报告要点 [Table_Summary] 美东时间 4 月 12 日，美方公布相关备忘录，豁免计算机、智能手机、半导体制造设备、集成 电路等部分产品的"对等关税"。彭博社报道指出，该措施可能会在一定程度上缓解美国消费者 面临的涨价压力，同时有利于包括苹果公司和三星电子公司在内的电子巨头。对应 A 股科技板 块，则有望带动此前因关税影响而回调的相关产业链标的止跌回升。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨专题报告丨建筑与工程 [Table_Title] 当前时点如何看洁净室板块 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 当前时点如何看洁净室板块 [Table_Summary2] 近期中美关税博弈带来市场较大波动 近期中美关税博弈带来市场较大波动。美国总统特朗普于当地时间 4 月 2 日在白宫签署"对等 关税"的行政令，宣布美国对贸 ...

丨证券研究报告丨 行业研究丨专题报告丨电气设备 [Table_Title] 欧洲关税破局，重视非美市场的新催化 报告要点 [Table_Summary] 美国关税政策扰动下，非美地区新能源汽车产业格局出现新变量。当地时间 4 月 10 日，欧盟 委员会宣布与中国达成重要共识，双方将启动以"最低进口价格"机制替代现行对华电动汽车 关税的谈判。此外，4 月 8 日《摩洛哥外交报》报道，马斯克宣布投资 50 亿美元在摩洛哥新建 非洲大陆第一家特斯拉汽车工厂，本文对最新的行业进展进行梳理，重视非美市场的新催化。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 电气设备 cjzqdt11111 [Table_Title2] 欧洲关税破局，重视非美市场的新催化 [Table_Summary2] 政策端："最低进口价格"机制谈判，国产车放量可期 欧盟对华汽车关税破局，欧洲车 ...

丨证券研究报告丨 公司研究丨点评报告丨杭州银行（600926.SH） [Table_Title] 高质量高成长，分红提升 DPS 增厚 25% ——2024 年年报点评 报告要点 [Table_Summary] 杭州银行 2024 全年营收增速 9.6%，Q4 单季增速 30%，归母净利润同比增速 18.1%。全年利 息净收入增速 4.4%，增速回升源于息差企稳+规模扩张；非利息净收入增速 20.2%，Q4 投资 收益拉动高增。全年 ROE 为 16.0%，同比上升 0.5pct。全年分红比例同比提升 2pct 至 24.5%， 叠加盈利高成长性，推动年度 DPS 同比大幅增长 25%至每股 0.65 元。年末贷款较期初增长 16.2%，存款超预期增长 22%。全年净息差 1.41%，Q4 企稳源于负债成本改善。年末不良率 环比持平于 0.76%，拨备覆盖率环比下降 1.8pct 至 541%。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% r ...

丨证券研究报告丨 公司研究丨点评报告丨晶晨股份（688099.SH） [Table_Title] 24 年全年收入、利润创历史新高 报告要点 [Table_Summary] 2024 年，公司实现营收 59.26 亿元、同比+10.34%，归母净利润 8.22 亿元、同比+65.03%， 扣非归母净利润 7.46 亿元、同比+93.97%。2024Q4，公司实现营收 12.86 亿元、同比-15.00%、 环比-20.79%，归母净利润 2.28 亿元、同比+23.79%、环比-1.52%，扣非归母净利润 1.93 亿 元、同比+63.11%、环比-9.91%。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 晶晨股份（688099.SH） cjzqdt11111 [Table_Title2] 24 年全年收入、利润创历史新高 [Table_Summary2] 事件描述 2025 年 4 月 10 日，晶晨 ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] AI 仍是时代主线，内需关注能源 IT 2025 年第 15 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块大幅下跌 5.97%。在长江一级行业中排名第 26 位，两市成交额占比为 9.02%， 跨境支付、信创/国产替代概念活跃。上周中美关税博弈持续升级，信创及跨境支付产业有望受 益。本周 AI Agent 产业或迎变化，建议关注：1）AI Agent 相关厂商；2）中国推理算力产业 链，重点推荐国内 AI 芯片领军寒武纪；3）云服务厂商，重点关注与 DeepSeek 合作的相关 云厂商；4）IDC，重点关注与腾讯、阿里、字节等大厂合作的 IDC；同时，虚拟电厂政策出台， 虚拟电厂模式和综合能源服务商业模式或迎来高速发展，建议关注具备先发优势的厂商。 [Table_Title AI 仍是时代主线，内需关注能源 2] IT 2025 年第 15 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块大幅下跌 分析师及联系人 [Table_Author] 宗建树 SAC：S049052003 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - On April 9, 2025, Google Cloud officially launched the Agent2Agent (A2A) protocol, the first open standard designed for interoperability among AI agents, which is expected to accelerate innovation and transformation in the industry [2][5] - The A2A protocol addresses security communication and trust issues between different agents, enhancing interoperability among AI entities [11] - The introduction of open and standardized communication protocols like A2A and MCP (Model Context Protocol) is anticipated to shift AI agents from isolated systems to an open collaborative ecosystem, thereby accelerating industry transformation [11] Summary by Relevant Sections Event Description - Google Cloud's launch of the A2A protocol allows AI agents within the ecosystem to operate independently of underlying technologies, facilitating secure and standardized collaboration [5] Event Commentary - The A2A protocol is supported by over 50 major companies, including NVIDIA and MongoDB, and is expected to become a universal language for interoperability among AI applications [11] - The A2A and MCP protocols are complementary, addressing different aspects of AI agent connectivity, which may lead to a more integrated AI ecosystem [11] - The report suggests focusing on AI agent-related companies, the Chinese inference computing supply chain, cloud service providers collaborating with DeepSeek, and IDC firms working with major players like Tencent and Alibaba [2][11]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 中美关税博弈持续，关注跨境支付投资机遇 报告要点 [Table_Summary] 2025 年 4 月 10 日，美国政府宣布对中国输美商品征收"对等关税"的税率进一步提高至 125%。 2025 年 4 月 11 日，经国务院批准，国务院关税税则委员会公布公告，自 2025 年 4 月 12 日 起，调整《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税 委会公告 2025 年第 5 号）规定的加征关税税率，由 84%提高至 125%。建议关注中国跨境支 付产业链相关标的，重点关注跨境支付平台标的。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 事件描述 research.95579.com 2025 年 4 月 10 日，美国政府宣布对中国输美商品征收"对等关税"的税率进一步提高至 125%。 2025 年 4 月 11 日，经国务院批准，国务院关税 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 继续推荐建筑板块内需+"一带一路"双主线 报告要点 [Table_Summary] [Table_Summary] 中美关税博弈持续升级，关注后续实际落地进展；贸易格局变化带动"一带一路"迎来新进 展，关注周边外交；关税新形势下，继续关注内需增长与"一带一路"双主线。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490522060005 请阅读最后评级说明和重要声明 SFC：BUT917 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 继续推荐建筑板块内需+"一带一路"双主线 [Table_Summary2] 中美关税博弈持续升级，关注后续实际落地进展 最近一段时间中美贸易博弈持续，以加码关税为主导。美国总统特朗普于当地时间 4 月 2 日在 白宫签署"对等关税"的行政令，宣布对中国大陆关税为 34%。作为应对，4 月 4 日中国国务 院关税税则委员会公告自 2025 ...

