Investment Rating - The report provides a positive outlook for the rare earth industry, indicating a potential recovery in prices due to improved supply-demand dynamics and stricter policy controls [1]. Core Insights - The report highlights the implementation of stricter regulations in the rare earth sector, including the introduction of management measures for mining and separation, which are expected to enhance the quality and sustainability of the industry [1]. - It notes that the contribution of imported ores and monazite to rare earth supply is significant, accounting for approximately 34% of the total supply in 2024 [1]. - The report anticipates that by 2026, supply and demand will reach a balance, leading to a recovery in rare earth prices and improved performance for companies in the rare earth magnetic materials sector [1]. Summary by Sections Policy Overview - The Ministry of Industry and Information Technology has released draft regulations to refine the implementation of the Rare Earth Management Regulations, focusing on resource protection and product traceability [1]. - The new regulations include stricter controls on mining and separation activities, limiting these to large state-supported rare earth groups [1]. Supply Dynamics - The report indicates that the tightening of supply controls will alleviate the oversupply pressure in the rare earth market, with expectations of price recovery starting from the current low levels [1]. - It emphasizes the importance of compliance among production entities, which will be restricted to large rare earth groups, thereby curbing disorderly mining practices [1]. Investment Recommendations - The report suggests focusing on key players in the rare earth sector, such as Northern Rare Earth and China Rare Earth, as well as leading companies in the magnetic materials space like Jinchuan Group and Zhongke Sanhuan [1].

Macro Perspective - The emergence of DeepSeek highlights that China has entered the global leading ranks in artificial intelligence, marking a significant milestone in the fourth technological revolution [3][4][5] - DeepSeek represents a breakthrough in algorithms, while China is still catching up in data and computing power, which are essential elements in the AI field [5][6] - The Chinese government provides substantial policy support for AI development, leveraging its large market size and manufacturing capabilities to foster innovation and competitiveness in the AI sector [4][5] Energy Cycle - AI technology is empowering the transformation and upgrading of the energy cycle industry, with applications in construction, building materials, public utilities, and non-ferrous metals [9][10][11] - In construction, AI enhances digital design processes and optimizes traffic management through data utilization, which is expected to drive the value of design consulting firms [9] - The building materials sector is experiencing a shift towards smart manufacturing, with leading companies like Conch Cement and Tianshan Cement adopting AI for efficiency improvements [10] - AI is also transforming the public utility sector by enabling real-time data analysis and intelligent decision-making, improving the flexibility and efficiency of power systems [11] Media Sector - The media industry is being driven by AI technology advancements and applications, leading to increased content production capabilities [14][15] - Domestic AI models like DeepSeek are gaining traction, supported by major internet companies that leverage their resources to enhance AI applications [14][15] - The reduction in AI model training costs is facilitating broader access to AI technologies, accelerating commercialization across various sectors [15][16] Real Estate Sector - AI is set to enhance the operational efficiency of existing real estate management, particularly in areas like rental housing and industrial parks [19][20] - The application of AI in marketing and property management is expected to improve customer acquisition and operational efficiency for leading real estate firms [20][21] - As AI technology continues to develop, top real estate companies are likely to adopt these innovations, leading to improved valuations supported by favorable policies [21]

北交所:中小企业的智能化赋能 2025 年 02 月 18 日 核心观点 分析师 范想想 ☎：010-8092-7663 0: 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 2025-02-18 相对沪深 300 表现图 资料来源：iFinD，中国银河证券研究院 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 专题报告 人工智能再掀热潮,多方位赋能中小企业发展:2025年年初,随着 0 Deepseek-R1 模型的正式发布，人工智能被认为有望带动各行业在未来实现 跨越式发展。对于北交所、中小企业而言,人工智 ...

