Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics (9660.HK) [5]. Core Views - Horizon Robotics is positioned as a leading provider of intelligent driving solutions, leveraging its extensive mass production experience and innovative product offerings to capitalize on the growing demand in the automotive sector [5][8]. - The company is set to benefit from the upcoming series of new products, particularly the Journey 6 series, which is expected to enhance its market share and revenue growth significantly by 2025 [5][19]. - Strategic partnerships with major automotive manufacturers such as BYD, Volkswagen, and Li Auto are crucial for Horizon's growth, enabling it to expand its influence in both domestic and international markets [5][40][42]. Summary by Sections 1. Intelligent Driving Solutions Provider - Horizon Robotics, founded in 2015, focuses on intelligent driving solutions, integrating algorithms, dedicated software, and processing hardware to create a comprehensive product matrix [8][9]. - The company has shipped over 7 million units of its intelligent driving chips, showcasing its capability in mass production [5][8]. 2. Journey 6 and Full-Scene Intelligent Driving Solutions - The Journey 6 series, launched in April 2024, represents a significant upgrade in Horizon's product line, designed to meet diverse intelligent driving needs with a scalable architecture [19][21]. - The Journey 6 series offers a computing power range from 10 TOPS to 560 TOPS, catering to various levels of intelligent driving applications [21][22]. 3. Flexible Cooperation Model - Horizon employs a flexible cooperation model, including IP licensing, computing solutions, and joint development, to meet the diverse needs of its clients [5][36]. - The company has established significant partnerships with leading automotive manufacturers, enhancing its market presence and revenue potential [5][40][42]. 4. Industry Opportunities - The intelligent driving sector is poised for rapid growth, driven by initiatives from major players like BYD and Tesla, which are expected to accelerate the adoption of intelligent driving technologies [5][44]. - Horizon holds a leading market share of 33.97% in the domestic intelligent driving computing solutions market, positioning it well to capitalize on the industry's expansion [44]. 5. Profit Forecast and Investment Recommendations - Horizon's revenue is projected to grow significantly, with expected net profits of -2.2 billion, -1.4 billion, and 0.5 billion RMB for 2025, 2026, and 2027 respectively [5][4]. - The report suggests that Horizon's innovative product cycle and favorable market conditions will enhance its profitability in the coming years [5][4].

美国 401(k)大量减持权益类资产 证券分析师 平安观点： 本期重点：美国 401(k)大量减持权益类资产 第一，经济预期恶化，美国 401(k)大量减持权益类资产。Alight 发布 3 月 401（k）观测报告，称出于对经济前景的担忧，3 月美国居民对其 401（k） 账户内的储蓄资金进行了大量交易，出售权益类资产、买入固定收益类资 产。根据 Alight 统计，3 月 401(k)资金交易规模占 401（k）账户规模的 0.34%，为 2020 年 10 月以来的最高水平。3 月中，近一半的交易日交易 水平超出历史正常水平。 有观点认为，在 4 月 4 日美国股市全面暴跌后，美国居民已经出现了对退 休储蓄缩水的恐慌。虽然当前多数居民仍处于观望状态，401（k）资产配 置整体稳定；但若特朗普全面关税政策不发生转向、经济衰退预期强化， 美国居民可能会进一步缩减权益类投资比例。 前瞻性产业研究 2025 年 4 月 7 日 养老金融双周报（2025.03.31-2025.04.06） 第二，英国可能允许适用养老金购买住房。英国金融行为监管局（FCA） 称，他们将在 6 月就"是否应允许将养老金储蓄用于首次购 ...

