IDC 行业存在周期性。第一轮周期的上半场：景气度高企。2013-2015 年，移动互联网时代刚刚开始，加 速增长的接入流量驱动 IDC 行业快速发展。2013-2015 年，IDC 行业平均增速 46%。第一轮周期的下半场： 2016-2017 年，IDC 行业平均增速仅 20%，增速明显下滑。行业增速下滑主要受行业龙头世纪互联收入增 速放缓拖累。第二轮周期的上半场：IDC 行业中兴。2018-2021 年，移动互联网流量红利逐步消退，但 IDC 行业迎来新一轮快速增长，持续四年之久，行业平均增速 36%。下游互联网行业脉冲式的发展特点，有助 于提升 IDC 行业景气度。第二轮周期的下半场：IDC 行业进入成熟期。2020-2023 年，IDC 行业平均增速 12%。2024 年 IDC 企业延续低速增长表现。 通信 IDC 行业：进入 AIDC 发展阶段，高 景气有望超过 3 年 2025 年 3 月 14 日 看好/维持 通信 行业报告 | | 石伟晶 电话：021-25102907 邮箱：shi_wj@dxzq.net.cn | 执业证书编号：S1480518080001 | | --- | --- ...

Investment Rating - The report gives a positive investment rating for the industry, indicating a structural opportunity for related companies due to Xiaomi's comprehensive ecosystem strategy [5][66]. Core Insights - Xiaomi has successfully established itself as a major player in the smartphone market through a focus on high cost-performance ratio, expanding into overseas markets, and leveraging AIoT as a second growth engine [3][4][18]. - The wearable business has also thrived on the principle of extreme cost-performance, with Xiaomi maintaining a top-three global market share for nine consecutive years [3][32]. - In the automotive sector, Xiaomi is entering the new energy vehicle market with a strong emphasis on self-research and development, aiming to provide high cost-performance vehicles targeted at young consumers [4][43][45]. Summary by Sections 1. Smartphone Business - From 2011 to 2014, Xiaomi rapidly captured the mid-to-low-end market with high cost-performance models, achieving significant sales growth [11][12]. - In 2015-2016, Xiaomi faced challenges but expanded its product line to include high-end and low-end models, stabilizing its market position [14][15]. - Between 2017 and 2020, Xiaomi's overseas market contributions grew, with AIoT becoming a significant growth driver [16][18]. - From 2021 to 2024, Xiaomi aims to shift from a technology-led approach to an experience-led strategy in the high-end market, focusing on imaging capabilities [20][22]. 2. Wearable Business - The initial Xiaomi Mi Band opened the market with a low price point, achieving over 10 million sales within a year, validating the cost-performance strategy [29][32]. - Xiaomi's wearable devices have consistently ranked among the top three globally from 2015 to 2023, demonstrating sustained market leadership [32][33]. 3. Automotive Business - Xiaomi's entry into the new energy vehicle market is marked by the launch of the SU7, which emphasizes high cost-performance and advanced technology [43][44]. - The company has committed significant resources to R&D, with investments expected to reach $10 billion over the next decade [45][46]. - Early investments in the automotive supply chain have positioned Xiaomi favorably within the industry [49]. 4. Profit Model Analysis - Xiaomi's profit model is driven by high cost-performance hardware and internet services, with hardware sales contributing approximately 90% to revenue [54][56]. - Internet services, characterized by high margins, have become a core component of Xiaomi's profitability, with a gross margin exceeding 70% in recent years [59][62]. 5. Investment Recommendations - The report suggests that Xiaomi's ecosystem strategy will create structural opportunities for various related companies, including Xiaomi Group-W and several technology suppliers [5][66].

