[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 4 月 1 日 [Table_Title] 运营商资本开支向算力倾斜，关注 OFC 开幕催化 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.3.24-2025.3.28）上证综指回调 0.40%，深证 成指回调 0.75%，创业板指回调1.12%。本周申万通信回调 3.87%。 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，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.24-2025.3.28）通信板块三级子行业中， 其他通信设备回调幅度最低，跌幅为 3.15%，通信工程及服务回调幅 度最高，跌幅为 8.41%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.24-2025.3.28）通信板块涨幅板块分析方 面，*ST 九有（8.09%）、ST 路通（7.37%）、东土科技（5.68%） 涨幅分列前三。 运营商 CAPEX 变局：整体"瘦身"，算力投资"不设限" 卫星通信：海格通信（00 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 04 月 01 日 [Table_Title] 海内外模型端加速迭代，关注业绩披露情况 ——传媒行业周报（2025.3.24-2025.3.30） [Table_Summary] 报告要点： 市场表现 AI 事件，海外，谷歌发布 Gemini 2.5pro；OpenAI 发布 GPT-4o 图像 生成功能。国内，Deepsseek-v3 版本更新；昆仑万维发布全球首款音 乐推理大模型 Mureka O1；豆包新版深度思考开启测试；阿里通义千 问推出视觉推理模型 QVQ-Max。 游戏：最新一周（2025.3.24-2025.3.30），《王者荣耀》、《和平精英》 和《地下城与勇士：起源》成为本周畅销榜前 3 名，腾讯 NBA2K 正 版拟真竞技手游《美职篮全明星》周内上线，表现优秀。心动公司公 布 2024 年度业绩，年内实现扭亏为盈。未来一周将有 8 款商品上线， 腾讯腾讯旗下 MMO 冒险游戏《剑灵 2》将上线。 影视：最新一周（2025.3.24-2025.3.30，下同）国内总票房 2.11 亿 元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-on-year growth of 34.6%, with a net profit of 881 million yuan, up 33% year-on-year. The gross margin stood at 84.4%, with a net margin of 22.69% [1][4]. - The color cosmetics segment showed significant growth, achieving revenue of 2.304 billion yuan, a 42.04% increase year-on-year, while the skincare segment generated 1.429 billion yuan, growing 23.21% year-on-year [2]. - The company is expanding its online channels rapidly, with online revenue reaching 1.784 billion yuan, a 51.23% increase year-on-year, while offline revenue was 1.949 billion yuan, up 21.64% [3]. Financial Performance Summary - For 2024, the company achieved a total revenue of 3.885 billion yuan, with a year-on-year growth rate of 34.6%. The net profit was 881 million yuan, reflecting a growth of 33% [6]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.158 billion yuan, 1.449 billion yuan, and 1.795 billion yuan, respectively, with corresponding P/E ratios of 40, 32, and 26 [4][6].

[Table_Title] 金股报告 推荐逻辑 电新机械：运机集团，001288.SZ——海外订单饱满，产能爬坡迎来业绩兑现；与华 为深度合作，价值量提升。 计算机：金山办公，688111.SH——收入利润持续增长，持续加大研发投入；个人业 务稳步发展，打造 AI 原生功能；WPS 365 面向组织级客户全新升级，实现一站式 AI 办公 证券研究报告 2025 年 04 月 01 日 国元证券 2025 年 4 月金股组合及投资逻辑 ——2025 年第 4 期 报告要点： 国元月度金股（2025 年 4 月） |  | 国元月度金股（2025 年 | 4 月） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 23A | 24E | 25E | | | | | 电新机械 | 运机集团 | 001288.SZ | 0.60 | 0.95 | 1.41 | 30.33 | 44.04 | 冯健然 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-on-year growth of 34.6%, with a net profit of 881 million yuan, up 33% year-on-year. The gross margin stood at 84.4%, with a net margin of 22.69% [1][4]. - The color cosmetics segment showed significant growth, achieving revenue of 2.304 billion yuan, a 42.04% increase year-on-year, while the skincare segment generated 1.429 billion yuan, growing 23.21% year-on-year [2]. - The company is expanding its online channels rapidly, with online revenue reaching 1.784 billion yuan, a 51.23% increase year-on-year, while offline revenue was 1.949 billion yuan, growing 21.64% year-on-year [3]. Financial Performance Summary - The company achieved a total revenue of 3.885 billion yuan in 2024, with a year-on-year growth rate of 34.6%. The net profit for the same period was 881 million yuan, reflecting a growth of 33% [1][6]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.158 billion yuan, 1.449 billion yuan, and 1.795 billion yuan, respectively, with corresponding P/E ratios of 40, 32, and 26 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 11.604 billion yuan in 2024, representing a year-on-year growth of 4.72%. Investment income and fair value changes saw a significant increase, reaching 3.371 billion yuan, up 50.79% year-on-year. The net profit attributable to shareholders was 9.610 billion yuan, a growth of 17.29% [1][4]. - The company is focusing on providing comprehensive wealth management services, enhancing digital infrastructure, and expanding its service capabilities for retail, institutional, and corporate clients. The total stock trading volume reached 24.24 trillion yuan, with a steady increase in market share for brokerage services [2]. - The company is advancing its "AI + Finance" strategy, with the self-developed "Miaoxiang" financial model achieving significant technological advancements. The model is being applied across various financial research processes, enhancing data retrieval, market analysis, and professional content creation [3]. Financial Performance Summary - In 2024, the company reported total revenue of 11.604 billion yuan, with a year-on-year increase of 4.72%. The net profit attributable to shareholders was 9.610 billion yuan, reflecting a growth of 17.29% [1][7]. - The forecast for revenue from 2025 to 2027 is projected to be 12.914 billion yuan, 13.875 billion yuan, and 14.635 billion yuan, respectively. The net profit for the same period is expected to be 10.536 billion yuan, 11.382 billion yuan, and 12.448 billion yuan, respectively [4][7]. - The earnings per share (EPS) are projected to increase from 0.67 yuan in 2025 to 0.79 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 34.46 to 29.17 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 11.604 billion yuan in 2024, representing a year-on-year growth of 4.72%. Investment income and fair value changes saw a significant increase, reaching 3.371 billion yuan, up 50.79% year-on-year. The net profit attributable to shareholders was 9.610 billion yuan, a 17.29% increase from the previous year [1][4]. - The company is focusing on providing comprehensive wealth management services, enhancing digital infrastructure, and expanding its service capabilities for retail, institutional, and corporate clients. The total trading volume for equity transactions reached 24.24 trillion yuan, with a steady increase in market share for brokerage services [2]. - The company is advancing its "AI + Finance" strategy by developing its proprietary "Miaoxiang" financial model, which has shown promising results in various technical fields. The model is being applied to enhance financial research processes and improve user experience in investment and trading [3]. Financial Performance Summary - The company forecasts revenues of 12.914 billion yuan, 13.875 billion yuan, and 14.635 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 10.536 billion yuan, 11.382 billion yuan, and 12.448 billion yuan for the same years. The earnings per share (EPS) are expected to be 0.67 yuan, 0.72 yuan, and 0.79 yuan, with corresponding price-to-earnings (P/E) ratios of 34.46, 31.90, and 29.17 [4][7].

