◼ 核心观点 本周核心观点与重点要闻回顾 AI 端侧：高通宣布与 IBM 合作，打造云端 / 边缘侧企业级生成式 AI 应用。高通公司宣布，将在生成式 AI 在企业级场景落地方面与 IBM 进行合作， 将 在 MWC 2025 上 展 示 在 边 缘 侧 运 行 的 IBM watsonx.governance 和 Granite LLM 大语言模型。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：星纪魅族海外版 Note 22 / 22 Pro 手机等产品将首次亮相 MWC 2025。星纪魅族将首次携 AI 全生态产品参加 MWC 2025，参 展内容包括魅族 21 系列、StarV AR 眼镜等产品。我们认为， MWC2025 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，相关产业链有望持续受益。 先进封装：：全球晶圆代工行业长期增长依靠先进封装技术推动。 CounterPoint Research 预计 2025 至 2028 年，全球晶圆代工行业的营 收年复合增长率将稳定在 13%至 15%之间。长期增长将依靠先进制程 ...

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].

非银金融 行业研究/行业周报 两会观察：重点关注中长期资金入市后续政策催化 ——券商&资本市场周观察（2025.3.3-2025.3.7） ◼ 市场要闻 3）公募：本周新成立 20 只权益类基金（11 只指数类+9 只混合类）， 合计 114.7 亿份，环比-54.4%。 4）投行：按上市日口径，截止本周末，今年 1-3 月日均股权融资额 26.0 亿元，同比+37.3%，其中 IPO、再融资分别 2.2、23.8 亿元，同 比分别-46.3%、+60.2%。 5）投资: 截至本周末，沪深 300 年内涨跌幅 0.23%，较去年同期- 309bp；中债总财富指数年内涨跌幅-0.78%，较去年同期-284bp。 ◼ 核心观点 两会政府工作报告首现"稳股市"，进一步体现提振资本市场决心。自 24 年发布新国九条，特别是 926 中央政治局会议以来，资本市场在经 济发展中的地位得到显著提升。相较以往政府工作报告，今年提及资本 市场内容明显增多，进一步体现国家提振资本市场的决心。 重点关注中长期资金入市后续政策催化。包括两项货币政策工具后续 规模情况及相关制度优化；长期资金长周期考核政策文件修订；科技 板块一二级市场 ...

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]

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6] Core Insights - The government work report emphasizes the development of AI smartphones and computers, indicating that the related industry chain is expected to benefit continuously [12][31] - The Ministry of Commerce has expanded the scope of the old-for-new policy in 2025, which includes subsidies for smartphones, tablets, smartwatches, and wristbands, suggesting a positive outlook for the consumer electronics industry chain [13][32] - Singapore plans to invest nearly 500 million Singapore dollars in advanced packaging technology, which is expected to enhance the semiconductor industry chain [14][32] - The domestic semiconductor equipment sales revenue is projected to grow by 35% in 2024, exceeding 110 billion yuan, indicating a speeding up of the domestic substitution process in the semiconductor industry [15][32] Summary by Sections 1. Core Insights and Investment Recommendations - AI Edge: The government report highlights the development of AI smartphones and computers, suggesting a favorable trend for the related industry chain [12] - Consumer Electronics: The expansion of the old-for-new policy in 2025 is expected to benefit the consumer electronics industry chain [13] - Advanced Packaging: Singapore's investment in advanced packaging technology is anticipated to benefit the related industry chain [14] - Domestic Substitution: The expected growth in domestic semiconductor equipment sales indicates a positive outlook for the domestic substitution process [15] 2. Market Review - The A-share Shenwan Electronics Index rose by 2.74% during the week, outperforming the CSI 300 Index by 1.35 percentage points [18] - The performance of the Shenwan Electronics sub-sectors varied, with optical optoelectronics leading at 3.51% [21][26] 3. Industry News - The government work report emphasizes the development of AI smartphones and computers, which is expected to benefit the industry chain [31] - The Ministry of Commerce's old-for-new policy expansion is set to enhance consumer electronics [32] - Singapore's investment in semiconductor technology is aimed at advancing the industry [32] 4. Company Dynamics - Companies like Guoguang Electric have achieved mass production in AI hardware, indicating a strong position in the AI sector [34] - Lixun Precision is focusing on the robotics industry as a growth area, showcasing strategic development in emerging technologies [34]