Investment Rating - The report maintains a positive investment rating for the medical AI sector, emphasizing its potential for growth and innovation [2]. Core Insights - The report highlights the transformative impact of AI on the medical industry, particularly through applications in drug development, diagnostic services, and healthcare management [3][4]. - Deepseek, an AI model, is positioned as a significant tool for enhancing efficiency and accuracy in medical diagnostics and drug discovery [39][41]. Summary by Sections Medical AI Applications: Comprehensive Industry Upgrade - AI is driving the intelligent upgrade of the medical industry, with applications across various scenarios including drug discovery, diagnostic services, and healthcare management [3][4]. - The report identifies four major application scenarios for medical AI, showcasing its versatility and potential to enhance healthcare delivery [3]. Deepseek's Enhanced Model Reasoning - Deepseek improves model reasoning by integrating professional databases, significantly enhancing the value of drug discovery and clinical trial processes [11][12]. - AI in drug development is noted for increasing research efficiency, with multiple drugs entering clinical trials as a result [11][12]. Multi-Dimensional Perspective on Deepseek Applications - Historically, the report suggests that the advent of AI technology may lead to a paradigm shift in the biopharmaceutical industry, akin to previous technological revolutions [59]. - Economically, the report notes that advancements in big data processing capabilities are driving new demands and expanding the industry [3]. - From an investment perspective, the report indicates that improved liquidity of pharmaceutical assets may elevate valuation benchmarks [3]. Investment Recommendations - The report suggests that investors should consider the potential of AI-driven innovations in the medical sector, particularly those related to Deepseek and similar technologies [3][4].

Investment Rating - The report maintains a "Recommended" rating for the steel industry [2] Core Viewpoints - The integration of AI in the steel industry is essential due to the complexity of production processes and the need for efficiency improvements [5][18] - AI applications are expected to significantly enhance production efficiency, reduce costs, and improve product quality across various stages of steel production [23][25][31] Summary by Sections Section 1: AI's Impact on Steel Production - AI is poised to transform the steel production process, addressing the challenges of complex physical and chemical reactions and information silos [5][18] - The introduction of AI technologies is expected to shorten production cycles by approximately 30%, increase output by about 25%, and reduce defect rates by around 3% [26] Section 2: AI Reshaping Production Processes - AI focuses on optimizing various stages of steel production, including ironmaking, steelmaking, and rolling processes [23][24][25] - For instance, AI can enhance the efficiency of blast furnaces by predicting temperature and composition, leading to a reduction in energy consumption by about 10% [23] Section 3: AI Empowerment Cases - The steel industry has seen numerous successful AI applications, with 14 cases recognized by the Ministry of Industry and Information Technology, representing 9.3% of the total [35] - Notable examples include Baosteel's smart blast furnace, which leads in low-carbon intelligent ironmaking [36] Section 4: Future Prospects of AI in Steel - AI is expected to play a crucial role in the development of new steel grades, reducing research and development cycles by approximately 30% and costs by about 25% [31] - The shift towards AI-driven management structures is anticipated to enhance decision-making speed and efficiency within steel enterprises [31]

Group 1: AI Empowerment in Architecture - AI technology is increasingly integrated into various stages of architectural design, significantly reducing labor costs and enhancing design efficiency, with some companies reporting efficiency improvements of 20-30% [6][8][10] - The architectural design industry is currently in the early stages of AI application, with most existing AI design software focused on preliminary design stages, leaving substantial room for growth in later stages [10][12][18] - Major architectural firms are developing proprietary AI design software, such as AIROAD and ArctronArcOS, which are expected to streamline the design process and improve overall project delivery [10][20] Group 2: Smart Transportation and Data Utilization - The smart transportation market in China is projected to grow significantly, with investments expected to reach 640 billion yuan by 2027, reflecting a CAGR of 9.86% from 2021 to 2027 [13][15][16] - Data elements are crucial for the development of smart transportation, enabling real-time decision-making and operational efficiency through the integration of AI and data analytics [16][17] - Companies that possess substantial traffic data resources are well-positioned to capitalize on the growing demand for data products, with successful case studies already emerging in the market [17][19] Group 3: AI in Building Materials Industry - The introduction of AI technologies, such as DeepSeek-R1, is accelerating the digital transformation of the building materials industry, which is essential for adapting to rapidly changing market demands [28][29] - The Ministry of Industry and Information Technology has outlined a digital transformation plan for the building materials sector, emphasizing the need for improvements across various operational areas, including production control and quality management [29][30] - Leading companies in the building materials sector, such as Conch Cement, are implementing smart factory models that enhance production efficiency and reduce energy consumption, achieving notable improvements in operational metrics [36][37]

