D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：海口高新区扶持生物降解产业，巴 斯夫推出全球首个生物质平衡聚醚砜产品 | | | 报告日期： 2025-03-11 [Table_Chart] 行业指数与沪深 300 走势比较 29% -26% -15% -4% 7% 18% 3/24 6/24 9/24 12/24 3/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 3 月 4 日，巴斯夫推出了全球首个生物质平衡聚醚砜 (PESU)产品 ——Ultrason ® E 2010 BMB，并已获得 ISCC PLUS 认证。据 悉，此产品由废弃物制成生物质原料+100%绿电生产。根据 ISCC PLUS 认证规则，生物质平衡 Ultrason ® E 2010 产品源头 使用可再生原料取代化石原料，巴斯夫表示产品所需 50%的化石 原料被 ISCC PLUS 认证的生物循环原料所取代，其中可再生原 料来自有机垃圾（即非粮生物原 ...

（九号公司689009.SH/科沃斯603486.SH/安克创新300866.SZ/萤石网络688475.SH） 2025. 03. 10 分析师：邓 欣 S0010524010001 dengxin@hazq.com 分析师：成浅之 S0010524100003 chengqianzhi@hazq.com 联系人：唐楚彦 S0010124070002 tangchuyan@hazq.com 华安证券研究所 核心要点 1、产品升级：无边界产品正处快速迭代成熟+国牌涌入做大蛋糕阶段，从25年新品可窥行业升级路径： 证券研究报告•行业专题 无边界割草机新品趋势研判 ——25年前瞻专题之消费级机器人 华安证券研究所•拓展投资价值 PART 1 ✓ 升级点：❶基础性能提升。RTK+视觉逐步成为主流技术路线，九号公司/科沃斯均有完善。九号进一步实现RTK信号增 强；科沃斯从UWB走向复合技术，激光增强RTK和视觉融合方案；❷价格双向拓宽。九号此前以$999打开市场引发"模 仿效应"，科沃斯/追觅/库犸基于现有产品向下减配补齐入门、价位段向＄1k以下小型花园设备拓展；九号则进一步向上 突破，布局＄4k以上大型花园设备； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Kuaishou is a leader in the AI-driven video generation field, with its AI capabilities expected to enhance advertising efficiency [1][5] - The launch of the "Keling AI" app and its various product offerings indicate a strong commitment to AI development [3][4] - The company has shown significant user growth and competitive strength in the AI model capabilities, ranking 20th in a global list of generative AI applications [4] Financial Projections - Total revenue projections for 2024-2026 are estimated at 127.3 billion, 141.4 billion, and 155.7 billion CNY respectively, reflecting a growth rate of 20%, 12%, and 11% [6][8] - Non-GAAP net profit projections for the same period are 17.6 billion, 22.7 billion, and 27.8 billion CNY, with growth rates of 279%, 72%, and 29% [6][8] - The expected EPS (Non-GAAP) for 2024-2026 is 4.10, 5.27, and 6.47 CNY respectively [8] User Growth and Product Development - As of December 2024, Keling AI has 6 million users, generating 65 million videos and 175 million images [4] - The Keling AI app has introduced various membership tiers, enhancing user engagement and monetization opportunities [3] Advertising Efficiency - AI is anticipated to improve advertising efficiency and reduce content generation costs, benefiting both small and large advertisers [5] - The increase in advertising supply is expected to enhance revenue for advertising platforms, leading to a positive industry outlook [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the AI-driven video generation field, with its "可灵 AI" product expected to enhance advertising efficiency [1][5] - The company has launched a standalone "可灵 AI" app, expanding its AI offerings across various platforms [3] - The user base for "可灵 AI" has reached 6 million, generating 65 million videos and 175 million images, indicating strong competitive capabilities [4] - The AI technology is anticipated to lower production costs and improve advertising returns on investment (ROI), benefiting both small and large advertisers [5] Financial Projections - Total revenue projections for 2024-2026 are 127.3 billion, 141.4 billion, and 155.7 billion CNY respectively, with a growth rate of 20%, 12%, and 11% [6][8] - Non-GAAP net profit estimates for the same period are 17.6 billion, 22.7 billion, and 27.8 billion CNY, reflecting significant growth rates of 279%, 72%, and 29% [6][8] - The earnings per share (EPS) is projected to increase from 2.36 CNY in 2023 to 6.47 CNY by 2026 [8][10] Market Position - The company ranks 20th in the 2025 global list of generative AI consumer applications, surpassing competitors like Sora and Midjourney [4] - The web version of "可灵 AI" saw a 44.57% month-over-month increase in traffic, reaching 18.04 million visits in January 2025 [4]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights the potential growth of the smart sleep market driven by AI technology, particularly focusing on smart mattresses that utilize big data and sensors to enhance sleep quality [5][26] - The smart mattress market in China is expected to grow from 1.47 billion yuan in 2017 to 3.99 billion yuan by 2026, with a CAGR of 11.73% [5][29] - Major companies in the smart mattress sector, such as Mousse and Qushui Technology, are investing significantly in R&D and production capabilities to capture market share [5][33][39] Summary by Sections Weekly Topic: AI Technology Empowering the Sleep Economy - Smart mattresses are designed to collect user data through embedded sensors, analyze sleep quality, and adjust firmness accordingly to improve sleep [5][26] - The industry chain for smart mattresses in China is mature, with upstream suppliers providing materials and components, while manufacturers operate mainly under OEM models [5][27] Weekly Market Review - From March 3 to March 7, 2025, the Shanghai Composite Index rose by 1.56%, while the light industry manufacturing sector increased by 1.34% [6][42] - The textile and apparel sector also saw a rise of 1.42% during the same period [6][42] Key Data Tracking - Real estate data indicates a significant increase in property transactions, with a 40.01% month-on-month