Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [5] Core Views - Precious Metals: China continues to increase its gold reserves, with a total of 73.45 million ounces by the end of January 2025, indicating ongoing long-term investment value [15] - Industrial Metals: The expectation of a tight supply-demand balance continues, with prices likely to rise [16] - New Energy Metals: There is an expectation of oversupply in lithium carbonate, leading to weak price performance [21] - Other Minor Metals: Supply is tightening while demand remains stable, with expectations for rare earth prices to remain firm [23] Summary by Sections Investment Strategy - Precious Metals: Continued accumulation of gold by China suggests long-term investment value remains unchanged [14] - Industrial Metals: Tight supply-demand dynamics are expected to support price increases, particularly for copper and aluminum [16][20] - New Energy Metals: The lithium carbonate market is expected to experience weak pricing due to oversupply [21] - Other Minor Metals: Supply is tightening, and demand remains stable, particularly for rare earth elements [23] Weekly Review - The non-ferrous metals index fell by 1.52%, underperforming the CSI 300 index [30] - Notable stock performances include Boqian New Materials with a 32.25% increase and Wanshun New Materials with a 7.25% decrease [30] Major Events - Macroeconomic indicators show that China's LPR remained unchanged in February, and the Eurozone manufacturing PMI has rebounded [40] - Industry-specific news includes a decline in copper production in Peru and stable production in Kazakhstan [43] Non-Ferrous Metal Prices and Inventory - Industrial metals are maintaining weak stability, with seasonal inventory accumulation observed in copper and aluminum [47] - Price changes for various metals include copper down by 1.4% and aluminum down by 2.5% [47]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [8] Core Insights - The sentiment in the pharmaceutical sector has reversed, focusing on both AI healthcare and innovative drug lines. The report emphasizes the importance of high-quality development for innovative drugs supported by recent policy changes [4][5] - The report highlights a significant increase in the research and development capabilities of China's innovative drug industry since the 2015 healthcare reform, indicating a potential for global competitiveness [4][26] Summary by Sections 1. Investment Strategy and Performance - The pharmaceutical sector can gradually increase allocations, with potential for excess returns in 2025. Key policies include the promotion of DRG/DIP, adjustments to the essential drug list, and support for innovative drugs [16][21] - The recommended focus is on innovative biopharma with global competitiveness, innovative pharmaceutical companies with second growth curves, and the CXO sector [16][19] 2. Policy Support for Innovative Drugs - The second draft of the "Measures to Support the High-Quality Development of Innovative Drugs" has been released, which is favorable for the long-term development of innovative drugs. It encourages commercial health insurance to expand investments in innovative drugs and allows companies to set their own prices [4][26] - The report notes that the policy environment for innovative drugs has been continuously optimized since the 2015 healthcare reform, with significant improvements in the approval process for new drugs [26][28] 3. Market Review and Trends - The report reviews the performance of the pharmaceutical sector from February 17 to February 21, 2025, noting a 1.9% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.9 percentage points [3][5] - The report identifies key stocks that performed well during this period, including Anbiping (+48.91%) and Maiwei Bio (+21.69%) [3] 4. Recommended Focus Stocks - The report suggests focusing on companies such as BGI Genomics, Meien Health, and BeiGene, among others, for potential investment opportunities [6][22]