[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研究报告 2025 年 03 月 31 日 [Table_Title] AI 重塑智家时代，扩容开启万亿蓝海 ——智能家居深度报告 [Table_Summary] 报告要点： 智能家居迈入主动智能、跨生态互联新时代 5G+AIoT 的赋能全面革新智能家居产品形态；Matter 协议标准化实现 了设备的跨品牌互通、通信协议兼容，同时互联平台入场，设备企业 全面支持多平台，生态融合（跨品牌兼容、云服务互通、协议兼容等） 成为主流趋势；此外，2022 年生成式 AI 的突破性发展，通过深度学 习用户行为模式，设备可自主制定个性化场景策略，推动智能家居进 入"主动智能"新阶段。 政策持续加码，智能家居产业迈向标准化、场景化新生态 自 2020 年以来，国务院、工信部等多部门密集出台《国家新一代人 工智能标准体系建设指南》《推进家居产业高质量发展行动方案》等政 策，重点围绕技术标准化（加快 AIoT 技术标准统一，推动跨品牌设备 互联）、产业链协同（鼓励绿色智能产品研发、场景化集成）、消费激 励（以旧换新、补贴等）、场景扩 ...

智能驾驶行业研究 证券研究报告 发布时间：2025年3月31日 端到端与AI共振，智驾平权开启新时代 ——汽车智能驾驶行业深度报告 分析师：刘乐 执业证书编号：S0020524070001 邮箱：liule@gyzq.com.cn 分析师：陈烨尧 执业证书编号：S0020524080001 邮箱：chenyeyao@gyzq.com.cn 目录 1.端到端发展进入加速期，基于规则长期护航 1.1 端到端的定义、发展历程、实现方法及挑战 1.2 自动驾驶产业支持充足，标志性政策落地 1.3 车企抢滩DeepSeek，AI行业与智能驾驶共振 1.4 10万级别智驾落地推动行业进入智驾平权 1.5 汽车行业加速迈向智能驾驶全面普及时代 2.关注自研核心算法的整车企业 2.1 特斯拉：纯视觉方案+一体化端到端先驱 2.2 华为鸿蒙智行：模块化端到端，聚焦生态整合与全域协同 2.3 小鹏：云端蒸馏模型+纯视觉方案，大幅提升车端上限 2.4 理想：双系统并行，VLM规范端到端模型下限 2.5 比亚迪：智驾平权加速，边际变化可期 3.智能驾驶产业链 3.1 车端：电子电气架构向中央计算迈进 3.2 感知层 3.2.1 传感 ...

Market Performance - On March 31, 2025, the Shanghai Composite Index fell by 0.46%, the Shenzhen Component Index decreased by 0.97%, and the ChiNext Index dropped by 1.15%[2] - The total market turnover was 12,213.00 billion CNY, an increase of 1,025.29 billion CNY compared to the previous trading day[2] - A total of 1,314 stocks rose while 4,081 stocks declined across the market[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors experienced declines, with home appliances (0.50%), telecommunications (0.42%), and banking (0.31%) showing relative strength[20] - The weakest sectors included comprehensive (-2.22%), comprehensive finance (-2.11%), and consumer services (-1.96%)[20] - Fund-heavy stocks outperformed the CSI All Share Index[20] Capital Flow - On March 31, 2025, the net outflow of main funds was 495.78 billion CNY, with large orders seeing a net outflow of 263.14 billion CNY and super large orders a net outflow of 232.64 billion CNY[3] - Small orders continued to see a net inflow of 471.42 billion CNY[3] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +8.04 billion CNY and +7.75 billion CNY respectively[30] - The inflow into the Sci-Tech 50 ETF on March 28 was 3.27 billion CNY[30] Global Market Trends - On March 31, 2025, major Asia-Pacific indices closed lower, with the Hang Seng Index down 1.31% and the Nikkei 225 down 4.05%[4][33] - European indices also fell, with the DAX down 0.96% and the CAC40 down 0.93%[5][34] - In the US, the Dow Jones Industrial Average decreased by 1.69%, and the Nasdaq Composite fell by 2.70%[5][34]