Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5][9]. Core Insights - The Guangdong Provincial Government has launched the "2025 Action Plan for Building a Modern Industrial System," which emphasizes the acceleration of research and development projects in key areas, including humanoid robots [2][3]. - The plan aims to establish a competitive industrial cluster in the humanoid robot sector through various supportive policies, including enhancing core technology, building high-level innovation platforms, and expanding application scenarios [3]. - The humanoid robot industry is expected to experience significant growth, with 2024 being a year of accelerated development and 2025 anticipated as the year of commercial mass production [4]. Summary by Sections Policy Initiatives - The Guangdong government is focusing on high-level construction of innovation centers and aims to establish at least 30 provincial-level pilot platforms, along with several national-level major pilot projects [2]. - The plan includes the development of humanoid robots and other key areas, with a goal to foster innovation and application in the industry [2][3]. Market Potential - The demand for humanoid robots is increasing due to societal aging and rising labor costs, suggesting a shift from B2B to B2C markets, which could create substantial market opportunities [4]. - Major technology companies like Tesla, OpenAI, and Huawei are investing in the humanoid robot sector, which is expected to drive rapid advancements and breakthroughs in the industry [4]. Competitive Landscape - Guangdong aims to attract social capital through financial support and industry funds to accelerate technological innovation and industrialization in humanoid robots [3]. - The establishment of a humanoid robot innovation center and the cultivation of leading enterprises are part of the strategy to enhance global competitiveness in this field [3].

Market Overview - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 0.42%, the Shenzhen Component Index down by 0.77%, and the ChiNext Index decreasing by 0.71. The total trading volume in the Shanghai and Shenzhen markets reached 1,819.523 billion yuan [2][7] - In terms of industry performance, the food and beverage, agriculture, forestry, animal husbandry, and fishery sectors led the gains, while electronics, machinery equipment, and telecommunications sectors faced declines. Concept sectors such as short drama games, pork, and Xiaohongshu saw significant increases, whereas humanoid robots, sci-tech new shares, and AI mobile phones experienced notable declines [2][7] Important News - The first film in Chinese history to surpass 10 billion yuan in box office revenue, "Ne Zha," has achieved this milestone, with projections suggesting total earnings could exceed 16 billion yuan, potentially placing it among the top five globally [3][8] - The U.S. President signed a memorandum to introduce reciprocal tariffs, indicating that goods transported through other countries to evade tariffs will not be accepted. Tariffs on automobiles, steel, aluminum, and pharmaceuticals are expected to rise soon, with potential short-term price increases [3][8] Fund Allocation Insights - The technology growth sector has seen a high allocation of funds, with the overall market fund net value rising to 32.19 trillion yuan by the end of 2024. The proportion of money market funds increased to 42.27%, marking a rise of 0.92 percentage points from the previous quarter [9][11] - The electronic, power equipment, and food and beverage industries received the largest increases in fund allocations, with stock allocation ratios rising by 9.83 percentage points, 6.66 percentage points, and 3.27 percentage points, respectively. Conversely, the banking, oil and petrochemical, and transportation sectors saw declines exceeding 3 percentage points [10][11] Industry Development - Guangdong Province has launched an action plan to accelerate the development of humanoid robots, aiming to establish a modern industrial system by 2025. This includes the construction of innovation centers and the promotion of key research projects in humanoid robotics [12][13] - The plan emphasizes the need for high-level construction of innovation platforms and aims to foster a competitive industrial cluster in humanoid robotics, supported by various policies and financial incentives [14][15]

Group 1 - The overall market fund net value increased to 32.19 trillion yuan as of December 31, 2024, with money market funds accounting for 42.27% of the total fund net value, an increase of 0.92 percentage points from the end of Q3 2024 [4][16] - The performance of public funds varied, with an overall three-month return of 0.27%. Bond funds performed well with a return of 1.79%, while mixed funds saw a decline of 0.73% [30][4] - The stock allocation of funds is approximately 80%, with 58% of all funds having stock allocations above 80% [21][55] Group 2 - The top 20 heavy stocks are concentrated in the electronics, non-bank financial, electric power equipment, and pharmaceutical industries, with Ningde Times, Kweichow Moutai, and Midea Group being the top three [39][40] - The electronics sector is the largest heavy stock industry, accounting for 7.08% of the fund's stock investment market value [43] - The funds have increased their positions in the electronics, non-bank financial, and electric power equipment sectors, with significant increases in holdings for stocks like Cambrian and Dongfang Wealth [44][51] Group 3 - The report suggests focusing on sectors with improving industry conditions, technological breakthroughs, and significant performance improvements in the technology innovation sub-sectors [56] - The market continues to favor passive investment strategies, with stock-type ETF fund shares exceeding 2 trillion units as of February 2025 [21][55] - The report highlights the positive impact of new policies on the capital market, which are expected to boost investor confidence [56]

