Market Overview - The domestic market indices showed an upward trend, with the Shanghai Composite Index closing at 3,351.54, up by 0.81%, and the Shenzhen Component Index closing at 10,772.65, up by 1.46% [2] Industry Commentary - The electronics sector is highlighted by Alibaba's confirmation of a partnership with Apple, which will lead to the launch of the iPhone SE4. This collaboration is expected to enhance AI capabilities in the device [3][4] - The semiconductor sector saw varied performance, with the Philadelphia Semiconductor Index rising by 3.03% while the Taiwan Semiconductor Index fell by 4.37% [4] Key Developments - ByteDance's Doubao team introduced a new sparse model architecture, UltraMem, which can reduce inference costs by up to 83% compared to MoE, significantly improving inference speed [4] - Alibaba's co-founder confirmed the partnership with Apple to provide AI servers for the Chinese market, indicating a strategic move to localize services for Apple products [4] Financial Performance - Yongxi Electronics reported a revenue of 3.605 billion yuan for 2024, a year-on-year increase of 50.76%, and a net profit of 67 million yuan, marking a return to profitability [4] - SMIC reported a revenue of 57.796 billion yuan for 2024, a 27.7% increase year-on-year, but a net profit decline of 23.3% to 3.699 billion yuan [4] Price Trends in the Photovoltaic Industry - The price of dense polysilicon remained stable at 39.0 yuan/kg, while granular silicon saw a 2.8% increase to 37.0 yuan/kg. The overall inventory of polysilicon is slowly decreasing [6] - The average price of M10 solar cells remained at 0.33 yuan/W, with a slight increase in the price of 182mm N-type solar cells to 0.285 yuan/W [6] Investment Recommendations - The report suggests focusing on domestic replacements in equipment, materials, and components, as well as high-performance chips driven by AI technology. Companies to watch include Aiko, Longi Green Energy, and others in the photovoltaic sector [8]

资料来源：最闻 2025 年 2 月 19 日 行业研究/行业周报 相关报告： 券电子行业周跟踪 2025.2.12 出口，新一轮清单涵盖多个高科技领域- 山西证券电子行业周跟踪 2025.1.21 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 电子 周跟踪（20250210-20250214） 领先大市-A(维持) 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.2.10-2025.2.14）市场大盘普遍上涨，上证指数涨 1.30%，深圳成指涨 1.64%，创业板指涨 1.88%，科创 50 涨 0.36%，申万电子 指数涨 0.27%，Wind 半导体指数跌 0.69%。外围市场，费城半导体指数涨 3.03%，台湾半导体指数跌 4.37%。细分板块中，周涨跌幅前三为模拟芯片设 计（+3.13%）、元件（+2.12%）、分立器件（+0.92%）。从个股看，涨幅前五 为利尔达（+31.66%）、昀冢科技（+29.69%）、力王股份（+26.58%）、致尚 科技（+22.73%）和利扬芯片（+20.83%）；跌幅前五为天键股份（- ...

化学原料行业近一年市场表现 资料来源：最闻 相关报告： 材料"行动计划，霍尼韦尔官宣 1 拆 3- 新材料周报（250203-0207） 2025.2.12 价标准公示，长鸿高科拟建 15 万吨生物 新材料- 新材料周报 （250113-0117） 2025.1.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 0.11%，跑输创 业板指 1.99%。近五个交易日，合成生物指数上涨 6.08%，半导体材料下跌 0.75%， 电子化学品下跌 0.59%，可降解塑料上涨 2.92%，工业气体下跌 0.21%，电池化 学品上涨 2.21%。 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250210-0214） 领先大市-B(维持) 《国家重点推广低碳技术目录》公布，深交所受理美瑞新材定增材料 2025 年 2 月 18 日 行业研究/行业周报 摘要 二级市场表现 产业链周度价格跟踪 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry [1]. Core Insights - The demand for computing power from internet giants is expected to surge, particularly with Tencent's integration of DeepSeek into WeChat, which has over 1.3 billion monthly active users. This is anticipated to drive significant growth in search capabilities and cloud demand [1]. - Alibaba's collaboration with Apple is set to accelerate capital expenditures in cloud computing, as Apple's ecosystem will generate substantial cloud computing needs. Alibaba Cloud has also upgraded its flagship model, further solidifying cloud demand [2]. - Cummins' Power System business reported a revenue increase of 22% year-on-year in Q4 2024, driven by data center applications and the mining market. The EBITDA margin improved to 18.0%, with expectations of continued growth in 2025 [3]. Summary by Sections Industry Dynamics - The global data center market is expanding due to the push from cloud computing, big data, and artificial intelligence. National policies are encouraging the development and innovation of the data center industry [4]. - The report highlights investment opportunities in the domestic supply chain related to core equipment, particularly in generator sets and liquid cooling equipment [4]. Market Performance - The report provides insights into the recent market performance of the other general machinery sector, indicating a positive trend [5].