Investment Rating - The industry investment rating is maintained as "positive" for the agricultural, forestry, animal husbandry, and fishery sector [5] Core Viewpoints - In February, the average price of live pigs decreased due to oversupply, while the price of piglets remained strong. The average prices for piglets, live pigs, and pork were 36.21 CNY/kg, 16.00 CNY/kg, and 27.46 CNY/kg respectively, with month-on-month changes of 6.59%, -3.68%, and -1.57% [11][16] - The supply side is seeing a gradual recovery in post-holiday slaughtering, leading to an overall sufficient market supply. The demand side is experiencing a post-holiday decline, with a slow recovery in terminal demand and slaughtering operations [13][19] - The report anticipates that the pig price recovery in the coming months will rely on the entry of secondary fattening [13][21] Supply and Demand Analysis - Supply: The market supply is generally sufficient, with a gradual return to normal slaughtering rates post-holiday. The average slaughtering rate in February was 20.24% [13][19] - Demand: Post-holiday demand is declining, with a slow recovery in terminal demand and slaughtering operations. The price difference between live pigs and pork is 4.53 CNY/kg, indicating weak consumer performance [13][19] Cost and Pricing Trends - The report highlights that the imposition of tariffs on certain imported agricultural products from the U.S. is expected to raise breeding costs. Tariffs include a 15% increase on wheat and corn, and a 10% increase on sorghum and soybeans [16][19] - The breeding cost for leading companies is crucial for maintaining profitability during periods of declining pig prices. Companies like Shennong Group and Wens Foodstuffs have managed to keep their breeding costs below 13 CNY/kg [33][34] Market Performance of Listed Companies - In February, the sales prices of major listed companies such as Muyuan Foods, Wens Foodstuffs, Zhengbang Technology, and New Hope were 14.76 CNY/kg, 14.96 CNY/kg, 14.35 CNY/kg, and 14.64 CNY/kg respectively, showing a month-on-month decline of 5.53%, 5.27%, 6.67%, and 5.07% [24][25] - The total slaughter volume in February showed a significant decline, with companies like Wens Foodstuffs and Zhengbang Technology experiencing decreases of 10.39% and 21.12% respectively [25][30] Future Outlook - The report predicts that high-quality production capacity is likely to remain profitable in 2025. The industry index PB has slightly increased but remains at a low level. The report suggests that as consumption-boosting policies are implemented in 2025, leading breeding companies are expected to see valuation recovery [21][34]

【东兴策略】指数维持慢牛 轮动机会增加（20250312） 指数维持震荡走势，逐步进入业绩验证期。随着两会行情逐步结束，市场关 注点有望重回基本面，两会报告指明了全年的发展方向，各种题材性热点也 进一步升温，特别是人工智能和机器人等题材不断发酵，市场的结构性行情 愈演愈烈，市场总体成交仍维持较为活跃的态势。但随着两大核心板块不断 走高，整体波动性也逐步上升，市场对于低位股补涨的预期也愈发强烈，随 着 3 月下旬开始逐步进入上市公司年报和季报披露期，市场更加关注基本面 和业绩，一些题材性个股随着业绩披露会有回调压力，市场整体表现将会更 加均衡，市场结构性不会只集中在两大核心热点上，以有色、化工为代表的 周期性品种开始逐步走强，红利类个股表现有望重回升势，整体指数表现我 们认为将会更加良性。 东 兴 晨 报 东兴晨报 P1 分析师推荐 投资建议：市场仍然处于慢牛走势，我们仍然首选大科技核心板块，从风格 上，更倾向于从极端结构向均衡结构配置，消费和顺周期品种可以逐步增配， 在即将到来的业绩公布期，兼顾基本面，回避绩差公司，虽然宏大叙事想象 空间巨大，但最终的产业格局尚未确定，未来注定大部分个股会回归其内在 价值，在 ...

