行 业 研 究 华福证券 国防军工 2025 年 03 月 16 日 国防军工 军工本周观点：继续乐观 投资要点： 本周核心观点： 本周，申万军工指数（801740）上涨 2.57% ，同期沪深 300 指数上涨 1.59%， 相对超额 0.98pct，延续了上周估值修复趋势。 行 业 定 期 报 告 本周 2025 年政府工作报告全文正式公布，其中"深海科技"作为新兴产业 被首次提及，带动相关标的跑出明显超额；同时在两会现场，全国政协委 员、中核集团聚变领域首席科学家段旭如指出"我国核聚变技术已从过去 的跟跑到并跑，再到部分技术达到国际领先水平，目前已位于国际第一方 阵，与国际同步处于科学研究向实验堆工程验证过渡的关键阶段"。我们 认为，新技术、新方向或已成为十五五期间不可忽视的投资主线。 3 月 7 日，习主席出席十四届全国人大三次会议解放军和武警部队代表团 全体会议时，强调"实现我军建设"十四五"规划圆满收官，对如期实现 建军一百年奋斗目标具有重要意义"、"要加紧解决规划执行中的堵点卡 点问题"。3 月 14 日，国防部例行新闻发布会上，张晓刚大校强调了"我 军建设"十四五"规划已进入爬坡过坎、突围冲刺 ...

Group 1 - The report highlights that all six sub-sectors of the pharmaceutical index recorded positive returns, indicating a strong performance in the market [2] - According to the "2025 AI Era Health Sleep White Paper" by iResearch, 64% of adults only manage to maintain a minimum of 6 hours of sleep, with average sleep duration decreasing by 5% compared to 2024, necessitating innovative solutions in sleep technology [3][7] - AI smart mattresses are emerging as a new category to address sleep issues, featuring three main advantages: medical-grade monitoring and intervention, full-home smart integration, and chronic disease warning and health management [8][9] Group 2 - The pharmaceutical sector has shown significant recovery, driven by the strong performance of AI in the medical field, with the AI medical index in Hong Kong rising by 35.57% and the A-share smart medical index increasing by 22.33% since the beginning of 2025 [20] - The report notes that nearly 70% of consumers are willing to purchase AI smart mattresses, with the global market expected to reach $1.8 billion in 2024 and grow at a compound annual growth rate of 7% from 2025 to 2030 [8][9] - The report discusses the impact of the DRG/DIP payment reform on the healthcare system, which is expected to reshape the medical insurance landscape and create a new tiered health insurance model in China [25][26]

行 业 研 究 华福证券 煤炭 2025 年 03 月 16 日 产地煤价大涨，估值修复可期 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 3 月 14 日，秦港 5500K 动力末煤平仓价 681 元/吨， 周环比-7 元/吨。产地价格大涨，内蒙古、山西、陕西坑口价周环比分 别+8.4%、+11.4%、+10.2%。晋陕蒙三省煤矿开工率为 82%，周环比 基本持平。本周电厂日耗大跌，电厂库存小涨、秦港库存小跌；非电 方面，甲醇开工率微跌、尿素开工率小跌，仍处于历史同期偏高水平， 截至 3 月 13 日，甲醇开工率为 86%，周环比-0.3pct，年同比+2.9pct； 截至 3 月 13 日，尿素开工率为 87.8%，周环比-1.3pct，年同比+2.2pct。 焦煤 截至 3 月 14 日，京唐港主焦煤库提价 1380 元/吨，周环比-10 元/ 吨，产地价格持平。铁水产量微涨，样本钢厂煤焦库存微涨。本周焦 炭价格小跌、螺纹钢价格微跌，截至 3 月 14 日，山西临汾一级冶金焦 出厂价 1350 元/吨，周环比-50 元/吨，螺纹钢现货价格 3300 元，周环 比-20 元/吨，焦炭第十 ...

