证券研究报告 华安研究• 拓展投资价值 核心观点： 证券研究报告 医疗器械专题之脑机接口 ——中国脑机接口行业现状与展望 分析师：谭国超（S0010521120002）邮箱: tangc@hazq.com 分析师：钱琨（S0010524110002）邮箱：qiankun@hazq.com 2025年3月3日 华安证券研究所 华安证券研究所 敬请参阅末页重要声明及评级说明 2 n 政策引导+技术突破，全球脑机接口产业进入高速发展阶段，中国非侵入式脑机接口技术全球领先。脑机接口正进入爆发式增长 阶段，根据前瞻产业研究院预测，2023年全球市场规模达19.8亿美元，预计2028年将突破60亿美元，五年复合年增长率25.22%。中 国起步较晚，但政策支持力度显著：2024年工信部将其列为"十大标志性未来产业"，北京、上海等地提出2030年实现核心技术自 主可控及临床应用目标。中国围绕非侵入式脑机接口方向，实现弯道超车，首创实现"双环路"脑机交互系统，打破了传统脑机 接口的信息交互，并极大突破了操控时间的限制，该技术突破使得中国在非侵入式脑机接口领域处于全球领先地位。 n 医疗健康领域商业化进程领先，多场景应用潜力逐步 ...

安科生物（ [Table_StockNameRptType] 300009） 公司覆盖 | 投资评级：买入 [Table_Rank] | | | --- | --- | | 首次覆盖 | | | 报告日期： 2025-02-27 | | | [Table_BaseData] 收盘价（元） | 8.80 | | 近 12 个月最高/最低（元） | 11.77/7.41 | | 总股本（百万股） | 1,673 | | 流通股本（百万股） | 1,222 | | 流通股比例（%） | 73.04 | | 总市值（亿元） | 147 | | 流通市值（亿元） | 108 | [公司价格与沪深 Table_Chart] 300 走势比较 -31% -15% 1% 16% 32% 2/24 5/24 8/24 11/24 2/25 安科生物 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号：S0010524030001 邮箱：chenjw@hazq.com 联系人：李雨涵 执业证书号：S0010123070 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The photovoltaic sector is experiencing a slight price increase in N-type modules due to a surge in demand driven by new policy implementations, indicating a potential recovery in Q2 2025 [3][11] - The wind power sector is witnessing a positive sentiment with the commencement of offshore wind projects, suggesting an upward trend in the market [4][25] - The energy storage segment is expected to see valuation recovery due to rising prices in South Africa and increased demand in Australia [8][32] - The hydrogen energy sector is gaining attention with the IPO of a national hydrogen technology company, indicating a potential investment window [8][38] - The electric grid equipment sector anticipates over 800 billion yuan in investments this year, driven by the initiation of several ultra-high voltage projects [8][41] - The electric vehicle market is focusing on solid-state battery technology, with significant advancements expected by 2027 [8][43] Summary by Sections Photovoltaic - March production of photovoltaic modules has increased, driven by a rush in installations due to policy changes, indicating a "small spring" for the sector [3][11] - The overall price levels in the photovoltaic supply chain are expected to stabilize and potentially rebound in Q4 2024, with a focus on companies that can withstand market cycles [14][21] Wind Power - Domestic wind power installations reached 79 GW in 2024, a 5% increase year-on-year, with significant monthly additions in December [4][25] - The market is encouraged by the commencement of offshore wind projects, with a focus on tower and foundation segments [4][26] Energy Storage - The energy storage market is expected to benefit from rising electricity prices in South Africa and strong demand in Australia, leading to potential valuation recovery [8][32] - The introduction of independent energy storage systems in the Guizhou market marks a significant development in the sector [32][33] Hydrogen Energy - The national hydrogen technology company is set to launch an IPO, which is expected to enhance interest and investment in the hydrogen sector [8][38] - Subsidies for hydrogen production in Cangzhou are aimed at promoting the hydrogen industry [40] Electric Grid Equipment - The initiation of four ultra-high voltage projects is expected to drive over 800 billion yuan in investments in the electric grid sector this year [8][41] - Companies involved in traditional grid equipment are recommended for investment due to their stable growth potential [42] Electric Vehicles - The solid-state battery technology is anticipated to revolutionize the electric vehicle market, with significant developments expected by 2027 [8][43] - Major automotive companies are collaborating to enhance battery performance and reduce costs [43][46] Humanoid Robots - The humanoid robotics sector is seeing advancements with companies like Figure AI demonstrating new capabilities, indicating a growing market for automation in logistics [8][48]

