[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 10 日 [Table_Title] Manus 推动 AI Agent 加速，兼顾基础及端侧硬件 ——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（2025.3.3-2025.3.7）上证综指上涨 1.56%，深证成 指上涨2.19%，创业板指上涨 1.61%。本周申万通信上涨2.81%。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（2025.3.3-2025.3.7）通信板块三级子行业中，其 他通信设备上涨幅度最高，涨幅为 12.00%，通信网络设备及器件回 调幅度最高，跌幅为 0.37%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.3.3-2025.3.7）通信板块涨幅板块分析方 面，亿通科技（42.30%）、东软载波（29.95%）、*ST 信通 （27.61%）涨幅分列前三。 Manus 像人一样思考和行动的"AI 智能体" 据悉， Manus ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week of March 3 to March 7, 2025, saw the Shanghai Composite Index rise by 1.56%, the Shenzhen Component Index by 2.19%, and the ChiNext Index by 1.61%. The telecommunications sector, represented by the Shenwan index, increased by 2.81% during the same period [2][10]. - Among the sub-sectors, "Other Communication Equipment" experienced the highest increase of 12.00%, while "Communication Network Equipment and Devices" faced a slight decline of 0.37% [2][13]. - Individual stock performance highlighted Yitong Technology leading with a 42.30% increase, followed by Dongsoft Carrier at 29.95% and *ST Xintong at 27.61% [2][15]. Summary by Sections Market Overview - The telecommunications sector showed a positive trend with a 2.81% increase in the Shenwan index for the week [10]. - The sub-sector "Other Communication Equipment" had the highest weekly gain of 12.00%, while "Communication Network Equipment and Devices" saw a minor decline [13]. Key Developments - Manus, a new AI agent, is designed to think and act like a human, providing practical solutions rather than just ideas. It utilizes a multi-signature system driven by independent models, distinguishing itself from simpler AI assistants [3]. - The report suggests focusing on the computing power supply chain and satellite internet, recommending stocks such as ZTE Corporation and Haige Communication [4]. Company Announcements - Key announcements in the telecommunications sector include a significant asset acquisition by Xichuang Data, with a total procurement contract amounting to approximately 3 billion RMB [28].

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 3 月 10 日 [Table_Title] 工程机械边际回暖，两会强调低空及高 端制造 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 3 月 2 日至 3 月 8 日,上证综指上涨 1.56%,深证成指上涨 2.19%,创业板指上涨 1.61%。其中申万机械设备上涨 5.46%，相较沪 深 300 指数跑赢 4.07pct,在 31 个申万一级行业中排名第 4。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 6.06%/4.18%/1.51%/8.03%/5.58%。 低空经济板块：2024 年政府工作报告指出"积极打造生物制造、商业 航天、低空经济等新增长引擎"，2025 年两会政府工作报告提出"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"。从积极培育到培育壮大，从打造新增长引 擎到大规模应用示范，低空经济的政策端，产业端实现同频共振，多 地政府争相布局，企业积极推进，低空经济有望从蓝图到实 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The food and beverage sector in A-shares has shown resilience, with a 2.52% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index by 2.72 percentage points and 3.86 percentage points, respectively [11]. - The report highlights a stable pricing trend for premium liquor, particularly for Moutai, which has seen slight increases in its wholesale prices [2][26]. - The government has set a GDP growth target of around 5% for 2025, emphasizing the importance of boosting consumption and investment efficiency as key tasks [3][50]. Summary by Sections 1. Market Review - The food and beverage industry in A-shares rose by 2.52% from February 24 to March 7, outperforming major indices [11]. - Within the sector, soft drinks (+3.69%), beer (+3.53%), and meat products (+3.47%) led the gains, while snacks (-1.56%) and fermented products (-0.45%) declined [11]. - Notable stock performances included Jinzi Ham (+21.41%) and Hainan Coconut Island (+21.12%), while Ganyuan Food (-10.46%) and Pinwo Food (-8.35%) faced significant declines [11]. 2. Key Data Tracking - Moutai's wholesale prices as of March 7 were 2,255 RMB for original boxes and 2,220 RMB for bulk, reflecting increases of 15 RMB and 30 RMB, respectively, from two weeks prior [2][26]. - The average price of fresh milk was reported at 3.09 RMB/kg, down 13.7% year-on-year [35]. - The national market price for pork was 26.85 RMB/kg, up 7.3% year-on-year [38]. 3. Key Events Tracking - The government aims to implement actions to boost consumption and has set ambitious revenue targets for the liquor industry in various regions, including a goal of 300 billion RMB for Baijiu enterprises in Bozhou by 2025 [3][50]. - The report notes that certain U.S. imported food products will face increased tariffs starting March 10, 2025, which may impact the industry [50]. 