Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

证 券 研 究 报 告 投资复苏，布局成长 2025年建筑装饰春季投资策略 证券分析师：袁豪 A0230520120001 唐猛 A0230523080003 研究支持： 唐猛 A0230523080003 联系人： 唐猛 A0230523080003 3 1. 经济增长目标强劲，保障政策陆续出台 2. 投资拉动，两端发力 3. 化债+市值管理推动央国企估值修复 4. 投资分析意见 1.1 地方投资意愿与能力双向修复，25年基建投资温和复苏 ◼ 基建投资需兼顾地方政府投资意愿与能力 www.swsresearch.com 证券研究报告 4 .. 要点：投资复苏，布局成长 www.swsresearch.com 证券研究报告 2 ◼ 随着中央政策基调转向，将发展摆在首要位置，同时再次提及发挥好政府投资带动作用，地方政府化债 思路也逐步由"化债中发展"转向"发展中化债"，我们认为在政策的逐步落实推进过程中，地方政府 投资意愿与能力双向修复，2025年5%强GDP增速目标下，基建投资有望复苏，我们预计2025年广义基 建投资+9.8%，狭义基建投资+5.2%。 ◼ 成长领域向内扩内需，向外走出去。2025年作为"十 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an optimistic outlook for the industry [5][74]. Core Insights - The report highlights that the real estate market is expected to experience a structural strength while overall volume remains weak, with a forecast of a bottoming out in the market [5][34]. - It emphasizes the importance of the residents' balance sheet and housing prices as key determinants of market dynamics [5][6]. Market Overview - The current market situation shows that demand is supported while supply is constrained, suggesting a potential reversal in supply-demand dynamics, particularly in first and second-tier cities by 2025 [6][65]. - The report notes that since 2021, the real estate market has undergone significant adjustments, with a notable decline in new housing sales while second-hand housing transactions have increased [38][71]. Demand and Supply Analysis - The total housing transaction volume is projected to decline to 1.39 billion square meters in 2024, below the estimated mid-term demand of 1.43 billion square meters, indicating underlying demand support [6][39]. - The overall inventory level is high at 4.5 billion square meters, with a significant portion concentrated in third and fourth-tier cities, leading to a short-term effective inventory shortage in first and second-tier cities [58][65]. Financial Metrics - The report estimates that the national second-hand housing prices have dropped by 31% since 2021, significantly impacting the residents' asset-liability ratio, which is expected to reach 13.2% by 2024 [6][44][49]. - The housing market's total value is projected to decline to 285 trillion yuan by the end of 2024, reflecting a cumulative drop of 27% from the peak in 2021 [6][44]. Future Outlook - The report anticipates that by 2025, new housing sales will decrease by 4.5%, while second-hand housing sales are expected to increase by 6.2%, indicating a shift in market dynamics [71][69]. - It predicts that the real estate sector will see a structural rebound, particularly in first and second-tier cities, with quality real estate companies likely to replicate the supply-side reform logic seen in the coal industry [5][74]. Investment Recommendations - The report recommends focusing on high-quality real estate companies such as Binjiang Group, China Resources Land, and Poly Developments, among others, while also highlighting opportunities in undervalued firms and those benefiting from urban renewal policies [5][74].

Investment Rating - The report provides a positive investment outlook for the defense and military industry, highlighting a dual logic driving significant market opportunities in 2025 [4]. Core Insights - The report emphasizes that the improvement in military orders and thematic catalysts, such as military AI and robotics, will significantly expand the investment space and elasticity within the military sector [4][40]. - It identifies four main investment themes: order elasticity in missiles and underwater systems, thematic space in military AI/robotics, military-civilian integration in commercial aerospace and low-altitude economy, and value investment in aircraft and engines [4][50]. Summary by Sections 1. Dual Logic Driving the 2025 Military Market - The report outlines that the military construction cycle in China is currently in a new phase, with increasing demand for various military products and a shift from sporadic orders to more consistent and widespread orders across the industry [4][10]. - It notes that the demand for military supplies is expected to grow due to increased training frequency and global conflicts, which will drive ammunition consumption [16][23]. 2. Order Elasticity Main Line: Missiles/Underwater - The missile sector is projected to enter a growth phase in 2025, with significant potential for order elasticity, particularly in guided missiles [4][50]. - The underwater sector is also highlighted, with a focus on the development of underwater combat systems and the integration of various platforms [78][82]. 3. Thematic Catalysts: Military AI/Robotics - The report discusses the acceleration of military AI and robotics, which are expected to become core components of new combat capabilities, enhancing the overall investment landscape [40][44]. - It emphasizes that global military powers are increasingly prioritizing the development of intelligent weaponry and new combat strategies [44][45]. 4. Military-Civilian Integration: Commercial Aerospace/Low-altitude Economy - The report indicates that policies supporting commercial aerospace and low-altitude economies are gaining traction, presenting new investment opportunities [4][50]. - It highlights specific companies that are well-positioned to benefit from these trends, such as Zhenray Technology and Shanghai Hanhua [4]. 5. Value Investment Main Line: Aircraft/Engines - The aircraft and engine sectors are expected to maintain stable growth, with resilience against market fluctuations [4][50]. - The report suggests focusing on companies like AVIC Shenyang Aircraft and Aero Engine Corporation of China for potential investments [4].

