D [Table_IndNameRptType] 基础化工 -24% -13% -1% 10% 22% 33% 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：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 行业周报 合成生物学周报：英伟达等联合发布公开 AI 生物学大 模型 Evo2 ，金发科技推出新一代生物基 LCP 材料 [Table_IndRank] 行业评级：增持 报告日期： 2025-02-24 [Table_Chart] 行业指数与沪深 300 走势比较 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the acceleration of AI development in China, with significant investments from cloud service providers driving downstream AI applications [3][4] - The performance of major indices shows a mixed trend, with the AI index experiencing a notable increase of 7.96% during the week [21] - The report emphasizes the importance of hardware investments in facilitating the deployment of cost-effective AI applications, particularly in the context of the ongoing US-China tech competition [4] Summary by Sections Market Review - From February 17 to February 21, 2025, the Shanghai Composite Index rose by 0.97%, while the ChiNext Index increased by 2.99%. The CSI 300 Index saw a 1% rise, and the Hang Seng Tech Index surged by 6.03% [21] - The AI index outperformed with a weekly increase of 7.96%, indicating strong market interest in AI-related stocks [21] AI Developments - On February 18, xAI launched the Grok3 model, which reportedly surpasses leading models like DeepSeekV3 and GPT-4o in core capabilities, with performance improvements of 16%-27% [3][38] - Tencent's AI application, Yuanbao, has seen a surge in downloads, reaching the second position in the Apple App Store in China, following the integration of the DeepSeek R1 model [3][39] Cloud Infrastructure Investment - Global cloud infrastructure spending is projected to grow by 20% year-on-year in Q4 2024, reaching $86 billion (approximately 623.48 billion RMB). Total spending for 2024 is expected to rise from $267.7 billion in 2023 to $321.3 billion (approximately 2.33 trillion RMB) [3] - The top three cloud service providers—AWS, Microsoft Azure, and Google Cloud—maintain a combined market share of 64%, with a year-on-year spending increase of 25% [3] Policy Support - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized the need for central enterprises to enhance AI development through increased funding and strategic investments [4] - Local governments, such as Shenzhen, are providing substantial financial incentives to support AI initiatives, including subsidies for training and model development [4] AI Hardware Innovations - Apple is set to launch the Apple Watch Ultra 3, which will be the company's first 5G-enabled smartwatch, enhancing its connectivity capabilities [41] - The price of quadruped robots is expected to drop to around 3,000-4,000 RMB, making them accessible to consumers [41]

[Table_StockNameRptType] 策略研究 月度报告 静水流深 [Table_RptDate] 报告日期： 2025-02-23 [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 3.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 4.策略月报《正值春光好时节》2025- 01-26 主要观点： [Table_Summary] ⚫ 市场对"两会"政策的预期将回归现实，预计政府工作报告总体定 调将符合市场预期，同时经济基本面边际变化微弱，海外风险扰动 有限，因此市 ...

[Table_IndNameRptType] 农林牧渔de 行业周报 1 月能繁母猪存栏环比下降，白羽祖代更新量仅 1 万套 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-22 行业指数与沪深 [Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1.华安农业周报：1 月生猪补栏积极 性继续疲弱，美欧高致病性禽流感频 发 2025-2-8 2.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 主要观点： _S本周生猪价格上涨 1%，1 月能繁母猪存栏量环比下降 0.39% ①本周生猪价格涨 1%至 14.73 元/公斤。本周六，全国生猪价格 14.73 元/公斤，周环比上涨 1%。涌益咨询（2.14-2.20）：全国 90 公斤内生猪出栏占比 4.34%，维持低位；50 公斤二元母猪价格 1641 元/头，连续四周持平；规模场 15 公斤仔猪出栏价 594 元/ 头，周环比下跌 5.7%；② ...

[Table_IndNameRptType] 农林牧渔 行业专题 猪价步入下行周期，成本下降仍是重中之重 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-21 [Table_Chart] 行业指数与沪深 300 走势比较 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1、生猪养殖行业系列报告十一：产能恢 复持续偏弱，2025 年猪价获有力支撑 20241116 2、生猪养殖行业系列报告十：产能恢复 明 显 偏 弱 ， 2025 年 猪 价 获 支 撑 20240926 3、生猪养殖行业系列报告九：产能去化 影响逐步显现，产能恢复明显偏弱 20240819 主要观点： ⚫[Table_Summary] 产能恢复明显偏慢，产业重组、融资稳步推进 本轮补栏积极性持续偏弱，从统计局数据看，2024Q2-Q4 全国能繁母 猪存栏量累计增幅 2.1%，2025 年 1 月全国能繁母猪存栏月环比下降 0.39%。上市猪企已成为新增产能主力军，2024 年 12 月末，牧原、 温氏的能繁母猪存栏量分别为 351.2 万头、 ...

