周度行情回顾 2025 年 2 月 23 日至 2 月 28 日，人形机器人概念指数下跌 4.61%， 相较沪深 300 指数跑输 2.39pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 39.13%，相较沪深 300 指数跑赢 37.30pct。 周度热点回顾 [Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 03 月 03 日 [Table_Title] 产品迭代叠加政策催化，具身智能加速孕育 ——人形机器人产业周报 [Table_Summary] 报告要点： 政策端，2 月 28 日，《北京具身智能科技创新与产业培育行动计划 （2025-2027 年）》正式发布。指出到 2027 年，在产业规模方面，北 京将培育产业链上下游核心企业不少于 50 家，形成量产产品不少于 50 款，在科研教育、工业商业、个性化服务三大场景实现不少于 100 项规模化应用，力争推动万台具身机器人规模落地，培育千亿级产业 集群，并将建设不少于 2 个具身智能特色产业集聚区，打造具身智能 领域产教融合基地，营造具有国际影响力的具身智能产业生态。 产品技术迭代方面，2 月 27 日 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [5] Core Views - The media industry experienced a weekly decline of 8.00%, ranking 30th among sub-industries, while the Shanghai Composite Index fell by 1.72% [12][18] - AI applications are seeing significant growth, with DeepSeek and other AI products entering the top ranks of iOS free apps [22] - The gaming sector continues to perform strongly, with Tencent's games dominating the sales charts [24] - The domestic box office reached 9.29 billion yuan, with "Nezha: The Devil's Child" leading the weekly box office [29][32] Summary by Sections Market Performance - The media industry saw a decline of 8.00% from February 24 to March 2, 2025, with all sub-sectors experiencing losses [12][18] - The publishing sector had the smallest decline at 5.79%, while the film and television sector dropped by 9.89% [12] Industry Key Data AI Application Data - DeepSeek, Tencent Yuanbao, Doubao, and Jimeng ranked in the top 4 of the iOS free app chart, indicating a growing user base for AI applications [22] - DeepSeek's estimated downloads for the week were 2.099 million, remaining stable compared to the previous week [22] Gaming Data - Tencent's games, including "Honor of Kings," "Peacekeeper Elite," and "Crossfire," topped the sales charts [24] - The game "Love and Deep Space" saw a significant ranking increase due to a character's birthday event [24] Film Data - The total domestic box office for the week was 9.29 billion yuan, with "Nezha: The Devil's Child" leading at 7.10 billion yuan, accounting for 76.3% of the total [29][32] - "Nezha 2" has surpassed 14.485 billion yuan in global box office, ranking 7th in all-time box office history [29][32] Industry Key Events and Announcements - DeepSeek announced a profit margin of 545% for its model inference system during its open-source week [34] - Alibaba plans to invest 380 billion yuan in cloud and AI hardware infrastructure over the next three years [34] - Nvidia reported a 78% revenue growth for Q4 of fiscal year 2025, with data center revenue increasing by 93% [34][39]

[Table_Main] 行业研究|工业 证券研究报告 [Table_Title] 低空政策持续发力，关税压力下看好出 口链优质龙头 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 2 月 23 日至 2 月 28 日,上证综指下跌 1.72%,深证成指下跌 3.46%,创业板指下跌 4.87%。其中申万机械设备下跌 2.43%，相较 沪深 300 指数跑输 0.21pct,在 31 个申万一级行业中排名第 23。细分 子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨跌-3.39%/-2.21%/-0.71%/2.44%/-5.04%。 重点板块跟踪 低空经济板块：贵州、太原、内蒙古等多地推出低空经济相关的发展 建议及白皮书，大力支持低空经济的发展，为低空经济产业发展提供 政策支持，有望推动低空经济行业的高速发展。青岛低空物流的开通 及 AG600 的成功试飞，低空经济行业进入落地阶段，未来可期。 机械设备板块：特朗普关税政策组合拳持续落地，但我们认为无论从 供给端还是需求端看国内龙头企业仍具备较强竞争优势，供给端：中 国出口企业全球产能布 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 3 月 3 日 [Table_Invest]推荐|维持 周行情：本周（2025.2.24-2025.2.28）上证综指回调 1.72%，深证 成指回调 3.46%，创业板指回调4.87%。本周申万通信回调 9.64%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2025.2.24-2025.2.28）通信板块三级子行业中， 通信终端及配件回调幅度最低，跌幅为 5.78%，通信网络设备及器件 回调幅度最高，跌幅为 13.43%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.2.24-2025.2.28）涨幅板块分析方面，蜂助 手（50.13%）、共进股份（27.95%）、灿勤科技（18.71%）涨幅 分列前三。 英伟达公布 25 财年及 25Q4 财季报表，毛利率环比下滑引担忧 2 月 27 日，英伟达发布其 2025 财年第四财季及全年财报。财报显 示，第四财季营收达到 393.31 亿美元，同比增长 78%，环比增长 1 ...

