证券研究报告 家电+AI，拥抱智能化时代 ——家电标的AI布局梳理 2025年3月2日 行业评级：看好 分析师 张云添 分析师 文煊 邮箱 zhangyuntian@stocke.com.cn 邮箱 wenxuan@stocke.com.cn 证书编号 S1230524020006 证书编号 S1230523120003 核心观点 2 ◆ 家电领域正加速拥抱AI技术，头部企业纷纷通过多元化的战略布局，推动产品智能化升级与业务拓展，本篇报告主要对家电标的在AI领域的布 局进行梳理。 • 科沃斯在智能传感器、人机交互和医疗服务等多领域深入布局，其全资子公司氪见（南京）科技有限公司专注智能传感器产品，同时投资多家 企业，探索AI情感交互技术及拓展医疗服务应用场景，人形机器人领域布局包括投资睿尔曼智能（超轻量仿人机械臂）和仙工智能（控制器）。 • 石头科技暂无相关股权布局，近期石头科技的APP接入Deepseek-R1，并推出行业首款机械手臂产品G30 Space，搭载多项先进技术，提升品 牌影响力及高端市场份额，为家用服务机器人发展提供新思路。 • 德昌股份通过与五家企业战略合作，共同建设创新中心，推动人形机器人产 ...

证券研究报告 年报季，强调高质量和创新 ——医药行业2025年3月月报 行业评级：看好 2025年3月2日 | 分析师 | 孙建 | 分析师 | 吴天昊 | 分析师 | 郭双喜 | 分析师 | 王帅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 邮箱 | sunjian@stocke.com.cn | 邮箱 | wutianhao@stocke.com.cn | 邮箱 | guoshuangxi@stocke.com.cn | 邮箱 | wangshuai1@stocke.com.cn | | 证书编号 | S1230520080006 | 证书编号 | S1230523120004 | 证书编号 | S1230521110002 | 证书编号 | S1230523060003 | 摘要 ➢ 行情复盘：2025年2月，医药指数跑赢沪深300 2 • 医药指数涨跌幅：2025年2月沪深300上涨1.91%，中信医药指数上涨4.96%，医药板块涨跌幅在29个中信一 级行业中涨幅排名第11名。 • 医药细分板块涨跌幅：根据Wind中信医药分类看，2月生物 ...

证券研究报告 | 行业点评 | 风电设备 强现实弱预期，向上拐点已至 ——风电设备行业点评报告 投资要点 ❑ 事件：多个海上风电项目迎新进展 据中国铁建港航局消息，2 月 26 日中国铁建港航局 5000 吨全回转起重船将于 3 月 6 日抵达广东阳江，执行三峡阳江青洲五海上风电场项目标段Ⅱ打桩任务。2 月 22 日，盐城港大丰港区正式启动江苏国信大丰 850MW 海上风电项目风电主 机吊装出海作业。 ❑ 海风：江苏国信大丰项目启动主机吊装、各省海风规划总计超 100GW 据龙船风电网，2 月 22 日，盐城港大丰港区正式启动江苏国信大丰 850MW 海 上风电项目风电主机吊装出海作业。除此之外，龙源射阳、三峡大丰、青洲五 六、帆石一等重大海风项目紧锣密鼓推进，如 2025 年 2 月青洲六已全部完工， 2025 年 2 月青洲五标段Ⅱ即将开始打桩，同期青洲七发布阵列缆中标公告； 2025 年 2 月帆石一项目进入全面施工阶段。几大省份海风规划总计超 100GW， 海上风电深远海装机体量将显著提升。 风电设备 报告日期：2025 年 02 月 27 日 行业评级: 看好(维持) ❑ 量：24 年招标量新高+十 ...

