行业周报 · 有色金属行业 旺季去库拐点显现,有色春季行情有望展开 有色金属行业周报 2025年3月9日 核心观点 有色金属行业 推荐 细带 分析师 华立 ☎: 021-20252629 网:huali@chinastock.com.cn 分析师登记编码：S0130516080004 阎予露 ☎: 010-80927659 0 : yanyulu @chinastock.com.cn 分析师登记编码：S0130522040004 研究助理:孙雪琪 2025-3-7 相对沪深 300 表现图 40% 20% 资料来源:中国银河证券研究 相关研究 【银河有色】行业周报_有色消费旺季来临,刚果 (金) 暂停钻出口 20250302 www.chinastock.com.cn 证券研究报告 有色金属板块行情回顾 截止到３月７日周五收市：本周上证指数+1.56%，报 3372.55 点；沪深 300 指数+1.39%，报 3944.01 点；SW 有色金属行业指数+7.08%，报 4804.5 点。2025 年以来，SW 有色金属行业指数 +11.27%，同期上证指数+0.62%，沪深 300指数+0.23%。 请务必 ...

公司点评报告 · 医药行业 2024年利润超预期,看好口服药持续放量 2024年年报业绩点评 2025 年 3 月 12 日 昆药集团 (股票代码:600422) | 推荐 | | --- | | 维持 | 分析师 程培 ☎: 021-2025-7805 网: chengpei_yj @chinastock.com.cn 分析师登记编码：S0130522100001 宋丽莹 网: songliying_yj@chinastock.com.cn 分析师登记编码：S0130524050001 | 市场数据 | 2024-3-12 | | --- | --- | | 股票代码 | 600422.SH | | A 股收盘价(元) | 17.56 | | 上证指数 | 3371.92 | | 总股本(万股) | 75697.58 | | 实际流通 A 股(万股) | 75697.58 | | 流通 A 股市值(乙元) | 133 | 【银河医药】公司点评报告_ 昆药集团 (600422.SH）：公司拟现金收购昆明圣火 51% 股权,持续着好银发经济第一股 2. 【银河医药】公司点评报告. (600422.SH):精品国 ...

正券 CGS 国收研究报告 权益市场持续走牛,高波策略年内超额16% 转债量化类策略更新 核心观点 2025 年 3 月 12 日 分析师 1. 历史数据不复现风险 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 0 策略绩效及策略推荐:上一周期（2.25-3.10）低价增强策略、改良双低策略、 高价高弹性策略分别录得 0.1%、1.0%、5.8%(同期基准 0.8%)。今年以来, 三类策略绩效分别为 3.6%、13.5%、21.9%（同期基准 5.3%），累计超额收 益率-1.7%、8.2%、16.6%。今年以来权益市场表现良好,转债跟涨且估值持 续抬升,万得全 A/中证转债累计上涨 4.8%/5.3%,高价高弹性策略、双低策 略今年以来分别超额16.6%、8.2%。上期高价高弹性策略持续占优。 0 低价增强策略最新持仓: 海顺转债（轻工制造，新入）、齐翔转 2（石油石 化,新入）、益丰转债(医药生物,新入）、新港转债(公用事业,新入）、 上银转债(银行,新入）、岱美转债(汽车,新入）、超声转债（电子,新入）、 常银转债(银行,新入）、新乳转债 ...

2025 年 3 月 13 日 银河观点集萃 每日晨报 科创板:深圳发布《加快推进 AI 终端产业发展行动计划》。继续围绕 AI 产 ● 业链三条主线布局科创行情。主线一：AIDC 及算力配套设施包括供配电系统 等,大厂资本开支不断上调,Deepseek 推理算力需求激增大大提升 AIDC 利 用率,而 AI 智能体所需算力更是传统推理模型的 10 倍到 100 倍,算力是核 心。主线二：Deepseek 私有化部署带来的训推一体机需求大增,Manus 智 能体强大的工具调用功能以及支持任务完全云端运行的优势,进一步推动云服 务需求,金融、政务、法律、教育、医疗等领域的 AI 云应用有望较快落地。 主线三:端侧 AI 发展加速,大厂积极布局硬件生态,AI 眼镜、AI手机及 AIPC 等新品有望不断推出,人形机器人产业化加速。 轻工:国补持续兑现,持续关注 AI 拉动效应。AI 赋能产业升级,共绘"AI+ ● 家居"未来蓝图。AI 赋能产业的趋势仍不断加强,目前家居行业中已居然智 家、尚品宅配、趣睡科技等企业官宣接入 DeepSeek, AI 对产业链的赋能效果 有望持续显现。轻工消费:AI+玩具热度持续上升。 ...

