中国银河证券|CGS DeepSeek 冲击波： 大脑平权催化具身智能 "AI+"系列报告（机械篇） 机械行业首席分析师：鲁佩 研究助理：彭星嘉 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 | | 班特许级 | | --- | --- | | FF | | -40% -20% 0% 20% 40% 60% 80% 100% 2022-02 2022-04 2022-06 2022-08 2022-10 2022-12 2023-02 2023-04 2023-06 2023-08 2023-10 2023-12 2024-02 2024-04 2024-06 2024-08 2024-10 2024-12 2025-02 人形机器人指数涨跌幅 沪深300涨跌幅 -60% ⚫ ⚫ ⚫ ⚫ ⚫ 行业点评报告 · 机械设备行业 中国银河证券|CGS 目录 Catalog | 一、大模型如何赋能具身智能机器人 | | --- | | 二、分层端到端为当下主流，新范式持续涌现 | | 三、DeepSeek 神击波：大脑平权催化具身智能 …………………… ...

国银河证券|CGS DeepSeek 冲击波： AI 狂潮下计算机行业 的颠覆与重生 计算机行业首席分析师：吴砚靖 计算机行业分析师: 邹文倩, 李璐昕 计算机行业研究助理：胡天昊 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 行业深度报告·计算机行业 Deepseek 冲击波:AI 狂潮下计算机行业的颠覆与重生 2025 年 2 月 20 日 重点公司盈利预测与估值 | 股票代码 | 股票名称 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024E | 2025E | 2026E | 2024E | 2025E | 2026E | | | 300033.SZ | 同花顺 | 2.64 | 3.20 | 3.61 | 115.74 | 95.46 | 84.59 | 推荐 | | 688475.SH | 萤石网络 | 0.72 | 0.91 | 1.13 | 55.85 | 44.29 | 35.69 | 推荐 ...

北交所周报 分析师 北证 50 周涨幅 9.3%, 融资并购促发展 范想想 2025 年 02 月 22 日 核心观点 ☎：010-8092-7663 @: fanxiangxiang _yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 网: zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相对沪深 300 表现图 2025-02-22 相关研究 1. 【银河北交所】2024 中期策略_新质生产力赋能 北证,关注国央企投资价值 2. 【银河北交所】深化国企改革,迈向高质量发展- 北交所国央企专题报告 3. 【银河北交所】2025 年度策略_并购重组助高质 发展,抓两新两重投资机遇 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 北证 50 指数周涨跌幅为+9.30%。本周,北证 50 涨跌幅为+9.30%。北交 ● 所 264 家上市公司中,有 221 家公司周涨幅为正,万达轴承（+71.92%）涨 幅领先,其次是骏创科技(+49.04 ...

| | 53615.5 | | 57188.9 | | 62727.5 | 68876.24 | | --- | --- | --- | --- | --- | --- | --- | | 6 | 17.22 | 4 | 6.66 | 6 | 9.68 | 9.80 | | | 2095.85 | | 2129.98 | | 2470.59 | 2939.70 | | | 24.82 | | 1.63 | | 15.99 | 18.99 | | | 1.61 | | 1.63 | | 1.89 | 2.25 | | | 14.29 | | 14.06 | | 12.12 | 10.19 | 何伟 杨策 | 市场数据 | 2025-2-19 | | --- | --- | | 股票代码 | 600060.SH | | A 股收盘价(元) | 23.25 | | 上证指数 | 3,351.54 | | 总股本(万股) | 130,497 | | 实际流通 A 股(万股) | 129,509 | | 流通 A 股市值(亿元) | 301.11 | RGB-Mini LED 国银河证券|CGS 公司点评报告·家用电器 ...

