行业点评报告 · 通信行业 科技争上、新兴及未来产业规模化发展可期 2025 年 03 月 05 日 投资建议:新兴产业提质增效、未来产业发展趋势加速、算力产业链国产 ● 替代。我们认为此次政府工作报告中,对于通信行业的主要指导体现在对于新 兴产业未来发展方向(规模化+高质量发展)的进一步细化,以及对于未来产 业的确立及投入增长;对于算力板块,我们认为国产替代及算力优化及资源布 局仍是未来算力板块的主要发展方向。总结来说,站在当前时点重点关注:6G 前沿技术逐步突破,量子科技应用领域及规模持续扩大,商业航空及低空经济 发展如火如荼,算力行业国产替代趋势逐步增强。 建议关注:运营商中国移动/中国联通/中国电信;国际标准制定参与者中兴通 讯/信科移动-U;基站产业链通宇通讯/飞荣达/三维通信/灿勤科技/武汉凡谷/ 大富科技;光模块及 CPO 中际旭创/新易盛/天孚通信/光迅科技/华工科技;光 芯片仕佳光子/源杰科技/长光华芯;铜缆兆龙互连/金信诺/博创科技/沃尔核 材;卫星互联网上海瀚讯/海格通信/和而泰/广哈通信;低空经济纵横通信等。 风险提示:AI+及 6G 发展不及预期的风险;全球政治经济形势变动的风险等。 ...

钱德胜 -20% -10% 0% 10% 20% 30% 40% 50% 300 ⚫⚫⚫⚫⚫ 维持 I证券|CGS 行业点评报告 · 电子行业 分析师承诺及简介 本人承诺以勤勉的执业态度,独立、客观地出具本报告、本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 高峰，北京邮电大学电子与通信工程硕士，吉林大学工学学士。2 年电子实业工作经验，6 年证券从业经验，曾就职于渤海证 券、国信证券、北京信托证券部。2022年加入中国银河证券研究院，担任电子团队组长，主要从事硬科技方向研究。 钱德胜,电子行业分析师。硕士学历,曾就职于国元证券研究所,2021年加入银河证券研究院。 免责声明 | 评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | 评级标准为报告发布目后的 6 到 12 个月行业指 | 行业评级 | 推荐: | 相对基准指数涨幅 10%以上 | | | | 中性: | 相对基准指数涨幅在-5%~10%之间 | | 数(或公司股价)相对市场表现,其中:A股市 | | 回 避: | 相对基 ...

网: haoshuai@chinastock.com.cn 分析师登记编码：S0130524040001 行业点评报告 · 纺织服饰行业 全方位提振消费,服饰内需预期向好 2025 政府工作报告解读 核心观点 2025 年 03 月 05 日 纺织服饰行业 | | | 分析师 郝帅 ☎：010-8092-7622 相对沪深 300 表现图 2025-03-05 资料来源:iFind,中国银河证券研究院 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 政府工作报告明确扩内需、振消费是 2025年政府工作首要任务: 2025 年 ● 政府将实施提振消费专项行动,举措是多维度并举进行。供给端制定提升消费 能力、增加优质供给、改善消费环境专项举措,释放多样化、差异化消费潜力, 推动消费提质升级。收入端促进居民增收,推动中低收入群体增收减负,完善 劳动者工资正常增长机制。创新和丰富消费场景,加快数字、绿色、智能等新 型消费发展,释放文化、旅游、体育等消费潜力。并且,深化国际消费中心城 市建设,健全县域商业体系。 服装行业消费弱于社零整体,但弹性波 ...

行业点评报告 ·建筑行业 财政发力保障基建投资,一带一路再展宏图 — 2025 年两会建筑行业点评 网:zhangludi_sh @chinastock.com.cn 分析师登记编码：S0130524060002 核心观点 2025 年 03 月 05 日 建筑行业 维持评级 推荐 分析师 龙天光 ☎: 021-2025-2646 @：longtianguang_yj @chinastock.com.cn 分析师登记编码：S0130519060004 ☎：021-2025-2651 张禄获 2025-03-05 相对沪深 300 表现图 建筑(SW 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:3月5日,十四届全国人大三次会议在北京召开,国务院总理李强代表 国务院作政府工作报告。 财政政策更加积极,更大力度支持"两重"建设。报告指出,今年财政支 0 出强度明显加大,1) 赤字率拟按 4 %左右安排、比上年提高 1 pct,赤字规模 5.66 万亿元、比上年增加 1.6 万亿元;2) 今年拟安排地方政府专项债 4.4 万 亿元,比上年增加 5000亿元,重点用于投资建设、土地收储和收购存量商品 ...