Investment Rating - The industry rating is "Outperform the Market" [6][35]. Core Insights - The NSA (Sparse Attention Mechanism) proposed by Deepseek, Peking University, and the University of Washington aims to address performance bottlenecks in traditional attention mechanisms for long contexts and multi-turn dialogues. It features a three-parallel branch architecture (Token Compression, Token Selection, Sliding Window) combined with a learnable gating mechanism to dynamically balance global and local attention, significantly improving inference speed while maintaining accuracy [3][12][13]. - The hardware optimization is based on the Triton framework, enhancing memory access efficiency through shared KV data, high-bandwidth HBM, and on-chip SRAM collaboration, making it suitable for large language model acceleration and long document understanding [3][14][19]. AI Data Update - In the overseas market, from February 14 to February 20, 2025, the download volume of ChatGPT has gradually rebounded, while Gemini, Perplexity, and Claude have remained stable. ChatGPT and Gemini are the top two AI applications in terms of downloads since the beginning of 2024 [20][21]. - In the domestic market, during the same period, Deepseek's download volume has slightly decreased, while Kimi, Tongyi, Xinghuo, and Wenxin Yiyan have remained stable. Notably, Tencent Yuanbao's integration with Deepseek has led to a significant increase in downloads, now exceeding 300,000 times per day [21].

行 业 研 华福证券 汽车 2025 年 02 月 23 日 究 行 业 周观点（0217-0221）：智驾平权是最大看点，短 期仍然聚焦龙头 3）2 月 21 日，上汽与华为签署深度合作协议，采用智选车模式，打造"尚 界"。 4）2 月 21 日，吉利汽车、千里科技和阶跃星辰宣布推动"AI+车"深度融 合。 3、行情复盘： 投资要点： 汽车板块：智驾平权是最大看点，短期仍然聚焦龙头 1、近期行情： 本周申万汽车指数上涨 3.7%，申万一级行业排名 4/31 位。 2、行业变化： 定 期 报 告 1）据乘联会，2 月 1-16 日，乘用车零售 58.1 万辆，同比去年同期增长 11%， 较上月同期下降 28%；乘用车批发 58.8 万辆，同比去年同期增长 65%，较 上月同期下降 40%。 2）2 月 20 日，鸿蒙智行尊界技术发布会举行。 以旧换新政策保证整体销量持续增长，地方补贴细则陆续出台。春节后销 量加速恢复至正常水平，新车上市的催化预计将密集增多。乘用车板块提 前启动，但同时个股分化严重，比亚迪率先打出"智驾平权"策略，后续 需要跟踪其他车企智驾车型的落地情况。2025 年智驾大拐点来临，智能化 要 ...

行 业 华福证券 轨交设备Ⅱ 2025 年 02 月 22 日 研 究 轨交设备Ⅱ 1 月份全国铁路旅客发送量同比增长 12.1%，复兴号家 族全球最快成员将登场 投资要点： 2025 年 1 月份全国铁路客运量比 2024 年同期增长 12.1% 行 业 定 期 报 告 国家铁路局发布消息，2025 年 1 月份，全国铁路客运量稳步增长。 1 月份，全国铁路旅客发送量完成 3.69 亿人次，同比增长 12.1%，其 中动车组旅客发送量 2.75 亿人次，占全国铁路旅客发送量的 74.6%， 同比增长 10.6%。全国铁路旅客周转量完成 1446.17 亿人公里，同比增 长 17.6%，其中动车组旅客周转量 971.00 亿人公里，同比增长 18.9%。 "中国速度"已是 next level，复兴号家族全球最快成员将登场 不久前，CR450 动车组完成了样车设计并成功下线，试验时速 450 公里，运营时速可以达到 400 公里，是全球最快的高铁列车。历经 7 年的技术攻关和自主创新，2025 年，CR450 动车组将迎来整车试验验 证和试用考核。相信在不久的将来，这趟"全球最快"高铁列车会在 高质量发展的时 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [16]. Core Insights - Figure Robotics has showcased its latest humanoid robots capable of collaborating to complete tasks, demonstrating advanced capabilities in object recognition and manipulation without prior training [4][5]. - The Helix model utilized by Figure Robotics operates on a dual-system architecture, enabling the robots to perform complex tasks with high precision and adaptability [5]. - 1X has introduced the NEO Gamma home robot, which has undergone extensive testing in real household environments, showcasing its ability to perform various domestic chores effectively [6]. Summary by Sections Figure Robotics - The latest video from Figure Robotics highlights two humanoid robots working together to grasp objects based on verbal commands, showcasing their ability to recognize and manipulate household items [4]. - The Helix model allows these robots to operate without pre-programming, using a single neural network to learn all behaviors, thus enabling them to reason and handle a wide range of household items [5]. 1X Robotics - 1X has released the NEO Gamma home robot, which has been tested in employee homes for various household tasks, emphasizing its reliability and advanced hardware improvements [6]. - The NEO Gamma robot is designed for tasks such as organizing, deep cleaning, and home management, featuring soft, flexible materials for safe interaction [6].

