证券研究报告 有色金属 报告日期：2025 年 03 月 10 日 美非农就业引市场担忧，降息预期或仍平稳 ——有色金属行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 《美国多项政策变动推动黄金逼近 3000 美元，金价或高位震荡—有色金属 行业周报》2025.02.25 《多重利好推动金价续创新高，国内工 业金属需求预期向好—有色金属行业周 报》2025.02.11 工业金属需求—有色金属行业周报》 2025.01.08 摘要： 请认真阅读文后免责条款 美 2 月非农就业数据不及预期，鲍威尔讲话些许缓解市场担忧。 2025 年财政政策或将更加积极，工业金属有望受益。维持有色行 业"推荐"评级。 分析师：景丹阳 贵金属：当地时间 3 月 7 日，美国劳工部公布 2 月份就业数据。 美国 2 月份失业率 4.1%，预期 4%，前值 4%；2 月季调后非农就 业人口增 15.1 万人，预期增 16 万人，前值从 14.3 万人修正为增 12.5 万人。低于预期的非农就业数据导致市场对美国经济走弱的 担忧增强，主要市场 ...

证券研究报告 人形机器人 报告日期：2025 年 03 月 10 日 智元推出通用具身大模型，重视人形机器人大脑发展 ——人形机器人行业专题研究周报 行业研究报告 模型将为具身智能技术发展带来更多前所未有的可能。 风险提示：技术迭代风险、量产进度不确定性、估值风险、政策风险、 所引用数据来源发布错误数据等。 华龙证券研究所 最近一年走势 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《政府工作报告首提具身智能，政策助 力人形机器人量产加速—人形机器人专 题点评报告》2025.03.06 《区域机器人产业发展加速，人形机器 人运动能力突破—人形机器人行业专题 研究周报》2025.03.04 《 Figure 推 出 Helix,1X 发 布 NEO 专题研究周报》2025.02.26 摘要： 请认真阅读文后免责条款 投资评级：推荐（维持） 2025 年 3 月 3 日至 2025 年 3 月 7 日，人形机器人指数上涨 2.52%。 同期沪深 300 上涨 0.99%，上证综指上涨 1.56%，深成指上涨 2.17%。 行业政策更新：①2 月 28 日，北京出台政策，加快危险、 ...

证券研究报告 美容护理 报告日期：2025 年 03 月 10 日 AI+医美：技术创新与个性化定制引领行业发展 ——美容护理行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 景—美容护理行业周报》2025.02.18 《巨子生物重组人Ⅳ型胶原蛋白专利获 批，医美行业迎来新突破—美容护理行 业周报》2025.02.10 减肥新药进展—美容护理行业周报》 2025.01.20 摘要： 请认真阅读文后免责条款 | 2 | 行业要闻 2 | | --- | --- | | 3 | 重点公司公告 3 | | 4 | 本周观点 3 | | 5 | 投资建议 5 | | 6 | 风险提示 6 | | 图 | | 1：申万一级行业周涨跌幅一览 1 | | --- | --- | --- | | 图 | | 2：美容护理股票周涨幅前五 1 | | 图 | | 3：美容护理股票周跌幅前五 1 | | 图 | 4：美业 | AI 大脑正式接入 DeepSeek 4 | | 图 | | 5：气质设计机器人 5 | | 图 | 6：AIWO | 健康管理机 ...

