证券研究报告·行业动态 稀土政策加码强化战略定位， 人形机器人未来空间广袤 核心观点 稀土：日前稀土总量调控管理办法加码，拟将稀土开采及分离企 业限于"国家推动组建的大型稀土企业集团" 及所属企业，并 拟将进口矿也纳入总量调控范围，民营冶炼分离企业将逐步退 出，分离产能下降超三分之一，实际分离产量或下降约四分之一。 2024 年我国稀土开采指标 27 万吨，两大稀土集团分离指标 25.4 万吨，进口矿的 13.3 万吨并不占用分离指标，新管理办法将对进 口矿进行全方位管控，强化稀土总量控制，并推动稀土供给更加 集中。 锂：据百川盈孚，本周工业级碳酸锂市场均价为 7.45 万元/吨， 较上周上涨 0.7%；电池级粗粒氢氧化锂均价为 7.1 万元/吨，较 上周持平。供给端，本周碳酸锂行业整体开工率延续升势，周度 产量环比增加。盐湖排产维持，前期复产厂家恢复生产节奏，但 现货市场呈现结构性紧张，优质电碳货源流通有限，主要生产企 业以执行长单交付为主。全产业链库存环比上涨，呈现分化特征。 生产端库存上涨，贸易环节库存略有下行，下游企业原料库存恢 复至 1-2 周安全边际。期货仓单量降至 45025 吨。需求端，2-3 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券研究报告·行业动态 Figure、1X 新品发布，模型迭代加速人形机器人 商业化落地——2025 年机器人行业系列报告之二 核心观点 本周机器人行业新品连发，①Figure 发布搭载了 Helix VLA 模型 的新品，该模型可以从 VLMs 中提取常识性知识，并将其转化为 可泛化的机器人控制指令，使得人形机器人的学习效率大为提 升，在多个领域实现了第一。②1X 发布 NEO GAMMA，在人工 智能、设计、硬件等方面进行了全面升级，灵巧手采取腱绳结构， 外皮肤覆盖尼龙材料，更适合家庭使用。我们认为模型迭代、供 应链降本，正加速人形机器人商业化落地，预计板块行情继续。 行业动态信息 Figure：发布 VLA 模型 Helix，泛化能力加速机器人通用化发展 2 月 20 日，Figure 推出其自研 VLA 模型 Helix。视频展示了两 个人形机器人在接受人类语言指令后协同工作，拾取并整理此前 未接触过的物件的场景。Helix 模型实现了对于人形机器人的全 上半身控制、多机器人协作、抓取任何物品、单一神经网络、商 业化落地就绪等多项行业第一。其首创的"系统 1、系统 2"架构 的 VLA 模型，在速度和 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the computer industry [5]. Core Viewpoints - The AI industry is on an upward trajectory, with significant capital expenditure from domestic manufacturers, particularly Alibaba, which is expected to exceed its total capital expenditure over the past decade in the next three years [1][16]. - The report highlights the acceleration of capital expenditure in the AI sector, benefiting software companies with data, customers, and scenarios, leading to potential increases in ARPU and project pricing [1][39]. - There is a growing demand for model privatization, which favors integrated machines, hyper-converged infrastructure, and B-end service outsourcing companies [1][39]. Summary by Sections Industry Investment Rating - The report maintains an "Outperform the Market" rating for the computer industry [5]. Market Performance - The computer (Shenwan) index rose by 3.17%, outperforming the CSI 300 index by 2.17 percentage points [2][10]. Investment Portfolio - Current recommendations include Kingsoft Office, Inspur Information, Leshi Information, Digital China, Newpoint Software, Yonyou Network, BoSi Software, and Deepin Technology [3][40]. - The previous portfolio achieved a return of +6.01%, outperforming the Shenwan computer index's +3.17% return by +2.83 percentage points [3][40]. Industry News - Alibaba's future capital expenditure is projected to surpass the total of the past ten years, with a quarterly capital expenditure of 31.78 billion yuan, reflecting an 80% quarter-on-quarter increase [16][19]. - The report notes that the AI industry is experiencing simultaneous iterations across technology, model, and application layers, with significant government involvement in AI applications [1][33]. - The introduction of new models like Grok 3 by xAI and advancements in attention mechanisms by DeepSeek and Kimi are highlighted as key developments in the AI landscape [28][42]. Recommendations - The report recommends software companies with data and customer bases, such as Kingdee International and Yonyou Network, as well as companies in vertical sectors like Kingsoft Office and Foxit Software [1][39]. - It also suggests focusing on companies involved in model privatization and those in finance, government, and energy sectors that require customized software solutions [1][39].

