医药生物 / 行业专题报告 / 2025.03.12 脑机接口：从简单解码到互动学习 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -22% -14% -6% 2% 10% 18% 医药生物 沪深300 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 邹一瑜 SAC 证书编号：S0160522100001 zouyy@ctsec.com 相关报告 1. 《全球前沿创新专题报告（四）》 2025-03-11 2. 《减肥药市场渗透率有望不断提升》 2025-03-10 3. 《全球前沿创新专题报告（三）》 2025-03-09 可能迎来革新的早期行业 核心观点 请阅读最后一页的重要声明！ ❖ 脑机接口在医疗领域具有发展潜力：脑机接口（Brain-Computer Interface， BCI）技术是一种通过解读大脑信号来控制外部设备的技术，可以直接从大脑 获取信息并将其转换为可操作的指令。在医疗保健领域，BCI 可以显著改善患 有严重运动障碍或其他神经系统疾病患者的生活质量，具有极大的发展潜力。 ❖ 脑机接口领域全球市场规模持续增 ...

最近 12 月市场表现 相关报告 立高食品(300973) / 休闲食品 / 公司跟踪研究报告 / 2025.03.12 收入增长有抓手，组织调整谋发展 投资评级:买入(维持) 核心观点 | 基本数据 | 2025-03-11 | | --- | --- | | 收盘价(元) | 42.67 | | 流通股本(亿股) | 1.14 | | 每股净资产(元) | 13.56 | | 总股本(亿股) | 1.69 | 1. 《2024 年 Q4 如期修复，2025 年步 入改善通道》 2025-01-22 2. 《奶油持续放量，利润端略有拖累》 2024-09-02 3. 《重视产品开发，利润率改善可期》 2024-06-01 盈利预测： | [Table_FinchinaSimple] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2911 | 3499 | 3875 | 4512 | 5139 | | 收入增长率(%) | 3.32 | 20.22 | 10.74 | ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1]. Core Insights - The launch of Alibaba's QwQ-32B model, which has 32 billion parameters, is seen as a significant advancement, offering performance comparable to the 671 billion parameter DeepSeek-R1 model while being more cost-effective and easier to deploy [5][12]. - Manus, a new AI agent product, has set a new benchmark in AI collaboration, achieving superior performance in the GAIA benchmark tests compared to OpenAI's Deep Research [22][33]. - The report emphasizes the shift towards open-source models, which lowers barriers for developers and promotes widespread adoption of AI technologies [16][18]. Summary by Sections Section 1: QwQ-32B Model - Alibaba's QwQ-32B model is launched with a focus on cost efficiency and accessibility, utilizing a two-stage reinforcement learning approach to enhance its capabilities in mathematics and programming tasks [7][9]. - The model's performance in various benchmarks shows it surpasses OpenAI's smaller models and matches the capabilities of larger models, making it suitable for deployment in small to medium enterprises [12][20]. - The open-source nature of QwQ-32B encourages a broader ecosystem for AI development, allowing for flexible deployment options across different platforms [16][18]. Section 2: Manus AI Agent - Manus is introduced as a versatile AI agent capable of executing diverse tasks autonomously, marking a transition from traditional AI tools to collaborative agents [22][23]. - The agent's performance in the GAIA benchmark demonstrates its ability to handle complex tasks with high accuracy, outperforming existing models [33][34]. - Manus employs a multi-agent system that enhances task efficiency through a collaborative approach, breaking down complex tasks into manageable components [36][37]. Section 3: Investment Recommendations - The report suggests focusing on various applications of AI agents across different sectors, including B-end, C-end, and G-end applications, highlighting specific companies to watch in these areas [51][52].

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector [1]. Core Viewpoints - The government has set a positive tone for policies aimed at boosting consumption and stabilizing the real estate market, which is expected to benefit the light industry manufacturing sector [5][64]. - The report highlights a trend of recovery in real estate sales, with significant year-on-year increases in sales figures for major cities, indicating a potential positive impact on related industries [5][64]. - The report recommends focusing on leading companies in the sector that are well-managed and undervalued, such as Gujia Home (603816.SH) and Oppein Home (603833.SH) [5]. Summary by Sections Recent Market Performance - The light industry index closed at 2054.63 points with a weekly increase of 1.34%, ranking 16th among 31 sectors [10]. - Sub-sectors such as entertainment products, home goods, packaging, and paper all experienced positive growth, with increases of 3.02%, 1.24%, 0.99%, and 0.95% respectively [10]. Key Industry Data Tracking - In February 2025, the top 10 and top 100 real estate companies saw monthly sales increase by 16.5% and 8.2% year-on-year, respectively [5]. - The report notes significant increases in second-hand housing transactions in major cities, with Beijing up 114.95% and Shanghai up approximately 120% year-on-year [5]. Investment Recommendations - The report suggests a focus on companies with strong brand presence and channel strength, including high-end mattress leader Mousse (001323.SZ) and home furnishing leader Juran Home (000785.SZ) [5]. - It emphasizes the importance of companies that are enhancing their supply chain efficiency and organizational management, such as Smole International (6969.HK) [5]. Key Company Announcements - The report includes various company announcements, such as investment projects and share buybacks, indicating ongoing strategic initiatives within the sector [60]. Industry News - Recent government initiatives in Guangzhou to provide subsidies for home renovations are expected to stimulate demand in the home goods sector [63]. - The introduction of AI technology in 3D modeling for home design is seen as a significant innovation that could enhance efficiency in the industry [63].

