电子 行业研究/行业周报 魅族接入 DeepSeek，中国平板市场向好 ——电子行业周报（2025.02.10-2025.02.14） ◼ 核心观点 本周核心观点与重点要闻回顾 AI 端侧：DeepSeek 融入星纪魅族 AI 生态，相关产业链有望持续受 益。DeepSeek 融入星纪魅族 AI 生态，手机及 AR 智能眼镜可直接语 音使用。星纪魅族 AR 智能眼镜 StarV Air2 及 MYVU 目前已接入 DeepSeek 大模型。我们认为，AI 端侧各项应用发展态势良好，相关 产业链有望持续受益。 消费电子：IDC 称 2024 中国平板电脑市场出货量同比增长 4.3%，相 关产业链有望持续受益。伴随 2025 年 1 月国补政策落地，中国平板 市场需求将被进一步激发，3000 元左右市场容量预计上半年将明显 提升。我们认为，CES2025 期间或将展示更多 AI 与消费电子结合应 用，如 AIPC、AI/AR 眼镜、智能驾驶与机器人等，叠加补贴政策出 台，相关产业链有望持续受益。 先进封装：台积电 171 亿美元或投资先进制程和封装，相关产业链有 望持续受益。台积电计划投资 171.41 亿美元， ...

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） ◼ 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 本周（20250210-20250214）板块行情回顾：本周电力设备板块涨跌幅 1.12%，在 31 个申万一级行业涨跌幅排名中位列第 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [7] Core Views - The rise of new Chinese-style clothing reflects a growing consumer interest, with significant sales potential in the national trend market. During the 2025 Spring Festival, national retail sales reached 881.36 billion yuan, a year-on-year increase of 7.12%, with clothing and textile products generating 97.61 billion yuan, up 3.45% year-on-year [13][14] - The winter sports sector is experiencing growth, driven by the popularity of ice and snow tourism during the winter season and the Asian Winter Games, indicating potential sales growth in related apparel and equipment [14] - The integration of AI in the textile industry is transforming production processes, enhancing automation and intelligence across design, supply chain management, and marketing, which presents new opportunities for industry growth [15][16] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.19%, while the textile and apparel sector increased by 1.18%, slightly underperforming the index by 0.01 percentage points, ranking 16th among 31 industries [18] - Among the three sub-sectors, apparel and home textiles, and accessories saw increases of 1.04% and 4.52%, respectively, while textile manufacturing declined by 0.53% [23] Key Data - In December, the total retail sales of consumer goods reached 45,172 billion yuan, a year-on-year increase of 3.7%, with clothing and textile products experiencing a slight decline of 0.3% [33] - As of February 14, domestic cotton prices rose to 14,793.79 yuan per ton, while international cotton prices reached 76.71 cents per pound, reflecting increases of 0.43% and 1.74%, respectively [44] Investment Recommendations - The report suggests focusing on companies benefiting from outdoor sports trends and domestic demand recovery, including Anta Sports, Li Ning, and 361 Degrees [17] - It highlights brands with high loyalty in men's and children's clothing, such as Biyinlefen and Hailan Home, as well as the recovery of the lingerie sector driven by comfort and self-care trends [17] - The report also emphasizes the potential of the pet industry and textile manufacturing leaders with quick response capabilities, such as Shenzhou International and Zhejiang Natural, alongside companies leveraging AI in textile applications [17]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Viewpoints - The neurointerventional industry is entering a rapid growth phase, with the market size expected to increase from RMB 58 billion in 2020 to RMB 175 billion by 2026, representing a compound annual growth rate (CAGR) of 20.1% from 2020 to 2026 [1][26]. - The company is a leading player in the domestic neurointerventional market, with a comprehensive product portfolio that includes various fields such as acute ischemia, stenosis, hemorrhage, and access [1]. - The company is expected to recover from previous losses and achieve profitability, with projected revenues of approximately RMB 4.48 billion, RMB 5.78 billion, and RMB 7.00 billion for 2024, 2025, and 2026, respectively [3][5]. Summary by Sections Company Overview - The company was established in 2007 and began its neurointerventional business in 2016, listing on the STAR Market in 2019 as the first company from Tianjin [1]. - The company's revenue from its neurointerventional product line, including the SINO SHENCHANG brand, is projected to reach approximately RMB 178 million in 2023, reflecting a year-on-year growth of 65.3% [1]. Neurointerventional Market - The neurointerventional market is characterized by high barriers to entry and high margins, with the introduction of new products expected to significantly enhance the company's profitability [2]. - The market for neurointerventional medical devices in China is projected to grow rapidly, driven by increasing disease prevalence, a growing number of qualified surgeons, and the development of domestic medical devices [19][26]. Product Pipeline and Innovations - The company's main neurointerventional products include the NOVA stent, which is the world's first drug-eluting stent specifically designed for treating intracranial artery stenosis, and various balloon products [2][32]. - The company is also advancing its pipeline with new products such as self-expanding drug-eluting stents and flow-directed anti-coagulation coated stents, which are expected to drive future growth [2][34]. Financial Projections - The company is expected to achieve a net profit of approximately RMB 33 million in 2025 and RMB 76 million in 2026, with significant year-on-year growth rates of 701.4% and 130.4%, respectively [3][5]. - The projected revenue growth rates for 2024, 2025, and 2026 are 30.6%, 29.0%, and 21.1%, respectively [3][5]. Competitive Landscape - The company faces competition from other players in the neurointerventional space, but its NOVA stent has a unique first-mover advantage in the market [2][38]. - The overall market for neurointerventional devices is expected to see increased competition, but the company's established position and innovative products are likely to maintain its competitive edge [2][19].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The neurointerventional industry is entering a rapid growth phase, with the market size expected to increase from RMB 58 billion in 2020 to RMB 175 billion by 2026, representing a compound annual growth rate (CAGR) of 20.1% from 2020 to 2026 [1][26]. - The company is a leading player in the domestic neurointerventional market, with a comprehensive product portfolio that includes various fields such as acute ischemia, stenosis, hemorrhage, and access [1][3]. - The company is expected to recover from previous losses and achieve profitability, with projected revenues of approximately RMB 4.48 billion, RMB 5.78 billion, and RMB 7.00 billion for 2024, 2025, and 2026, respectively [3][5]. Summary by Sections Neurointerventional Market - The neurointerventional market is characterized by a significant increase in the number of procedures, with an expected CAGR of 28.9% from 2020 to 2026 [22][23]. - The market for neurointerventional medical devices is projected to grow from RMB 28 billion in 2015 to RMB 175 billion by 2026, driven by rising disease prevalence and advancements in domestic medical devices [26][28]. Company Overview - The company was established in 2007 and began its neurointerventional business in 2016, listing on the STAR Market in 2019 [1]. - The company's flagship product, the NOVA stent, is the world's first drug-eluting stent specifically designed for intracranial artery stenosis, which is expected to drive significant revenue growth [2][38]. Financial Projections - The company is projected to achieve revenues of RMB 343 million in 2023, with a growth rate of 78.0%, and is expected to turn profitable by 2025 [5][3]. - The forecasted net profit for 2024 is expected to be RMB 0.33 billion, with a year-on-year growth rate of 86.1% [5][3]. Competitive Landscape - The company holds a competitive advantage with its NOVA stent, which has shown significant clinical efficacy compared to bare metal stents, and is positioned well in a market with limited competition [2][38]. - The neurointerventional product pipeline includes several high-barrier, high-margin new products that are anticipated to enhance the company's profitability [2][3].

