证券研究报告|交通运输 [Table_Title] 政府工作报告再次提及低空经济，低空经济 有望加速落地 [Table_ReportType] ——低空经济快评报告[Table_ReportDate] [行业核心观点： Table_Summary] 低空经济涉及产业链较长，产业综合带动能力较强，低空经 济是具有较强发展潜力的新兴产业。其产业链涉及高端制造 业、通信等多个行业，应用端广泛涵盖智慧城市、文旅观 光、科技农业等新业态，低空经济是典型的资金、技术与高 端人才密集型产业，产业规模空间广阔。从航空器制造、低 空运营服务到低空基础设施建设，蕴藏着较大的市场潜力待 激发。2024 年及 2025 年两次政府工作报告提及低空经济， 体现了政策端的大力扶持，但预计短期内较难在收入端体 现，建议关注相关事件驱动带来的板块机会，短期建议关注 低空基础设施建设领域相关标的。 事件：2025 年 3 月 5 日，政府工作报告中提到"培育壮大新兴 产业、未来产业。深入推进战略性新兴产业融合集群发展。开展 新技术新产品新场景大规模应用示范行动，推动商业航天、低空 经济等新兴产业安全健康发展。建立未来产业投入增长机制，培 育生 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 06 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三，A 股三大指数震荡走高，上证指数收涨 0.53%，报 3341.96 点， 深证成指涨 0.28%，创业板指涨 0.01%。两市 A 股成交额约 1.49 万亿 元人民币，超 2100 股上涨。申万行业方面，通信行业领涨，房地产 行业跌幅居前；概念板块方面，6G、F5G、人形机器人概念涨幅居前。 港股方面，香港恒生指数收涨 2.84%，恒生科技指数涨 4.02%。美国 三大股指全线收涨，道指涨 1.14%，标普 500 指数涨 1.12%，纳指涨 1.46%。欧洲及亚太股市多数上涨。 【重要新闻】 【十四届全国人大三次会议在京开幕，李强作政府工作报告】第十四 届全国人民代表大会第三次会议 5 日上午在北京人民大会堂开幕。根 据会议议程，国务院总理李强代表国务院向大会作政府工作报告。报 告共分三个部分：一、2024 年工作回顾；二、2025 年经济社会发展 总体要求和政策取向；三、2025 年政府工作任务 ...

证券研究报告|机械设备 [Table_Title] 工业缝纫机械龙头，积极布局智能成套探索 第二成长曲线 [Table_StockName] ——杰克股份（603337）首次覆盖 [Table_ReportDate] [Table_Summary] 报告关键要素: 工业缝纫机行业历经周期性调整后，当前行业正处于向上周期，杰克股 份作为工业缝纫机龙头从中受益，2024 年营收拐点已现，盈利能力持 续提升。公司传统业务优势稳固，接续推出高毛利爆品，精准把握客户 的核心需求和痛点，工业缝纫机产品的国内市场份额呈上升趋势。此外， 公司针对下游纺织服装行业智能化发展趋势，积极推出成套智联解决方 案，打造公司第二成长曲线。 投资要点: ⚫ 工业缝纫机行业历经周期性调整后，行情持续回温。我国工业缝纫机行 业发展历史悠久，目前已成为全球最大的生产国。工业缝纫机为典型的 周期性赛道，一般 3-4 年经历一轮周期，2013/2017/2021 年工业缝纫 机产量同比增速均为小峰值，2021 年行业处于周期性高点，2022-2023 年，在全球经济增长放缓、地缘冲突加剧、通胀保持粘性、货币持续收 紧的背景下，全球制造业景气度较为低 ...

（2）积极稳妥推进碳达峰碳中和，加快新能源基地建设及统筹消 证券研究报告|电力设备 [Table_Title] 两会提出推进全国统一大市场建设，加快新 能源基地发展 [Table_ReportType] ——电力设备行业快评报告[Table_ReportDate] [Table_Summary] ⚫ 事件：2025 年 3 月 5 日，十四届全国人大三次会议开幕，李强总理 作政府工作报告。 投资要点： 新能源行业高速发展，2024 年产业成果显著。《政府工作报告》提及 产业升级有新进展，2024 年全国可再生能源新增装机 3.7 亿千瓦。同 时，全国绿色低碳发展水平持续提升，非化石能源发电量占总发电量 的比重接近 40%。 2025 年工作任务方面： （1）纵深推进全国统一大市场建设，相关政策有望持续落实。《政 府工作报告》强调加快建立健全基础制度规则，破除地方保护和市 场分割，打通市场准入退出、要素配置等方面制约经济循环的卡点 堵点，综合整治"内卷式"竞争。制定重点领域公平竞争合规指 引，改革完善招标投标体制机制。近年以来，我国电力市场改革持 续加速，多项重点政策相继发布。2024 年 12 月，国家发改委 ...

