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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company has established a comprehensive industrial chain focusing on recombinant collagen protein, demonstrating strong growth in revenue and profitability [4][22] - The company is recognized as a new player in the pharmaceutical industry, specializing in functional protein research and development [14] - The company has a robust research and development capability, which enhances its core competitiveness [4][22] Summary by Relevant Sections Company Overview - The company, established in 2008, focuses on the research and development of recombinant collagen protein and anti-HPV biological protein products, achieving several medical device registrations [4][14] - The company went public in 2023, becoming the first stock of recombinant collagen protein on the Beijing Stock Exchange [4][14] Market Data - As of February 19, 2025, the company's current price is 229.30 CNY, with a total market capitalization of approximately 20.30 billion CNY [3] - The company has shown a compound annual growth rate (CAGR) of 37.85% in revenue from 2019 to Q3 2024, with net profit CAGR reaching 53.04% during the same period [4][24] Financial Performance - The company forecasts a net profit of 719 million to 737 million CNY for 2024, representing a year-on-year growth of 139.83% to 145.83% compared to 2023 [4][5] - The projected revenue for 2024-2026 is estimated at 15.22 billion, 21.30 billion, and 26.63 billion CNY, respectively [5] Business Segments - The medical device segment is the largest revenue contributor, with expected revenues of 13.57 billion, 19.10 billion, and 24.13 billion CNY for 2024-2026, showing significant growth rates [6] - The functional skincare segment is also growing rapidly, with projected revenues of 1.26 billion, 1.74 billion, and 1.97 billion CNY for the same period [7] - The raw materials and other business segment is expected to generate revenues of 0.38 billion, 0.46 billion, and 0.52 billion CNY from 2024 to 2026 [8] Industry Overview - The recombinant collagen protein market is expanding rapidly, with a projected market size of 122.9 billion CNY for raw materials and 2,193.8 billion CNY for products by 2030 [47][48] - The company’s products are widely used in various fields, including medical aesthetics, gynecology, urology, and dermatology, indicating a broad application potential [4][42]

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]

Group 1 - The report emphasizes the implementation of the "Five Major Articles" in the capital market, focusing on enhancing financial services in technology finance, green finance, inclusive finance, pension finance, and digital finance [4][6][7] - The report outlines 18 measures aimed at supporting the development of new productive forces and deepening comprehensive reforms in capital market investment and financing [4][6] - The report highlights the need for securities firms to adjust their business strategies, particularly in investment banking, to focus on technology-driven enterprises and provide flexible merger and acquisition solutions [4][19] Group 2 - The report suggests that the implementation of the policy will enhance the investment value of the capital market, particularly by supporting high-quality technology enterprises and increasing the supply of technology-driven companies [26][32] - It indicates that the capital market will see a diversification of investment products, including an increase in green financial products and wealth management channels [28][29] - The report stresses the importance of attracting long-term capital into the market, enhancing the stability and quality of investments, and promoting the development of various financial products [29][32] Group 3 - The report identifies key strategic industries for investment, including new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology [32] - It emphasizes the need for securities firms to enhance their research and pricing capabilities, strengthen business collaboration, and maintain a balance between compliance and innovation [25][24] - The report encourages the development of green financial products and the establishment of a robust green finance ecosystem, including green public funds and green indices [28][32]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][4]. Core Insights - Tencent Cloud has become the first domestic cloud provider to support DeepSeek API and online search, enhancing its AI application capabilities [3]. - The integration of DeepSeek technology into Tencent's products signifies a deeper strategic layout in the AI sector, lowering the barriers for enterprises to build AI applications and enhancing Tencent Cloud's competitiveness in AI infrastructure [3][4]. - The adoption of DeepSeek is expected to optimize Tencent's existing ecosystem, including advertising recommendations, mini-programs, and WeChat for enterprises [3]. Summary by Sections Recent Developments - As of February 17, 2025, Tencent Cloud has integrated DeepSeek technology into over ten products, including high-performance application services and various development platforms [3]. - Tencent's AI code assistant and other services based on DeepSeek will be offered for free and without limits, indicating a strong push towards AI accessibility [3]. Market Outlook - The report suggests that AI technology will accelerate its penetration into more industries and scenarios, supporting the positive outlook for the media industry [4]. - Key companies to focus on include 37 Interactive Entertainment, Yaoji Technology, Kunlun Wanwei, Century Tianhong, Shanghai Film, Light Media, Visual China, Tencent Holdings, and Alibaba [4].

