Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The report highlights the launch of DeepSeek-R1 model by DeepSeek, which has garnered support from multiple cloud service providers globally, indicating a significant advancement in AI capabilities [4][5] - The performance of DeepSeek-R1 in various tasks is comparable to OpenAI's models, suggesting a competitive edge in the AI market [4] - The report anticipates a surge in AI assistant applications as various companies integrate DeepSeek models into their services, indicating potential growth in the AI application sector [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 39.35% compared to the CSI 300 index, with an absolute return of 55.28% [2] Key Events - Google launched Gemini 2.0 and OpenAI initiated a new product release cycle, indicating ongoing innovation in the AI sector [3] - The report notes the acceleration of smart driving processes powered by AI technologies [3] Investment Recommendations - The report suggests focusing on upstream server companies such as Inspur Information, Sugon, and China Great Wall, as well as IDC-related companies like Runze Technology and Baoxin Software [5] - It also recommends monitoring AI application companies like Wanjing Technology, Chuangye Heima, Kingsoft Office, and Meitu, as the integration of DeepSeek models is expected to drive growth in this area [5]

Investment Rating - The industry rating is maintained at "Overweight" [5] Core Viewpoints - The machine tool industry is expected to see further improvement in 2025, driven by the release of equipment update demands and the effects of incremental policies [9] - The export value of machine tools in December 2024 showed a significant year-on-year increase of 21.7%, indicating a positive growth trend [6][9] - The domestic demand for high-end CNC machine tools is anticipated to grow, supported by the rapid development of emerging industries such as aerospace and humanoid robots [9] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 27.07% compared to the CSI 300 index, with an absolute return of 42.76% [3] - The export value of tools in 2024 reached 25.653 billion yuan, a year-on-year increase of 9.8%, while imports decreased by 2.66% [5] Machine Tool Data - In December 2024, the production of cutting and forming machine tools increased by 35% and 14.3% respectively, indicating a recovery trend [6][9] - The average price of exported machine tools was $617.04 per unit, reflecting a year-on-year increase of 2.02% [6] Policy Support - Recent policies have been implemented to promote high-quality development in the machine tool industry, including the inclusion of CNC machine tools in the encouraged category of the Industrial Structure Adjustment Guidance Catalog [6][9] - The collaborative innovation within the industry has been significantly enhanced, contributing to the international competitiveness of China's machine tool sector [6]

证券研究报告·行业点评报告 2025 年 2 月 10 日 江海证券研究发展部 传媒行业 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 9.44 8.94 13.83 绝对收益 12.42 3.79 29.51 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：春 节档票房新高，《哪吒之魔童闹海》票房 创影史记录 – 2025.02.07 2. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 3. 江海证券-行业点评报告-传媒行业：微 信小店风起，春节有望裂变 – 2025.01.03 4. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 5. 江海证券-行业点评报告-传媒行业：鼓 励体育产业发展，提示投资机会 – 2024.12.02 分析师：张婧 AI agent 产业进展不断，提示相关投 资机会 事件： 投资要点： 微软官宣 all in ai a ...

证券研究报告·公司深度报告 2025 年 2 月 7 日 江海证券研究发展部 机械军工行业研究组 分析师：张诗瑶 执业证书编号：S1410524040001 | 投资评级： | 持有（首次） | | --- | --- | | 当前价格: | 11.06元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 136.70 | | A 股股本(百万股) | 136.70 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 65.88 | | 12 个月最高/最低(元) | 16.66/4.44 | | 广东博源基金管理有限公司- | | | 第一大股东 | | | | 业(有限合伙) | | 第一大股东持股比例(%) | 22.34 | | 上证综指/沪深 300 | 3241.82/3812.34 | 数据来源：聚源 注：2025 年 1 月 17 日数据 % 1 个月 3 个月 12 个月 相对收益 -7.60 27.47 70.04 绝对收益 -9.05 42.16 91.97 数据来源：聚源 注：相对收益与北证 50 相比 相关研究报告 | 江海 ...

