[Table_Rating] 增持（维持） [Table_Summary] [行业Table_Industry] : 汽车 日期: shzqdatemark [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 2025年02月18日 [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -7% -1% 6% 12% 19% 25% 32% 38% 45% 02/24 05/24 07/24 09/24 12/24 02/25 汽车 沪深300 ——2025 年 02 月 11 日 《2024 年新能源汽车渗透率 40.9%，多家 车企提出 2025 年销量目标》 ——2025 年 01 月 22 日 《24Q4 单季发力全年产销创新高，25 年 "以旧换新"政策延续看好汽车市场》 ——2025 年 01 月 15 日 比亚迪发布全民智驾战略，"全国低空交 通一张网"项目正式启动 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2025年02月17日 -20% -14% -9% -3% 2% 8% 14% 19% 25% 02/24 05/24 07/24 09/24 12/24 02/25 建筑材料 沪深300 [Table_ReportInfo] 相关报告： 《节后首周开复工同比偏缓，关注半导体 项目密集开工》 ——2025 年 02 月 10 日 《水泥收并购加速，关注龙头份额提升》 ——2025 年 02 月 05 日 《2024 年地产延续调整，新材料关注电子 材料龙头业绩释放》 ——2025 年 01 月 21 日 开复工关注元宵后集中修复，AI 应用加 速半导体材料机会 ——建筑材料&新材料行业周报（20250210-20250214） 光伏玻璃：过去一周（2.10-2.14），供给端方面，2 月 14 日开工率 68.12%，环比持平。 玻纤：过去一周（2.10-2.14）玻纤缠绕直接纱 2400tex 价格持平。 碳纤维：过去一周（2.10-2 ...

DeepSeek 本地化部署持续扩容，端侧 AI 加速落地 ——计算机行业周报（2025.2.10—2025.2.14） 过去一周（2.10-2.14）上证综指上涨 1.30%，创业板指上涨 1.88%， 沪深 300 指数上涨 1.19%，计算机（申万）指数上涨 7.77%，跑赢上 证综指 6.47 个百分点，跑赢创业板指 5.89 个百分点，跑赢沪深 300 指 数 6.58 个百分点，位列全行业第 2 名。 ◼ 周观点 各行各业正加速推进 DeepSeek 本地化部署。自 1 月 20 日发布以来， DeepSeek-R1 模 型 迅 速 风 靡 全 网 ，QuestMobile 数 据 显 示 ， DeepSeek 在 2 月 1 日突破 3000 万大关，成为史上最快达成这一里程 碑的应用。国内外多家企业纷纷宣布接入 DeepSeek，根据正和岛公 众号，据不完全统计，目前已有超过 200 家头部企业完成 DeepSeek 技术接口的集成部署。金融行业方面，银行、券商、基金、保险均在 加速部署 DeepSeek。截止 2 月 12 日，已有近二十家券商完成了 DeepSeek 模型的本地化部署，De ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年02月17日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 市场行情回顾 过去一周（02.10-02.14），SW 电子指数上涨 0.27%，板块整体跑输沪 深 300 指数 0.92 个百分点，从六大子板块来看，元件、消费电子、光 学光电子、半导体、其他电子Ⅱ、电子化学品Ⅱ涨跌幅分别为 2.12%、0.49%、0.35%、-0.06%、-0.25%、-1.56%。 核心观点 中芯国际 24Q4 收入再创新高，展望 25Q1 淡季不淡。2025 年 2 月 11 日晚，中国大陆晶圆代工龙头厂中芯国际发布 2024 年第四季度财报， 销售收入再创新高达 22.07 亿美元，环比增长 1.7%，毛利率为 22.6%，环比上升 2.1 个百分点，全年收入首次突破 80 亿美元大关， 进一步巩固了全球第二大纯晶圆代工厂地位。中芯国际第四季度按应 用分类，收入占比分别为：智能手机 24.2%、计 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The mechanical equipment industry is experiencing a positive trend, with significant developments in humanoid robotics and engineering machinery, indicating a favorable investment environment [4][10] - The report highlights the strong market position of Yushutech in the quadruped robot segment, holding a 69.75% global market share, which is expected to translate into similar advantages in humanoid robotics [10] Summary by Relevant Sections Industry Overview - The report focuses on the mechanical equipment industry, particularly the advancements in humanoid robotics and the recovery of domestic demand in engineering machinery [1][4] Recent Developments - Yushutech's humanoid robots, Unitree H1 and G1, were launched on JD.com, with prices set at 650,000 yuan and 99,000 yuan respectively, indicating strong market interest [5] - The company has upgraded its robot algorithms, enhancing performance capabilities, which is expected to attract consumer interest [5] - Yushutech is in discussions with Meta for potential collaboration on household robots, indicating strategic partnerships that could enhance product offerings [5] Market Position - Yushutech has a leading position in the quadruped robot market, which is expected to support its entry into the humanoid robot market, leveraging existing technological advantages [10] - The company has filed over 180 patents, with 150 granted, showcasing its commitment to innovation and technology leadership in the robotics sector [10]