研 究 煤炭 淡季累库煤价探底，左侧布局时点将至 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 2 月 21 日，秦港 5500K 动力末煤平仓价 719 元/吨， 周环比-22 元/吨。产地价格大跌，晋陕蒙三省煤矿开工率为 81.9%，周 环比+3.5pct，主要系节后煤矿陆续复工。本周电厂日耗大涨，电厂库 存小跌、港口库存小涨、煤企库存小涨；非电方面，甲醇开工率小跌、 尿素开工率微跌，仍处于历史同期偏高水平，截至 2 月 20 日，甲醇开 工率为 89.5%，周环比+1.5pct，年同比+4.5pct；截至 2 月 19 日，尿素 开工率为 86.8%，周环比-0.4pct，年同比-0.1pct。 焦煤 行 业 华福证券 煤炭 2025 年 02 月 22 日 截至 2 月 21 日，京唐港主焦煤库提价 1430 元/吨，周环比-30 元/ 运，产地价格持平。铁水产量微跌，样本钢厂煤焦库存小跌。本周焦 炭价格小跌、螺纹钢价格小涨，截至 2 月 21 日，山西临汾一级冶金焦 出厂价 1450 元/吨，周环比-50 元/吨，螺纹钢现货价格 3400 元，周环 比+100 元/吨，焦炭第九轮提 ...

Investment Rating - The industry rating is "Outperform the Market" [7][56] Core Insights - The report highlights a favorable outlook for the food and beverage industry, driven by favorable consumption policies and improving market expectations [3][4] - The report emphasizes the strong safety margin in the liquor sector, with the SW liquor index PE-TTM at 19.31, which is at a low percentile of 6.18% over the past 10 years [3][12] - The report suggests that the beer market will see stable sales growth, primarily driven by high-end product strategies [15] - The soft drink sector is expected to recover, with specific companies showing potential for excess returns [16][17] - The pre-mixed beverage industry is projected to expand steadily, benefiting from evolving consumer habits and new consumption scenarios [20][21] - The dairy sector is recommended for investment, particularly focusing on major players like Yili, with an emphasis on product structure optimization [22] - The snack food industry is maintaining good market conditions, with recommendations for companies like Ximai Food and Three Squirrels [26] - The seasoning and restaurant supply chain is highlighted for its growth potential, with key recommendations including Angel Yeast and Zhongju High-tech [31][33] - The baking supply chain is expected to show resilience, with recommendations for companies like Lihai Food and Huirong Technology [37][38] - The health supplement sector is projected to grow, driven by increasing health awareness among consumers [39] - The restaurant industry is experiencing varied performance, with specific companies like Haidilao and Jiumaojiu recommended for their innovative strategies [43][44] - The pet industry is showing signs of recovery, particularly in export markets, with recommendations for companies like Zhongchong and Peidi [45][46] - The gold and jewelry sector requires attention to consumer behavior amid fluctuating gold prices, with recommendations for companies like Chaohongji and Zhou Daxing [47] Summary by Sections Liquor - The liquor sector shows a strong safety margin with a low PE-TTM, suggesting good investment potential [3][12] - Key companies to watch include Moutai and Wuliangye, which are expected to maintain price stability and market share [3] Beer - The beer market is expected to grow through high-end product strategies, with recommendations for Qingdao Beer and Yanjing Beer [15][16] Soft Drinks - The soft drink sector is recovering, with a focus on companies like Dongpeng Beverage and Xiangpiaopiao [16][17] Pre-mixed Beverages - The pre-mixed beverage industry is anticipated to grow steadily, with Baijiu Holdings recommended for its market position [20][21] Dairy - Yili is highlighted for its profit-oriented strategies and product optimization [22] Snack Foods - The snack food industry remains robust, with recommendations for Ximai Food and Three Squirrels [26] Seasoning and Restaurant Supply Chain - Key recommendations include Angel Yeast and Zhongju High-tech for their growth potential [31][33] Baking Supply Chain - Lihai Food and Huirong Technology are recommended for their strong market positions [37][38] Health Supplements - The health supplement sector is expected to grow, with a focus on companies like Baijia and Baihe [39] Restaurant Industry - Haidilao and Jiumaojiu are recommended for their innovative approaches in the restaurant sector [43][44] Pet Industry - The pet industry is recovering, with recommendations for Zhongchong and Peidi [45][46] Gold and Jewelry - Attention is needed in the gold and jewelry sector, with recommendations for Chaohongji and Zhou Daxing [47]