· 社会服务行业 ——2025 年政府工作报告点评 维持评级 顾熹闽 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ 本报告由中国银河证券股份有限公司（以下简称银河证券）向其客户提供。银河证券无需因接收人收到本报告而视其为客户。 若您并非银河证券客户中的专业投资者,为保证服务质量、控制投资风险、应首先联系银河证券机构销售部门或客户经理,完成投 资者适当性匹配,并充分了解该项服务的性质、特点、使用的注意事项以及若不当使用可能带来的风险或损失。 本报告所载的全部内容只提供给客户做参考之用,并不构成对客户的投资咨询建议,并非作为买卖、认购证券或其它金融工具 的邀请或保证。客户不应单纯依靠本报告而取代自我独立判断。银河证券认为本报告资料来源是可靠的，所载内容及观点客观公正, 但不担保其准确性或完整性。本报告所载内容反映的是银河证券在最初发表本报告日期当日的判断，银河证券可发出其它与本报告 所载内容不一致或有不同结论的报告,但银河证券没有义务和责任去及时更新本报告涉及的内容并通知客户。银河证券不对因客户 使用本报告而导致的损失负任何责任。 本报告可能附带其它网站的地址或超级链接,对于可能涉及的银河证券网站以外的地址或超级链接,银河证券不对其内 ...

⚫ 维持评级 · 轻工行业 ⚫ ⚫ 国银河证券|CGS 行业点评报告 · 轻工行业 可为用户提供语音助手、识物、翻译、导航等功能。Meta 旗下 Ray-Ban Met 引领市场发展;同时,2024年末以来多个国产品牌已陆续推出 AI 智能眼镜新 品。未来伴随 AI 眼镜产品持续迭代升级,用户体验有望不断得到强化,进而 向传统眼镜渗透,最终有望实现对传统眼镜的替代,达到较高的渗透率,并成 为下一代通用计算平台和终端。 预计 AI 技术将持续推动行业深刻变革,持续赋能上市公司。 0 促进跨境电商发展,看好轻工出口表现。报告提出"促进跨境电商发展,完 善跨境寄递物流体系,加强海外仓建设"。近年来,中国跨境电商出口凭借高 性价比价格及丰富多样的商品选择,深受海外消费者青睐,出口规模稳健增 长，2023年达到 1.1 万亿美元,同比增长 14.1%，占中国货物出口总额比例 为 33%。我们认为,未来中国跨境电商出口规模仍将成长,且相应的海外仓 基础设施需求将同步增加,轻工出口企业相关布局将持续贡献业绩增量。 o 大力发展银发经济,广泛开展全民健身活动。 银发经济:报告提出"积极应对人口老龄化,完善发展养老事业和养老产 ...

公司点评报告 · 北交所 消费电子需求复苏、在研项目储备丰富 天马新材点评报告 2025 年 03 月 05 日 天马新材(838971.BJ) | | | 分析师 张智浩 @: zhangzhihao_yj @chinastock.com.cn 分析师登记编码：S0130524100001 贾亚萌 ☎：010-80927680 网: jiayameng_yj@chinastock.com.cn 分析师登记编码：S0130523060001 | 市场数据 | 2025-03-04 | | --- | --- | | 股票代码 | 838971.BJ | | A 股收盘价(元) | 37.42 | | 上证指数 | 3,324.21 | | 总股本(万股) | 10.600.80 | | 实际流通 A 股(万股) | 8.469.03 | | 流通 A 股市值(亿元) | 31.69 | | 相对北证 50 表现图 | 2025-03-04 | 资料来源：iFinD，中国银河证券研究院 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 20 ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [4]. Core Viewpoints - The AI-driven demand for computing power is expected to significantly increase electricity consumption, with AIDC (Artificial Intelligence Data Center) becoming a core component of this trend [10][11]. - The transition from traditional data centers to AIDC is driven by the need for enhanced resource management and flexibility to support AI applications [16]. - The report highlights the importance of power supply and distribution systems in AIDC, emphasizing their role in ensuring stable and reliable power for high-density computing environments [25][26]. Summary by Sections 1. Computing Power and Electricity Demand - AI's rapid development necessitates substantial computing resources, which in turn rely heavily on electricity supply [10]. - The energy consumption of AI models, such as ChatGPT, is significantly higher than traditional computing tasks, indicating a growing demand for electricity in data centers [10]. 2. AIDC and Power Supply Systems - AIDC centers are designed to meet the specific needs of AI computing tasks, differing significantly from traditional data centers in architecture and cooling methods [16][17]. - The global data center IT power demand is projected to surge from 49 GW in 2023 to 96 GW by 2026, with AIDC contributing approximately 40 GW of this increase [17][18]. 3. AI Server Power Supply - The report discusses the evolution of power supply systems in data centers, highlighting the shift from UPS to HVDC systems for improved efficiency [36]. - AIDC's power density is expected to rise dramatically, with predictions of cabinet power levels reaching up to 100 kW by 2029 [44][45]. - The report identifies key players in the power supply market, noting that Taiwanese companies dominate, with Megmeet entering the NVIDIA supply chain [54][55].