低估值反攻，近在咫尺 ——主动量化周报 核心观点 ❑ 市场的增量资金在哪里？ 非机构大资金活跃度边际回落，科创综指 ETF 建仓形成托底： 第一，非机构大资金活跃度边际回落。我们根据龙虎榜数据计算得到非机构大资 金活跃度指标，从结果上来看，非机构大资金活跃度于 2025 年初至 2 月中旬期 间持续上升，但最近 2 周边际回落。 第二，科创综指 ETF 建仓带来被动资金涌入。截至 2 月 28 日，前期上报的科创 综指 ETF 目前仅建信基金旗下产品已上市交易，后续其他产品的持续建仓有望 带来被动资金涌入。 综合来看，大资金活跃度降低，意味着活跃资金风险偏好下降，以 TMT 为代表 的科技板块未来或阶段性调整，但在科创综指等被动资金建仓的支撑下，调整幅 度或有限，整体呈现震荡下行格局。从行情结构上，我们判断市场重心将由科技 成长转向低估值，低估值反攻有望开启，看好顺周期类的地产链及消费板块的投 资机会。 ❑ 行业结构如何选择？ 主线切换，低估值反攻有望开启： 第一，交易面上来看，经过本周调整后，通信、电子、计算机、传媒四行业拥挤 度略有下降，但仍然全部处于 95%预警分位阈值以上，调整可能尚未充分。另 外，英 ...

| 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年3月2日） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 321 | | -1 7% . | -0 . | 9% | | | 沪深300 | | 3 , | 890 | | -2 2% . | -1 . | 1% | | 板 | SW钢铁指数 | | 2 , | 225 | | 3 2% . | 5 . | 8% | | 块 | | SW普钢指数 | 2 , | 271 | | 5 3% . | 8 . | 8% | | | | SW特钢指数 | 3 , | ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - Fresh pet food represents a new direction in the upgrade and anthropomorphism of pet food consumption, emphasizing fresh, human-grade ingredients with high moisture content and minimal processing [1][2] - FreshPet, a leading company in the fresh pet food market, achieved a revenue of $975 million in FY24, marking a 27.2% increase year-on-year, with a CAGR of 32.5% from 2019 to 2024 [3][4] - The domestic market is beginning to follow the overseas trend, with companies like Pet&Fresh adapting the fresh food model to local preferences [7][8] Product Overview - Fresh pet food is primarily made from fresh meat and vegetables, with a high protein content exceeding 70%, and is available in both freshly made and refrigerated forms [1][2] - FreshPet's product range includes various high-end offerings, such as Vital and Nature's Fresh, catering to different consumer needs [4] Market Dynamics - FreshPet has established a strong market presence with a 3.4% share in the dog food market and a 96% share in the fresh food category in the U.S. [3] - The company has a robust supply chain with multiple production facilities and plans for expansion to meet growing demand [6] Competitive Landscape - The fresh pet food market is characterized by high transportation and storage costs due to the need for cold chain logistics, which presents both challenges and opportunities for pricing strategies [2][10] - Pet&Fresh is innovating in the domestic market by leveraging online channels and offering a diverse product range to attract consumers [8][9] Investment Recommendations - The report recommends investing in leading companies with strong supply chains and innovative research capabilities, such as Guibao Pet, Zhongchong Co., and Petty Co. [10]

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The report highlights that the recent market adjustments may provide better investment opportunities in the non-bank financial sector, particularly in brokerage and insurance segments [1][2][4] - The report notes a surge in mergers and acquisitions within the brokerage sector, with several firms announcing consolidation plans, which has led to increased market expectations [1] - The insurance sector is experiencing a phase of adjustment, with a notable increase in the allocation of stocks and long-term bonds by insurance companies, indicating a strategic shift to capitalize on market conditions [2] Summary by Sections Brokerage - The report recommends specific brokerage firms including China Galaxy, CITIC Securities, and GF Securities, while suggesting to pay attention to East Asia Securities, Western Securities, Dongwu Securities, and Huaxi Securities [4] - The brokerage sector is expected to benefit from the ongoing M&A activities and a potential rebound in stock prices following the recent market corrections [1] Insurance - The report recommends major insurance companies such as New China Life, China Life, and China Property & Casualty Insurance [4] - The insurance sector's asset allocation has shifted significantly, with stock and bond investments increasing by 28.29% and 26.31% respectively year-on-year, reflecting a proactive approach to market fluctuations [2] Multi-Financial and Fintech - The report suggests investments in firms like Zhinanzhen and Dongfang Caifu, while also recommending attention to Dingdian Software and Wealth Trend [4] Overseas Financial - The report advises focusing on companies such as Futu Holdings, Tiger Brokers, Jiufang Zhitu Holdings, Lianlian Digital, and OSL Group [4] Market Data - The report notes that the equity market experienced a comprehensive pullback, with the CSI 300 and ChiNext indices declining by 2.22% and 4.87% respectively during the week [13][14]