周观点0413：关税影响递减，重视超跌方向 长江证券研究所电力设备与新能源研究小组 2025-04-13 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 | 分析师 邬博华 | 分析师 曹海花 | 分析师 司鸿历 | 分析师 叶之楠 | | --- | --- | --- | --- | | SAC执业证书编号：S0490514040001 | SAC执业证书编号：S0490522030001 | SAC执业证书编号：S0490520080002 | SAC执业证书编号：S0490520090003 | | SFC执业证书编号：BQK482 | | SFC执业证书编号：BUD284 | | | 分析师 袁澎 | 分析师 王耀 | 分析师 任佳惠 | 分析师 周圣钧 | | SAC执业证书编号：S0490524010001 | SAC执业证书编号：S0490524120006 | SAC执业证书编号：S0490524070005 | SAC执业证书编号：S0490524120003 | %% %% %% %% researc ...

Investment Rating - The investment rating for the company is "Buy" [14] Core Insights - Huadong Co., Ltd. is a leading player in the pig farming industry in Zhejiang Province, benefiting from high regional pig prices. The company focuses on developing a building-based farming model and improving management efficiency through breeding systems, feeding systems, and expanding contract farming models. The approval of the capital increase application by the China Securities Regulatory Commission in February 2025 is expected to support the company's continuous expansion of farming capacity, making it a key recommendation [4][8]. Company Overview - Established in 2001, Huadong Co., Ltd. is a dual leader in pig farming and slaughtering in Zhejiang Province, with main operations covering pig farming, slaughtering, and meat processing. The company has expanded into feed processing and poultry farming. Initially focused on slaughtering, it has since developed upstream and downstream operations, becoming a significant player in the pig industry chain [9][23]. Farming Model and Cost Management - The majority of Huadong's pig farming operations are located in Zhejiang Province, where the average selling price is higher than that of most competitors. In 2024, the pig price in Zhejiang is expected to exceed the national average by approximately 0.8 CNY/kg. The company has adopted a highly intensive building-based farming model to address environmental issues and continuously improve farming efficiency. As of December 2024, the company's latest total cost is approximately 15.2 CNY/kg, significantly improved from 18.6 CNY/kg in 2022 [10][68]. Capital Increase and Capacity Expansion - In November 2024, Huadong's capital increase application was approved, which will add a total of 448,000 pigs in new farming capacity and 180,000 tons in feed capacity. The company has successfully completed three rounds of refinancing since its listing, with each round leading to significant growth in operational scale. The capital increase is expected to facilitate high-quality expansion of farming capacity, with a target of approximately 3.2 million pigs to be slaughtered by 2025 [11][29]. Financial Performance - The company's revenue has shown fluctuations, with a rise from 7.706 billion CNY in 2019 to 9.452 billion CNY in 2022, followed by a slight decline in 2023. In the first three quarters of 2024, the revenue reached 6.485 billion CNY, a year-on-year increase of 5.21%. The net profit attributable to shareholders has also varied, with significant losses in 2021 and 2023 due to declining pig prices. However, the company anticipates a recovery in 2024, projecting a net profit of approximately 112.5 million CNY, a year-on-year increase of 118.6% [29][30].