证券研究报告 计算机 报告日期：2025 年 03 月 10 日 Manus 推高 AI Agent 关注度，AI+医疗有望加速落地 ——计算机行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230124010005 分析师：孙伯文 Manus 再度提升 AI Agent 关注度，产业趋势进一步强化。Manus 是由 Monica 团队推出的通用 AI Agent，能够操作电脑，做出决策 并执行任务。其核心能力包括：自主任务执行、网页浏览和研究、 代码开发、数据分析、内容创作和任务回放。AI Agent 或接力 Chat bot，成为下一阶段主流 AI 产品形态。根据当前的 Agent 产品， AI Agent 是指能够支持自然语言输入，能够根据用户请求自动拆 解任务并自主决策和执行的 AI 应用。从 AI 的最终形态来看， AI 能够在识别、理解、推理的基础上参与决策并执行操作是发展 AGI 的必经之路。相比于 Chatbot，Agent 在拓展 AI 应用场景的 同时，有望进一步推高推理侧算力需求。输入层面：Agent 拆解 认为需先浏览网页、解析文档、音频及视频等多源数 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has established a diversified product matrix with a focus on becoming a leading comprehensive beverage group, enhancing brand value and market competitiveness [6] - The flagship product, Dongpeng Special Drink, has shown steady growth, capturing a 47.9% market share in the energy drink segment, marking a 4.9 percentage point increase year-on-year [6] - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 15.839 billion yuan, a 40.63% increase year-on-year, and net profit attributable to shareholders at 3.327 billion yuan, up 63.09% [4] Financial Performance - In 2024, the company achieved a gross margin of 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to lower raw material costs [6] - The net profit margin for 2024 was 21.00%, reflecting a 2.89 percentage point increase from the previous year [6] - The company’s operating cash flow for 2024 was 5.789 billion yuan, a 76.44% increase year-on-year [4] Market Position and Growth Strategy - The company is expanding its product offerings into electrolyte drinks, sugar-free tea, and large-packaged beverages, which supports product structure optimization [9] - The second growth curve, "Dongpeng Water," has entered the "billion-level product" category, with a sales volume share of 6.7%, up 5.0 percentage points year-on-year [6] - The company plans to deepen its national and omnichannel strategies while exploring international markets, including establishing a presence in Indonesia [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20.456 billion yuan, 25.393 billion yuan, and 30.189 billion yuan, respectively, with year-on-year growth rates of 29.15%, 24.13%, and 18.89% [9] - Net profit projections for the same years are 4.427 billion yuan, 5.657 billion yuan, and 6.901 billion yuan, with growth rates of 33.06%, 27.80%, and 21.99% [9] - The company is expected to maintain a price-to-earnings ratio (P/E) of 26.9X for 2025, decreasing to 17.3X by 2027 [9]

Group 1: Market Overview - The A-share market is experiencing a strong expectation of fundamental improvement due to policy support, with a high market risk appetite compared to the uncertainties in the US market caused by tariff policies [4][17]. - The major indices showed positive performance from March 3 to March 7, 2025, with the Shanghai Composite Index increasing by 1.56% and the CSI 300 Index rising by 1.39% [17]. - The consumer price index (CPI) in February decreased by 0.2% month-on-month and 0.7% year-on-year, primarily due to the high base effect from the Spring Festival and a decline in food prices [4][8]. Group 2: Industry Focus - The government work report emphasizes the need to boost consumption and effective investment, focusing on sectors such as home appliances and automobiles [22]. - The real estate sector is highlighted with the government’s first mention of "stabilizing the property market" in its overall requirements, indicating a supportive policy environment [22]. - There is a strong focus on independent technological innovation and advanced manufacturing, with attention on electronics, digital economy, power equipment, and machinery [22]. Group 3: Export Performance - In the first two months of 2025, exports reached 3.88 trillion yuan, a year-on-year increase of 3.4%, with mechanical and electrical products accounting for 60% of total exports [10][12]. - The export of mechanical and electrical products grew by 5.4% year-on-year, with significant increases in automatic data processing equipment (11.7%) and integrated circuits (13.2%) [10][12]. Group 4: Policy and Economic Indicators - The central bank plans to enhance financial support for technological innovation, increasing the re-lending scale from 500 billion yuan to between 800 billion and 1 trillion yuan [19]. - The government aims to resolve structural contradictions in key industries and promote the exit of inefficient production capacity while expanding high-end supply [21].

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [2][7]. Core Insights - The government work report emphasizes the expansion of 5G applications, the acceleration of industrial internet innovation, and the development of future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G. It also highlights the promotion of commercial aerospace and low-altitude economy as emerging industries [3][22]. - A national venture capital fund is being established to attract nearly 1 trillion yuan in social capital, focusing on hard technology sectors including artificial intelligence, quantum technology, and hydrogen energy storage, which are expected to drive the communication industry chain's accelerated development [4][18]. Summary by Sections Recent Developments - On March 5, the government work report mentioned the need to optimize the layout of national computing resources and create internationally competitive digital industry clusters [3][22]. - The report also noted the establishment of a "carrier-level" national venture capital fund aimed at early, small, long-term investments in hard technology [4][18]. Industry Performance - The communication index rose by 2.81% from March 3 to March 7, 2025, with various sub-sectors showing different performance levels [11]. Key Companies and Investment Opportunities - Recommended companies include: - Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) [25]. - Light module demand: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) [25]. - Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisoc (000938.SZ), Quectel (603236.SH) [25]. - Commercial aerospace opportunities: China Satellite Communications (601698.SH), Huace Navigation (300627.SZ) [25].

