行 业 研 究 华福证券 机械设备 2025 年 02 月 08 日 机械设备 产业落地速度有望再超预期，迎接人形机器人大时代 投资要点： 特斯拉弗里蒙特工厂招兵买马，全力推进 Optimus 人形机器人量产 行 业 定 期 报 告 近日，特斯拉在其位于美国弗里蒙特的工厂发布了多个工程岗位 的招聘信息，这一举措标志着该公司正在加速推进其人形机器人 Optimus 的量产化进程。据特斯拉官网显示，目前至少有 12 个与 Optimus 项目相关的职位空缺，涵盖制造工程师、生产经理和流程主 管等多个关键岗位。最近马斯克在 X 平台发布消息，称特斯拉 Optimus 的手非常精妙，以至于让法贝热彩蛋看起来都显得简单了，并称它让 你对人类手的不可思议之处有了全新的理解。人手具备 23 个自由度， 重量仅为人体重量约 1/150，但运动功能占全身运动功能的 54%，是体 现人类以及人形机器人工作能力的关键部件，其或在推动机器人技术 发展中占据核心地位。马斯克还在近期的财报电话会上称 optimus 力争 实现每年一个数量级的增长，最终实现每年生产 1 亿台的目标。 英伟达 ASAP 框架用于宇树 G1 机器人，复刻科比 ...

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 [14]. Core Insights - Private enterprises are increasingly entering new fields, particularly in nuclear power projects, with significant participation from private capital in several nuclear power projects in Zhejiang Province [3]. - The U.S. Department of Energy has announced an investment of $107 million for fusion energy innovation, marking a critical step towards commercializing fusion energy in the U.S. [4]. - Nuclear power is recognized for its clean, safe, and efficient characteristics, making it a vital force in promoting the green energy transition and addressing global climate change [5]. Summary by Sections Private Sector Involvement in Nuclear Power - Several nuclear power projects in Zhejiang have seen private capital involvement, including a 2% stake by private enterprises in the Ningbo Jin Qimen nuclear project and new investments in the Cangnan San'ao nuclear project [3]. U.S. Investment in Fusion Energy - The U.S. Department of Energy's funding supports six projects under the Fusion Innovation Research Engine (FIRE), which are essential for achieving the U.S. vision for commercial fusion energy within the next decade [4]. Advantages of Nuclear Power - Nuclear power plants maintain an annual utilization rate of over 7000 hours, the highest among all energy sources, and do not emit harmful pollutants, making them crucial for energy security and environmental sustainability [5]. Recommended Companies - Key companies to watch include: 1. Jiadian Co., known for its helium fan products and leading position in nuclear power equipment [6]. 2. Guoguang Electric, which provides critical components for ITER projects [6]. 3. Lanshi Heavy Industry, covering the entire nuclear energy supply chain [6]. 4. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [6]. 5. Haili Heavy Industry, servicing various reactor types including fusion reactors [6]. 6. Jiangsu Shentong, securing over 90% of orders for nuclear-grade valves in new projects [6]. 7. Xianheng International, with products used in nuclear operations and maintenance [6].

投资要点： 铁路产品认证规则通用要求和第一批特定要求发布 行 业 定 期 报 告 近日，国家认证认可监督管理委员会发布铁路产品认证规则通用 要求和第一批 11 份特定要求（以下简称认证规则）。此次发布的认证 规则范围覆盖了《铁路产品认证目录（第一批）》全部产品，自发布 之日起实施。认证规则的发布，是落实国家市场监管总局、国家铁路 局联合发布的《铁路产品认证管理办法》,推动国推自愿性铁路产品认 证制度运行的重要基础，对于完善铁路产品认证制度体系、规范铁路 产品认证活动、提高铁路产品质量具有重要意义。 今年 1 月西部陆海新通道班列运输货物同比增长 30.9% 今年1月西部陆海新通道铁海联运班列累计运输货物10.4万标箱， 同比增长 30.9%，继续保持较快增速。其中，1 月 29 日突破 10 万标箱， 较 2024 年提前 15 天，为 2017 年开通以来，运输货物突破 10 万标箱 数最快的一年。 行 业 研 究 华福证券 轨交设备Ⅱ 2025 年 02 月 08 日 轨交设备Ⅱ 铁路产品认证规则发布，西部陆海新通道货运 1 月增 30.9% 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 ...

