Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is positioned as a leading clean energy player under the China National Nuclear Corporation, with a strong focus on nuclear power, which accounted for nearly 85% of its revenue in 2023 [1][16]. - The nuclear power sector in China is entering a high-growth cycle, driven by government policies aimed at increasing nuclear energy's share in the overall energy mix, projected to reach 10% by 2035 [2][37]. - The company is actively expanding its nuclear and renewable energy capacities, with significant investments planned for the coming years, including a capital increase of 14 billion RMB to support project construction [4][5]. Summary by Sections Section 1: Nuclear Power as a Foundation - The company is the only nuclear power operation platform under the China National Nuclear Corporation, focusing on nuclear, wind, and solar energy projects [1][16]. - The company has maintained stable performance, with revenue growth from 52.76 billion RMB in 2020 to 74.96 billion RMB in 2023, reflecting a compound annual growth rate of approximately 12.76% [25]. Section 2: Accelerated Nuclear Approvals - The Chinese government has emphasized the urgent need for nuclear power development, with approvals for new projects returning to a normalized pace, approving 11 new units in 2024 [2][33]. - The nuclear power operating licenses are scarce, with only four companies currently qualified to operate in this sector, leading to a concentrated competitive landscape [41]. Section 3: Dual-Drive of Nuclear and Renewable Energy - The company has a total installed capacity of 23.75 million kW in nuclear power and over 36 million kW in non-nuclear clean energy, with plans for further expansion [3][16]. - The company has increased its market-based trading of nuclear power, with the proportion of market-based electricity sales rising from 33.71% in 2019 to 42.65% in 2023 [3][21]. Section 4: Profit Forecast and Valuation - The company is expected to achieve revenues of 75.57 billion RMB in 2024, with a projected growth of 0.82%, and net profits of 10.77 billion RMB, reflecting a growth of 1.37% [5][13]. - The estimated price-to-earnings ratios for 2024, 2025, and 2026 are 18, 16, and 15, respectively, indicating a favorable valuation outlook [5][13].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - Government agencies and state-owned enterprises are actively deploying DeepSeek, leading to a surge in demand for private deployment [1][12] - Integrated computing devices, known as intelligent computing all-in-one machines, are becoming the preferred choice for rapid deployment due to their low operational thresholds [2][13] - The release of DeepSeek all-in-one machines is supporting the domestic AI ecosystem, with over 60 companies, including Huawei and Lenovo, launching products based on DeepSeek [3][19] Summary by Sections 1. Private Deployment Driving Demand for All-in-One Machines - The demand for private deployment of DeepSeek has surged due to its high access volume, with the application reaching over 30 million daily active users [12] - Traditional private deployment is complex and costly, while all-in-one machines offer a "plug-and-play" solution, significantly reducing deployment time and costs [12][16] - The estimated demand for all-in-one machines is projected to reach 150,000, 390,000, and 720,000 units from 2025 to 2027, corresponding to market sizes of 123.6 billion, 293.7 billion, and 520.8 billion yuan respectively [2][18] 2. Manufacturers Actively Layout DeepSeek All-in-One Machine Production - DeepSeek all-in-one machines are categorized into inference and training machines, with prices ranging from hundreds of thousands to millions of yuan [19] - Major companies like Huawei and Lenovo are leading the market with their all-in-one machine offerings, which integrate various AI capabilities [19][21] - The all-in-one machines are designed to meet the needs of sensitive data environments, making them suitable for government and state-owned enterprises [16][19] 3. Related Companies - Key companies involved in this sector include YunSai ZhiLian, Hengsheng Electronics, China Unicom, Softcom Power, Zhiwei Intelligent, Fenghuo Communication, Shenzhou Digital, and Xinzhi Software [3]