25 年 1 月绿证核发量倍增，绿证核发政策体系完善效应逐步显现：根据 国家能源局，2025 年 1 月，国家能源局核发绿证 2.31 亿个，同比增长 2.25 倍，其中可交易绿证 1.50 亿个，占比 64.94%，涉及可再生能源发电项目 6.5 万个。截至 2025 年 1 月，全国累计核发绿证 51.86 亿个，其中可交易绿证 35.29 亿个。交易方面，2025 年 1 月，全国交易绿证 5310 万个，其中绿色电力交易 绿证 2596 万个。截至 2025 年 1 月底，全国累计交易绿证 6.06 亿个，其中绿 色电力交易绿证 2.64 亿个。2024 年我国绿证核发质效显著提升，交易规模增 长迅速，绿证核发范围逐步拓展。2025 年 1 月绿证市场活跃度持续提升，为后 续核发量增长提供有力支撑。 华福证券 证 券 研 究 "双碳"目标推动环保产业创新发展：近日，生态环境部等 16 部门发 布《关于加强生态环境领域科技创新 推动美丽中国建设的实施意见》，提出 到 2035 年，生态环境领域创新体系整体效能大幅提升，国家战略科技力量全 面增强，生态环境保护理论方法取得重大突破，原始创新能力和成果转移转 ...

行 业 研 究 汽车 2025 年 02 月 22 日 尊界举办技术发布会 上汽与华为官宣合作 投资要点： 本周专题：尊界举办技术发布会 上汽与华为官宣合作 行 业 定 期 2 月 20 日，鸿蒙智行尊界技术发布会举行。尊界 S800 将首发上 车多项新技术，包括途灵龙行平台、天使座主动安全防护、华为星河 通信、鸿蒙 ALPS 座舱 2.0.、华为车语系统 2.0、华为巨鲸电池 2.0 等， 其中前三项属于尊界 S800 首发，将实现从被动智能到自主智能的全新 跃迁。 报 告 尊界 S800 实现了智能驾驶、智能座舱、智能域控三大系统的深度 融合，并支持 L3 级自动驾驶及 5D 蟹行模式，其内饰设计计划于 3 月 发布，5 月底正式上市并同步开启交付工作。尊界品牌的推出，标志着 鸿蒙智行在高端智能驾驶领域的深入布局，并有望引领中国高端汽车 市场的新发展。 2 月 21 日，上汽集团股份有限公司与华为终端有限公司在上海签 署深度合作协议。双方将在产品定义、生产制造、供应链管理、销售 服务等领域展开战略合作，打造全新新能源智能汽车，共同为用户带 来领先的智能化出行体验。 上汽集团与华为合作采用智选车模式，打造鸿 ...