DeepSeek有望加速人形机器人商业化落地。人形机器人商业化拐点 临近：国外方面，特斯拉计划2025年生产1万台Optimus，2027年达 到50万台；FigureAI未来4年将量产10万台人形机器人。国内来看，智 元机器人、宇树科技、傅利叶智能等明星国产机器人企业均已陆续开 启人形机器人的小规模量产。DeepSeek赋能人形机器人加速落地： 目前优必选正基于DeepSeek-R1进一步研发适用于人形机器人的多模 态具身推理大模型，加快人形机器人在工业场景的规模化部署。我们 认为，DeepSeek在降低训练成本，增强感知、交互和决策能力，以及 拓展应用场景等方面，为人形机器人领域注入了强劲动力。 煤矿或是人形机器人最佳B端应用场景。政策推动煤矿场景"机器替 人"：煤炭行业仍是高危行业，据国家统计局统计数据，2023年煤矿 百万吨死亡人数为0.094人，同比上升23.7%。国家《"机器人+"应用 行动实施方案》《关于深入推进矿山智能化建设 促进矿山安全发展的指 导意见》等文件，明确提出加快智能化矿山建设，到2026年，煤矿危 险繁重岗位作业智能装备或机器人替代率不低于30%。近日北京发布 《北京具身智能科技 ...

[Table_Rating] 增持（维持） ◼[Table_Summary] 行业走势 [行业Table_Industry] : 通信 日期: shzqdatemark [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： -13% -7% 0% 6% 13% 19% 26% 32% 39% 03/24 05/24 07/24 10/24 12/24 02/25 通信 沪深300 2025年03月04日 《微信全面拥抱 DeepSeek，AI 逻辑持续 发散》 ——2025 年 02 月 20 日 《DeepSeek题材持续发酵，模型迭代加速 推进》 ——2025 年 02 月 11 日 《算力长逻辑不改，短期聚焦应用》 ——2025 年 02 月 07 日 MaaS 商业模式迎边际改善，AIDC 厂商或迎分化 ——通信行业周报（2025.2.24-2025.2.28） 行情回顾：2025.2 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1][6] Core Viewpoints - The electronics semiconductor sector is expected to experience a comprehensive recovery in 2025, with an accelerated clearing and recovery of the competitive landscape, leading to a sustained recovery in industry profitability and related company profits [6] - Xiaomi has launched its flagship model, the Xiaomi 15 Ultra, which features high-end specifications and is expected to enhance its performance in the high-end market [4] - Apple is making progress in the foldable smartphone sector, with plans to finalize its supply chain by April 2025 and begin mass production in the second half of 2025 [5] Summary by Sections Market Overview - The SW Electronics Index fell by 4.87% in the past week, underperforming the CSI 300 Index by 2.64 percentage points, with declines across all six sub-sectors [3] Product Launches - Xiaomi's 15 Ultra is priced at 6499 yuan and features advanced hardware, including a 1-inch main camera and a 6000mAh battery, with innovative functionalities such as satellite communication [4] - The new REDMI Book Pro 2025 series from Xiaomi includes AI computing scheduling and performance optimizations, enhancing speed and battery life [4] Investment Recommendations - The report suggests focusing on specific stocks within the semiconductor design sector that are undervalued and have real performance metrics, as well as companies in various semiconductor sub-sectors [6]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Views - The electronics semiconductor sector is expected to experience a comprehensive recovery in 2025, with an accelerated clearing and recovery of the competitive landscape, leading to a sustained recovery in industry profitability and related company profits [6] - Xiaomi has launched its flagship model, the Xiaomi 15 Ultra, which features high-end specifications and is expected to enhance its performance in the high-end market [4] - Apple is making progress in the foldable smartphone sector, with plans to finalize its supply chain by April 2025 and begin mass production in the second half of 2025 [5] Summary by Sections Market Overview - The SW electronics index fell by 4.87% in the past week, underperforming the CSI 300 index by 2.64 percentage points [3] Product Launches - Xiaomi's 15 Ultra features a 1-inch main camera, a 200-megapixel telephoto lens, and a 6000mAh battery, with innovative functionalities such as satellite communication and AI dynamic wallpapers [4] - The new REDMI Book Pro 2025 series includes AI computing scheduling, enhancing performance and battery life in various usage scenarios [4] Investment Recommendations - The report suggests focusing on undervalued stocks in the semiconductor design sector with real performance and low PE/PEG ratios, as well as specific companies in various semiconductor fields [6]

——计算机行业周报（2025.2.24—2025.2.28） 过去一周（2.24-2.28）上证综指下跌 1.72%，创业板指下跌 4.87%， 沪深 300 指数下跌 2.22%，计算机（申万）指数下跌 7.82%，跑输上 证综指 6.10 个百分点，跑输创业板指 2.95 个百分点，跑输沪深 300 指 数 5.60 个百分点，位列全行业第 29 名。 ◼ 周观点 DeepSeek 开源周圆满收官，大模型军备竞赛火热。"DeepSeek 开 源周"自 2月 24日至 2月 28日，陆续开源最新技术进展。其中包括， FlashMLA、DeepEP、DeepGEMM 和 3FS 四个开源项目，以及 DualPipe、EPLB 等代码库。首个开源的代码库为 FlashMLA，是 DeepSeek 用于 Hopper GPU 的高效 MLA 解码内核，并针对可变长度 序列进行优化，现已投入生产。DeepEP 是首个用于 MoE 模型训练和 推理的开源EP通信库，专门用于提升大模型训练效率设计，当多个AI 专家模型协同工作时，能高效协调它们之间的通信，减少延迟和资源 消耗，同时支持低精度计算，进一步节省算力。Dee ...

——2025 年 02 月 25 日 《周观点： DeepSeek 官方发布 R1 模型推 荐设置，多款产品接入 DeepSeek R1》 ——2025 年 02 月 19 日 周观点：OpenAI 发布 GPT-4.5 研究预 览版，英伟达发布 2025 财年业绩 ——先进科技主题 20250224-20250302 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年03月03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 -8% 0% 9% 18% 27% 35% 44% 53% 62% 02/24 05/24 07/24 10/24 12/24 02/25 电子 沪深300 [Table_ReportInfo] 相关报告： 《周观点：马斯克官宣 Grok-3 全家桶，阿 里未来三年 CAPEX 超 3800 亿元》 ——2025 年 02 月 25 日 《 ...

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]