4. Investment Recommendations - The report suggests focusing on high-end liquor companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as they are expected to manage inventory effectively during the current consumption phase [4][52]. - For consumer staples, companies such as Yili, New Dairy, and Dongpeng Beverage are highlighted as key investment opportunities due to their strong value propositions [4][52].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6] Core Insights - The passenger car market shows a continuous upward trend, with retail sales in January-February 2025 reaching 3.191 million units, a year-on-year increase of 1%, while wholesale sales reached 3.882 million units, a year-on-year increase of 13% [1] - The inventory coefficient for dealers in February was 56.9%, down 5.4 percentage points from the previous month, indicating a slight improvement but still above the threshold of prosperity and decline [1] - The new energy vehicle segment continues to experience rapid growth, with retail sales in January-February 2025 reaching 1.465 million units, a year-on-year increase of 38%, and wholesale sales reaching 1.732 million units, a year-on-year increase of 49% [1] - The report highlights the strong performance of companies like BYD, which sold 322,800 units in February, a year-on-year increase of 164%, and other companies like Xpeng and Leap Motor showing significant growth rates of 570% and 285% respectively [1][29] Summary by Sections Passenger Vehicle Market - In February 2025, the retail sales of passenger vehicles reached 1.397 million units, a year-on-year increase of 26%, while wholesale sales reached 1.781 million units, a year-on-year increase of 35% [20] - The cumulative retail sales for the year so far are 3.191 million units, with a 1% year-on-year increase, and cumulative wholesale sales are 3.882 million units, with a 13% year-on-year increase [20] Commercial Vehicle Market - The heavy truck market saw sales of approximately 80,000 units in February, a year-on-year increase of 34% and a month-on-month increase of 11% [2] - The report notes a rebound in the commercial vehicle sector driven by economic recovery and equipment renewal policies, with significant growth in gas and new energy heavy trucks, which saw year-on-year increases of about 70% and 250% respectively [2] Government Support and Industry Trends - The report emphasizes government support for automotive technology and consumption, with a focus on promoting "artificial intelligence+" initiatives and the development of smart connected new energy vehicles [3] - The government plans to implement a special long-term bond of 300 billion yuan to support the replacement of old consumer goods, with automotive "replacement" being a key area [3] Investment Opportunities - The report suggests focusing on the continued implementation of the "replacement" policy and the performance of commercial vehicles, as well as the ongoing development of new automotive technologies including AI, autonomous driving, and low-altitude economy [4]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [28]. Core Insights - The humanoid robot concept index increased by 7.96% from March 2 to March 7, 2025, outperforming the CSI 300 index by 6.57 percentage points. Year-to-date, the humanoid robot index has risen by 50.20%, surpassing the CSI 300 index by 46.96 percentage points [2][10]. - The 2025 government work report has officially included "embodied intelligence" and "intelligent robots" in national strategic deployment, marking a significant shift towards the integration of "intelligent + physical" in the technology manufacturing sector [3][5]. - The report emphasizes the importance of the humanoid robot industry in the context of national strategy, highlighting the need for technological breakthroughs, scene implementation, and ecological aggregation [5]. Summary by Sections Weekly Market Review - The humanoid robot concept index saw a significant increase of 7.96% during the week, outperforming the CSI 300 index [10]. - Year-to-date performance shows a 50.20% increase in the humanoid robot index compared to the CSI 300 index [10]. Weekly Hotspots Review Policy News - The 2025 government work report has included "embodied intelligence" and "intelligent robots" as part of the national strategy, aiming to foster future industries and promote industrial integration [3][19]. - Zhejiang Province plans to accelerate the layout of humanoid robots and other new industries, with over 1,000 major projects and an annual investment exceeding 1 trillion yuan [19]. - Shenzhen has issued an action plan to develop a leading global humanoid robot industry cluster, focusing on technological