rise in the transaction area of commercial housing in major cities [9][47] - The smart home industry in China generated revenues of 195.7 billion yuan in 2023, with a year-on-year growth of 24.49% [5][29] Industry News - Companies like Mousse have invested over 1.5 billion yuan in digital sleep industry bases since 2015, focusing on innovative smart mattress products [5][33] - Qushui Technology is leveraging its partnership with Xiaomi to enhance its smart home product offerings [5][39]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights the recent advancements in AI technology, particularly the launch of the first autonomous AI agent product "Manus" by Monica.im, which has achieved state-of-the-art performance in GAIA benchmark tests, surpassing similar models from OpenAI [4][6] - Tencent's app "Yuanbao" has reached the top of the App Store's free download chart in China, indicating strong market performance and user engagement [4][6] - The report emphasizes the ongoing positive trends in the AI sector, with significant developments from major companies like Baidu, Huawei, and Google, which are expected to drive further growth in the industry [5][43] Market Performance Overview - From March 3 to March 7, 2025, the Shanghai Composite Index rose by 1.56%, the ChiNext Index increased by 1.61%, and the CSI 300 Index saw a gain of 1.39%. The Hang Seng Tech Index surged by 8.43%, while the Nasdaq Index fell by 3.45% [22] - The performance of various sectors during the same period showed that the media index increased by 5.19%, the Hang Seng Internet Technology Index rose by 12.19%, and the AI index decreased by 4.74% [22] AI Developments - The report notes that Baidu is set to release its Wenxin large model 4.5 on March 16, which will feature significant enhancements in foundational model capabilities and will be open-sourced [5] - Google is developing a new Gemini model that will utilize user search history to provide personalized AI responses, indicating a shift towards more tailored AI interactions [43] - The launch of Tencent's new video generation model, which supports high-quality video production, showcases the rapid advancements in AI applications [44] Company Highlights - The report mentions that Tencent's Yuanbao app has significantly improved its ranking in the App Store, reflecting its growing popularity and user base [4][6] - The introduction of the QwQ-32B inference model by Alibaba Cloud, which boasts 32 billion parameters, is noted as a competitive advancement in the AI landscape [45] - The report identifies several companies involved in AI and computing, including Meta, Adobe, Microsoft, and Nvidia, as key players in the ongoing AI revolution [5][8]

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The report highlights the launch of the world's first autonomous AI Agent product "Manus" by the Monica.im team, which achieved State-of-the-Art performance in GAIA benchmark tests, surpassing similar models from OpenAI [3][5] - Tencent's app "Yuanbao" reached the top of the free app download chart in China's App Store, indicating strong market performance and user engagement [3][5] - The report emphasizes the positive developments in AI hardware and software, with major companies like Baidu and Huawei set to release significant new products and models [4][5] Market Performance Review - From March 3 to March 7, 2025, the Shanghai Composite Index rose by 1.56%, the ChiNext Index by 1.61%, and the CSI 300 Index by 1.39%. The Hang Seng Tech Index saw a significant increase of 8.43%, while the Nasdaq Index fell by 3.45% [24] - Sector performance showed the Media Index increasing by 5.19%, the Hang Seng Internet Technology Index by 12.19%, and the AI Index by 4.74% [24] AI Developments - Baidu is set to release the Wenxin large model 4.5 on March 16, which will be open-sourced and features significant enhancements in foundational model capabilities [4] - Google is developing a new Gemini model that will utilize user search history for personalized AI responses, indicating a trend towards more tailored AI interactions [4][45] - OpenAI has upgraded its macOS ChatGPT application to facilitate code editing directly within integrated development environments, enhancing developer productivity [4][45] Domestic AI Trends - The launch of "Manus" marks a significant milestone in domestic AI capabilities, with its ability to independently think and execute complex tasks [5][46] - Tencent's "Yuanbao" app's rise in download rankings reflects the growing popularity of AI-driven applications in the Chinese market [5][46] Company Announcements - Tencent's release of the image-to-video model and its open-sourcing efforts demonstrate a commitment to advancing AI technologies [46] - Alibaba Cloud's introduction of the QwQ-32B inference model, which boasts 32 billion parameters, showcases competitive advancements in AI model capabilities [47]

