Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The rapid development of AI applications presents significant investment opportunities, particularly highlighted by the performance of the AI Agent product Manus, which surpasses similar products from OpenAI in various capabilities [1] - The launch of Alibaba Cloud's new inference model QwQ-32B demonstrates a qualitative leap in performance, comparable to DeepSeek R1, while significantly reducing deployment and usage costs [2][3] Summary by Sections Industry Performance - Over the past twelve months, the industry has shown relative returns of 4.94% over one month, 2.69% over three months, and 5.18% over twelve months compared to the CSI 300 index [5] Recent Developments - The global launch of the AI Agent product Manus on March 6, 2025, marks a significant advancement in the field of autonomous AI [6] - Alibaba Cloud's QwQ-32B model was released and open-sourced, achieving performance levels on par with leading models while being accessible for local deployment on consumer-grade graphics cards [3][6] Investment Recommendations - The report suggests a continued positive outlook on AI application investment opportunities, recommending a focus on companies such as Hand Information, Dingjie Zhizhi, Caixun Co., Fanwei Network, Blue Cursor, Worth Buying, and Focus Technology [7]

证券研究报告·行业点评报告 2025 年 3 月 7 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 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 4.94 2.69 5.18 绝对收益 9.18 3.57 16.14 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 3 月 6 日数据 1. 江海证券-行业点评报告-传媒行业：豆 包大模型团队提出全新超稀疏架构，推理 成本大幅下降 – 2025.02.13 2. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 3. 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 4. 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 5. 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 分析师：张婧 AI 应用发 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the acceleration of 5G development and its applications across various sectors, with a focus on enhancing productivity and driving new consumption patterns [6][8] - By the end of 2027, Beijing aims to achieve comprehensive 5G application, with key indicators such as a 100% penetration rate of 5G personal users and over 75% of network access traffic being 5G [5] - The report emphasizes the importance of 5G in enabling innovations in smart robotics, cloud devices, and various consumer products, as well as its role in enhancing industrial applications [7][8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 18.25% compared to the CSI 300 index, with absolute returns of 28.47% [2] 5G Development - The report discusses the release of the "Beijing 5G Scale Application 'Sailing' Action Upgrade Plan (2025-2027)" which aims to enhance 5G applications across industries [4] - Key targets include building 2,000 industry-specific 5G virtual private networks and achieving a 50% penetration rate of 5G applications in industrial enterprises by 2027 [5] New Consumption and Production Upgrades - 5G is expected to drive new consumption patterns, including the development of innovative products like XR business systems and smart home devices [6][7] - The report outlines plans for 5G to enhance production quality, including the establishment of at least 50 5G factories and the integration of 5G with industrial internet applications [8] Investment Recommendations - The report suggests focusing on specific stocks within the industry chain, such as Ruijie Networks, Meili Xin, Xunwei Communication, and Guanghe Tong [11]

aa 证券研究报告·金融工程报告 2025 年 3 月 3 日 江海证券研究发展部 金融工程定期报告 转债跟随权益走低，转股溢价率小幅 回升 核心内容： ◆可转债市场表现： ◆可转债条款跟踪： 分析师：刘晓杰 执业证书编号： S1410523120001 联系人：朱威 ➢ 近一周（2025-02-24 至 2025-02-28），上证转债、深证转债、中证转债指数 周涨跌幅分别为-0.68%、-1.16%、-0.89%。权益市场中，上证指数周涨跌幅 为-1.72%，收于 3320.90 点；中证全指周涨跌幅为-2.53%，收于 4847.41 点。对比转债市场与权益市场，中证转债相较于中证全指周绝对收益为 1.64%。 ➢ 近一周（2025-02-24 至 2025-02-28），可转债市场成交量与成交额分别为 254,745.92 万张与 42,541,372.03 万元，周环比变化分别为 0.76%、3.71%； 可转债对应正股成交量与成交额分别为 5,409,498.53 万股与 85,142,094.14 万元，周环比变化为 0.17%、2.00%。对比上周，转债与正股成交活跃度维 持高位。 ➢ 截止至 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights the significance of the transformation and upgrading of the civil explosive industry, which is expected to drive demand for related equipment across the entire industry chain. The policy aims to enhance the industry's high-end, intelligent, and green transformation, supporting the development of new industrialization and the construction of a manufacturing power [5][4] - By the end of 2027, the widespread application of unmanned production lines is anticipated, with a focus on optimizing product structure and capacity layout to improve product quality and supply capabilities [5] - The report emphasizes that the civil explosive industry will benefit from policies promoting innovation, digital transformation, and green manufacturing, leading to increased demand for automation and specialized equipment [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 14.33% compared to the CSI 300 index, with an absolute return of 24.24% [2] Investment Highlights - The civil explosive industry is crucial for national economic and social development, with recent innovations improving safety and driving high-quality growth. However, challenges remain in safety production and digital technology integration [5] - The report outlines specific areas of focus for technological development, including unmanned production technologies and smart storage systems, which are expected to enhance market demand for related machinery [5] - The green manufacturing aspect emphasizes energy conservation and clean production, which will also boost demand for efficient production equipment and waste treatment technologies in the civil explosive sector [5]

证券研究报告·行业点评报告 2025 年 2 月 28 日 江海证券研究发展部 光伏设备行业 分析师：张诗瑶 头部硅料企业减产叠加产业链涨价，重 视光伏底部投资机会 事件： 投资要点： 执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | 投资建议的评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | | | 买入 增持 | 相对同期基准指数涨幅在 15%以上 相对同期基准指数涨幅在 | | 评级标准为发布报告日后的 6 个月内公司股价 | 股票评级 | | 5%到 15%之间 相对同期基准指数涨幅在 | | （或行业指数）相对同期基准指数的相对市场 | | 持有 | -5%到 5%之间 | | 表现。其中沪深市场以沪深 300 为基准；北交 | | 减持 | 相对同期基准指数跌幅在 | | 所以北证 50 为基准；新三板市场以三板成指 | | | 5%以上 | | （针对协议转让标的）或三板做市指数（针对 | | 增持 | 相对同期基准指数涨幅在 | | 做市转让标的）为基准 | | | 10%以上 | | | 行 ...