Investment Rating - The report maintains a "Leading the Market-B" rating for the new materials sector [2] Core Insights - The new materials sector experienced a slight decline, with the new materials index down by 0.11%, underperforming the ChiNext index by 1.99%. Over the past five trading days, the synthetic biology index rose by 6.08%, while semiconductor materials and electronic chemicals saw declines of 0.75% and 0.59%, respectively [2][13] - The report highlights the potential of AI in synthetic biology, suggesting that companies like Huaheng Biological and Kaisa Biological are worth monitoring due to their strategic investments in AI-driven protein optimization platforms [4][5] Summary by Sections 1. Market Performance - The new materials sector saw a decline, with the new materials index down 0.11% and synthetic biology index up 6.08% [2][13] - The overall market performance for the week showed the CSI 300 index up by 1.19% and the Shanghai Composite index up by 1.3% [9] 2. Price Tracking 2.1 Amino Acids - Valine price at 15,350 CNY/ton, down 0.32%; Arginine at 29,000 CNY/ton, up 3.57%; Tryptophan at 56,500 CNY/ton, up 1.80% [25] 2.2 Biodegradable Plastics - PLA (FY201 injection grade) priced at 18,000 CNY/ton, unchanged; PBS at 19,000 CNY/ton, unchanged [28] 2.3 Industrial Gases - Oxygen priced at 358 CNY/ton, down 6.04%; Nitrogen at 385 CNY/ton, down 1.53% [32] 3. Investment Recommendations - The report suggests focusing on companies like Huaheng Biological and Kaisa Biological due to their advancements in AI applications in synthetic biology, which is expected to grow significantly, with the domestic biomanufacturing market projected to reach nearly 2 trillion CNY by 2033, with a CAGR of 16.6% from 2023 to 2033 [4][5]

农林牧渔 农业行业周报 同步大市-A(维持) | 首选股票 | | 评级 | | --- | --- | --- | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 002567.SZ | 唐人神 | 增持-B | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | | 000876.SZ | 新希望 | 增持-B | 相关报告： 【山证农林牧渔】畜禽养殖板块 2024 年业绩值得期待-【山证农业】农业行业 周 报 （ 2025.01.13-2025.01.19 ） 2025.1.20 【山证农林牧渔】行业或存在明显的正 向预期差-【山证农业】农业行业 2025 年度策略 2025.1.20 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 执业登记编码：S07 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development and Wen's Shares [2] Core Views - The livestock farming sector is expected to see improved performance in 2024, with a potential recovery in profitability starting from Q2 2024. The market may be overly pessimistic regarding the impact of rising pig production capacity on profitability cycles [5][6] - The report highlights that the poultry industry may benefit from a rebound in demand and lower raw material costs, suggesting a positive outlook for companies like Shengnong Development and Haida Group [6] Summary by Sections Livestock Farming - As of February 14, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.44, 15.32, and 14.64 yuan/kg, reflecting a week-on-week decrease of 1.70%, 3.34%, and 2.20% respectively. The average pork price was 21.78 yuan/kg, down 5.02% [4][27] - The self-breeding profit was 22.12 yuan/head, while the profit from purchasing piglets was -4.24 yuan/head [4][27] Poultry Farming - The weekly price for white feather broiler chickens was 6.17 yuan/kg, down 14.54% from January 24. The price for broiler chicks was 1.96 yuan/chick, down 21.91% [39] - The profit from chicken farming was -3.53 yuan/chick, and egg prices were 7.80 yuan/kg, down 17.02% [39] Feed Processing - In 2024, the total industrial feed production in China was 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of compound feed was 29,354.0 million tons, down 1.8% [44] Market Performance - For the week of February 10-16, 2025, the Shanghai and Shenzhen 300 index increased by 1.19%, while the agriculture sector rose by 1.06%, ranking 17th among sectors. The top-performing sub-industries included animal health, pig farming, and feed additives [3][20]