Core Insights - The report highlights the rapid development of AI technology, particularly the breakthrough of the DeepSeek-R1 model, which significantly reduces training costs and enhances performance, challenging existing market leaders like OpenAI [6][9][10] - The global AI market is projected to reach $3.68 trillion by 2034, driven by policy support and technological innovation, with China actively promoting the "Artificial Intelligence +" initiative [2][19] - The release of DeepSeek-R1 has led to a reevaluation of the AI industry value chain, impacting stock prices of major tech companies and prompting a shift in investment logic within the AI sector [10][15][25] Section Summaries 1. DeepSeek's Technological Breakthrough and Market Response - DeepSeek-R1 represents a significant advancement in AI technology, achieving performance comparable to OpenAI's flagship model at a fraction of the cost, with training expenses around $600,000 [6][9] - The model's release has caused a notable decline in the stock prices of major US tech firms, indicating a shift in market sentiment regarding AI chip demand and investment strategies [10][12] 2. AI Industry Chain Market Performance - As of February 14, 2025, various indices within the AI industry chain have shown substantial growth, with the AI computing index up 122.18% and the optical module index up 174.77% since the beginning of 2023 [31][32] - The midstream sector, including cloud computing and AIGC, has also seen significant increases, with respective index growth of 58.64% and 57.54% [31] 3. AI Industry Chain Performance Metrics - Revenue growth rates across the AI industry chain have fluctuated, with upstream sectors generally outperforming downstream and midstream sectors in terms of revenue growth [48] - The average net profit growth rate has shown a similar trend, with downstream sectors leading in profitability metrics [54] 4. Investment Direction Analysis - The report identifies three main investment themes: upstream hardware focusing on self-sufficiency, midstream growth driven by large models, and downstream applications in various sectors [48][54] - The AI industry is expected to continue evolving, with a focus on algorithm optimization and the democratization of technology through open-source models like DeepSeek-R1 [25][19]

Group 1: Technological Revolution - The emergence of DeepSeek signifies the ongoing Fourth Industrial Revolution, comparable to previous revolutions driven by steam engines, electricity, and the internet[1] - Artificial intelligence (AI) is expected to significantly enhance productivity and total factor productivity, marking a leap in human development[1] - DeepSeek represents a breakthrough in AI, showcasing advancements in architecture and algorithm optimization, achieving high performance at lower costs[1] Group 2: China's Position in AI - China is positioned as a global leader in AI, leveraging strong policy support, a large market scale, and manufacturing advantages[1] - The Chinese AI market is projected to grow from 10.5 billion yuan in 2023 to 16.5 billion yuan in 2024, reflecting a 57% year-on-year increase[1] - China's AI investment reached $7.6 billion in 2024, ranking second globally after the U.S.[1] Group 3: AI Applications and Market Potential - Robots are anticipated to be a key application of AI, particularly in autonomous vehicles and humanoid robots, with significant market potential[2] - The market for autonomous vehicles is expected to be the largest segment within the broader robotics market[2] - AI applications are rapidly penetrating various sectors, including healthcare, finance, and smart manufacturing, enhancing efficiency and productivity[1] Group 4: Challenges and Risks - Data quality and security issues pose challenges for AI development in China, with many sectors facing data silos and limited data sharing[1] - The ongoing U.S.-China semiconductor rivalry presents hurdles for China's chip industry, which currently holds only a 7% share of the global market[1] - Risks include potential market demand falling short of expectations and challenges in product development and commercialization of AI models[2]

