全球科技动态追踪 · 计算机行业 AI 智能体 Manus 发布,阿里推出 QwQ-32B 2025年03月10日 概览【02.28-03.07】 我们认为:中国在全球 AI 产业的崛起趋势愈发明显,无论是"祖冲之三 、DeepSeek, 还是 Manus,中国企业的创新能力和技术实力正在 目" 逐渐改变全球人工智能产业的竞争格局。 ● 风险提示:技术迭代不及预期风险;科技巨头竞争加剧风险;法律监管风 险;供应链风险;下游需求不及预期风险。 计算机行业 | 分析师 | | | --- | --- | | 推荐 吴砚靖 | 维持评级 | ☎: 010-66568589 网：wuyanjing@chinastock.com.cn 分析师登记编码： S0130519070001 2025-03-10 国内表现 资料来源：中国银河证券研究院 核心观点: ● 1、"祖冲之三号":3月 3 日,中国科学技术大学潘建伟、朱晓波、彭 承志等科研团队联合多家科研机构,成功研制出 105 比特超导量子计算原 型机"祖冲之三号",再次刷新超导体系量子计算优越性世界纪录。"祖 冲之三号"在多项关键性能指标上实现了显著提升。该原型机包 ...

中国银河证券|CGS 数智化牢固根基，AI 赋能深化提效 AI 专题系列研究（纺服） 首席分析师： 郝帅 ww.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 · 纺织服饰 =国银河证券 CGS 数智化牢固根基,AI 赋能深化提效 AI 专题系列研究（纺服） 核心观点 2025年3月6日 纺织服饰行业 | | | 分析师 郝帅 ☎：010-8092-7622 極：haoshuai@chinastock.com.cn 分析师登记编码：S0130524040001 相对沪深 300 表现图 2025-03-06 纺织服饰 沪深300 资料来源:iFinD,中国银河证券研究院 相关研究 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 数智化牢筑根基,AI 赋能企业深化提效。随着 AI 发展愈发成熟,未来有望 ● 在更多行业应用,纺织服装作为消费端与生产端数据互动活跃领域,近年已经 开始数字化、智能化布局。上游制造端通过智能化生产降本增效,实现生产全 流程数据化管理,搭建智能化设备与数据平台,小批量、个性化订单快速响应。 下游品牌端通过数据驱 ...

河证券|CGS 行业双周报 · 汽车行业 新能源方面,2月1-28 日,新能源车市场零售 72 万辆,同比+85%,较 上月-3%,今年以来累计零售 146.5 万辆,同比+38%;全国乘用车厂商新能 源批发 84.2 万辆,同比+82%,较上月-5%,今年以来累计批发 173.2 万辆, 同比+49%。2月新能源车零售渗透率达到 51.5%,重新回到 50%以上,2月 新能源品牌密集推出大力度优惠购车政策助力新能源市场强劲恢复。 0 双周观点 2月新能源市场强劲恢复,乘联会初步统计数据新能源乘用车零售渗透率 为 51.5%,春节前新能源产品受提车周期影响(消费者无法在节前快速提车) 销量有所低迷,1月新能源渗透率回落至50%之下,2月春节过后提车周期影 响消除,叠加新能源主机厂在节后快速推出购车优惠政策,推动新能源市场强 劲恢复,符合我们在1月末的判断。展望后市,车市逐渐走出传统淡季,以旧 换新政策逐渐发力叠加自主品牌新品接踵而至,为新能源车市场注入增长强动 能,有望驱动新能源渗透率逐月提升。 据乘联会初步统计数据,2月1-28日,全国乘用车市场零售139.7万辆, 同比+26%,较上月-22%,今年以来累 ...

2025 年 3 月 11 日 噢闻 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 证券研究报告 2 月全国乘用车市场零售 138.6 万辆,同比增 长 26.0% 每日晨报 www.chinastock.com.cn 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 ● 策略: 中国股市叙事: 估值正悄然重构。港股市场投资展望：（1）当前港股 估值处于历史中等水平,随着港股盈利稳步回升,2025年港股有望继续上涨。 但需要关注美国贸易政策对投资者风险偏好的影响,以及美联储货币政策对外 资流动性的影响。（2）配置方面:第一,在国内扩内需、稳消费等政策刺激 下,消费行业业绩有望继续改善,从而促进当前估值水平处于历史中低水平的 消费股上涨。第二,科技政策支持与产业趋势将迎来共振,相关公司业绩改善 预期较强,科技板块有望持续上涨。第三,港股高股息策略仍具备吸引力,尤 其是积极进行市值管理的央企高股息标的。同时,高股息标的可以为投资者提 供较为稳定的回报,是较好的避险资产。 0 中国联通 ( ...