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group is evolving from a leading home appliance manufacturer to a global leader in HVAC (Heating, Ventilation, and Air Conditioning) [3][7] - The company has successfully completed the acquisition of ARBONIA climate, enhancing its HVAC capabilities in Europe [3][5] - Midea's diversified business strategy, including acquisitions and global supply chain optimization, positions it well for future growth [6][8] Company Overview - Midea Group's future prospects lie in the global home appliance, HVAC, and industrial technology sectors, with a focus on small-scale acquisitions to fill global business gaps [3][5] - The recent acquisition of ARBONIA climate, valued at €760 million (approximately ¥5.88 billion), strengthens Midea's position in the European HVAC market [3][5] - The formation of a new alliance, MBT Climate, with ARBONIA climate and Clivet, aims to provide comprehensive and efficient product solutions in Europe [5] Business Development - Midea's commercial HVAC business is rapidly expanding, particularly in the precision central air conditioning segment for data centers [6] - Despite challenges in the European heat pump market due to subsidy withdrawals, Midea's local brand presence and supply chain advantages are expected to drive growth [6] - The company is also expanding its home appliance market globally, with acquisitions like the Spanish brand Teka to enhance its presence in developed regions [8] Financial Performance - For the first three quarters of 2024, Midea achieved revenue of ¥318.97 billion, a year-on-year increase of 9.6%, and a net profit of ¥31.70 billion, up 14.4% [9] - The company’s net profit margin improved to 9.94%, reflecting strong cost management and product structure optimization [16] - Midea's revenue projections for 2024-2026 are ¥410.44 billion, ¥441.31 billion, and ¥474.88 billion, respectively, with net profits expected to reach ¥38.65 billion, ¥43.41 billion, and ¥48.90 billion [80]

Investment Rating - The report suggests that the home appliance industry is entering a new phase driven by AI+ consumption, indicating a positive investment outlook for companies involved in this sector [4][6]. Core Insights - The integration of AI with consumer products is expected to transform the home appliance industry, enhancing user experiences and creating new market opportunities [6][21]. - The report highlights the emergence of embodied intelligent products, particularly in the realm of household service robots, which are evolving to meet consumer demands for automation and efficiency [26][30]. - AI technology is anticipated to significantly improve the interaction and functionality of audio-visual devices, such as smart TVs and smart speakers, addressing current limitations in user experience [53][58]. Summary by Sections AI+ Consumption as a Key Investment Direction - The report emphasizes that the intersection of technology and consumer markets is generating innovative products, with AI+ consumption becoming a crucial growth area [6][8]. - Government policies are encouraging AI+ consumption, particularly benefiting the home appliance sector through subsidies and support for new consumption models [8][10]. Emergence of Embodied Intelligent Consumer Products - Current consumer-grade robots are noted to have sufficient automation and digitalization but lack advanced AI capabilities [26]. - The development direction for household service robots is identified as combining mobile bases with robotic arms, enhancing their functionality in domestic tasks [30]. AI Empowering Audio-Visual Interfaces - The report discusses the advancements in smart audio-visual devices, noting that while they have achieved significant functionality, there is still room for improvement in user experience [53][54]. - The integration of AIGC technology into smart speakers and TVs is highlighted as a potential game-changer for enhancing user interaction and satisfaction [58][64]. Transformation of the Home Appliance Industry - The report outlines how AI is set to revolutionize various segments of the home appliance supply chain, from marketing to production and distribution [6][19]. - Investment recommendations include companies that are already leveraging AI in their products, such as Hisense and Roborock, while also highlighting the importance of global market strategies for companies like Midea and Haier [6][21].