行业点评报告 · 计算机行业 两会追踪: 从 2025 政府工作报告看计算机行业投资主线 2025 年 3月 6 日 0 事件:3月5日,十四届全国人大三次会议开幕,总理作 2025年政府工 作报告(以下简称报告),报告首次将"人工智能+"行动提升至国家战 略高度,明确提出支持大模型广泛应用,并强调数字技术与实体经济深度 融合,这一政策导向将推动计算机行业从"技术验证"向"规模化应用" 跨越,加之财政政策利好,计算机行业 2025年预将迎来供需两侧双重驱 动的良好局面。 一、政策导向:供需两侧双重驱动 ● 报告明确提出"以新质生产力培育为核心,推动科技自立自强与产业深度 融合"。从供给端而言,新一轮技术革命带来全新一轮新型基础设施建设 及智能终端硬件创新周期。 1、算力与数据基建:报告提出"优化全国算力资源布局",结合 5G 规模 化应用与工业互联网创新发展,预计将催生千亿级算力基础设施需求。同 时,"加快完善数据基础制度,深化数据资源开发利用,促进和规范数据跨 境流动",为未来数据资源价值释放奠定基础。 2、智能终端:AI 大模型从云端走向终端,预计智能网联新能源汽车、人 工智能手机和电脑、智能机器人等新一 ...

Investment Rating - The report provides a positive outlook for the media industry, suggesting a "Recommended" rating based on expected performance exceeding the benchmark index by over 10% [13]. Core Insights - The cultural consumption market is heating up, driven by IP-based derivative economic ecosystems, with high-value IP films like "Nezha 2" performing well at the box office, indicating strong audience recognition [3]. - The report emphasizes the importance of creating core quality content for cultural exports, particularly in gaming and film, which are seen as pioneers in this area [3]. - The integration of new productive forces, particularly through AI technology, is transforming content creation, distribution, and consumption, leading to a new era of cultural content abundance [3]. - The report highlights key areas for investment, including film and cinema sectors benefiting from supply and demand recovery, and the IP toy retail market led by companies like Bubble Mart [3]. Summary by Relevant Sections Media Industry Outlook - The report notes a significant rise in the cultural consumption market, with a focus on IP-driven economic growth [3]. - It identifies the potential for high-demand sectors such as trendy toys and the "Guzi economy" to maintain their popularity in 2025 [3]. Cultural Export Development - The report discusses the strategic importance of cultural exports, particularly through high-quality content that attracts global consumers [3]. - It highlights the success of domestic games and short dramas in overseas markets, indicating a growing trend in cultural exports [3]. Technological Integration - The report points out that AI and other key technologies are leading to fundamental changes in the media industry, enhancing content creation and consumer engagement [3]. - It suggests that the application of AI in media signifies a transformative era for cultural content, with expectations for sustained prosperity in this field [3]. Investment Recommendations - The report recommends focusing on specific companies within the film and cinema sector, such as Wanda Film and Maoyan Entertainment, which are expected to benefit from market recovery [3]. - It also suggests monitoring companies involved in cultural exports, like Shenzhou Taiyue and Zhongwen Online, as well as leading internet firms empowered by new productive forces, such as Tencent and Alibaba [3].

Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [1]. Core Insights - The government work report emphasizes the need to expand domestic demand through both consumption and investment, which is expected to drive building materials demand [3]. - Key projects will be accelerated with a proposed central budget investment of 735 billion yuan for 2025, alongside measures to simplify investment approval processes [3]. - The report highlights the importance of revitalizing the real estate market by controlling new land supply and promoting the acquisition of existing properties, which is anticipated to boost demand for consumer building materials [3]. - The fiscal policy support is set to increase, with a deficit rate raised to 4% and a total deficit scale of 5.66 trillion yuan, aimed at accelerating major project construction and reducing inventory of existing properties [3]. - The report notes that the green and low-carbon transition in the building materials industry will stabilize supply and demand, with a focus on high-performance cement enterprises benefiting from stricter emissions regulations [4]. Summary by Sections Demand Drivers - The government aims to stimulate demand through consumption incentives, such as a 300 billion yuan special bond for consumer goods replacement programs [3]. - The real estate sector is transitioning to a focus on existing inventory, with policies expected to lower purchasing barriers and enhance housing demand [3]. Supply Side Dynamics - The report anticipates that the green transition will lead to the elimination of outdated production capacities, thereby increasing industry concentration and stability [4]. - Cement companies with high ratings for low emissions are expected to gain competitive advantages, influencing their cost structures and profitability [4]. Investment Recommendations - The report recommends leading consumer building material companies such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co., which have strong product quality and brand advantages [5]. - It also suggests regional cement leaders like Huaxin Cement and Shangfeng Cement for potential profit recovery amid stricter capacity controls and rising price expectations [5].

