市场研究部证券研究报告 2025 年 2 月 21 日 国内市场综述 窄幅整理 走势分化 周四（2 月 20 日）大盘震窄幅整理，走势分化。截至 收盘，上证综指收于 3350.78 点，下跌 0.02%；深成指 收于 10794.55 点，上涨 0.2%；科创 50 下跌 0.14%；创 业板指下跌 0.06%，万得全 A 成交额共 17915 亿元，较 前一日略有上升。 行业方面，30 个中信一级行业有 16 个上涨，其中国防 军工、医药及商贸零售涨幅幅居前，而传媒、建筑及非 银行金融则跌幅较大。概念方面，宇树机器人、CRO 及 医疗服务精选等指数表现活跃。 海外市场综述 美国三大股指全线收跌，道指跌超 1% 周四（2 月 20 日），美国三大股指全线收跌，道指跌 1.01%，标普 500 指数跌 0.43%，纳指跌 0.47%。沃尔玛 跌超 6%，摩根大通跌逾 4%，领跌道指。万得美国科技 七巨头指数跌 0.2%，特斯拉、亚马逊跌超 1%。中概股 普遍上涨，万国数据涨超 12%，阿里巴巴涨逾 8%。 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 | 国内市场 | ...

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by more than 5% over the next six months [9][11]. Core Insights - The total bidding scale for wind power projects from January 26 to February 14, 2025, is 462.5MW, with significant projects including a 300MW offshore wind project by China Nuclear Group [2][10]. - The total winning bid scale during the same period is 2136.75MW, with an average winning bid price of 2181 CNY/kW for onshore projects that include towers, and 1444 CNY/kW for those that do not [3][4][10]. - The highest winning bid price recorded is 2640 CNY/kW for a distributed wind power project by China Coal Pingshu Group, while the lowest is 1221 CNY/kW for an expansion project by Yunda Co [3][4][10]. Summary by Sections Bidding Scale - From January 26 to February 8, 2025, two wind power projects were tendered with a total scale of 162.5MW [2]. - From February 10 to February 14, 2025, one offshore wind project was tendered with a scale of 300MW [2]. Winning Bids - The total winning bid scale from January 26 to February 8, 2025, includes six onshore projects totaling 561.25MW, with an average winning bid price of 2181 CNY/kW [3]. - The total winning bid scale from February 10 to February 14, 2025, includes five onshore projects totaling 405MW, with an average winning bid price of 2073 CNY/kW [4]. Investment Recommendations - It is recommended to focus on investment opportunities in the offshore wind sector, particularly in areas such as submarine cables, marine engineering, and foundation piles, as well as companies with strong overseas bidding capabilities [5].

市场研究部证券研究报告 2025 年 2 月 20 日 震荡上涨 题材活跃 周三（2 月 19 日）大盘震荡上行，题材活跃。截至收 盘，上证综指收于 3351.54 点，上涨 0.81%；深成指收 于 10772.65 点，上涨 1.46%；科创 50 上涨 2.31%；创 业板指上涨 2.03%，万得全 A 成交额共 17492 亿元，较 前一日略有下降。 行业方面，30 个中信一级行业有 26 个上涨，其中机械、 电子及综合信息涨幅幅居前，仅有煤炭、银行、石油石 化及钢铁小幅收跌。概念方面，宇树机器人、新型工业 化及半导体硅片等指数表现活跃。 海外市场综述 美国三大股指小幅收涨，标普 500 指数续创历史新高 周三（2 月 19 日），美国三大股指小幅收涨，道指涨 0.16%，标普 500 指数涨 0.24%，纳指涨 0.07%。默克涨 超 2%，联合健康集团涨逾 2%，领涨道指。万得美国科 技七巨头指数涨 0.26%，特斯拉涨超 1%，微软涨逾 1%。 中概股涨跌不一，世纪互联涨超 8%，文远知行跌逾 15%。 新闻精要 | 1. 国办转发《2025 | 年稳外资行动方案》：推动生物医 | | | | ...