证券研究报告 | 浙商早知道 报告日期：2025 年 02 月 17 日 浙商早知道 2025 年 02 月 17 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 【浙商宏观 李超/费瑾】宏观专题研究：中美关系回暖，货币宽松收敛——20250214 【浙商策略 廖静池/王大霁/赵闻恺】A 股策略周报：中线稳步向上，保仓位、调结构——20250215 【浙商固收 覃汉/郑莎】债券市场专题研究：负 Carry 压力或由短向长传导——20250215 【浙商宏观 李超/林成炜】宏观专题研究：美国对等关税影响几何——20250215 1 重要推荐 1.1 【浙商计算机 陶韫琦/刘雯蜀】迈富时（02556）公司深度：Agent 为笔，国产销售+营销 SaaS 龙头绘就 AI 新蓝图——20250216 1、计算机-迈富时（02556） 2、推荐逻辑：公司有望受益于下游企业客户数智化需求成长叠加 AI 应用加速渗透的浪潮，实现整体经 营的快速成长 1）超预期点 【市场认为】企业管理应用 SaaS 及 IT 支出意愿与自身经营状况 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The launch of the iFA platform marks a significant advancement in domestic industrial automation, enhancing project development and maintenance efficiency [1][2] - The Chinese industrial software market is growing, with the iFA platform positioned to compete with Siemens' software, facilitating hardware localization and supporting the company's growth in automation and new business areas like humanoid robots [2][4] Financial Performance - In Q3 2024, the company achieved a revenue of 9.21 billion yuan, a year-on-year increase of 20%, while the net profit attributable to shareholders was 1.24 billion yuan, a decrease of 1% [3] - For the first three quarters of 2024, total revenue reached 25.4 billion yuan, up 26% year-on-year, with a net profit of 3.35 billion yuan, reflecting a 1% increase [3] Business Segments - General Automation: Revenue for the first three quarters was 10.9 billion yuan, a 4% increase year-on-year, with significant contributions from various product lines [4][10] - New Energy Vehicles: Revenue reached 10.4 billion yuan, a remarkable 96% increase year-on-year, indicating strong growth potential [10] - Smart Elevators: Revenue was 3.6 billion yuan, down 6% year-on-year, while rail transit revenue was 340 million yuan, down 9% [10] Growth Drivers - The general automation market in China is projected to reach 311.5 billion yuan in 2023, with a growth rate of 11%, indicating substantial growth potential [4] - The company is positioned as a domestic leader in core product markets, with a clear and stable development path supported by manufacturing recovery and product expansion [4][11] Earnings Forecast - Revenue projections for 2024-2026 are 37.6 billion yuan, 48.2 billion yuan, and 58.0 billion yuan, with year-on-year growth rates of 24%, 28%, and 21% respectively [11] - Net profit forecasts for the same period are 4.8 billion yuan, 5.8 billion yuan, and 6.5 billion yuan, with growth rates of 0% in 2024, 22% in 2025, and 13% in 2026 [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The integration of DeepSeek R1 into WeChat is expected to enhance user experience and unlock more AI application scenarios within the Tencent ecosystem, which has a monthly active user base of 1.382 billion [2][5] - The demand for reasoning computing power is anticipated to grow rapidly, benefiting cloud infrastructure and domestic computing card manufacturers due to the high concurrency requests generated by AI search functionalities [3] - DeepSeek's deployment is gaining traction, with a focus on vertical applications, as it offers a cost-effective and secure solution for domestic clients who prefer private or dedicated cloud models [4][6] Summary by Sections AI Search Integration - WeChat has introduced DeepSeek R1 for AI search, currently in a gray testing phase, allowing users to access the model without additional downloads or fees [5] - The integration is expected to accelerate the unlocking of AI scenarios within the Tencent ecosystem, benefiting various partners [5] Computing Power Demand - The AI search functionality will require substantial computational resources for real-time natural language processing and multi-source data retrieval, leading to increased demand for GPUs/TPUs [3] - Even a small percentage of WeChat's user base utilizing AI search will result in a significant increase in concurrent requests, further amplifying the need for computing power [3] Deployment and Application Development - DeepSeek's open-source model is tailored for domestic clients, who are sensitive to data security and prefer independent deployments [4] - The low-cost structure of DeepSeek is expected to unlock more application scenarios, enhancing the return on investment (ROI) for various industries [4] - The development speed of vertical applications is projected to increase significantly with the availability of open-source AI models like DeepSeek [6] Recommended Focus Areas - Suggested companies to watch include Tencent ecosystem companies such as StarRing Technology and Panwei Network, as well as computing infrastructure firms like Cambricon and Haiguang Information [7]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The application of AI Agents is transitioning from Copilot to Agent, with AI Agents being autonomous systems capable of independent decision-making and execution [2][3] - The global AI Agent market is expected to exceed $130 billion by 2033, with a compound annual growth rate (CAGR) of approximately 43.9% from 2023 to 2033 [3][54] - B-end enterprise service SaaS vendors are identified as the most direct beneficiaries of the AI Agent trend, with significant commercial value derived from cost reduction, efficiency enhancement, and personalized services [4][39] Summary by Sections Investment Highlights - AI Agents are characterized by their ability to autonomously complete tasks, thereby saving labor costs and improving operational efficiency [5][39] - The best scenarios for AI Agent deployment are in vertical fields with significant ROI and clear data entry advantages, particularly in