Group 1: CPI Analysis - In January 2025, the national Consumer Price Index (CPI) increased by 0.5% year-on-year, up from 0.1% in the previous month[10] - Food prices rose by 0.4%, contributing approximately 0.07 percentage points to the CPI increase, while service prices surged by 1.1%, adding about 0.42 percentage points[10] - The core CPI, excluding food and energy, rose by 0.6% year-on-year, indicating stable demand[11] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 2.3% year-on-year in January 2025, maintaining the same decline as the previous month[20] - The PPI's decline was primarily influenced by significant drops in sectors such as black metal smelting and coal mining, which collectively accounted for over 90% of the total decline[20] - Production material prices fell by 2.6%, while living material prices decreased by 1.2%, impacting the overall PPI levels[21] Group 3: Market Outlook - The report anticipates a return to price stability after the Chinese New Year, with a likelihood of price declines in the wake of the holiday effects[28] - The low inflation environment is expected to create space for more aggressive monetary and fiscal policies to support economic recovery[28] - Overall, the PPI is projected to remain stable, despite the ongoing negative growth in industrial prices[27] Group 4: Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[29]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Viewpoints - A new round of potassium fertilizer price increases is anticipated due to recent tariff announcements affecting imports from the U.S. and Canada, which could impact global food security [4] - The basic chemical index outperformed the CSI 300 index by 1.05 percentage points over the past week, indicating strong sector performance [2][12] - Key products showing price increases include diethanolamine (7.93%), MYNEX natural gas (7.85%), and TDI (5.84%) [3][20] Summary by Sections Market Trends - The basic chemical index rose by 3.03% from February 3 to February 9, outperforming the CSI 300 index which increased by 1.98% [2][12] - The top-performing sub-industries included viscose (6.43%), textile chemicals (5.19%), and modified plastics (5.06%) [14] Chemical Product Price Trends - The top five products with the highest weekly price increases were diethanolamine (7.93%), MYNEX natural gas (7.85%), TDI (5.84%), caustic soda (5.17%), and international toluene (4.92%) [3][20] - Conversely, hydrochloric acid saw the largest decline at -7.44%, followed by concentrated nitric acid (-3.23%) and propylene oxide (-3.13%) [3][20] Investment Recommendations - The report suggests focusing on several key sectors: refrigerants, chemical fibers, tire manufacturing, and agricultural chemicals, with specific companies highlighted for potential investment [5][30] - Notable companies to watch include Jinshi Resources, Juhua Co., and Wanhu Chemical [5][30]

[Table_Rating] 增持（维持） ◼[Table_Summary] 周行情 [行业Table_Industry] : 通信 | 日期: | shzqdatemark 2025年02月11日 | | --- | --- | | [Table_Author] 分析师: | 刘京昭 | E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 行情回顾：过去一周（2025.02.05-2025.02.09），上证指数、深证成指涨 跌幅分别为1.63%、4.13%，中信通信指数整体涨跌幅为2.69%，在中信 30个一级行业排第15位。过去一周通信板块个股表现：股价涨幅前五名 为:精伦电子33.33%、梦网科技33.11%、映翰通30.88%、亿通科技 20.81%、广和通20.52%。股价跌幅前五名为：太辰光-12.60%、新亚电子 -11.14%、天孚通信-10.43%、新易盛-9.84%、华脉科技-9.75%。 板块内部结构来看，过去一周通信板块呈现普涨走势，细分板块增值服 务II、通讯工程服务 ...

[Table_Rating] 增持（维持） [Table_Summary] [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -7% -1% 5% 12% 18% 24% 30% 37% 43% 02/24 04/24 07/24 09/24 11/24 02/25 汽车 沪深300 [Table_ReportInfo] 相关报告： ——2025 年 01 月 15 日 1 月新能源乘用车批发同比+29%，多家 车企宣布引入 DeepSeek ——汽车与零部件行业周报（2025.02.03-2025.02.09） ◼ 市场回顾 汽车板块涨跌幅+8.12%，子板块中乘用车表现最佳。过去一周，上证 A 股涨跌幅为+1.54%，申万汽车涨跌幅为+8.12%，在 31 个申万一级 行业中排名第 2。子板块中，乘用车+12.08%、汽车服务+6.54%、汽 车零部件+6.34%、摩托车及其他+2.03%、商用车+1.78%。 行业涨跌幅前五位公司为华阳变速+69.10%、派特尔+35.33%、开特 股份+31.78%、伯特利+30.28%、骏创科技+29.82%；行业涨跌幅后 五位公司为晋拓股份- ...

[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11日 | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: | S0870523070002 | | 分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 2% 8% 13% 19% 24% 29% 35% 机械设备 沪深300 [Table_ReportInfo] 相关报告： 《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》 ◼ 主要观点 1、特斯拉发布弗里蒙特工厂机器人相关岗位招聘，财报电话会更新人 形机器人量产指引 2 月 6 ...