证券研究报告 传媒 报告日期：2025 年 02 月 18 日 哪吒 2 票房超 100 亿，IP 衍生品销售火爆 ——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 《DeepSeek 重塑 AI 产业格局，助力 AI 端侧落地—AI 产业系列跟踪专题研究 报告》2025.02.10 商业化应用场景持续拓宽—传媒行业周 报》2025.01.20 哪吒 2 票房超 100 亿，IP 衍生品销售火爆。《哪吒之魔童闹海》 创国内影史票房、观影人次双纪录。截至 2 月 15 日 9:56，《哪 吒之魔童闹海》以 107.47 亿元（含预售）票房，以及 2.19 亿观 影人次荣登内地影史国产片票房、观影人次总冠军。放眼全球， 《哪吒之魔童闹海》已进入全球影史票房 TOP20，截至 2 月 15 日 9:56，《哪吒之魔童闹海》已居于全球影史票房 TOP13。 分析师：孙伯文 DeepSeek 传媒行业应用创新联盟成立。2 月 11 日下午，来自国 家广播电视总局广科院、电视台、IPTV、运营商、互联网视频、 高校的领导 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][31]. Core Insights - "Nezha 2" has surpassed 10 billion in box office revenue, setting records for both domestic box office and audience numbers in China, with a total of 10.747 billion RMB and 219 million viewers as of February 15 [4][24]. - The media sector is experiencing rapid growth driven by the success of high-quality content, particularly in the context of cultural and technological integration [31]. Summary by Sections Recent Market Performance - From February 10 to February 14, the Shenwan Media Index increased by 15.43%, with notable gainers including Light Media and Zhejiang Shuzi Culture [8]. Industry News - The DeepSeek Media Industry Application Innovation Alliance was established on February 11, focusing on the application of large models in the media sector [12]. - The "Golden Promoter" award for media operations was announced, highlighting innovations in AI and integrated marketing strategies [13]. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. Game and film sectors with performance recovery, recommending companies like 37 Interactive Entertainment and Light Media. 2. High-dividend, low-valuation publishing companies, recommending firms like Zhongnan Media and BlueFocus. 3. Companies in the IP industry chain, recommending Pop Mart and CITIC Publishing [31]. Key Company Announcements - Wanda Film announced a reduction in registered capital due to share buybacks, while Oriental Pearl's management increased their shareholdings, indicating confidence in the company's future [18][19]. Box Office and IP Sales - The success of "Nezha 2" has led to a surge in sales of related IP merchandise, with Pop Mart's blind box figures selling out rapidly [26][28].

证券研究报告 银行/非银金融 报告日期：2025 年 02 月 17 日 关注长期资金入市和险企建仓对市场的影响 ——行业周报 行业研究报告 请认真阅读文后免责条款 券商：市场延续上涨趋势，关注政策与并购机会。证监会《关于 资本市场做好金融 "五篇大文章"的实施意见》，支持新产业新 业态新技术领域的科技型企业发行上市，持续支持优质未盈利科 技型企业发行上市等，这将为券商带来更多的业务机会。随着数 字化转型的推进，证券公司积极运用大数据、人工智能等先进技 术，提升业务处理效率和服务质量，推动行业向更加智能化、个 性化的方向发展。行业整合与竞争加剧，头部券商优势凸显将引 领行业发展，同时中小券商能够寻求差异化，实现弯道超车。关 注基本面受益于权益市场回暖的强 beta 券商，以及具备并购重组 机会的大中型券商。监管政策催化和市场交投热度提升将长期有 利于上市券商业绩和估值双提升，维持行业"推荐"评级。关注 标的：国联证券(601456.SH)、浙商证券(601878.SH)、方正证券 (601901.SH)等。 保险:关注险资入市，投资端机遇与挑战并存。保险板块整体表现 稳定，市场关注度持续提升。险企在政策支持和 ...

证券研究报告 钢铁 报告日期：2025 年 02 月 17 日 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 联系人：彭越 执业证书编号：S0230124010004 节后开工：板材需求复苏好于长材 ——钢铁行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 \ 邮箱：pengy@hlzq.com 《社会库存相对低位，节后钢价震荡偏 强—钢铁行业周报》2025.02.10 《底部渐明，节前钢价震荡反弹—钢铁 行业周报》2025.01.21 《淡季供需双降，贸易商冬储意愿谨慎 —钢铁行业周报》2025.01.13 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 2 月 14 日，五大钢材合计产量 813.72 万吨， 周环比上升 0.63%，同比上升 1.20%;247 家钢铁企业铁水日均产 量 227.99 万吨，周环比下降 0.20%，同比上升 1.53%;247 家钢铁 企业高炉产能利用率 85.6%，周环比下降 0.16 pct，同比上升 1.63 pct;87 家独立电弧炉钢厂产能利用率 13.61%,周环比上升 10.34 pct,同比上升 ...