Investment Rating - The report maintains a "Positive" investment rating for the AI pharmaceutical industry [1]. Core Insights - The integration of AI technology with biopharmaceutical development can accelerate drug discovery and development, revealing new biological mechanisms and predicting new drug targets, particularly for complex diseases [5]. - The AI pharmaceutical industry has seen significant investment growth, with total investments reaching $60.3 billion by August 2023, a 27-fold increase over the past nine years [12]. - The AI pharmaceutical industry is characterized by a rapid growth trend, particularly in drug discovery and preclinical research, with an average annual growth rate of 36% from 2010 to 2021 [16]. Summary by Sections AI Pharmaceutical Industry Overview - The introduction of AI technology addresses the high costs and low success rates associated with traditional drug development, which averages $2.6 billion and takes over 10 years [8]. - AI in pharmaceuticals has evolved through three phases: early theoretical development (1956-1980), the rise of computer-aided drug design (1981-2011), and rapid growth with increased capital investment since 2012 [9]. Market Size - AI-driven pharmaceutical investments peaked at $13.68 billion in 2021, driven by the COVID-19 pandemic, but fell to $10.2 billion in 2022 due to global economic downturns [12]. - The United States leads in AI pharmaceutical companies, accounting for 55.1% of the total, followed by Europe and the UK [13]. AI Pharmaceutical Technology Principles - The three key components of AI are data, computing power, and algorithms, with advancements in GPU and cloud computing significantly supporting AI pharmaceutical companies [29]. - AI algorithms, including machine learning and deep learning, are crucial for processing diverse data types and improving drug discovery processes [38]. Applications of AI in Pharmaceuticals - AI is primarily utilized in drug discovery and preclinical research stages, focusing on target discovery, compound validation, and drug design [41]. - AI techniques enhance the identification of drug targets by analyzing multi-omics data and utilizing computational methods to discover potential therapeutic targets [45]. AI Pharmaceutical Industry Chain and Policies - The AI pharmaceutical industry chain consists of upstream components (computing power, algorithms, data), midstream applications (AI + biotech, AI + CRO), and downstream traditional pharmaceutical companies [18][19]. - Regulatory policies are gradually emerging to support the AI pharmaceutical sector, with various initiatives launched in the US, Europe, and China to promote AI applications in drug development [22][24].

Investment Rating - The report maintains an investment rating of "Positive" for the building materials industry [1]. Core Insights - The recovery of the construction materials industry is underway, with a focus on high-quality development. The government emphasizes the importance of stabilizing the real estate market and improving building material quality standards, which is expected to benefit leading companies in the sector [2]. - As of March 5, 2025, the funding availability rate for construction sites is 57.3%, with non-residential projects at 59.35% and residential projects at 47.1%. Cement sales are recovering, but adverse weather conditions are impacting demand [2]. - The report suggests that after the relaxation of real estate policies, there may be a marginal improvement in building material demand. Long-term positive outlooks are recommended for companies like Beixin Building Materials and Weixing New Materials, while short-term rebounds are suggested for companies like Dongfang Yuhong and Sankeshu [2]. Summary by Sections Industry Data - The funding availability rates for construction projects indicate a gradual recovery, with non-residential projects showing stronger performance compared to residential projects [2]. - Cement companies are actively increasing prices despite a still cautious demand outlook, supported by significant production cuts in various provinces [2]. Market Trends - The glass processing sector is experiencing slow operational recovery, with prices for float glass declining. The market atmosphere remains subdued, leading to increased inventory levels [2]. - The fiberglass market shows stable pricing trends, with electronic yarn prices stabilizing after previous increases. The overall market for fiberglass remains mixed, with some companies performing better than others [2]. Investment Recommendations - The report recommends a long-term positive outlook for consumer-end companies and suggests monitoring business-to-business companies for potential rebounds in demand [2].