中国银河证券|CGS 跨越智慧家居，拥抱万物拟人 AI+家电 银河研究所副所长、大消费组组长、家电行业首席：何伟 家电行业分析师：杨策 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业深度报告 · 家用电器 跨越智慧家居,拥抱万物拟人 AI+家电- 2025 年 3 月 2 日 核心观点 家用电器行业 | | | 分析师 何伟 ☎：021-2025-7811 □：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 杨策 手 CGS 智慧家居时代爆款产品涌现,但智慧家居场景滞后:1)回顾历史,消费行 0 业经历了电气化、自动化、数字化以及物联网(IoT)等重大技术革新,每一 次技术进步都深刻地改变了消费模式和产品形态。2）在数字化和 IoT 技术推 动下,智慧家居实现了万物互联,众多产品如智能电视、智能音箱、扫地机器 人、网络摄像头、智能门锁等得到改造和创新,大多数家电实现联网功能,体 验或多或少的提升。3)由于当时 AI 技术尚未成熟,无法实现消费者期望的场 景智慧化体验。尽管智慧家居尝试通过场 ...

Investment Rating - The report recommends investment in the AI+ agriculture sector, particularly in the pet industry and smart pig farming [4][5]. Core Viewpoints - AI+ agriculture is identified as a significant exploration and development direction, with a focus on integrating AI technologies into various agricultural sectors to enhance efficiency and innovation [4][8][9]. - The pet industry is experiencing rapid growth, with AI applications transforming pet healthcare, maintenance, and marketing, indicating a robust market potential [22][23][25]. - Smart pig farming is undergoing a technological revolution, transitioning from traditional methods to data-driven, automated practices, which are expected to improve productivity and reduce costs [58][64][65]. Summary by Sections AI+ Agriculture as an Important Exploration Direction - The report highlights the global trend of integrating AI and big data into agriculture, driven by technological advancements and policy support for consumption upgrades [4][9][10]. - The Chinese government is actively promoting AI in consumption sectors, aiming to enhance the integration of technology and consumer needs [9][10]. AI+ Pet Industry: Exploring New Consumption Models - AI is rapidly penetrating the pet industry, enhancing health management, behavior analysis, and marketing strategies, which are expected to significantly improve industry efficiency [22][23][25]. - The number of pets in China is projected to grow, with a current penetration rate of 22%, indicating substantial room for growth compared to mature markets [22][23]. - The average medical expenditure per pet is on the rise, with a forecasted increase to approximately 677 RMB in 2024, reflecting growing consumer awareness of pet health [23][25]. AI+ Smart Pig Farming: Leading Transformation and Upgrading - The report discusses the shift towards smart pig farming, emphasizing the integration of IoT, cloud computing, and AI technologies to enhance operational efficiency [58][59]. - Recent policies support the digital transformation of pig farming, aiming for a significant increase in the scale and automation of operations by 2030 [59][63]. - The application of smart technologies is expected to improve labor productivity by over 30% and reduce costs by approximately 150 RMB per pig [64][65].

