Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the other general machinery industry, indicating an expected growth rate exceeding the benchmark index by over 10% [1][7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, which aims to enhance industrial transformation through AI, develop AI terminals such as smart robots and connected vehicles, and accelerate AI applications across various sectors including low-altitude, education, and healthcare. This push is expected to significantly increase demand for computing power, positioning intelligent computing centers as a key strategic resource in global competition [1]. - The launch of the first general AI agent, Manus, by Chinese startup Monica showcases advancements in AI technology, achieving state-of-the-art performance in benchmark tests. This development is anticipated to further expand the application scenarios for AI agents, thereby stimulating demand for computing power [2]. - Major internet companies, including Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a capital expenditure of 31.775 billion yuan for Q3 FY25, an 80% quarter-on-quarter increase. The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, which is expected to surpass the total investment of the past decade [3]. Summary by Sections Industry Performance - The other general machinery sector has shown strong market performance over the past year, driven by advancements in AI and increased capital expenditures from major tech companies [1][3]. Investment Opportunities - The report highlights investment opportunities in AIDC (Artificial Intelligence Data Center) equipment, driven by the growing demand for computing power and the expansion of data center infrastructure [1][3]. - Specific companies in the supply chain for AIDC equipment are recommended for attention, including engine manufacturers and OEMs, as well as liquid cooling equipment suppliers [4].

Market Overview - The domestic market indices showed mixed performance with the Shanghai Composite Index closing at 3,379.83, up by 0.41% [2] - The Shenzhen Component Index and CSI 300 also experienced slight increases of 0.33% and 0.32% respectively, while the ChiNext Index rose by 0.19% [2] Non-Bank Financial Sector - The report emphasizes the need to stabilize the real estate and stock markets, with ongoing reforms in the capital market [4] - The China Securities Regulatory Commission (CSRC) aims to enhance the inclusiveness of the multi-tiered market system and improve the awareness of listed companies in returning value to investors [6] Pharmaceutical Industry - The pharmaceutical sector is expected to see a rebalancing of valuations, with the SW Pharmaceutical Bio Index having reached a historical low PE of 25.5 times as of January 3, 2025 [7] - The government is promoting a multi-layered payment system to support the development of innovative drugs and medical devices, with commercial health insurance expected to grow significantly [8] - The report highlights the potential for Chinese manufacturers to expand internationally, particularly in high-end customized medical supplies and innovative drugs [8] Food and Beverage Sector - The food and beverage industry faced challenges in 2024, with overall performance lagging behind the market due to weak economic growth and demand recovery [8] - The report suggests that the sector is now at a turning point, with expectations for a gradual recovery in 2025 driven by improved consumer sentiment and policy support [10] - Investment strategies focus on identifying companies with strong growth potential and those offering high dividends [10] Agricultural Sector - The agricultural sector is experiencing a recovery in pig prices, maintaining profitability even during the off-season [15] - The report indicates that the pig farming industry is entering a profit cycle, with expectations for a gradual recovery in production capacity and profitability [18] Chemical Raw Materials - The new materials sector is supported by government policies aimed at fostering new productive forces, with significant orders reported for innovative materials [19] - The report notes that the chemical raw materials industry is poised for growth as upstream raw material prices stabilize and demand recovers [20] AI and Computing Power - The report highlights the emergence of AI platforms like Manus, which are expected to drive significant increases in computing power demand [12] - Investment opportunities are identified in sectors benefiting from increased capital expenditure in computing infrastructure, particularly in servers and data centers [16] Textile and Apparel Sector - The textile and apparel industry is facing challenges with export declines, particularly in comparison to competitors like Vietnam [28][29] - The report suggests a focus on companies that can adapt to changing market conditions and consumer preferences [30]

研究早观点 2025 年 3 月 12 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,379.83 | 0.41 | | 深证成指 | | 10,861.16 | 0.33 | | 沪深 | 300 | 3,941.42 | 0.32 | | 中小板指 | | 6,718.22 | -0.00 | | 创业板指 | | 2,204.03 | 0.19 | | 科创 | 50 | 1,100.74 | -0.40 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20250303-20250309）：-稳住楼 市股市，资本市场改革再深化 【行业评论】医药：医药行业 2025 年投资策略-多层次支付体系支持 创新发展，看好中国制造扬帆出海 【行业评论】食品饮料：食品饮料行业 2025 年度策略-至暗已过，柳 暗花明 【行业评论】通信： ...

非银行金融 行业周报（20250303-20250309） 领先大市-A(维持) 2025 年 3 月 11 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 推进，关注行业并购及业绩催化-行业周 报（20250217-20250223）： 2025.2.25 【山证非银行金融】DeepSeek 大部署， 券 商 牌 照 再 整 合 - 行 业 周 报 （20250210-20250216）： 2025.2.17 上周主要指数均有不同程度上涨，上证综指上涨 1.56%，沪深 300 上涨 1.39%，创业板指数上涨 1.61%。上周 A 股成交金额 8.50 万亿元，日均成交额 1.70 万亿元，环比减少 14.59%。两融余额 1.91 万亿元，环比提升 0.67%。中债-总全价(总值)指数较年初下跌 1.29%; 中债国债 10 年期到期收益率为 1.81%,较年初上行 20.51bp。 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351-- ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] - The company is focusing on high-value-added products and services, which has led to an increase in gross margin to 29.16%, up by 2.90 percentage points from the previous year [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 51.06 billion yuan, a year-on-year decrease of 22.57%, but the net profit attributable to shareholders was 11.42 billion yuan, a year-on-year increase of 5.16% [2][3] - The company's IT equipment business generated revenue of 117.06 billion yuan in 2024, down 8.40% year-on-year, while software development and system integration services brought in 13.95 billion yuan, down 10.94% [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 due to strategic transformation and management optimization [3] Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.53, 1.81, and 2.04 respectively, with corresponding PE ratios of 46.52, 39.23, and 34.78 [6][7] - Revenue projections for 2025, 2026, and 2027 are 146.46 billion yuan, 164.99 billion yuan, and 182.99 billion yuan, respectively, indicating a recovery and growth trajectory [7][10]

