| [Table_Rating] | 增持（维持） | ◼[Table_Summary] 行业走势 | | --- | --- | --- | | [行业Table_Industry] : 通信 | | | | 日期: | shzqdatemark 2025年02月20日 | | | [Table_Author] | | | | 刘京昭 分析师: | | | | E-mail: | liujingzhao@shzq.com | | | SAC 编号: | S0870523040005 | | | | | 动了 16.66%、9.23%。 | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 | 比较 | | 通信 49% | 沪深300 | 行业核心观点 ◼ | | 42% | | | | 35% | | | | 28% | | | | 21% | | | | 14% | | | | 7% | | | | 0% | | | | 02/24 05/24 07/24 09/24 | 12/24 | 02/25 | | -7% | | | | [Table_ReportInfo] | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6]. Core Views - The company is a leading player in the domestic automotive brake system market, actively expanding its product range and achieving steady growth in performance [6]. - The company has a strong focus on the chassis sector, advancing multiple products with robust technical barriers [7]. - The company is well-positioned to benefit from the trends of lightweight components and smart electronic control systems, with significant growth potential in international markets [9]. Summary by Sections 1. Domestic Automotive Brake Leader, Actively Expanding Product Areas - The company has been deeply engaged in the automotive brake system for nearly 20 years, becoming a domestic leader in this field [19]. - The company has a rich product matrix covering mechanical brakes, electronic control, and mechanical steering, with a high concentration of sales from major clients [20][36]. - Revenue growth has been rapid, with a CAGR of 46.29% from 2021 to 2023, and a year-on-year increase of 28.85% in Q1-Q3 2024 [23]. 2. Focus on Chassis with Multiple Products and Strong Technical Barriers - The company is a domestic leader in electronic parking brakes (EPB), with a significant market share and ongoing improvements in technology [52]. - The company has successfully launched its line control braking system (WCBS), achieving production milestones and expanding capacity [63]. - The acquisition of Zhejiang Wanda has allowed the company to enter the steering system market, enhancing business synergy [36]. 3. Leading Lightweight Business with Global Strategy Advancement - The company has established a comprehensive product matrix for lightweight components, with advanced production processes that improve quality and reduce costs [8]. - The construction of a factory in Mexico is part of the company's global strategy, aimed at localizing supply for overseas clients [8]. - The company is expected to see significant revenue growth from international markets as production capacity expands [8]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 98.54 billion, 124.21 billion, and 151.63 billion yuan, respectively, with year-on-year growth rates of 31.84%, 26.05%, and 22.08% [12]. - Net profit forecasts for the same years are 11.99 billion, 15.43 billion, and 19.46 billion yuan, with corresponding growth rates of 34.44%, 28.74%, and 26.12% [12].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [2][29]. Core Viewpoints - The basic chemical index outperformed the CSI 300 index by 0.24 percentage points, with a weekly increase of 1.43% compared to 1.19% for the CSI 300 [2][9]. - Key sub-industries showing strong performance include food and feed additives (4.67%), membrane materials (3.83%), and textile chemical products (3.55%) [2][11]. - The report highlights a stable organic silicon market with prices expected to remain high due to production cuts and strong pricing strategies from manufacturers [4]. Market Trends - The basic chemical index increased by 1.43% from February 10 to February 16, outperforming the CSI 300 index [2][9]. - The top-performing products in terms of price increase include acetone (9.17%), acrylamide (7.14%), and DMC (5.47%) [3][20]. - The report notes significant price drops for products like liquid chlorine (-14.02%) and maleic anhydride (-5.38%) [3][18]. Chemical Price Trends - The report lists the top five products with the highest weekly price increases: acetone (9.17%), acrylamide (7.14%), VA (6.67%), DMC (5.47%), and naphtha (4.88%) [3][20]. - Conversely, the top five products with the largest price decreases include liquid chlorine (-14.02%), maleic anhydride (-5.38%), and acrylonitrile (-3.78%) [3][18]. Investment Recommendations - The report suggests focusing on several key sectors: refrigerants, chemical fibers, and agricultural chemicals, with specific companies highlighted for potential investment [5][29]. - Recommended companies include Jinshi Resources, Juhua Co., and Wanhu Chemical among others [5][29].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1] Core Insights - The communication sector showed strong performance in 2024, with the CITIC Communication Index increasing by 28.84%, ranking 4th among 30 primary industries, indicating significant excess returns compared to the broader market [3][9] - The report anticipates continued benefits for the communication sector in 2025 due to a warming macroeconomic environment and ample liquidity, recommending investment in three key areas: computing power construction, 6G investments (satellite communication & IoT), and dividends from operators and equipment manufacturers [3][9] Summary by Sections Communication Industry Overview - The CITIC Communication Index outperformed the broader market in 2024, with a growth of 28.84% [9] - The report suggests focusing on computing power, satellite communication, and IoT as key investment areas for 2025 [9] Technology Mainline - The demand for computing power remains strong, with a focus on application advancements. The report highlights the impact of DeepSeek on training and inference computing power, predicting that inference demand will surpass training demand in the medium to long term [3] - Google's capital expenditure is projected to reach $75 billion in 2025, indicating potential short-term stock price fluctuations but a stable long-term outlook for the computing power industry [3] Wireless Communication Mainline - The 6G technology is progressing steadily, with the standardization timeline established, aiming for commercialization by 2030. The integration of AI and communication is expected to enhance the importance of wireless communication [4][52] - The report emphasizes the potential of satellite internet and IoT as significant sub-sectors catalyzed by 6G technology [4] Dividend Mainline - High dividends reflect investment value, with a focus on operators and large equipment manufacturers. The three major operators and ZTE Corporation are increasing their dividend payouts, indicating stable shareholder returns [4][69] - The report notes that the capital expenditures of the three major operators are increasing, with a shift towards digital transformation and AI-related investments [4][75]