Investment Rating - The report gives a "Buy" investment rating for the company [2][11]. Core Viewpoints - The company focuses on innovative pharmaceutical products, with a multi-field layout in the biopharmaceutical industry, aiming to become a leading innovative enterprise [5][17]. - The core products include recombinant human interferon α2b "Andafeng," recombinant human growth hormone "Ansume," and trastuzumab "Ansaiting," among others [5][17]. - The company achieved a revenue of 2.866 billion yuan in 2023, a year-on-year increase of 22.94%, and a net profit of 847 million yuan, up 20.47% year-on-year [6][25]. - The company is expected to see revenue of 2.677 billion yuan in 2024, a decrease of 6.6% year-on-year, but a recovery in subsequent years is anticipated [11][13]. Summary by Sections Company Overview - Established in 1993, the company specializes in the research, production, and sales of biopharmaceuticals, focusing on gene-engineered drugs and diagnostic reagents [17][18]. - The company has been recognized as a national innovative enterprise and has established several technology platforms [17][18]. Financial Performance - The company’s revenue has grown from 636 million yuan in 2015 to 2.866 billion yuan in 2023, with a compound annual growth rate of 20.7% [25]. - In the first three quarters of 2024, the company reported a revenue of 1.921 billion yuan, a decrease of 4.95% year-on-year [6][25]. Product Segmentation - The biopharmaceutical segment is the core business, contributing significantly to overall revenue, with a revenue of 2.1 billion yuan in 2023, accounting for 73.27% of total revenue [28][36]. - The company’s growth hormone product line is expected to see significant market potential, with the domestic growth hormone market projected to grow substantially [39][40]. Market Position - The company holds a leading market share in recombinant human growth hormone, with a 16.9% market share in the domestic market as of 2023 [42]. - The competitive landscape is intensifying, with several players vying for market share in the growth hormone sector [42].

[Table_IndNameRptType] 全球科技 行业周报 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-02 行业指数与沪深 300 走势比较 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：来祚豪 执业证书号：S0010524100001 邮箱：laizh@hazq.com 分析师：刘京松 执业证书号：S0010524090001 邮 箱：liujs@hazq.com 相关报告 ·行业点评：业绩韧性持续验证，关注 估值修复机会 2024-10-03 ·公司深度：联想集团：PC 市场回 暖，AI 服务器有望带动增量 2024-10-1 ·公司深度：谷歌(GOOGL.O)：AI 筑牢 搜索壁垒，云业务打造第二增长曲线 2 024-09-30 ·公司深度：特斯拉(TSLA.O)：短期看 新车型销量及 FSD，中期看能源，长期 看 Optimus2024-09-27 ·公司深度：新大陆：第三方支付盈利 改善，海外战略持续推进 2024-09-27 OpenAI GPT-4.5 上线，AI 利好智驾场景 主要观点： [⚫Ta ...

电子 行业周报 电子行业周报:模拟芯片底部复苏,国补促进消费电子市场 行业评级:增持 报告日期:2025-03-02 行业指数与沪深 300 走势比较 200/ 700/ 10% 电子(申万) 分析师:陈耀波 执业证书号: S0010523060001 郎箱: chenyaobo@hazq.com 分析师:李美贤 执业证书号：S0010524020002 邮箱: limeixian@hazq.com 分析师:刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱：liyc@hazq.com 主要观点: ● 本周行情回顾 从指数表现来看,本周(2025-02-24 至 2025-02-28),上证指数周涨 跌幅-1.72%,深圳成指涨跌幅为-3.46%,创业板指数涨跌跌幅-4.87%, 科创 50 涨跌幅为-1.46%,申万电子指数涨跌幅-4.87%。板块行业指 数来看，表现最好的是半导体材料指数,涨幅为+0.42%,印制电路板 表现较弱,跌幅为 11.60%;板块概念指数来看,表现最好的是存储器 指数,涨幅 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The USDA's February report indicates a decrease in global corn and soybean production, while wheat production is expected to rise [1][4] - The global corn supply-demand gap is widening, leading to a decrease in the corn stock-to-use ratio, which is favorable for international corn prices [4][10] - Domestic corn market activity is recovering post-Spring Festival, with strong demand from feed and processing sectors [4][22] Summary by Sections Corn - For the 2024/25 season, global corn production is forecasted at 1.212 billion tons, a decrease of 17.6 million tons from the previous year, primarily due to drought conditions in South America [10][11] - Global corn consumption is projected to increase to 1.238 billion tons, with ending stocks expected to drop to 290 million tons, marking the lowest stock-to-use ratio since the 2016/17 season at 20.3% [10][18] - China's corn production is estimated at 295 million tons, with imports expected to decrease to 10 million tons, reflecting a tightening domestic supply [18][20] Wheat - The USDA forecasts global wheat production for 2024/25 at 794 million tons, an increase of 2.58 million tons from the previous year, driven by higher yields in Kazakhstan and Argentina [29][30] - Global wheat consumption is expected to rise to 804 million tons, with ending stocks projected to fall to 258 million tons, resulting in a stock-to-use ratio of 25.4%, the lowest since the 2015/16 season [29][31] - China's wheat imports are expected to decline to 8 million tons, the lowest level in five years [30] Soybeans - Global soybean production for 2024/25 is projected at 421 million tons, a decrease of 3.5 million tons from the previous year, largely due to adverse weather in South America [6][29] - Global soybean consumption is expected to increase to 406 million tons, with ending stocks projected at 124 million tons, leading to a stock-to-use ratio of 21.1%, the highest since the 2019/20 season [6][29]

