Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - Samsung plans to achieve 1000-layer NAND by 2030 and has introduced 400-layer wafer bonding technology. The average price fluctuation for 22 NAND products last week ranged from 0.00% to 3.45%, with an average change of 0.49% [1][24] - TrendForce forecasts that the global DRAM industry revenue will reach $28 billion in Q4 2024, representing a 9.9% quarter-on-quarter increase and a 63.8% year-on-year growth from the previous low [1][22] - The market for storage chips is experiencing a structural differentiation, with SSD prices generally rising while UFS prices are declining due to oversupply [2][24] Summary by Sections NAND Market - Samsung aims to implement 1000-layer NAND technology by 2030, showcasing advancements in wafer bonding and low-temperature etching at the ISSCC [1][24] - The price changes for NAND products last week showed 11 products stable, 11 increasing, and none decreasing [1] DRAM Market - TrendForce predicts a revenue of $28 billion for the DRAM industry in Q4 2024, with a 9.9% increase from the previous quarter and a significant 63.8% increase from the previous year's low [1][22] - The price fluctuation for 18 DRAM products last week ranged from -1.16% to 2.47%, with an average change of 0.20% [1] HBM Market - SK Hynix has begun construction on its first wafer fab in the Yongin semiconductor cluster, expected to be completed by May 2027, which will focus on producing next-generation DRAM chips like HBM [2][22] - The HBM industry is anticipated to grow rapidly due to increased demand from advanced computing chips [3] Investment Recommendations - The report suggests a positive outlook for the HBM supply chain and semiconductor recovery, recommending stocks such as Saiteng Co., Yishitong, and Huahai Chengke [3] - For storage chips, the report recommends Dongxin Co. and suggests attention to Zhaoyi Innovation and Hengshuo Co. due to rising demand driven by AI [3]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and expected performance in the market [3]. Core Insights - The company, Xidian New Energy, is a leading player in battery connection technology, with a market share of approximately 15% in battery connection systems and 31% in electric control busbars as of the first half of 2023 [1][2]. - The company has established strong customer loyalty through high product reliability, with significant clients including CATL, BYD, and Rockwell Automation [2]. - The global lithium battery shipment is projected to reach approximately 1545 GWh in 2024, representing a year-on-year growth of 29%, which is expected to benefit the company significantly [2]. Financial Performance - For the first half of 2024, the company reported revenue of approximately 1.41 billion yuan, a year-on-year increase of 4%, and a net profit of about 150 million yuan, up 3% year-on-year [1]. - The company's gross margin is approximately 17.7% for 2024, with a net profit margin of about 10.5% [1]. - Revenue projections for 2024, 2025, and 2026 are estimated at 2.2 billion yuan, 2.54 billion yuan, and 2.91 billion yuan, respectively, with corresponding net profits of 220 million yuan, 310 million yuan, and 360 million yuan [3][5]. Market Position and Growth Potential - The company has a strong technical barrier in product design and manufacturing, having collaborated with major firms like CRRC and GE, and is expected to benefit from breakthroughs in FCC technology by the end of 2024 [1][2]. - The indirect downstream market includes new energy vehicles and energy storage, with a compound annual growth rate of approximately 22% expected until 2030 [2]. - The company is well-positioned to capitalize on the rapid growth in demand for lithium batteries, with significant market opportunities ahead [2].

电子 行业研究/行业周报 NAND：三星计划到 2030 年实现 1000 层 NAND 并推出 400 层晶圆 键合技术。根据 DRAMexchange，上周（20250224-0228）NAND 颗 粒 22 个品类现货价格环比涨跌幅区间为 0.00%至 3.45%，平均涨跌幅 为 0.49%。其中 11 个料号价格持平，11 个料号价格上涨，0 个料号价 格下跌。三星电子在国际固态电路会议（ISSCC）上展示了其晶圆键 合、低温蚀刻和钼应用等技术。这些技术将从 400 层的 NAND 闪存 技术开始应用，可用于在 NAND 区域实现 1000 多层堆叠。 DRAM：TrendForce 称 2024 年四季度 DRAM 内存产业营收 280 亿 美元，环比增长 9.9%。根据 DRAMexchange，上周（20250224- 0228）DRAM 18个品类现货价格环比涨跌幅区间为-1.16%至 2.47%， 平均涨跌幅为 0.20%。上周 8 个料号呈上涨趋势，10 个料号呈下降趋 势，0 个料号价格持平。TrendForce 集邦咨询表示，2024 年四季度全 球 DRAM 内存产业实现 280 亿 ...