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Viewpoints - NAND Flash revenue is expected to decrease by 6.2% in Q4 2024, but the industry is anticipated to return to an upward trajectory in the second half of 2025 due to production cuts and price stabilization [1][23]. - DRAM prices showed a mixed trend with an average fluctuation of 0.89% last week, and Micron showcased its latest 10nm DDR5 memory at MWC [2]. - The HBM market is expected to grow rapidly, driven by demand from advanced computing chips, with Samsung's HBM3E expected to start deliveries in Q2 2025 [3][4]. Summary by Sections NAND Market - In the week of March 3-7, 2025, NAND Flash spot prices fluctuated between -0.81% and 3.53%, with an average change of 0.60% [1]. - The overall NAND Flash industry revenue is projected to decline by up to 20% in Q1 2025 due to reduced orders and contract prices [1][23]. - The industry is expected to recover in the second half of 2025 as prices stabilize and production cuts take effect [1][23]. DRAM Market - DRAM prices varied from -0.72% to 3.45%, with an average increase of 0.89% last week [2]. - Micron's new 1γ DDR5 memory was showcased, with samples expected to be available for partners in Q2 2025 [2]. HBM Market - Samsung's HBM3E products have entered mass production and are expected to be delivered starting in Q2 2025 [3]. - The HBM industry is projected to benefit from the increasing demand for computing power, suggesting a positive growth outlook [4]. Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth, such as Saiteng Co., Yishitong, and Lianrui New Materials [4]. - In the storage chip sector, companies like Dongxin Co. and Zhaoyi Innovation are highlighted as potential investment opportunities due to expected price increases and inventory normalization [4].

Investment Rating - The industry investment rating is "Add" [8] Core Insights - The government work report emphasizes the promotion of low-altitude economy, quantum technology, embodied intelligence, and 6G industry development, aiming for a safe and healthy growth of emerging industries [2][14][30] - Alibaba has released the QwQ-32B open-source inference model, which boasts performance comparable to DeepSeek-R1 while significantly reducing deployment costs, making it feasible for local deployment on consumer-grade graphics cards [3][15] - DeepSeek has disclosed key insights about its V3/R1 inference system, revealing a theoretical daily revenue of $562,027 with a cost-profit margin of 545% based on GPU rental costs [4][16][31] Market Review - During the week of March 3-7, the A-share Shenwan Communication Index rose by 2.81%, outperforming the CSI 300 Index by 1.42 percentage points but underperforming the ChiNext Index by 0.43 percentage points [5][18] - The two major sub-sectors of the Shenwan Communication Index saw the following performance: Communication Services increased by 5.15%, while Communication Equipment rose by 1.4% [21][24] Investment Recommendations - The report recommends focusing on the following sectors: - Optical modules: Suggested companies include Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng [6][17] - Operators: Suggested companies include China Mobile, China Telecom, and China Unicom [6][17] - Communication equipment: Suggested companies include ZTE Corporation and Unisplendour [6][17] Company Dynamics - ZTE Corporation released the "Self-Intelligent Network White Paper (2025)" at MWC 2025, discussing the transformation of communication networks in the intelligent era [32] - China Unicom showcased its cloud storage product, Unicom Cloud Disk, at MWC 2025, which integrates AI capabilities for efficient digital asset management [32]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6]. Core Viewpoints - Xiaomi is focusing on high-end product development, with the Xiaomi 15 Ultra positioned as a "peak imaging, technology flagship" starting at a price of 6499 yuan. The company aims to break into the ultra-high-end market above 6000 yuan in the next five years, competing with Apple in product service and ecosystem compatibility [1][3]. - The pricing of the Xiaomi SU7 Ultra was lower than expected, with a final price of 529,900 yuan, significantly reduced from the pre-sale price of 814,900 yuan [1]. - The company plans to invest 105 billion yuan in R&D from 2021 to 2025, with AI and related businesses expected to account for one-quarter of this investment by 2025 [2]. Financial Projections - The projected net profit for Xiaomi Group is approximately 19.49 billion yuan in 2024, 24.57 billion yuan in 2025, and 29.55 billion yuan in 2026, reflecting a growth rate of 11.52%, 26.07%, and 20.27% respectively [3][13]. - Revenue is expected to grow from 270.97 billion yuan in 2023 to 558.81 billion yuan in 2026, with annual growth rates of -3.24%, 33.67%, 27.03%, and 21.46% [13][16]. Key Financial Metrics - The gross margin is projected to be 21.21% in 2023, decreasing slightly to 20.33% by 2026 [15][16]. - The return on equity (ROE) is expected to be 10.66% in 2023, slightly declining to 12.43% by 2026 [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.51 in 2023 to 38.06 in 2026 [16].