科创板周报 · 科创板 DeepSeek 高成本利润率利好 AI 产业链上下游 科创板周报 (2.24-2.28) 2025年3月4日 核心观点(2.24-2.28) 分析师 吴砚靖 ☎: 010-66568589 网：wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 邹文倩 ☎：010-86359293 网: zouwenqian@chinastock.com.cn 分析师登记编码：S0130519060003 相对沪深 300 表现图 2025-3-3 相关研究 【银河科创板】周报_首批科创综指 ETF 已开始 发行-20250218 【银河科创板】周报_2025 开年以来科创板上市 公司回购热情不减-20250211 【银河科创板】周报_电子、医药生物、计算机 业绩预告表现较好-20250122 【银河科创板】周报_科创板成为 A 股指数化投 资比例最高板块-20250114 【银河科创板】周报_科创板指数基金不断扩容, 权重股有望受益-20241224 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [2] Core Viewpoints - The chemical industry is a pillar of the national economy, characterized by a large economic scale, long industrial chains, diverse product types, and extensive coverage [5][4] - The 2025 government work report emphasizes expanding domestic demand, modern industrial system construction, food security, and green low-carbon development, suggesting investment opportunities in specific sub-sectors [4][5] Summary by Relevant Sections Consumption - The 2025 government work report proposes to boost consumption and expand domestic demand, including a special bond of 300 billion yuan to support the replacement of consumer goods [6] - The report anticipates steady growth in demand for upstream modified plastics and refrigerants due to policy stimulation [6][10] Modern Industrial System Construction - The report highlights the cultivation of emerging industries and the ongoing "Artificial Intelligence +" initiative, which is expected to enhance demand for high-end chemical materials and accelerate domestic substitution processes for materials like PEEK and COC/COP [6][21] Food Security - The government aims for a grain production target of approximately 1.4 trillion jin in 2025, with fertilizers playing a crucial role in agricultural productivity [29] - The report suggests that the fertilizer market concentration is likely to increase, benefiting large fertilizer producers with integrated advantages and strong R&D capabilities [30] Green Low-Carbon Development - The report indicates a commitment to solid waste management and promoting the use of recycled materials, aligning with the development of chemical recycling technologies for waste plastics [7][39] - The chemical recycling of waste plastics is seen as a key method to reduce carbon emissions and enhance recycling rates [37][39] Investment Recommendations - The report recommends focusing on investment opportunities in modified plastics, refrigerants, PEEK, COC/COP, fertilizers, and chemical recycling of waste plastics, highlighting specific companies such as Guo'en Co., Jinfa Technology, Nanjing Julong, and others [40]

行业点评报告 · 医药行业 全面深化改革,激发医药创新活力 学习两会政府工作报告医药行业体会 核心观点 2025 年 3 月 5 日 医药行业 推荐 维持评级 分析师 程培 ☎：021-20257805 网: chengpei_yj@chinastock.com.cn 分析师登记编码：S0130522100001 宋丽莹 网: songliying_yj @chinastock.com.cn 分析师登记编码：S0130524050001 相关研究 1. 【银河医药】深化体制改革,创新引领发展 学习 二十大三中全会报告精神 2. 【银河医药】行业深度报告_医药行业_产品结构 升级,开启行业新增长 3. 【银河医药】行业点评_医药行业_中央经济工作 会议点评_激发医药创新活力，扩大对外开放合作 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 2025-3-5 相对沪深 300 表现图 资料来源：中国银河证券研究院 事件:3月5日上午李强总理在政府工作报告中,对 2025年医药卫生工作做 0 出全面部署,与以往两会报告相比,我们理解创新、医保、医疗服务 ...

