the first half of the year, aiming to build a large cluster of over ten thousand nodes [11]. - The CloudMatrix 384 achieves a computing scale of 300 PFlops, a 67% increase compared to NVIDIA's NVL72, which has a computing scale of 180 PFlops [11]. - The service DeepSeek-R1, based on the CloudMatrix 384, can achieve a single-card decode throughput of over 1920 Tokens/s while maintaining a single-user transaction per second (TPS) level of 20 [2][11]. - Huawei Cloud's ecosystem has surpassed 12 million developers, 45,000 partners, and 12,000 cloud store applications, forming a comprehensive digital ecosystem across the entire industry chain [11]. Summary by Sections Event Description - On April 10, Huawei Cloud held an ecological conference in Wuhu, Anhui, where it launched the CloudMatrix 384 super node and announced its large-scale deployment in the Wuhu data center [5]. Event Commentary - The CloudMatrix 384 super node redefines AI infrastructure, transitioning from server-level to matrix-level resource supply models, significantly enhancing interconnect bandwidth and achieving a breakthrough in memory bandwidth [11]. - The architecture of the CloudMatrix 384 is designed to support the rapid deployment of industry applications, with over 160 third-party large models already adapted to its services [11].