Investment Rating - The report maintains a "Positive" rating for the public utility industry [2]. Core Views and Investment Recommendations - The report highlights key stock combinations in the public utility sector: CGN Technology, Fuan Energy, and Oriental Electronics, with a strong recommendation for CGN Technology due to government support for nuclear technology applications and its backing by CGN Group [2][69]. - The green electricity operation sector is expected to benefit from policy support, with a focus on companies like Zhongmin Energy and Funiang Co. due to their involvement in renewable energy projects [70]. - The thermal power sector is anticipated to see increased demand during peak winter periods, with recommendations for state-owned enterprises such as Guodian Power and Datang Power [70]. - The gas sector is expected to improve profitability due to price adjustments in various regions, with a focus on companies like Fuan Energy and New Energy [71]. - The water and nuclear power sectors are recommended for their stable cash flow and long-term operational guarantees, with companies like Yangtze Power and China Nuclear Power being highlighted [71]. - The report suggests that the electric grid sector will see significant investment, with a focus on companies like Pinggao Electric and TBEA [71]. Industry Dynamics - In January 2025, the issuance of green certificates increased significantly, with 231 million certificates issued, a year-on-year growth of 225% [4.1]. - Multiple departments are promoting breakthroughs in green low-carbon and pollution prevention technologies, aiming for significant advancements by 2035 [4.2]. Public Utility Sector Summary - The public utility sector index rose by 0.15% this week, underperforming the CSI 300 index by 0.85% [1][9]. - The thermal power, clean energy generation, local grid, hydropower, and gas sectors experienced varying performance, with thermal power showing a rise of 1.35% [10][16]. Environmental Sector Summary - The environmental sector index increased by 2.2%, outperforming the CSI 300 index by 1.2% [1][9]. - The environmental equipment, solid waste management, and air quality management sectors showed positive growth, with environmental equipment rising by 4.79% [10][17].

Group 1 - Industry investment rating: Positive [1] - The core viewpoint indicates that the coal industry is expected to see a gradual increase in production and consumption, with significant contributions from Inner Mongolia, while Shanxi shows volatility [6][7] - The report highlights that the total coal production in 2024 is projected to reach 476,078.8 million tons, a year-on-year increase of 2.2% [6] Group 2 - The report notes that coal imports for the first eleven months of 2024 reached 47,717.34 million tons, reflecting a year-on-year growth of 16.27% [7] - The average price of thermal coal in Q4 2024 is expected to decline compared to the previous year, with the Qinhuangdao port spot price for Q5500 coal dropping by 14.11% [10] - The report anticipates that the net profit for China Shenhua in Q4 2024 will range from 109.26 to 139.26 billion yuan, with a slight year-on-year decline expected [14][15] Group 3 - The report provides a detailed performance forecast for several companies, including China Shenhua, Yongtai Energy, and Shaanxi Coal, indicating varying impacts of coal price fluctuations on their revenues and profits [13][16][18] - It is noted that the overall coal consumption in 2024 is projected to be 477,524.97 million tons, a year-on-year increase of approximately 2.69% [7] - The report emphasizes the importance of cost control and operational efficiency in mitigating the impact of declining coal prices on profitability [15][20]

证券研究报告 | 行业点评 | 非银金融 非银金融 报告日期：2025 年 02 月 22 日 市场放量上攻，券商乃至非银或将演绎补涨行情 ——非银金融行业周观点 投资要点 ❑ 证券：并购重组想象空间较大 （3）券商：推荐中国银河、中信证券、广发证券。 （4）保险：推荐新华保险、中国人寿、中国财险。 （1）2 月 19 日晚，国盛金控吸收合并全资子公司国盛证券获得证监会批复。此 前，西部证券发布公告称，证监会已依法受理国融证券变更主要股东及实控人； 财政部将三大 AMC 股权划转至中央汇金，汇金参控股券商列表进一步扩大，不 排除后续相关券商合并的可能。（2）春节后券商指数跑输沪深 300、上证综指及 科创 50，在成交量放大带动指数上攻的情况下，券商板块有望补涨。 ❑ 保险：阶段性波动不改资产端向好趋势 （1）资产端：2025 年 2 月 21 日，中债 10 年期国债到期收益率 1.72%，继续回 升；从权益市场表现看，成长股风格占优，市场先下后上，沪深 300 指数本周上 涨 1%。