Group 1 - Investment Rating: "Accumulate" (First Coverage) [1] - Core Viewpoint: The company is positioned to benefit from the ongoing medical equipment update policies, with expectations for performance recovery [6][7] - The company has established a multi-product line structure, with strong positions in ultrasound and endoscopy sectors [5][30] Group 2 - The company achieved a revenue of 2.12 billion yuan in 2023, with a year-on-year growth of 20.29% [23] - The forecasted revenue growth rates for 2024-2026 are -2.10%, 20.20%, and 21.14% respectively [7] - The company ranks fourth in the domestic ultrasound market and is among the top ten globally [44] Group 3 - The company has a strong focus on R&D, with a research expense of 3.38 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 28.33% [36] - The company has established seven global R&D centers to enhance its technological capabilities [22] - The company’s ultrasound products have seen a compound annual growth rate (CAGR) of 15.98% from 2020 to 2023 [30] Group 4 - The company’s endoscopy business has a market share of 11.80% in 2023, ranking first among domestic brands [56] - The company has introduced several innovative endoscopic products, including the HD-580 series, which significantly improves image quality [61] - The company is actively expanding its market presence in the international arena, with overseas revenue growing at a CAGR of 23.71% from 2020 to 2023 [17]

问止中医拟赴港上市，AI 助力中医提升诊疗 效能 ——医药生物行业周报（20250224-0228） 中医诊疗服务企业问止中医拟赴港上市。近期，问止中医科技（以下 简称"问止中医"）向港交所递交招股书，拟香港主板挂牌上市。问止 中医成立于2018年6月，是一家人工智能赋能的中医医疗服务提供 商，以线上互联网医院、线下中医诊所的医疗服务为其主营业务，同 时也有推广销售中医生活产品和提供"中医大脑"订阅服务。根据公 司招股书，公司近年超过90%的收入来自线上诊疗，九成患者就诊通 过线上完成。问止中医自主开发的"中医大脑"作为中医人工智能辅 助诊疗系统，可以支持医师为患者提供准确、个性化及有效治疗。截 至2024年9月30日，该系统已积累超过亿级参数及超过10000首方剂， 涵盖3000多类病症，目的是能够让医师最大限度减少对其个人知识及 经验的依赖。根据灼识咨询报告，这是全球中医医疗服务行业内最大 的临床中医知识图谱。 人工智能赋能中医诊疗行业，带来新的可持续增长机遇。人工智能赋 能的中医解决方案透过舌诊、脉诊、面诊等标准化的检查方式，为中 医从业人员提供客观的诊断支持，同时能整合多元的中医治疗理念， 提升整体医 ...

亚玛芬 24 年营收同比+18%，关注运动 户外成长价值 ——轻工纺服行业周报（20250224-0228） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 一、行情回顾：本周（2025.02.24-2025.02.28），A股 SW纺织服饰行 业指数上涨 0.86%，轻工制造行业上涨 0.19%，而沪深 300 下跌 2.22%，上证指数下跌 1.72%。纺织服装在申万 31 个一级行业中涨幅 排名第 5 位，轻工制造在申万 31 个一级行业中涨幅排名第 8 位。 二、核心逻辑： 1）轻工行业：我们认为 DeepSeek 等 AI 等新技术与轻工制造有望深 度融合，伴随以旧换新政策延续、财政持续发力、国家推动房地产市 场止跌回稳等，轻工内需有望逐步企稳，顺周期板块预期改善，估值 有望修复。 家居板块：五部门印发《方案》，力推家居消费升级。近日，五部门印 发《优化消费环境三年行动方案（2025—2027 年）》。《方案》明确提 到，要助力产业链供应链质量联动提升，加强汽车、家电、家居、电 子产品等领域质量、标准和品牌建设。支持汽车产品、电子产品、家 居产品等消费升级，促 ...