Investment Rating - The report gives a "Buy" rating for Jack Co., Ltd. (杰克股份) with a target price of 38.41 CNY per share, corresponding to a 2024 PE of 23X [4][12]. Core Views - The industrial sewing machine industry is currently in an upward cycle after experiencing periodic adjustments, with Jack Co., Ltd. benefiting as a leading player in the sector. The revenue inflection point is expected in 2024, with continuous improvement in profitability [2][12]. - The company maintains a strong advantage in traditional business while actively launching high-margin products to meet core customer needs. The domestic market share for industrial sewing machines is on the rise [3][11]. - Jack Co., Ltd. is also exploring smart integrated solutions in response to the intelligent development trend in the downstream textile and apparel industry, aiming to create a second growth curve [2][11]. Summary by Sections Industry Overview - The industrial sewing machine industry has undergone cyclical adjustments and is now experiencing a recovery. China has become the world's largest producer of industrial sewing machines, with a typical cycle of 3-4 years. The industry faced a downturn in 2022-2023 due to global economic slowdowns and geopolitical tensions, with production dropping over 40% from the 2021 peak [2][19]. - In 2024, the domestic textile and apparel market is showing signs of improvement, which is expected to drive demand for sewing machines significantly in the second half of the year [2][19][20]. Company Profile - Jack Co., Ltd. is a leading player in the domestic industrial sewing machine market, with over 85% of its revenue coming from this core business. The company has diversified its product line through strategic acquisitions and has expanded its international presence [3][39]. - The company’s revenue is projected to recover, with a forecasted increase in net profit from 538.43 million CNY in 2023 to 1.20 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of 7.45% from 2021 to 2023 [3][12]. Financial Performance - The company’s revenue for 2024 is expected to reach approximately 6.09 billion CNY, with a growth rate of 15.13% compared to 2023. The net profit is projected to grow by 50.03% to 807.81 million CNY in 2024 [3][12]. - The company has maintained a stable expense ratio while improving its gross margin, primarily driven by the profitability of its overseas business [10][12]. Product Strategy - Jack Co., Ltd. has a comprehensive product range that includes pre-sewing, sewing, and post-sewing equipment, with a focus on high-margin products. The company has launched flagship products like the "Fast Response King" flat sewing machine and the "Overlock King" overlock machine to capture market demand [11][40]. - The company is also investing in smart integrated solutions, including intelligent cutting and logistics systems, to enhance its competitive edge in the digital transformation of the industry [11][12].

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of over 10% relative increase in the industry index compared to the market in the next six months [4][8]. Core Insights - The 2025 Government Work Report emphasizes the deepening of national reading and cultural benefit projects, marking a significant advancement in the public cultural service system, which is expected to enhance the publishing industry as a strategic support for cultural confidence [1][2]. - The report highlights the integration of culture and technology as a core driver for the development of new cultural formats, with advancements in AI, AR/VR, blockchain, and cloud computing reshaping content production and dissemination [2]. - The report suggests focusing on companies with quality IP reserves or strong capabilities in vertical fields within the publishing industry, as well as those involved in AI and AR/VR applications, and leading companies in the gaming and film industries with rich IP reserves [2]. Summary by Sections Industry Overview - The report discusses the ongoing initiatives to enhance public cultural services and the promotion of reading, which are expected to drive demand in the publishing sector [1]. - The integration of technology in cultural industries is seen as a pathway to high-quality development, with notable successes in content production exemplified by popular cultural products [2]. Investment Recommendations - The report recommends attention to companies with strong IP reserves, those leveraging AI and AR/VR technologies, and leading firms in gaming and film with robust operational capabilities [2].