策略研究/策略点评 择时而入，乘势而上 ——2025 年政府工作报告点评 ◼ 核心观点 ◼ 投资建议 我们看好新质生产力背景下科技创新的长期趋势，投资有望围绕"人 工智能+"的方向逐级展开，从商业化落地进程和技术发展节奏角度， 建议持续关注智能驾驶/人形机器人/卫星互联网（低空经济）赛道。 ◼ 风险提示 财政支持力度不及预期、战略性新兴产业发展不及预期。 | 分析师： | 唐文卿 | | --- | --- | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | | 相关报告： | | 《3 月金股：政策暖风 科技慢牛》 ——2025 年 03 月 02 日 《2 月金股：创新崛起，生态重塑》 ——2025 年 02 月 05 日 《务天时，则财生》 ——2025 年 01 月 11 日 大力提振消费和提高投资效益是扩大内需、拉动经济增长的主动力和 稳定锚。在提振消费方面，中央安排 3000 亿元超长期特别国债支持以 旧换新政策。同时，通过多渠道促进居民增收、创新消费场景、扩容 服务消费等措施，释放消费潜力， ...

石油石化 行业研究/行业周报 长丝下游开工提升，把握行业布局机会 ——石油化工行业周报（20250224-20250228） ◼ 市场行情回顾 ◼ 风险提示 油价大幅波动、需求不及预期、海外经营风险等。 ◼ 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 机数周环比增加，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 1.5 美元/桶，汽油价差周下滑约 1.4 美元/桶，乙烯与 石脑油价差周上涨约 2 美元/吨，PX 与石脑油价差周下滑约 14 美元/ 吨。从周度数据来看，成品油产品中，新加坡汽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扩大，PX 与石脑油价差有所缩 小，炼化公司的业绩修复空间较大。 终端聚酯方面，截至 2 月 28 日，POY 价差约为 1343 元/吨。从库存天 数 来 看 ， 江 浙 织 机 FDY/DTY/POY 的 库 存 天 数 环 比 变 ...

Investment Rating - The industry investment rating is maintained as "Increase" [7] Core Viewpoints - M&A events are beneficial for the brokerage sector, enhancing risk appetite. The stock prices of China Galaxy and CICC rose by 8.46% and 3.19% respectively due to market rumors of mergers, although both companies later clarified that no such plans were in place [3][12] - The upcoming Two Sessions are expected to bring attention to the brokerage sector, with government reports likely focusing on stabilizing the stock market and encouraging long-term capital inflows, which could reduce performance uncertainty for brokerages [4][13] - The brokerage sector may see opportunities from two catalysts: one being the potential for macro policy adjustments exceeding expectations, and the other being the positive feedback from the current structural market conditions [4][13] Data Tracking - The average daily trading volume of A-shares reached 19,916 billion yuan this week, up 4.1% week-on-week, and 18,402 billion yuan in February, up 52.6% month-on-month. Year-to-date, the average daily trading volume is 15,228 billion yuan, up 84.1% year-on-year [2][28] - As of February 28, 2025, the A-share margin trading balance was 18,982 billion yuan, with a financing balance of 18,871 billion yuan and a securities lending balance of 111 billion yuan, reflecting increases of 187.3 billion yuan and 188.1 billion yuan respectively [2][28] - 25 new equity funds were established this week, totaling 251.7 million shares, a 477% increase week-on-week [2][28] Investment Suggestions - With significant increases in market trading activity, it is recommended to focus on internet brokerages with high trading elasticity and beta attributes, such as East Money. Additionally, attention should be given to leading brokerages like CITIC Securities, GF Securities, and Huatai Securities, which have advantages in equity asset management and ETF management [5][13] - Brokerages with M&A expectations, such as China Galaxy and CICC, are also highlighted as potential investment opportunities [5][13]