（2）负债端：中国太保发布公告，其 1 月份寿险原保费收入 495.75 亿 元，同比增长 10.3%，财险原保费收入 26 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The report emphasizes the increasing attention on AI in healthcare, particularly in the areas of medical diagnostics and consumer healthcare, drawing comparisons between the US and China [20][22] - It identifies two main types of AI healthcare companies: technology-driven (represented by Tempus) and consumer application-based (represented by Hims&Hers) [20][22] - The report recommends domestic companies in the fields of NGS (Next-Generation Sequencing) and in vitro diagnostics, highlighting the potential for AI applications to enhance efficiency and reduce costs [22][25] Summary by Sections AI Healthcare Investment Insights - The report analyzes successful factors of US AI healthcare companies, recommending areas such as in vitro diagnostics and medical imaging [20][22] - Tempus AI is highlighted for its integration of generative AI and genomics to provide personalized treatment plans, focusing on multi-modal data integration [20][22] - Domestic companies recommended in the NGS sector include BGI Genomics, Novogene, and others, while in the in vitro diagnostics sector, companies like United Imaging and Mindray are highlighted [22][25] Consumer Application Insights - Hims&Hers is noted for its AI-driven subscription model that personalizes health solutions, achieving a 77% year-on-year revenue increase in Q3 2024 [22][25] - The report suggests that consumer healthcare companies should focus on online platforms and brand recognition to enhance user engagement [25] Market Performance and Trends - The report notes that the pharmaceutical index increased by 1.93%, outperforming the CSI 300 index by 0.93 percentage points [29][30] - It highlights that the medical services sector saw a significant rise of 9.3%, while other sectors like traditional Chinese medicine experienced declines [30] - The overall valuation of the pharmaceutical sector is reported at 27 times PE, with a premium of 122% over the CSI 300 index [29][30] Policy and Regulatory Developments - Recent policies aim to enhance healthcare service capabilities and integrate AI technologies into medical practices [28] - The report anticipates the release of the 2025 medical insurance catalog, which is expected to optimize payment conditions for innovative drugs [28]

Investment Rating - The industry rating is "Positive" (maintained) [3] Core Views - The report suggests that the liquor industry is expected to transition smoothly after the Spring Festival, with a focus on strong brand momentum and reasonable growth targets for leading brands. The second quarter is anticipated to enter a low base period, making current positioning more important than timing [1][11] - The report emphasizes two main lines for investment: "momentum continuation" and "low base recovery," recommending high-end liquor brands such as Wuliangye and Kweichow Moutai, as well as regional brands like Gujing Gongjiu and Shanxi Fenjiu [1][11] Summary by Sections Liquor Sector - The liquor sector performed as expected during the Spring Festival, with regional leaders like Sujiu and Huijiu showing strong performance. High-end liquor maintained stability, and the report recommends active positioning in the current market [1][11] - The upcoming National People's Congress on March 5, 2025, is expected to catalyze policy changes that could lead to a structural bull market in liquor [1][11] - Specific recommendations include high-end liquor brands Wuliangye and Kweichow Moutai, and regional brands such as Gujing Gongjiu and Yinjia Gongjiu [1][11] Consumer Goods Sector - The investment focus for 2025 in the consumer goods sector is summarized into two main lines: the prosperity line and the recovery line. The report highlights the potential for growth in sectors with expected upward trends, such as snacks and beverages, and emphasizes the importance of new sales channels [2][15] - The report suggests that the restaurant supply chain is a key area for policy stimulus, which could lead to demand recovery and valuation improvements [2][15] - Recommended stocks include Three Squirrels, Qingdao Beer, and Yili Group, among others, with a focus on leading companies [2][15] Market Performance - From February 14 to February 21, the Shanghai and Shenzhen 300 Index rose by 1.00%, with other liquor categories increasing by 2.85% and the liquor sector itself rising by 0.51% [2][21] - Specific stock performances included Huazhi Liquor (+4.42%), Shanxi Fenjiu (+1.65%), and Jinshiyuan (+1.55%), while Yinjia Gongjiu (-3.69%) and Shunxin Agriculture (-2.05%) saw declines [2][21] Valuation - As of February 21, 2025, the valuation for the food and beverage industry stands at 19.93 times, with specific valuations for liquor, beer, wine, and yellow wine at 19.19, 24.36, 90.54, and 30.00 times respectively [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - Kingsoft Office is a leading domestic office software provider, leveraging WPS to capture the office scenario entry point. With the integration of DeepSeek R1 large model, the commercialization of AI applications is expected to exceed expectations. As of June 30, 2024, the monthly active devices for Kingsoft Office's main products reached 602 million, with a cumulative annual paid user count of 38.15 million. The enhanced WPS product experience after integrating DeepSeek is anticipated to further boost both monthly active and paid user numbers [1][2][3]. Summary by Sections Exceeding Expectations Logic - Market expectations suggest that Kingsoft Office primarily benefits from the trend of domestic office software localization, with current penetration rates for products like WPS being relatively high, limiting exponential growth potential. However, the DeepSeek model, as a leading open-source AI large model, is expected to significantly drive the penetration and application of AI in China, marking a "GPT moment" for the country. Kingsoft Office, as one of the four major AI application sectors (office, finance, healthcare, education), is well-positioned to utilize DeepSeek's text capabilities, enhancing the WPS AI experience [2][3]. Verification Metrics and Catalysts - Key metrics for verification include the company's monthly active users (MAU), AI product user count, overseas user count, payment rate, and average revenue per user (ARPU). Financial performance indicators such as revenue growth rate, gross margin, and net margin will also be monitored. Potential catalysts include advancements in domestic foundational large models, the launch of new features in WPS based on the DeepSeek model, and a decrease in AI inference costs [4]. Research Value - A unique perspective is presented, countering the market view that Kingsoft Office lacks leading AI large model technology and cannot establish technological barriers based on AI. The company's products primarily target individual users, where user perception and reputation form a core moat, while AI can enhance market capacity. Progress in foundational large models is expected to increase user willingness to pay and enrich application scenarios. As a leading domestic office software provider, Kingsoft Office is poised to benefit from the widespread adoption of DeepSeek's advanced large model capabilities [5][11].

证券研究报告 风险提示 新能源应用驱动行业增长，龙头持续受 益国产化、集成化、高端化产业趋势 ——绝缘耐温云母行业深度报告 行业评级：看好 2025年2月21日 分析师 邱世梁 研究助理 陈红 邮箱 qiushiliang@stocke.com.cn 邮箱 chenhong01@stocke.co m.cn 证书编号 S1230520050001 摘要 2、竞争格局：分散型寡占市场，龙头企业已具备全球竞争力 2 浙江荣泰（603119.SH）：新能源云母龙头，在手订单近百亿，拟并购精密丝杠龙头狄滋精密，有望依托客户资源向人形机器人等高成长领域拓展。 平安电工（001359.SZ）：耐温绝缘云母龙头，全产业链布局，技术实力雄厚，新能源业务驱动盈利能力持续快速提升，"云母+"有望支撑未来业绩 稳步增长。 1、绝缘耐温云母下游应用广泛，预计2027年市场规模达365亿元，23-27年行业CAGR达11.1% • 预计2027年全球耐温绝缘云母市场规模达365亿元，23-27年CAGR达11.1%：我们测算，2023-2027年，全球电线电缆用耐温绝缘云母市场 CAGR为2.5%；家用电器领域CAGR为19.5%；新 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [4]. Core Viewpoints - The company is a leader in panel detection and is expanding its growth potential in the semiconductor and new energy sectors. In 2023, the company achieved revenue of 1.86 billion yuan and a net profit of 240 million yuan. It has become a designated supplier for Tesla and is expected to see continuous performance growth with the upcoming OLED 8th generation line capacity construction and product introduction in the semiconductor/new energy detection equipment [1][13]. Summary by Sections Panel Detection Equipment Leadership - The company holds a leading position in the panel detection equipment market with a 32% market share in the AMOLED industry for Cell/Module process detection equipment in mainland China. The ongoing construction of 8th generation lines and the rapid development of the AR/VR market are expected to provide new growth opportunities for the company's panel detection business [2][29]. - The global AR/VR shipment volume is projected to grow at a CAGR of 36% from 2024 to 2028, which will further enhance the demand for panel detection equipment [2]. Semiconductor Detection Equipment - The domestic semiconductor testing equipment market is expected to grow to 26.74 billion yuan by 2027, with testing machines accounting for 63% of the market value. The company's self-developed T7600 testing machine has reached the level of mid-range SoC testing machines from international manufacturers, with major clients including Samsung and Weir Shares [2][57]. - The company is actively advancing its semiconductor business, which is expected to accelerate the domestic substitution process [2][57]. New Energy Vehicle Detection Equipment - The global automotive testing equipment market reached 3.1 billion USD in 2022, with the Chinese market size around 6.883 billion yuan. As a designated supplier for Tesla, the company has established a diversified range of new energy vehicle testing solutions, which are expected to continue growing alongside the increasing production and sales of new energy vehicles [3][4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.0 billion yuan, 2.3 billion yuan, and 2.7 billion yuan from 2024 to 2026, with year-on-year growth rates of 7.6%, 15.9%, and 15.6%, respectively. The net profit for the same period is expected to be -480 million yuan, 250 million yuan, and 300 million yuan, with corresponding growth rates of -300.7%, 152.3%, and 19.9% [4][6].