中国银河证券|CGS 【中国银河证券】 DeepSeek 冲击波： 通信算力降本增效，Deepseek 变与不变 通信行业首席分析师：赵良毕 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 行业深度报告 · 通信行业 通信算力降本增效, Deepseek 变与不变 2025 年 02 月 21 日 核心观点 相关研究 2. 【银河证券】科技行业专题报告：大拐点，大 机遇,创新变革,拥抱科技新动能 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。 2 2025-02-21 相对沪深 300 表现图 100% 通信行业 沪深300 50% 0% 资料来源:中国银河证券研究院 ● DeepSeek 的不变：高端算力资源仍是必须,AIDC 有望实现投入产出的 良性循环:运营商作为央企,基本盘稳健,盈利能力、现金流资产不断改善、 资产价值优势凸显,持续增加分红回馈股东,且基础业务具备持续增长性。当 前三大运营商云业务持续高增长,在人工智能大背景下,此次 DeepSeek 开源 模型推出后,我们认为大模型的重心逐步从预训练转移到了后训练,推理端算 力规 ...

Core Insights - The report analyzes the synchronization or divergence between southbound capital and international capital structures in the Hong Kong stock market, highlighting the increasing influence of southbound funds [1] - It emphasizes the growing market share of Hong Kong Stock Connect, which has risen from 4.5% at the end of 2020 to 10.3% by the end of 2024, indicating a significant increase in its impact on the market [35][33] - The report forecasts a favorable environment for the Hong Kong stock market in 2025, driven by external and internal factors, including the ongoing structural changes in asset pricing and the potential for a resonance window for technology innovation and capital inflow [2][3] Investor Holding Situation - As of February 14, 2025, the market share of various investor types in the Hong Kong stock market is as follows: Hong Kong Stock Connect accounts for 10.7%, Chinese intermediary institutions 8.2%, local Hong Kong intermediaries 3.2%, and international intermediaries 43.3%, totaling 65.3% for these four categories [6][11] - Compared to the end of 2020, the market share of Hong Kong Stock Connect has increased by 6.2 percentage points, while international intermediaries have seen a decrease of 2.4 percentage points [6][11] Southbound Capital Flow Analysis - Southbound capital has shown a consistent upward trend in transaction volume since 2014, with an average daily transaction volume of 481.94 billion HKD in 2024, accounting for approximately 36% of the total market transaction volume [33] - In 2024, the cumulative net inflow of Hong Kong Stock Connect was about 807.9 billion HKD, with positive net inflow on approximately 82% of trading days [33][25] Foreign Capital Flow Analysis - International intermediaries maintain a significant influence in the Hong Kong market, particularly in the non-essential consumer and information technology sectors, where their market share exceeds 50% [8][11] - In February 2025, international intermediaries recorded a net inflow of approximately 182 billion HKD, primarily in the information technology sector, while experiencing net outflows in other sectors [29][30] Industry Insights - The report identifies the top three sectors with the highest market share for Hong Kong Stock Connect as energy, healthcare, and telecommunications, while the lowest are in conglomerates, real estate, and non-essential consumer sectors [37][38] - The financial, information technology, and non-essential consumer sectors collectively account for about 64% of the market share in the Hong Kong stock market, indicating a strong alignment with the holdings of Hong Kong Stock Connect [39][38]

-20% 0% 20% 40% 60% 2024-01-02 2024-02-02 2024-03-02 2024-04-02 2024-05-02 2024-06-02 2024-07-02 2024-08-02 2024-09-02 2024-10-02 2024-11-02 2024-12-02 2025-01-02 2025-02-02 银行业 非银金融 沪深300 行业深度报告 · 金融行业 中国银河证券|CGS 目录 Catalog | 一、 AI 赋能，金融行业数字化加速发展 | | --- | | 二、 银行业：中小行率先布局，全面应用面临挑战 | | (一）部分银行已部署 DeepSeek，先行者多为城农商行… | | (二) DeepSeek 在银行业经营中的潜在应用场景… | | 三、 证券行业: 打造智能化服务"新引擎" | | (一）人工智能推动证券行业形成深层次的结构性变革 | | (二) DeepSeek 冲击下国内券商加速推进 AI 应用落地. | | (三) AI 加速发展带来的行业变化和挑战 | | 四、 保险行业: 迈向数智化发展新征程 | | (一) 保险行业正站在迈向 ...