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - The pet industry is experiencing increased investment interest, particularly in smart pet products, driven by the rise of "empty nest" pet ownership and refined pet care demands [2][3] - Tianyuan Pet's acquisition of "Itpin" aims to enhance offline channel capabilities and integrate resources to strengthen its brand matrix centered around pet stores [1] - The Chinese pet economy is projected to grow from 592.8 billion yuan in 2023 to 1.15 trillion yuan by 2028, indicating a robust market trend [3] Summary by Relevant Sections Industry Overview - The pet industry is witnessing a surge in investment as companies from various sectors enter the market, recognizing the growing consumer spending on pets [3] - The market is characterized by a shift towards smart pet products, which cater to the needs of busy pet owners [2] Company Developments - Tianyuan Pet has launched its first asset acquisition project with Chongqing Xiyuan Information Technology Co., enhancing its B2B digital procurement platform for pet stores [1] - Xiaomai and other tech giants are entering the pet electronics market, developing smart pet devices [3] Market Trends - The demand for smart pet products is expected to grow due to advancements in AI, IoT, and big data technologies, which will create new opportunities in the industry [2] - Companies with strong product development, brand building, and resource integration capabilities are likely to thrive amid industry evolution [3] Investment Recommendations - Focus on companies involved in smart pet technology and interactive pet products, such as Tianyuan Pet, Yiyi Co., and Source Fly Pet [4] - Consider investments in companies like Xiaomi, Haier, and Unilever that are diversifying into the pet sector [4]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - Beijing has introduced 12 measures to promote high-quality development in the advertising industry, which is expected to benefit the entire industry chain. The annual revenue of large-scale advertising companies in Beijing reached 343.4 billion yuan, maintaining the top position in the country with a steady growth trend [10][26] - The success of "Nezha 2" has not only boosted the domestic film market but also reignited interest in the "Guzi economy," with related merchandise sales exceeding 300 million yuan within a month of its release, breaking previous records [2][10] - Multiple regions, including Zhejiang and Guangzhou, have expressed support for the gaming industry to grow stronger, with specific policies and funding being developed to enhance the sector [11][27] Summary by Sections 1. Market Review - The A-share Shenwan Media Index fell by 8% from February 24 to February 28, underperforming the CSI 300 Index by 5.78 percentage points and the ChiNext Index by 3.55 percentage points. The performance of the seven sub-sectors of the Shenwan Media Index ranked as follows: Television Broadcasting (-5.28%), Publishing (-5.79%), Advertising Marketing (-7.09%), Digital Media (-8.38%), Gaming (-9.1%), Education (-9.16%), and Film and Television (-9.89%) [3][14][17] 2. Investment Recommendations - The report recommends focusing on the following sectors: - Advertising Marketing: Suggested companies include Focus Media and Easy Point [12] - Guzi Economy: Suggested companies include Aofei Entertainment, Guangbo Shares, Huali Technology, and Chuangyuan Shares [12] - Gaming: Suggested companies include Kaiying Network, 37 Interactive Entertainment, and G-bits [12] 3. Industry News - Beijing's 12 measures aim to enhance the digital advertising industry's quality and support the construction of digital advertising industrial parks, optimizing medical advertising management and providing guidelines for financial and real estate advertising [26] - The merchandise sales related to "Nezha 2" have surpassed 300 million yuan, with over 2 billion yuan coming from trendy items like blind boxes and figurines, leading to the emergence of nearly 10 million-level stores [2][10] - Zhejiang and Guangzhou are implementing measures to support the gaming industry, including policies for promoting local games abroad and enhancing cultural trade innovation [11][27]

通信 行业研究/行业周报 A OpenAI 发布 GPT-4.5，英伟达财报表现亮眼 ——通信行业周报（2025.2.24-2025.2.28） ◼ 核心观点 本周我们看好光模块、运营商、通信设备等板块。 光模块：建议关注中际旭创、天孚通信、新易盛等。 运营商：建议关注中国移动、中国电信、中国联通等。 通信设备：建议关注中兴通讯、紫光股份等。 ◼ 风险提示 本周核心观点与重点要闻回顾 算力：OpenAI 发布 GPT-4.5。据澎湃新闻报道，当地时间 2 月 27 日 （周四），OpenAI 通过一段 13 分钟的视频发布了其最新模型 GPT- 4.5，这是迄今为止最大的模型。据悉，GPT-4.5 的训练使用了 GPT- 4o 10 倍的计算能力，它的能力展示了预训练规模进一步扩展带来的 能力的提升。在多项基准测试中，GPT-4.5 超过了 GPT-4o，尤其在数 学能力上上升了 27%，编码能力提升 7%-10%。山姆·奥特曼也表示 这是一个庞大且昂贵的模型，目前仅向 ChatGPT Pro 推出。"我们一 直在增长，GPU 已经用完了。我们下周将增加数万张 GPU。" 通信设备：光传输设备市场强势收官，2 ...

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]