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [4] Core Insights - The overseas AI chip index fell by 7.6% this week, influenced by Nvidia's lower-than-expected guidance for the next quarter and a decline in expectations for increased tariffs in the U.S. [1] - The domestic AI chip index decreased by 1.7% after a significant rise the previous week, indicating stability among domestic AI chip companies [1] - The storage chip index rose by 3.5%, driven by increased demand in humanoid robots, autonomous driving, and consumer AI sectors [1] - The report highlights significant revenue growth for Nvidia, with 2024 revenue reaching $130.5 billion, a year-on-year increase of 114% [3] Market Indices - The overseas AI chip index experienced a decline of 7.9% this week, following a 3.8% drop the previous week [9] - The domestic A-share chip index saw a decrease of 1.7% after a 12.3% increase last week [9] - The server ODM index fell by 10% this week, influenced by Nvidia's disappointing guidance and tariff concerns [10] - The domestic storage chip index increased by 3.5%, supported by rising demand in various AI-related sectors [12] Industry Data - Taiwan's top four foundries reported Q4 2024 revenue of $29.41 billion, with an expected decline to $27.71 billion in Q1 2025, a 5.8% quarter-on-quarter decrease [20] - The global generative AI chip market is projected to exceed $125 billion in 2024 and $150 billion in 2025, with a potential to reach $1 trillion by 2030 [21] - The HBM chip market is expected to reach approximately $15 billion in 2024, with a CAGR exceeding 60% over the next five years [21] - Global server shipments are anticipated to reach approximately 14.89 million units in 2024, with a year-on-year increase of about 3.16% [25] Major Events - Nvidia disclosed a revenue of $130.5 billion for 2024, with a net profit of $72.9 billion, marking a year-on-year increase of 145% [31] - Tesla's Full Self-Driving (FSD) feature is set to launch in China, initially available on select models [3] - Apple announced plans to invest over $500 billion in the U.S. over the next four years, focusing on AI infrastructure and computing chips [3] - Xiaomi launched two flagship products, the Xiaomi 15 Ultra smartphone and the Xiaomi SU7 Ultra electric vehicle [36]

3）个股来看：近 2 周，智能家居指数中，涨幅前五个股分别为翱捷科 技（+50.36%）、芯原股份（+33.80%）、江苏雷利（+31.64%）、兆威 机电（+24.82%）、捷昌驱动（+24.20%）。 行业政策跟踪 1）市场监管总局（国家标准委）批准发布《智能床》国家标准。2） 市场监管总局等五部门发布《优化消费环境三年行动方案（2025— 2027 年）》。 [Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 03 月 02 日 巨头借力 [Table_Title] DeepSeek，竞推"AI+"新品 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.02.17-2025.02.28）上证综指下跌 0.77%， 深证成指下跌 1.29%，创业板指下跌 2.03%；智能家居指数 （399996.SZ）上升 0.34%，跑赢上证综指 1.12pct，跑赢深证成指 1.63pct，跑赢创业板指 2.37pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、 ...

行业研究|可选消费 证券研究报告 IP 衍生品：情绪消费崛起，消费中优选赛道 情绪消费崛起叠加国产 IP 崛起和终端零售渠道供需双向拉动，IP 衍 生品经济迎来繁荣。"谷子"、集换式卡牌、IP 拼搭玩具、毛绒等多个 IP 衍生品细分赛道高增长。同时海外市场打开更广阔空间，产业链上 中下游均有望受益，上游 IP 方面重点关注上海电影、光线传媒、阿里 影业、中文在线，中游重点关注泡泡玛特、布鲁可、姚记科技、奥飞 娱乐等。下游重点关注：名创优品。 风险提示 下游需求不及预期的风险，贸易摩擦的风险，地缘政治的风险，行业 竞争加剧的风险 可选消费行业策略报告 2025 年 03 月 02 日 [Table_Title] 关注情绪消费与国货崛起，精选细分品类 ——2025 年零售与社服行业年度策略报告 [Table_Summary] 报告要点： 化妆品：国货占比持续提升，成分认知带动产品销量 2024 年化妆品市场承压，全年小幅下滑，25 年价格是否企稳值得关 注。产品及研发端，2024 年 1-11 月已备案化妆品新原料达到了 79 款，高于 2023 年全年 69 款，其中国产化妆新原料备案数量达 65 个， 成分认 ...

