Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The deployment of the DeepSeek model by multiple brokerage firms is highlighted, indicating its integration into various core business areas to enhance capabilities in information retrieval, document processing, industry research, market analysis, software development, marketing strategy formulation, compliance Q&A, and business guidance [2][7]. - The report emphasizes ongoing mergers and acquisitions in the brokerage industry, particularly the shift of control to Central Huijin Company for several brokerages, which may enhance their competitive advantage in consolidation efforts [3][7]. Summary by Sections Investment Suggestions - The report discusses the active exploration and deployment of the DeepSeek model by brokerage firms, which is expected to improve their financial technology capabilities at a lower cost, thus enhancing overall efficiency across various business segments [7]. - Continuous monitoring of mergers and acquisitions in the brokerage sector is recommended, particularly regarding announcements from Central Huijin Company and its implications for brokerage licenses [3][7]. Market Review - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.30%, the CSI 300 by 1.19%, and the ChiNext Index by 1.88% during the week [8]. - The average daily trading volume in A-shares reached 1.75 trillion yuan, reflecting an 8.29% increase compared to the previous period [9]. Key Industry Data Tracking 1) Market Performance and Scale: - The report notes that the total trading volume in A-shares for the week was 8.75 trillion yuan, with a daily average of 1.75 trillion yuan, marking an 8.29% increase [9]. 2) Credit Business: - As of February 14, the market had 3,204.71 billion shares pledged, accounting for 3.96% of the total share capital, with a margin balance of 1.85 trillion yuan, reflecting a 1.80% increase [11]. 3) Fund Issuance: - In January 2025, new fund issuance totaled 832.64 billion units, with a decrease of 44.31% in the number of funds issued compared to the previous month [11]. 4) Investment Banking: - The report states that in January 2025, the equity underwriting scale reached 905.50 billion yuan, including 71.31 billion yuan from IPOs and 834.20 billion yuan from refinancing [11]. 5) Bond Market: - The report indicates that the total price index of bonds has increased by 0.04% since the beginning of the year, with the yield on 10-year government bonds at 1.65%, up by 4.69 basis points [12].

非银行金融 行业周报（20250210-20250216） 领先大市-A(维持) DeepSeek 大部署，券商牌照再整合 【山证非银行金融】以"五篇大文章" 为 锚 ， 发 挥 功 能 性 作 用 - 行 业 周 报 （20250203-20250209）： 2025.2.10 【山证非银行金融】以"五篇大文章" 为锚，发挥功能性作用-资本市场做好金 融" 五 篇大 文章 "实 施意 见点 评 ： 2025.2.10 2025 年 2 月 17 日 行业研究/行业周报 孙田田 资料来源：最闻 相关报告： 非银行金融行业近一年市场表现 投资要点 研究助理： 李明阳 电话：19141933093 邮箱：limingyang@sxzq.com 券业积极探索部署 DeepSeek 大模型。多家券商发布新闻表示已 完成 DeepSeek -R1 部署，将 DeepSeek 融入公司多个核心业务领域， 赋能信息检索、文档处理、行业研究、市场研判、辅助软件研发、 辅助制定营销方案、合规问答、业务办理指引等多个业务场景。 DeepSeek 的本地化部署有利于加快券商金融科技能力建设，以较低 成本训练出金融垂直领域的专业化大 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the computer industry [1][11]. Core Insights - The introduction of the UltraMem architecture by ByteDance's model team significantly enhances inference efficiency, achieving a speed increase of 2-6 times compared to the MoE architecture and reducing inference costs by up to 83% [2][4]. - The report highlights that the continuous decline in inference costs will accelerate the proliferation of AI applications, with the cost of model inference expected to drop by 1200 times by the end of 2024, making it a critical factor for users when selecting models [5][6]. Summary by Sections Market Performance - The computer industry has shown strong market performance over the past year, with a focus on AI applications and the impact of new architectures like UltraMem [1]. Preferred Stocks - The report identifies preferred stocks in the sector, including Kingsoft Office (688111.SH) and Haiguang Information (688041.SH), both rated as "Buy - A" [2]. Technological Developments - The UltraMem architecture optimizes model structure and retrieval methods, significantly improving inference efficiency while maintaining model performance [4]. - The report notes that the UltraMem model, with a training scale of 20 million values, achieves industry-leading inference speed and performance under the same computational resources [4]. Investment Recommendations - The report suggests focusing on AI application-related stocks across various sectors, including enterprise services, office software, multi-modal fields, finance, education, and healthcare, as well as domestic computing chip manufacturers and AI server companies [6][7].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the basic chemical industry [1] Core Viewpoints - The basic chemical industry is experiencing a price increase in fertilizers driven by the spring farming season, with a notable rise in urea and potassium chloride prices. This is attributed to the increasing demand for fertilizers as domestic temperatures rise [4][10] - The manufacturing purchasing managers' index (PMI) in China for January 2025 is reported at 49.1, a decrease of 1 percentage point month-on-month, indicating a slight contraction in manufacturing activity [4][10] - The overall industrial producer price index (PPI) has decreased by 2.2% year-on-year as of December 2024, while the industrial added value for large enterprises has increased by 5.8% year-on-year [4][10] Summary by Sections Chemical Market - The report highlights that the demand for fertilizers is increasing due to the spring farming season, leading to significant price increases in urea and potassium chloride. The market for urea is particularly active due to low operating rates and improved domestic procurement [4][10] - The supply of potassium fertilizer remains tight despite an increase in domestic production, with insufficient importable stocks leading to a reluctance among traders to sell [4][10] Investment Recommendations - The report suggests focusing on the urea and potassium fertilizer markets, recommending key companies such as Lu Xi Chemical, Hualu Hengsheng, Sinochem Fertilizer, and Hubei Yihua for investment [6][27] Industry Data and Company Tracking - The report provides insights into the performance of various segments within the basic chemical industry, noting that chlor-alkali, membrane materials, and inorganic salts have seen significant price increases, while viscose and ammonium explosives have experienced declines [14][15] - The report also tracks the performance of key companies, with notable increases in stock prices for companies like Lingpai Technology and Hangjin Technology, while others like Zhongyan Technology and Jiaao Environmental Protection have seen declines [18][19][20]

