Investment Rating - The report suggests a positive outlook for the industry, indicating an "Overweight" rating based on the favorable fundamentals and expected performance relative to the benchmark index [3]. Core Insights - Alibaba's strong performance in FY25Q3, with revenue reaching 280.15 billion RMB, represents an 8% year-on-year growth, and the company plans to significantly increase its investment in AI infrastructure over the next three years, exceeding the total investment of the past decade [1][3]. - The introduction of the Helix model by Figure AI, which integrates visual data and voice commands for real-time control of humanoid robots, marks a significant advancement in robotics technology [2]. - The ongoing developments in superconductivity and controlled nuclear fusion are expected to drive demand for upstream materials and components, with Helion Energy recently securing $245 million in Series F funding, bringing its total funding to over $1 billion [2][3]. Summary by Sections AI Sector - Alibaba's Q3 revenue of 280.15 billion RMB and a net profit of 48.945 billion RMB, reflecting a 333% increase year-on-year, highlights the company's robust financial health and commitment to AI investment [1]. - The upcoming release of the Qwen2.5-MAX deep reasoning model is anticipated to enhance Alibaba's competitive edge in AI [1]. Humanoid Robotics - The G1 robot from Yushu Technology has improved mobility capabilities through a new learning framework, enabling it to navigate challenging terrains effectively [2]. - Figure AI's Helix model allows for intuitive control of robots using natural language, showcasing advancements in user interaction with robotic systems [2]. Superconductivity and Nuclear Fusion - Recent breakthroughs in high-temperature superconductivity research in China have identified nickel-based materials as a new class of superconductors, potentially solving long-standing scientific challenges [2]. - Helion Energy's successful funding round, which attracted major investors, underscores the growing interest and investment in controlled nuclear fusion technologies [2].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [3][6]. Core Views - The company is a leading player in the small modulus gear industry, with a strong focus on automotive and robotics sectors driving growth. It has been in the gear industry for 25 years and has a diverse product application range [1][2]. - In 2023, the company achieved a revenue of 528 million yuan, a year-on-year increase of 1.97%, with automotive gear revenue accounting for 60.25% of total revenue, growing by 34.34% year-on-year [1][23]. - The automotive gear business is expected to continue growing due to the expanding automotive market, particularly in the new energy vehicle sector, which saw a domestic sales increase of 33.5% in 2023 [2][53]. - The robotics industry is also rapidly developing, with the company's planetary gear products expected to benefit from increased demand in this sector [2][3]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of small modulus gears and related products, serving various industries including electric tools, fuel vehicles, new energy vehicles, robotics, smart home devices, and medical equipment [1][15]. - It holds a significant market share, ranking second globally in the small modulus gear market, with a focus on high precision and reliability in its products [2][16]. Financial Performance - The company’s revenue has shown steady growth, with projections for 2024, 2025, and 2026 to reach 614 million, 744 million, and 844 million yuan respectively, reflecting year-on-year growth rates of 16.4%, 21.1%, and 13.4% [3][5]. - The net profit attributable to the parent company is expected to be 68 million, 80 million, and 91 million yuan for the same years, with corresponding EPS of 1.09, 1.30, and 1.47 yuan [3][5]. Market Dynamics - The automotive industry is a major growth driver, with China being the largest automotive production country, accounting for 32.5% of global production in 2021 [49][52]. - The new energy vehicle market is projected to continue its rapid growth, supported by favorable policies and increasing consumer acceptance [53][56]. Product and Technology Advantages - The company’s products are characterized by low noise, low cost, high reliability, high precision, and long lifespan, which are critical in the automotive and robotics sectors [2][47]. - The company has developed advanced manufacturing technologies that enhance product quality and reduce reliance on imported components, thereby improving its competitive edge [47][48].

