行 业 及 产 业 石油石化 2025 年 02 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 乙二醇供需收窄，盈利有望上行 看好 ——石油化工行业周报(2025/2/17—2025/2/23) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 乙二醇供需收窄，盈利有望上行。乙二醇价格近几年基本处于低位震荡的走势，2024 年价格中枢开始有一定抬升，当前价格基本位于 4700 元/吨，处于历史价格的中低水 平。2023-2024 年，随着下游涤纶长丝、瓶片等产品的产能扩张，乙二醇需求增长显 著，带动景气回升，预期后续在供需收紧下，乙二醇价格中枢存在继续提升的空间。需 求方面，2023-2024 ...

业 及 产 业 2025 年 02 月 23 日 行 业 研 究 / 行 业 点 评 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 元宝反超豆包，重视 AI 应用 看好 —— 互联网传媒周报 本期投资提示： 1）AI 游戏：低 PE+新品周期+关注 AI 陪伴等玩法创新和世界模型的落地。Minimax 的 Talkie 海外火爆验证 AI 赋能角色扮演类游戏的可能性；AI 3D 世界模型进展快，未来将 赋能游戏、XR 行业，李飞飞 World Lab ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the potential for growth driven by AI integration and domestic brand advancements [2]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.8% from February 14 to February 21, 2025, compared to a 2.9% drop in the Shenwan A Index [4][6]. - The integration of AI concepts in the beauty industry is gaining momentum, with domestic brands actively leveraging AI technologies for user data collection, market analysis, and customer service [7]. - The report emphasizes the strong growth potential of domestic brands in the AI+beauty sector, aiming to catch up with international giants like L'Oréal and LVMH [7]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 0.6%, and the Shenwan Personal Care Index dropped by 1.6%, both underperforming against the Shenwan A Index [4][6]. Key Company Highlights - Ruoyuchen (003010) is noted for its robust e-commerce operations and the successful launch of its own brand "Zhanjia," which is expected to achieve significant growth in GMV [8][9]. - Proya has announced actress Liu Yifei as its global spokesperson for sunscreen, enhancing its brand image and marketing efforts [17]. - Marubi's investment in Moyang Biotechnology has led to the approval of the first domestic "hydroxyapatite" facial filler product, marking a significant milestone in the industry [17]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Proya, Shiseido, and Marubi for cosmetics, and Aimeike for medical beauty [2][8]. - It suggests focusing on companies with strong product pipelines and high profitability in the upstream segment of the medical beauty industry [2]. Market Trends - The report indicates that the retail sales of cosmetics in 2024 are expected to stabilize, with a slight decline of 1.1% year-on-year, while overall retail consumption is recovering [13]. - The domestic skincare market reached a size of 281.8 billion yuan in 2023, with a year-on-year growth of 2%, reflecting the rising market share of domestic brands [24]. Company Announcements - Ruoyuchen plans to repurchase shares worth 100-200 million yuan to support its stock price and employee incentive plans [24].

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 2025 年 02 月 23 日 1 月空调双线销量表现分化，欧圣 电气发布特别分红方案 看好 ——《2025/2/17-2025/2/21》家电周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 本周家电板块跑输沪深 300 指数。本周家电板块跑输沪深 300 指数。本周申万家用电 器板块指数同比下降 0.8%，同期沪深 300 指数上升 1.0%。重点公司方面，亿田智能 （45.5%）、比依股份（13.9%）、科沃斯（13.5%）领涨，海信家电（-7.4%）、海 信视像（-6.6%）、格力电器（-6.0%）领跌。 ⚫ 行业动态：1）2024 年中央空调市场内销承压，出口持续增长。根据产业在线数据， 2024 年中国中央 ...