纺织服装 行业周报（20250209-20250215） 同步大市-A(维持) ASICS 公布 2024 年业绩，预计 2025 年营收同比增长 15% 2025 年 2 月 17 日 行业研究/行业周报 纺织服装行业近一年市场表现 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】PUMA 公布 2024 财 年初步业绩，汇率中性下收入同比增长 4.4%-【山证纺服】行业周报 2025.2.10 【山证纺织服装】12 月国内社零同比增 长 3.7%，11 月消费者信心指数环比回 落-【山证纺服】2024 年 12 月社零数据 点评 2025.1.20 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：ASICS 公布 2024 年业绩，预计 2025 年营收同比增长 15% 2 月 14 日，ASICS 公布 2024 年业绩。2024 年，公司实现营收 6785.26 亿日元，同比增 长 18.9%，实现归母净利润 638.06 亿日元，同比增长 ...

Market Overview - The domestic market indices showed mixed performance with the Shanghai Composite Index closing at 3,346.72, up by 0.43% [2] - The Shenzhen Component Index increased by 1.16% to 10,749.46, while the ChiNext Index rose by 1.80% to 2,215.30 [2] Coal Industry Insights - The coal industry is currently facing a dual weakness in supply and demand, leading to a continued decline in coal prices. As of February 14, the spot price for thermal coal in the Bohai Rim was 750 RMB/ton, down 1.45% week-on-week [6] - Metallurgical coal prices have stabilized due to macroeconomic expectations, with the price of coking coal at Tangshan Port remaining steady at 1,460 RMB/ton [6] - The overall coal sector experienced a pullback, with the CITIC Coal Index closing at 3,360.11, down 1.36% [7] Investment Recommendations - The report suggests focusing on companies with strong performance support and undervalued stocks, particularly those with a small proportion of non-coal business such as Xinjie Energy and Haohua Energy [8] - Companies with a larger share of non-coal business, like Shaanxi Energy and Electric Power Energy, are also highlighted as significantly undervalued [8] - The report emphasizes the potential for long-term funds to enter the market, especially as the annual report season approaches, enhancing the attractiveness of the coal sector [8] Price Trends and Inventory - As of February 14, the total inventory of metallurgical coal at independent coking plants was 7.38 million tons, reflecting a decrease of 8.88% week-on-week [6] - The average price of rebar steel in the national market was 3,440 RMB/ton, down 1.21% week-on-week, indicating a potential increase in demand for coking coal due to upcoming construction peaks [6][8] Transportation and Logistics - The coastal coal transportation index was reported at 472.59 points, down 0.53% week-on-week, reflecting a continued decline in transportation rates due to oversupply [7] - The average transportation price for long-distance coal transport in Ordos was 0.22 RMB/ton, down 2.22% week-on-week [7]