enterprise services such as office automation, ERP, and marketing [5][33] Related Companies - Key companies to watch include: - **Office Software**: Kingsoft Office, iFlytek, CaiXun Co. - **Creative Software**: Wanxing Technology - **OA**: Zhiyuan Interconnect, Fanwei Network - **Industrial Software**: Hand Information, Dingjie Zhizhi - **Marketing**: Mingyuan Cloud, Maifushi - **ERP**: Kingdee International, Yonyou Network [4][6] Market Dynamics - The AI Agent ecosystem is expected to flourish by 2025, driven by domestic large models like DeepSeek and the emergence of overseas SaaS companies [3][4] - The report outlines various business models for AI Agents, including value-sharing, usage-based, and success-based pricing strategies [41][47][50] B-end Application Scenarios - The report identifies several key application areas for AI Agents in B-end services, including: - Enterprise services with clear process management - Customer service automation - E-commerce and retail personalization - Medical decision support systems - Manufacturing and supply chain optimization [33][35] C-end Applications - C-end applications are also highlighted, with AI Agents being integrated into consumer hardware such as smartphones and smart glasses, enhancing user interaction through natural language and AR capabilities [29][31][32]

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [3]. Core Views - The report highlights significant government support for nuclear technology applications, which is expected to accelerate industry development [2][71]. - The establishment of a major renewable energy base in Gansu is projected to enhance the province's economic transformation and contribute to national energy goals [4][63]. - The report emphasizes the potential for growth in various segments, including green electricity, thermal power, gas, and water nuclear sectors, driven by policy changes and market dynamics [2][71]. Summary by Sections Market Review - The public utility sector index decreased by 0.17%, while the environmental protection sector index increased by 0.84%, underperforming the CSI 300 index by 0.35% [1][9]. - As of February 14, 2025, the public utility sector's PE (TTM) is 16.69 times, and PB (LF) is 1.47 times; the environmental sector's PE (TTM) is 20.35 times, and PB (LF) is 1.39 times [1][21]. Industry Dynamics - Gansu Province announced a plan to create a significant renewable energy and equipment manufacturing base, aiming for 80 million kW of installed renewable capacity by the end of 2025, accounting for approximately 65% of total capacity [4][64]. - Multiple nuclear power projects have commenced across the country, with the Guangdong Lufeng Nuclear Power Plant's first two units receiving construction permits, marking a peak in nuclear construction for 2025 [4][70]. Investment Recommendations - Key stock recommendations include China General Nuclear Power Technology, Fuan Energy, and Dongfang Electronics, with a strong emphasis on China General Nuclear Power Technology due to its strategic advantages and government support [2][71]. - The report suggests focusing on various segments: - Green electricity operations, particularly in high-energy-consuming industries [2][72]. - Thermal power, which is crucial for stable electricity supply during peak demand [2][72]. - Gas sector companies benefiting from price adjustments [2][73]. - Water and nuclear sectors, which are expected to maintain stable cash flows [2][73]. - The electric grid sector, with anticipated investments exceeding 650 billion yuan in 2025 [2][73].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a 15x valuation for 2025, indicating an upside potential of approximately 30% [14][15]. Core Insights - The company is positioned as a gold and jewelry brand targeting young consumers aged 25-35, focusing on self-indulgent needs. The high proportion of lightweight products and optimized product structure, combined with store expansion, is expected to drive performance beyond expectations. The company anticipates a high dividend yield of over 6% by 2025 [1][14]. Summary by Sections 1. Performance Expectations - The company is expected to achieve same-store revenue growth despite challenges in the gold jewelry market. The shift in consumer preference towards lower-priced, aesthetically appealing products is anticipated to benefit the company, which focuses on a price range of 2,000 to 5,000 yuan [2][3]. 2. Market Trends - The report highlights a recovery in consumer confidence and a potential return to positive growth in the gold jewelry sector starting from April 2024, following a period of decline due to rising gold prices [2][4]. 3. Product Strategy - The company emphasizes product design and quality control, establishing a strong product and aesthetic appeal through original designs and collaborations. This strategy aligns with the trend of "aesthetic awakening" among consumers [3][4]. 