Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Views - The report indicates that inventory accumulation is slowing down while demand recovery is accelerating in the steel industry [1] - The report highlights that the construction site resumption rate is increasing, which is expected to support steel prices in the short term [5][54] - The report suggests that the industry is likely to maintain stability supported by the real estate sector and manufacturing [6] Supply Summary - As of February 21, 2025, the total output of five major steel products reached 8.36 million tons, a week-on-week increase of 2.63% and a year-on-year increase of 5.07% [4][14] - The average daily pig iron production of 247 steel enterprises was 2.2751 million tons, a week-on-week decrease of 0.21% but a year-on-year increase of 1.79% [4][14] - The capacity utilization rate of blast furnaces was 85.41%, down 0.19 percentage points week-on-week but up 1.82 percentage points year-on-year [4][14] Demand Summary - The total consumption of five major steel products was 7.9437 million tons, a week-on-week increase of 19.77% and a year-on-year increase of 35.43% [20][22] - The daily transaction volume of construction steel by mainstream traders was 99,400 tons, a week-on-week increase of 40.41% [20][22] - The monthly export volume of steel products reached 9.727 million tons, with a year-on-year increase of 11.24% [20][22] Inventory Summary - As of February 21, 2025, the total social inventory of five major steel products was 13.1395 million tons, a week-on-week increase of 2.67% and a year-on-year decrease of 18.91% [29][30] - The total factory inventory was 5.5019 million tons, a week-on-week increase of 1.37% and a year-on-year decrease of 20.50% [29][30] Cost Summary - As of February 21, 2025, the price index for Australian iron ore (62% Fe) was 821 RMB/wet ton, a week-on-week increase of 1.26% [43][46] - The comprehensive price index for scrap steel was 2,554.59 RMB/ton, a week-on-week increase of 0.29% [43][46] - The price index for low-sulfur coking coal was 1,347.9 RMB/ton, a week-on-week decrease of 2.20% [44][46] Price Summary - As of February 21, 2025, the Mysteel ordinary steel absolute price index was 3,625.46 RMB/ton, a week-on-week increase of 1.29% [47][48] - The Mysteel special steel absolute price index was 9,486.08 RMB/ton, with a week-on-week change of -0.02% [47][48] - The global steel price index was 197.8 points, a week-on-week increase of 0.66% [47][48] Key Companies and Profit Forecast - Baosteel (600019.SH) is rated as "Increase" with an EPS forecast of 0.48 RMB for 2025 [6] - Nanjing Steel (600282.SH) and Hualing Steel (000932.SZ) are not rated but have EPS forecasts of 0.43 RMB and 0.53 RMB for 2025 respectively [6] - Jiu Li Special Materials (002318.SZ) and Wujin Stainless Steel (603878.SH) are also not rated but have EPS forecasts of 1.75 RMB and 0.60 RMB for 2025 respectively [6]

Investment Rating - The report maintains a "Recommended" investment rating for the retail and social services sectors, indicating a positive outlook for these industries [4][25]. Core Insights - The report highlights that recent government policies aimed at boosting consumption are expected to lead to a sustained recovery in consumer spending, particularly in the context of the growing elderly population and the introduction of new travel services [4][25]. - The integration of AI in the consumer sector is anticipated to create new growth opportunities, particularly in areas such as smart retail and human resource services [4][25]. - Traditional retail is undergoing transformation to adapt to online competition, with a focus on enhancing customer experience and emotional value, suggesting a potential stabilization in offline sales [4][25]. - The report emphasizes the significant market potential for overseas expansion of retail companies, driven by the rise of domestic brands and supportive policies [4][26]. Summary by Sections Recent Trends - From February 10 to February 21, 2025, the retail index increased by 2.79%, outperforming the CSI 300 index by 0.59 percentage points, ranking 12th among primary industries [7]. - The social services index rose by 3.66%, exceeding the CSI 300 index by 1.45 percentage points, ranking 10th among primary industries [7]. Industry News - The Ministry of Commerce has initiated a plan to enhance service consumption by introducing new travel services for the elderly, which is expected to positively impact service supply [10]. - The service trade in China reached a record high, with total imports and exports surpassing $1 trillion in 2024, indicating robust growth in the tourism sector [11]. Key Companies and Earnings Forecast - Focus Technology, Kidswant, Core International, Miaow Exhibition, and Doctor Glasses are highlighted as companies to watch, with varying earnings per share (EPS) forecasts for 2025 [5][29]. - Yonghui Supermarket and Small Commodity City are also noted for their potential in adapting to market changes and expanding their global presence [5][29]. Industry Data Updates - In January 2025, the Consumer Price Index (CPI) rose by 0.5% year-on-year, with food prices increasing by 0.4% and service prices by 1.1% [19]. - The total retail sales of consumer goods in December 2024 reached 451.72 billion yuan, reflecting a year-on-year growth of 3.7% [19].

