Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Viewpoints - The integration of AI in the medical field is driving a transition from traditional experience-based medicine to data-driven precision medicine, presenting significant investment opportunities [7][8] - The implementation of AI technologies is expected to alleviate the shortage of pathologists in China, enhancing the efficiency and accuracy of pathological examinations, thereby supporting clinical decision-making [7][8] - Recent policy developments are favorable for AI applications in healthcare, with various government initiatives promoting the integration of AI in medical services and research [7][8] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 2.63% over the past month, -3.5% over the past three months, and -16.59% over the past year compared to the CSI 300 index [3] Investment Highlights - The AI medical sector is experiencing continuous catalysts, with stocks related to AI in healthcare gaining significant attention and value [7] - Notable companies such as YiduCore and Zhiyun Health are integrating DeepSeek AI models to enhance data mining capabilities and improve healthcare service efficiency [7] - The stock price of BGI Genomics surged over 36% recently due to its involvement in AI medical applications [7] Policy Support - National and local governments are actively promoting AI in healthcare, with guidelines and plans aimed at integrating AI into various medical fields [7][8] - The National Health Commission has released reference guidelines for AI applications in healthcare, identifying 84 specific areas for development [7][8] Investment Recommendations - The report suggests focusing on companies in various AI-related sectors, including AI pharmaceuticals (e.g., Chengdu XianDao, Hongbo Pharmaceutical, Heng Rui Pharmaceutical), AI diagnostics (e.g., Sichuan Medical, Weining Health), and AI drug development (e.g., WuXi AppTec) [8]

证券研究报告·行业点评报告 2025 年 2 月 12 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.79 6.53 19.59 绝对收益 11.82 0.53 34.99 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-机械设备行 业："两新"政策 2024 成效显著，2025 继续加力，助力机械设备产业发展 – 2025.02.12 业：机械设备行业跟踪报告 （2025.01.02~2025.02.09） – 2025.01.06 机械军工行业研究组 分析师：任沐昕 房地产止跌企稳趋势显现，助力产业链 相关机械设备市场发展预期恢复 事件： 行业评级：增持（维持） 2025 年 2 月 11 日，住房和城乡建设部网站登发《止跌回稳信号强劲 房地产市 场未来可期》文章。 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。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 ...

证券研究报告·行业点评报告 2025 年 2 月 11 日 江海证券研究发展部 机械军工行业研究组 分析师：任沐昕 "两新"政策 2024 成效显著，2025 继 续加力，助力机械设备产业发展 投资要点： 事件： 行业评级：增持（维持） 2025 年 2 月 11 日，国家发展和改革委员会发布《2024 年大规模设备更新和消费 品以旧换新工作取得显著成效》文章，对"两新"政策在 2024 年的显著成果进 行总结，同时 2025 年开年后，政府陆续公布新的"两新"相关优化、加力政策。 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.19 7.92 18.92 绝对收益 11.71 2.97 34.86 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2025.01.02~2025.02.09） – 2025.02.11 业：电力系统优化与数据基础设施建设政 策齐发，推动相关设备市场发展 – 2025.01.07 3. 江海证券-行业点评报告-机械设备行 业：赤泥综合利用推动氧 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The communication industry has shown strong performance over the past twelve months, with relative returns of 36.48% and absolute returns of 52.41% [3] - The report highlights the rapid growth of the AI industry, emphasizing the importance of computing power [4] - The introduction of the VideoWorld model represents a significant advancement in video generation technology, eliminating the reliance on language models for understanding and reasoning tasks [5][6] Summary by Sections Industry Performance - Over the past month, the communication industry has achieved a relative return of 5.65% and an absolute return of 8.86% [3] - In the last three months, the relative return was 8.36%, while the absolute return was 3.41% [3] - The twelve-month performance indicates a robust relative return of 36.48% and an absolute return of 52.41% [3] Technological Developments - The VideoWorld model, developed by the Doubao team in collaboration with universities, is a groundbreaking video generation model that does not depend on language models [5] - This model utilizes a latent dynamics model to efficiently compress visual changes between video frames, enhancing knowledge learning efficiency [8] - VideoWorld has demonstrated capabilities equivalent to a professional 5段 9x9 Go level with only 300 million parameters, showcasing its potential in various robotic tasks [8]

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]