证券研究报告·行业点评报告 2025 年 2 月 7 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 10.76 10.15 21.24 绝对收益 12.56 5.16 41.32 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 2. 江海证券-行业点评报告-传媒行业：微 信小店风起，春节有望裂变 – 2025.01.03 3. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 分析师：张婧 春节档票房新高，《哪吒之魔童闹海》 票房创影史记录 事件： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 传媒行业 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The humanoid robot industry is entering a vigorous development phase, with multiple domestic companies preparing for mass production in 2025, indicating an acceleration in commercialization [5][9] - Recent performances of humanoid robots in public events, such as the Spring Festival Gala, demonstrate their commercial capabilities and artistic integration [5][6] - Significant advancements in humanoid robot technology have been reported, including improved mobility and enhanced features, which are crucial for commercial applications [7][9] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 24.2% compared to the CSI 300 index, with an absolute return of 43.55% [3] Investment Highlights - The report emphasizes the rapid advancements in humanoid robot technology, with companies like Yushun and Leju showcasing their products in public settings, indicating readiness for commercial deployment [7][9] - Tesla's announcement of the Optimus mass production plan and Figure AI's new client acquisition highlight the growing interest and investment in humanoid robotics [7][9] - The emergence of new startups and government-supported projects is expected to accelerate the commercialization of humanoid robots in China [7][9] Recommendations - The report suggests focusing on various components of the humanoid robot supply chain, including reducers, motors, sensors, lead screws, and main bodies, as potential investment opportunities [9]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The electronic industry has shown strong performance over the past twelve months, with a relative return of 42.9% and an absolute return of 62.25% [2] - The release of multiple PC-level chips is expected to drive demand for PC upgrades [3] - The annual shipment of VRMR devices has increased, with several manufacturers beginning to develop ARAI glasses [3] - The launch of the DeepSeek-R1 model by DeepSeek, a subsidiary of Huansheng Quantitative, has garnered significant attention, demonstrating performance comparable to OpenAI's models [5][6] Summary by Sections Industry Performance - The electronic industry has achieved a relative return of 6.6% over the past month, 6.87% over the past three months, and 42.9% over the past twelve months compared to the CSI 300 index [2] Investment Recommendations - The report suggests focusing on companies within the AI chip supply chain, such as Haiguang Information and Cambrian, due to the anticipated high growth in AI chip demand driven by the popularity of DeepSeek [6] - It also recommends monitoring companies in the PC industry chain, including Lenovo Group and Xiaomi, as well as AI wearable device companies [6] Technological Developments - DeepSeek has released several models, including DeepSeek-R1 and its distilled versions, which are designed for efficient local deployment on various AI edge devices [6] - The models utilize a customized PTX instruction set to enhance GPU resource efficiency, leading to improved overall computational performance [6]

执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.96 -1.25 -24.29 绝对收益 -7.29 -5.31 -6.33 数据来源：聚源 注：相对收益与沪深 300 相比 证券研究报告·行业点评报告 2025 年 2 月 6 日 江海证券研究发展部 特别声明 1. 江海证券-行业点评报告-食品饮料行 业：微信小店开启"送礼物"功能，茅台、 五粮液召开经销商大会 – 2024.12.27 2. 行业点评报告-食品饮料行业：5 月生鲜 乳价格延续下跌趋势，5 月啤酒产量同比 下降 4.5% – 2024.06.28 3. 行业点评报告-食品饮料行业：茅台、 古井贡酒股东大会表态积极，一季度规模 以上白酒企业利润同比+13.1% – 2024.06.05 消费行业研究组 分析师：张婧 12 月规模以上企业啤酒产量同比增 长，燕京啤酒发布 2024 年业绩预告 事件： 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report emphasizes the potential benefits of integrating "Artificial Intelligence + Consumption" across various sectors, highlighting four key areas: AI smart glasses, AI education, cross-border e-commerce, and smart home technology [3][4] - The report notes that the Ministry of Commerce plans to implement effective policies to boost consumption, including upgrading product consumption, expanding service consumption, fostering new consumption types, and innovating consumption scenarios [4] Performance Overview - Over the past twelve months, the industry has shown a relative return of -3.5% over one month, 16.14% over three months, and -5.33% over twelve months compared to the CSI 300 index [2] - Absolute returns were -7.38% over one month, 13.01% over three months, and 9.64% over twelve months [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - The recent implementation of the "Management Measures" aims to promote the healthy and sustainable development of distributed photovoltaic power generation [4] - As of the end of 2024, the cumulative installed capacity of distributed photovoltaic power generation reached 370 million kilowatts, which is 121 times that of the end of 2013, accounting for 42% of total photovoltaic installed capacity and 11% of the national power generation capacity [4] - In 2024, the newly installed capacity of distributed photovoltaic power generation reached 120 million kilowatts, accounting for 43% of the newly installed photovoltaic capacity that year [4] - The price of photovoltaic modules has dropped from around 5 yuan per watt in 2013 to approximately 0.7 yuan per watt currently, indicating that the renewable energy sector, including distributed photovoltaic power, has entered a market-oriented development phase without subsidies [4] - The emergence of negative electricity prices in Zhejiang reflects the challenges of power consumption and pricing faced by photovoltaic projects, highlighting the need for better integration with energy storage technologies to enhance the flexibility and regulation capabilities of the power system [4] Summary by Sections Industry Performance - Over the past 12 months, the industry has experienced a relative return of -42.38% compared to the CSI 300 index, with absolute returns of -24.69% [3] Recent Developments - The "Management Measures" redefine distributed photovoltaic power generation in terms of definition, classification, and grid connection methods, emphasizing user-side development and the need for improved grid integration capabilities [4] - The report highlights the urgent need to adjust management strategies to address the main challenges posed by the explosive growth of distributed photovoltaic power generation, particularly in terms of grid connection and consumption [4] Investment Recommendations - The report recommends prioritizing investments in energy storage inverters, with specific companies such as Sungrow Power Supply, Jinlang Technology, GoodWe, and Airo Energy suggested for attention [4]