Stock Recommendations - 崇德科技 (301548.SZ) is a leading enterprise in sliding bearings, expected to benefit from demand in nuclear power and wind power industries, with EPS projected to grow from 1.16 in 2023 to 1.93 in 2025[22] - 金山办公 (688111.SH) is expanding its AI capabilities in both consumer and business sectors, with EPS forecasted to increase from 2.85 in 2023 to 3.96 in 2025[22] - 爱柯迪 (600933.SH) is a leader in lightweight T-chain technology entering the robotics sector, with a low current valuation and EPS expected to rise from 1.15 in 2023 to 1.65 in 2025[22] - 三鑫医疗 (300453.SZ) is seeing increased demand for dialysis products, with EPS projected to grow from 0.40 in 2023 to 0.51 in 2025[22] - 北方稀土 (600111.SH) is positioned to benefit from improved supply-demand dynamics in the rare earth sector, with EPS expected to increase from 0.66 in 2023 to 0.74 in 2025[22] - 中兴通讯 (000063.SZ) is set to gain from the deepening of AI deployment in China, with EPS forecasted to grow from 1.95 in 2023 to 2.12 in 2025[22] - 恺英网络 (002517.SZ) has strong product development capabilities, with EPS expected to rise from 0.68 in 2023 to 0.99 in 2025[22] - 巨子生物 (2367.HK) is focusing on collagen products, with EPS projected to grow from 1.40 in 2023 to 2.35 in 2025[22] Market Performance - The 国元金股组合 achieved a weighted return of 2.75% in February, outperforming the Shanghai Composite Index which rose by 2.16%[14] - 富国中证大数据产业 ETF (515400.SH) performed well, increasing by 20.27% in February[14] - The largest market cap among the recommended stocks is 中兴通讯 at 1761.47 billion RMB, followed by 金山办公 at 1601.73 billion RMB[19]

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - Hikvision achieved stable revenue growth in 2024, with total revenue reaching 92.486 billion yuan, a year-on-year increase of 3.52%. However, the net profit attributable to shareholders decreased by 15.23% to 11.959 billion yuan [1][4]. - The company is focusing on technological innovation and operational efficiency to drive steady business development, despite a decline in domestic business growth and steady growth in overseas markets [1][4]. Summary by Sections Revenue and Profitability - In 2024, Hikvision's revenue was 92.486 billion yuan, up 3.52% year-on-year. The net profit attributable to shareholders was 11.959 billion yuan, down 15.23% year-on-year. The non-recurring net profit was 11.798 billion yuan, a decrease of 13.68% year-on-year [1][4]. - The company forecasts revenue for 2025 and 2026 to be 100.315 billion yuan and 107.582 billion yuan, respectively, with net profits projected at 13.658 billion yuan and 14.834 billion yuan [4][8]. Technological Advancements - Hikvision is leveraging its long-term experience in the security field to integrate self-developed multimodal large models with intelligent computing hardware, enhancing product capabilities in intelligent computing, storage, and search applications [2]. - The company has launched a series of products based on its GuoLan large model technology, which significantly improves the efficiency of security management across various industries [2]. Strategic Partnerships - Hikvision has partnered with China Telecom to promote digital transformation across various sectors, focusing on smart products and AI applications [3]. - The collaboration aims to leverage Hikvision's core technology in smart IoT to enhance resource sharing and mutual development in the digitalization of industries [3].

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expectation of stock price appreciation exceeding 15% relative to the benchmark index [4][6]. Core Insights - Hikvision achieved a stable revenue growth of 3.52% year-on-year, with total revenue reaching 92.486 billion yuan in 2024. However, the net profit attributable to shareholders decreased by 15.23% to 11.959 billion yuan [1][4]. - The company is focusing on AI technology and has launched a series of products based on its proprietary multimodal large model technology, enhancing its offerings in intelligent computing and storage [2]. - A partnership with China Telecom aims to drive digital transformation across various industries, leveraging Hikvision's technological strengths in smart IoT and AI applications [3]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 92.486 billion, 100.315 billion, and 107.582 billion yuan, respectively. The net profit forecasts are set at 11.959 billion, 13.658 billion, and 14.833 billion yuan for the same period [4][8]. - The earnings per share (EPS) are projected to be 1.30, 1.48, and 1.61 yuan, with corresponding price-to-earnings (P/E) ratios of 24.59, 21.53, and 19.82 [4][8].