Investment Rating - The industry investment rating is "Increase" (maintained) [9] Core Viewpoints - The report highlights the approval of China's first CaHA facial filler, Aphranel® by Moyang Bio, which is expected to perform well in the market due to its innovative micro-sphere structure and high biocompatibility [2] - Jinbo Bio reported a significant revenue increase of 85.40% year-on-year, reaching 1.447 billion yuan, with a net profit growth of 144.65% to 733 million yuan, driven by new product development and market expansion [3][4] - The report emphasizes the long-term potential for medical aesthetics penetration to continue increasing, suggesting a focus on companies like Giant Bio, Jinbo Bio, and others in the sector [9] Summary by Sections New Product Approvals - The report discusses the approval of Aphranel® as the first CaHA injection in China, noting its superior clinical performance and safety profile [2] - Jinbo Bio launched the world's first collagen net product, targeting eye area rejuvenation through advanced technology [4] Financial Performance - Jinbo Bio's financial results for 2024 show a revenue of 1.447 billion yuan, marking an 85.40% increase, and a net profit of 733 million yuan, reflecting a 144.65% growth [3] Market Trends - The report indicates a growing trend in the medical aesthetics market, with an expectation for increased penetration rates and competitive dynamics among brands [9] - It highlights the differentiation in cosmetic channels and the competitive landscape, suggesting that leading domestic brands are likely to continue outperforming [9]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The food and beverage sector is expected to gradually recover, supported by resilient operations and structural opportunities within the industry [4][16] Summary by Sections Industry Overview - In 2024, Anhui's large-scale liquor enterprises achieved revenue of 37.58 billion yuan, a year-on-year increase of 9.2%, with total profits reaching 12.77 billion yuan, up 13.2% [4][21] - The liquor industry in Lüliang aims for a revenue target exceeding 70 billion yuan in 2025, with a focus on enhancing production capacity and quality [4][22] - The Sichuan liquor group targets a revenue of 40 billion yuan in 2025, emphasizing innovation and brand development [5][22] - Xishui aims for a liquor output value exceeding 30 billion yuan in 2025, continuing to strengthen its position as a major liquor production base [6][23] Key Company Performances - Qiaqia Food reported a revenue of 7.131 billion yuan in 2024, a growth of 4.79%, driven by high-end products [7][24] - Budweiser Asia Pacific's 2024 revenue was approximately 45.31 billion yuan, a decrease of 7.0%, with a notable decline in the Chinese market [10][25] - Dongpeng Beverage launched a new product "Fruit Tea" aimed at the lower-tier market, reflecting a growing demand for cost-effective, large-packaged beverages [11][26] Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao, Jiuzi Liquor, and others that cater to both high-end and real estate segments [16][30] - In the beer sector, consider Qingdao Beer and Chongqing Beer for their product optimization and market expansion strategies [16][30] - For soft drinks, Dongpeng Beverage and Bai Run Co. are recommended for their national expansion and clear product matrix [16][30] - In the frozen food segment, companies like Anji Food and Qianwei Central Kitchen are highlighted for their potential growth [16][31] - For snacks, attention is drawn to Salted Fish and Qiaqia Food for their channel expansion and performance recovery [16][31]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The humanoid robot industry is experiencing a surge in entrants and is expected to enter a mass production phase, driven by advancements in embodied intelligence and significant investments from both domestic and international players [8] - The report highlights the emergence of various projects and innovations in the humanoid robot sector, indicating a robust growth trajectory and commercial viability [8] Summary by Sections Industry Overview - The mechanical equipment industry is currently under review, with a focus on the humanoid robot segment, which is gaining traction due to technological advancements and increased investment [1][8] Recent Developments - The Chongqing Economic and Information Commission announced the first batch of "open competition" projects in the field of embodied intelligent robots, listing 12 projects from companies like Seres and Changan Automobile [3] - Zhiyuan Robotics launched a self-developed large-scale simulation framework, AgiBot Digital World, to enhance robot operation capabilities [4] - Zhongqing Robotics secured 200 million yuan in funding to accelerate the development of general-purpose intelligent robots [4] - The Beijing Yizhuang area is set to unveil a plan for the application of 10,000 robots, with an estimated market opportunity of nearly 5 billion yuan [5] Investment Recommendations - Suggested companies to focus on include: - Assemblies: Sanhua Intelligent Control, Top Group - Sensors: Donghua Testing, Anpeilong, Hanwei Technology - Reducers: Lide Harmony, Shuanghuan Transmission, Zhongdali De - Screws: Beite Technology, Best, Hengli Hydraulic - Motors: Mingzhi Electric - Equipment: Qin Chuan Machine Tool, Huachen Equipment, Rifa Precision Machinery [9]