据 IT 之家援引科大讯飞投资者关系活动记录表，近日科大讯飞表示， 正在训练的纯国产算力的星火 X1 新版本预计在 3 月内完成，预期 可以实现数学答题和过程思维链能力全面对标甚至超过 OpenAI o1； 公司正在将 X1 深度推理模型进一步结合与中国教科院等诸多教育 专家的合作，通过专业知识反思及长思维链强化学习结合，生成符合 教育教学需求的"教学思维链"，提高复杂场景推理的逻辑正确性、专 业性、可解释性，并将率先用于教师助手、批改、辅学等全系产品创 新，预计在 2025 世界数字教育大会期间发布教育专属大模型和创新 应用。 机器人：国产特种机器人公司 Qirobot-量子智能宣布完成 4000 万元 A 轮融资 计算机 行业研究/行业周报 豆包 AI 助手将上线莲花 ——计算机行业周报（2025.2.10-2025.2.14） ◼ 本周核心观点及要闻回顾 大模型底座：科大讯飞纯国产算力的星火 X1 新版本预计在 3 月内 完成 据 IT 之家，近日 Qirobot-量子智能宣布完成 4000 万元 A 轮融资， 融资所得资金将被精准投入到公司的核心发展环节，主要聚焦于扩大 生产规模，以满足市场对其危险环 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [4] Core Insights - Alibaba's AI business has partnered with Apple to enhance smartphone services in China, with the expected launch of "AppleIntelligence" in April 2025, which will promote the application of AI technology in smartphones [1] - The domestic AI+ education market is projected to reach 47.7 billion yuan by 2027, with a compound annual growth rate of 22%, suggesting investment opportunities in the education sector [1] - The retail sector has shown resilience, with the CITIC retail index rising by 3.77% this week, outperforming the CSI 300 index by 2.58 percentage points [2][10] - The report highlights significant growth in sub-sectors such as department stores, professional market operations, and supermarkets/convenience stores, with increases of 10.33%, 9.58%, and 5.62% respectively [2][16] Summary by Sections Weekly Market Review - The CITIC retail index increased by 3.77%, ranking third among 30 CITIC primary industries, with notable gains in department stores and supermarkets [2][10][11] Industry Data Tracking - In December 2024, the total retail sales in China reached 4.52 trillion yuan, with a year-on-year growth of 3.7% [20] - The online retail market in 2024 was valued at 15.52 trillion yuan, growing by 7.2% year-on-year, while offline retail is estimated at 35.71 trillion yuan, with a growth of 4.62% [22] Industry Dynamics and Major Events - The State Council emphasized the importance of boosting consumption to strengthen domestic demand [35] - JD.com launched a commission-free initiative for its food delivery service, aiming to enhance consumer engagement [35] - Notable retail companies are undergoing store renovations and expansions, with Yonghui Supermarket confirming 20 store adjustments post-Spring Festival [35][36] Investment Recommendations - The report suggests focusing on companies with strong dividend capabilities and low valuations in the jewelry sector, such as Lao Feng Xiang and Zhou Da Sheng [4] - It also recommends traditional supermarkets like Gao Xin Retail and Yonghui Supermarket, which are expected to benefit from the recovery of offline sales [4] - In the e-commerce sector, companies like Pinduoduo, Alibaba, and JD.com are highlighted for their competitive positioning and growth potential [4]

