Group 1 - The manufacturing PMI returned to the expansion zone, with February's PMI at 50.2%, an increase of 1.1% from the previous month, driven by the resumption of operations post-Spring Festival [4][6][11] - The production index and new orders index rose to 52.5% and 51.1%, respectively, indicating expansion, with significant improvements in industries such as non-ferrous metal smelting and processing, general equipment, and electrical machinery [6][11] - Large enterprises' PMI increased to 52.5%, while small and medium-sized enterprises' PMI remained below 50%, indicating a divergence in performance between different enterprise sizes [4][6] Group 2 - The cyclical sectors showed strong performance, with steel (+3.18%), real estate (+2.22%), food and beverage (+1.77%), and building materials (+1.63%) leading the gains, attributed to improved fundamental expectations and policy support for economic recovery [11][13] - The real estate sector showed signs of recovery, with the top 100 real estate companies' sales in February increasing by 17.3% year-on-year, indicating a positive trend in the industry [14][15] - Focus areas for investment include domestic demand sectors such as home appliances and automobiles, as well as the real estate chain and advanced manufacturing, with an emphasis on technology innovation and new economic drivers [14][15]

证券研究报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《AI 短剧创作迎来新机遇：昆仑万维 SkyReels-V1 模型—传媒行业周报》 2025.02.24 2025.02.21 传媒 报告日期：2025 年 03 月 01 日 火爆—传媒行业周报》2025.02.21 腾讯云"混元+DeepSeek"赋能 20+行业，加速 AI 落地 ——传媒行业周报 摘要： 请认真阅读文后免责条款 混元+DeepSeek「双模」驱动，腾讯云助推 20+行业精准适配 AI 场景。截至 2 月 25 日，来自政务、金融、教育、消费电子、医 疗、零售等 20 多个行业的企业或单位，已通过腾讯云接入 DeepSeek-R1。借助腾讯云大模型知识引擎，重庆农商行成为全 国首批接入 DeepSeek-R1 的金融机构，也是首家用腾讯云大模型 知识引擎搭建 DeepSeek-R1 联网应用的金融机构。荣耀已正式接 入 DeepSeek，是安卓首家接入 DeepSeek-R1 的手机厂商。基于腾 讯云的基础设施服务，荣耀 YO ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Viewpoints - The launch of Xiaomi SU7 Ultra at a significantly reduced price of 529,900 RMB, down from the pre-sale price of 814,900 RMB, is expected to drive substantial growth in the supply chain [5][11] - The SU7 Ultra has received over 15,000 pre-orders within a day, indicating strong market demand and a projected delivery volume that will exceed the initial estimate of 10,000 units for 2025 [5][11] - The report highlights advancements in intelligent driving technology, with notable updates from Tesla and Chery, indicating a competitive landscape in the smart driving segment [12][13] Industry Dynamics - **Industry News**: Significant progress in FSD (Full Self-Driving) technology in China, with software updates starting from February 25 [12] - **New Models**: The report lists several new vehicle launches, including the Xiaomi SU7 Ultra, which is a fully electric sedan [31] - **Company Announcements**: Changan Automobile's subsidiary Avita Technology has completed a significant equity purchase from Huawei, indicating strategic partnerships in the industry [33] Market Performance - The automotive sector underperformed the broader market, with a decline of 2.72% from February 24 to February 28, 2025, compared to a 2.22% drop in the CSI 300 index [34][41] - The report notes a decrease in the price-to-earnings (PE) ratio for the automotive sector, which stood at 28.1 times as of February 28, 2025 [41] Data Tracking - **Monthly Data**: In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01% [44][52] - **New Energy Vehicles**: Retail sales of new energy passenger vehicles were 744,000 units in January, with a penetration rate of 41.5%, reflecting a year-on-year increase of 8.73 percentage points [52][57] - **Intelligent Driving Penetration**: The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [59]

Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [2][4]. Core Insights - After the Spring Festival, cement demand is gradually recovering, with attention on positive changes in both supply and demand sides [4]. - The report highlights that the State Council is focusing on resolving structural contradictions in key industries, which is expected to improve the supply-demand balance in the building materials sector and boost industry valuations [4]. - The cement market is experiencing a slow recovery in demand, with a 9 percentage point increase in shipment rates in key regions, although year-on-year comparisons show an 11% decline [4][12]. - The report suggests that as demand continues to recover, prices are expected to show a fluctuating upward trend [12]. Summary by Sections Cement Market - National cement prices have decreased by 0.4% week-on-week, with price increases observed in regions like Hebei, Shanghai, and Jiangsu, ranging from 10 to 20 yuan per ton [12]. - The report notes that while some areas are experiencing price declines, many companies are actively raising prices to improve operational conditions [12][14]. - Key companies to watch include Huaxin Cement (600801.SH), Shangfeng Cement (000672.SZ), and Conch Cement (600585.SH) [4]. Glass Market - The domestic float glass market is seeing a downward price trend, with the average price at 1321 yuan per ton, down 19 yuan from the previous period [32]. - Demand remains sluggish, and inventory levels are increasing, with total inventory at 6713.5 million weight boxes, up 2.4% from the previous period [34]. - Companies to focus on include Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [5]. Consumer Building Materials - Prices of major raw materials for consumer building materials are on a downward trend, which is expected to lower costs and improve profitability [40]. - The real estate market is showing signs of stabilization, with a narrowing decline in sales area and sales volume for new and second-hand homes [40]. - Companies to consider include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Sankeshu (603737.SH) [5].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company has shown steady growth in its main business of cross-border e-commerce, with significant innovation and upgrades in AI applications [5] - In 2024, the company achieved operating revenue of 1.661 billion yuan, a year-on-year increase of 9.31%, and a net profit attributable to shareholders of 451 million yuan, up 19.09% year-on-year [3][5] - The AI business has demonstrated remarkable growth, with a revenue increase of 287.20% year-on-year [5] Financial Performance Summary - For 2024, the company reported revenues from various segments: - China Manufacturing Network: 1.356 billion yuan (up 8.78%) - New Insurance Business: 116 million yuan (up 2.12%) - Cross-border Business: 92 million yuan (up 6.70%) - Agency Business: 43 million yuan (down 4.87%) - AI Business: 24 million yuan (up 287.20%) - Other: 29 million yuan (up 36.32%) [5] - The company’s gross margin and net margin improved, with gross margin at 80.29% and net margin at 27.38%, reflecting an increase of 0.84 percentage points and 2.21 percentage points year-on-year, respectively [5] - The company’s operating income for Q4 2024 was 455 million yuan, a year-on-year increase of 13.62%, with a net profit of 93 million yuan, up 15.12% [3][5] Future Earnings Forecast - The company is expected to achieve operating revenues of 1.928 billion yuan, 2.170 billion yuan, and 2.431 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 16.08%, 12.54%, and 12.05% [6] - The net profit attributable to shareholders is projected to be 548 million yuan, 652 million yuan, and 753 million yuan for the same years, with growth rates of 21.43%, 18.91%, and 15.57% [6][7] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26.4X, 22.2X, and 19.2X, respectively [6][7] - The company’s return on equity (ROE) is forecasted to be 18.96% in 2025, increasing to 19.34% in 2026 [7]

证券研究报告 有色金属 报告日期：2025 年 02 月 28 日 高端 MLCC 镍粉放量，光伏无银化加速推进 ——博迁新材（605376.SH）点评报告 华龙证券研究所 最近一年走势 | 当前价格（元） | 41.81 | | --- | --- | | 52 周价格区间（元） | 17.76-42.85 | | 总市值（百万元） | 10,937.50 | | 流通市值（百万元） | 10,937.50 | | 总股本（万股） | 26,160.00 | | 流通股（万股） | 26,160.00 | | 近一月换手（%） | 55.69 | 点评报告 盈利预测简表 | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 747 | 689 | 948 | 1,338 | 1,581 | | 增长率（%） | -23.02 | -7.72 | 37.61 | 41.14 | 18.16 | | 归母净利润（百万元） | 153 | -32 | 86 | 276 ...

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 | | ...