市 场 研 究 【美国 1 月通胀意外上升】美国 1 月未季调 CPI 同比升 3%，预期升 2.9%，前值升 2.9%；季调后 CPI 环比升 0.5%，预期升 0.3%，前值升 0.4%；未季调核心 CPI 同比升 3.3%，预期升 3.1%，前值升 3.2%；季 调后核心 CPI 环比升 0.4%，预期升 0.3%，前值升 0.2%。通胀数据公 布后，交易员预计美联储将减少政策宽松力度，将下次美联储降息时 间从 9 月调整至 12 月。 【明晟公司（MSCI）公布了 2 月份指数审议结果】其中 MSCI 中国指 数新纳入恒玄科技、供销大集、阿特斯、极兔速递、润和软件、晶合 集成、四川长虹、永辉超市 8 只股票，剔除安井食品、安图生物、华 熙生物、凯莱英和华阳股份等 20 只股票。调整将于 2 月 28 日收盘后 生效。 研报精选 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 02 月 13 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大指数集体收涨，截止收盘，沪指收涨 0.85%，深成指收 涨 1.43%，创 ...

证券研究报告|美容护理 美护行业预盈率 72%，子板块表现较为稳定 [Table_ReportType] ——美容护理行业 2024 年业绩预告综述[Table_ReportDate] [Table_Summary] 行业核心观点： 截至 2025 年 2 月 9 日，美容护理行业共计 33 家 A 股公司，已有 18 家 发布业绩预告，行业披露率为 55%，在消费八大行业中位列第 3；行业 预盈率为 72%，在消费八大行业中排行第 2。子板块表现较为稳定，其 中，个护板块预盈率较高，医疗美容、化妆品板块预盈率均过半。建议 关注：1）医美：中长期我国医美行业渗透率有望持续提升，看好产品 附加值高、管线丰富、布局高成长性细分赛道的合规医美龙头公司；2） 化妆品：近期行业整体需求较为疲软，但部分国货品牌凭借出众的产品 力、营销能力取得亮眼增长。年轻一代消费者对于国货美妆品牌的接受 度提高，国货品牌有望实现市占率进一步提升，建议关注强研发、产品 力和营销能力优秀的国货化妆品龙头公司。3）个护用品：大健康理念 普及下，消费者对个人健康和护理愈发重视，同时细分领域不断扩大。 建议关注产品矩阵丰富、研发能力强的个护用品龙 ...

市 场 研 究 [Table_Title] 万联晨会 3241 [Table_MeetReportDate] 2025 年 02 月 12 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收跌，截止收盘，沪指收跌 0.12%，深成指收 跌 0.69%，创业板指收跌 1.43%。沪深两市成交额 16357.04 亿元。申 万行业方面，纺织服饰、银行、传媒领涨，房地产、电力设备、国防 军工领跌；概念板块方面，铜缆高速连接、小红书概念、黄金概念涨 幅居前，DRG/DIP、家庭医生、BC 电池跌幅居前。港股方面，恒生指 数收跌 1.06%，恒生科技指数收跌 2.73%；海外方面，美国三大指数 涨跌不一，道指收涨 0.28%，标普 500 收涨 0.03%，纳指收跌 0.36%。 【重要新闻】 | [Table_InterIndex] | 国际市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 道琼斯 | 44,593.65 | 0.28% | | S&P500 | 6,068.50 | 0.03% | | 纳斯达克 ...

证券研究报告|食品饮料 强调提振消费的重要性，多措施并举扩内需 [Table_ReportType] ——国务院常务会议消费快评报告[Table_ReportDate] [事件Table_Summary] ： 国务院总理李强 2 月 10 日主持召开国务院常务会议，研究 提振消费等有关工作议题。 投资要点： ⚫ 强调提振消费的重要性。会议将提振消费的议题放在首要位置， 强调提振消费的重要性，指出"提振消费是扩大内需、做大做强 国内大循环的重中之重。要切实转变观念，把提振消费摆到更加 突出位置"，该表述与 2024 年底召开的中央经济工作会议精神 保持一致，即"大力提振消费、提高投资效益，全方位扩大国内 需求"为 2025 年重点任务的首要任务。相较于 2024 年，2025 年扩内需在经济工作中的重要性进一步提升，预计财政支出结构 将向支持消费领域倾斜，各项提振消费的政策有望加码。 ⚫ 多措施并举扩内需。在提振消费的举措方面，会议提出：⑴提升 居民收入水平。要大力支持居民增收，促进工资性收入合理增 长，拓宽财产性收入渠道，提升消费能力。⑵聚焦潜力大的消费 领域。要聚焦牵动性强、增长空间大的消费领域，深挖消费潜 ...