证券研究报告 有色金属 报告日期：2025 年 02 月 23 日 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 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 《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 《美联储降息预期转鹰，贵金属短期价 格波动可能加剧—有色金属行业周报》 2024.12.25 摘要： 请认真阅读文后免责条款 美国总统特朗普或推动黄金库存审计，黄金套利交易火热，推动 金价逼近 3000 美元，短期高位震荡。维持有色行业"推荐"评级。 分析师：景丹阳 贵金属：美国总统特朗普在采访中表示，将进入 Fort Knox 金库 进行检查，确保黄金储备安全。Fort Knox 共计储存了 1.473 亿盎 司黄金，是美国最大的金库之一，若按照金价 2950 美元/盎司来 估算，这部分黄金储备总价值约 4350 亿美元。在特朗普看重黄金 储备、重新审计黄金库存的担忧下，短 ...

Group 1 - The report emphasizes the importance of boosting confidence in private enterprises and enhancing development momentum, highlighted by the recent private enterprise symposium held on February 17, 2025, which aims to address challenges faced by the private sector and promote high-quality development [3][7][12] - The real estate market showed signs of improvement in January 2025, with first-tier cities experiencing a 0.1% month-on-month increase in new residential sales prices, while second-tier cities also saw a slight increase, indicating the effectiveness of real estate policies [3][11][20] - The technology sector, particularly TMT (Technology, Media, and Telecommunications), has been catalyzed by recent policies, with a notable 5.21% increase in the TMT sector, driven by favorable developments such as the DeepSeek application explosion and government support for AI initiatives [3][12][14] Group 2 - The report outlines a focus on several key industry directions: domestic demand, technology innovation, real estate, and capacity optimization, with specific sectors to watch including home appliances, automobiles, semiconductors, and power equipment [3][20][23] - The report indicates that the market is expected to maintain a steady pattern, supported by continuous policy backing and a stable market environment, with major indices showing positive performance over the past three weeks [3][15][17] - The report highlights the anticipated growth in the new energy vehicle market, with a projected 25% year-on-year increase in global sales in 2024, and China's market share expected to expand to 67% [20][21]

证券研究报告 传媒 报告日期：2025 年 02 月 22 日 AI 短剧创作迎来新机遇：昆仑万维 SkyReels-V1 模型 ——传媒行业周报 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：S0230523080004 邮箱：sunbw@hlzq.com 《腾讯系列产品接入 DeepSeek，持续拓 展应用新场景—传媒行业点评报告》 2025.02.21 火爆—传媒行业周报》2025.02.21 端侧落地—AI 产业系列跟踪专题研究 报告》2025.02.10 摘要： 请认真阅读文后免责条款 昆仑万维开源中国首个面向 AI 短剧创作的视频生成模型 SkyReels-V1。2 月 18 日，昆仑万维开源中国首个面向 AI 短剧创 作的视频生成模型 SkyReels-V1、中国首个 SOTA 级别基于视频 基座模型的表情动作可控算法 SkyReels-A1。SkyReels-V1 可实现 影视级人物微表情表演生成，支持 33 种细腻人物表情与 400+种 自然动作组合，高度还原真人情感表达。SkyReels-V1 不仅是全 球极少数开源的视频生成模型，还是围绕人物表演、开源视频生 成模型 ...

Investment Rating - The report maintains a "Recommended" rating for the media industry [2][5]. Core Insights - Kunlun Wanwei has launched the SkyReels-V1 model, the first open-source video generation model for AI short drama creation in China, which supports 33 detailed facial expressions and over 400 natural action combinations, significantly enhancing emotional expression in video content [4][25]. - The report emphasizes the potential for the media industry to transition from traditional content production to intelligent and efficient creation, driven by continuous advancements in AI technology and expanding application scenarios [33][31]. Summary by Sections Recent Market Performance - From February 17 to February 21, 2025, the Shenwan Media Index decreased by 4.20%, with notable gainers including Ciwen Media and ST Huatu, while Light Media and other companies faced significant declines [9][10]. Industry News - Baidu announced that its Wenxin Yiyan model will be fully free starting April 1, 2025, enhancing its search capabilities with DeepSeek integration [12]. - Tencent Cloud has integrated DeepSeek technology into over ten products, exploring new application scenarios [13]. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. Game and film sectors with performance recovery potential, recommending companies like 37 Interactive Entertainment and Perfect World. 2. High-dividend, low-valuation publishing companies, recommending Zhongnan Media and Changjiang Media. 3. Companies in the IP industry chain, recommending Pop Mart and CITIC Publishing [33][34].

