Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Quantum computing is viewed as the next technological frontier, attracting significant attention from both China and the United States, with a shift from "Western dominance" to "multipolar competition" in global technology power structures [2][3] - Microsoft achieved a milestone in quantum supercomputing with the launch of the world's first topological core-supported quantum chip in February 2025, which is expected to accelerate the development of practical quantum computers [7] - NVIDIA has established the first "Quantum Day" on March 20, 2025, to enhance collaboration with partners and advance quantum computing technology [10][11] - The Chinese government has emphasized quantum technology in its 2025 work report, indicating a commitment to fostering future industries, including quantum technology [12][14][16] - The current quantum technology industry is in the research and exploration phase, with domestic listed companies involved in various segments of the supply chain [17] Summary by Sections Industry Overview - Quantum computing is recognized as a critical area of competition between China and the U.S., with substantial investments from both nations [3] - The number of quantum computing-related companies in China has increased significantly, with over 85,600 companies as of March 2025, reflecting a growth of more than tenfold since 2020 [16] Key Developments - Microsoft's Majorana 1 chip represents a breakthrough in quantum computing, potentially allowing for the creation of quantum systems scalable to one million qubits [7] - The establishment of "Quantum Day" by NVIDIA aims to foster dialogue among leading quantum technology firms [11] Investment Recommendations - It is advised to focus on companies that are comprehensively engaged in quantum information technology, such as Guodun Quantum and ZhiTe New Materials, as well as HeXin Instruments, which are extending their business into the quantum technology sector [17][18]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [50]. Core Insights - The report emphasizes the strong growth potential in the pet food sector, driven by increasing consumer demand and the expansion of domestic brands [3][11]. - The livestock industry is experiencing a recovery, with improvements in sales and pricing, particularly in the pig farming segment [4][29]. - The agricultural sector is facing geopolitical challenges, impacting global grain supply and demand, with adjustments in production forecasts for wheat, rice, corn, and soybeans [7][8][16]. Summary by Sections Pet Industry - The pet food market is projected to grow significantly, with compound annual growth rates of 17% for pet staple foods, 15% for nutritional products, and 25% for snacks by 2026 [11]. - Domestic pet food companies are enhancing their brand strategies, leading to a more competitive landscape [11]. Livestock Industry - In February, pig sales decreased, with a total of 6.6167 million pigs sold, a month-on-month decline of 13.33% [4]. - The average price of pigs in February was 14.81 yuan/kg, down 0.97 yuan/kg from the previous month, marking a 6.17% decrease [4]. - The report suggests focusing on leading livestock companies such as Muyuan Foods and Wens Foodstuffs, which have strong growth potential [5]. Agricultural Sector - The USDA has adjusted global grain production forecasts for the 2024/25 season, with increased supply and consumption for wheat, while trade volumes are expected to decrease [7][16]. - The report highlights the importance of the seed industry revitalization, with ongoing policies supporting the commercialization of biotechnology in agriculture [9][10]. Feed Industry - The feed industry is expected to benefit from a recovery in livestock farming, with a focus on comprehensive services and extended farming trends [6]. - Key players in the feed sector include Haida Group and Tianma Technology, which are well-positioned to capitalize on these trends [6].

Investment Rating - The report maintains an "Overweight" investment rating for the commercial aerospace industry [4]. Core Insights - The commercial aerospace sector is experiencing rapid development, driven by increased launch activities and satellite internet constellation deployments [2][8]. - The construction of satellite constellations is expected to accelerate, leading to improved financial performance for related companies, particularly in satellite manufacturing [3][11]. - The government's emphasis on commercial aerospace in the 2025 work report indicates a strong policy support and a focus on safety and healthy development [33][35]. Summary by Sections Recent Market Performance - In February 2025, the commercial aerospace index increased by 8.59%, outperforming the military industry index by 4.93 percentage points [26][25]. - Notable stock performances included Xingtum Measurement Control (+36.35%), Plittech (+31.11%), and Aerospace Micro (+20.00%) [27]. Key Events and Announcements - The government work report highlighted commercial aerospace as a key growth area, indicating a shift towards rapid development [33]. - Multiple successful satellite launches occurred in February, including the Long March 8A rocket's maiden flight [36][37]. Investment Opportunities in 2025 - The report identifies several areas for investment: 1. **Launch Services**: Focus on companies with reusable rocket technologies and those involved in core rocket components [13][15]. 2. **Satellite Manufacturing**: Companies capable of mass production and those innovating in satellite technology are expected to benefit [15][16]. 3. **Satellite Communication**: The satellite internet sector is anticipated to drive growth, particularly in low-cost ground terminal solutions [15][16]. 4. **Satellite Navigation**: The market for satellite navigation is projected to grow at a compound annual growth rate of 15% [15][16]. 5. **Satellite Remote Sensing**: Demand for remote sensing applications is expected to recover significantly [16]. Notable Companies to Watch - Short-term focus on companies such as Zhongke Xingtum, Aopu Optoelectronics, and Sike Rui, among others, which are involved in various aspects of the commercial aerospace sector [17].

