证券研究报告 策略周报：科技创新引领中国资产重估 证券分析师 魏伟 投资咨询资格编号：S1060513060001 陈骁 投资咨询资格编号：S1060516070001 张亚婕 投资咨询资格编号：S1060517110001 蒋炯楠 投资咨询资格编号：S1060524120002 2025年2月23日 请务必阅读正文后免责条款 1 ※ 核心观点|科技创新引领中国资产重估 2 • 上周全球权益"东升西降"，中国科技资产领涨全球。海外方面，美股市场情绪受经济数据走弱、特朗普内政外交政策扰动，三大指数下跌 1.7%-2.5%，美元指数下行0.14%至106.7。国内方面，宏观的科技产业政策支持信号+微观的创新成果催化继续支撑中资权益向上，港股恒生 科技上涨6.03%领涨全球，A股的上证指数、创业板指、科创50指数上涨0.97%、2.99%和7.07%。结构上，港股医疗保健、信息技术、通讯服 务领涨，涨幅在7%-10%左右，A股的通信、机械设备、电子行业领涨，涨幅在7%-8%左右。 • 海外方面，美国最新的服务业/消费/地产数据边际走弱，特朗普内政外交政策仍存较多不确定性。基本面上，美国最新经济数据引发市场对 经济放 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][16] Core Viewpoints - The cultural and entertainment industry is expected to experience diversified growth due to favorable national policies, leading to a continued recovery in the media sector. The report suggests that segments within the media industry may see upward opportunities based on the robust recovery logic of discretionary consumption [2] - The gaming and IP sector is anticipated to enter a new product cycle supported by government encouragement of cultural consumption. Additionally, advancements in AIGC technology may help gaming companies reduce costs and improve efficiency [2] - The film and cinema industry is gradually recovering, with an increase in the number of films being produced. The report highlights that the sustained support from policies and encouragement for cultural consumption will boost the industry's prosperity [2] - The advertising and marketing sector is recovering at a slower pace compared to the overall economic recovery, with a notable performance in elevator and station advertising. Companies with strong client structures and channel resources are expected to recover first [3] - In the digital media and publishing sectors, the report notes that leading companies have high market shares and potential for further growth. It emphasizes the importance of focusing on major players in these segments [3] Summary by Relevant Sections Gaming and IP - The gaming sector is expected to benefit from new product cycles and technological advancements, with a focus on leading companies such as 37 Interactive Entertainment, Perfect World, and Gigabit [2] Film and Cinema - The film industry is seeing a recovery in supply, with an increase in film production. Key companies to watch include Wanda Film and Light Media, which are expected to show stable recovery in performance [2] Advertising and Marketing - The advertising sector is experiencing a slow recovery, with a focus on leading companies like Focus Media and BlueFocus Communication Group, which are expected to benefit from improved profit margins [3] Digital Media and Publishing - In digital media, companies like Mango TV are highlighted for their strong market positions and potential for growth. The publishing sector is also noted for positive growth in educational and children's books [3][9]

Investment Rating - The report maintains a "Strongly Outperform" rating for the industry [2] Core Insights - The report highlights a significant increase in domestic wind turbine orders, with a total of 180 GW signed in 2024, representing an 83% year-on-year growth. However, the concentration of orders among the top manufacturers has decreased compared to 2023 [10][18] - In the photovoltaic sector, Tongwei has set a new record for HJT module efficiency, achieving a power output of 783.2 watts and a conversion efficiency of 25.21% [11][12] - The report discusses the positive outlook for offshore wind power and the increasing competitiveness of state-owned enterprises in the wind turbine manufacturing sector [19][20] Summary by Sections Wind Power - The report notes a decline in the concentration of wind turbine orders in 2024, with the top three manufacturers' share dropping below 50% and the top five below 75% [10][18] - The average bidding prices for onshore and offshore wind turbines have increased by 6% and 2% respectively in Q4 2024 [19] - The wind power index has decreased by 0.03% in the week of February 17-21, 2025, underperforming the CSI 300 index by 1.03 percentage points [20] Photovoltaics - Tongwei's HJT technology has led to a significant increase in efficiency, with the company focusing on cost reduction and efficiency improvement through innovative technologies [11][12] - The report indicates a substantial growth in the domestic HJT module bidding scale, reaching 17.6 GW in 2024 [11] Energy Storage and Hydrogen - The report mentions a new action plan issued by eight departments to promote high-quality development in the new energy storage manufacturing industry, aiming for enhanced performance and safety by 2027 [12] - The energy storage index has risen by 7.91%, with the overall sector's price-to-earnings ratio at 28.12 times [5] Investment Recommendations - For wind power, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind and stable pricing trends [12] - In the photovoltaic sector, it recommends monitoring companies such as Longi Green Energy and Tongwei, especially in light of policy guidance and industry self-regulation [12] - For energy storage, the report highlights the strong growth potential and suggests focusing on companies like Sungrow Power Supply and Shuneng Electric [12]

