Investment Rating - The report maintains an "Accumulate" rating for the computer industry [5] Core Insights - The report highlights the progress of the domestic large model base, specifically the expected completion of the Spark X1 version by iFLYTEK within March, which aims to match or exceed OpenAI's capabilities in mathematical problem-solving and logical reasoning [1][11] - Qirobot, a domestic special robot company, has completed a 40 million yuan Series A financing round to expand production and enhance R&D for its robots designed for hazardous environments [2][11] - The launch of the Doubao AI assistant in Lotus cars is anticipated to integrate real-time voice and AI Q&A capabilities [2][12] Market Review - The A-share Shenwan Computer Index rose by 7.77%, outperforming the CSI 300 Index by 6.58 percentage points and the ChiNext Index by 5.2 percentage points [3][14] - Within the Shenwan 31 first-level sub-industries, the computer sector ranked second in weekly performance, with software development up by 8.65%, computer equipment by 3.47%, and IT services II by 9.92% [15][19] Investment Recommendations - The report recommends focusing on the large model sector benefiting from iFLYTEK's advancements, the robot sector supported by Qirobot's financing, and the smart driving sector driven by the Doubao AI assistant's integration [4][13] - Suggested companies include YunSai ZhiLian, Runze Technology, and Shanghai Ganglian for the large model sector; Nengke Technology for the robot sector; and Desai Xiwai and Zhongke Chuangda for the smart driving sector [4][13] Company Dynamics - Yan2.0, developed by Yan Mountain Technology, is set to launch in 2025, featuring a new architecture that significantly enhances training efficiency and memory capabilities [25] - Qianfang Technology is expanding its AI applications across various sectors, showcasing its capabilities at the 2024 China International Public Safety Products Expo [26] Key Company Announcements - Jin Qiao Information announced an adjustment to its share repurchase price limit from 13.94 yuan to 22.00 yuan per share [28] - Anbo Tong's subsidiary secured a significant sales contract worth approximately 1.492 billion yuan [28]

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]

Investment Rating - The report maintains an "Accumulate" rating for the computer industry [6][7]. Core Insights - Perplexity has launched a new version of its Sonar search model, which is optimized for search applications and operates on Cerebras' inference infrastructure. The new model achieves a token decoding speed of 1200 tokens per second, which is over 8.5 times faster than Gemini 2.0 Flash. User evaluations indicate that the performance of the new Sonar model significantly surpasses that of GPT-4omini and Claude 3.5 Haiku, while being comparable to GPT-4o [23][24]. - Huawei's DeepSeek V3/R1 flagship model, with 671 billion parameters, has been fully optimized for deployment on Huawei Cloud's Ascend cloud service, meeting commercial deployment needs [25]. - Tencent's Yuanbao has integrated the DeepSeekR1 model, enabling deep thinking and online search capabilities, enhancing the model's reasoning and response accuracy [26]. - Baidu announced the open-sourcing of its next-generation Wenxin model series 4.5 starting June 30, with a deep search feature available for free from April 1 [27]. Investment Recommendations - The widespread adoption of DeepSeek and improvements in model performance are expected to accelerate the penetration of AI applications. The report is optimistic about the overall industry chain's prosperity and recommends focusing on investment opportunities in the IaaS layer, specifically highlighting companies such as Microsoft (MSFT), Google (GOOGL), Meta (META), and Amazon (AMAZON) [28].

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%， ...

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - Domestic offshore wind projects are accelerating, and domestic companies are expanding overseas. The Shenneng Hainan CZ2 offshore wind power demonstration project has completed its main engineering work, with a planned capacity of 1,200 MW, and the first phase has a capacity of 603 MW. Additionally, the Cangnan No. 5 offshore wind project has been approved with a planned capacity of 800 MW [1][67] - The wind power installed capacity in China reached 79.34 GW in 2024, representing a year-on-year growth of 4.5%. The total installed capacity of wind power in China reached 520 million kW by the end of 2024, with a year-on-year increase of 18.0% [2][26] - The approval of wind power projects in 2024 totaled 103.41 GW, a year-on-year increase of 63.24%, with onshore wind projects accounting for 87.55 GW and offshore wind projects for 14.62 GW [2][44] Summary by Sections Market Performance Review - The electric power equipment sector experienced a weekly change of 1.12%, ranking 18th among 31 first-level industries in terms of performance [2][11] - The wind power equipment sub-sector had a weekly change of 0.09%, indicating a middle-range performance [15] Wind Power Industry Chain Tracking - The total installed capacity of wind power in China reached 520 million kW by the end of 2024, with an increase of 79.34 GW in new installations for the year [26][31] - The average utilization rate of wind power in 2024 was 95.9%, with wind power generation accounting for 10.1% of the total electricity consumption [31][36] Investment Recommendations - Companies benefiting from the demand for offshore wind power and the development of deep-sea wind projects include Dongfang Cable, Haili Wind Power, Qifan Cable, and Yaxing Anchor Chain [3][68] - Companies with strong capabilities in expanding overseas markets include Dajin Heavy Industry, Taisen Wind Energy, and Zhenjiang Co., Ltd. [3][68] - Wind turbine manufacturers with recovering profitability include Mingyang Smart Energy, Goldwind Technology, Sany Heavy Energy, and Yunda Co., Ltd. [3][68]

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]

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 ...