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Insights - Major technology companies are increasing investments in AI, which is expected to drive investment opportunities in the related communication sector. Alibaba plans to invest more in AI and cloud infrastructure over the next three years than in the past decade combined [3][6][20] - The State-owned Assets Supervision and Administration Commission emphasizes the need for quality upgrades in key industries, promoting the integration of traditional and emerging industries [3][19] - Chengdu has signed significant projects in the low-altitude economy and commercial aerospace sectors, with a total investment of 51.936 billion yuan, indicating strong growth potential in this area [4][19] Summary by Sections Recent Market Performance - From February 17 to February 21, 2025, the Shenwan Communication Index rose by 8.09%, with sub-sectors such as communication network equipment and devices increasing by 10.03% [9] Industry News - The successful test flight of a low-altitude passenger route in the Yangtze River Delta marks a significant advancement in low-altitude economic development [14] - Alibaba's cloud revenue for Q3 2025 reached 31.742 billion yuan, with a year-on-year growth of 13%, and AI-related revenue growing significantly [15] - Chengdu and China Mobile signed a strategic cooperation agreement to enhance collaboration in AI, 5G-A, and next-generation network infrastructure [16] - The launch of the "Purple East Sky" low-altitude industry model in Changchun aims to enhance data processing capabilities and support the low-altitude economy [17][18] Investment Recommendations - The report suggests focusing on the following sectors: 1. Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) 2. Light module demand driven by domestic large models: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) 3. Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisplendour Corporation (000938.SZ), Quectel Wireless Solutions (603236.SH) 4. Long-term opportunities in satellite communication: China Satellite Communications (601698.SH), China Satellite (600118.SH) [20]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2] Core Viewpoints - The automotive industry is expected to witness a dual expansion in breadth and depth in 2025, driven by the collective efforts of multiple companies to promote equal access to intelligent driving technologies [5][11] - The L3 level autonomous driving is anticipated to achieve large-scale commercialization between 2025 and 2026, with various automakers accelerating their hardware and software preparations [5][11] - Key suppliers in the intelligent driving system, including chip manufacturers, domain controllers, lidar, and camera sensor providers, are expected to benefit from the commercialization of advanced driving features [5][11] Industry Dynamics - BYD plans to start mass application of solid-state batteries by 2027, while Lantu is collaborating with Huawei to expedite the launch of L3 level autonomous driving [5][12][15] - The automotive sector saw a 3.73% increase in the Shenyin Wanguo Automotive Index from February 17 to February 21, 2025, outperforming the Shanghai and Shenzhen 300 Index by 2.73 percentage points [5][38] - In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01%, while new energy vehicle retail sales were 744,000 units, reflecting an 11.44% increase year-on-year [5][48][58] Investment Recommendations - The report suggests focusing on leading automakers in intelligent driving, such as BYD, Changan Automobile, Great Wall Motors, SAIC Motor, and Xpeng Motors, as well as key players in the intelligent system supply chain like Desay SV, Kobot, and Huayang Group [5][6]

证券研究报告 美容护理 报告日期：2025 年 02 月 20 日 专注重组胶原蛋白领域，构建起全方位产业链 ——锦波生物（832982.BJ）公司深度研究报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 229.30 | | --- | --- | | 周价格区间（元） 52 | 142.60-293.62 | | 总市值（百万元） | 20,295.76 | | 流通市值（百万元） | 10,522.82 | | 总股本（万股） | 8,851.18 | | 流通股（万股） | 4,589.11 | | 近一月换手（%） | 16.83 | 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《盈利能力与研发能力表现优异，推动 公 司 持 续 健 康 发 展 — 锦 波 生 物 2024.08.26 摘要： 医药行业新秀，多年深耕功能蛋白研发。成立十六年来，公司致 力研究重组人源胶原蛋白与抗 HPV 生物蛋白产品研究领域，获 取重组Ⅰ型人源化胶原蛋白冻干纤维、重组 XVII 型人源化胶原 蛋白修复冻干粉等数个相关医疗器械注册证。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company focuses on the research and development of recombinant collagen proteins and has established a comprehensive industrial chain [4][14] - The company has shown robust revenue growth, with a CAGR of 37.85% from 2019 to Q3 2024, and a net profit CAGR of 53.04% during the same period [4][24] - The company has a strong research capability and has developed a variety of functional protein biomaterials, enhancing its core competitiveness [4][22] Summary by Sections Company Overview - The company, established in 2008, specializes in functional protein research, particularly recombinant collagen and anti-HPV biological products [14][22] - It has a concentrated shareholding structure, with the chairman holding 58.89% of the shares, which promotes management efficiency [16][20] Industry Overview - The recombinant collagen market is rapidly growing, with a projected CAGR of 48.57% for raw materials and 50.27% for products from 2018 to 2023 [47] - The company’s products are widely used in medical aesthetics, gynecology, urology, and dermatology, indicating a broad application scope [42][44] Competitive Advantages - The company has a strong R&D capability and a complete industrial chain from raw materials to end products, which includes medical devices and functional skincare products [4][22] - The company has established its own brands in the functional skincare market, enhancing its market presence [22] Financial Forecast and Valuation - The company expects a net profit of 719 million to 737 million yuan for 2024, representing a year-on-year growth of 139.83% to 145.83% [4][5] - Revenue projections for 2024-2026 are 1.52 billion, 2.13 billion, and 2.66 billion yuan, respectively [5][10] Product Segmentation - The company’s main products include medical devices, functional skincare products, and raw materials, with medical devices being the largest revenue contributor [22][26] - The revenue from recombinant collagen products has significantly increased, with medical devices accounting for 89.95% of total revenue in 2023 [26][32]