证券研究报告 北京重启土储专项债，万科再获深铁支持 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年2月23日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：市场风格导致板块波动，重申当前仍是较好布局期。本周地产板块下跌1.58%，跑输沪深300（+1%），我们认为主要因随着 市场反弹，地产尽管投资性价比显现，但短期资金更倾向于高弹性的科技成长板块，导致板块表现有所波折。从2-3个月投资维度来看， 当前仍是地产较好布局时点：1）3月基本面验证期临近，不排除核心城市超预期可能，本周重点50城新房成交环比升21.5%，1月70个 大中城市一线新房价格环比延续上涨；2）北京重启土储专项债，万科再获深铁借款，绿城发行美元债，行业及公司积极因素持续积累； 3）随着科技成长持续上涨，具有基本面及政策催化、相对滞涨地产投资性价比将逐步凸显。 关注本周外发深度《从东北经验看全国楼市未来走向》。东北三省楼市在2012年前后见底，2014-15年剧烈调整，且面临人口净流出、 经济放缓等问题，但2016年仍迎来反弹，其中销售额反弹力度最大、四大城市反弹远高于三四线、头部格局稳定市占率提升； ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector, indicating a positive outlook compared to the broader market [1]. Core Insights - OPEC+ is considering further delaying production increases, which supports oil prices amid supply disruptions [9][10]. - The report highlights the impact of geopolitical developments, such as negotiations to resolve the Ukraine conflict and ceasefire talks in the Gaza Strip, which have eased geopolitical risks and may negatively affect oil prices [9]. - The supply side is expected to remain tight, with OPEC+ potentially postponing planned production increases and U.S. sanctions on Iranian and Russian oil exports continuing to exert pressure on supply [10]. Summary by Sections Oil and Petrochemicals - OPEC+ is contemplating delaying its planned production increases, which could alleviate supply pressures in the first half of 2025 [10]. - Recent data shows a slight decline in WTI and Brent crude oil prices, with WTI down 0.38% and Brent down 0.52% from February 14 to February 21, 2025 [9]. - Geopolitical negotiations are ongoing, which may influence oil supply dynamics and pricing [9]. Fluorochemicals - The demand for fluorinated refrigerants is driven by national subsidies, while supply remains constrained, keeping prices stable at high levels [10]. - The new subsidy policy for energy-efficient home appliances is expected to boost air conditioning consumption, with a reported 30.7% year-on-year increase in air conditioning production in February 2025 [10]. Fertilizers - The report notes strict controls on new phosphate and ammonium production capacity in China, which may enhance market conditions as spring planting demand rises [10]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend, with inventory reduction and improving end-market conditions expected to drive growth [10].

医药 2025 年 02 月 21 日 百济神州(688235.SH) "国际化基因"创新药企标杆，朝向BioPharma加速转型 推荐（首次） 股价：207.0 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.beigene.cn | | 大股东/持股 | Amgen Inc./17.82% | | 实际控制人 | | | 总股本(百万股) | 1,387 | | 流通 A 股(百万股) | 115 | | 流通 B/H 股(百万股) | 1,272 | | 总市值（亿元） | 1,897 | | 流通 A 股市值(亿元) | 228 | | 每股净资产(元) | 17.43 | | 资产负债率(%) | 40.8 | 行情走势图 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 何敏秀 | 投资咨询资格编号 | | | S1060524030001 | | | HEMINXIU894@pingan.com.c ...

