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AI的进击时刻系列2:GB300单颗GPU PCB价值量有望提升,产业链量价齐升
广发证券· 2025-01-15 04:46
[Table_Page] 行业专题研究|电子 2025 年 1 月 14 日 证券研究报告 [Table_Title] AI 的进击时刻系列 2 | | | | [Tabl 分析师: | 王亮 | 分析师: | 耿正 | 分析师: | 王钰乔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号:S0260519060001 | | SAC 执证号:S0260520090002 | | SAC 执证号:S0260524070006 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003772 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | wangyuqiao@gf.com.cn | | | 请注意,耿正,王钰乔并非香港证券及期货事务监察委员会的注册持牌人,不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点: | 相关研究 [Tabl ...
计算机行业跟踪分析:美国升级AI算力和模型出口限制政策,利好国产AI芯片
广发证券· 2025-01-14 06:50
[Table_Page] 跟踪分析|计算机 证券研究报告 [Table_Title] 计算机行业 美国升级 AI 算力和模型出口限制政策, 利好国产 AI 芯片 [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-14 | 相对市场表现 [Table_PicQuote] [分析师: Table_Author]刘雪峰 SAC 执证号:S0260514030002 SFC CE No. BNX004 021-38003675 gfliuxuefeng@gf.com.cn 分析师: 周源 SAC 执证号:S0260523040001 0755-23948351 shzhouyuan@gf.com.cn -25% -13% -1% 11% 23% 35% 01/24 03/24 05/24 07/24 09/24 11/24 计算机 沪深300 请注意,周源并非香港证券及期货事务监察委员会的注册 持牌人,不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究 ...
计算机行业:M365大幅提价:检验应用成功的标准是商业化
广发证券· 2025-01-14 06:49
[Table_Page] 行业专题研究|计算机 2025 年 1 月 14 日 证券研究报告 识别风险,发现价值 请务必阅读末页的免责声明 [本报告联系人: Table_C ontacter] 王钰翔 021-38003529 wangyuxiang@gf.com.cn 1 / 11 [Table_Title] 计算机行业 M365 大幅提价:检验应用成功的标准是商业化 | 分析师: [Tabl | 刘雪峰 | 分析师: | 吴祖鹏 | | --- | --- | --- | --- | | e_Author] | SAC 执证号:S0260514030002 | | SAC 执证号:S0260521040003 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | wuzupeng@gf.com.cn | | | 请注意,吴祖鹏并非香港证券及期货事务监察委员会的注册持牌人,不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点: 相关研究 [Table_Report : ...
电广传媒:与张旅集团签署框架协议,强强联合打造文旅新标杆
广发证券· 2025-01-14 03:11
[Table_Page] 公告点评|传媒 证券研究报告 [Table_Title] 电广传媒(000917.SZ) 与张旅集团签署框架协议,强强联合打造文旅新标杆 [Table_PicQuote] 相对市场表现 -22% 4% 31% 57% 84% 110% 01/24 03/24 05/24 07/24 09/24 11/24 01/25 电广传媒 沪深300 | [分析师: Table_Author]旷实 | | --- | | SAC 执证号:S0260517030002 | | SFC CE No. BNV294 | | 010-59136610 | | kuangshi@gf.com.cn | | 分析师: 叶敏婷 | | SAC 执证号:S0260519110001 | | 021-38003665 | | yeminting@gf.com.cn | | 分析师: 罗悦纯 | | SAC 执证号:S0260524120001 | | luoyuechun@gf.com.cn | | 请注意,叶敏婷,罗悦纯并非香港证券及期货事务监察委员 | 会的注册持牌人,不可在香港从事受监管活动。 [Table ...
北方导航:导航控制技术领先,景气成长可期
广发证券· 2025-01-14 03:09
| 总股本/流通股本(百万股) | 1506.03/1506.03 | | --- | --- | | 总市值/流通市值(百万元) | 15030.20/15030.20 | | 一年内最高/最低(元) | 12.40/7.32 | | 30 日日均成交量/成交额(百万) | 25.38/258.43 | | 近 3 个月/6 个月涨跌幅(%) | -1.87/24.75 | [Table_PicQuote] 相对市场表现 -30% -18% -6% 6% 18% 30% 01/24 03/24 05/24 07/24 09/24 11/24 01/25 北方导航 沪深300 | [分析师: Table_Author]孟祥杰 | | | --- | --- | | SAC 执证号:S0260521040002 | | | SFC CE No. BRF275 | | | 010-59136693 | | | mengxiangjie@gf.com.cn | | | 分析师: | 吴坤其 | | SAC 执证号:S0260522120001 | | | SFC CE No. BRT139 | | | 010-59 ...
