—汽车行业周报 推荐(维持) 投资要点 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | | 行业相对表现 | | 2025 年 03 月 16 日 智元灵犀 X2 与 GO-1 大模型亮相，Figure BotQ 推动机器人商业落地 ▌智元灵犀 X2 正式亮相，GO-1 大模型进一步带动 机器人通用性上升 3 月 10 日，智元发布首个通用具身基座大模型 GO-1 （Genie Operator - 1），并于 3 月 11 日正式推出新一代人 形机器人 "灵犀 X2"。 GO-1 大模型使用全 新 ViLLA（Vision-Language-Latent- Action）架构，该架构通过多模态大模型（VLM）与混合专 家系统（MoE）的协同，主要亮点包括：1）跨模态学习：融 合视频与示范数据，提升人类行为理解精度；2）小样本泛 化：零/少样本适应新场景，大幅度降低部署成本；3）一脑 多形：通用策略模型可以适配多形态机器人，实现群体智能 升级；4）持续进化：数据回流闭环驱动模型迭代，动态增强 性能。在五项标准任务测试中，GO ...

2025 年 03 月 16 日 北方华创拟受让芯源微 9.49%股份，激光雷达龙 头禾赛科技公布财报 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 3.9 | 8.8 | 41.9 | | 沪深 300 | 1.7 | 1.9 | 12.2 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1 、 《 电 子 行 业 周 报 ： 通 用 型 AIAgent"Manus"横空出世，阿里 推出 QwQ-32B 全新推理模型》2025- 03-10 2、《电子行业周报：关注昇腾产业 链及存储料号涨价》2025-03-04 3、《电子行业周报：阿里巴巴资本 开支大增，Figure 与 1x 新款人形机 器人分别亮相》2025-02-23 ▌上周回顾 3 月 10 ...

证 券 研 究 报 告 行业周报 国产GLP-1出海值得期待 医药行业周报 | 投资评级： | 推荐 （维持） | | --- | --- | | 报告日期： | 2025年03月16日 | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 2025年创新药对外授权持续火热，中国企业出海迎来收获期 2025年全球新药BD依然保持火热，据DealForma数据显示，2024年约31%的大型跨国药企引进的创新药候选分子来自中国， 2025年1~2月中国创新药BD项目已达16项，并且合作的领域也从肿瘤等热门方向延伸至自免等新方向。NewCo等新模式也 获得了海外资金的支持，中国企业也积极尝试。虽然全球创新药医药并购交易在下降，但中国医药创新药的并购却持续活 跃，对外授权数量保持持续增长，一方面中国创新药研发持续迭代，持续高效补充研发梯队，为对外授权提供持续的种子。 另一方面，海外MNC并购更趋精明谨慎，但也面临中国创新药加入全球竞争的大环境，对中国创新药的项目保持持续的关 注。目前与中国企业合作的项目以临床早期品种为主 ...

证 券 研 究 报 告 行业周报 国产GLP-1出海值得期待 医药行业周报 | 投资评级： | 推荐 （维持） | | --- | --- | | 报告日期： | 2025年03月16日 | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 2025年创新药对外授权持续火热，中国企业出海迎来收获期 2025年全球新药BD依然保持火热，据DealForma数据显示，2024年约31%的大型跨国药企引进的创新药候选分子来自中国， 2025年1~2月中国创新药BD项目已达16项，并且合作的领域也从肿瘤等热门方向延伸至自免等新方向。NewCo等新模式也 获得了海外资金的支持，中国企业也积极尝试。虽然全球创新药医药并购交易在下降，但中国医药创新药的并购却持续活 跃，对外授权数量保持持续增长，一方面中国创新药研发持续迭代，持续高效补充研发梯队，为对外授权提供持续的种子。 另一方面，海外MNC并购更趋精明谨慎，但也面临中国创新药加入全球竞争的大环境，对中国创新药的项目保持持续的关 注。目前与中国企业合作的项目以临床早期品种为主 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies, which are expected to lower the cost of childbirth and increase birth rates, thus driving demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% over the same period [2]. Investment Views - In the liquor sector, companies such as Shui Jing Fang, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu are recommended based on their valuation advantages. Long-term recommendations include Wuliangye, Luzhou Laojiao, and others [4]. - The dairy sector has seen a significant rise, with companies like Ximai Food, Youyou Food, and others being highlighted for their growth potential [5]. Key Company Feedback - Luzhou Laojiao's stock price is at 143.61, with an EPS forecast of 9.00 for 2023 and a PE ratio of 15.96, rated as "Buy" [10]. - Gujing Gongjiu is also rated as "Buy," with a stock price of 193.54 and an EPS forecast of 8.68 for 2023 [10]. Industry Data Trends - The liquor industry reported a total revenue of 756.3 billion in 2023, reflecting a year-on-year growth of 9.7% [54]. - The cumulative production of liquor in 2024 reached 4.145 million tons, showing a decrease of 7.72% year-on-year [53]. - The seasoning industry has seen its market size grow from 259.5 billion in 2014 to 592.3 billion in 2023, with a CAGR of 9.6% [56].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies aimed at reducing costs and increasing birth rates, which will drive demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% [2]. Recent Research - Recent reports highlight the government's focus on expanding domestic demand and improving the consumption environment [3]. Investment Views - Liquor Sector: The sector has seen substantial growth due to the announcement of fertility policies and consumption-boosting measures. Key recommendations include Water Well Square, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Liquor, with a broader recommendation for Wuliangye, Luzhou Laojiao, and others [4]. - Consumer Goods Sector: The dairy segment has surged due to policy catalysts, with recommendations for Ximai Foods, Youyou Foods, and others. Long-term opportunities are noted for Yuran Livestock, Modern Farming, and major dairy companies [5]. Key Company Feedback - The report includes specific company performance metrics, with Luzhou Laojiao and Gujing Gongjiu among those recommended for investment based on their earnings forecasts and market positions [10].

