2025 年 02 月 09 日 白酒动销表现分化，大众品需求回暖 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn ▌ 一周新闻速递 行业新闻：1）贵州白酒 2025 年产值目标 1600 亿元。2）汾 阳谋划 146 亿元投资白酒生产及产业链项目。3）4.3 亿元酱 酒项目落户武汉。 公司新闻：1）洋河股份：洋河 M6+实行配额管控。2）迎驾 贡酒：2025 年聚焦培育大单品矩阵。3）老白干酒：老白干 锚定七项变革。 ▌ 投资观点 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -1.7 | -12.7 | -9.9 | | 沪深 300 | 3.0 | -5.1 | 15.7 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深 ...

2025 年 02 月 09 日 开源模型 Deepseek 超越 OpenAI 狂揽 7.8 万 星，大端侧 AI 时代来临 推荐(维持) 投资要点 分析师：毛正 S1050521120001 maozheng@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) | 8.4 | 1.0 | 56.6 | | 沪深 300 | 3.0 | -5.1 | 15.7 | 相关研究 1、《电子行业周报：DeepSeek-R1 升至全球风格控制类第一，宇树推 出人形机器人首个应用方案》2025- 01-27 2、《电子行业动态研究报告：CPO 驱动 AI 时代光通信新引擎，龙头布 局引领技术突破潮》2025-01-22 3、《电子行业周报：中国将依法调 查美国对华低价出口成熟制程芯 片，台积电 2024 年 AI 芯片营收高 增》2025-01-19 ▌上周回顾 2 月 5 日-2 月 7 日当周，申万一级行业整体处于上涨态势。 其中电子 ...

2025 年 02 月 09 日 比亚迪有望带动高阶智能驾驶渗透率快速提升， Optimus 大规模量产时刻已到来 —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 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 汽车(申万) | 11.1 | 5.0 | 44.0 | | 沪深 300 | 3.0 | -5.1 | 15.7 | 市场表现 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业动态研究报告：丝杠 量产临近，关注设备端投资机会》 2025-01-20 2、《汽车行业周报：国内优秀机器 人厂商进步迅速，看好机器人供应 链投资机会》2025-01-19 3、《汽车行业周报：Optimus 百万 量产进度提前，机器人板块行情延 续》2025-01-12 ▌ 比亚迪有望带动高阶智能驾驶渗透率快速提升 比亚迪举行智能化战略发布会，并发布多款智驾版新车型。 比亚迪将于 2 月 10 日在比亚迪深圳 ...

证 券 研 究 报 告 行业周报 智驾提速，继续看好板块机会 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年02月09日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 继续看好板块机会。根据中汽协数据，2024年12月新能源汽车产销分别完成153万辆和159.6万辆，同比分别增长30.5%和 34%。2024年新能源汽车产销分别完成1288.8万辆和1286.6万辆，同比分别增长34.4%和35.5%。供给端，电池及主机厂新 品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优 化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底部，价格易涨难 跌，需求端韧性强劲，继续看好产业链优质公司。 行业评级及投资策略： 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好固态电池、电池材料α品种、液冷、机器人等方向。维持新能源汽车行业"推荐"评级。 1）主材：浙江荣泰、尚太科 ...

2025 年 02 月 08 日 业绩承压不改长期动能，技术驱动孕育成长新机 —华曙高科（688433.SH）公司动态研究报告 | 分析师：吕卓阳 | S1050523060001 | | --- | --- | | lvzy@cfsc.com.cn | | | 联系人：尤少炜 | S1050124040003 | | yousw@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-0 7 | | --- | --- | | 当前股价（元） | 26.39 | | 总市值（亿元） | 109 | | 总股本（百万股） | 414 | | 流通股本（百万股） | 200 | | 52 周价格范围（元） | 14.34-30.85 | | 日均成交额（百万元） | 51.09 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 (%) 华曙高科 沪深300 买入(首次) 投资要点 证 证券研究报告 ▌ 盈利预测 华曙高科是全球极少数同时具备 3D 打印设备、材料及软件自 主研发与生产能力的增材制造企业，销售规模位居全球前 列，有望持续提升市场份额和盈利能力。 ...

传媒战略性布局窗口下看什么？ 2025 年 02 月 09 日 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 传媒板块在 2025 年具战略性布局价值，内需与创新双轮驱 动，从 2G 的政策支持到 EPS 端的业绩修复，再到 PE 端的 AI 助力，三因子共振下可关注传媒板块布局窗口。第一维度， 可关注春节前业绩预告利空已落地板块，如蓝色光标、奥飞 娱乐、风语筑、万达电影、横店影视等；第二维度，可关注 已接入 DeepSeek 的标的，如浙文互联完成 DeepSeek-R1 部 署，加速赋能智慧内容生态平台；第三维度，可关注 AI 应用 板块，AI+IP 玩具陪伴、文化科普、数字营销、直播电商、 内容制作、动画电影生成等，如奥飞娱乐、汤姆猫、风语 筑、蓝色光标、浙文互联、遥望科技、华策影视、芒果超 媒、中信出版、新经典、万达电影、上海电影、中文在线、B 站、美图、姚记科技、创梦天地等 ...

