中小市值 行业研究/行业点评 国家医保局为脑机接口定价单独立项 ——新兴产业观察 ◼ 核心观点 脑机接口行业事件：（1）国家医保局为脑机接口医疗服务价格单独立 项。财联社 3 月 12 日电，国家医保局发布《神经系统医疗服务价格项 目立项指南》，其中专门为脑机接口新技术单独立项，设立了侵入式脑 机接口植入费、取出费，非侵入式脑机接口适配费等价格项目，这意 味着，一旦脑机接口技术成熟，快速进入临床应用的收费路径已经铺 好。（2）国家药监局医疗器械大湾区分中心开展脑机接口设备调研。 人民财讯 3 月 12 日电，为进一步摸排区域内脑机接口前沿技术转化 情况，加大对研发创新支持力度，近日，器械大湾区分中心主任刘斌 带队赴华南理工大学及琶洲实验室开展脑机接口设备调研。调研组实 地考察了基于脑机接口实时解码的上下肢综合康复训练系统、面向运 动障碍患者的多模态脑机融合轮椅等脑机接口设备，听取了华南理工 大学和琶洲实验室关于脑机接口技术相关成果的介绍，以及他们在注 册申报过程中遇到的难点与堵点。调研组就注册申报的产品分类、注 册路径、安全性和有效性评估等问题进行现场交流，提供了相应的解 决思路和建议。（3）西安交大科研人员 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [4]. Core Viewpoints - The company has signed multiple large contracts, which are expected to improve its financial performance. Notable contracts include a $17.5 million project in Tajikistan and contracts worth approximately 118 million yuan and 78 million yuan for projects in Yantai and Hangzhou respectively. Additionally, the company secured contracts totaling 326 million yuan for various stage machinery and equipment projects [2]. - The company is actively exploring new business opportunities in immersive performance experiences, leveraging its expertise in stage machinery and electrical control. It aims to provide comprehensive solutions for cultural performances and immersive experiences in tourism and theater sectors [2]. - The company is also investigating the application of artificial intelligence in the cultural and tourism sectors, collaborating with technology firms to explore new use cases [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of approximately 96 million yuan, 175 million yuan, and 243 million yuan for the years 2024, 2025, and 2026 respectively. The corresponding price-to-earnings (PE) ratios are expected to be 65.31, 35.78, and 25.73 [4][6]. - Revenue is forecasted to decline significantly in 2024 but is expected to rebound with growth rates of 18.9% in 2025 and 26.9% in 2026 [6][14]. - The company’s earnings per share (EPS) is anticipated to increase from 0.23 yuan in 2024 to 0.59 yuan in 2026 [6][14].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [4]. Core Viewpoints - The company has signed multiple large contracts, which are expected to improve its financial performance. Notable contracts include a $17.5 million project in Tajikistan and contracts worth approximately 1.18 billion yuan and 780 million yuan for projects in Yantai and Hangzhou respectively. Additionally, the company secured contracts totaling 326 million yuan for cultural plaza and art center projects [2]. - The company is actively exploring new business opportunities in immersive performance experiences, leveraging its expertise in stage machinery and electrical control to provide comprehensive solutions for cultural tourism and theater clients [2]. - The company is also investigating the application of artificial intelligence in cultural tourism and business collaborations, engaging with technology firms to explore new use cases [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of approximately 96 million yuan, 175 million yuan, and 243 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 65.31, 35.78, and 25.73 [4][6]. - Revenue is expected to decline significantly in 2024 before rebounding in subsequent years, with a forecasted growth rate of 18.9% in 2025 and 26.9% in 2026 [6][14]. - The company's earnings per share (EPS) is projected to increase from 0.23 yuan in 2024 to 0.59 yuan in 2026 [6][14].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1]. Core Insights - The AIDC (Artificial Intelligence Data Center) industry is experiencing accelerated construction in China, creating significant opportunities across the supply chain [3]. - The market size of China's AIDC is expected to reach 288.6 billion yuan by 2028, with a compound annual growth rate of 57.09% from 2020 to 2028 [12]. - The demand for AI large models is driving the need for high-performance networks with ultra-high bandwidth and low latency [20][22]. - The report highlights the importance of domestic AIDC operators, AI servers, switches, and related components as key investment opportunities [41]. Summary by Sections 1. AIDC Industry Development Status - AIDC provides a stable computing environment for AI training and inference, integrating high-performance computing, high-speed networks, and advanced software systems [7]. - The AIDC market is projected to grow significantly, with a market size of 879 billion yuan in 2023, reflecting over 90% year-on-year growth [12]. - The AIDC service ecosystem includes various players from infrastructure to application services, catering to diverse industries such as finance, telecommunications, and transportation [8][10]. 2. AI Large Model Network Requirements - AI large models require ultra-large-scale networking, ultra-high bandwidth, and ultra-low latency to support their computational demands [20][22]. - The training of large models necessitates thousands of GPUs, leading to increased network demands compared to traditional cloud data centers [20]. - The evolution of network architecture from traditional three-tier to Clos and direct connect topologies is essential for meeting the needs of AIDC [20][22]. 3. AIDC Network Architecture - The AIDC network architecture consists of compute nodes, backend networks, frontend networks, and inter-data center connections, designed to optimize performance [23][24]. - High-performance networks are crucial for AIDC operations, requiring configurations that support high bandwidth and low latency [28]. - InfiniBand and RoCEv2 are highlighted as key network solutions, with InfiniBand offering superior performance for large-scale deployments [39]. 4. Investment Recommendations - The report suggests focusing on AIDC service providers such as China Unicom, China Telecom, and China Mobile, as well as AI server manufacturers like Inspur and ZTE [41]. - Investment opportunities also extend to components like switches, optical connections, and temperature control systems [41].