Investment Rating - The industry investment rating is "Maintain Buy" for the power equipment sector [5] Core Viewpoints - The penetration of AI large models is accelerating, with significant demand for AIDC (AI Data Center) driven by collaborations between major telecom operators and state-owned enterprises [1][3] - China's intelligent computing power is projected to double by 2026, reaching 1460.3 EFLOPS, with the market size expected to grow to $33.7 billion [2] - The introduction of DeepSeek is driving innovation at the algorithm level, which is enhancing computational architecture and data center transformations, leading to increased demand for computing power [3] Summary by Sections AI Computing Power Growth - In 2024, China's intelligent computing power is expected to reach 725.3 EFLOPS, a year-on-year increase of 74.1%, with a market size of $19 billion, growing by 86.9% [2] - By 2025, the intelligent computing power is projected to reach 1037.3 EFLOPS, a 43% increase from 2024, with a market size of $25.9 billion, reflecting a 36.2% growth [2] - The growth trajectory continues into 2026, with the computing power expected to hit 1460.3 EFLOPS and the market size reaching $33.7 billion, which is 1.77 times that of 2024 [2] Investment Recommendations - The report suggests focusing on companies benefiting from the growth in AI computing power and AIDC demand, particularly in the uninterruptible power supply (HVDC/UPS) segment, recommending companies like Zhongheng Electric, Hewei Electric, and Kehua Data [4] - In the distribution transformer segment, companies such as Jinpan Technology and Mingyang Electric are highlighted for potential investment [4] - For backup power and diesel generator segments, Weichai Heavy Machinery and Keta Power are recommended [4]

计算机 行业研究/行业周报 DeepSeek：V3/R1 满血版上线华为云 ——全球 AI 产业跟踪（2025.2.10-2025.2.14) ◼ 核心观点 Perplexity：推出新版 Sonar 搜索模型 据 IT 之家，近日 AI 搜索引擎企业 Perplexity 宣布推出其开发的新版 Sonar 搜索模型。该模型由 Llama3.370B 进一步训练而来，对搜索应用 进行了优化，运行在 Cerebras 推理基础设施上。Perplexity 表示新版 Sonar 的 Token 解码速度达到 1200 个每秒，是 Gemini 2.0 Flash 的 8.5 倍以上，"几乎可以即时生成答案"。在回答质量方面，Perplexity 称其 用户对新版 Sonar 模型的表现评价明显超过了 GPT-4omini 和 Claude 3.5 Haiku，高于前沿模型 Claude 3.5 Sonnet，同时与 GPT-4o 差异不大。 华为：小艺助手网页端上线，适配手机/PC，支持 R1 深度思考 据 IT 之家，近日华为小艺助手 App 官宣接入 DeepSeek，用户将鸿蒙 原生版小艺助手升级至 11. ...

计算机 行业研究/行业周报 DeepSeek：V3/R1 满血版上线华为云 ——全球 AI 产业跟踪（2025.2.10-2025.2.14) 据 IT 之家，近日华为小艺助手 App 官宣接入 DeepSeek，用户将鸿蒙 原生版小艺助手升级至 11.2.10.340 版本后，可在智能体广场体验 DeepSeek-R1 智能体（支持联网搜索功能）。 DeepSeek：V3/R1 满血版上线华为云 据 IT 之家，近日华为技术有限公司发文宣布，DeepSeek V3/R1 671B 旗舰模型（满血版）已基于华为云昇腾云服务全栈优化适配，满足业 务商用部署需求。目前，昇腾云服务已适配 DeepSeek 系列模型。 腾讯：腾讯元宝接入 DeepSeekR1 模型，支持深度思考+联网搜索 据 IT 之家，近日腾讯元宝宣布 DeepSeekR1 模型联网、满血上线。官 方表示，腾讯元宝是依托于腾讯混元、DeepSeek 大模型，基于跨知识 领域和自然语言理解能力的大模型 AI 产品。其支持对用户的提问进 行深度思考、逻辑推理和详细回答，同时也支持联网搜索信息，以提 高推理和回答的时新性和权威性。 百度：文心下一代模型 ...