Market Insights - The government work report aligns with expectations, leading to a focus on policy implementation and its effects, while the domestic situation remains stable. The risk of increased tariffs from the US is not a dominant factor for the A-share market but may cause disturbances at certain times, resulting in continued high-level fluctuations in the market [1][2][3] - The export data for January-February shows resilience but is slightly below expectations, indicating a potential impact from US tariff increases. The overall export value reached USD 539.94 billion, with a year-on-year growth of 2.3%, although this is a decline of 8.4 percentage points compared to December [3][18][19] Industry Configuration - The report emphasizes the importance of seasonal infrastructure benefits, suggesting a focus on undervalued sectors that have lagged behind. The sectors highlighted include banks and insurance, which offer value for both short-term and long-term strategic allocation, as well as pharmaceuticals, automobiles (excluding parts), and home appliances (excluding parts) that are expected to benefit from policy catalysts [1][4][22] - The technology sector, particularly the TMT (Technology, Media, and Telecommunications) segment, is experiencing a cautious outlook despite recent catalysts like Manus AI. The report notes that the growth in technology stocks may be limited due to high valuation pressures and signs of market topping [4][22][27] - The defense and military industry is showing potential for continued growth, with the report indicating that if the ChiNext index experiences a significant correction, the military sector may still see upward movement. The military sector has recently seen a 7% increase, with sub-sectors like military electronics and aerospace equipment performing particularly well [7][36]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights a significant divergence in the growth rates of listed pig farming companies, with a continued weak replenishment enthusiasm and a slight increase in the average weight of pigs at slaughter [3][6] - The report indicates that the recent tariff increases by China on certain imports, particularly sorghum and soybeans, will have a substantial impact on the domestic market [6] Summary by Sections Industry Overview - The agricultural sector index increased by 1.04% in the week from March 3 to March 7, 2025, while the overall agricultural index has underperformed compared to the Shanghai and Shenzhen 300 index [19] - The agricultural industry accounted for 0.61% of the stock investment market value at the end of 2024, which is below the standard allocation [29] Livestock Data - The average price of live pigs decreased by 0.5% to 14.5 CNY/kg, with the average weight of pigs at slaughter rising to 127.06 kg, an increase of 0.54 kg week-on-week [3][6] - The report lists the monthly output of major listed pig companies, showing a significant variation in growth rates, with companies like Lihua and Dongrui experiencing substantial increases [3][6] Price Trends - The price of white feather chicken products fell to 8,970 CNY/ton, while yellow feather chicken prices showed mixed trends [6] - The report notes that the prices of corn and soybeans have fluctuated, with corn prices at 2,229.12 CNY/ton and soybeans at 3,856.79 CNY/ton [43] Tariff Impact - The new tariffs imposed by China starting March 10, 2025, will affect imports of sorghum and soybeans significantly, with an estimated impact on 19% of soybean consumption and 46% of sorghum consumption [6]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that SanDisk has announced a price increase for storage products, effective from April 1, with an increase of over 10%. This is attributed to a shift towards a supply-demand imbalance in the storage industry, driven by reduced production from major NAND Flash manufacturers and increasing demand from AI terminals and servers [4][5]. Summary by Sections 1. Important News in the Electronics Industry - The report reviews the performance of various electronic indices, noting that the best-performing index was the optical components index, which rose by 4.51%, while semiconductor materials showed weaker performance with a rise of only 0.68% [3][48]. - The NAND Flash storage demand is expected to surge due to the AI computing wave, with significant contributions from server storage needs and the upcoming release of new mobile devices [5]. 2. Market Performance Review - The report covers the market performance from March 3 to March 7, 2025, indicating that the Shanghai Composite Index rose by 1.56%, the Shenzhen Component Index by 2.19%, and the ChiNext Index by 2.67%. The Shenwan Electronics Index increased by 2.74% during this period [3][48]. - The report also notes that the best-performing concept index was the sensor index, which increased by 7.32%, while the weakest was the SMIC industry chain index, which rose by only 2.59% [48]. 3. Company Performance - The report identifies several companies in the storage sector that are expected to benefit from the rising demand, including Beijing Junzheng, Zhaoyi Innovation, Jiangbolong, and others [5]. - It also highlights the performance of individual stocks, with the top five performers being Xinhui Technology, Glinda, Tianshan Electronics, Benchuan Intelligent, and Hongxin Electronics during the week of March 3 to March 7, 2025 [61].