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Insights - The advertising market is showing a strong rebound, benefiting companies like AppLovin and Meta, with expectations for continued growth in the online advertising sector driven by political cycles and holiday seasons [11][25] - The animated film "Nezha: Birth of the Demon Child" has surpassed 10 billion RMB (approximately 1.355 billion USD) in total box office, marking a significant achievement for the Chinese film industry and cultural soft power [11][25] - Hangzhou is planning to implement a global digital trade port core area construction plan, which aims to enhance the management of online games and increase the number of game licenses [12][26] Market Review - The A-share Shenwan Media Index rose by 9.54% from February 10 to February 14, outperforming the CSI 300 Index by 8.35 percentage points and the ChiNext Index by 6.96 percentage points [14][19] - Among the seven sub-sectors of the Shenwan Media Index, the film and television sector saw the highest increase at 35.78%, followed by the gaming sector at 6.9% [17][18] Investment Recommendations - The report recommends focusing on advertising marketing companies such as Focus Media and Easy Point Tianxia [13] - For the film and television sector, companies like Light Media, Maoyan Entertainment, Bona Film Group, and Wanda Film are highlighted [13] - In the gaming sector, attention is drawn to companies like Kying Network, 37 Interactive Entertainment, and G-bits [13]

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - Vestas achieved a revenue of €17.295 billion in 2024, representing a year-on-year growth of 12%, and a net profit of €494 million, with a growth exceeding 500% [2] - In Q4 2024, Vestas reported a revenue of €6.141 billion, a 29% increase year-on-year, and a net profit of €598 million, showing approximately 300% growth [2] - The average order price for Vestas' units in Q4 2024 was €1,180 per kW, an 18% increase year-on-year and a 7% increase quarter-on-quarter [3] - Domestic wind turbine prices show a significant advantage over international prices, with the highest bid price for domestic onshore wind turbines at ¥2,199 per kW, and ¥1,598 per kW excluding the tower [3] - Domestic companies are accelerating their overseas expansion, securing 34.3 GW of overseas orders in 2024, a year-on-year increase of 345%, primarily in Asia, Africa, and Latin America [3] Summary by Sections Company Performance - Vestas' Q4 2024 operating performance included new orders of 6.5 GW, with 4.2 GW from onshore wind turbines (down 44% year-on-year) and 2.3 GW from offshore wind turbines (up 198% year-on-year) [3] - The EBIT margin for Vestas' Power Solution segment reached 12.9% in Q4 2024, an increase of nearly 10 percentage points year-on-year [3] Investment Recommendations - The report suggests focusing on leading turbine manufacturers, including Goldwind Technology, Sany Heavy Energy, Yunda Shares, and Mingyang Smart Energy, due to expected high growth in orders driven by domestic and international wind power installation demand [4]