Investment Rating - The report maintains a "Buy" rating for the banking sector, highlighting its investment value due to positive macroeconomic policies and financial support measures [5][54]. Core Insights - The report emphasizes a more proactive fiscal policy with an acceleration in government bond issuance, which is expected to benefit short-term bank credit. The total new government bond issuance for 2025 is projected to reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [6][8]. - Monetary policy is described as being broadly accommodative, with expectations for potential reserve requirement ratio (RRR) cuts and interest rate reductions to maintain liquidity. The report anticipates that the RRR cut may occur in the first half of the year [14][16]. - Financial support for technological innovation is expected to increase, with banks likely to enhance their participation in financing technology-driven enterprises. The report suggests that the scale of re-loans for technological innovation may expand from 500 billion yuan to between 800 billion and 1 trillion yuan [31][39]. - The report notes that personal consumption loans and loans related to livelihood sectors will receive fiscal interest subsidies, which could stimulate consumer demand and improve the quality of personal loans [40][41]. - The report indicates that the risk resolution in key sectors is progressing well, with a significant reduction in non-performing loans expected. It highlights that approximately 40% of financing platforms are anticipated to exit through market-oriented transformations by the end of 2024 [43][44]. Summary by Sections Fiscal Policy - The report outlines that the fiscal policy will be more aggressive, with new local government special bonds amounting to 4.4 trillion yuan and the issuance of long-term special government bonds totaling 1.3 trillion yuan [6][8]. - The total government bond issuance is expected to reach 11.86 trillion yuan in 2025, reflecting a strong fiscal stance [7][8]. Monetary Policy - The report discusses a broad monetary policy that is supportive, with expectations for RRR cuts and interest rate reductions to maintain liquidity [14][16]. - Structural monetary policy tools will be further innovated to support key sectors, including technology and consumption [15][16]. Technological Innovation - The report highlights the introduction of a "technology board" in the bond market to support the issuance of technology innovation bonds by financial institutions and tech companies [31][39]. - The re-loan policy for technological innovation is set to expand, potentially unlocking additional credit of 2.35 to 2.94 trillion yuan [31][39]. Consumer Loans - The report indicates that fiscal interest subsidies will be provided for personal consumption loans, which may lead to an improvement in household loan growth [40][41]. Risk Management - The report notes that the risk resolution in key sectors is effective, with a significant reduction in non-performing loans expected, particularly in the real estate sector [43][44].

行业周报 全国两会召开,宏观政策更加积极有为 银行业周报 (2025.03.03-2025.03.09) 2025年3月9日 核心观点 银行业 | 维持 | | --- | | 推荐 | 分析师 www.chinastock.com.cn 证券研究报告 张一纬 ☎：010-8092-7617 z: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 2025-03-07 资料来源:ifind. 中国银河证券研究院 相关研究 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 银行板块表现弱于市场:本周沪深 300 指数上涨 1.39%,银行板块上涨 ● 1.13%。国有行、股份行、城商行、农商行分别-0.47%、+2.19%、+1.27%、 -0.11%。个股方面,齐鲁银行（+4.65%）、招商银行(+3.61%)、兴业银行 (+2.94%)、苏州银行(+2.54%)、杭州银行(+2.43%)涨幅居前。截至 3 月 7 日,银行板块 PB ...