市场走势 资料来源：最闻 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：Deepseek 打开国内 AI 应用"iPhone 时刻"，北美 Capex 指引大幅增长 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,332.48 | -0.42 | | 深证成指 | | 10,626.62 | -0.77 | | 沪深 | 300 | 3,905.14 | -0.38 | | 中小板指 | | 6,613.25 | -1.03 | | 创业板指 | | 2,176.16 | -0.71 | | 科创 | 50 | 1,017.09 | -2.31 | 研究早观点 2025 年 2 月 14 日 星期五 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 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 国内市场主要指数 研究早观点 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：Deepsee ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected growth exceeding the benchmark index by over 10% [1]. Core Insights - DeepSeek has emerged as the fastest-growing AI application globally, achieving over 20 million daily active users within 20 days of launch, significantly outperforming previous applications like ChatGPT [2][14]. - The success of DeepSeek is attributed to its cost-effectiveness, superior user experience, rapid adaptation by cloud service providers, and engineering optimizations that reduce hardware requirements [2][3][14]. - The rise of DeepSeek is expected to shift domestic AI investment strategies from overseas dependency to independent innovation, positively impacting investor sentiment and funding allocation [3][15]. Summary by Sections 1. Events and Insights - DeepSeek's rapid user growth and its implications for the AI industry are highlighted, with a focus on its engineering optimizations that allow for lower operational costs compared to international competitors [2][14]. - The report suggests that the application of DeepSeek will enhance the utilization rates of public and private cloud services and IDC resources [15]. 2. Market Overview - The overall market saw significant gains during the week of February 3-9, 2025, with the STAR Market index rising by 6.67% and the ChiNext index by 5.36% [20]. - The industrial internet sector led the gains with a 22.7% increase, followed by cloud computing at 18.7% [20]. 3. Recommendations - The report recommends focusing on companies with strong cloud capabilities and unique data resources, including top-tier cloud providers like Huawei Cloud and Alibaba Cloud [15][19]. - It also highlights the potential for domestic chip manufacturers to benefit from the increased demand for AI applications, particularly in the context of export controls from the U.S. [15][19]. 4. Company Performance - Notable stock performances include significant gains for companies like Meige Intelligent and Yinghan Tong, with increases of 33.10% and 30.88%, respectively [26]. - Conversely, companies like Xinyi Technology and Zhongji Xuchuang experienced declines, with drops of 9.84% and 6.13% [26].

研究早观点 2025 年 2 月 13 日 星期四 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 | | 3,346.39 | 0.85 | | 深证成指 | | 10,708.88 | 1.43 | | 沪深 | 300 | 3,919.86 | 0.95 | | 中小板指 | | 6,682.25 | 1.49 | | 创业板指 | | 2,191.76 | 1.81 | | 科创 | 50 | 1,041.14 | 1.63 | | 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 【投资要点】 请务必阅读最后股票评级说明和免责声明 2 【今日要点】 【行业评论】电子：山西证券电子行业周跟踪-北美 CSP 厂商 2025 年 资本开支高企，长期算力需求仍增长 【行业评论】化学原料：新材料周报（250203-0207）-北京发布"人工 智能+新材料"行动计划，霍尼韦尔官宣 1 拆 3 ...

电子行业近一年市场表现 投资要点 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 【山证电子】美国防部发布最新中国涉 军企业，英伟达推出 RTX 5090 显卡-山 电子 周跟踪（20250203-20250207） 领先大市-A(维持) 北美 CSP 厂商 2025 年资本开支高企，长期算力需求仍增长 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 资料来源：最闻 相关报告： 2025 年 2 月 12 日 行业研究/行业周报 投资建议 北美科技巨头陆续发布财报，虽然亚马逊业绩会上提到短期内人工智能 业务会因为投资负担重而影响利润率，但是北美 CSP 厂商 2025 年资本开支 仍然同比大幅增长，且大部分用于人工智能基础设施建设。同时，DeepSeek 用户规模的爆发式增长，和各大模型、端侧设备接连接入 DeepSeek，带动 AI 应用软硬件需求增长。展望 2025 年，虽然短期 DeepSeek 可能引领大模 型厂商降低算力需求，但单位 AI 算力成本的大幅下降，也会带来算力需求增 长，进而带来整体市场空间的扩大。 ...