Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, particularly highlighting the DeepSeek model's low pricing and high performance compared to global top models [4][5]. Core Insights - DeepSeek has gained global attention due to its low-cost, high-performance model, DeepSeek-R1, which was released on January 20, 2025. This model utilizes reinforcement learning techniques and matches the performance of OpenAI's o1 model in various tasks [4][10]. - The report emphasizes the long-term growth potential of domestic computing power demand, with cloud services being the most direct beneficiaries. Major tech companies are expected to significantly increase their capital expenditures in response to the competitive landscape created by DeepSeek [4][28]. - The report suggests that the introduction of DeepSeek will democratize AI technology, allowing companies of various sizes to access advanced AI capabilities, thus stimulating growth in the AI sector [4][5]. Summary by Sections 1. DeepSeek Model Launch - DeepSeek-R1 was launched as a competitive alternative to OpenAI's o1 model, featuring a pricing structure that is significantly lower, approximately 1.8% to 3.7% of OpenAI's pricing for input and output tokens [4][10]. - The model's performance in reasoning tasks has been validated through extensive testing, demonstrating its capabilities in mathematics, coding, and natural language processing [4][15]. 2. Computing Power Demand - The report forecasts a long-term increase in demand for domestic computing power, driven by the advancements in AI models like DeepSeek. This shift is expected to create a more equitable landscape for companies in the AI field [4][27]. - Major tech companies, including Microsoft, Alphabet, Amazon, and Meta, are projected to increase their capital expenditures to at least $320 billion in 2025, up from $246 billion in 2024, focusing on data center construction and cloud services [28]. 3. Cloud Services - The global cloud infrastructure service market grew by 22% in 2024, reaching $330 billion, with generative AI contributing significantly to this growth [33]. - DeepSeek's innovations are expected to enhance the cost-effectiveness of deploying AI models, thereby attracting more companies to utilize AI technologies [36][37]. 4. Edge AI - The report highlights the potential for rapid development in edge AI applications, driven by the reduced inference costs associated with DeepSeek's models. This advancement is anticipated to accelerate deployment timelines across various application scenarios [40][41]. 5. AI Applications - The report indicates that AI is poised to empower traditional SaaS and IaaS business models, stimulating consumer demand and leading to a potential explosion in AI applications [53]. - The integration of DeepSeek into popular platforms like WeChat is expected to create a significant user base and enhance the monetization of AI technologies [54].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company reported a revenue of 12.514 billion yuan for 2024, representing a year-on-year increase of 21.61%, while the net profit attributable to shareholders decreased by 5.24% to 419 million yuan [3][5] - The company is a global leader in photovoltaic silver paste, with a market share of 34.40% in 2023, and plans to invest 1.2 billion yuan in a new high-end photovoltaic electronic materials base project in Changzhou, which will have an annual production capacity of 3,000 tons of electronic-grade silver powder [5] - The acceleration of silver-free photovoltaic technology and the introduction of copper paste are expected to create growth opportunities for the company, as it has successfully reduced the silver content and cost of its HJT silver-coated copper paste products [5] Financial Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 12.514 billion yuan, net profit of 419 million yuan - 2025: Revenue of 14.831 billion yuan, net profit of 675 million yuan - 2026: Revenue of 16.730 billion yuan, net profit of 797 million yuan - The projected P/E ratios for 2024-2026 are 29.3, 18.2, and 15.4 respectively, indicating a reasonable valuation compared to comparable companies [6][5]

| | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3324.49 | -0.93 | | 深证成指 | 10617.26 | -1.61 | | 中小 100 | 6621.55 | -1.04 | | 创业板指 | 2182.57 | -1.98 | | 沪深 300 | 3912.78 | -0.88 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44556.34 | 0.02 | | 纳斯达克 | 20041.26 | 0.07 | | 标普 500 | 6129.58 | 0.24 | | 英国富时 100 | 8766.73 | -0.01 | | 日经 225 | 39181.95 | -0.23 | | 恒生指数 | 22976.81 | 1.59 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.2787 | 0.04 | | 欧元兑美元 | 1.0448 | 0.03 | | 美元兑日元 | 151.9205 | -0.1 ...