Investment Rating - The report maintains a "Buy" rating for the media industry [7][23]. Core Insights - The increase in AI applications is driving online marketing, while the empowerment of offline scenarios through AI is emerging as a new focus for existing businesses [6][20]. - The report highlights three investment dimensions: 1. Focus on large companies' AI capital expenditures and their impact on the supply chain (e.g., Alibaba, ByteDance, Tencent) 2. Attention to offline applications empowered by AI, such as cinema chains and digital exhibitions 3. Investment opportunities in media sectors expected to recover in 2025 [6][20]. Summary by Sections Industry Overview and Dynamics - The media industry has shown varied performance, with the O2O index rising significantly while the AI index has seen declines [15]. - The report notes that major companies are increasing their investments in AI, which is expected to enhance digital marketing and overall market dynamics [17][18]. Key Recommended Stocks - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) for its collaboration with the "Three-Body" sci-fi IP - Yaoyi Technology (002605) for its marketing support to automotive companies - Mango Super Media (300413) for its AI customer service initiatives [7][12]. Market Performance - The report provides insights into the performance of various media sub-sectors, indicating a recovery phase for cinema chains and digital exhibitions, with specific companies highlighted for their potential growth [20][28]. Film Market - The report mentions the box office performance for the week of March 10 to March 15, 2025, with top films generating significant revenue [28][29]. Television Market - The report notes the viewership ratings for popular television shows, indicating strong audience engagement [31].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The company's performance is driven by significant growth in the production and sales of polyolefins, with a 61.90% increase in capacity year-over-year [2]. - The company has demonstrated strong financial health with a net cash flow from operating activities of 8.898 billion yuan, reflecting a year-over-year increase [3]. - High dividend payouts highlight the company's investment value, with a total cash dividend of 3.007 billion yuan and a dividend yield of 5.04% [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.983 billion yuan, a year-over-year increase of 13.21%, and a net profit attributable to shareholders of 6.338 billion yuan, up 12.16% [1]. - The fourth quarter of 2024 saw a revenue of 8.708 billion yuan, a slight decline of 0.3% year-over-year but a 18.04% increase quarter-over-quarter [1]. Production and Sales - The company reported significant increases in polyolefin production, with polyethylene and polypropylene output reaching 1.133 million tons and 1.173 million tons, respectively, marking increases of 34.95% and 56.71% year-over-year [2]. - Sales figures for polyethylene and polypropylene also saw substantial growth, with sales volumes of 1.135 million tons and 1.165 million tons, reflecting increases of 36.36% and 54.74% year-over-year [2]. Dividend Policy - The company distributed a total cash dividend of 3.007 billion yuan in 2024, with a per-share dividend of 0.4598 yuan for minority shareholders and 0.3891 yuan for major shareholders, resulting in a dividend payout ratio of 47.44% [4]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 10.185 billion yuan, 12.114 billion yuan, and 13.715 billion yuan for 2025, 2026, and 2027, respectively [10]. - The current stock price corresponds to a price-to-earnings ratio of 12.6, 10.6, and 9.4 for the years 2025, 2026, and 2027, indicating attractive valuation levels [10].

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to impairment losses [3][4]. - The "Spring Action" initiative launched in 2025 aims to enhance feed sales and broaden growth opportunities by providing technical support and optimizing cost structures for aquaculture clients [4][5]. Summary by Sections Financial Performance - The company forecasts revenues of 6.01 billion yuan in 2024, with a projected increase to 8.57 billion yuan in 2025, representing a growth rate of 42.6% [11]. - The expected net profit for 2025 is projected at 102 million yuan, recovering from a net loss of 85 million yuan in 2024 [11]. Strategic Initiatives - The "Spring Action" initiative is designed to assist aquaculture clients in increasing production and income, thereby indirectly improving the company's accounts receivable management [4][5]. - The company plans to enhance its research and development efforts in aquaculture seedling production, which is expected to become a new revenue source [4]. Market Positioning - The company is pursuing a strategic acquisition of 51% of Yixing Tianshi Feed Co., aiming to strengthen its market position in the aquaculture feed sector and expand into overseas markets [8]. - The company is focused on improving its accounts receivable collection processes, with a net accounts receivable of 1.923 billion yuan as of Q3 2024 [5][7].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a challenging 2024, with projected losses due to industry-wide issues affecting the aquaculture sector [3][4]. Summary by Sections Financial Performance - The company forecasts a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to expected impairment losses exceeding 300 million yuan [3]. - Revenue projections for 2024, 2025, and 2026 are 60.11 billion yuan, 85.69 billion yuan, and 103.39 billion yuan respectively, with a significant recovery expected in 2025 [9][11]. Strategic Initiatives - The "Yuehai Chuangfu Xing · Zhan Chun Action" initiative launched in early 2025 aims to enhance feed sales and support aquaculture farmers through cost reduction and efficiency improvements [4]. - The company plans to increase its focus on research and development in aquaculture seedling business, which is expected to become a new revenue source [4]. Market Positioning - The company is pursuing a strategic acquisition of 51% of Yixing Tianshi Feed Co., aiming to enhance its competitive edge in the aquaculture feed market and expand into overseas markets [8]. - The company is actively managing its accounts receivable, with a net amount of 1.923 billion yuan as of Q3 2024, and is implementing measures to improve collection efficiency [5][7]. Earnings Forecast - The earnings per share (EPS) are projected to be -0.12 yuan in 2024, recovering to 0.15 yuan in 2025 and 0.22 yuan in 2026, reflecting a positive trend in profitability [9][11].