证券研究报告·行业动态·理财子产品发行指数周报第 194 期 农银光大发混合类产品， 信银理财产品和资产结构 核心观点 从发行数量来看，上周样本理财子最新理财子产品发行量 139 只，发行量上升。具体来看，发行数量增加的有 7 家，占比为 63.6%。平均基准利率为 2.55%，环比下降 9 个 bp；最新理财 子产品发行数量指数 315.91；发行基准利率波动指数最新为 57.94，环比下降 3.1%。2025 年 2 月 21日样本理财子产品的破 净率为 1.46%，环比上升 109 个 bp。最新观点更新：下半年，信 银理财产品和资产结构变化。 本周指数更新（2.17-2.21） 1、三大指数环比变化情况 从发行数量来看，最新理财子产品发行数量指数 315.91，环 比上升 26.4%，发行数量增加。调整后理财子产品发行数量指数 226.56，环比上升 25.0%。从发行数量偏离度来看，最新偏离度为 1.04，偏离度下降，该指数显示：上周发行的 139 只产品中，136 只为固收类产品，3 只为混合类产品。 2、样本理财子公司发行情况 从发行数量来看，上周样本理财子公司最新理财子产品发行 数量为 139 ...

人工智能突破降本提效，服务业 智能体涌现应用场景 核心观点 我们认为本轮 DeepSeek 取得的突破预示着人工智能进入算法优 化阶段并且可能迎接 AI 的摩尔定律时代，应用 AI 的成本将急剧 降低。进入门槛的降低会带动各行各业参与到应用环节，开发相 应的智能体也可能改变服务业态中商家与消费者的互动关系。整 体而言，本轮技术革命能够推动第三产业的蓬勃发展，我们看好 具有有效数据积累、关注服务质量提升的商社行业。 事件： AI 的摩尔定律时代可能到来，开发服务业智能体的可行性大幅提 升。DeepSeek 取得的突破标志着大模型发展从算力提升向算法优 化迈进，可预期的未来使用 AI 的成本仍将继续快速下降，经济 可行性大幅提升。AI 智能体的开发有可能实现即时性、低成本、 小型化等诸多特性，同时技术进步也会带动经济向第三产业继续 发展，带动服务业各类业态的长期成长。我们认为决定特定服务 业使用 AI 带来的提升与否主要取决于数据有效性、场景随机性 和信息对称度这三个要素。 AI 应用将助力商社消费产品、运营及流量逻辑优化重塑。餐饮酒 店等场景服务除了降本增效以外，还可以实现精准营销；旅游出 行等流程服务可以利用 ...

证券研究报告·行业动态 库存拐点将至， 铜铝价格坚挺 核心观点 本周工业金属价格表现强势，主因有色金属周度表观消费明显提升，同 时，30 年期国债下行凸显经济预期好转，微观与宏观形成共振。从终端 排产情况看，新能源车、光伏、家电、电网投资均有序推进，地产竣工 下行幅度在预期范围内，预示工业金属下游消费增速或有超预期表现， 折射到微观数据上，下周四有望看到部分金属的去库，这将催化工业金 属价格往上更进一步，积极把握相关标度的布局。 行业动态信息 工业金属：本周 LME 铜、铝、铅、锌、锡价格变化为 0.5%、1.5%、1.0%、2.9%、 3.2%；工业金属价格由"金融属性"及"商品属性"共同决定，从金融属性来看， 美联储已开启降息周期；从商品属性来看，全球铜铝库存均处于相对低位，中国 经济复苏可期，叠加新能源行业的拉动，铜铝需求增长将有所好转。 库存拐点将至，铜铝价格坚挺 （1）铜：金融属性先行，商品属性接力。本周沪铜尝试冲击 78000 关口未果， 一是领头羊黄金在 700 关口遇阻，其次先于消费启动的铜价让下游略微畏高。全 球央行购金及规避特朗普政策不确定性的避险逻辑支撑下，黄金的上涨格局持 续，金铜比垫 ...