Group 1: Key Insights on Humanoid Robot Sensors - Humanoid robot sensors are essential for perceiving the physical world and include various types such as visual, auditory, tactile, and force sensors, which enable robots to gather information about their environment [1][2] - A humanoid robot requires multiple sensors, including one set of visual sensors, one set of position sensors, and various force and tactile sensors, with sensor costs accounting for approximately 30% of the total robot cost [2][3] - The global humanoid robot market is projected to grow significantly, with an estimated market size of USD 1.017 billion in 2024 and expected to reach USD 15 billion by 2030, reflecting a CAGR of over 56% from 2024 to 2030 [3][4] Group 2: Opportunities and Challenges in the Sensor Industry - The sensor industry faces opportunities due to policy support and the need for a reliable supply chain, but challenges include late development, limited technological accumulation, and the need for core technology breakthroughs [2][3] - The sensor industry is characterized by a wide variety of products, low output per single sensor, and high overall industry value, indicating that development requires a focus on integrated growth rather than a fragmented approach [2][3] Group 3: Investment Targets in the Humanoid Robot Sensor Market - Companies with technological advantages in the humanoid robot sensor market are expected to benefit from the industry's expansion, with potential investment targets including Keli Sensor, Hanwei Technology, and others [4] Group 4: Government Policies Impacting the Machinery and Robotics Sector - The government work report emphasizes boosting consumption and developing future industries, which is expected to positively impact the machinery and robotics sectors [5][6] - The report highlights the importance of establishing application scenarios for robots, particularly in municipal services and emergency rescue, which could accelerate the adoption of humanoid robots [7][8] Group 5: Market Dynamics and Future Projections - The report indicates that the demand for humanoid robots and their sensors will continue to rise as the industry expands and technology evolves, with a focus on high-dimensional and high-precision sensors [2][3] - The MEMS sensor market in China is transitioning from scale expansion to quality upgrades, with significant growth expected in the coming years [4]

关税影响不在于通胀,而在于经济是否会 亨退 2025年3月14日 事件点评 77 浏览量 7 | | | | 执业证书编号:S1480519090001 康明怡 电话：021-25102911 邮箱: kangmy@dxzq.net.cn | 分析师 | | --- | --- | | 事件: | | | 美国 2 月 CPI 环比 0.2%,预期 0.3%, 前值 0.5%;同比 2.8%,预期 2.9%,前值 3%。 | | | 核心 CPI 环比 0.2%,预期 0.3%,前值 0.4%;同比 3.1%,预期 3.2%,前值 3.3%。 | | | 主要观点: | | 视 关证券股份有限公司证券 报 H 4、 标普 500 仍处于泡沫(22%),特朗普政策不确定性下降后或有入场机会。 5、美十债下限维持 3.7~3.9%,上限维持 4.8~5%。 能源价格的下降主导了通胀和核心通胀的回落。住所价格（环比 0.3%）贡献了几乎一半的通胀(0.2%)、汽油(-1.0%)和 机票价格（4.0%）的下降对冲了部分住所价格的上升,后两项价格与原油价格几乎同步。核心通胀方面,上行的有医疗(0.3%)、 二手车(0. ...

DONGXING SECURITIES 东兴证券研究报告 首席周观点：2025年第11周 P1 首席周观点：2025 年第 11 周 2025 年 3 月 13 日 首席观点 周度观点 刘航 | 东兴证券电子行业首席分析师 S1480522060001，021-25102909，liuhang-yjs@dxzq.net.cn 电子行业：人形机器人专题（一）：传感器的技术路径、竞争格局与产业重构 Q1：人形机器人传感器是什么？传感器是机器人感知物理世界的窗口，也是机器人迈向智能 化的基础。包含各类视觉传感器、听觉传感器、触觉传感器、力传感器等，用于感知环境， 获取关于周围世界的信息。视觉传感器是具有图像采集处理、数据传输能力的功能专门化嵌 入式视觉系统，可实现目标识别定位、尺寸测量、缺陷检测、条码识别等功能；人形机器人 的听觉传感器主要为麦克风，包括声音接收器、信号处理器和音频处理软件等部分；力传感 器主要为力矩传感器，其可以在各种旋转或非旋转机械部件上对扭转力矩感知进行检测，将 扭力的物理变化转化为精确电信号；触觉传感器可覆盖于人形机器人三维载体表面，实现与 环境接触力、温度、湿度、震动、材质、软硬等特性的检 ...