养老金融双周报（2025.03.31-2025.04.06） 美国 401(k)大量减持权益类资产 证券分析师 平安观点： 本期重点：美国 401(k)大量减持权益类资产 第一，经济预期恶化，美国 401(k)大量减持权益类资产。Alight 发布 3 月 401（k）观测报告，称出于对经济前景的担忧，3 月美国居民对其 401（k） 账户内的储蓄资金进行了大量交易，出售权益类资产、买入固定收益类资 产。根据 Alight 统计，3 月 401(k)资金交易规模占 401（k）账户规模的 0.34%，为 2020 年 10 月以来的最高水平。3 月中，近一半的交易日交易 水平超出历史正常水平。 前瞻性产业研究 2025 年 4 月 7 日 陈骁 投资咨询资格编号 S1060516070001 chenxiao397@pingan.com.cn 郝博韬 投资咨询资格编号 S1060521110001 haobotao973@pingan.com.cn 石艺 投资咨询资格编号 S1060524070003 SHIYI262@pingan.com.cn 1）美共和党希望允许养老金投资加密货币 2）澳大利亚央行认为养 ...

Economic Policy - The US announced a "reciprocal tariff" policy on April 2, imposing a base tariff of 10% on all imports, with rates for 57 countries reaching 20-49%, significantly exceeding market expectations[2] - China responded on April 4 by imposing a 34% tariff on US goods, raising the total tariffs on China to 54% for the year, with cumulative tariffs estimated at 66.5%[2] - The GDPNow model predicts a Q1 2025 GDP annualized rate of -2.8%, with a gold-adjusted forecast of -0.8%[7] Market Reactions - Global stock markets suffered significant declines, with the S&P 500, Dow Jones, and Nasdaq down 9.1%, 7.9%, and 10.0% respectively following the tariff announcement[14] - US Treasury yields fell sharply, with the 10-year yield down 26 basis points to 4.01% and the 2-year yield down 21 basis points to 3.68%[19] - Oil prices dropped significantly, with Brent and WTI crude down 10.9% and 10.6% respectively, influenced by the tariff impacts and OPEC+ production increases[21] Employment and Inflation - The US added 228,000 non-farm jobs in March, exceeding expectations, but the unemployment rate rose to 4.2%[4] - Average hourly earnings increased by 0.3% month-over-month, with a year-over-year growth of 3.8%, slightly below expectations[4] Currency Movements - The US dollar index fell by 1.07% to 102.92, with safe-haven currencies like the Swiss franc and Japanese yen gaining[23] - The euro appreciated by 1.26% against the dollar, while the British pound decreased by 0.29%[23]

海外宏观 2025 年 4 月 7 日 海外宏观周报 "对等关税"引巨震 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 海外经济政策。1）美国：美国时间 4月 2日，美国宣布实施"对等关税"， 整体幅度明显超出市场预期。北京时间 4 月 4 日，中国宣布对美加征 34% 关税、限制美企投资等多条反制措施。鲍威尔讲话承认滞胀风险 上升，但 拒绝"通过货币工具对冲关税成本"；其他官员讲话整体偏鹰。美国 3 月非 农就业走强、失业率小幅上升，不足以缓解关税阴霾引发的经济担忧。 GDPNow 模型最新预测（截至 4 月 3 日），美国一季度 GDP 环比折年率为 -2.8 ...

2025 年 4 月 7 日 中国经济高频观察（2025 年 4 月第 1 周） 关税冲击待观察 证券分析师 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 本周值季末月初，叠加清明假期扰动，中国经济高频数据基本延续分化格局。 市场重点关注的"对等关税"使清明假期期间外盘资产价格急剧波动，但其 冲击尚未体现在高频产需数据中。可以预见的是，本次美国推出的大规模关 税措施，将使得全年完成 5%左右实际 GDP 增速目标存在压力（详见《如何 看待"对等关税"》）。但中国宏观政策"有预案"、"有共识"，内需有巨大的 空间和潜力。可以期待的是，中国政策或将 ...