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Insights - The application of 3C equipment in the assembly of humanoid robots presents significant growth potential, as the production process resembles that of consumer electronics rather than automotive manufacturing [3][4] - Companies such as Bozhong Precision, Tianzhun Technology, Qiangrui Technology, Bojie Co., Lingyun Optical, and OptoTech are actively involved in the humanoid robot assembly and related core components [3] - Apple is increasing its investment in robotics technology, with plans to launch a desktop robot by 2026-2027, indicating a strategic shift towards smarter consumer electronics [4][5] Summary by Sections 3C Equipment in Robotics - The report highlights the broad application space for 3C equipment in the assembly of humanoid robots, with several companies already making strategic moves in this area [3] - Specific companies mentioned include: - Bozhong Precision: Engaged in humanoid robot assembly and core components - Tianzhun Technology: Promoting its first intelligent controller for the humanoid robot industry - Qiangrui Technology: Focusing on core components and testing equipment for robots - Bojie Co.: Holds a 24% stake in Erzhi Robotics, a developer of industrial robots - Lingyun Optical: Provides key data services for intelligent training in humanoid robots - OptoTech: Supplies products and technologies for the production of humanoid robots [3] Apple's Robotics Investment - Apple is reportedly ramping up its robotics research and development, with a new desktop robot expected to be mass-produced by 2026-2027, showcasing its commitment to enhancing user experience through intelligent devices [4][5] Foldable Screen Technology - The report discusses Apple's potential entry into the foldable screen market, with expected shipments of 8 to 10 million units for its first foldable iPhone in 2026, which could stimulate consumer demand and expand market opportunities [5][6] - The use of 3D printing technology in foldable screens is highlighted, with companies like Honor and OPPO achieving significant breakthroughs in manufacturing techniques [6]

行 家用电器 2025 年 03 月 16 日 业 研 究 行 业 定 期 报 家用电器 电动自行车以旧换新成效显著，1-2 月扫地机数 据靓丽——25W11 周观点 投资要点： 电动自行车以旧换新成效显著，1-2 月扫地机数据靓丽 告 电动自行车以旧换新成效显著。根据中国经济网援引的商务部数 据，截至 3 月 11 日，今年全国电动自行车售旧、换新 166.4 万辆，超 过 2024 年总和（2024 年以旧换新从 9 月开始），相当于 2024 年工作 总量的 120.4%，累计补贴 10.0 亿元，人均约 600 元，拉动新车销售 45.1 亿元，惠及 4.7 万家销售门店。 国补无缝衔接带动扫地机品类延续亮眼表现。根据奥维云网，受 春节错期影响，1-2 月线上销售呈现前高后低趋势，从可比口径来看， 1-2 月扫地机线上销额 19.16 亿元，同比+72%，线上销量 58.75 万台， 同比+58%，均价为 3261 元，同比+9%。 行情数据 本周家电板块涨跌幅+1.7%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+2.2%/-0.6%/+2.3%/+3.1%。原材料价格方面，LME 铜、LME 铝 ...

行 华福证券 食品饮料 2025 年 03 月 16 日 业 研 究 食品饮料 复苏预期持续强化，白酒进入估值修复阶段 投资要点： 行 业 定 期 报 告 【白酒】春节整体基本面或处于底部待反转区间，同时节后白酒企业密集 停止发货，预计停货对价格的支撑在短期内即可显现，后续价格预期积极， 需求端复苏或缓释销售端压力。白酒作为顺周期板块，预期带动估值修复 往往先于基本面，估值具备较强安全边际和配置属性。建议关注可攻可守 的山西汾酒，保价控量、具备降维打击、市占率提升能力的茅台、五粮液 以及受益于婚宴回补的古井贡酒、今世缘、迎驾贡酒。 【啤酒】重点推荐高端化核心标的青岛啤酒、提效改革叠加大单品逻辑的 燕京啤酒。 【软饮料】建议关注：1）功能饮料赛道龙头且逐步探索出第二增长曲线的 东鹏饮料；2）基本面具备积极预期的香飘飘。 【预调酒】百润股份作为预调酒行业龙头企业，公司历史行情通常为大单 品所驱动的 PE 扩张，行情较快，操作上更适合左侧布局，目前公司威士忌 已正式上市，当前公司 25 年 PE 为 37 倍上下，我们认为具备较大赔率。 【乳制品】重点推荐利润导向明显的全国乳企巨头伊利股份，关注其产品 结构优化带来 ...