breakthroughs and industry ecosystem construction [19]. Product Technology Iteration - UBTECH announced a patent for humanoid robot handling control, which enhances precision and efficiency in object handling [20]. - The world's first humanoid robot equipped with 5G-A technology, named "Kua Fu," was launched by China Mobile, Huawei, and Leju, showcasing significant advancements in positioning and operational capabilities [20]. - The NAVIAI robot and the upcoming third-generation humanoid robot have completed testing, indicating strong technical support for future applications [22]. Investment and Financing - Figure, a US humanoid robot startup, secured $675 million in funding, achieving a valuation of $2.6 billion, with notable investors including Microsoft and OpenAI [23]. - Yiyou Technology completed a 50 million yuan Series A financing round to expand its technology and production capacity [23]. Key Company Announcements - Zhongding Holdings' subsidiary signed a strategic cooperation agreement with Aft to develop robot business [24]. - Sogou Technology and iFlytek have formed a strategic partnership to enhance humanoid robot capabilities [25]. - Midea Group is actively developing humanoid robots and has the capacity to produce 80,000 harmonic reducers annually [26].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.13 billion yuan in 2024, representing a year-on-year growth of 10.80%. The net profit attributable to the parent company was 186 million yuan, with a growth of 15.02% year-on-year [1][4]. - The company is focusing on high-end, specialized, and international strategies, which have significantly contributed to its revenue growth. The domestic market showed strong performance with a 20.70% increase in main business revenue [2][4]. - The company has successfully launched several innovative products and established long-term collaborations with 83 universities, enhancing its talent cultivation platform [3]. Financial Performance - The company is projected to achieve revenues of 1.13 billion yuan, 1.27 billion yuan, and 1.44 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit for the same years is expected to be 186 million yuan, 211 million yuan, and 242 million yuan [4][8]. - The company's return on equity (ROE) is forecasted to increase from 15.01% in 2024 to 16.40% in 2026 [10]. - The earnings per share (EPS) is expected to grow from 1.67 yuan in 2024 to 2.17 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 23.15 to 17.77 [4][10]. Product Development and Market Strategy - The company has a broad product line and continues to innovate, with several new high-end testing instruments launched in late 2024 [3]. - The company emphasizes technology innovation as a core driver, with R&D expenses increasing by 13.63% year-on-year [2][3]. - The successful execution of high-end, specialized, and international strategies has led to significant growth in both domestic and international markets [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 1.13 billion yuan in 2024, which represents a year-on-year increase of 10.80%. The net profit attributable to the parent company reached 186 million yuan, up 15.02% year-on-year [1][4]. - The company is focusing on high-end, specialized, and international strategies, which have significantly contributed to its revenue growth. The domestic market showed strong performance with a 20.70% increase in main business revenue, while the overseas market grew by 3.53% [2][4]. - The company continues to invest in research and development, with R&D expenses increasing by 13.63% during the reporting period, reflecting its commitment to technological innovation [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total asset value of 1.707 billion yuan, marking an 18.51% increase year-on-year. The main business revenue was 1.126 billion yuan, with a year-on-year growth of 10.68% [1][2]. - The company’s net profit for 2024 was 185.64 million yuan, with a year-on-year growth of 15.03% [4][8]. Product Development - The company has a broad product line and has successfully registered the T-Mix adaptive dual-light image fusion algorithm. It showcased innovative products at major conferences, including high-resolution oscilloscopes and signal analyzers [3][4]. - The company has established long-term collaborations with 83 universities, contributing to talent development in the power electronics industry [3]. Future Projections - The company is expected to achieve revenues of 1.272 billion yuan in 2025 and 1.439 billion yuan in 2026, with corresponding net profits of 210.69 million yuan and 241.86 million yuan, respectively [4][8]. - The earnings per share (EPS) are projected to be 1.89 yuan in 2025 and 2.17 yuan in 2026, with a decreasing price-to-earnings (P/E) ratio forecasted at 20.40 and 17.77 times [4][8].