Investment Rating - The industry rating is "Overweight" (maintained) [4] Core Insights - Significant increase in Alibaba's capital expenditure, reaching 31.775 billion yuan, up 80% quarter-on-quarter, indicating strong investment in cloud infrastructure [4] - The diesel generator market in China has surpassed 10 billion yuan, with domestic brands capturing 60% market share, breaking the monopoly of foreign brands [6] - The UPS market in China is expected to grow steadily, with a projected market size of 15.2 billion yuan in 2023 and 19.1 billion yuan in 2025, driven by increasing demand [6] - The liquid cooling server market in China is projected to grow at a CAGR of 54.7%, reaching 8.9 billion USD by 2027, highlighting the need for energy-efficient solutions [6] Summary by Sections Industry Performance - The industry has shown a relative return of 4.6% over the past month, -1.5% over the past three months, and 26.01% over the past year [2] - Absolute returns were 8.96% for one month, 1.19% for three months, and 39.76% for twelve months [2] Investment Highlights - Increased capital expenditure by major companies is driving demand for generator sets and power supply equipment [6] - The UPS market is experiencing rapid growth, with a compound annual growth rate of 15.73% from 2013 to 2022 [6] - The top three players in the UPS market are Kehua Data, Huawei, and Vertiv, with market shares of 15.6%, 14.2%, and 12.1% respectively [6] - Recommendations include focusing on Yuchai International for diesel generators and Kehua Data, Kstar, and Taijia for power supply solutions [6]

证券研究报告·行业点评报告 2025 年 2 月 20 日 江海证券研究发展部 分析师：张诗瑶 执业证书编号：S1410524040001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.76 -5.32 8.02 绝对收益 1.6 -6.24 23.78 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-国防军工：新 修《军队装备科研条例》发布，军工央企 重组启动——行业将迎来新一轮投资机遇 – 2025.02.17 国防军工行业 机械军工行业研究组 IDEX2025 盛大开幕，我国军工企业组 团亮相——注重 AI+机器人带来的行业投资机遇 事件： 行业评级：增持（维持） 2 月 17 日，第十七届阿布扎比国际防务展（IDEX 2025）在阿联酋首都阿布扎比 国家展览中心盛大开幕。作为全球规模最大、影响力最强的防务展览之一，本 届展会吸引了来自 65 个国家和地区的 1565 家企业参展。其中，十家军贸公司再 次以"中国防务"展团亮相，成为展会焦点，展示了中国在国防科技领域的创 新实力和开放合作的积极姿态。 投资要点： 江海证券有限公司及其关联机构在法律 ...

Investment Rating - Industry rating: "Overweight" (maintained) [1] Core Viewpoints - The report emphasizes the importance of developing new agricultural productivity, highlighting the role of technological innovation in enhancing agricultural efficiency and sustainability [6][7] - The central government's recent policy document outlines measures to ensure food security and improve agricultural productivity, focusing on both yield and quality [7][8] - The report identifies three key investment areas: 1) Biological breeding, with a focus on leading companies capable of developing high-quality varieties [7] 2) Agricultural new productivity, emphasizing technological upgrades in agriculture [7] 3) Land transfer mechanisms, which are expected to benefit regional leaders managing land resources [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -2.36% over the past month, -5.79% over three months, and -18.46% over twelve months compared to the CSI 300 index [2] Related Research Reports - The report references several previous analyses on the agricultural sector, including performance forecasts for companies in the pet food industry and trends in livestock prices [3] Policy Developments - The central government's document emphasizes enhancing grain supply capabilities and promoting rural revitalization through various measures [5][6]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights the launch of Huawei's latest smart car, the Zun Jie S800, which is set to lead the transition from passive to autonomous intelligence in smart vehicles. The car will officially launch and begin deliveries at the end of May 2025 [6] - A strategic cooperation agreement was signed between SAIC Group and Huawei to collaborate on product definition, manufacturing, supply chain management, and sales services for new energy smart vehicles [6] - The Zun Jie S800 is positioned as a super luxury sedan with performance metrics that surpass competitors, including the Maybach S-Class and Bentley Flying Spur, which had sales of 12,449, 1,096, and 940 units respectively in 2024 [6] - The success of Huawei's previous models, such as the AITO Wenjie and Chery's Zhi Jie, demonstrates the viability of Huawei's smart car model, with Wenjie achieving sales of 426,900 units in 2024, a year-on-year increase of 182.84% [6] - The report emphasizes investment opportunities in the automotive sector under Huawei's smart selection model, recommending attention to companies like Seres, JAC Motors, BAIC Blue Valley, and SAIC Group [6] Summary by Sections - **Recent Industry Performance**: The automotive industry has shown relative returns of 8.49% over one month, 12.73% over three months, and 28.99% over twelve months compared to the CSI 300 index. Absolute returns were 12.85%, 15.42%, and 42.74% respectively [3] - **Strategic Developments**: The report discusses the collaboration between SAIC and Huawei to create the "Shang Jie" model, which will be the most affordable vehicle in the Huawei smart selection lineup, expected to launch in Q4 2025 [6] - **Market Positioning**: The Zun Jie S800 aims to set a new price ceiling for Huawei's vehicle offerings, with a focus on advanced technology and performance metrics that outshine existing luxury models [6]