非银金融 行业研究/行业周报 交投活跃+并购预期催化，券商景气度上行 ——券商&资本市场周观察（2025.2.10-2025.2.14） ◼ 市场要闻 财政部拟划转所持三大 AMC 股权至中央汇金；2024 年第四季度中国 货币政策执行报告提出：择机调整优化货币政策力度和节奏；开年首月 新增贷款超 5 万亿元，社融增量创新高；今年首批重磅宽基 ETF 即将 发行。 ◼ 数据跟踪 交投：本周 A 股日均成交 17487 亿元，环比+8.2%，1 月日均股基成交 额 14253 亿元，同比+64.2%。 两融：截止 2025.2.14，A 股两融余额 18532 亿元，其中融资余额 18423 亿元，融券余额 109 亿元，环比分别+1.8%、+1.8%、+4.8%。年内日均 两融余额同比+13.7%。 基金发行：本周新成立 4 只权益类基金（3 只指数类+1 只混合类），合 计 5.1 亿份，环比-75.9%。1 月新成立权益类基金 283.2 亿份（股票 ETF、 主动权益分别 113.0、170.1 亿份），环比-23.2%，同比 151.3%。 股债行情:截至本周末，沪深 300 年内涨跌幅+0.10%， ...

◼ 核心观点 国内海风项目加速推进，国内企业出海进行时。1）国内海风：根据风 电头条援引中国铁建港航局，2025 年 2 月 11 日，申能海南 CZ2 海上 风电示范项目主体工程全部完工（该项目总规划 1200MW，本次工程 为一期场区，规划容量 603MW）。根据风电头条，2025 年 2 月 7 日温 州市生态环境局发布《关于苍南 5 号海上风电项目环境影响报告书的 核准意见》，该项目规划容量 800MW。2）出海：根据龙船风电网，近 日远景能源与越南 EPC 承包商 PC1 集团签署风电机组供货协议；远 景能源将为菲律宾 Libmanan 风电项目提供风电机组，该项目总装机 容量 58.5MW。根据龙船风电网，近日亨通集团与 Esteyco 签订合同， 为 WHEEL 浮式风电试点项目设计、制造和交付整套动态海上电缆系 统。 ◼ 数据跟踪 电力设备 行业研究/行业周报 国内海风项目加速推进，国内企业出海进行时 ——风电行业周报（20250210-20250214） ◼ 风险提示 行业政策变化风险、原材料价格短期大幅波动风险、风电项目延期/风 电装机不及预期风险、市场竞争加剧风险。 本周（2025021 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic gaming industry, focusing on high-quality game development and operations, which has led to steady growth since 2021. In Q3 2024, the company achieved revenue of 3.928 billion yuan and a net profit of 1.280 billion yuan, with year-on-year growth rates of 29.65% and 18.27%, respectively [1][27] Summary by Sections Company Overview - The company is a well-known internet gaming listed company in China, primarily engaged in the development, production, and operation of high-quality online games. It has a long-term layout in virtual reality and the metaverse, actively exploring global distribution to reach a wider audience [16] Business Strategy - The company focuses on three main business areas: game development, publishing, and investment + IP, enhancing its competitive edge and reinforcing its core business [18] - The company has a diverse product matrix, including retro-themed games and innovative premium games, supported by strong R&D capabilities and operational experience [18][19] Market Potential - The Chinese mobile gaming market is expected to grow steadily, with projected market sizes of 344.2 billion yuan, 359 billion yuan, and 372.3 billion yuan from 2024 to 2026, with year-on-year growth rates of 5.10%, 4.30%, and 3.70%, respectively [50] - The overseas market for self-developed games is also growing, with actual sales revenue reaching 18.557 billion USD in 2024, a year-on-year increase of 13.39% [56] Financial Performance - The company has experienced significant revenue growth since 2021, with revenues of 2.375 billion yuan, 3.726 billion yuan, and 4.295 billion yuan from 2021 to 2023, and a net profit of 577 million yuan, 1.025 billion yuan, and 1.462 billion yuan during the same period [27] - The mobile gaming segment constitutes the majority of the company's revenue, accounting for 81.99% in the first half of 2024 [30] Future Outlook - The company has a robust pipeline of quality game titles, with several products already approved for release, laying a solid foundation for future growth [2] - The management has committed to not selling shares for the next five years and will continue to increase their holdings, demonstrating confidence in the company's future [3]