Investment Rating - The industry investment rating is maintained as "Add" [6] Core Insights - Qualcomm announced a collaboration with IBM to develop enterprise-level generative AI applications for cloud and edge environments, indicating a positive outlook for AI applications in the industry [11][27] - The consumer electronics sector is expected to benefit from the debut of AI-integrated products at MWC 2025, with a focus on AI and consumer electronics applications [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 [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 showcase more applications combining AI and consumer electronics, benefiting the industry chain [12] - Advanced Packaging: The importance of advanced packaging technology is increasing in the computing era, with the industry chain expected to benefit [13] - Domestic Substitution: The domestic semiconductor equipment market is projected to grow significantly, indicating a positive trend for the 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, semiconductor (-3.62%) and optical electronics (-3.93%) performed relatively better, while components (-9.78%) and consumer electronics (-6.06%) lagged [19][22] 3. Industry News - Qualcomm and IBM's collaboration will be showcased at MWC 2025, focusing on enterprise-level generative AI applications [27] - Starry Meizu will debut its AI ecosystem products at MWC 2025, highlighting the integration of AI in consumer electronics [12][27] - CounterPoint Research forecasts a 20% revenue growth for the wafer foundry industry in 2025, driven by strong AI demand [29] 4. Company Dynamics - Jiangfeng Electronics is expanding its market share in ultra-pure metal sputtering targets due to technological advantages [30] - Precision Electronics is focusing on optical materials and devices for smart wearable terminals [30] 5. Company Announcements - Jiangfeng Electronics reported a revenue increase of 39.11% year-on-year for 2024, with a net profit growth of 56.90% [33] - Lexin Technology anticipates a significant increase in net profit, projecting a growth of 271.70% for 2024 [33]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and market position [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]. Summary by Sections Company Overview - Xidian New Energy, founded in 2007 and headquartered in Suzhou, specializes in the development and application of battery connection technology [1]. - The company has achieved a revenue of approximately 1.41 billion yuan in the first three quarters of 2024, with a year-on-year growth of 4% [1]. Technical Advantages - The company possesses technical advantages in product design, process development, and key equipment manufacturing, having collaborated with major firms like CRRC and GE [1]. Customer Stickiness - The company has built long-term relationships with clients, with CATL's share in its customer base increasing from 30% in 2020 to 75% in 2024 [2]. Future Growth Potential - The company is well-positioned to benefit from the rapid growth in the electric vehicle and energy storage sectors, with a projected revenue of 2.2 billion yuan in 2024, increasing to 2.9 billion yuan by 2026 [3]. Financial Projections - Revenue and net profit forecasts for 2024, 2025, and 2026 are 2.2 billion yuan, 2.5 billion yuan, and 2.9 billion yuan respectively, with corresponding net profits of 2.2 billion yuan, 3.1 billion yuan, and 3.6 billion yuan [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the oil and petrochemical industry [5]. Core Viewpoints - The international oil prices have seen a slight decline, with Brent crude settling at approximately $73.18 per barrel, down 2.14% week-on-week, and WTI crude at about $69.76 per barrel, down 1.33% week-on-week [15][19]. - The upstream sector is expected to benefit from high international oil prices, with a projected increase in U.S. crude oil production over the next two years [24]. - The midstream refining sector shows potential for performance recovery, as the price differentials for ethylene and naphtha have widened, while PX and naphtha differentials have narrowed [27]. - In the terminal polyester sector, the price spread for POY has expanded, indicating a significant recovery potential for long filament companies [36]. Market Performance - The CITIC oil and petrochemical sector declined by approximately 0.18% during the week of February 24-28, 2025, while the Shanghai Composite Index fell by about 1.72%, indicating a relative outperformance of 1.55 percentage points [12][13]. - Key stocks that led the gains included Guangju Energy (+44.45%), Zhun Oil Shares (+11.49%), and Unified Shares (+9.72%), while the biggest losers were Hongtian Shares (-24.08%) and Montai High-tech (-11.59%) [13][14]. Investment Recommendations - The report identifies four main investment themes: 1. Focus on energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas reserves and refining upgrades [47]. 2. Increased global upstream capital expenditure is expected to boost the oil service sector, with recommendations to consider CNOOC Services and Offshore Engineering [47]. 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on Baofeng Energy and New Natural Gas [47]. 4. Refining companies are actively planning new capacities and accelerating new material projects, recommending attention to Satellite Chemical, Hengli Petrochemical, and Tongkun Shares [47].

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]

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]