Investment Rating - The report maintains an "Accumulate" rating for the military industry [3] Core Insights - The military materials sector is expected to see demand recovery in 2025, driven by the release of pent-up demand and the completion of significant projects [11][12] - The report highlights the development of advanced ceramic matrix composites, which offer superior high-temperature resistance and weight reduction compared to traditional high-temperature alloys, making them ideal for aerospace applications [2][31] - The application of 3D printing technology is expanding in both military and civilian sectors, enhancing product performance and reducing costs [6][34] Summary by Sections Important Events and Announcements - The Sichuan Provincial Science and Technology Department plans to establish a technology innovation center for ceramic matrix composites, indicating a focus on advanced materials development [25] - OPPO's launch of the Find N5 smartphone, utilizing 3D printed titanium alloy components, showcases the integration of advanced manufacturing techniques in consumer electronics [26][32] Military Materials Industry Analysis - The military materials index outperformed the broader military industry index by 1.05 percentage points in February, indicating positive market sentiment [8][37] - The report notes that 2024 will be a challenging year for military materials companies, with a mixed performance in earnings forecasts [9][11] - The demand for high-end materials such as titanium alloys, carbon fibers, and high-temperature alloys is projected to grow significantly by 2028, with market sizes expected to exceed 200 billion, 300 billion, and 400 billion respectively [42][44] Capital Market Status - The military materials sector is experiencing a recovery phase, with a notable increase in orders and production capacity as companies adapt to market demands [11][12] - The report suggests that companies should focus on diversifying their supply chains and reducing reliance on single-source suppliers to mitigate risks [13][46] Investment Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber sector, as well as Feishun Special Steel and Steel Research High-tech in the high-temperature alloy sector [20][48]

Investment Rating - The report maintains an "Accumulate" investment rating for the defense and aerospace industry [2]. Core Insights - The domestic aviation industry is witnessing a significant ramp-up in production capacity, particularly for the C919 aircraft, with expected deliveries to reach 50 units in 2025, significantly surpassing 2024's figures [2][25]. - The C919's international market expansion is progressing, with the European Union Aviation Safety Agency (EASA) certification process underway, which is crucial for entering the European market [6][51]. - The report highlights the robust domestic demand for aircraft, predicting that China will become the largest aviation market globally by 2043, with an estimated 10,061 aircraft needed, valued at approximately $1.4 trillion [52][53]. Summary by Sections Domestic Aviation Industry Analysis - The C919 aircraft is set to enter a new phase of commercial operation, with significant orders from major airlines, totaling over 300 units in 2024 [21]. - The C919 has already commenced operations on 15 domestic routes, with nearly 8,000 flights conducted [22]. - A series of regional mobilization meetings have been held to enhance collaboration within the aviation supply chain, facilitating the C919's production scale-up [26][28]. International Aviation Market Analysis - Boeing and Airbus reported their 2024 performance, with Airbus consistently outperforming Boeing in both orders and deliveries over the past three years [7][8]. - The report notes that Boeing's commercial aircraft deliveries are expected to recover in 2025, while Airbus anticipates a 7% increase in deliveries [9]. Capital Market Situation - The report outlines the ongoing construction projects in Shanghai related to the C919, which are crucial for supporting its production capacity [31][32]. - The establishment of a comprehensive supply chain around the C919 in Shanghai is highlighted, with significant investments and projects aimed at enhancing production capabilities [30][29].

美国２月通胀总体的不及预期、特别是核心通胀的不及预期，一定程度上弱化了市 场对特朗普关税政策之下美国通胀反弹的担忧，截止 3 月 14 日，美国 5 年期和 10 年期 营亏平衡通胀利率分别为 2.48%和 2.30%,总体上均恢复至年初水平,结束了年初以 来,特别是２月市场对美国的通胀预期逐渐上行的趋势。市场在本周对美国通胀预期的 回调,叠加此前公布的美国2月非农就业数据不及预期,总体上使得投资者对美联储因 美国经济韧性和通胀黏性而放缓加息步伐的担忧有所下降。 总体来看,在经济出现持续走弱信号、美国通胀反弹预期阶段性缓解的共同作用下, 市场主流预期为美联储今年仍有三次降息,而 3 月 14 日美联储维持联邦基金目标利率 不变已成市场一致预期,我国货币政策的外部宽松空间仍在。美股方面:2月中旬以来, 美股持续回调,主因中国人工智能技术提升下美国科技股估值逻辑重构、特朗普关税政 策的不确定性对美国经济和通胀的冲击以及美国两党财政政策的分歧导致的政府停摆 预期加剧。周五,即2025年3月14日,参议院少数党领袖、民主党人查克·舒默表示, 他不会阻挠共和党的政府拨款法案,市场担忧得到缓解,美股出现相对明显的反弹。展 ...