医药生物 行业周报 行业评级：增持 报告日期： 2024-02-23 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com 联系人：刘洪飞 执业证书号：S0010123080001 邮箱：liuhongfei@hazq.com 相关报告 1.行业周报：持续看好医药的配置价 值 2024-02-27 2.行业周报：看好具备成长和估值相 得益彰的医药标的 2024-03-04 3.行业周报：医药本周回调较大，需 要关注"中药+创新落地的品类" 2024-03-11 4.行业周报：医药板块处于底部位 置，建议加大对医药的配置 2024- 07-01 5.行业周报：AI 破局医药板块 2025- 02-16 创新板块接力 AI 破局 主要观点： 本周行情回顾：板块上涨 本周医药生物指数上涨 1.88%，跑赢沪深 300 指数 0.87 个百分 点，跑赢上证综指 0.91 个百分点，行业涨跌幅排名第 9。2 月 21 日 （本周五），医药生物行业 PE（TTM，剔除负值）为 2 ...

电子 行业周报 电子行业周报：苹果 Al 功能中文版 4 月发 阿里对 Al 投入表达乐观 行业评级:增持 报告日期:2025-02-23 行业指数与沪深 300 走势比较 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(2025-02-17 至 2025-02-21)，上证指数周涨 跌幅+0.97%,深圳成指涨跌幅为+2.25%,创业板指数涨跌幅+2.99%, 科创 50 涨跌幅为+7.07%，申万电子指数涨跌幅+6.96%。板块行业指 数来看,表现最好的是数字芯片设计指数,涨幅为+10.82%,面板指 数较弱,涨幅为0.41%;板块概念指数来看,表现最好的是传感器指 数，涨幅为+9.96%，表现最弱的是 EDA 指数，涨幅为 2.25%。 ● 苹果将于 4月更新 Al 功能中文版, Al 端侧落地值得关注 40% 30% 20% 10% 11/24 -10%2A2 -20% 沪深300 电子(申万) 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 分析师:李美贤 执业证 ...

[Table_IndNameRptType] 轻工纺服 行业周报 国际烟草巨头公布财报，新型烟草业务持续发展 行业[Table_IndRank] 评级：增 持 报告日期： 2025-02-23 [行业指数与沪深 Table_Chart] 300 走势比较 -8% -6% -4% -2% 0% 2% 4% 6% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：节后纸企频发涨价函， 旺季临近文化纸或率先复苏_202502 17》 主要观点： ⚫[Table_Summary] 周专题：国际烟草巨头公布财报，新型烟草业务持续发展 菲莫国际新型烟草业务积极发展，对整体业绩增长的贡献较大。202 4 年菲莫国际营业收入为 379 亿美元，同比增长 7.52%。无烟产品 （新型烟草）收入约 147 亿美元，同比增长 14.84%，高于整体收入 增速 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report emphasizes that the company is positioned to benefit from AI and cloud services, indicating a dual driving force for growth. Despite a prolonged stock price correction, the revenue remains stable, and the company is expected to see improvements in profit margins as operational adjustments and cost pressures ease in 2025. The hardware business, particularly in cameras, home entry systems, and robots, is anticipated to achieve scale effects, making it a key area of focus [6][7]. Financial Performance Summary - For Q4 2024, the company reported revenue of 1.48 billion yuan (up 11.1% year-on-year) and a net profit attributable to shareholders of 130 million yuan (down 20.0% year-on-year). The full year 2024 revenue is projected at 5.44 billion yuan (up 12.4% year-on-year) with a net profit of 500 million yuan (down 10.5% year-on-year) [6][9]. - The revenue forecast for 2024-2026 is adjusted to 5.44 billion yuan, 6.30 billion yuan, and 7.17 billion yuan respectively, with year-on-year growth rates of 12.4%, 15.8%, and 13.8% [6][9]. Revenue Analysis - The camera business is expected to show slight growth in 2024, benefiting from online subsidies. The home entry business, particularly smart locks, is experiencing significant growth, with online sales increasing by 145% for the company's brand, positioning it as a market leader. The robot and smart wearable segments are also expected to grow, with a focus on cleaning robots and AI-driven elderly care solutions. The cloud services sector is anticipated to grow faster in the B2B segment compared to B2C [6][9]. Profitability Analysis - The net profit margin for Q4 2024 was 8.7%, showing a recovery from previous quarters. The year-on-year decline in net profit margin is attributed to the increased proportion of lower-margin new businesses and the impact of marketing expenses related to new product launches and overseas expansion. The report indicates that profitability is expected to improve in 2025 as the company achieves breakeven in high-growth segments [6][9].

[Table_StockNameRptType] 艾力斯（688578） 公司覆盖 艾弗沙开花结果，走出去引进来巩固产品生态 [Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： | 2025-2-20 | | --- | --- | | [Table_BaseData] 收盘价（元） | 69.80 | | 近 12 个月最高/最低（元） | 72.26/31.86 | | 总股本（百万股） | 450 | | 流通 A 股（百万股） | 450 | | 流通股比例（%） | 100 | | 总市值（亿元） | 314 | | 流通市值（亿元） | 314 | [Table_Chart] 公司价格与沪深 300 走势比较 主要观点： ⚫ 伏美替尼商业化快速放量，公司经营业绩实现大幅增长 公司核心产品艾弗沙®（甲磺酸伏美替尼片），自 2021 年获批上 市以来取得了显著的成果。销售方面，伏美替尼凭借成功的医保准 入和公司出色的商业化能力，实现了快速放量。2023 年公司营收 达到 20.18 亿元，同比增长 155.14%，2024 年前三季度营收已达 到 25.33 亿元，同比增长 87.97 ...