证券研究报告·行业动态 国际金价再创新高，国内市场炼 焦煤稳中偏弱运行 核心观点 1）美财政部欲重估黄金储备价值，国际金价再创新高。黄金市场 于上周见顶回调后又再度突破前高，连续两周创下历史新高纪 录，国际经济及政治层面因素的叠加是驱动黄金市场不断走强的 主要原因。而短期黄金市场多头情绪也在价格的持续走高中变得 更加谨慎，高位回调风险正在累积。 物流供应链：国际金价再创新高，国内市场炼焦煤稳中偏弱运行 美财政部欲重估黄金储备价值，国际金价再创新高。黄金市场于 上周见顶回调后又再度突破前高，连续两周创下历史新高纪录， 国际经济及政治层面因素的叠加是驱动黄金市场不断走强的主 要原因。而短期黄金市场多头情绪也在价格的持续走高中变得更 加谨慎，高位回调风险正在累积。由于近期对于美国财政部重估 黄金储备价值以应对持续扩大的赤字规模的讨论增多，这一举动 也被市场理解为特朗普政府为缓解外界对美国黄金储备真实性 产生的质疑。 国内市场炼焦煤稳中偏弱运行。现国内主流煤矿目前已全面复产 且产量递增，个别矿因井下受限暂未恢复正常生产，下月产量会 有明显恢复。随着焦炭连续降价九轮，中间洗煤及贸易企业谨慎 观望，部分焦企利润已有不同程 ...

2 月 15 日-2 月 21 日，上证综指单周累计上涨 0.97 个百分点，报 3379.11；沪深 300 指数单周上涨 1 个百分点。环保（申万）指数 上涨 2.2%，跑赢沪深 300 指数（上涨 1%）1.2 个百分点，跑输创 业板指数（上涨 2.99%）0.79 个百分点。2025 年初至今，环保工 程及服务板块整体指数表现一般，累计涨幅为 1%，跑输沪深 300 指数 0.11 个百分点。 投资建议： 证券研究报告·行业动态 民营企业座谈强调清偿账款，环 保行业盈利质量有望增强 核心观点 近期召开的民营企业座谈会明确提出对民营企业公平参与市场 竞争、解决融资难融资贵、解决拖欠民营企业账款问题等做出部 署；此后，国家发改委也表示要加力推动解决拖欠民营企业账款 问题，加快促进民营经济发展。具体来看，中央财办有关同志表 示 2025 年解决拖欠账款相关工作将进一步深入推进，地方政府 要落实属地责任，用好新增地方政府专项债等政策，尽最大能力 加快偿还拖欠企业账款。对于环保行业来说，地方政府是企业的 主要客户，受地方账款拖欠的影响较大。伴随化债资金的就位和 地方转向债券的发行，环卫行业应收账款有望加速回收， ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the defense and military industry [4] Core Insights - The renaming of AVIC Electromechanical to AVIC Chengfei marks another major aircraft manufacturing company under AVIC completing its capitalized listing, indicating potential opportunities in state-owned enterprise reforms and mergers this year [11][12] - The military industry is expected to see a recovery in performance by 2025, with positive signals emerging since late 2024, including contract announcements from core companies [12][13] - The military sector is transitioning from a phase of performance expectations to actual performance realization, with a significant increase in stock prices reflecting new growth expectations [13] Summary by Sections 1. Core Insights - The stock code change from AVIC Electromechanical to AVIC Chengfei signifies the completion of its capitalized listing, with the transaction value of AVIC Chengfei's 100% equity at approximately 1,743.91 million yuan [11][12] - The total share capital of the listed company increased from 590,760,499 shares to 2,676,782,376 shares [11][12] - The report anticipates numerous opportunities in state-owned enterprise mergers and asset injections this year [11][12] 2. Investment Strategy - The report suggests focusing on three investment lines: 1. Traditional military sectors with expected order recovery and performance support, including aerospace, shipbuilding, and aviation industries [13][15] 2. New domains characterized by low cost, intelligence, and systematization, such as low-cost precision-guided munitions and unmanned systems [13][15] 3. Reform and overseas expansion, targeting companies with asset integration expectations and competitive military trade markets [15] 3. Recommended Stocks - Traditional military direction: AVIC Power, AVIC Control, AVIC Materials, and others [15] - New domain and new quality direction: companies like Gaode Infrared, Beifang Navigation, and others [15] - Reform and overseas direction: Guorui Technology and Construction Industry [15] 4. Market Performance - The military industry index has shown a significant increase, outperforming the general market index, indicating a positive trend in the sector [24][26] - The military sector's overall valuation is at 75.39 times, positioned at the historical median, suggesting potential for growth [30]