www.swsresearch.com 证券研究报告 2 证 券 研 究 报 告 云计算20年与云AI展望 云计算系列深度之十二 证券分析师：黄忠煌 A0230519110001 洪依真 A0230519060003 胡雪飞 A0230522120002 刘洋 A0230513050006 研究支持：崔航 A0230524080005 徐平平 A0230123060004 曹峥 A0230123040004 陈晴华 A0230123090010 联系人：罗宇琦 luoyq@swsresearch.com 2025.3.11 核心观点：AI驱动成长拐点，算力基础设施重构 ◼ 发展复盘：流量快速增长为核心，从互联网向所有行业渗透 ◼ 战略复盘：云巨头规模效应不断发酵、竞争加剧，云计算发展带动产业链硬件 • 2006-2010：云计算发端——应对传统IT架构弊端。1）传统IT架构无法支撑业务快速扩张 和高弹性需求；2）数据中心基础设施在高峰期后大量闲置，给互联网厂商带来成本压力。 • 2011-2014：技术、商业模式的探索和成熟。现代云计算的Serverless概念正式引入，统一 技术范式（如Kubernetes ...

证 券 研 究 报 告 提振内需，AI变革 2025年春季电商零售行业投资策略 投资主线 ◼ 主线1：主业加速，AI引领科技创新 • 电商平台行业竞争格局保持健康，持续聚焦用户体验提升，综合电商增长加速回暖。AI+云正推动产业变革，国内推理需求迎来新一轮 爆发期，互联网企业加大资本开支，自研大模型迭代加速，AI推理成本下降加速AI渗透率提升，终端应用有望全面展开。推荐：阿里巴巴、 美团、拼多多、京东 。 ◼ 主线2：情绪消费结构景气，重视强品牌力+产品差异化驱动 • 黄金珠宝行业渠道拓张降速，产品差异化和高品牌认知将是行业下一阶段向上的核心驱动。Q2行业低基数窗口，关注终端销售景气边 际改善，有望迎来业绩拐点。建议关注：老铺黄金、周大生、老凤祥、菜百股份。 证券分析师：赵令伊 A0230518100003 研究支持：李秀琳 A0230123070007 2025.3.11 • 百货商业加快推行一店一策调改，迭代业态与内容，增加有效品类及产品供给，提升客流与坪效，预计具有优质资产基础的百货商业改 造业绩弹性更大，同时企业积极引入AI赋能降本增效。建议关注：大商股份、重庆百货、百联股份、天虹股份。 • 持续深化供 ...

证 券 研 究 报 告 内需回升重要线索，新质生产力日益涌现 2025年纺织服装行业春季投资策略 证券分析师：王立平 A0230511040052 求佳峰 A0230523060001 刘佩 A0230523070002 联系人： 求佳峰 A0230523060001 .. 投资要点：品牌端关注内需回升，纺织链关注新质生产力 ◼ 复盘25年初(1/1~3/7)，SW纺织服饰指数0.4%，相对申万全A下跌4.3%。24Q4末纺服基金重仓市值环 比略有提升，但仍低配，华利/海澜/伟星/安踏获基金配置靠前，童装/家纺/港股获较大加仓 ◼ 纺织制造：国际品牌供应链竞争升维，关注Nike新一轮创新周期，国内纺织业新质生产力日益涌现 ◼ 风险提示：消费恢复不及预期；市场竞争加剧；关税风险；原料价格波动；汇率风险 www.swsresearch.com 证券研究报告 2 ◼ 服装家纺：强有力内需政策提振消费，内需回升是25年重要做多线索，优质国牌即将开启困境反转 • 细分垂类运动，当前是低渗透率，未来高空间：运动零售24H2筑底回升，25年1-2月延续复苏，随零售回暖、库存改 善，有望驱动利润率上行，推荐【滔搏/波司登/安 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The integration of AI into the human resources industry is expected to alleviate the talent shortage, with a projected gap of 4 million AI professionals in China by 2030. Over 70% of surveyed companies are already utilizing AI in HR management, primarily to enhance employee experience and improve recruitment efficiency [3][6][8]. - The human resources service market in China is anticipated to grow from approximately 2.76 trillion yuan in 2023 to 5.03 trillion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 12.7% [22][24]. - AI applications in recruitment are becoming increasingly sophisticated, with 34.3% of companies employing AI in recruitment management, particularly in areas such as AI interviews and resume screening [12][13]. Summary by Sections Industry Overview - AI is deeply integrated into the human resources sector, addressing the talent gap and enhancing operational efficiency. The use of AI agents is projected to double the existing workforce by 2025 [6][8]. - Government policies are driving the adoption of AI in HR, with initiatives aimed at fostering digital transformation and innovation in the service industry [8][10]. Company Analysis Beijing International Human Resources - The "Jingqi Direct Recruitment" platform utilizes AI to match candidates with job openings efficiently, significantly reducing the time and cost associated with recruitment [26][27]. - The "Easy Beijing" app employs AI for 24/7 multilingual customer service, enhancing employee satisfaction and operational efficiency [26]. Core International - Core International has integrated the DeepSeek-R1 AI model to improve recruitment efficiency and reduce costs. The company is investing heavily in technology, with 58.85% of its budget allocated to digital product development [29][30]. - The development of the industry-level pre-trained language model CRE is set to enhance the understanding of complex semantic relationships in recruitment [30]. BOSS Zhipin - BOSS Zhipin's AI-driven "smart matching" feature enhances recruitment efficiency by analyzing multidimensional data to recommend suitable positions for job seekers [32][34]. - The South-North Pavilion model has been validated for its performance in semantic tasks, further improving job matching accuracy [34]. Tongdao Recruitment - Tongdao Recruitment's multi-faceted AI interview system utilizes extensive databases to accurately assess candidates, significantly reducing selection costs [35][38]. - The "Tongdao Huicai" AI model streamlines the recruitment process and provides comprehensive support for job seekers [38]. Investment Recommendations - The report suggests focusing on companies such as Core International, Beijing International Human Resources, BOSS Zhipin, and Tongdao Recruitment due to their innovative use of AI in transforming the HR landscape [39].