分析师 能宇翔 SAC 证书编号: S0160524070003 xiongyx(actsec.com 相关报告 1. 《哪此资产还可配?》 2025-03-09 "美"周市 2. 《北证 50 接近新高 策略专题报告 / 2025.03.11 1000 家上市公司业绩快报有哪些结论? -2024年年报分析 3 ■ 证券研究报告 李美岑 分析师 SAC 证书编号:S0160521120002 limc(actsec.com 分析师 王亦奕 SAC 证书编号:S0160522030002 wangyy01@ctsec.com 核心观点 别为-57.9%和-30.2%,整体盈利能力偏弱。 不仅业绩正增公司占比高,也是营收业绩双增占比相对最高的两个行业,显示 行业景气度高。与 3Q24 相比,电池、军工电子 II 行业业绩正增公司占比虽在 50%以下,但有明显改善迹象。 场复盘(3月第1周)》 2025-03-08 3. 《科综行情才露牛角》 2025-03-06 * 风险提示:核心假设不当风险;业绩快报和预告部分基于当前已披露数据统 计,结论可能随后续新披露数据发生变化;海外冲击超预期等 请阅读最后一页的重要声明 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company continues to experience growth driven by the dual engines of new energy and module testing [5] - The company achieved a revenue of 1.457 billion yuan in 2024, representing a year-on-year increase of 18.87%, and a net profit of 138 million yuan, up 28.85% year-on-year [5] - The laser business remains stable, with progress in module testing and perovskite equipment [5] - The company is expected to maintain a growth trajectory with projected net profits of 138 million yuan, 225 million yuan, and 279 million yuan for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - Revenue growth rates are projected at 18.87% for 2024, 28.62% for 2025, and 19.57% for 2026 [4] - Net profit growth rates are forecasted at 28.85% for 2024, 62.31% for 2025, and 24.09% for 2026 [4] - Earnings per share (EPS) is expected to increase from 1.46 yuan in 2024 to 2.93 yuan in 2026 [4] - The price-to-earnings (PE) ratio is projected to decrease from 36.36 in 2024 to 18.06 in 2026 [4] Business Development Summary - The company is focusing on the demand for laser processing in the new energy sector and is developing new types of lasers and monitoring modules to enhance customer processing efficiency [5] - The module testing business has expanded to cover all camera testing projects, with significant contributions expected in the next two years [5] - The perovskite film cutting equipment has gained industry-leading status, with ongoing orders and delivery progress [5]

Economic Growth Targets - The economic growth target for this year is set at around 5%, unchanged from last year, reflecting a conservative outlook due to a more complex external environment[2] - The implicit nominal growth rate of the fiscal deficit is 4.9%, indicating a cautious approach to economic growth assessment[2] - The target for consumer price inflation is adjusted to around 2%, down from the previous 3%, aligning more closely with actual conditions[2] Policy Measures - The fiscal budget deficit is set at 4%, exceeding the previous "3%" threshold, with a planned deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year[8] - Local government special bonds are proposed at 4.4 trillion yuan, a 13% increase from last year, indicating a significant rise in fiscal stimulus efforts[8] - The central government's investment budget is planned at 735 billion yuan, a nearly 5% increase from last year's 700 billion yuan[19] Key Focus Areas - Expanding domestic demand is prioritized, with a focus on enhancing consumer capacity and promoting supply release[18] - A special long-term bond of 300 billion yuan is allocated to support the "old for new" consumption policy, doubling last year's funding[18] - Real estate regulation continues with a strategy of "controlling new supply and managing existing stock," aiming to stimulate demand in the housing market[20] Risks and Considerations - Potential policy adjustments may exceed expectations, impacting economic recovery[21] - Economic recovery may fall short of projections, influenced by various external factors[22] - Historical experiences may not fully apply to current economic conditions, leading to unpredictable outcomes[22]

最近 12 月市场表现 相关报告 国力股份(688103) / 其他电子Ⅱ / 公司点评 / 2025.02.27 业务符合预告，静待下游开花 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-02-27 | | --- | --- | | 收盘价(元) | 51.75 | | 流通股本(亿股) | 0.95 | | 每股净资产(元) | 11.30 | | 总股本(亿股) | 0.95 | 1. 《收入增长利润承压，下游有望多点 开花》 2025-01-26 2. 《业绩承压延续，期待多领域成长空 间》 2024-11-01 3. 《收入增长利润承压，看好未来多领 域发展潜力》 2024-08-28 盈利预测： | [Table_FinchinaSimple] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 700 | 692 | 797 | 1370 | 1699 | | 收入增长率(%) | 37.53 | -1.12 | 15.10 | 71.97 | ...