Investment Rating - The report recommends focusing on digital freight and AI-related logistics sectors, particularly highlighting the domestic network freight platform leader, Manbang Group (YMM.N), and Transfar Zhilian (002010.SZ) [48] Core Insights - The transportation industry is undergoing significant transformation driven by AI applications, which enhance operational efficiency and reduce costs [3][5] - AI technologies are reshaping the logistics landscape through improved freight matching, autonomous driving, and vehicle-road-cloud collaboration, leading to a more efficient and intelligent transportation system [6][22][26] Summary by Sections AI Leading the Transformation - AI is a disruptive technology that integrates various disciplines to enhance machine capabilities in understanding, reasoning, and decision-making, significantly impacting the transportation sector [3][4] Digital Economy and Logistics - The digital economy in China is growing, contributing significantly to national economic development and driving the logistics industry's transformation [5][6] Freight Matching - The freight logistics sector faces high costs and low efficiency, with social logistics costs reaching 18.2 trillion yuan, accounting for 14.4% of GDP [8] - AI enhances freight matching by analyzing vast amounts of data to reduce empty running rates and improve operational efficiency [15][18] Autonomous Driving - AI-powered autonomous driving technology allows for continuous operation, improving turnaround efficiency and reducing costs while enhancing safety through precise path planning [22][23] Vehicle-Road-Cloud Collaboration - The integration of vehicle-road-cloud systems is essential for the development of smart transportation, enabling real-time data exchange and improved traffic management [26][29] Manbang Group Overview - Manbang Group, formed by the merger of two major logistics platforms, is a leading digital freight platform in China, achieving significant revenue growth and operational efficiency [32][36] - The company reported a revenue of 8.426 billion yuan in 2023, with a 25.28% year-on-year increase, primarily from freight matching services [32][35] Competitive Landscape - The digital freight market in China is competitive, with a trend towards consolidation among leading players like Manbang, indicating a shift towards a duopoly in the same-city freight market [46]

Investment Rating - The report maintains a "Buy" rating for the automotive industry [2] Core Insights - The introduction of DeepSeek-R1 significantly enhances training efficiency and reduces computational costs while improving model performance, which is expected to accelerate the intelligent transformation of the automotive industry [5][12] - DeepSeek-R1's innovative algorithm architecture allows for a substantial reduction in training costs, making advanced driving technologies more accessible to a broader range of manufacturers [5][30] - The report emphasizes the potential for "intelligent driving equality," where advanced driving features become available across various price segments, particularly benefiting domestic brands [30][35] Summary by Sections Intelligent Driving - DeepSeek-R1's innovative algorithms improve training efficiency and reduce costs, providing a reference for the development of intelligent driving systems [30][39] - The report notes that while DeepSeek-R1 can enhance the capabilities of second-tier manufacturers, the impact on the competitive landscape is limited due to the high safety and stability requirements of intelligent driving systems [39][40] Intelligent Cockpit - The integration of DeepSeek-R1 into intelligent cockpit systems is expected to enhance user experience significantly, with several automakers already adopting the technology [20][30] - The report highlights that the low-cost implementation of intelligent upgrades through DeepSeek-R1 will allow manufacturers to quickly improve user experience and capture market attention [20][30] Investment Recommendations - Recommended stocks include BYD, Seres, Li Auto, and Changan Automobile for complete vehicles, while benefiting stocks include Geely, XPeng, Leap Motor, and Xiaomi Group [5][30] - For components, recommended stocks include Desay SV, Bertel, Coboda, and Suoteng Juchuang, with benefiting stocks including BYD Electronics and Horizon Robotics [5][30]

公司点评报告 ·传媒互联网行业 利能力不断改善,社区生态持续繁荣 2024Q4 业绩点评 2025 年 2 月 20 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 26,832 | 31,340 | 33,800 | 35,873 | | 收入增长率 | 19.1% | 16.8% | 7.8% | 6.1% | | Non-GAAP 归母净利润(百万元) | -39 | 1.274 | 3.564 | 5.468 | | 毛利率 | 32.7% | 39.1% | 41.4% | 43.9% | | P/S | 2.24 | 1.92 | 1.78 | 1.68 | | Non-GAAP P/E | | 47.21 | 16.87 | 11.00 | 资料来源:公司公告,中国银河证券研究院 | | | | | | 分析师 岳铮 ☎：010-8092-7630 @: yuezheng_yj @chinastock.com.cn 分析师登记编码：S01305220 ...