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]

Investment Rating - The industry investment rating is "Overweight (First Time)" [3] Core Insights - The smart glasses market is entering a period of intensive new product launches in 2025, with significant growth expected in global sales [5] - The China Academy of Information and Communications Technology has initiated a special testing program for AI glasses, aiming to establish a standard system for the industry [5] - The report highlights the potential for domestic manufacturers to accelerate their entry into the AI glasses market as model capabilities improve and costs decrease [5] Summary by Sections Industry Performance - Over the past 12 months, the light manufacturing industry has shown a relative return of -5.23% compared to the CSI 300 index, while absolute returns were 9.96% [4] Market Developments - The report notes that RayBan-Meta has sold over 2 million units since its launch in September 2023, with production expected to reach 10 million units by 2026 [5] - The global AI glasses market is projected to see sales of 5.5 million units in 2025, a year-on-year increase of 135% [5] Investment Recommendations - The report suggests focusing on companies such as: 1. Doctor Glasses, which has over 100 flagship stores for showcasing AI glasses [5] 2. Mingyue Lenses, which has established deep partnerships with major tech companies like Xiaomi [5] 3. Inpax, which is developing smart sports equipment for cycling and fitness [5] 4. Konnate Optical, which has partnered with Goer to engage in multiple R&D projects with leading global tech firms [5]

Investment Rating - Industry rating: "Overweight" (maintained) [4] Core Insights - The defense and military industry is poised for a new round of investment opportunities following the release of the revised "Military Equipment Research Regulations" and the initiation of central enterprise restructuring [3][4] - The IDEX 2025 exhibition showcased China's defense capabilities, with a significant presence of domestic military enterprises demonstrating advanced technologies across various domains, including land, sea, air, space, and electronics [4][6] - AI technology is driving the transformation of the military industry towards intelligence and information, with quadruped robots emerging as key assets for future combat scenarios [6] Summary by Sections Recent Industry Performance - Relative returns over the past month, three months, and twelve months were -1.76%, -5.32%, and 8.02% respectively, while absolute returns were 1.6%, -6.24%, and 23.78% [2] Investment Highlights - The IDEX 2025 exhibition featured 1,565 companies from 65 countries, with China's defense technology innovations being a focal point [4] - Notable products included the "Xuan Ge"-2000 unmanned helicopter and various advanced military aircraft, showcasing China's competitive edge in global defense [6] - The report emphasizes the potential of AI-enabled robots, particularly quadruped robots, in military reconnaissance and disaster relief, highlighting their adaptability and operational capabilities [6] Investment Recommendations - The report suggests that national policies and advancements in AI technology will accelerate the military industry's shift towards intelligence and information, creating new opportunities for companies within the defense supply chain [6]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The computer industry has shown strong performance over the past twelve months, with relative returns of 21.34% over one month, 18.22% over three months, and 43.14% over twelve months compared to the CSI 300 index [2] - Absolute returns for the same periods are 24.69%, 17.96%, and 60.24% respectively [2] - Recent developments include the release of the Grok 3 chatbot by xAI, which has demonstrated superior performance in mathematical reasoning, scientific logic, and code writing, outperforming other major models [5] - DeepSeek has introduced a new sparse attention mechanism called NSA, designed for ultra-fast long-context training and reasoning, which has shown competitive performance in benchmark tests [5] - The launch of the VideoWorld model by Doubao represents a significant advancement in video generation technology, allowing for efficient knowledge learning without reliance on language models [5] Summary by Sections Recent Industry Developments - The release of Grok 3 by xAI on February 18, 2025, showcases its advanced capabilities in various reasoning tasks [5] - DeepSeek's NSA mechanism aims to enhance training and reasoning speed while reducing pre-training costs [5] - Doubao's VideoWorld model, developed in collaboration with universities, marks a new approach in video generation [5] Investment Recommendations - The report suggests focusing on companies involved in server provision and the IDC industry chain, such as Inspur Information, Zhongke Shuguang, and China Great Wall, due to the ongoing demand for computational power in AI model training and inference [5]

| | | 金融工程定期报告 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错误 等风险。本报告仅从金融工程角度，对重要指数的市场数据进行跟踪、统计、分 析，不构成对市场指数、行业或个股进行预测或推荐。 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.02.19 ◆市场表现：2025 年 2 月 18 日, 各宽基指数（表 1）全部下跌超过 0%，其中中证 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 2000（-2.82%）和中证 1000（-2.22%）跌幅最大。当年涨跌情况，中证 2000（5.59%） 涨幅最大，其次是中证 1000（3.1%）和中证 500（2.01%），创业板指（1.91%）和 中证全指（1.46%）涨幅缩小，而上证 50（-1.25%）涨幅最小。 ◆均线比较：所有跟踪指数已跌破其 5 日均线但仍高于 20 日均线。中证 500、中 证 1000 和中证 2000 跌幅较大，已跌破其 10 日均线。中证全指距离 10 日支撑位较 接近。 ◆资金占比与换手：2025 年 2 月 18 日, 中证 2000（26.3%）交易 ...

Investment Rating - The report assigns a "Hold" rating for the company [5] Core Insights - The company is a leader in the konjac powder industry, with its products including konjac hydrophilic colloids, konjac foods, and konjac beauty products. The main profit contributor is konjac purified micro powder [5][15] - The company has established a solid procurement network for konjac raw materials across major production areas in China, ensuring supply chain reliability [31] - The konjac food segment is experiencing a rising revenue share and gross margin, while the revenue share of konjac powder is declining [5][21] - The company exports its konjac powder products to over 40 countries and regions, with a focus on B-end customers [33] Company Overview - The company was founded in 2007 and listed on the Beijing Stock Exchange in 2023 [13] - The main business includes deep processing of konjac and related product development, production, and sales [5][15] - The company has a strong R&D capability and is transitioning from a raw material manufacturer to an application service provider [17] Financial Forecast - The company expects revenue growth rates of 17.28%, 19.30%, and 19.45% for 2024, 2025, and 2026, respectively, with net profit growth rates of 56.37%, 21.73%, and 24.69% for the same years [5][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.12, 1.36, and 1.70 yuan, respectively [4] Industry Overview - The market for spicy snack vegetables in China is expected to grow significantly, with a projected CAGR of 17.2% from 2021 to 2026 [51] - The konjac gel, as a food additive, is gaining popularity due to its health benefits, including weight management and blood sugar regulation [51]