-20% 0% 20% 40% 60% 80% 北证50 沪深300 -40% ⚫⚫⚫⚫⚫⚫ 2 国银河证券|CGS 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.12) ■北交所算数平均涨跌幅 ■ A股算数平均涨跌幅 IQ 14 12 10 8 6 4 2 0 -2 -4 -6 st program 资料来源：iFinD，中国银河证券研究院 ■ 成交金额（合计/亿元) -换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 3-03 01-03 02-23 05-05 03-02 图1：北证成交额与换手率情况（截至 2025.03.12) 河证券|CGS 北交所日报 表1：涨幅前十股票的市场数据（2025.03.12/财务数据为 2024O3) 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 北交所日报 表2：跌幅前十股票的市场数据（2025.03.12/财务数据为 2024Q3) | | 序号 | 代码 | 筒称 | 所属行业 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The overall trading activity in the Sci-Tech Innovation Board decreased, with an average daily transaction amount of approximately 151.69 billion, down from 189.45 billion the previous week, and an overall increase of 4.33% in the board [6][7][15] - The total number of listed companies on the Sci-Tech Innovation Board reached 585, with a total market capitalization of 8,333.57 billion [6][7] - The AI terminal industry is projected to reach a scale of over 800 billion by 2026, with a goal of introducing over 50 popular AI terminal products [6][7] - The report identifies three main lines of investment focus within the AI industry: AIDC and computing power facilities, the demand for training and inference machines due to private deployment, and the accelerated development of edge AI [6][7][30] Summary by Sections Market Overview - The Sci-Tech Innovation Board saw a decrease in trading activity, with a daily average transaction amount of approximately 151.69 billion, down from 189.45 billion the previous week [6][7] - The average turnover rate for the board was 16.61%, lower than other boards [7][15] - The overall PE ratio for the Sci-Tech Innovation Board is approximately 52.61, which is higher than other major boards [7][33] Industry Performance - Most industries on the Sci-Tech Innovation Board experienced an increase, with the defense and military industry showing the highest weekly increase of 9.76%, while the beauty and personal care industry had the largest decline of 0.80% [15][16] - The electronic industry has the highest average PE ratio at 94.75, while the agriculture, forestry, animal husbandry, and fishery industry has the lowest at 14.83 [19][33] Company Performance - Among the 585 listed companies, Zhiyuan Huilian led with a 51.43% increase, while Yuke Technology had the largest decline at -13.17% [23][29] - The report highlights that the average PE ratio for the Sci-Tech Innovation Board is significantly higher than that of the A-share market [19][33] Fund and Index Performance - The report notes that the thematic funds related to the Sci-Tech Innovation Board performed better than index funds, with the largest increase seen in the Guangfa Technology Innovation A fund at 9.55% [6][7] - Nine new Sci-Tech Innovation Index ETFs were launched, attracting significant investor interest and capital inflow [42][44]

河证券|CGS 国防军工 推荐 维持 行业周报 ·国防军工行业 "十四五"务期必成、收官战催生 2025 高景气 -- 军工行业双周报 2025年3月9日 2025-3-9 网: huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 相对沪深 300 表现图 网： liliang_yj@chinastock.com.cn ☎： 010-80927657 胡浩淼 分析师 李良 ☎: 010-80927657 分析师登记编码：S0130515090001 来源: iFind 中国银河 建议关注: www.chinastock.com.cn 证券研究报告 行业周报 ·国防军工行业 相关研究 "十四五"务期必成,收官战催生 2025年高景气度。3月7日，习近平 强调如期完成"十四五"既定目标任务,如期实现建军一百年奋斗目标。我 们认为 2025 年行业需求端呈现"传统装备交付进展加速+新兴领域爆发"双 轮驱动:1）"十四五"订单补发与"十五五"预研项目储备相叠加,有望带 动全产业链业绩释放;2)商业航天、低空经济等新兴领域赛道快速扩容,新 质战斗力等相关领域有望获 ...

2025 年 3 月 12 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网: zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 美国 1 月 JOLTS 职位空缺 774 万高于预期, 裁员减少,自主离职人数上升 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 每日晨报 计算机：AI 智能体 Manus 发布,阿里推出 QwQ-32B。我们认为：中国在全 ● 球 AI 产业的崛起趋势愈发明显,无论是"祖冲之三号"、DeepSeek,还是 Manus,中国企业的创新能力和技术实力正在逐渐改变全球人工智能产业的 竞争格局。 ● 银行:全国两会召开,宏观政策更加积极有为。宏观政策更加积极有为。财政 政策更加积极,货币政策适度宽松,重点领域化险力度不减,五篇大文章制度 完善，银行基本面积极因素积累。市值管理加力重塑银行估值,中长期资金入 市利好行情兑现。 汽车:AI 赋能智能汽车及机器人产业链估值提升。2 月新能源市场强劲恢复, ● 乘联会初步统计数据新能源乘用车零售渗透率 ...