| [行业Table_Industry] : 机械 | | | --- | --- | | 日期: | shzqdatemark 2025年02月19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-mail: | wangyaqi@shzq.com | | SAC 编号: | S0870523060007 | [Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 [Table_ReportInfo] 《关注工程机械内需回暖，多家机器人企 业进入商业交付阶段》 ——2025 年 01 月 22 日 1 月挖机销量保持正增，宇树、Figure 等机器人 厂商均有重要进展 ——机械行业周报（2025. 2.10-2025.2.14） 过去一周（2025.2.10-2025.2 ...

周观点： DeepSeek 官方发布 R1 模型 推荐设置，多款产品接入 DeepSeek R1 ——先进科技主题周报 20250210-20250216 【市场回顾】 ◆ 本周上证指数报收 3346.72 点，周涨跌幅为+1.3%；深证成指报 收 10749.46 点，周涨跌幅为+1.64%；创业板指报收 2215.3 点， 周涨跌幅为+1.88%；沪深 300 指数报收 3939.01 点，周涨跌幅为 +1.19%。中证人工智能指数报收 1430.3 点，周涨跌幅+3.91%， 板块与大盘走势一致。 【科技行业观点】 ◼ 投资建议 我们认为：硬件和软件轮动，看好 AI 硬件龙头估值修复到 30X。建议 关注以下赛道： [行业Table_Industry] : 电子 日期: shzqdatemark 2025年02月19日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -7% 1% 9% 17% 26% 34% 42% 50% 59% 02/24 05/24 07/24 09/24 12/ ...

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Views - The machinery industry is experiencing a recovery in domestic demand, particularly in the excavator segment, with January sales showing a slight year-on-year increase of 1.1% [3][4] - The report highlights the positive trend in excavator exports, which have maintained growth for six consecutive months, although the growth rate has slowed [4] - The report emphasizes the importance of fiscal policy in stabilizing the real estate sector and improving infrastructure investment, which is expected to boost demand for machinery [5] - The report notes significant advancements in humanoid robots, with companies like Yushutech and Figure AI making strides in commercialization [6][8] Summary by Sections Market Review - The machinery sector saw a slight increase of 0.01% in the week of February 10-14, 2025, ranking 24th among all primary industries [14][15] - Specific segments showed varied performance, with construction machinery up by 2.45% while general equipment and specialized equipment saw declines [15] Industry High-Frequency Data Tracking - January 2025 excavator sales reached 13,000 units, a year-on-year increase of 1.1% [19] - January 2025 loader sales were 7,920 units, also reflecting a year-on-year increase of 1.5% [20] - The report indicates that the penetration rate of electric loaders is increasing, reaching 13.71% in January [4] Automation Equipment - In January 2025, the industrial robot production was 71,000 units, showing a year-on-year increase of 70% [24] - The report notes a 37.3% year-on-year increase in the production of metal cutting machine tools in December 2024 [24] Semiconductor Equipment - Global semiconductor sales in December 2024 reached $56.97 billion, a year-on-year increase of 17.1% [32] - China's semiconductor sales for the same period were $15.53 billion, reflecting a year-on-year increase of 2.6% [32] Raw Material Prices and Exchange Rate Trends - As of February 14, 2025, LME copper was priced at $9,465 per ton, a 0.20% increase from the previous week [37] - The report also notes the latest exchange rate of USD to CNY at 7.27, a decrease of 0.32% from the previous week [37] Industry News and Announcements - Yushutech launched humanoid robots with significant advancements in algorithms, enhancing their performance in various tasks [6] - Figure AI is negotiating a new round of financing, indicating strong investor interest in humanoid robotics [45]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The mechanical equipment industry is experiencing significant advancements, particularly in humanoid robotics, driven by AI technologies and increased participation from various companies [5] - The commercialization of humanoid robots is expected to accelerate, with a notable increase in applications within industrial settings [5] - Key players in the industry include domestic companies such as Huawei, ByteDance, BYD, Xiaomi, and Ant Group, as well as international firms like Tesla and Figure AI [5] Summary by Sections Industry Overview - The mechanical equipment industry is currently witnessing a surge in interest and investment, particularly in humanoid robotics, which is seen as a promising area for growth [5] - The introduction of advanced AI models, such as Grok 3 by xAI, enhances the capabilities of humanoid robots, allowing for more complex problem-solving and broader application scenarios [4] Market Trends - The report highlights a trend of increasing commercialization of humanoid robots, with expectations for significant advancements by the end of the year [4][5] - The industry is entering a phase characterized by diverse entrants and competitive dynamics, indicating a robust growth environment [5] Investment Recommendations - Suggested companies to watch include: - Assemblies: Sanhua Intelligent Controls, Top Group - Sensors: Keli Technology - Reducers: Shuanghuan Transmission, Zhongdali De - Motors: Mingzhi Electric [6] - Specific recommendations for the Huawei robotics supply chain include companies like Tuosida, Zhaowei Electromechanical, and Hechuan Technology [6] - For the Yushu robotics supply chain, companies such as Changsheng Bearing, Obit Optical, and Lingyun Optics are highlighted [6]

Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - The report emphasizes a rotation between hardware and software, with a positive outlook on AI hardware leaders, expecting a valuation recovery to 30X. It suggests focusing on sectors benefiting from DeepSeek and domestic computing power applications [3][6] - The report highlights the expansion of DeepSeek's influence, with major companies and platforms integrating the DeepSeek R1 model, indicating a reshaping of the AI ecosystem [6][7] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3346.72 points, with a weekly increase of +1.3%. The Shenzhen Component Index closed at 10749.46 points, up +1.64%. The ChiNext Index closed at 2215.3 points, rising +1.88%. The CSI 300 Index closed at 3939.01 points, up +1.19%. The China Securities Artificial Intelligence Index closed at 1430.3 points, with a weekly increase of +3.91% [1] Technology Industry Viewpoints - The report suggests focusing on AI new consumption scenarios, benefiting from DeepSeek and the subsequent application of domestic computing power chains. Recommended companies include Hengxuan Technology, Tailin Microelectronics, Sitaiwei, and Doctor Glasses [3] Industry Dynamics - The report identifies several sectors with potential investment opportunities: 1. PCB: Benefiting from the Nvidia/domestic computing power industry chain and Apple industry chain. Recommended companies include Dongshan Precision, Pengding Holdings, Shenghong Technology, and Shiyun Circuit [7] 2. End-side ODM: Benefiting from domestic end-side AI and Xiaomi industry chain. Recommended companies include Huaqin Technology, Longqi Technology, and GoerTek [7] 3. AIDC: Benefiting from BAT's capital expenditure exceeding expectations. Recommended companies include Kehua Data, Data Port, Guanghuan New Network, and Baoxin Software [7]

证券研究报告 2025年2月19日 行业：计算机 增持（维持） 关注信创国产化和AI ● 商业化两大主线 ——● 计算机行业2025年度投资策略 分析师：吴婷婷 ● SAC编号：S0870523080001 主要观点 政策与生态共振，自主可控全面加速。国资委79号文要求2027年底前实现所有中央企业的信息化系统安可信创替 代。万亿国债重点聚焦高水平科技自立自强，有望支撑信创产业发展。据艾媒咨询测算，2023年中国信创产业规 模将达20961.9亿元，2027年有望达到37011.3亿元。外部不确定性增强，自主可控大势所趋，国产算力迎发展新 机遇，华为原生鸿蒙开启国产OS新篇章，信创国产替代加速。节奏上，党政信创持续引领，行业信创新政频出， "2+8+N"战略正在逐步推进，新一轮信创招标或已开启。 AI商业化拐点已至，Agent助力大模型落地。B端，微软、谷歌、Salesforce、百度、腾讯、字节等持续加码，推 动AI Agent商业化落地。C端，国内外Agent惊艳涌现，OpenAI发布AI代理Operator、Deep Research，智谱发布 AutoGLM和GLM-PC两大系统，覆盖移动设备和桌面端 ...