市场研究部 2025 年 2 月 18 日 宏观研究 市场表现截至 2025.2.17 数据来源：Wind，国新证券整理。 促进民营经济健康发展、高质量发展 ——民营企业座谈会解读 事件 2 月 17 日上午，民营企业座谈会召开，中共中央总书记、国 家主席、中央军委主席习近平出席并发表重要讲话。 解读 习近平强调，党和国家对民营经济发展的基本方针政策，将一 以贯之坚持和落实，不能变，也不会变。新时代新征程民营经济发 展前景广阔、大有可为，广大民营企业和民营企业家大显身手正当 其时。要统一思想、坚定信心，促进民营经济健康发展、高质量发 展。 会议背景：当前民营经济发展面临一些困难和挑战。 当前民营经济发展遇到以下问题：发展放缓，融资难融资贵， 拖欠民营企业账款，乱收费、乱罚款、乱检查、乱查封等。 民营经济发展放缓。2024 年，私营规模以上工业增加值同比 增长 5.3%，高于 2022 年和 2023 年，但显著低于 2021 年和 2020 年前；民间固定资产投资下降 0.1%，降幅比 2023 年收窄 0.3 个百 分点，连续 2 年下降；民间固定资产投资所占比重，自 2015 年触 及 64.2%的高点以 ...

国内市场综述 冲高回落 震荡下挫 周二（2 月 18 日）大盘冲高回落，震荡下挫。截至收 盘，上证综指收于 3324.49 点，下跌 0.93%；深成指收 于 10617.26 点，下跌 1.61%；科创 50 下跌 2.52%；创 业板指下跌 1.98%，万得全 A 成交额共 18263 亿元，较 前一日有所下降。 行业方面，30 个中信一级行业有 29 个下跌，其中传媒、 计算机及商贸零售跌幅居前，仅有银行小幅收涨。概念 方面，锂电电解液、央企银行及宁德时代产业链等指数 表现活跃。 海外市场综述 新闻精要 美国三大股指小幅收涨，英特尔涨超 16% 周二（2 月 18 日），美国三大股指小幅收涨，道指涨 0.02%，标普 500 指数涨 0.24%，纳指涨 0.07%。耐克涨 超 6%，霍尼韦尔国际涨逾 2%，领涨道指。万得美国科 技七巨头指数跌 0.4%，。英特尔涨超 16%，创 2020 年 以来最大单日涨幅。中概股多数下跌，金山云跌逾 8%。 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 1. 民营企业座谈会之后，国家发改委、工信部等重磅 发声 2. 潘功胜：新兴市场经济体应提升汇率弹性 3 ...

并购周报 | 市场研究部 | 2025 | 年 | 2 月 | 17 日 | | --- | --- | --- | --- | --- | | 国资央企并购周度观察第 期 6 | | | | | | 国资央企并购 | | | | | | 本周（2.10-2.16）国资央企并购事件共 2 项，其中中央 | | | | | | 国有企业并购 项；地方国有企业并购 项，为新风光 0 2 | | | | | | 增资东方机电获其 50%股权等。 | | | | | | 链长动态 | | | | | | 本周链长企业动态方面，国家电力投资集团有限公司下 | | | | | | 属上市公司远达环保（600292）发布"关于重大资产 | | | | | | 重组的进展公告"。 | | | | | | 技术创新并购 | | | | | | | 分析师：王闻 登记编码：S1490519010001 | | | | | 本周涉及技术创新类并购 1 项，为广聚能源收购航天欧 | 邮箱：wangwenyj@crsec.com.cn | | | | | 华 100%股权。 | | | | | | 风险提示 | | | | | | 1 ...

Group 1 - The report highlights the release of the "National Data Infrastructure Construction Guidelines," which aims to promote network upgrades and technological innovation, establishing data infrastructure as a key component of the digital economy [3] - The "Education Strong Nation Construction Plan Outline (2024-2035)" emphasizes the role of artificial intelligence in educational reform, including curriculum system reform and the development of digital literacy standards for teachers and students [4] Group 2 - In the integrated circuit sector, various initiatives and innovations are reported, including the launch of new AI chips by Qualcomm and the introduction of advanced semiconductor technologies by Fudan University [8] - The industrial mother machine sector is seeing advancements with the successful hosting of a standardization conference for special processing machine tools and the introduction of new patents to support industry upgrades [9] - The new generation mobile communication industry is advancing with projects aimed at enhancing 5G and 6G technology innovation, as well as the establishment of a mobile communication equipment R&D and manufacturing base [9] Group 3 - The artificial intelligence sector is witnessing significant developments, such as the establishment of the National Artificial Intelligence Industry Investment Fund and partnerships between major tech companies to enhance AI capabilities [9] - In biotechnology, regulatory updates are being made to streamline the approval process for traditional Chinese medicine and promote innovation in the sector [10] - The renewable energy sector is highlighted by the release of national electricity industry statistics and the completion of significant projects in wind and solar energy [10] Group 4 - The electric vehicle industry is experiencing growth with new partnerships and orders for battery storage, as well as the introduction of new electric vehicle models with extended ranges [10] - The new materials sector is seeing increased investment in solid-state batteries and composite materials, with significant patent activity and market interest [10] - Future industries are being shaped by initiatives in digital transformation, artificial intelligence applications, and advancements in quantum communication technologies [11]