Investment Rating - The report maintains an investment rating of "Recommended" for the low-altitude economy sector [2][7]. Core Insights - The government work report from the Two Sessions in 2025 emphasizes the promotion of the low-altitude economy and other emerging industries, indicating a shift from "development exploration" to "pilot operation" in 2025. Over 30 provinces have introduced special policies to support this transition [4][9]. - The application of eVTOL (electric Vertical Take-Off and Landing) and drones is highlighted as crucial for the low-altitude economy, with significant potential in various sectors such as logistics, aerial photography, and urban transportation. eVTOL is expected to reduce travel time significantly, with costs projected to drop to 6 yuan per kilometer per person [4][9]. - The low-altitude economy index has shown a positive performance, increasing by 3.38% over the past two weeks, outperforming major indices like the CSI 300 [10][11]. Industry Dynamics - The 2025 Two Sessions reiterated the importance of low-altitude economy infrastructure, with calls for enhanced planning, standardization, and regulatory frameworks to support its development [14][15]. - Recent legislative changes, including amendments to the Civil Aviation Law, aim to foster the growth of general aviation and low-altitude economy, encouraging local governments to support the industry [15][16]. - Significant investments and projects are being initiated, such as the signing of a cooperation agreement in Guiyang worth 10.6 billion yuan for low-altitude economic development [17][18]. Company Dynamics - EHang Intelligent has partnered with Jianghuai Automobile and Guoxian Holdings to establish an eVTOL manufacturing base in Hefei, focusing on advanced and automated production [19]. - The electric flying car Model A, backed by Elon Musk, has successfully completed test flights and is expected to be delivered in Q4 2025, indicating advancements in flying vehicle technology [19]. - SF Express has ordered 100 ES1000 large unmanned transport aircraft from Yifei Aviation Technology, marking a significant step in the commercialization of drone logistics [20]. Investment Recommendations - The report suggests focusing on various segments within the low-altitude economy: 1. Manufacturing: Companies like Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, and others are highlighted. 2. Infrastructure: Companies such as Lais Information, Huase Group, and Sichuan Jiuzhou are recommended. 3. Operations: Firms like CITIC Haizhi, Xiyu Tourism, and Xiangyuan Culture are noted for their potential [7][22].

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Insights - The launch of the new models, AITO M8 and M9, marks the beginning of a new vehicle cycle for Hongmeng Zhixing, with pre-sale prices set at 478,000 and 368,000 yuan respectively. The pre-sale orders exceeded 18,000 and 36,000 units within 36 hours [5][11]. - The report highlights the potential for multiple blockbuster models to emerge from the new vehicle cycle, driven by strong collaboration between Huawei and SAIC, which may introduce the "Shangjie" brand by Q4 2025 [5][11]. - The automotive sector has shown resilience, with the automotive index outperforming the CSI 300 index by 1.69 percentage points during the week of March 3 to March 7, 2025 [5][37]. Summary by Sections Industry Dynamics - Geely has launched the "Qianli Haohan" advanced driving system, enhancing its position in AI-driven automotive technology [12]. - WeRide has initiated the first public road autonomous driving service in Europe, deploying L4 autonomous minibuses in France [13]. - The Ministry of Commerce reported over 700,000 applications for vehicle replacement subsidies in 2025, indicating strong market activity [16]. Market Performance - The automotive sector's index rose by 3.08% from March 3 to March 7, 2025, with passenger vehicles, commercial vehicles, and auto parts showing positive growth [37][42]. - The report notes that the PE ratio for the automotive sector is 28.9, reflecting a week-on-week increase [42]. Data Tracking - In January 2025, retail sales of passenger vehicles reached 1.7936 million units, a year-on-year decrease of 12.03% [49]. - The penetration rate for new energy vehicles reached 41.5% in January 2025, with retail sales of 744,100 units, marking an 11.44% increase year-on-year [49][53]. - The report indicates that the penetration rate for L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [55].

Group 1: Policy Overview - The "Five Articles" aim to enhance financing accessibility, product adaptability, and institutional mechanisms by 2027[3] - The core focus is on deepening supply-side structural reforms in finance and strengthening collaboration with technology, industry, and fiscal policies[3] Group 2: Key Areas and Implementation Paths - Technology Finance: Support major national technology tasks and SMEs, emphasizing early, small, long-term, and hard technology investments[4] - Green Finance: Develop a green finance standard system and promote carbon accounting and sustainable information disclosure[4] - Inclusive Finance: Optimize services for SMEs, rural revitalization, and social welfare, expanding coverage of credit loans[4] - Pension Finance: Develop a multi-pillar pension insurance system and enhance investment management of pension funds[4] - Digital Finance: Accelerate digital transformation of financial institutions and establish a data sharing and governance system[4] Group 3: Institutional and Risk Management - State-owned banks will increase support across the five key areas, while smaller banks will focus on specialized services[6] - Establish a "one leader responsible" system and improve due diligence accountability[6] - Implement risk management tailored to each sector, including the development of risk assessment models for technology innovation[6]