[Table_IndNameRptType] 基础化工 行业周报 山东 27 家化工园区完成扩区调区，MDI、TDI 价格上涨 [Table_IndRank] 行业评级：增持 报告日期： 2025-02-09 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -9% 2% 13% 24% 35% 2/24 5/24 8/24 11/24 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：刘旭升 执业证书号：S0010524070003 电话：17610267257 邮箱：liuxs@hazq.com 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/2/3-2025/2/7）化工板块整体涨跌幅表现排名第 21 位，涨跌幅为 1.60% ，走势处于市场整体走势中下游。上证综指涨 跌幅为 1.63%，创业板指涨跌幅为 5.36%，申万化工板块跑输上证 综指 0.03 个百分点，跑输创业板指 3.276 个百分点。 ⚫ 2025 年化工 ...

执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 策略研究 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 周度报告 [Table_Author] 分析师：郑小霞 [Table_RptDate] 报告日期： 2025-02-09 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《外部风险缓释提振市场， 弹性成长和季节性基建正当时》2025- 02-04 2.策略月报《正值春光好时节》2025- 01-26 3.策略周报《迎来变局时刻》2025-01- 19 4.策略周报《外部扰动敏感期，高股息 有望进一步强化》2025-01-12 乘势而上，不负春华 主要观点 [Table_Summary] ⚫ 国内外数据无明显拐点性变化，临近两会市场对于政策发力预 ...

[Table_IndNameRptType] 全球科技 行业周报 DeepSeek 加快国内 AI 进程，关注计算机及恒生科技行业估值修复 [Table_IndRank] 行业评级：增持 报告日期： 2025-02-09 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：王奇珏 执业证书号：S0010522060002 邮箱：wangqj@hazq.com 分析师：来祚豪 执业证书号：S0010524100001 邮箱：laizh@hazq.com 相关报告 [⚫Table_Summary] 本周行情回顾 从指数表现来看，本周(2025-02-05 至 2025-02-07),上证指数 周涨跌幅为 1.63%, 创业板指周涨跌幅为 5.36%, 沪深 300 周涨跌 幅为 1.98%, 中证 1000 周涨跌幅为 4.93%, 恒生科技周涨跌幅为 9.03%,纳斯达克指数周涨跌幅为-0.53%; 从板块表现来看，传媒指 数周涨跌幅为 7.94%, 恒生互联网科技业周涨跌幅为 6.94%, 中证 海外中国互联网 50 指数周 ...

[Table_StockNameRptType] 中烟香港（06055） 港股公司覆盖 承载中烟全球化使命，前路星辰大海 [Table_Rank] 投资评级：买入 | 首次覆盖 | | --- | 主要观点： ⚫[Table_Summary] 概况：重组天利国际业务版图，打造境外战略桥头堡 中烟香港是中烟国际负责资本市场运作和国际业务拓展的指定境外平 台。公司成立于 2004 年，于 2018 年进行重组，于 2019 年于港交所 上市，是中国烟草总公司旗下第一个登陆资本市场的子公司。公司核 心业务包括烟叶类产品进口业务、烟叶类产品出口业务、卷烟出口业 务、新型烟草制品出口业务和巴西经营业务。根据公司官网数据，目 前，中烟香港经营业务领域涵盖新型烟草、卷烟、烟叶及雪茄等品 类，市场区域覆盖东亚、东南亚、南北美、中东欧等 50 余个国家和地 区，经营新型烟草品牌超过 20 个，卷烟品牌超过 35 个，雪茄品规超 过 35 个。公司业绩持续稳定增长，2016-2023 年，公司营业收入由 63.10 亿港元增长至 118.36 亿港元，CAGR 为 9.40%；归母净利润由 3.35 亿港元增长至 5.99 亿港 ...