医药 2025 年 02 月 21 日 百济神州(688235.SH) "国际化基因"创新药企标杆，朝向BioPharma加速转型 推荐（首次） 股价：207.0 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.beigene.cn | | 大股东/持股 | Amgen Inc./17.82% | | 实际控制人 | | | 总股本(百万股) | 1,387 | | 流通 A 股(百万股) | 115 | | 流通 B/H 股(百万股) | 1,272 | | 总市值（亿元） | 1,897 | | 流通 A 股市值(亿元) | 228 | | 每股净资产(元) | 17.43 | | 资产负债率(%) | 40.8 | 行情走势图 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 何敏秀 | 投资咨询资格编号 | | | S1060524030001 | | | HEMINXIU894@pingan.com.c ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The report highlights that the global AI smart glasses market is expected to see a significant increase in sales, projected to grow by 230% year-on-year to reach 3.5 million units by 2025 [5][8] - The introduction of Rokid Glasses with its teleprompter feature is anticipated to accelerate market interest and adoption of AI smart glasses [7][8] - The report emphasizes the transition of AI development focus from infrastructure to end-user devices, positioning AI smart glasses as a key application for AI technology [8] Summary by Sections Industry Overview - The report notes that the global AI smart glasses sales are expected to reach 1.52 million units in 2024, with RayBan Meta contributing significantly to this figure [5] - The anticipated growth in sales is driven by the successful market performance of RayBan Meta and the entry of major brands like Xiaomi and Samsung into the AI smart glasses segment [8] Product Features - Rokid Glasses, weighing only 49g, offers a teleprompter function that can assist users during presentations without the need for additional devices [7] - The glasses are equipped with advanced features such as object recognition, text translation, and math problem-solving capabilities, thanks to integration with Alibaba's AI model [7] Market Dynamics - The report suggests that the rapid testing and evaluation of products like RayBan Meta will provide a reference for the industry, potentially leading to a more complete ecosystem for AI smart glasses [7] - The report identifies several companies to watch in the AI smart glasses supply chain, including Hengxuan Technology, Zhongke Lanyun, and GoerTek, among others [8]

Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Viewpoints - Rokid Glasses showcased its teleprompter feature during a public speech, marking its first application in this context, which highlights the integration of AI and AR technologies [2][6] - The product is expected to accelerate the AI glasses market, with a projected global sales increase of 230% year-on-year, reaching 3.5 million units by 2025 [7][9] - The integration of advanced algorithms from Alibaba's Tongyi Qianwen model enhances the glasses' capabilities, including object recognition and text translation [6] Summary by Sections Product Features - Rokid Glasses weighs only 49g and offers a 4-hour battery life on a full charge, with a design similar to traditional glasses for comfort and portability [6] - The glasses are equipped with the Snapdragon AR1 platform and a 12MP camera, ensuring strong sensing and computing capabilities [6] Market Potential - The successful market performance of RayBan Meta has heightened industry interest in AI smart glasses, prompting various manufacturers to focus on this segment [9] - The report suggests that the AI smart glasses market will enter a phase of intensive new product releases in 2025, benefiting the entire supply chain [9]

Investment Rating - The report gives a "Buy" rating for China Resources Land (1109.HK) for the first time [6][9]. Core Views - China Resources Land is positioned as a leading urban investment and development operator with a comprehensive business model that integrates development, operational real estate, asset management, and light asset management [8][20]. - The company has shown resilience in revenue and profit growth, maintaining a strong financial structure with low financing costs [8][32]. - The company is expected to benefit from industry trends, with projected EPS for 2024-2026 at 3.83, 3.97, and 4.19 CNY respectively, corresponding to P/E ratios of 6.1, 5.8, and 5.5 [9][32]. Summary by Sections Company Overview - China Resources Land was established in 1994 and listed in Hong Kong in 1996, becoming a state-owned enterprise recognized for corporate governance in 2022 [16][18]. - The company operates in 85 cities across mainland China and Hong Kong, focusing on urban investment and development [16][18]. Business Model - The company has developed a "3+1" integrated business model, which includes development sales, operational real estate and asset management, and light asset management [20][22]. - As of 2024H1, the asset management scale reached 449.1 billion CNY, with a 5.1% increase from the previous year [22][23]. Financial Performance - In 2023, the company reported revenues of 251.1 billion CNY and a net profit of 31.4 billion CNY, reflecting year-on-year growth of 21.3% and 11.7% respectively [32][34]. - The gross profit margin for 2024H1 was 22.3%, with a net profit margin of 13% [35][41]. Sales and Market Position - The company focuses on first and second-tier cities, with sales amounting to 261.1 billion CNY in 2024, maintaining a market share of 2.7% [47][48]. - The average selling price of projects has increased by 28.1% from 2021 to 2024, outperforming the average increase of 23.8% among top 100 real estate companies [53]. Operational Strengths - The company has a strong competitive edge in product quality and land acquisition, with a well-structured land reserve of 47.71 million square meters as of 2024H1 [8][20]. - The operational real estate segment contributed significantly to the company's revenue, with rental income from shopping centers accounting for 82.7% of operational real estate revenue [26][29].