偶倒 0680 2025 年第 27 期，总第 1826 期（电子版） 2025 年 2 月 18 日 星期二 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 分化不改变震荡上行趋势 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3355.83 | 0.27 | | 深证成指 | 10791.06 | 0.39 | | 中小 100 | 6690.81 | 0.07 | | 创业板指 | 2226.62 | 0.51 | | 沪深 300 | 3947.4 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44546.08 | -0.37 | | 纳斯达克 | 20026.77 | 0.41 | | 标普 500 | 6114.63 | -0.01 | | 英国富时 100 | 8768.01 | 0.41 | | 日经 225 | 39166.12 | -0.02 | | 恒生指数 | 22616.23 | -0.02 | | | 货币市场 | | ...

偶倒 0680 2025 年第 29 期，总第 1828 期（电子版） 2025 年 2 月 20 日 星期四 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 强势反弹 情绪回暖 周三市场全天震荡反弹，创业板指领涨，北证 50 指数涨超 5%。沪深两 市全天成交额 1.72 万亿，较上个交易日缩量 781 亿。 海外市场指数 盘面上，市场热点轮番活跃，个股普涨，全市场超 4600 只个股上涨， 逾 200 股涨超 9%。 从板块来看，机器人概念股再度爆发，长盛轴承等多股创历史新高。芯 片股震荡走高，韦尔股份等涨停。 DeepSeek、算力等方向迎来修复，平治信息等 10 余股涨停。 板块方面，人形机器人、半导体、可控核聚变、算力等板块涨幅居前， 银行等少数板块下跌。 截至收盘，沪指涨 0.81%，深成指涨 1.46%，创业板指涨 2.03%。 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3351.54 | 0.81 | | 深证成指 | 10772.65 | 1.46 | | 中小 100 | 6704 ...

偶倒 0680 2025 年第 30 期，总第 1829 期（电子版） 2025 年 2 月 21 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 硬科技主线强者恒强 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3350.78 | -0.02 | | 深证成指 | 10794.55 | 0.2 | | 中小 100 | 6736.15 | 0.47 | | 创业板指 | 2225.58 | -0.06 | | 沪深 300 | 3928.9 | -0.29 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44176.65 | -1.01 | | 纳斯达克 | 19962.36 | -0.47 | | 标普 500 | 6117.52 | -0.43 | | 英国富时 100 | 8662.97 | -0.57 | | 日经 225 | 38599.57 | -0.2 | | 恒生指数 | 22576.98 | -1.6 | | | 货币市场 | | ...

偶倒 0680 2025 年第 31 期，总第 1830 期（电子版） 2025 年 2 月 24 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 放量突破 把握结构性行情 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3379.11 | 0.85 | | 深证成指 | 10991.37 | 1.82 | | 中小 100 | 6858.69 | 1.82 | | 创业板指 | 2281.51 | 2.51 | | 沪深 300 | 3978.44 | 1.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43428.02 | -1.69 | | 纳斯达克 | 19524.01 | -2.2 | | 标普 500 | 6013.13 | -1.71 | | 英国富时 100 | 8659.37 | -0.04 | | 日经 225 | 38776.94 | 0.26 | | 恒生指数 | 23477.92 | 3.99 | | | 货币市场 | ...

Market Analysis - The market shows a trend of oscillation upwards despite differentiation among sectors, with major indices experiencing slight increases. The Shanghai Composite Index closed at 3355.83 points, up 0.27%, while the Shenzhen Component Index rose by 0.39% to 10791.06 points [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 226.5 billion yuan compared to the previous trading day [4] Sector Performance - AI application stocks remain active, with significant gains in sectors such as Tencent Cloud, AI healthcare, and education. Notable stocks include Donghua Software, which saw a surge, and several stocks in the robotics sector hitting their daily limit [4][6] - Conversely, sectors such as film and television experienced collective adjustments, with stocks like Light Media dropping over 10% [5][6] Financing Data - As of February 14, the financing balance on the Shanghai Stock Exchange was reported at 941.35 billion yuan, an increase of 0.77 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 896.69 billion yuan, a decrease of 0.18 billion yuan, leading to a total of 1.838 trillion yuan across both exchanges, an increase of 0.59 billion yuan [9] Investment Insights - The report indicates a strong correlation between A-shares and Hong Kong stocks, with the latter entering a technical bull market. The report suggests that the AI sector remains a strong investment theme, while the robotics sector is expected to recover after recent adjustments [10] - The report highlights the potential for significant opportunities in the AI and cloud service sectors, particularly with the deployment of DeepSeek models in government systems, which may accelerate the growth of cloud service providers [14] Concept Highlights - In January, global consumer spending on mobile games reached an estimated $7.27 billion, a 4% increase from the previous month. Tencent's "Honor of Kings" saw its monthly revenue nearly double, driven by new skin releases and promotional events [13] - The report emphasizes the importance of seasonal events in driving revenue growth in the mobile gaming sector, particularly in the Chinese market during the Lunar New Year [13] Future Events - Key upcoming events include Nvidia's announcement of its 2024 earnings on February 19, and Apple's shareholder meeting on February 25, which may impact related sectors [18]