Group 1: Inflation and Economic Indicators - The U.S. February CPI increased by 0.2% month-on-month, lower than the expected 0.3%, and year-on-year it rose by 2.8%, against an expectation of 2.9%[4] - Core CPI also rose by 0.2% month-on-month, below the expected 0.3%, and year-on-year it increased by 3.1%, compared to an expectation of 3.2%[4] - Energy prices significantly contributed to the decline in both inflation and core inflation, with housing prices contributing nearly half of the total inflation increase[6] Group 2: Tariff Impacts - The primary concern regarding tariffs is not inflation but the risk of economic recession, as tariffs can lead to temporary price increases or permanent cost hikes[7] - Tariffs affect not only import prices but also increase prices of domestic competitors and complementary goods, complicating the assessment of their impact on the economy[7] - A comprehensive tariff strategy raises the likelihood of a global trade war, disrupting global supply chains and potentially doubling the effective tariff costs on certain products[7] Group 3: Economic Outlook - The risk of economic recession increases with the breadth of tariffs imposed, as a wider coverage leads to greater negative impacts on the economy[8] - The U.S. 10-year Treasury yield is expected to remain between 3.7% and 5%, with a low probability of breaching 5% in the short term[8] - The S&P 500 index is currently overvalued by 22% compared to its long-term trend, indicating potential market corrections due to policy uncertainties[10]

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴策略】指数维持慢牛 轮动机会增加（20250312） 指数维持震荡走势，逐步进入业绩验证期。随着两会行情逐步结束，市场关 注点有望重回基本面，两会报告指明了全年的发展方向，各种题材性热点也 进一步升温，特别是人工智能和机器人等题材不断发酵，市场的结构性行情 愈演愈烈，市场总体成交仍维持较为活跃的态势。但随着两大核心板块不断 走高，整体波动性也逐步上升，市场对于低位股补涨的预期也愈发强烈，随 着 3 月下旬开始逐步进入上市公司年报和季报披露期，市场更加关注基本面 和业绩，一些题材性个股随着业绩披露会有回调压力，市场整体表现将会更 加均衡，市场结构性不会只集中在两大核心热点上，以有色、化工为代表的 周期性品种开始逐步走强，红利类个股表现有望重回升势，整体指数表现我 们认为将会更加良性。 重视消费和顺周期板块投资机会。消费是我们一直强调看好的方向，两会期 间对消费的关注也是逐步加码，我们认为，未来消费政策逐步落地对基本面 的影响会逐步显现，现在阶段布局消费正当其时，消费股有较大未来经济恢 复的看涨期权价值，下跌空间有限上涨弹性较大，上周开始的白酒脉冲行情 已经开始展 ...

Group 1 - The report indicates that the index maintains a slow bull market with increasing rotation opportunities, as the market gradually enters an earnings verification period [4][9] - The focus of the market is expected to shift back to fundamentals after the Two Sessions, with various thematic hotspots, particularly in artificial intelligence and robotics, gaining traction [4][10] - The overall market turnover remains active, but volatility is increasing as core sectors rise, leading to stronger expectations for low-priced stocks to rebound [4][10] Group 2 - The report emphasizes investment opportunities in consumer and cyclical sectors, suggesting that the focus on consumption during the Two Sessions has intensified [5][10] - It notes that consumer stocks have significant upside potential with limited downside risk, and recent trends in the liquor sector indicate a positive shift [5][10] - The cyclical sectors, particularly in non-ferrous metals and chemicals, are showing signs of recovery, with price rebounds indicating market interest [5][10] Group 3 - Investment recommendations suggest maintaining a focus on large technology sectors while gradually increasing allocations to consumer and cyclical stocks [6][11] - The report advises balancing investments with fundamental considerations, avoiding underperforming companies, and highlights the potential of the robotics sector due to its healthy performance and valuation [6][11] - It also points out that while the artificial intelligence sector has high valuations, there is uncertainty regarding earnings realization [6][11] Group 4 - The report provides data indicating that the overall market has experienced slight adjustments, with the exception of the CSI 1000 index, which showed a small increase [12][13] - It highlights that the best-performing sectors include non-ferrous metals and military industry, along with strong performances in computing, machinery, and media [15][16] - The report notes that market turnover rates remain high, indicating good trading activity [18][20] Group 5 - The valuation levels across sectors are generally reasonable, with notable increases in the technology sector [24][26] - The report includes a detailed valuation distribution table, showing various sectors' price-to-earnings (P/E) and price-to-book (P/B) ratios, indicating a diverse valuation landscape [25][26]