Group 1: PMI and Manufacturing Insights - The manufacturing PMI for February 2025 recorded at 50.2%, an increase of 1.1 percentage points month-on-month, indicating a recovery influenced by the post-Spring Festival period[1] - Large enterprises' PMI rose to 52.5%, up 2.6 percentage points from the previous month, while medium and small enterprises' PMIs decreased to 49.2% and 46.3%, respectively[1] - The production index for large enterprises increased nearly 5 percentage points to 56.2%, serving as a core support for the manufacturing sector's recovery in February[1] Group 2: Demand and Economic Outlook - The new orders index for manufacturing improved to 51.1%, up 1.9 percentage points, indicating a return to expansion after briefly falling below 50%[9] - The overall economic growth target for 2025 is expected to be around 5%, with the first quarter GDP growth potentially reaching 5.1%[16] - The composite PMI output index for February was 51.1%, reflecting an overall recovery in economic sentiment[16] Group 3: Sector Performance and Trends - The production index for the equipment manufacturing sector was above 54%, showing a nearly 2 percentage point increase, while high-tech manufacturing reached 53%, up 3 percentage points[3] - The average daily coal consumption of the six major power generation groups increased to 782,500 tons in February, significantly higher than the previous month's 639,700 tons[7] - The EPMI for strategic emerging industries rose to 49%, a 3.4 percentage point increase, ending a four-month decline[12]

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Views - The food and beverage sector, particularly the liquor segment, is expected to benefit from policy catalysts and market dynamics as the National People's Congress convenes in March 2025. The report suggests actively allocating investments in this sector, especially in the second quarter when the sector enters a low base period [1][20]. - The report emphasizes the importance of brand strength and inventory management in the liquor sector, recommending key players such as Wuliangye and Kweichow Moutai for high-end liquor, and Gujing Gongjiu and Yanghe Brewery for mid-range and regional brands [20]. Summary by Sections Liquor Sector - The liquor sector performed well during the Spring Festival, with regional leaders like Su and Hui wines showing strong results. The report suggests that positioning is more critical than timing, recommending active allocation at current levels [1][20]. - The report identifies two main investment themes: "sustained momentum" and "low base recovery," highlighting high-end liquor recommendations such as Wuliangye and Kweichow Moutai, and mid-range options like Gujing Gongjiu and Yanghe Brewery [20]. Consumer Goods Sector - The report outlines two main investment themes for the consumer goods sector in 2025: the "prosperity theme" and the "recovery theme." It emphasizes the importance of new retail channels and the expected policy stimulus for the restaurant supply chain [26]. - Recommended stocks include Three Squirrels, Qingdao Beer, and Yili Group, focusing on high-prosperity segments and recovery opportunities [26]. Market Performance - From February 21 to February 28, the Shanghai Composite Index fell by 2.22%, while the liquor sector rose by 1.58%, with notable gains from brands like Jiuziyuan and Zhenjiu Lidong [3][30]. - The consumer goods sector saw significant rebounds in leisure foods and meat products, with leading stocks like Zhuangyuan Ranch and Hainan Yedao showing substantial increases [21][30]. Price Trends - The report tracks key liquor prices, noting that Kweichow Moutai's price remains stable at approximately 2,215 RMB per bottle, while Wuliangye maintains a price of around 950 RMB [19][50].