传媒 行业研究/行业周报 《哪吒 2》总票房突破 100 亿元，杭州拟出台全球数 贸港核心区建设方案 ——传媒行业周报（2025.02.10-2025.2.14） ◼ 核心观点 本周核心观点与重点要闻回顾 ◼ 投资建议 本周我们看好广告营销、影视院线、游戏等方面。 广告营销：建议关注分众传媒、易点天下等。 影视院线：建议关注光线传媒、猫眼娱乐、博纳影业、万达电影 等。 广告营销：AppLovin 和 Meta 等公司财报显示广告市场强劲反弹，产 业链有望受益。AppLovin 和 Meta 等公司近期财报显示广告市场强劲 反弹。AppLovin 受益于人工智能驱动的广告技术，四季度业绩超出 预期，并给出了一季度强劲的业绩指引。这表明移动游戏内广告市场 表现出色。其他类型的在线广告公司也展现出增长势头。例如， Meta、Snap 和 Alphabet 都公布了高于预期的广告收入，市场普遍看 好在线广告市场，尤其是在政治周期和假日季的推动下。 影视院线：《哪吒之魔童闹海》总票房突破 100 亿元人民币，相关 板块有望受益。2 月 13 日晚，中国动画电影《哪吒之魔童闹海》 （以下简称《哪吒 2》）总票房突破 10 ...

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Insights - NAND manufacturers Samsung and SK Hynix are reducing NAND production to address oversupply issues. As of the week of February 10-14, 2025, NAND spot prices fluctuated between -0.53% and 5.56%, with an average change of 1.04% [1]. - The global semiconductor sales are projected to reach $627.6 billion in 2024, marking a 19.1% year-on-year increase, with storage products, particularly DRAM, showing the highest growth at 82.6% [2][23]. - The SSD prices have declined again after a month of stability, influenced by the traditional off-season and limited government subsidies [3]. Summary by Sections NAND Market - Samsung and SK Hynix are transitioning older NAND production lines to new processes to reduce output due to oversupply [1][24]. - The average price change for 22 NAND products ranged from -0.53% to 5.56% during the specified week [1]. DRAM Market - The DRAM market saw an average price change of -0.12% for 18 product categories, with 9 products increasing and 9 decreasing in price [2]. - The sales of DRAM products are expected to grow significantly, contributing to the overall increase in semiconductor sales [2][23]. HBM and AI Storage - SanDisk has introduced a new high-bandwidth flash memory architecture designed for AI applications, combining features of 3D NAND and HBM [2][23]. - The HBM industry is anticipated to grow rapidly due to increased demand from advanced computing chips [4]. Market Conditions - The SSD market is experiencing price declines due to seasonal demand fluctuations and limited government incentives [3][25]. - Major PC OEMs in Taiwan reported revenue declines of 20-40% in January, indicating financial pressure in the sector [3]. Investment Recommendations - The report suggests focusing on the HBM industry chain and semiconductor recovery, recommending companies such as Saiteng Co., Yishitong, and others in the storage chip sector [4].

Investment Rating - The industry investment rating is "Maintain Buy" [7] Core Viewpoints - The three major telecom operators have fully integrated with DeepSeek, which is expected to enhance the valuation of the operators [12][27] - The EU has announced the AI Super Factory plan, which is likely to benefit the computing power sector [13][27] - Shandong province has initiated a pilot project for 10G optical networks, which is expected to benefit related sectors [14][28] Summary by Sections 1. Core Viewpoints and Investment Recommendations - Telecom operators are expected to benefit from the full integration with DeepSeek, enhancing their valuation [12] - The EU's InvestAI plan aims to mobilize €200 billion (approximately ¥1.5 trillion) for AI investments, potentially creating the world's largest public-private partnership project [13] - Shandong's pilot project for 10G optical networks focuses on residential, industrial, and park applications, aiming to create a robust digital infrastructure [14] 2. Market Review - The A-share Shenwan Communication Index rose by 3.01%, outperforming the CSI 300 Index by 1.82 percentage points [16] - Within the Shenwan Communication sub-sectors, the communication services sector increased by 9.74%, while the communication equipment sector decreased by 0.49% [18][21] 3. Investment Recommendations - Positive outlook on sectors including optical modules, telecom operators, and communication equipment [15] - Recommended stocks include Zhongji Xuchuang, Tianfu Communication, and Xinyisheng for optical modules; China Mobile, China Telecom, and China Unicom for telecom operators; ZTE and Unisplendour for communication equipment [15] 4. Industry News - The three major telecom operators have fully integrated with DeepSeek, enhancing their capabilities in various applications [27] - The EU's InvestAI plan aims to establish a €20 billion (approximately ¥151.4 billion) European fund for building AI super factories [27] - Shandong province's pilot project for 10G optical networks aims to develop a strong digital foundation for economic integration [28]