Market Analysis - The report highlights a significant divergence in the market, with major indices such as the Shanghai Composite Index closing at 3324.49 points, down 0.93%, and the Shenzhen Component Index at 10617.26 points, down 1.61% [2][4][7] - The total trading volume in the Shanghai and Shenzhen markets was 1.8 trillion yuan, a decrease of 142.4 billion yuan compared to the previous trading day [4][7] - Over 4600 stocks in the market experienced declines, indicating a substantial loss effect and a cooling of market sentiment [4][9] Data Insights - As of February 17, the financing balance on the Shanghai Stock Exchange was reported at 949.16 billion yuan, an increase of 7.81 billion yuan from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 905.02 billion yuan, up by 8.32 billion yuan, bringing the total to 1.854 trillion yuan, an increase of 16.13 billion yuan [8] Concept Highlights - The report discusses the anticipated launch of solid-state batteries by BYD around 2027, with a projected global shipment of solid-state batteries reaching 556 GWh by 2030. This development is expected to significantly boost equipment investment in the solid-state battery sector, estimated at approximately 17.81 billion yuan by 2030 [10] - The integration of DeepSeek technology by major state-owned power enterprises is noted as a growing trend, with over 200 leading companies adopting the technology, which is expected to enhance AI applications and infrastructure [12] Future Events Reminder - Key upcoming events include NVIDIA's announcement of its 2024 earnings on February 19, and Apple's 2025 shareholder meeting on February 25, which may impact the artificial intelligence and technology sectors respectively [15]

Market Analysis - The market experienced a strong rebound with the ChiNext Index leading the gains, closing up 2.03% [4] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 78.1 billion yuan compared to the previous trading day [4] - Over 4,600 stocks rose, with more than 200 stocks increasing by over 9% [4] Sector Performance - The robotics sector saw a significant surge, with stocks like Changsheng Bearing reaching historical highs [5] - Semiconductor stocks also showed volatility, with companies like Weir Shares hitting the daily limit [5] - Key sectors such as humanoid robots, semiconductors, controlled nuclear fusion, and computing power led the gains, while a few sectors like banking experienced declines [7] Data Insights - As of February 18, the financing balance on the Shanghai Stock Exchange was 945.425 billion yuan, a decrease of 3.734 billion yuan from the previous trading day; the Shenzhen Stock Exchange's financing balance was 901.854 billion yuan, down by 3.161 billion yuan, totaling 1.847279 trillion yuan across both markets, a reduction of 6.895 billion yuan [9] Investment Insights - The market is currently in a phase of rapid recovery, with a good profit-making effect observed. The AI and robotics sectors are the main themes driving market activity, with funds rotating among other sectors [10] - The humanoid robot sector is particularly strong, driven by news related to Yushu and Ant Group, indicating a trend towards increased investment in this area [10] Concept Highlights - The development of robotic dexterous hands is becoming crucial in automation and medical rehabilitation, with a projected global market size of 32.06 billion yuan by 2030, growing at a compound annual growth rate (CAGR) of 81.2% under conservative estimates, and potentially reaching 87.97 billion yuan with a CAGR of 109.3% under optimistic scenarios [12] Key News - DeepSeek's recent publication on a new sparse attention mechanism has implications for AI computing power demand, indicating a shift from training to inference-driven growth in the AI sector [13] - The Guangdong provincial government is encouraging collaboration between autonomous driving technology companies and vehicle manufacturers to enhance innovation and product development [13] Future Events - Upcoming events include Apple's 2025 shareholder meeting on February 25, the release of the Guangzhou Low-altitude Economy Development Regulations on February 28, and the 2025 China Household Appliances and Consumer Electronics Expo on March 20 [17]