证券研究报告|机械设备 [Table_Title] 政府工作报告首提"具身智能"与"智能机 器人" ，政策支持力度持续升级 [Table_ReportType] ——人形机器人行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 3 月 5 日，十四届全国人大三次会议在人民大会堂开幕，国务 院总理李强作政府工作报告，首次提及培育具身智能产业、大力发展智 能机器人。 投资要点： 政府工作报告首次提及培育具身智能产业、大力发展智能机器人。《政 府工作报告》指出，要因地制宜发展新质生产力，加快建设现代化产业 体系，建立未来产业投入增长机制，培育生物制造、量子科技、具身智 能、6G 等未来产业。还提出要持续推进"人工智能+"行动，将数字技 术与制造优势、市场优势更好结合起来，支持大模型广泛应用，大力发 展智能网联新能源汽车、人工智能手机和电脑、智能机器人等新一代智 能终端以及智能制造装备。我们认为这一举措不仅是对全球科技竞争格 局的积极应对，也是我国在人口红利逐渐消退背景下，推动经济高质量 发展的重要战略部署。在全球人工智能、机器人技术等前沿科技领域竞 争日益激烈 ...

Investment Rating - The industry investment rating is "Outperform the Market" with 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 report emphasizes the dual focus on "promoting innovation and ensuring public welfare" within the biopharmaceutical sector, highlighting the need for coordinated development and governance across medical services, insurance, and pharmaceuticals [1][2]. Summary by Sections Innovation Promotion - The report advocates for a robust drug pricing mechanism and the establishment of an innovative drug catalog to support the development of innovative medicines. It also calls for the enhancement of traditional Chinese medicine (TCM) and the cultivation of emerging industries such as biomanufacturing and quantum technology [2][8]. - There is a significant demand for innovative drugs in areas like oncology, autoimmune diseases, and rare diseases, with a notable shift from "Me-too" drugs to "First-in-class/Best-in-class" innovations among Chinese pharmaceutical companies. The report suggests focusing on companies leading in areas such as IO dual antibodies, ADCs, and central nervous system drugs [8]. Public Welfare Assurance - The report discusses reforms in public hospitals aimed at enhancing service quality and accessibility, including dynamic adjustments to staffing and a focus on a service-oriented fee structure. It also highlights the expansion of essential medical insurance and the improvement of reimbursement mechanisms [2]. - The per capita financial subsidy for resident medical insurance and basic public health services is set to increase by 30 yuan and 5 yuan, respectively. Additionally, the report mentions the establishment of a drug and consumable traceability mechanism and the optimization of drug procurement policies [2][8].

证券研究报告|电子 [Table_Title] AI 终端应用写入《政府工作报告》，新型举 国体制优势推动科技攻关 [Table_ReportType] ——电子行业快评报告[Table_ReportDate] [行业事件： Table_Summary] 2025 年 3 月 5 日，十四届全国人大三次会议在人民大会堂开幕，国务 院总理李强作《政府工作报告》。 投资要点： ⚫ "人工智能+"行动有望打通应用"最后一公里"，推动 AI 终端应用加 速渗透：2024 年《政府工作报告》中，提及开展"人工智能+"行动， 主要面向产业数字化转型以及数字基础设施适度超前建设等方面。2025 年《政府工作报告》进一步明确"人工智能+"行动要落实到应用端， 要"支持大模型应用，大力发展智能网联新能源汽车、人工智能手机和 电脑、智能机器人等新一代智能终端以及智能制造装备"。我们认为， 2025 年《政府工作报告》强调将发展目标进一步落实到应用端，有望 打通人工智能应用"最后一公里"，推动智能终端产业高质量跨越式发 展。随着硬件底座夯实、模型部署成本下降，以及应用生态日渐繁荣， 生成式 AI 有望在手机、个人电脑、车载设备以及 ...

补资本 稳信用 证券研究报告|银行 强于大市(维持) [Table_ReportType] ——银行行业快评报告[Table_ReportDate] 2025 年 03 月 06 日 [事件Table_Summary] ： 2025 年 3 月 5 日上午，十四届全国人大三次会议开幕。李强总 理作政府工作报告。 投资要点： 拟发行特别国债 5000 亿元，支持国有大型商业银行补充资本： 根据我们此前的测算，若六家国有大型银行提高核心一级资本 充足率 1 个百分点，所需要注资的规模约为 1.07 万亿元。当 前国有大行的杠杆约为 14 倍，理论上 1.07 万亿元的注资，能 够撬动 15 万亿元的总资产投放。按照分期分批的思路，本次 5000 亿元用于首批银行注资，有助于保持规模增长的稳定性、 提高银行体系对风险的抵御能力。另外，由于隐性债务置换或 带来银行业整体贷款增速下降。不过，贷款增量的减少转为政 府债券的增加，对银行总资产增速的影响相对中性。另外，大 行注资后确实会对每股分红有一定的摊薄。 延续适度宽松的货币政策总基调：报告中提到，"社会融资规 模、货币供应量增长同经济增长、价格总水平预期目标相匹 配" ...