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [2]. Core Insights - The report emphasizes the importance of AI technology in enhancing operational efficiency in the real estate sector, particularly in the management of existing properties and residential development [4][39]. - It highlights the growing trend of utilizing AI for precise management in various segments such as affordable housing, industrial parks, and shopping malls, which can lead to improved rental efficiency and customer satisfaction [4][19][22]. Summary by Sections 1. Assisting Precise Management of Existing Properties - **Affordable Housing Operations**: The report discusses the management of affordable housing, which includes various departments such as operations, concierge services, product management, and data management, all of which can benefit from AI integration [9][11]. - **Smart Park Operations**: It outlines the challenges in park management, including supply-demand mismatches and slow transactions, and how AI can facilitate efficient customer acquisition and service delivery [19][21]. - **Shopping Mall Operations**: The use of AI for customer flow analysis and management is highlighted, which can optimize internal layouts and enhance customer experiences [22]. 2. Enhancing Management Efficiency in Residential Development and Property Management - **Pre-Delivery: Marketing and Operations**: The report notes the shift towards digital marketing strategies, where AI can help improve customer acquisition and reduce marketing costs [24][30]. - **Post-Delivery: Property Management**: It emphasizes the role of technology in property management, including security, cleaning, and maintenance, with examples of companies successfully implementing these technologies [31][34]. 3. Investment Recommendations - The report identifies key companies expected to benefit from AI applications, including Poly Developments, China Merchants Shekou, Longfor Group, and Vanke A, among others [39]. It also suggests monitoring quality developers and property management firms that are leveraging technology for operational efficiency [39].

Key Insights - The report highlights the recent trends in the Chinese dollar bond market, indicating a potential recovery in 2025 with expected yield fluctuations between 5.08% and 5.35% based on a two-factor model involving the U.S. M2 growth rate and the USD/CNY exchange rate [10][19][24] - The AI wave, particularly through innovations like DeepSeek, is set to transform the chemical industry by enhancing efficiency and driving demand for high-end chemical materials, which are crucial for the AI industry [13][14][15] - The financial data for January 2025 shows a significant increase in social financing and corporate loans, indicating a robust economic environment supported by government policies [24][25][26] Group 1: Chinese Dollar Bond Market - The Chinese dollar bond market, also known as "Kung Fu bonds," is a vital financing tool for Chinese enterprises in the global context, with distinct characteristics compared to domestic bonds [2][4] - The market has experienced various phases of development influenced by regulatory changes, with a notable contraction phase since 2022 due to increased scrutiny and market challenges [4][5][7] - The yield performance of Chinese dollar bonds has been closely linked to U.S. Treasury yields, with a historical correlation coefficient of 0.87, indicating a strong relationship between the two [8][9] Group 2: Chemical Industry Transformation - The integration of AI technologies in the chemical industry is expected to accelerate the development of high-end chemical materials, which are essential for AI applications [13][14] - AI is anticipated to enhance operational efficiency across the chemical supply chain, particularly in research and development, leading to shorter product development cycles and reduced costs [15][17] - The demand for specific materials such as PEEK and PPO is projected to rise significantly due to advancements in AI and related technologies, creating new market opportunities [14][15] Group 3: Financial Data Insights - In January 2025, the total social financing increased by 7.06 trillion yuan, reflecting a year-on-year growth of 8.03%, driven by strong government support and fiscal policies [24][25] - The report notes a record high in new corporate loans, with a significant increase in government bond issuance, indicating a proactive approach to stimulate economic growth [25][26] - The shift in deposits from corporate to household sectors is highlighted, influenced by the timing of the Chinese New Year and overall economic conditions [28][29]