Investment Rating - The industry investment rating is maintained as "Add" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The competitive landscape of the BTK inhibitor market is continuously changing, with BeiGene's Zanubrutinib rapidly approaching a leading market share position in the U.S. market. In 2024, BeiGene reported product revenue of 26.994 billion yuan, a significant increase from 15.504 billion yuan in the previous year, primarily driven by sales growth of Zanubrutinib and other licensed products [2][12]. - Zanubrutinib's global sales in 2024 reached 18.859 billion yuan, reflecting a growth of 106.4%. U.S. sales accounted for 13.890 billion yuan, also up by 107.5%, largely due to expanded use in CLL indications. In Europe, sales were 2.564 billion yuan, a 195.4% increase, while in China, sales reached 1.856 billion yuan, growing by 35.2% [2][12]. - The company expects revenue for 2025 to be between 35.2 billion and 38.1 billion yuan, driven by Zanubrutinib's leading position in the U.S. and ongoing expansion in Europe and other key global markets [2][12]. Market Review - During the week of February 24 to February 28, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.72%, underperforming the CSI 300 index by 0.49 percentage points, while outperforming the ChiNext index by 1.74 percentage points. The sector ranked 23rd among 31 first-level sub-industries [1][17]. - The Hang Seng Healthcare Index decreased by 3.22%, underperforming the Hang Seng Index by 0.93 percentage points, ranking 8th among 12 first-level sub-industries [1][17]. Company Dynamics - BeiGene's Zanubrutinib ranked first in prescription volume among new CLL patients in the U.S., achieving a 97% year-on-year revenue growth in Q4 2024, surpassing competitors Ibrutinib and Acalabrutinib [3][13]. - Another domestic BTK inhibitor, Orelabrutinib from Innovent Biologics, received CDE approval for a Phase III clinical trial in combination with a BCL-2 inhibitor for first-line CLL/SLL treatment. The company also reached an agreement with the FDA regarding the clinical development of Orelabrutinib for MS [3][15]. Investment Recommendations - BTK inhibitors demonstrate significant advantages in treating B-cell malignancies and certain B-cell immune disorders, making them a hot target for blood malignancies and autoimmune diseases. Companies to watch include BeiGene and Innovent Biologics [4][16].

医药生物 行业研究/行业周报 BTK 抑制剂市场竞争格局持续变化 ——医药生物行业周报（2025.2.24-2.28） 行情回顾 上周（2025年 2月 24 日-2 月 28日），A股申万医药生物下跌 2.72%， 板块整体跑输沪深 300 指数 0.49pct，跑赢创业板综指数 1.74pct。在 申万 31 个一级子行业中，医药板块周涨跌幅排名为第 23 位。恒生医 疗保健指数下跌 3.22%，板块整体跑输恒生指数 0.93pct。在恒生 12 个一级子行业中，医疗保健行业周涨跌幅排名为第 8 位。 核心观点 BTK 抑制剂市场竞争格局持续变化，百济神州泽布替尼在美国市场快速 接近价值份额领先地位。本周百济神州公布 2024 年第四季度和全年财务 业绩及业务进展，公告显示 2024年公司产品收入 269.94 亿元（上年同期 为 155.04亿元），增长主要得益于泽布替尼以及安进授权产品和替雷利珠 单 抗 的 销 售 增 长 。 泽 布 替 尼 2024 年 全 球 销 售 额 为 188.59 亿 元 （+106.4%），其中美国销售额为 138.90 亿元（+107.5%），需求增长主要 来自于 C ...