行 华福证券 公用事业 2025 年 02 月 08 日 业 研 究 行 业 公用事业 两部门规范抽蓄开发建设管理，促进产业高质量 发展 投资要点： 事件：2025 年 2 月 7 日，国家发展改革委、国家能源局联合印发了《抽 水蓄能电站开发建设管理暂行办法》（以下简称《办法》），为规范抽水蓄能 电站开发建设管理，确保工程质量和安全，促进产业高质量发展。 动 态 跟 踪 抽蓄：电力保供&低碳转型主力军，需进步梳理明确建设管理要求。抽水 蓄能电站是目前技术最成熟、经济性最优、具有大规模开发潜力的电力系统绿 色灵活调节电源，是支撑新能源大规模、高比例、高质量跃升发展的重要能源 基础设施。"十四五"以来，国家发展改革委、国家能源局持续推动我国抽水 蓄能发展；截至 2024 年底，全国抽水蓄能投产装机规模超过 5800 万千瓦，电 站利用小时数稳步提升。2025 年 1 月，《中华人民共和国能源法》施行，国家 发展改革委、国家能源局会同有关方面为贯彻落实好能源法关于"合理布局、 积极有序开发建设抽水蓄能电站"的要求，印发《办法》进一步梳理明确抽水 蓄能电站开发建设管理要求，推动行业持续、稳定、健康发展。 抽蓄项目应先 ...

行 业 华福证券 煤炭 2025 年 02 月 08 日 研 究 煤炭 节后煤价开局平稳，对美关税有望边际减少供给 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 2 月 7 日，秦港 5500K 动力末煤平仓价 753 元/吨， 周环比持平。产地价格较年前有所下滑，晋陕蒙三省煤矿开工率为 67.8%，周环比-12.3pct，主要系春节煤矿放假。本周电厂日耗大跌， 电厂库存微涨、港口库存大涨、煤企库存小跌；非电方面，甲醇开工 率较春节前微跌、尿素开工率较春节前大涨，仍处于历史同期偏高水 平，截至 2 月 6 日，甲醇开工率为 90.9 %，较春节前-0.2pct，年同比 +4.4pct；截至 2 月 5 日，尿素开工率为 87.8%，较春节前+4.4pct，年 同比+4.5pct。 焦煤 截至 2 月 7 日，京唐港主焦煤库提价 1460 元/吨，周环比持平，产 地价格持平。春节后铁水产量较节前小涨，样本钢厂煤焦库存较春节 前大跌。本周焦炭价格、螺纹钢价格持平，截至 2 月 7 日，山西临汾 一级冶金焦出厂价 1550 元/吨，周环比持平，螺纹钢现货价格 3400 元， 周环比持平，焦炭第八轮 ...

Investment Rating - The report initiates coverage with a "Hold" rating for the company [6][85]. Core Viewpoints - The company is a leader in the domestic watch industry, focusing on brand and channel development, with a strong emphasis on precision technology to foster new growth points [4][6]. - The company has a robust self-owned brand strategy and a well-established retail network, particularly through its subsidiary, Hengjili, which has a significant presence in the luxury watch retail market [5][55]. - The financial outlook predicts a revenue decline of 12% in 2024, followed by growth of 10% and 7% in 2025 and 2026, respectively, with corresponding net profit growth rates of -21%, 12%, and 13% [6][80]. Summary by Sections Company Overview - Founded in 1987, the company is the only listed watch manufacturer in China, focusing on precision manufacturing and brand innovation [3][13]. - The company has two main business lines: self-owned brand watch development and luxury watch retail [3][13]. Brand and Channel Development - The company has developed a multi-brand matrix centered around its flagship brand, Feiyada, and has optimized its channel structure to enhance market presence [4][47]. - In 2023, the company's watch brand business generated revenue of 797 million yuan, a year-on-year increase of 9.88%, with a gross margin of 66.9% [4][47]. Retail Business - Hengjili, the company's luxury watch retail channel, has established nearly 200 stores across over 60 cities in China, achieving revenue of 3.47 billion yuan in 2023, up 4.6% year-on-year [5][55]. - The retail business focuses on high-end brands and has implemented a comprehensive service model to enhance customer experience [5][55]. Precision Technology and New Growth Points - The company is expanding its precision technology business into sectors like aerospace and medical devices, while also enhancing its smart wearable technology capabilities [6][69]. - The introduction of new products, such as AI-integrated smartwatches, is part of the company's strategy to capture emerging market opportunities [6][69]. Financial Performance and Forecast - In 2023, the company reported total revenue of 4.57 billion yuan, a 5% increase from the previous year, with a net profit of 333 million yuan, reflecting a 25% increase [26][27]. - The financial projections for 2024-2026 indicate a challenging environment with expected revenue declines followed by gradual recovery, alongside a focus on maintaining shareholder returns with a 50% dividend payout in 2023 [6][85].