2025-02-20 DeepSeek AI 2025-02-13 A 2025-02-08 " " " " 2025-02-07 ETF AI 2025-03-05 A 2025 2025-02-21 2025-02-05 10% A A " " 2025-02-04 2025-01-30 2025-01-24 2025-01-23 2024Q4 " " 2025-01-21 2025-01-14 2025 2024-12-31 2025 · 策略研究 · 专题报告 中国银河证券|CGS 目录 Catalog | 一、国内经济边际攻善 . | | --- | | （一） 地产回稳须期升漏 | | (二) 新动能加速形成 . | | 二、 流动性利好叠加 … | | （一） 海外资金流向新兴市场 . | | （二） 零和视角下国内股市优于债市 | | 三、 政策层面不断加力 | | （一） 宏观政策更加积极有为 | | (二) "稳股市"呵护市场信心 | | 四、 中国股市大概率震荡向上 . | | （一） A 股市场大势研判 . | | （二） 港股市场大势研判… | | 五、结构性配置机会 | | （一） ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [1] Core Insights - The release of Manus marks a new phase in AI technology, transitioning from an "assistive tool" to an "executive entity," which is expected to revolutionize human-machine collaboration and production methods [3] - The emergence of AI Agents like Manus is anticipated to significantly enhance productivity and economic growth, with IDC predicting global digital transformation investments to exceed $2.1 trillion in 2023 and reach $4.4 trillion by 2028, reflecting a CAGR of 15.4% [3] - The hardware upgrades driven by new applications will create opportunities in the electronic hardware sector, with Deloitte estimating the global chip market to reach $576 billion in 2024, with AI chip sales accounting for 11% [3] Summary by Sections AI Technology Development - Manus is positioned as the world's first general AI assistant capable of autonomously executing tasks, which includes understanding user needs and independently breaking down tasks [3] - The AI Agent's ability to operate asynchronously in the cloud while the device is off represents a significant advancement in AI capabilities [3] Economic Impact - The report highlights the relationship between productivity and global GDP, suggesting that the advent of AI Agents could break the limitations of human cognitive capabilities, leading to a leap in economic growth [3] Market Opportunities - The report suggests focusing on companies involved in computing chips, including Cambrian and Haiguang Information, as well as SOC chip companies like Rockchip and Hengxuan Technology, due to the expected demand for high-performance computing [3]

Investment Rating - The report provides a positive outlook for the mechanical equipment industry, indicating a strong performance with a 5.46% increase in the mechanical equipment index compared to a 1.39% increase in the CSI 300 index [6]. Core Insights - The mechanical equipment sector ranks 4th among 31 industries in terms of performance, with a current valuation level of 36.1 times earnings [6][11]. - The report highlights that the top-performing segments within the mechanical equipment industry include engineering machinery, wind power equipment, and injection molding machines [11]. Summary by Sections 1. Weekly Market Review - The mechanical equipment index increased by 5.46% last week, outperforming the CSI 300 index which rose by 1.39% [6]. - The overall valuation of the mechanical industry stands at 36.1 times earnings [6]. 2. Key News - Engineering Machinery: XCMG's certified used crawler cranes are set to be exported to Southeast Asia, marking a significant step in the global expansion of China's engineering machinery sector [16]. - Rail Transportation: A total of 300 billion yuan in railway construction bonds has been approved, with funds allocated for key railway projects and equipment purchases [17]. - Oil and Gas Equipment: Global oil prices remain stable amid tariff uncertainties and OPEC+ production plans, with Brent crude oil priced below $70 per barrel [18]. - Lithium Battery Equipment: A new battery super factory in the UK has been announced with an investment exceeding 9.3 billion yuan [20]. - Photovoltaic Equipment: A 500,000-kilowatt photovoltaic project has resumed construction, aiming for full capacity grid connection by June [21]. 3. Performance of Sub-sectors - The report details the performance of various sub-sectors within the mechanical equipment industry, noting that the top three performing segments year-to-date are robots, engineering machinery, and machine tools [11][15].

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The transportation industry is experiencing a gradual recovery, with international flight schedules increasing and domestic demand expected to rise due to supportive policies [7][8]. - The logistics sector, particularly cross-border e-commerce, is anticipated to benefit from the ongoing expansion of domestic brands in international markets [8]. - The express delivery industry is showing growth potential, with significant increases in business volume and revenue, despite a decrease in average delivery prices [49]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK (Available Seat Kilometers) recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% [22]. - The report highlights a positive outlook for the aviation sector in 2025, driven by increased flight frequencies and improved domestic demand [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decline of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report notes a significant drop in shipping rates across various routes, indicating ongoing challenges in the shipping industry [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons [39]. - Road freight volume also saw a substantial increase of 9.94%, totaling 37.74 million tons [46]. - The report emphasizes the importance of rail and road transport in supporting the overall logistics framework [39][46]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The volume of express deliveries rose by 22.30% to 17.8 billion packages [49]. - The average delivery price decreased by 13.61% to 7.75 yuan per package, indicating competitive pricing strategies in the industry [49].