本周（20250303-20250307）石油石化板块领涨个股包括洪田股份、三 联虹普、博汇股份、胜通能源、博迈科等；领跌个股包括广聚能源、 统一股份、东华能源、ST 新潮、准油股份等。其中民营大炼化公司周 度涨跌幅如下：东方盛虹（+3.90%）、恒力石化（+0.51%）、荣盛石化 （-0.45%）、恒逸石化（-1.12%）、新凤鸣（-3.17%）、桐昆股份（-3.38%） 等。 ◼ 核心观点 上游板块方面，上周国际油价有所下滑。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望高位震荡，持续利好上游油气公司。油服方面，北美活跃钻 机数周环比减少，但是同比减少较为明显。全球的钻井平台数量今年 四季度环比下滑，未来提升空间较大。中游炼化板块方面，新加坡柴 油价差周下滑约 0.7 美元/桶，汽油价差周下滑约 3.4 美元/桶，乙烯与 石脑油价差周下滑约 2 美元/吨，PX 与石脑油价差周下滑约 1 美元/ 吨。从周度数据来看，成品油产品中，新加坡柴油价差走势相对更强； 炼厂化工品中，乙烯与石脑油价差有所缩小，PX 与石脑油价差有所缩 小，炼化公司的业绩修复空间较 ...

永新光学(603297) 公司研究/公司点评 禾赛获海外大厂订单，激光雷达有望加速 ——永新光学动态跟踪 ◼ 事件描述 3 月 11 日，禾赛科技宣布，与一家欧洲顶级主机厂达成多年独家定点合 作，为其下一代汽车平台提供高性能超远距激光雷达，覆盖其燃油车和新 能源汽车的多款车型，是迄今海外前装量产激光雷达规模最大的订单。 ◼ 核心观点 2025 年 L2 级及以上辅助驾驶渗透率或将突破 65%，车载激光雷达需求 提速。根据新华网援引工业和信息化部的数据显示，2024 年上半年，中 国乘用车具备 L2 级及以上自动驾驶功能的新车渗透率已经达到 55.7%。 根据中国电动汽车百人会副理事长兼秘书长张永伟预测，2025 年 L2 级及 以上辅助驾驶渗透率或将突破 65%。根据每日经济观察援引盖世汽车数 据，2024 年 1 至 11 月，激光雷达单年装机量首次突破 130 万颗，对比 2023 年同期的 57.09 万颗的出货量，增幅达 127%。我们认为，随着高阶 自动驾驶技术持续推进，叠加激光雷达成本或将降低，激光雷达或将成为 辅助驾驶感知系统中的核心硬件之一，需求有望同步提升。 预计 2029 年全球激光雷达市 ...

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6] Core Insights - Qualcomm announced a collaboration with IBM to develop enterprise-level generative AI applications for cloud and edge environments, indicating a positive trend for AI applications in the industry [11][27] - The consumer electronics segment is expected to benefit from the debut of AI-integrated products at MWC 2025, with a focus on cross-device collaboration and seamless connectivity [12][27] - The advanced packaging technology is projected to drive long-term growth in the global wafer foundry industry, with a compound annual growth rate (CAGR) of 13% to 15% from 2025 to 2028 [13][29] - Domestic semiconductor equipment sales are expected to grow by 35% in 2024, surpassing 110 billion yuan, indicating a speeding up of the domestic semiconductor industry chain [15][28] Summary by Sections 1. Core Insights and Investment Recommendations - AI Edge: Qualcomm's partnership with IBM aims to create generative AI solutions for enterprise applications, which is expected to benefit the related industry chain [11] - Consumer Electronics: The debut of AI products at MWC 2025 is anticipated to enhance the industry chain's growth, with a focus on AI and consumer electronics integration [12] - Advanced Packaging: The global wafer foundry industry is expected to see a revenue growth of 20% in 2025, driven by strong AI demand [13] - Domestic Substitution: The domestic semiconductor equipment market is projected to grow significantly, indicating a robust domestic industry chain [15] 2. Market Review - The A-share Shenwan Electronics Index fell by 4.87% during the week, underperforming the CSI 300 Index by 2.64 percentage points [18] - Among the sub-sectors, the semiconductor sector declined by 3.62%, while the components sector saw a drop of 9.78% [19] 3. Industry News - Qualcomm and IBM's collaboration will showcase generative AI applications at MWC 2025, highlighting the importance of AI in enterprise solutions [27] - Starry Meizu will present its AI ecosystem products at MWC 2025, including new smartphone models and smart glasses [12][27] 4. Company Dynamics - Jiangfeng Electronics is expanding its market share in ultra-high-purity metal sputtering targets due to its technological advantages [30] - Precision Electronics is focusing on optical materials and devices for smart wearable products [30] 5. Company Announcements - Jiangfeng Electronics reported a revenue increase of 39.11% year-on-year, with a net profit growth of 56.90% [33] - Lexin Technology anticipates a significant increase in net profit, projecting a growth of 271.70% [33]