行业动态报告 · 家电行业 两会跟踪:国补深化,龙头有望充分受 2025 年 3 月 5 日 家电行业 推荐 (维持) 分析师 何伟 ☎：021-20257811 ☑：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 杨策 ☎：010-80927637 网: yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 2025-3-5 相对沪深 300 表现图 资料来源：iFind, 中国银河证券研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 2024年下半年是政府对消费重视度的重大转折点:2024年7月24日,国 家发展改革委、财政部印发《关于加力支持大规模设备更新和消费品以旧换新 的若干措施》的通知。2024年 12月,中央经济工作会议将扩大内需提升至重 点工作首位,明确提出大力提振消费。2025 年地方政府两会响应中央号召, 将提振消费作为年度"头号任务"。2025年3月5日,两会上政府工作报告 指出,大力提振消费、提高投资效益,全方位扩大国内 ...

策略研究 · 点评报告 对 A 股市场投资的启示 2025 年政府工作报告释放哪些重要信号? 核心观点: 2025 年 3 月 5 日 分析师 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:王雪莹、周美丽 相关研究 2025-02-21,南向资金与国际资金结构同频还是分 le? 2025-02-19，DeepSeek 冲击波：AI 赋能加速市场 聚势重构 2025-02-12, 地方两会对 A 股投资结构有哪些启 示? 2025-02-07, 金融"五篇大文章"共绘发展蓝图- 《关于资本市场做好金融"五篇大文章"的实施意 见》解读 2025-02-05，10%关税加征队 A 股的结构性冲击: 中美关税再升级,A 股出口链"压力测试" 2025-02-04，海外市场多变局，国内消费掀热潮 2025-01-30,美联储捍卫独立性,市场定价鹰派 2025-01-24, 中长期资金入市政策解读: 耐心资本与 长期资金聚焦在哪些方向? 2025-01-23，2024Q4 公募基金持仓分析:"新质" 概念热度上升, ...

银行 推荐 维持 分析师 张一纬 ☎：010-8092-7617 行业深度报告 ·银行业 政策更加积极有为,银行基本面和估值改善可期 2025 年政府工作报告解读 2025 年 3 月 5 日 网: zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-03-05 20% 资料来源:ifind. 中国银河证券研 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件:全国两会审议 2025年《政府工作报告》,银行角度有几点值得关注: ● 0 稳增长延续,利好银行经营环境改善:会议提出,坚持稳中求进工作总基调, 推动经济持续回升向好。今年发展主要预期目标是 GDP 增长 5%,城镇调查 失业率 5.5%左右,城镇新增就业 1200 万人以上,CPI 涨幅 2%左右。 ● 宏观政策更加积极有为,银行基本面积极因素积累:会议提出实施更加积极 有为的宏观政策,经济政策的 ...

行业月度报告 ·电子行业 Deepseek 推动春季行情，电子持续超配 2025年3月3日 半导体 推荐 维持 分析师 高峰 ☎：010-8092-7671 网：gaofeng_yj @chinastock.com.cn 分析师登记编码：S0130522040001 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业数据跟踪:2024年12月,全球半导体销售额达 569.7 亿美元,同比增 ● 长 17.10%。2024年全球半导体销售额达 6173 亿美元,同比增长 19.1%,增 量主要由逻辑电路和存储器贡献。2024年逻辑电路销售额为 2126 亿美元,是 集成电路中销售额最高的产品。其次是存储器,销售额为1651 亿美元,同比 增长 78.9%,其中 DRAM 销售额同比增长 82.6%。国内晶圆代工企业持续扩 充产能,产能利用率处于高位。 0 板块跟踪:2月半导体指数表现:从涨跌幅来看,半导体行业指数跑赢沪深 300 指数 10.37个百分点,跑赢电子指数 3.51个百分点。从具体数据来看,半导 体行业指数涨跌幅为 12.28%,电子 ...