国内市场综述 探底回升 上涨延续 周一（2 月 17 日）大盘探底回升，上涨延续。截至收 盘，上证综指收于 3355.83 点，上涨 0.27%；深成指收 于 10791.06 点，上涨 0.39%；科创 50 上涨 1.45%；创 业板指上涨 0.51%，万得全 A 成交额共 19718 亿元，较 前一日有所上。 行业方面，30 个中信一级行业有 23 个上涨，其中通信、 消费者服务及机械涨幅居前，而有色金属、煤炭及传媒 则跌幅较大。概念方面，宇树机器人、光模块 CPO 及高 速铜链接等指数表现活跃。 新闻精要 1. 习近平在民营企业座谈会上强调 民营经济发展前 景广阔大有可为 民营企业和民营企业家大显身手正当 其时 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523030001 邮箱：penghong@crsec.com.cn/ zhongzheyuan@crsec.com.cn | 市场研究部证券研究报告 | | | 2025 年 2 月 | 18 日 | | --- | --- | --- | --- | --- | ...

Domestic Market Overview - The domestic market experienced a low opening followed by a rise, with the Shanghai Composite Index closing at 3346.72 points, up 0.43%, and the Shenzhen Component Index closing at 10749.46 points, up 1.16% [1][4] - The total trading volume of the A-share market was 17448 billion, slightly down from the previous day [1][4] - Among the 30 sectors, 16 sectors saw an increase, with notable gains in computer, pharmaceutical, and automotive sectors, while comprehensive finance, real estate, and retail sectors experienced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.37%, S&P 500 down 0.01%, and Nasdaq up 0.41% [2][4] - Procter & Gamble fell over 4%, and Travelers Companies dropped nearly 2%, leading the decline in the Dow [2][4] - Chinese concept stocks generally rose, with notable increases such as WeRide up 83.46% and Kingsoft Cloud up approximately 20% [2][4] Key Financial Data - As of the end of January, M2 grew by 7% year-on-year, while M1 increased by 0.4% [10][13] - In January, RMB loans increased by 5.13 trillion, and the social financing scale increased by 7.06 trillion, which is 583.3 billion more than the same period last year [10][13] - The total social financing scale at the end of January was 415.2 trillion, reflecting an 8% year-on-year growth [10][13] Industry Developments - The transfer of shares from China Cinda, Oriental Asset, Great Wall Asset, and China Securities Financial Company to Central Huijin is part of a broader financial regulatory reform in China [14] - The construction of the second eastern section of the Sichuan-to-East Gas Pipeline is accelerating, with expectations for full completion by 2027 [16]

Domestic Market Overview - The domestic market experienced a pullback after an initial rise, with the Shanghai Composite Index closing at 3332.48 points, down 0.42%, and the Shenzhen Component Index at 10626.62 points, down 0.77% [1][4][8] - Among the 30 sectors tracked, 11 saw gains, with Food & Beverage, Agriculture, Forestry, Animal Husbandry & Fishery, and Media leading the increases, while Electronics, Comprehensive Finance, and Telecommunications faced the largest declines [1][4][8] - The total trading volume for the A-share market reached 185.4 billion yuan, showing an increase compared to the previous day [1][4][8] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones up 0.77%, the S&P 500 up 1.04%, and the Nasdaq up 1.5% [2][4] - Notable stock performances included Nvidia rising over 3%, Cisco up more than 2%, and Tesla increasing by over 5% [2][4] - Chinese concept stocks mostly rose, with Zhihu up over 10% and Gaotu Group up more than 6% [2][4] Key News Highlights - The National Development and Reform Commission allocated 5 billion yuan for central investment to support 1008 projects aimed at poverty alleviation, targeting 123,000 rural residents [11][12] - Shanghai announced a new round of policy measures to stimulate economic growth [13] - The People's Bank of China released its monetary policy execution report for Q4 2024, emphasizing the implementation of a moderately loose monetary policy [16] - The first film in China's history to surpass 10 billion yuan in box office revenue was announced, showcasing the potential of the domestic film market [18][19]