[Table_IndNameRptType] 农林牧渔de 行业周报 1 月生猪补栏积极性继续疲弱，美欧高致病性禽流感频发 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-8 行业指数与沪深 [Table_Chart] 300 走势比较 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1.华安农业周报：全国能繁母猪存栏 环比微降，出栏均重连续五周大降 2025-1-25 2.华安农业周报：12 月白羽祖代更新 量同环比大降，宠物板块业绩预告亮 眼 2025-1-18 主要观点： _S本周生猪价格大跌，2025 年 1 月补栏积极性持续疲弱 ①本周生猪价格大跌至 14.56 元/公斤。本周六，全国生猪价格 14.56 元/公斤，周环比下跌 9.3%，主要是年后进入消费淡季。涌益咨询 （2.4-2.6）：全国 90 公斤内生猪出栏占比 4.58%，维持低位；50 公 斤二元母猪价格 1641 元/头，与年前持平；规模场 15 公斤仔猪出栏 价 653 元/头，较节前再涨 3.8%；②出栏生猪均重较年前上升、大体 ...

电力设备 行业年度/中期/季度投资策略 海内外电网投资共振，工控有望穿越底部周期 行业评级： 增持 报告日期： 2025-2-5 行业指数与沪深 300 走势比较 0% 20% 40% 60% 02-01 04-01 06-01 08-01 10-01 12-01 02-01 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱： zhengyang@hazq.com 主要观点： 海内外电网投资共振向上，行业景气度持续 2024 年前 10 个月电网工程投资总额达到 4502 亿元（同增 20.7%）， 主要得益于能源转型下新能源装机容量的显著上升，新能源大基地及 分布式支撑特高压及配网建设需求。风光发电占比增加提升电网的不 稳定性，信息化协助提升电网利用效率，增加电力调节能力，在电网 投资中占比有望增加，成长逻辑通顺。从典型产品看，输变电设备保 持了较高的增长态势， 2024 年全年国内累计招标金额 657.8 亿元（同 增 11.4%），且在前 5 个批次招标中，单一批次的中标金额同比增速 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is on the rise, while the growth rate of net profit attributable to the parent company has slightly decreased. For 2024, the expected revenue and net profit growth rates are +8.2% and +6.23%, respectively [4][7] - The total assets and liabilities of the company for 2024 are projected to be CNY 31,252 billion and CNY 28,909 billion, reflecting year-on-year growth of +15.25% and +15.20% [5] - The asset quality remains stable with a non-performing loan ratio of 0.76%, and the provision coverage ratio is at 389.25% [6] Summary by Sections Financial Performance - For 2024, the company's revenue is expected to be CNY 66,634 million, with a year-on-year growth of 8.2%. The net profit attributable to the parent company is projected at CNY 27,127 million, reflecting a growth of 6.23% [10] - The total profit for 2024 is expected to reach CNY 312.87 billion, with a year-on-year increase of 12.15% [4] Asset and Liability Management - The total loan amount is projected to be CNY 1,476,078 million for 2024, with a year-on-year growth of 17.83% [12] - The total deposits are expected to reach CNY 1,862,241 million, reflecting a growth of 17.23% [12] Risk Management - The company has maintained a stable asset quality with a non-performing loan ratio of 0.76% over the past eight quarters [6] - The company is expected to increase its write-off scale to ensure the non-performing loan ratio remains low [6] Investment Outlook - The company is well-positioned in economically developed regions, with a clear market segmentation and significant competitive advantages. The management team is stable, and the governance structure is sustainable [7] - The company is expected to benefit from macroeconomic recovery and valuation restoration, with adjusted profit forecasts for 2024, 2025, and 2026 [7]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The release of DeepSeek's R1 model and subsequent multimodal model enhances the deployment of AI capabilities on the edge, with significant improvements in inference performance compared to existing models like OpenAI's [3][4] - The launch of large AI models by DeepSeek is expected to facilitate the integration of AI functionalities in consumer electronics, enhancing user experience and competitive advantage for manufacturers [4] - The demand for storage capacity is anticipated to increase due to edge AI applications, benefiting companies in the storage sector [5] Summary by Sections Industry Overview - The report highlights the rapid advancement of AI technologies, particularly in edge computing, with a focus on the capabilities of DeepSeek's models [3][4] Key Players - Key companies involved in low-power SoC chips include Hengxuan Technology, Chipsea Technology, and others, while high-performance SoC companies include Rockchip, Amlogic, and Allwinner Technology [5] - In the storage sector, companies like Zhaoyi Innovation and Beijing Junzheng are positioned to benefit from the increased demand driven by edge AI [5] Market Trends - Domestic smartphone manufacturers are increasingly adopting edge AI functionalities, which is expected to drive competition and innovation in the market [4]