证券研究报告 特朗普宣布实施"对等关税" ，杜邦中国涉 嫌垄断被立案调查 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 邮箱： XUBYUN372@pingan.com.cn 2025年4月7日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评： 1）4月2日，美国总统特朗普在白宫签署两项关于所谓"对等关税"的行政令，宣布美国对所有贸易 伙伴设立10%的"最低基准关税"，并对多个贸易伙伴征收更高关税；2）杜邦中国涉嫌垄断被国家市场监督管理总局立 案调查 ； 3 ） 2025年3月31日，2025雷神科技AI智能眼镜产品正式发布，产品搭载了高通AR1芯片和索尼光学镜头，支持 1080P视频录制和沉浸式音效，重量仅39g，深度整合火山引擎，并且接入DeepSeek架构。 一周行情回顾：本周，中国台湾半导体指数微跌，而美国费城半导体指数则跌幅较大。4月6日，美国费城半导体指数达 到3,597.66，周跌幅为16.04%；中国台湾半导体指数为586.06，周跌幅为1.31%。本周，半导体行业指数微跌，周跌幅 为0.59%，跑赢沪深300指数0. ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Views - The report emphasizes the importance of domestic demand in light of increased tariffs, highlighting the need for policies to support growth in the domestic market [6] - The report recommends focusing on three main lines of investment: high-end liquor with strong demand, national expansion of mid-range liquor, and real estate liquor products [6] - The food index showed a cumulative increase of 1.32%, with specific recommendations for snack and restaurant industry investments due to expected recovery [6] Summary by Sections Liquor Industry - Moutai's 2024 revenue is projected at 174.1 billion yuan, a 15.7% increase year-on-year, with a net profit of 86.2 billion yuan, up 15.4% [6][7] - The report recommends Moutai, Wuliangye, and Luzhou Laojiao for high-end liquor, Shanxi Fenjiu for mid-range liquor, and Yingjia Gongjiu and others for real estate liquor [6] - The liquor index showed a cumulative decline of 0.74% this week, with Moutai's stock down 1.03% [6][7] Food Industry - The food index increased by 1.32%, with top gainers including Yanjinpuzi (+19.64%) and Zunming Co. (+9.66%) [6][12] - The report suggests focusing on the snack sector and the restaurant industry chain, anticipating a slight recovery in the restaurant sector [6] - Recommendations include Three Squirrels and Yanjinpuzi for snacks, and Yanjing Beer, Haitian Flavoring, and Anjui Foods for the restaurant supply chain [6] Key Company Insights - Guizhou Moutai aims for a revenue growth of about 9% in 2025, with a fixed asset investment of 4.711 billion yuan [7] - Wuliangye plans to maintain a cash dividend of at least 70% of net profit for 2024-2026, ensuring stable shareholder returns [7] - Luzhou Laojiao and Shanxi Fenjiu are also recommended for their strong market positions and growth strategies [7][8] Market Trends - The report notes that the overall food and beverage industry has shown resilience, with many companies meeting performance expectations [6] - The macroeconomic environment remains a concern, but the report highlights opportunities in high-demand sectors [6][9]

食品饮料周报 关税加码，关注内需主线 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年4月7日 请务必阅读正文后免责条款 食品行业 食品饮料周报-观点 白酒行业 资料来源：iFind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-0.74%。涨跌幅前三的个股为：皇台酒业（+3.61%）、金徽酒（+2.76%）、舍得酒业 （+1.98%）；涨跌幅后三的个股为今世缘（-1.20%）、迎驾贡酒（-1.44%）、水井坊（-3.15%）。 观点：关税加码，关注内需主线。茅台发布年报，2024年实现营业总收入1741亿元，同比增长15.7%，归母净利862亿元，同比增 长15.4%，收入与利润均略超预告。茅台表示2025 ...

证券研究报告 Meta发布开源大模型Llama 4， 国有企业数据效能提升行动实施方案正在制定 计算机行业强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询)YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询)HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 据Meta介绍，Llama 4目前有Scout和Maverick两个版本，是Meta迄今为止最先进的模型，也是同类产品中多模态性最 强的模型。此外，Meta还预览了其迄今最强大最智能的模型——Llama 4 Behemoth，称之为"新模型中的教师"。 Llama 4模型是Llama系列模型中首批采用混合专家（MoE）架构的模型。这一模型也是DeepSeek系列模型采用的架构， 与传统的稠密模型相比，在MoE架构中，单独的token只会激活全部参数中的一小部分，训练和推理的计算效率更高。 2025年4月6日 请务必阅读正文后免责条款 核心 ...