Group 1 - The report indicates that major domestic internet companies may initiate an AI "arms race," with Alibaba's recent earnings exceeding expectations and plans for significant investment in AI infrastructure [4][41][42] - The market has shown a positive trend, with the overall A-share market rising by 2.06%, led by the Sci-Tech 50, CSI 1000, and ChiNext indices, while sectors like consumption and real estate lagged [2][9] - The report highlights a shift in market sentiment, with increased trading volume and a focus on small-cap stocks, particularly in the robotics and AI sectors [3][21] Group 2 - Key industry trends include the rise of low-altitude economy, smart driving, and AI applications in consumption and healthcare, with recommendations for investment in these areas [5][46] - The report emphasizes the importance of the low-altitude economy as a new production force, with recent initiatives to develop a national low-altitude traffic network [5][46] - The smart driving sector is expected to benefit from companies like BYD promoting widespread adoption of intelligent driving experiences, potentially leading to a competitive environment [5][46] Group 3 - The report notes that laser radar technology will be standard in all new models from Li Auto, indicating a growing penetration of this technology in the smart driving sector [4][41] - Alibaba's commitment to invest more in AI infrastructure over the next three years is expected to surpass the total investment of the past decade, signaling a significant shift in the industry [4][42] - The introduction of the Helix model by Figure, which enhances humanoid robot capabilities, is anticipated to accelerate development in the robotics field [4][43]

基础化工 2025 年 02 月 24 日 行 业 研 究 基础化工 新材料周报：民营企业座谈会释放重要信号，国 资委深化部署利好新材料 投资要点： 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 3703.53 点，环比上涨 4.33%。 其中，涨跌幅前五的有浙江众成(34.64%)、博迁新材(32.25%)、金发科技(31.4%)、 硅宝科技(27.3%)、东材科技(23.82%)；涨跌幅后五的有仙鹤股份(-3.87%)、福 斯特(-3.15%)、皖维高新(-3.03%)、奥克股份(-2.4%)、彤程新材(-1.81%)。六个 子行业中，申万三级行业半导体材料指数收报 6584.97 点，环比上涨 7.69%； 申万三级行业显示器件材料指数收报 1169.62 点，环比上涨 0.41%；中信三级 行业有机硅材料指数收报 6317.9 点，环比上涨 4.94%；中信三级行业碳纤维指 数收报 1229.24 点，环比上涨 11.48%；中信三级行业锂电指数收报 1930.18 点， 环比上涨 2.52%；Wind 概念可降解塑料指数收报 1774.09 点，环比上涨 1.48%。 民营企 ...

Group 1 - The report highlights that multiple economic indicators in the US fell short of expectations, indicating a cooling economy, while the Federal Reserve's January meeting minutes leaned hawkish, suggesting a cautious approach towards interest rate cuts due to rising inflation concerns [2][11]. - The US stock market indices experienced a decline of over 1.5%, influenced by fluctuating inflation data and uncertainties surrounding Trump's tariff policies. In contrast, Alibaba's third-quarter revenue grew by 8%, with AI-related product revenue increasing for six consecutive quarters [2][11]. - Key economic data includes the February S&P Global Services PMI at 49.7, initial jobless claims rising to 219,000, and the Philadelphia Fed Manufacturing Index dropping to 18.1, indicating mixed signals in the labor and manufacturing sectors [3][12][13]. Group 2 - Global major asset classes showed mixed performance, with the Hang Seng Index rising by 3.79%, while the Nasdaq Composite and Dow Jones Industrial Average both fell by 2.51% [4][37]. - In the equity market, the healthcare sector in the US saw the highest gain at 1.19%, while the communication services sector faced the largest decline at -3.48%. In Hong Kong, the healthcare sector surged by 9.53%, while the energy sector dropped by 2.58% [42][49]. - The report notes that the commodity market experienced varied results, with COMEX silver rising by 1.95% and CBOT soybeans declining by 1.12% [56].

Tabl e_First|Tabl e_Summary 华福证券 电力设备及新能源行业周报 产业周跟踪：国内算力资本开支军备竞赛开启， 继续看好低位固态和低空赛道 投资要点： ➢ 锂电板块核心观点：国常会审议通过《健全新能源汽车动力电池回收 利用体系行动方案》，广州开通自动驾驶示范运营专线。1）国常会：审 议通过《健全新能源汽车动力电池回收利用体系行动方案》；2）广州开 通连接市中心与交通枢纽自动驾驶专线；3）上汽集团与华为签署深度合 作协议。 ➢ 光伏板块核心观点：BC组件招标占比提升显著，3月或有望启动抢装 潮。2025年1月，光伏组件招标量约为25.9GW，同比下降20%，属于正常的 招标节奏变化，主要因大型集采项目较少。招标组件类型中，n型产品成 为绝对主流，其中BC组件招标量为1GW，占比4%，提升显著。市场和政策 均释放出积极信号，国内光伏企业在BC技术路线布局及产能落地上纷纷跟 进；同时新能源入市新政有望引发抢装潮，刺激组件需求，加快采买节 奏，可能推高组件价格，为BC组件市场推广提供有利时机。我们认为，BC 组件仍有技术进步和成本下降空间，市场份额有望实现较快提升。 ➢ 储能板块核心观点：印度 ...