食品饮料板块近一年市场表现 相关报告： 【山证食品饮料】白酒业绩分化，大众 品底部复苏-食品饮料行业 23 年年报 &24Q1 季报总结及中期展望 2024.5.13 蔡琪 执业登记编码：S0760524100002 邮箱：caiqi@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 食品饮料 食品饮料行业 2025 年度策略 领先大市-A(维持) 投资要点： 资料来源：最闻 24 年食品饮料行业回顾：跑输大盘，收益欠佳。整体看，经济增长及需 求复苏偏弱，在基本面羸弱与低预期双重影响下，食饮板块 24 年收益表现 欠佳，机构持仓回落。子板块中，饮料和零食表现相对突出。对个股收益进 行拆分，股价涨跌主要由业绩驱动，增速亮眼的公司仍可获得估值溢价。估 值层面，食品饮料板块调整时间已超过 3 年，下跌空间有限，安全边际较高。 25 年食品饮料行业展望及投资策略：24 年下半年以来，国家多次强调 内需消费在经济中增长的地位，明确经济政策的着力点要更多转向惠民生、 促消费，努力挖掘国内市场潜力，提升有效需求。我们认为自上而下的定调 尤为关键，政策转向后 ...

非银行金融 行业周报（20250303-20250309） 领先大市-A(维持) 非银行金融行业近一年市场表现 资料来源：最闻 【山证非银行金融】资本市场法制化再 推进，关注行业并购及业绩催化-行业周 报（20250217-20250223）： 2025.2.25 【山证非银行金融】DeepSeek 大部署， 券 商 牌 照 再 整 合 - 行 业 周 报 （20250210-20250216）： 2025.2.17 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 稳住楼市股市，资本市场改革再深化 2025 年 3 月 11 日 行业研究/行业周报 投资要点 相关报告： 资本市场改革再深入，推动股市健康发展。证监会在经济主题 记者会上就资本市场改革发展系列问题答记者问。在推动股市健康 发展方面，证监会表示下一步将进一步增强多层次市场体系的包容 性，优化板块间差异化安排；进一步增强投融资发 ...

食品饮料板块近一年市场表现 【山证食品饮料】白酒业绩分化，大众 品底部复苏-食品饮料行业 23 年年报 &24Q1 季报总结及中期展望 2024.5.13 蔡琪 执业登记编码：S0760524100002 邮箱：caiqi@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 食品饮料 食品饮料行业 2025 年度策略 领先大市-A(维持) 2025 年 3 月 11 日 行业研究/行业年度策略 投资要点： 资料来源：最闻 24 年食品饮料行业回顾：跑输大盘，收益欠佳。整体看，经济增长及需 求复苏偏弱，在基本面羸弱与低预期双重影响下，食饮板块 24 年收益表现 欠佳，机构持仓回落。子板块中，饮料和零食表现相对突出。对个股收益进 行拆分，股价涨跌主要由业绩驱动，增速亮眼的公司仍可获得估值溢价。估 值层面，食品饮料板块调整时间已超过 3 年，下跌空间有限，安全边际较高。 25 年食品饮料行业展望及投资策略：24 年下半年以来，国家多次强调 内需消费在经济中增长的地位，明确经济政策的着力点要更多转向惠民生、 促消费，努力挖掘国内市场潜力，提升有效需求。我 ...

医药 医药行业 2025 年投资策略 领先大市-B(维持) 2025 年 3 月 11 日 行业研究/行业年度策略 医药板块近一年市场表现 资料来源：最闻 需的性价比、出海的必然性-医药行业 2024 年中期策略 2024.7.17 分析师： 邓周宇 执业登记编码：S0760524040002 邮箱：dengzhouyu@sxzq.com 魏赟 执业登记编码：S0760522030005 邮箱：weiyun@sxzq.com 杜鹏程 执业登记编码：S0760524110001 邮箱：dupengcheng@sxzq.com 研究助理： 任欣平 邮箱：renxinping@sxzq.com 张智勇 邮箱：zhangzhiyong@sxzq.com 估值再平衡结束，新周期逐步孕育。SW 医药生物指数在 2021 年初 达到历史新高，随后进入超过 3 年的下跌调整时期。2021 年 2 月 18 日（板 块最高点）至 2024 年 9 月 23 日（本轮反弹起点），医药生物指数持续下跌， 估值持续收缩。自 9 月 24 日以来，医药板块跟随大盘反弹，目前 A 股 SW 医 药板块 PE25.5 倍（截至 2025 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] Financial Performance Summary - In 2024, the company's IT equipment business generated revenue of 117.06 billion yuan, down 8.40% year-on-year, while software development, system integration, and technical services generated 13.95 billion yuan, down 10.94% year-on-year [3] - The company's gross margin increased to 29.16%, up 2.90 percentage points from the previous year, due to a strategic shift towards high-value-added products and services [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 [3] Future Earnings Estimates - The company is expected to achieve EPS of 1.53, 1.81, and 2.04 for the years 2025, 2026, and 2027, respectively [6] - Corresponding P/E ratios for these years are projected to be 46.52, 39.23, and 34.78 [6] AI Ecosystem Development - The company has accelerated its AI ecosystem layout with the launch of products like DeepAI and DeepSeek, enhancing its competitive position in the domestic computing power market [4][5]