Investment Rating - The report maintains a "Buy" rating for Aima Technology, Yadea Holdings, and Ninebot Company, indicating a positive outlook for these companies in the upcoming year [82]. Core Insights - The report highlights that the two-wheeler market is expected to see improved demand and optimized structure in 2025, driven by new policies and the "old-for-new" replacement program [5][82]. - Key investment catalysts include Q1 inventory replenishment, the peak season for the "old-for-new" program, and the trial sales of new standard vehicles in H2 [5][82]. - The report anticipates a 10-15% increase in demand due to the "old-for-new" policy, with potential sales reaching 540,000 to 720,000 units in 2025 [29][32]. Summary by Sections 2024: Can Expectations Be Met? - The report notes that the market consensus is that the "old-for-new" program will drive demand recovery [28]. - It predicts that the industry will see a significant increase in sales due to the new policies implemented in early 2025 [5][28]. 2025: How Will Market Divergence Evolve? - The report identifies three main areas of divergence: the pace of inventory replenishment, competition among leading brands, and the potential for profit margins to recover [50][69]. - It emphasizes that the concentration of market share among leading brands is likely to increase, with the top two brands expected to capture a larger share of the market [41][42]. Policy Impact - The new national standards and the "old-for-new" policy are expected to significantly benefit the operational aspects of the industry, eliminating previous policy disruptions [5][23]. - The report outlines that the new standards will lead to a marginal increase in demand, primarily driven by the "old-for-new" program [19][32]. Competitive Landscape - The report discusses the competitive dynamics among leading brands, noting that Aima is expected to benefit from a more certain growth trajectory, while Yadea is likely to see a recovery in its performance [5][82]. - It highlights the importance of product differentiation and pricing strategies in maintaining market share amid increasing competition [64][70]. Financial Projections - Aima Technology is projected to achieve a revenue growth of 22% in 2025, while Yadea Holdings is expected to see a recovery with a 28% increase in revenue [82]. - Ninebot Company is anticipated to continue its differentiated growth strategy, benefiting from expanded white list inclusion and increased subsidies [82].

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The release of DeepSeek's large models has led to multiple cloud platforms announcing the deployment of DeepSeek's models, indicating strong market adoption and integration [3] - The domestic AI computing power cards are expected to support the iteration of domestic large models, with significant contributions from companies like Haiguang Information and others in the domestic AI computing sector [5] Summary by Sections Industry Overview - DeepSeek has launched several models, with major cloud platforms like Volcano Engine, Tencent Cloud, and Baidu Intelligent Cloud announcing support for these models, showcasing a trend towards increased deployment of AI models in cloud environments [3][4] - The integration of DeepSeek models with domestic computing units, such as Haiguang's DCU, highlights the advancement in domestic AI computing capabilities [4] Key Companies - Recommended companies in the domestic AI computing sector include Haiguang Information, Sugon, and Loongson Technology, while cloud deployment-related companies include Century Internet, Runze Technology, and others [5] - Huawei's computing-related companies include Huafeng Technology and Weicai Technology, with additional mentions of companies in the Hongmeng ecosystem [5]