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 [7][14]. Core Insights - The latest developments in the AI Agent industry have established a framework consisting of a "Base Model (strong coding capability model) + Operating Platform (as a client) + Universal Interface (MCP builds the bridge)" [2]. - Anthropic has entered the Agent field early with strong product capabilities, launching Claude 3.5 on October 23, 2024, which includes Agent functionalities [4]. - Claude 3.7 has demonstrated superior coding capabilities, reportedly able to solve over 70% of real GitHub issues, outperforming competitors [4]. - Cursor, an AI code editor, has integrated multiple top models and is currently ranked first in popularity among AI programming tools [5]. - MCP, released by Anthropic on November 25, 2024, serves as a standardized interface allowing various external services to connect with AI models, significantly enhancing the ecosystem [6]. Summary by Sections Agent Base Model - Claude - Claude is recognized for its strong coding capabilities, leading the Agent domain with superior performance in software engineering benchmarks [3][4]. Agent Operating Platform - Cursor - Cursor has achieved significant market traction by integrating advanced AI models and is currently valued at nearly $10 billion, following a recent funding round [5]. Agent Universal Interface - MCP - MCP has established a vast ecosystem, supporting over 100 applications and more than 15,000 API operations, facilitating connections with various platforms [6]. Investment Recommendations - The report suggests focusing on entry-level Agents such as Tencent (WeChat AI ecosystem) and Xiaomi (mobile AI ecosystem), as well as B-end Agents like Hand Information and Focus Technology [7].

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The report highlights the potential of gene therapy for retinal diseases, particularly focusing on the single-dose treatment that could replace long-term injections, with a specific emphasis on Kanghong Pharmaceutical [4][5]. - The global market for retinal diseases, primarily age-related macular degeneration (AMD), is approaching $20 billion and continues to grow, indicating significant unmet medical needs [4][32]. - The report identifies key players in the gene therapy space, including REGENXBIO and AbbVie, with their product ABBV-RGX-314 expected to complete critical Phase 3 clinical trials in 2025 [4][46]. Summary by Sections 1. Market Overview - The CITIC Pharmaceutical Index rose by 1.9% during the week of March 10-14, 2025, outperforming the CSI 300 Index by 0.3 percentage points [3]. - The pharmaceutical sector has shown resilience, with innovative drugs performing well and a positive market sentiment driven by policy changes and new healthcare initiatives [5]. 2. Gene Therapy for Retinal Diseases - Gene therapy is seen as an ideal solution for retinal diseases due to the unique characteristics of the eye, such as immune privilege and low treatment dosage requirements [4][26]. - Current treatments for AMD involve frequent injections, which pose challenges in patient compliance and treatment burden [36]. - Kanghong Pharmaceutical is highlighted for its advanced clinical products KH631 and KH658, which are expected to enter clinical trials in 2023 and 2024, respectively [4][26]. 3. Key Players and Products - ABBV-RGX-314, developed by REGENXBIO and AbbVie, is in Phase 3 trials and has shown promising results in reducing treatment burden by 97% for patients previously requiring frequent injections [64]. - 4DMT's product 4D-150 is designed to inhibit multiple VEGF targets and is expected to significantly reduce treatment needs for wAMD patients [77][89]. - Adverum's Ixo-vec is also entering Phase 3 trials, aiming to provide sustained effects through a single injection [99]. 4. Investment Recommendations - The report recommends focusing on innovative drugs and companies with strong growth potential, particularly those involved in gene therapy and AI applications in healthcare [5][6].