2025年03月12 证券研究报告|行业研究|军工行业点评 国防军工 民机产业月报:国产民机产能提速在即,"出海"获得 新进展 报告摘要 一、国内:中国商飞启动大飞机规模化区域动员会,推进产能提速 随着大飞机规模化系列化活动的开展,以及产能提升项目的逐步建设, 2025 年国产大飞机 C919 的交付量将稳步提升,交付节奏有望保持在一个 比较高的水平。 从 2024 年底到 2025 年初,中国商飞以地域划分的产业集群为基础, 联合各省市人民政府,举办了一系列大飞机规模化区域动员会,成立了各个 地区的大飞机规模化区域推进办公室。中国商飞和中国航发依托主-供模式, 建立大飞机规模化区域推进机制,这有助于主制造商拓展与航空产业链上 下游企业的合作的广度和深度,帮助地区企业更好地融入大飞机产业链,实 现国产大飞机的规模化和系列化。 上海是中国大飞机产业的核心,多个产能建设项目为 C919 的产能保驾 护航。根据上海市人民政府在２月公布的 2025 上海重大工程清单和 2025 上海重大工程预备项目清单,目前上海地区共有 6个处于在建/新开工的状 态的正式项目和１个预备项目跟大飞机产业相关。 相关研究报告 军工行业周 ...

2025年03月16日 证券研究报告|行业研究|行业点评 首家券商财报披露,关注券商 24 年年报业绩 市场表现: 本期(2025.3.10-2025.3.14)非银(申万)指数+3.15%,行业排 7/31,券商Ⅱ指 数+2.86%,保险II指数+4.29%; 上证综指+1.39%，深证成指+1.24%，创业板指+0.97%。 个股涨跌幅排名前五位：中国银河（+14.79%）、新华保险（+11.15%）、新力 金融（+9.88%）、瑞达期货（+8.99%）、东兴证券（+7.15%）； 个股涨跌幅排名后五位：海南华铁（-5.22%）、浙江东方（-0.98%）、渤海租赁 (-0.59%）、九鼎投资（-0.07%）、国泰君安（-0.00%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨 2.86%,跑赢沪深 300 指数 1.28pct,跑赢上证综 指数 1.47pct。当前券商板块 PB 估值为 1.51 倍，位于 2020 年 50 分位点附近。 本周,东方财富发布了 20224 年年报业绩,公司实现营业总收入 116.04 亿元, (+4.72%)，实现归属于上市公司股 ...

行业报告: 机器人行业月报 2025年3月14日 中航证券有限公司 AVIC SECURITIES CO ... LTD. 人形机器人月报:大模型驱动具身智能加速落地, 灵巧手新变化孕育新机会 行业评级：增持 分析师:邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航机器人——投资观点 ■ 政策持续加码。整机进展不断，具身智能有塑成为经济增长新引擎。2025年1-2月人形机器人指数累计上涨3％。其中灵巧手、就速器、传感器板块涨幅靠前。近期具身智 能相关政策密集发布、如2月底北京市、深圳市接连出台具身智能行动计划、均提出到2027年培育千亿级产业规模：3月初政府工作报告提出以科技创新引领新质生产力发 展，后续更多政策值得期待。2025年人形机器人进入规模化量产元年，宇航、Figure、1X、优必选等进展不断，头部整机厂出货量均在千台以上，国内政策排封出台将加 速产业完成从0到1、从1到100的裂变、具身智能有望成为国内经济增长的新引擎。近期更多整车厂入局人 ...

2025年03月15日 证券研究报告|行业研究|行业点评 医药生物 投资评级 本轮融资所募得的资金将用于推动英矽智能在人工智能平台升级 和药物研发管线创新方面的突破。一方面,资金将用于完善英矽智能 专有的人工智能模型和算法、同时升级和扩展其领先的自动化机器人 实验室,以进一步实现和优化研发流程的自动化。另一方面,英矽智 能将专注于推进其用于治疗特发性肺纤维化（IPF）的核心候选药物的 临床验证,并加速对其他自主研发和合作开发的药物管线的探索,加 速在生物医药研发领域的突破性创新。 ◆ 医保局启动脑机接口价格立项 3 月 12 日,国家医保局发布了《神经系统类医疗服务价格项目立 增持 中航证券医药生物行业周报:县域医共体信息 化功能指引出台,县域医疗设备渗透率和集中 度有望双升 报告摘要 投资要点: 本期（03.08-03.15）上证指数收于 3419.56，上涨 1.39%; 沪深 300 指数收于 4006.56，上涨 1.59%;中小 100 指数收于 4006.56, 上 涨 1.22%;本期申万医药行业指数收于 7510.75,上涨 1.77%,在申 万 31 个一级行业指数中涨跌幅排名居第 15 位 ...