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector [6]. Core Insights - The report highlights that the industry is showing positive signals with price stabilization and upward trends in various segments, particularly in photovoltaic and wind energy [2][4]. - The report emphasizes the strategic partnership between Ford and CATL for lithium iron phosphate batteries, which is expected to attract significant attention in the automotive sector [3]. - The wind energy sector is projected to experience substantial growth, with a 9.6% year-on-year increase in new installed capacity for 2024 [3]. - The photovoltaic industry is witnessing a rebound in prices and a decrease in inventory, indicating a recovery phase for leading companies [4]. Weekly Market Review - From February 23 to February 28, 2025, the Shanghai Composite Index fell by 1.72%, while the ShenZhen Component Index and the ChiNext Index dropped by 3.46% and 4.87%, respectively. The Shenwan Power Equipment Index decreased by 0.83%, outperforming the CSI 300 by 1.39 percentage points [10]. - Among sub-sectors, photovoltaic equipment saw an increase of 2.84%, while wind power equipment, batteries, and grid equipment experienced declines of 0.98%, 1.20%, and 1.53%, respectively [10][12]. Key Sector Tracking - The report notes that the top ten photovoltaic module manufacturers shipped a total of 502 GW in 2024, with the top four companies accounting for approximately 63% of the total shipments [3]. - The report also mentions that the domestic wind power bidding is progressing, with actual installations increasing rapidly, particularly in offshore wind energy, which is expected to be a significant year in 2025 [4]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies that have undergone significant corrections and have clear alpha, such as Aisuo, Fuyao Glass, and GCL-Poly Energy [4]. - In the wind energy sector, it recommends monitoring major players like Goldwind Technology and Mingyang Smart Energy, as well as component manufacturers like Pangu Intelligent [4]. - In the new energy vehicle sector, the report advises prioritizing companies benefiting from low upstream raw material prices, such as CATL and EVE Energy, and those poised to benefit from industry recovery, like Hunan Yuno and Longpan Technology [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is recognized as China's second-largest independent automotive parts supplier and has established a comprehensive automotive technology platform covering key areas such as cockpit, intelligent driving, connectivity, power, and body [1][14]. - The company has initiated a dual-track strategy of "Automotive + Robotics Tier1" in 2025, leveraging its expertise in intelligent cockpit and autonomous driving to expand into the robotics sector [2][18]. - The company is expected to benefit from the global trends of electrification and intelligence in the automotive industry, with projected revenues of 565.04 billion, 639.26 billion, and 689.58 billion yuan for 2024, 2025, and 2026 respectively [3][5]. Summary by Sections 1. Robotics Development - The company has launched a full-chain layout for humanoid robots, achieving significant advancements in sensor technology, including the release of a self-developed olfactory sensor [2][19]. - The company’s subsidiary NESINEXT has collaborated with other firms to develop a versatile humanoid robot, showcasing its capabilities at CES 2025 [22][23]. - The integration of automotive technology into robotics is expected to enhance the company's competitive edge in the robotics market [31][32]. 2. Automotive Business Layout - The company has built a comprehensive product matrix in automotive safety, achieving a global market share of 23.1% in 2023, making it the second-largest globally [45]. - The automotive electronics business focuses on human-machine interaction, energy management, and intelligent automotive solutions, contributing to 30.9% of revenue in the first three quarters of 2024 [45][47]. - The company has established itself as a leading supplier of intelligent cockpit domain control systems, ranking second in China and fourth globally [47][48]. 3. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 12.97 billion, 16.25 billion, and 19.56 billion yuan respectively, with corresponding P/E ratios of 20.72x, 16.54x, and 13.74x [3][5]. - The revenue growth rates are expected to be 1.39%, 13.14%, and 7.87% for the years 2024, 2025, and 2026 respectively [5].