证券研究报告|纺织服饰 纺织制造预增占比提升，关注终端需求回暖 [Table_ReportType] ——纺织服饰行业 2024 年业绩预告综述[Table_ReportDate] [行业核心观点 Table_Summary] ： 截至 2025 年 2 月初，纺织服饰板块共有 47 家上市公司发布 中报业绩预告，行业披露率为 44%。受消费需求疲软、金价 上行等因素影响，2024 年纺织服饰行业首次亏损及连续亏损 的上市公司占比均有上升。从二级子行业来看，纺织制造板 块表现分化，预增占比提升，随着终端需求回暖有望带来盈 利回升；服装家纺板块受全球高通胀高利率、外需疲弱、贸 易环境复杂等因素的影响，行业出口压力增加，超三成上市 公司首次出现亏损；饰品板块业绩表现分化，2024 年以来金 价的快速上涨抑制了黄金珠宝的消费需求，黄金珠宝企业业 绩出现不同程度下滑，但随着黄金饰品工艺提升以及"悦 己"消费观念的深入，黄金珠宝首饰在非婚嫁场景的渗透率 进一步提升，看好注重产品设计、运营能力强、品牌势能 强、高分红+高股息的黄金珠宝龙头企业。 投资要点： 纺服行业业绩承压，全年预盈率 43%：截至 2025 年 2 月 ...

市 场 研 究 [Table_Title] 万联晨会 周一 A 股三大指数集体收涨，截止收盘，沪指收涨 0.56%，深成指收 涨 0.52%，创业板指收涨 0.44%。沪深两市成交额 17305.27 亿元。申 万行业方面，计算机、传媒、商贸零售领涨，电力设备、煤炭、公用 事业领跌；概念板块方面，兵装重组、DRG/DIP、DeepSeek 概念涨幅 居前，Peek 材料、PVDF 概念跌幅居前。港股方面，恒生指数收涨 1.84%， 恒生科技指数收涨 2.65%；海外方面，美国三大指数集体收涨，道指 收涨 0.38%，标普 500 收涨 0.67%，纳指收涨 0.98%。 【重要新闻】 【国务院总理李强主持召开国务院常务会议，研究提振消费有关工 作】会议强调，要大力支持居民增收，促进工资性收入合理增长，支 持新型消费加快发展，促进"人工智能+消费"等。会议还审议通过 《2025 年稳外资行动方案》，研究化解重点产业结构性矛盾政策措 施；讨论并原则通过《中华人民共和国国家发展规划法（草案）》，决 定将草案提请全国人大常委会审议。 【比亚迪召开智能化战略发布会，发布"天神之眼"高阶智驾系统。】 "天神之眼"高阶智能 ...

家电行业 24Q4 基金持仓跟踪报告 [Table_ReportType] ——家用电器行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2024 年 Q4 家电行业公募基金持仓比重在连续 7 个季度持续 提升后首次出现微降，白电、家电零部件、小家电及黑电等 细分行业持仓比重均有所回落，照明设备和厨卫电器持仓比 重稳中微升。市场对于以旧换新政策透支以及关税加征等方 面有一定担忧，同时叠加前期家电板块整体表现较好，预计 多方因素综合导致公募基金持仓比重微降。展望后市，内销 方面，2025 年以旧换新政策加力推进，我们认为当前大家电 市场以更新需求为主，内销需求在以旧换新政策推动下仍有 释放空间，预计 2025 年或仍可保持稳定提升；外销方面， 关税影响预期较为充分，同时我国家电市场对美国的出口依 赖度较低，当前海外需求主要由新兴市场贡献增量，预计外 销景气度有望延续，我们维持行业"强于大市"评级。建议 持续关注股息率有一定优势的头部家电企业、地产边际改善 预期下地产后周期标的估值修复机会以及具有第二增长曲线 的相关个股。 ⚫ 重仓配置比例 2023 年以来环比首次 ...