团队成员 电子 2025 年 02 月 07 日 行 业 研 究 电子 比亚迪"天神之眼"发布在即，开创智驾新时代 投资要点： 风险提示 技术发展及落地不及预期；汽车下游需求不及预期；汽车市场竞 争加剧风险；地缘政治风险；智驾渗透率不及预期风险。 强于大市（维持评级） 一年内行业相对大盘走势 分析师： 杨钟(S0210522110003) YZ3979@hfzq.com.cn 分析师： 戴晶晶(S0210523040003) djj30071@hfzq.com.cn 相关报告 1、【华福电子】20250120 周报：台积电 24Q4 业 绩亮眼，AI 和 HPC 持续驱动增——2025.01.20 2、【华福电子杨钟】行业专题报告：自主可控加 速攻坚，半导体阀门或迎机遇——2025.01.14 3、【华福电子】20250113 周报：汽车智能化提速， 关注车载摄像头机遇——2025.01.13 诚信专业 发现价值 1 请务必阅读报告末页的声明 华福证券 华福证券 行 业 动 态 跟 在新能源汽车和智能驾驶技术迅猛发展，消费者对智能化驾驶体验需 求日益增强的背景下，比亚迪将于2025年2月10日召开智能化战略发 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% within the next six months [5][73]. Core Insights - The company is a leading player in the customized home furnishing industry, benefiting from national subsidies that are expected to drive demand and improve market conditions [1][24]. - The company's brand recognition, manufacturing advantages, and channel strategies have remained stable, contributing to strong profitability [2][27]. - The company's revenue growth has outpaced the industry average, particularly due to its strong performance in the whole-house customization segment [3][42]. - The company is projected to maintain a stable profit margin and dividend yield, with a focus on shareholder returns [4][52]. Summary by Sections Company Overview - The company, founded in 2003, pioneered the concept of customized wardrobes in China and has since expanded into a full range of home furnishing products [13][18]. Financial Performance - In 2023, the company achieved a revenue of 11.67 billion yuan, a year-on-year increase of 3.9%, and a net profit of 1.26 billion yuan, up 18.5% [22][54]. - For 2024, the company expects revenue to decline by 10% to 0%, with a net profit forecasted between 1.32 billion and 1.45 billion yuan, reflecting a growth of 5% to 15% [2][40]. Strategic Advantages - The company has a high brand recognition and a strong return on investment for advertising expenses, leading the industry [2][27]. - Manufacturing efficiency is highlighted by an average delivery cycle of 7 to 12 days, which helps reduce operational costs [2][28]. - The company has cultivated a strong network of agents, with average retail store sales increasing significantly [2][34]. Market Position and Growth - The company has successfully implemented a whole-house strategy, significantly increasing its product categories and revenue from integrated solutions [3][42]. - The company’s revenue growth in the whole-house segment has been impressive, with a year-on-year increase of 67.52% in 2023 [3][48]. Profitability and Valuation - The company is expected to maintain a net profit margin of around 12.5% in 2024, with a projected dividend yield of approximately 6.6% [4][52]. - The current stock price corresponds to a 2025 price-to-earnings ratio of 11x, slightly below the industry average of 12x [4][52].

证券研究报告|行业专题 医药生物 强于大市（维持评级） 2025年2月7日 TSLP:哮喘领域新星，多适应症拓展，潜力 巨大，国内BD火热 证券分析师： 陈铁林 执业证书编号：S0210524080007 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 多适应症拓展，打开成长空间： 国内厂家BD火热，超长效制剂值得关注。 ➢ 和铂医药：与Windward Bio就HBM9378达成许可协议（9.7亿美元首付款+里程碑付款） 国内管线TSLP哮喘管线：特泽利尤单抗全球领先：在美国已获批哮喘，哮喘国内处于III期临床，过敏性哮喘处于II期临床。国内目前处于III期临床的仅 正大天晴的bosakitug，24年12月开始III期临床。差异化布局：1）长效：管线普遍为2-4周给药一次，恒瑞SHR-1905实现6月给药一次的超长效， 和铂的HBM9378半衰期超过特泽利尤单抗的2-3倍；2）吸入：安进/阿斯利康的AZD8630，每日一次吸入给药;3)双抗：赛诺菲，康诺亚，信达， 华奥泰，Celldex。国内慢性鼻窦炎伴鼻息肉，3家国内TSLP管线处于II期：博奥信bosakitug、康诺亚CM326、恒瑞医 ...

轻工制造 2025 年 02 月 06 日 行 业 研 究 轻工制造 2 月浆纸共振或可期待，优选一体化龙头 投资要点： 风险提示 相关报告 1、轻工纺服行业周报：出口 12 月部分品类景气 延续，内需看好国补催化——2025.01.26 2、轻工纺服行业周报：12 月家居社零保持改善， 轻纺品类出口抬升——2025.01.19 3、轻工纺服行业点评：12 月轻纺品类出口抬升， 关注"抢出口"效应——2025.01.18 诚信专业 发现价值 1 请务必阅读报告末页的声明 华福证券 行 业 动 态 跟 事件：据卓创资讯，SUZANO、Arauco 陆续发布 2 月木浆报价，亚洲 区域阔叶浆提价 20 美金至 590 美金/吨（1 月已涨价 20 美金）。据卓 创资讯及 Europulp，2024 年 12 月欧洲港口总库存较 11 月增加 1.17%， 较 2023 年同期增长 22.09%。据巴西、智利海关数据，2024 年 12 月巴 西、智利阔叶浆对华出口量分别为 86.11/19.85 万吨，同比分别-6%、 +46.3%，较 11 月分别增长+47.2%、+36%。 踪 我们判断下游补库、浆厂减产、成 ...