周观点：人形机器人产业潮起入局者增 多，有望进入量产阶段 ——人形机器人行业周报（2025.2.17-2025.2.21） （1）宇树科技创始人表示人形机器人将在年底前达到"新量级"。2月 17日，宇树科技创始人王兴兴参加民营企业座谈会并现场发言。民营 企业座谈会结束后，宇树科技创始人王兴兴表示"AI驱动机器人进化 速度非常快，超出预期。"他认为，今年年底前，人形机器人将达到 "新量级"，明年或后年，服务业和工业基本可以推广应用。 （2）特斯拉旗下xAI人工智能公司发布最新一代大模型Grok 3。 2025年2月18日，特斯拉创始人埃隆·马斯克旗下的人工智能公司 xAI，正式发布其最新一代大模型Grok 3，Grok 3引入"思维链"推理 机制，这一机制允许Grok 3像人类一样分步骤解决复杂问题，显著提 高模型处理复杂查询和提供更连贯、更有逻辑响应的能力，此外， Grok 3还支持多模态功能，包括图像分析和3D动画生成，进一步拓宽 其应用场景。 （3）蚂蚁集团招募人形机器人岗位。近日某招聘平台信息显示，蚂蚁 集团开放招聘具身智能人形机器人系统和应用等岗位，蚂蚁方面表 示，蚂蚁集团去年注册成立上海蚂蚁灵波科技 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1][4]. Core Insights - The global high-end smartphone market is expected to grow by 8% year-on-year in 2024, with Huawei holding a 7% market share, ranking third [3][4]. - The global semiconductor sales are projected to reach $627.6 billion in 2024, representing a 19.1% increase from $526.8 billion in 2023 [4]. - The report suggests that the semiconductor industry is entering a recovery phase in 2025, with a focus on companies with real performance and low PE/PEG ratios [4]. Market Performance - The SW electronics index rose by 6.96% in the past week, outperforming the CSI 300 index by 5.96 percentage points [3]. - Among the six sub-sectors, semiconductor and components saw the highest increases of 8.36% and 7.73%, respectively [3]. Specific Recommendations - The report recommends focusing on specific companies within the semiconductor design sector, such as Zhongke Lanyun and Juchip Technology, as well as in the analog chip sector, including Meixin Sheng and Nanchip Technology [4]. - It also highlights opportunities in the driver chip sector with companies like Peak Technology and New Xiangwei, and in semiconductor equipment materials with Huahai Chengke and Changhong Technology [4].

工程机械需求筑底回暖，Figure AI 和 1X 发布最 新进展 ——机械行业周报（2025. 2.17-2025.2.21） 过去一周（2025.2.17-2025.2.21），中信机械行业上涨6.37%，表现处 于上游，在所有一级行业中涨跌幅排名第3。具体来看，工程机械上涨 2.17%，通用设备上涨11.97%，专用设备上涨6.07%，仪器仪表上涨 6.46%，金属制品上涨7.34%，运输设备下跌1.03%。 [Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 | [行业Table_Industry] : | 机械 | | --- | --- | | 日期: | shzqdatemark 2025年02月25日 | | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: | S0870523070002 | | 分析师: | 王亚琪 | | Tel: | 021- 53686472 | | E-mai ...

微软量子芯片取得突破，或将引发计算 变革 ——量子计算系列研究 1：微软量子计算芯片动态点评 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [Table_ReportInfo] 相关报告： 微软推出全球首款拓扑量子计算芯片，开辟量子计算新路径。2 月 19 日，微软宣布推出其全球首款量子芯片 Majorana 1，其革命性突破在 于其采用了全球首创的材料——拓扑导体，这种材料能够观察和控制 马约拉纳粒子，以创造更可靠的量子比特。Majorana 1 宽仅 0.01 mm，在单芯片上集成了 8 个拓扑量子比特，且有望最终扩展至百万级 量子比特。目前，该芯片的能力仅限于解决数学问题，以证明其可控 性，但微软的工程师表示，拓扑量子比特的发展已经足够成熟，可以 作为未来量子计算机的基础。我们认为，微软量子芯片 Majorana 1 诠 释了一种全新的量子计算技术，标志着量子计算正从实验室研究逐步 迈入规模化应用，或将在未来极大加速医药生物、材料学等领域的技 术发展。 量子计算：大国科技竞争的焦点。海外：大厂领衔角逐，技术竞速加 速商业化应用。谷歌和 IBM 均以超导路线为核心 ...