Investment Rating - The industry investment rating is "Maintain Buy" for the non-bank financial sector [8]. Core Views - The government work report during the Two Sessions first mentioned "stabilizing the stock market," reflecting a strong commitment to boosting the capital market. Compared to previous years, the content related to the capital market has significantly increased, indicating the government's determination to enhance the capital market's role in economic development [4][14]. - Focus on the follow-up policies to catalyze medium- and long-term capital entering the market, including the scale of two monetary policy tools and related institutional optimizations, as well as the revision of long-term capital assessment policy documents [5][15]. Data Tracking - In February, the A-share market saw an increase of 284,000 new accounts, surpassing the total for the previous 11 months [49]. - The average daily trading volume of A-shares was 17,009 billion, down 14.6% week-on-week [28]. - As of March 7, 2025, the A-share margin trading balance was 19,059 billion, with a financing balance of 18,941 billion, reflecting increases of 76.6 and 69.9 million respectively [28]. - The public fund sector saw the establishment of 20 new equity funds this week, totaling 11.47 billion shares, a decrease of 54.4% [28]. Investment Suggestions - The market's trading activity has significantly increased, suggesting a focus on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Wealth. Additionally, with the recovery of the equity market and the rise of passive investment, it is recommended to pay attention to leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities [6][16].

Investment Rating - The industry investment rating is "Maintain Buy" [8] Core Viewpoints - The government work report during the Two Sessions first mentioned "stabilizing the stock market," reflecting a strong commitment to boosting the capital market. Compared to previous years, the content related to the capital market has significantly increased, indicating the government's determination to enhance the capital market's role in economic development [4][14]. - Focus on the follow-up policies that catalyze the entry of medium- and long-term funds into the market, including the scale of two monetary policy tools and related institutional optimizations, as well as the revision of long-term fund assessment policies [5][15]. Data Tracking - In February, A-share new accounts reached 2.84 million, surpassing the previous 11 months [49]. - The average daily trading volume of A-shares was 1.7 trillion yuan, down 14.6% week-on-week [28]. - As of March 7, the A-share margin balance was 1.9059 trillion yuan, with a financing balance of 1.8941 trillion yuan, reflecting a year-to-date average margin balance increase of 19.1% [28][29]. - The public fund sector saw the establishment of 20 new equity funds this week, totaling 11.47 billion units, a decrease of 54.4% week-on-week [28]. Investment Suggestions - The market's trading activity has significantly increased, suggesting a focus on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Wealth. Additionally, with the recovery of the equity market and the rise of passive investment, it is recommended to pay attention to leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities [6][16].

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The government work report emphasizes boosting consumption and the integration of "AI+" into various sectors, which is expected to enhance consumer spending in the pet industry due to the emotional value associated with pets [1] - The launch of the world's first digital life database for dogs and cats by Guobao Pet Group marks a significant shift in the pet industry towards data-driven strategies, aiming to improve pet health and nutrition through advanced research methodologies [2] - The trend of traveling with pets is gaining traction, with increasing demand for pet-friendly travel services, indicating a new consumption potential in the pet economy [3] Summary by Sections Government Initiatives - The 2025 government work report aims to stimulate consumption and promote digital, green, and intelligent consumption, which is expected to positively impact the pet industry [1] Digital Transformation - Guobao Pet Group's WarmData center integrates cross-species data and digital twin technology to enhance pet nutrition research, representing a strategic shift from scale-driven to data-driven approaches in the pet industry [2] Emerging Consumption Trends - The rise of "pet-friendly travel" is highlighted as a new market opportunity, with various services like pet-friendly restaurants and hotels becoming increasingly popular among pet owners [3] Investment Recommendations - Suggested companies for investment include Tianyuan Pet, Yiyi Co., and Guobao Pet, which are involved in pet intelligence and interaction, as well as companies like Xiaomi and Alibaba that are diversifying into the pet sector [4]