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [1][4] Core Views - The company's performance in 2024 fell short of expectations, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 14.645 billion, 1.245 billion, and 1.222 billion yuan respectively, reflecting year-on-year declines of -1.15%, -6.84%, and -7.04% [2] - The fourth quarter of 2024 saw significant pressure on profits, with revenue and profit figures of 1.582 billion and -0.87 billion yuan, indicating a year-on-year revenue decline of -11.45% and a loss in profit [2] - The company is committed to a high-end strategy and plans to increase the development of non-drinking channels, with high-end products expected to grow in sales while some brands like Chongqing and others are projected to decline [3] Summary by Sections Performance Overview - In 2024, the company experienced a decline in both volume and price, with sales volume down by -0.75% and -8.03% in 2024 and Q4 respectively, primarily due to challenges in the dining and entertainment channels and adverse weather conditions in some markets [2] - The average price per unit also decreased, with declines of -0.40% and -3.72% for the full year and Q4 respectively [2] Strategic Initiatives - The company plans to enhance its high-end product offerings and reduce the proportion of mid-to-low-end products in non-drinking channels, while also promoting non-beer products [3] - In 2025, the company will continue to refine its non-drinking channel management by segmenting it into nine channels and teams, aiming to improve operational efficiency [3] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted to 2.57, 2.71, and 2.92 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21, 20, and 19 times [4] - The company is expected to benefit from lower barley costs in 2025, although it will face increased depreciation expenses from the Foshan factory and freight optimization [3]

2025 年 02 月 06 日 电源线龙头加码新能源链接产品，控股达为互联 发力高速线缆市场 —泓淋电力（301439.SZ）公司动态研究报告 买入(首次) 投资要点 | 分析师：宝幼琛 | S1050521110002 | | | --- | --- | --- | | baoyc@cfsc.com.cn | | | | 基本数据 | 2 0 2 5-0 2-0 5 | | | 当前股价（元） | | 15.92 | | 总市值（亿元） | | 62 | | 总股本（百万股） | | 389 | | 流通股本（百万股） | | 183 | | 52 周价格范围（元） | | 9.46-18.36 | | 日均成交额（百万元） | | 73.0 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 泓淋电力 沪深300 相关研究 ▌ 深耕电源线与特种线缆，产品结构丰富 公司专业从事电源线组件和特种线缆的研发、生产和销售， 是全球电源线组件行业龙头企业之一，专业为计算机、家用 电器客户提供电源线组件产品，并为家用电器、船舶及焊 枪、新能源电动汽车等客户提供精密电器配线、橡 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The media industry is expected to benefit from advancements in AI technology, particularly with the introduction of new models like DeepSeek R1 and Janus Pro, which are anticipated to lower application costs and enhance performance [5][19]. - The 2025 Spring Festival box office performance has been strong, with significant increases in both ticket sales and audience attendance, indicating resilience in content consumption [15][28]. - The report highlights the importance of quality content in driving audience engagement, as seen with successful films like "Nezha: The Devil's Child" and "Detective Chinatown 1900" during the Spring Festival [15][28]. Summary by Sections Industry Overview - The media sector has shown varied performance, with the animation index experiencing smaller declines compared to other segments [14]. - The overall market sentiment reflects a mixed performance across different media sub-industries [14]. Market Performance - The Spring Festival box office reached a record high, with a single-day revenue of 1.616 billion yuan, marking a 33% year-on-year increase [15]. - The total box office for the Spring Festival period exceeded 7 billion yuan, with "Nezha: The Devil's Child" leading the charts [28]. AI Developments - The introduction of DeepSeek R1 and Janus Pro models is expected to revolutionize AI applications in the media sector, allowing companies to develop tailored AI solutions at lower costs [19][20]. - The open-source nature of these models is anticipated to lower barriers for startups and encourage innovation across various media applications [17][19]. Recommended Stocks - The report recommends several stocks within the media sector, including Light Media, Wanda Film, and Mango Super Media, based on their strong performance and potential for growth [6][21]. - Specific films and their anticipated box office success are highlighted as key drivers for these companies [15][28]. Game Market Insights - The gaming sector is also experiencing growth, with significant revenue generated from mobile games, indicating a robust market recovery [20].

Investment Rating - The report maintains an investment rating of "Recommended" for the pharmaceutical industry [1] Core Insights 1. The value of Chinese innovative drugs for external authorization is being continuously validated, with significant partnerships emerging in various therapeutic areas, including autoimmune diseases [3] 2. The weight loss and NASH markets are seeing innovative developments, with Chinese companies actively pursuing overseas authorizations [4] 3. The domestic influenza positivity rate is declining, leading to increased testing and treatment rates [6] 4. The continuation of centralized procurement in 2025 is expected to drive growth in innovative drugs within the domestic market [8] 5. The introduction of a category of drugs for commercial insurance is anticipated to broaden the payment capabilities for innovative drugs [9] Summary by Sections Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 0.70 percentage points over the past week, with a decline of 1.03% [21] - Over the past month, the industry also lagged behind the CSI 300 index by 1.85 percentage points, with a decline of 5.97% [25] Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's valuation is currently below the historical five-year average, with a PE ratio of 29.59 times [38] Recent Research Achievements - The research team has published several in-depth reports highlighting positive trends in the supply and demand sides of the pharmaceutical industry, including the growth of blood products and the acceleration of the import substitution process in inhalation preparations [41] Recent Industry Policies and News - Recent policies include the implementation of a new payment management regulation aimed at improving the efficiency of medical insurance fund usage [44] - Notable industry news includes the acceptance of new drug applications by the National Medical Products Administration, indicating ongoing innovation and development within the sector [46][48]