广钢气体:国内电子大宗气体龙头,引领国产替代
广发证券· 2025-01-14 03:08
Investment Rating - The report assigns a "Buy" rating to the company with a current price of 9.70 CNY and a reasonable value of 10.93 CNY per share [2]. Core Insights - The company focuses on the development of industrial gases in China, aiming to become a leading enterprise in electronic bulk gases. It has established a strong position in the helium market and has achieved significant domestic substitution in the semiconductor display and integrated circuit manufacturing sectors [3][10]. Summary by Sections Company Overview - The company originated from the Guangzhou Steel Plant and has evolved through foreign cooperation to focus on domestic substitution since 2014. It has developed its main business around electronic bulk gases, particularly excelling in the helium sector [3][19][20]. Financial Performance - The company’s revenue has shown substantial growth, with a projected increase in operating income from 1,540 million CNY in 2022 to 3,086 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 66.2% from 2019 to 2023. The net profit is expected to rise from 235 million CNY in 2022 to 559 million CNY in 2026 [9][39]. Market Position - The company holds an 8.03% market share in the domestic electronic bulk gas market as of 2021 and has been ranked first in new on-site gas projects in the integrated circuit and semiconductor display sectors from 2018 to September 2022 [10][19]. Research and Development - The company has consistently increased its R&D investment, which grew from 27.5 million CNY in 2020 to 71.7 million CNY in 2022, with a CAGR of 61.5%. The revenue generated from core technologies has also increased significantly, accounting for 87.8% of the main business income in 2022 [36][37]. Product Portfolio - The company’s product range includes six major types of electronic bulk gases and key general industrial gases, such as nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, which are widely used in various sectors including semiconductor manufacturing and general industry [24][25]. Growth Drivers - The growth in the electronic bulk gas business is driven by the increasing demand from the semiconductor industry, with revenue growth rates exceeding 40% from 2020 to 2022. The general industrial gas segment has remained stable, contributing to the overall revenue growth [39][40]. Competitive Advantage - The company has broken the foreign monopoly on helium supply by developing a self-controlled technology capability and is the only domestic gas company with long-term, large-scale helium procurement resources [10][19].
银行资负跟踪:阶段性流动性偏紧,长端利率接近底部
广发证券· 2025-01-14 03:04
证券研究报告 [Table_Page] 跟踪分析|银行 [Table_Title] 银行行业 阶段性流动性偏紧,长端利率接近底部 ——银行资负跟踪 20250112 [Table_Summary] 核心观点: ⚫ 本期:2025/1/6~1/12,上期:2024/12/30~1/5,下期:2025/1/13~1/19。 ⚫ 央行动态:本期央行公开市场共开展 309 亿元 7 天逆回购操作,利率 1.50%,逆回购到期 2,909 亿元,整体实现净回笼 2,600 亿元。下期央 行公开市场将有 309 亿元逆回购到期。另外,下周有 9,950 亿元 MLF 到 期。本期央行 7 天逆回购小额投放,整体实现净回笼,资金面转紧。下 期适逢缴税、缴准,叠加大额 MLF 到期、春节临近,预计阶段性流动性 偏紧,1 月 10 日央行发布公告称" 鉴于近期政府债券市场持续供不应 求, 2025 年 1 月起暂停开展公开市场国债买入操作 ",关注春节前央行 公开市场操作情况和有无择机降准降息。 ⚫ 政府债融资:本期政府债净缴款 1,297.98 亿元,预计下期净缴款约 3,719.03 亿元,较本期有所回升。25 年 1 月 ...
AI的进击时刻系列1:AI的下一个前沿是物理AI
广发证券· 2025-01-14 03:04
[Table_Page] 投资策略报告|电子 证券研究报告 [Table_Title] AI 的进击时刻系列 1 AI 的下一个前沿是物理 AI [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-12 | [Table_PicQuote] 相对市场表现 [分析师: Table_Author]王亮 SAC 执证号:S0260519060001 SFC CE No. BFS478 021-38003658 gfwangliang@gf.com.cn 分析师: 耿正 SAC 执证号:S0260520090002 021-38003660 gengzheng@gf.com.cn 分析师: 谢淑颖 SAC 执证号:S0260520080005 021-38003656 xieshuying@gf.com.cn -24% -10% 3% 17% 30% 44% 01/24 03/24 06/24 08/24 10/24 01/25 电子 沪深300 请注意,耿正,谢淑颖并非香港证券及 ...
公用事业行业深度跟踪:火电陆续破净,评估煤价与利润稳定性
广发证券· 2025-01-14 03:03
[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 火电陆续破净,评估煤价与利润稳定性 [Table_Summary] 核心观点: [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-01-12 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/24 03/24 06/24 08/24 10/24 01/25 公用事业 沪深300 | [分析师: Table_Author]郭鹏 | | | --- | --- | | | SAC 执证号:S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师: | 姜涛 | | | SAC 执证号:S0260521070002 | | | 021-38003624 | | | shjiangtao@gf.com.cn | | 分析师: | 许子怡 | | | SAC 执证号:S0260524010002 | | | 0 ...
房地产行业:24年12月REITs月报:完善审核规则,低息预期助推行情
广发证券· 2025-01-14 03:00
[Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产行业:24 年 12 月 REITs 月报 完善审核规则,低息预期助推行情 [Table_Summary] 核心观点: [Table_PicQuote] 相对市场表现 [Table_Author] 分析师: 郭镇 SAC 执证号:S0260514080003 SFC CE No. BNN906 021-38003639 guoz@gf.com.cn -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 房地产 沪深300 [Table_Contacts] 联系人: 胡正维 huzhengwei@gf.com.cn 识别风险,发现价值 请务必阅读末页的免责声明 1 / 36 [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2025-01-13 12 月交易所完成了常态化发行阶段下审核体系最后一环的建设。12 月 27 日,沪深交易所修订《REITs 业务指引—审核关注事项》,在原有 框架下根据发改委最新政策要求以及三年以来的审核实 ...