Investment Rating - The report maintains a positive long-term outlook for the paper industry, indicating a recovery in profitability due to improved supply-demand dynamics [4][5]. Core Insights - The paper industry has established a bottom, with supply-side consolidation leading to improved long-term profitability [4]. - The report highlights that while short-term price increases for wood pulp may be limited due to supply pressures, long-term price stability is expected as demand gradually increases [4][12]. - The report emphasizes the importance of supply-demand structure changes in determining industry cycles, with a focus on both domestic and international demand trends [7][9]. Summary by Sections Wood Pulp - Wood pulp prices have stabilized since Q4 2024, with expectations for continued increases in 2025, although short-term upward potential is limited due to supply pressures [4][10]. - The supply side is expected to face pressure from new capacity coming online in H2 2024 and H1 2025, impacting short-term pricing [13][17]. - Demand for wood pulp is projected to grow slightly, with China and Europe being the primary markets [15][17]. Cultural Paper - Demand for double-glue paper is expected to remain stable in the short term, while copperplate paper demand is declining [22][39]. - The supply side is experiencing pressure due to significant production halts, particularly from major players like Chenming, which has affected overall capacity [38][39]. - Price increases for cultural paper are anticipated due to supply-side constraints and seasonal demand [39][44]. White Card Paper - Short-term demand for white card paper is constrained by economic pressures, but long-term growth is expected due to trends favoring paper over plastic [45][50]. - The supply side is facing challenges from new capacity additions, which may exert pressure on prices [51][52]. - The report notes a significant increase in exports, indicating strong international demand for white card products [50]. Boxboard and Corrugated Paper - The report indicates that the demand for boxboard and corrugated paper is closely tied to economic conditions, with a resilient long-term growth outlook [6][45]. - Supply-side dynamics are improving as new capacity is limited, leading to a slight improvement in the supply-demand balance [6][39].

Investment Rating - The report initiates coverage with a "Buy" rating for Chengdu Huami, recognizing it as a leading enterprise in the special integrated circuit sector [1][7]. Core Insights - Chengdu Huami is actively expanding into emerging civilian markets while maintaining a strong focus on special integrated circuits, which include both digital and analog products. The company has experienced rapid growth in revenue and profit since 2019, with a significant contribution from its digital and analog integrated circuit products [6][20]. - The report highlights the company's strategic focus on three core products: FPGA, ADDA, and SoC, which are expected to drive future growth. The demand for special integrated circuits is anticipated to rise due to increasing military and civilian applications, particularly in the fields of humanoid robotics and automotive intelligence [6][36]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in the special integrated circuit industry, focusing on R&D, design, testing, and sales. The company has a diverse product range, including logic chips, storage chips, microcontrollers, and power management chips, supported by numerous patents and design rights [14][16]. Product Focus - The company emphasizes a multi-line development strategy, with core products including FPGA, ADDA, and SoC. The FPGA products are particularly notable, with a competitive edge in the domestic market, and the company is advancing towards high-end processes [36][45]. Market Dynamics - The demand for both military and civilian applications is on the rise, with significant growth potential in the domestic integrated circuit market. The report notes that the aerospace sector is experiencing high demand, while the civilian sector is benefiting from accelerated domestic substitution [6][20]. Financial Projections - The report forecasts Chengdu Huami's net profit for 2024-2026 to be 1.2 billion, 3.1 billion, and 4.6 billion yuan respectively, with corresponding PE ratios of 192, 75, and 51. This positions the company favorably compared to industry averages, suggesting strong future performance [6][7].