Investment Rating - The industry is rated as "Positive" due to the anticipated growth driven by cloud and AI investments [2][3]. Core Insights - Alibaba's capital expenditure reached 31.8 billion yuan in Q4 2024, a year-on-year increase of 249.1%, indicating a significant investment in cloud and AI infrastructure [2][3]. - The IDC industry is expected to benefit from the AI wave and cloud revaluation, with major players like Alibaba and Tencent likely to increase their investments, enhancing the overall industry outlook [5][8]. - The demand for AI training and inference capabilities is creating a new growth segment for the IDC industry, which is currently experiencing a supply-demand imbalance [8][10]. Summary by Sections Section 1: Industry Trends - The IDC industry is embracing AI and cloud revaluation, with a notable increase in capital expenditures from major companies [3][4]. - The anticipated AI investment in 2025 is expected to be localized and diversified, focusing on inference capabilities while maintaining high industry prosperity [5][6]. Section 2: Supply and Demand Dynamics - The demand for AI-driven computing centers is outpacing current IDC construction supply, indicating a significant growth opportunity [8][9]. - The IDC industry is entering a new growth cycle similar to the rapid expansion seen from 2016 to 2020, driven by AI applications and downstream demand [8][10]. Section 3: Competitive Landscape - The market is divided between third-party data center service providers and telecom operators, with third-party providers gaining market share due to their flexibility and targeted service offerings [10][11]. - Third-party data center operators are expected to dominate during the AI cycle, as they can provide customized services compared to traditional telecom operators [11][12]. Section 4: Key Players and Developments - Key players in the IDC space include Century Internet, VNET, and Runze Technology, all of which are expanding their capacities to meet AI demands [20][22][28]. - Century Internet has a total planned capacity of 1.145 GW, with significant growth in its base-type IDC business [20][21]. - VNET is experiencing rapid growth in its international business, with significant IT load and order capacity in Southeast Asia [23][25].

行 业 及 产 业 纺织服饰 研 究 / 行 业 点 相关研究 《亚冬会圆满闭幕，冰雪经济活力持续释 放——纺织服装行业周报 20250216》 2025/02/16 《哈尔滨亚冬会盛大开幕，冰雪经济再迎 催化——纺织服装行业周报 20250209》 2025/02/09 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 2025 年 02 月 23 日 纺织新材料获人型机器人产业验证，新质生产 力日益涌现 看好 ——纺织服装行业周报 20250223 本期投资提示： ⚫ 风险提示：消费恢复低于预期；行业竞争加剧；存货减值风险；原材料成本上涨。 究 报 告 行 业 评 证 券 研 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 本周纺织服饰板块表现弱于市场。2 月 17-21 日，SW 纺织服饰指数下跌 0.9 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [3][9][15] Core Insights - Alibaba's e-commerce and cloud segments exceeded expectations, with significant investments in AI strategy [9][10][12] - The company reported a revenue of RMB 280.2 billion for 3QFY25, representing an 8% year-over-year increase, and a non-GAAP net profit of RMB 51.1 billion, up 6% year-over-year [10][12] - The collaboration with Apple aims to enhance AI commercialization and expand cloud market share [12][15] Financial Data and Earnings Forecast - Revenue projections for FY25, FY26, and FY27 have been adjusted to RMB 1,001.4 billion, RMB 1,099.9 billion, and RMB 1,203.2 billion respectively, reflecting growth rates of 6.4%, 9.8%, and 9.4% [9][18] - Adjusted net profit forecasts for FY25, FY26, and FY27 are now RMB 155.9 billion, RMB 177.3 billion, and RMB 190.2 billion respectively [9][15] - The adjusted EBITA for 3QFY25 was RMB 54.9 billion, a 4% increase year-over-year, with a margin of 10% [10][12]

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 张慧 A0230524100001 zhanghui@swsresearch.com 研究支持 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王易 A0230123050001 wangyi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 王晨鉴 A0230123030001 wangcj@swsresearch.com 范晨轩 A0230123070006 fancx@swsresearch.com 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 范晨轩 (8621)23297818× fancx@swsr ...

行 业 及 产 业 有色金属 2025 年 02 月 22 日 行 业 研 究 / 行 业 点 评 证券分析师 郭中伟 A0230524120004 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 0.97%，深证成指上涨 2.25%，沪 深 300 上涨 1.00%，有色金属（申万）指数下跌 1.52%，跑输沪深 300 指数 2.52 个百 分点。2）分子板块看，环比上周，贵金属下跌 4.38%，铝下跌 0.07%，能源金属下跌 0.36%，小金属上涨 1.03%，铜下跌 4.86%，铅锌下跌 1.51%，金属新材料上涨 6.39%。 ⚫ 价格变化：环比上周，1）工业 ...

行 业 及 产 业 食品饮料 2025 年 02 月 22 日 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 曹欣之 A0230522080002 caoxz@swsresearch.com 严泽楠 A0230524090001 yanzn@swsresearch.com 研究支持 王栗晴 A0230123110002 wanglq@swsresearch.com 联系人 王栗晴 (8621)23297818× wanglq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 酒企控量稳价 乳业释放压力 看好 ——食品饮料行业周报 20250217—20250221 本期投资提示： 证 券 研 究 报 证券分析师 业 行 研 究 / 行 业 点 评 告 相关研究 《 市场活跃 估值企稳——食品饮料行业 周报 20250210—20250214》 2025/02/15 《白酒 Q4 释放压力 食品 Q4 表现分化— — 食品饮料 2024 年报业绩前瞻 》 2025 ...