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [5]. Core Insights - The lithium battery sector shows significant growth in production and sales, with a focus on the upcoming April auto show, indicating a potential peak season [2][13]. - The photovoltaic sector is experiencing a price recovery, with ongoing discussions among major companies to promote healthy industry development [25][26]. - The energy storage sector is expanding, with significant installations planned in Gansu and Inner Mongolia, indicating a stable revenue model [34][36]. - The electric power equipment and industrial control sector is seeing new projects and technological advancements, particularly in high-voltage transmission [45][46]. - The hydrogen energy sector is gaining attention with new standards and projects being initiated, highlighting its growth potential [57][58]. Summary by Sections 1. Lithium Battery and Electric Vehicle Sector - In February, domestic battery production and sales saw a year-on-year increase, with lithium iron phosphate vehicles accounting for 81.5% of the total [13][14]. - The upcoming Shanghai Auto Show is expected to focus on innovation and new models, potentially boosting lithium battery demand [15]. - Companies with cost advantages are likely to outperform competitors, including CATL and others [16][19]. 2. Photovoltaic Sector - The photovoltaic industry is witnessing a price increase due to self-regulation and demand from distributed projects [25][26]. - Major companies are adjusting production quotas, which is expected to lead to a sustained price recovery in the industry [26][27]. - Investment opportunities exist in various segments, including silicon materials and inverters, with specific companies recommended for investment [31]. 3. Energy Storage Sector - By the end of 2024, Gansu's new energy storage capacity is projected to exceed 11GWh, with Inner Mongolia planning significant installations by 2025 [34][36]. - The revenue model for energy storage includes participation in the electricity spot market and auxiliary services [35]. - Investment recommendations focus on quality storage integrators and companies benefiting from the growth in energy storage demand [39]. 4. Electric Power Equipment and Industrial Control Sector - The commencement of the Gansu-Zhejiang high-voltage transmission project is expected to enhance clean energy transmission capabilities [45]. - The sector is also seeing advancements in AI and robotics, with new products being launched [47][51]. - Investment opportunities are highlighted in companies involved in digital grid solutions and automation technologies [52][54]. 5. Hydrogen Energy Sector - The National Energy Administration has outlined key focus areas for hydrogen energy standards by 2025, indicating a strategic direction for the industry [57]. - New projects in hydrogen production and storage are being initiated, with significant investments planned [58][59]. - Companies involved in hydrogen production and fuel cell technologies are recommended for investment [59].

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：光伏产业链价格持续修复，聚焦本 周 GTC 大会 投资要点： ➢ 锂电板块核心观点：锂电2月产销同比高增，4月车展将近酝酿旺季行 情。1）2月国内电池产销同比高增，铁锂装车占比81.5%；2）4月车展聚 焦创新，国内外车企积极推进新车型。 ➢ 光伏板块核心观点：组件价格持续上涨，25H1主材配额调整落地。3 月10-12日光伏硅料-组件环节主要企业在北京再度召开会议，对自律生 产，促进行业健康发展进行讨论。我们认为，随着去年10月以来行业自律 等的实施，当前产业链价格持续修复，同时受430/531节点国内分布式等 项目抢装影响，产业链价格有望进入趋势上涨窗口期。4-5月硅片、电池 等排产增加或将对上游产生一定拉动作用，硅料市场或将在下游需求拉动 下出现一定好转。 ➢ 储能板块核心观点：24年底甘肃新型储能累计装机超11GWh，内蒙古 25年新型储能专项行动累计装机容量约49GWh。1）24年底甘肃新型储能累 计装机4.42GW/11.41GWh，电力现货市场+辅助服务市场+容量租赁为主要 盈利模式；2）内蒙 ...