策略研究 周度报告 如何预判本轮科技股调整时间和空间？ [Table_RptDate] 报告日期： 2025-03-02 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略月报《静水流深》2025-02-23 主要观点 [Table_Summary] ⚫ 美国加征关税风险反复对全球资本市场形成短期扰动，市场对"两 会"政策预期回归现实，政府工作报告总体定调预计难超预期，市 场进入阶段性高位震荡行情。配置上，3 月重回轮动，科技进入调 整期，3 月关注高胜率强季节性基建优势品种（月中前），有政策 催化的医药、汽车、家 ...

[Table_IndNa农me林Rpt牧Typ渔dee] 行业周报 补栏积极性持续疲弱，二育积极性再升 [行Ta业bl评e_级In：dR增an持k] 报告日期： 2025-3-1 [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 [相Ta关bl报e_告Report] 比下降，白羽祖代更新量仅 1 万套 2025-2-22 继续疲弱，美欧高致病性禽流感频发 2025-2-8 主要观点： _S补栏积极性持续疲弱，二育积极性再升 行业[T指abl数e_与Cha沪rt]深 300 走势比较 邮箱：wangying@hazq.com 1.华安农业周报：1 月能繁母猪存栏环 2.华安农业周报：1 月生猪补栏积极性 ①本周生猪价格跌 1%至 14.57 元/公斤。本周六，全国生猪价格 14.57 元/公斤，周环比下跌 1%。涌益咨询（2.21-2.27）：全国 90 公斤内 生猪出栏占比 4.22%，维持低位；50 公斤二元母猪价格 1634 元/头， 周环比下降 0.4%；规模场 15 公斤仔猪出栏价 560 元/头，周环比下 跌 5.7%；②二育积极性再升。涌益咨询（2.21-2.27 ...

Market Overview - The market experienced a significant decline on February 28, with the Shanghai Composite Index dropping by 1.98% and the ChiNext Index falling by 3.82%. The total trading volume for the A-share market was 1.91 trillion, a slight decrease of 0.13 trillion compared to the previous day. All sectors, except for food and beverage, saw declines, particularly the previously strong AI and robotics sectors, which led the downturn with declines of 5.36% in computers, 5.08% in communications, 4.84% in electronics, 4.63% in media, and 4.3% in machinery equipment [2][3]. Key Insights - The recent market drop is attributed to several factors: the ongoing decline in U.S. stock markets, renewed tariff threats from the U.S. against China, and a return to rational expectations regarding policies ahead of the National People's Congress (NPC). The U.S. stock market has seen significant declines over the past six trading days, with the Nasdaq down 7.54%, the S&P 500 down 4.6%, and the Dow down 3.11%. This has created a risk-averse environment globally, affecting markets including Hong Kong and Japan [2][3]. - The current market phase is characterized as a high-level volatility and oscillation rather than a sustained downturn. The report suggests that while there is no significant downward risk, the market lacks upward momentum. The expectations for macroeconomic policies from the NPC are likely to align with previous central economic work meetings, indicating no major surprises [3][6]. Sector Rotation and Opportunities - The growth technology sector's current phase appears to be concluding, with opportunities shifting back to sector rotation. The report identifies three main lines of opportunity for March: 1. Infrastructure-related sectors benefiting from strong seasonal effects, particularly in engineering consulting, environmental equipment, and non-metallic materials, supported by NPC policy expectations [6]. 2. Sectors with policy catalysts, such as pharmaceuticals, automobiles, and home appliances, which may see a phase of valuation recovery due to new policies and previous stagnation [7]. 3. The banking and insurance sectors, which may offer value in a high-volatility market, supported by measures to encourage long-term capital inflows [7]. - The report emphasizes that the growth technology sector has reached a historical upper limit in terms of price and valuation, with multiple instances of significant declines indicating increased market divergence. A typical correction following such a phase could exceed 20% [6].