4. Financial Projections - Revenue is projected to grow from 64 billion yuan in 2024 to 84 billion yuan in 2026, with corresponding net profits increasing from 3.42 billion yuan to 5.02 billion yuan over the same period. The company is expected to maintain a high dividend payout ratio, with a forecasted dividend yield of 6.8% in 2025 [14][17]. 5. Competitive Positioning - The report argues that the company, along with a few other brands, is transitioning the gold jewelry industry from a channel-driven model to one focused on product and operational excellence, which should warrant a premium valuation [13][14].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical sector [4] Core Insights - The report highlights optimism towards pharmaceutical distribution and CXO opportunities driven by the AI wave, emphasizing the potential for AI and big data to enhance research and diagnostic efficiency in the pharmaceutical industry [1][16] - It identifies key areas of focus including pharmaceutical distribution, CXO, life science services, and active pharmaceutical ingredients, which are seen as pivotal segments in the industry [1][16] - The report suggests that the integration of AI in these sectors could lead to significant investment opportunities due to their strong positioning and the ongoing technological advancements [1][16] Summary by Sections AI Wave and Investment Opportunities - The report discusses the rising interest in diagnostic services, medical services, and medical devices since February 2025, indicating strong investor expectations for data application prospects and business model realization [1][16] - It emphasizes the importance of regulatory changes and the impact of different positions within the industry chain on business model expectations [1][16] Recommended Companies - The report recommends focusing on pharmaceutical distribution companies such as Shanghai Pharmaceuticals and Jiuzhoutong, as well as CXO companies like WuXi AppTec, Hengrui Medicine, and others [2][22] - It also suggests monitoring advancements in AI applications within diagnostic, health check, and medical service sectors [2][22] Market Performance - The pharmaceutical index increased by 2.63% during the week of February 10-14, 2025, outperforming the CSI 300 index by 1.44 percentage points, ranking 7th among all sectors [4][6] - The report notes that the overall valuation of the pharmaceutical sector has risen to 26.6 times PE, with a premium of 119% over the CSI 300, indicating a positive market sentiment [6] Policy Tracking - The report tracks significant policy developments, including the launch of a synchronized settlement platform for medical insurance and commercial insurance, which aims to enhance efficiency for insured individuals [3] - It also highlights the acceleration of direct settlement for collected drugs, reducing the payment cycle for pharmaceutical suppliers from 6 months to approximately 30 days, thereby improving cash flow for companies [3]

Investment Strategy - The report suggests that, similar to the period from 2013 to 2015, the development and diffusion of AI and humanoid robot technologies may lead to increased activity in small-cap companies in the capital market[1] - Two stock selection strategies are recommended: focusing on well-performing growth stocks and targeting companies related to AI and humanoid robots[1] Company Recommendations - Key companies to watch include: - Xinlaifu: Related to nuclear technology and robotics, with strong growth potential[1] - Xince Standard: A leading provider of automotive testing services, involved in robotics[1] - Minshida (North Exchange): Focused on AI computing and new materials, with significant growth expected[1] - Jufei Optoelectronics: A leader in AI hardware, benefiting from the rise of MiniLED technology[1] - Xinsuirda: Engaged in smart driving technology, with promising market prospects[1] A-Share Performance - As of February 14, 2025, 2,848 A-share companies have released 2024 earnings forecasts, representing approximately 53% of all A-shares[2] - Among these, 1,244 companies (44%) expect positive net profit after deducting non-recurring items, while 1,348 companies (47%) anticipate year-on-year growth[2] - Companies with year-on-year growth exceeding 50% account for over 30% of the total[2] Market Index Performance - The performance of various market indices as of February 14, 2025, shows: - North Exchange 50 Index: +3.8% - Small-cap Index: +6.6% - Mid-cap Index: +6.8% - Large-cap Index: +3.9% - Super-large Index: +1.3%[5] - Year-to-date performance indicates that smaller market indices have shown greater resilience and growth compared to larger indices[5] Industry Highlights - The best-performing sectors this week include Media (+9.9%), Computer (+7.8%), and Retail (+3.8%) with significant year-to-date gains[5] - Conversely, sectors such as Oil & Gas, Home Appliances, and Non-ferrous Metals have shown negative performance this week[5]