证券研究报告 | 公司点评 | 物流 申通 1 月快递件量跃居第三，2025 年盈利弹性有望加速兑现 ——申通快递更新点评 投资要点 ❑ 各家快递公司发布 2025 年 1 月快递经营数据 顺丰：收入 207.6 亿元，同比+6.47%；业务量 13.3 亿件，同比+15.95%；单票收 入 15.61 元，同比-8.18%。 圆通：收入 53.40 亿元，同比+1.5%；业务量 22.68 亿件，同比+5.46%；单票收 入 2.35 元，同比-3.76%。 韵达：收入 40.69 亿元，同比-8.36%；业务量 20.13 亿件，同比+2.86%；单票收 入 2.02 元，同比-11%。 申通：收入 41.69 亿元，同比+5.1%；业务量 20.23 亿件，同比+11.77%；单票收 入 2.06 元，同比-5.94%。申通快递 1 月件量收入跃居第三，进入发展新阶段。 研究助理：张梦婷 zhangmengting@stocke.com.cn ❑ 盈利预测 考虑 2024 年行业件量增速持续超预期，申通快递受益于产能提升，公司业务量 快速增长，市占率有望逐步提升，叠加规模效应释放，盈利能力有望提升。相较 ...

Group 1 - The report emphasizes the high cost-performance ratio of the A-share pharmaceutical sector, which is catalyzed by AI empowerment and the rise of the US stock market, highlighting the importance of the AI medical market's development [1][2][3] - Recent bullish trends in the US AI medical sector, exemplified by companies like TEMPUS and DOXIMITY, are seen as catalysts for the A-share market, with historical data showing a strong positive correlation between A-share and US pharmaceutical sectors [1][10] - The current AI medical sector is experiencing dense catalysts from micro, meso, and macro perspectives, with frequent AI product launches and improving company performance in the micro level, gradual AI integration in the healthcare system at the meso level, and favorable macroeconomic indicators in the US [2][3][20] Group 2 - The A-share pharmaceutical sector is currently at historical low levels in terms of stock prices, valuations, and fund holdings, indicating significant potential for improvement as the fundamentals clear up [3][28] - The report notes that the A-share medical sector's price-to-earnings ratio (TTM) is around 30 times, which is close to its ten-year historical percentile of approximately 30.6%, providing a relatively safe investment window [29][30] - The report highlights that the pharmaceutical sector's net profit growth has been narrowing since 2023, with projections indicating further recovery driven by continuous innovation and AI's positive impact [32][34] Group 3 - The report outlines the significant value of AI in various medical scenarios, including medical imaging analysis, precision medicine, drug development, and gene sequencing, showcasing the transformative potential of AI in healthcare [4][43] - Specific applications of AI in the medical field include enhancing diagnostic accuracy through advanced imaging analysis, optimizing drug development processes, and personalizing treatment plans based on comprehensive patient data [21][44] - The report identifies key companies in the AI medical industry, such as Tempus and Doximity, which are leading the way in AI-driven healthcare solutions, and highlights their recent performance metrics [15][19][46]