Market Trends - The major domestic indices showed positive performance with the Shanghai Composite Index closing at 3,355.83, up by 0.27% [3] - The Shenzhen Component Index closed at 10,791.06, increasing by 0.39% [3] - The ChiNext Index saw a rise of 0.51%, closing at 2,226.62 [3] Solar Industry Insights - In January, the manufacturing prices of photovoltaic equipment and components increased by 0.5%, indicating a stable price trend across the industry chain [7] - The average price of polysilicon remained stable at 39.0 CNY/kg, while the average price of silicon wafers and battery cells also showed little change [7][8] - The report highlights a potential price recovery in the solar industry due to increased demand from upcoming projects and government policies promoting renewable energy [8] Non-Banking Financial Sector - The deployment of the DeepSeek model by multiple brokerage firms is expected to enhance their financial technology capabilities, improving efficiency in various business areas [12] - Recent mergers and acquisitions in the brokerage sector are anticipated to create a more competitive landscape, with central control over multiple brokerage licenses [12] Computer Industry Developments - The introduction of the UltraMem architecture by ByteDance is expected to significantly reduce inference costs and improve AI application deployment [15] - The report emphasizes the potential for AI applications to proliferate as inference costs decrease, with a focus on various sectors including enterprise services and healthcare [15] Chemical Industry Overview - The spring farming season is driving up prices for fertilizers, particularly urea and potassium chloride, as demand increases with the warming weather [19] - The report notes that the overall supply of potassium chloride remains tight, impacting market dynamics [19] Textile and Apparel Sector - ASICS reported a revenue of 678.53 billion JPY for 2024, a year-on-year increase of 18.9%, and projects a 15% revenue growth for 2025 [24][27] - The report suggests focusing on companies with strong recovery potential in the textile manufacturing sector, particularly those benefiting from improved inventory management and international market expansion [30]

太阳能 行业周报（20250210-20250216） 同步大市-A(维持) 1 月光伏设备及元器件制造价格上涨，产业链价格基本持稳 2025 年 2 月 17 日 行业研究/行业周报 太阳能行业近一年市场表现 投资要点 五部门：发布低碳技术目录：2 月 12 日，生态环境部、工业和信息化部、 住房城乡建设部、交通运输部、农业农村部联合发布《国家重点推广的低碳 技术目录（第五批）》。包括 16MW 超大容量海上风电机组技术、大型光伏 电站智能柔性控制技术与装置、退役锂电池全过程清洁循环利用关键技术与 应用、压水堆核电厂热电联供技术等 5 个重点方向共 103 项低碳技术。 国家统计局：1 月光伏设备及元器件制造价格上涨 0.5%： 2 月 9 日，国 家统计局城市司首席统计师董莉娟解读 2025 年 1 月份 CPI 和 PPI 数据。她指 出，1 月份，受春节假日等因素影响，工业生产处于淡季，全国 PPI 环比下 降 0.2%。其中，光伏设备及元器件制造价格上涨 0.5%。 价格追踪 多晶硅价格：根据 Infolink 数据，本周致密料均价为 39.0 元/kg，较上周 持平；颗粒硅均价为 36.0 元/k ...

Investment Rating - The solar industry maintains a "Synchronize with the Market - A" investment rating [1]. Core Insights - In January 2025, the manufacturing prices of photovoltaic equipment and components increased by 0.5%, while the overall price levels in the industry chain remained stable [2]. - A joint announcement from five departments on February 12, 2025, introduced a new list of 103 low-carbon technologies, including significant advancements in offshore wind power and solar energy control technologies [1]. Price Tracking - The average price of dense polysilicon remained stable at 39.0 CNY/kg, while granular polysilicon also held steady at 36.0 CNY/kg. The market is characterized by a cautious sentiment, with most companies operating at reduced production levels [4]. - The average price of 182mm monocrystalline silicon wafers was 1.15 CNY/piece, and the average price of 183mm N-type wafers was 1.18 CNY/piece, both remaining unchanged from the previous week [4]. - The average price of M10 battery cells was 0.33 CNY/W, and the average price of 182mm TOPCon battery cells was 0.29 CNY/W, with prices remaining stable [5]. - The average price of 182mm bifacial PERC modules was 0.65 CNY/W, also stable, with expectations for increased production as domestic projects commence [8]. Investment Recommendations - Key recommendations include companies focusing on new technology directions such as Aiko Solar and Longi Green Energy, as well as those improving supply-side conditions like Flat Glass Group [9]. - Additional companies to watch include Xiexin Technology, Tongwei Co., and JA Solar, among others, indicating a broad spectrum of potential investment opportunities within the solar industry [9].