行 业 研 究 传媒 2025 年 02 月 23 日 腾讯 AI：全面加速 投资要点： 腾讯元宝：2 月 15 日起元宝投流攀升 行 业 动 态 跟 踪 根据 DataEye-ADX 行业版数据，元宝的投放素材量从 2 月 15 日 开始迅速攀升。2 月 1 日至 14 日，元宝日均投放素材量约 2000 组；2 月 15 日起，投放力度迅速攀升，日投放素材量峰值超 3400 组，至 2 月 18 日，腾讯元宝日投放素材量再达 6570 组新高。现在可以在微信、 知乎、B 站、百度搜索广告位等位置看到"满血版 DeepSeek"旗号的 元宝广告。 腾讯系 AI 产品矩阵：全面接入混元与 DeepSeek 大模型 腾讯通过组织架构调整，将元宝从 TEG 分拆到 CSIG (云与智慧 产业事业群)，推进元宝商业化与旗下全系产品接入大模型。 据腾讯官方公众号，腾讯元宝、微信、ima、腾讯文档、QQ 浏览 器、QQ 音乐同时接入混元与 DeepSeek-R1，企业微信、腾讯理财通、 腾讯 AI 代码助手、腾讯元器、腾讯乐享、腾讯地图、腾讯云 TI 平台、 腾讯云大模型知识引擎、腾讯云智算、腾讯云开发等也已接入 De ...

行 华福证券 农林牧渔 2025 年 02 月 23 日 业 研 究 农林牧渔 集团缩量挺价叠加二育进场，猪价企稳反弹 投资要点： 行 业 定 期 报 告 生猪养殖：集团缩量挺价叠加二育进场，猪价企稳反弹。1）上周猪价 偏强上行。上周猪价重心偏强上移，主要系集团缩量挺价，叠加肥标价差 支撑下二育进场积极性增强。2 月 21 日猪价 14.89 元/kg，周环比+0.18 元/kg。 据涌益咨询监测，2025 年春节后二次育肥进场格局出现变化：与 2024 年 北方主导、南方谨慎观望的区域分化不同，今年受肥标价差驱动，华南、 西南及江西等地二育积极性同比提升，南北同步进场特征明显，市场行为 趋于一致。2 月 1-10 日二次育肥销量占比为 3.27%，较前十天增加 2.84pct。 2）屠企宰量回升，冻品库存率微增。上周南方多地因学校开学，市场需求 有所回暖，叠加国储订单支撑，屠宰厂订单量随之上升。上周样本屠企日 宰杀量均值为 13.00 万头，周环比+5.95%。冻品市场方面，年后需求持续 疲软，冻品消化速度依然缓慢，加工厂备货积极性较低。在国储订单的带 动下，分割入库比例有所上升，冻品库存呈现缓慢累积态势。 ...

奢侈品专题：Q4 环比改善，期待 25 年奢侈品提速 行 业 定 期 报 告 奢侈品集团陆续发布 2024 年业绩，整体在去年高增长背景下出现 放缓迹象，但不同地区表现仍有较大差异，其中日本凭借汇率优势和 旅游消费增长表现亮眼，亚洲其他地区相对承压，主要受到大中华区 消费放缓、以及出境游分流影响。从分季度表现看，三个奢侈品公司 整体、亚太（除日本）营收都在 Q4 出现环比改善，其中 LVMH、Kering 在亚太（除日本）降幅环比收窄，Hermes 增长提速。 行 华福证券 行情数据 纺织服饰 2025 年 02 月 23 日 业 研 究 纺织服饰 奢侈品专题：Q4 环比改善，期待 25 年奢侈品提 速——25W8 周观点 本周家电板块涨跌幅-1.4%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-3.7%/-1.7%/+3.1%/+2.9%。原材料价格方面，LME 铜、LME 铝 环比上周分别-3.24%、+1.50%。 本周纺织服装板块涨跌幅-0.91%，其中纺织制造涨跌幅-0.14%， 服装家纺涨跌幅-1.65%。本周 328 级棉现货 14,965 元/吨（+0.48%）， 美 棉 CotlookA ...

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]

计算机 2025 年 02 月 23 日 行 业 研 究 计算机 Deepseek 发布全新注意力机制 NSA 投资要点： Deepseek 发布全新注意力机制 NSA 行 业 定 期 报 告 NSA（硬件优化稀疏注意力机制）由 Deepseek、北京大学和华盛顿大 学联合提出，旨在解决传统注意力机制在长上下文、多轮对话等场景下的 性能瓶颈。其创新性在于通过**三并行分支架构**（Token 压缩、Token 选 择、滑动窗口）结合可学习门控机制，动态平衡全局与局部注意力：压缩 分支粗粒度捕捉全局信息，选择分支筛选关键稀疏单元以减少计算量，滑 动窗口则保留局部语法与语义连贯性；硬件层面基于 Triton 框架优化内存 访问，通过组共享 KV 数据、高带宽 HBM 与片上 SRAM 协同计算，显著 提升稀疏计算效率。该技术实现了推理速度与精度的平衡，适用于大语言 模型加速、长文档理解等需要高效长程依赖建模的场景。 本周 AI 数据更新： 海外应用看，20250214-20250220 期间，Chatgpt 下载量逐步回升， Gemini、Perplexity 和 Claude 整体保持稳定。 国内应用看，202 ...