装备制造 [Table_ReportDate] 2025 年 4 月 14 日 [T分析师： able_Author 赵晓闯] 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 执业证书号：S1030511010004 证券研究报告 3 月挖掘机销量保持较快增长 [Table_ReportType]装备制造行业周报（4 月第 2 周） [Table_S 市场行情回顾： ummary] 上周（4 月 7 日-4 月 11 日）机械设备、电力设备及汽车行业 指数涨跌幅分别为-6.78%、-8.09%及-5.51%，在 31 个申万一 级行业中排名分别为第 29、31、21 位；同期沪深 300 涨跌幅 为-2.87%。装备制造领域是出口重点行业，市场表现受贸易战 影响而落后于大市。 行业观点： 请务必阅读文后重要声明及免责 ...

Investment Rating - The report maintains a positive outlook on the domestic consumption electronics industry chain, suggesting a focus on companies related to this sector due to the resilience expected under the "reciprocal tariffs" policy [3]. Core Viewpoints - The report highlights that electronic products are a major category in China's exports to the US, with a total export scale of USD 125.8 billion in 2024, accounting for 24% of total exports to the US [3]. - It emphasizes the acceleration of domestic substitution due to increased tariffs, with a recommendation to focus on domestic companies in sectors significantly impacted by import tariffs, such as analog chips, CPUs, and semiconductor equipment [3]. - The report notes that the import tariff rate on all goods from the US has risen to 125%, enhancing the cost advantage of domestic products [3]. Summary by Sections Market Weekly Review - The TMT sector experienced declines across major industries, with electronics down 3.89%, computers down 5.79%, media down 6.78%, and communications down 7.67%, underperforming the CSI 300 index which fell 2.87% [3]. - The top-performing sub-industries included analog chip design (up 6.04%) and semiconductor equipment (up 2.23%), while the worst performers were communication network equipment and devices (down 11.74%) and printed circuit boards (down 10.16%) [3]. Industry News and Key Company Announcements - Significant events in the industry include the Siemens Data Center Ecosystem Conference and the 13th China Electronic Information Expo [16]. - The report mentions that global AI IT investment is projected to reach USD 315.8 billion in 2024, with a compound annual growth rate (CAGR) of 32.9% expected until 2028 [26]. - It also notes that the global generative AI market is anticipated to grow at a CAGR of 63.8%, reaching USD 284.2 billion by 2028, representing 35% of the total AI market investment [26].

大消费 [Table_ReportDate] 2025 年 4 月 14 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 "即买即退"政策激发入境游客消费潜力 [Table_ReportType] 大消费行业周报（4 月第 2 周） [Table_Summary] 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 本周（4/7-4/11）大消费板块表现分化。商贸零售、食品 ...

大消费 [Table_ReportDate] 2025 年 4 月 14 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 "即买即退"政策激发入境游客消费潜力 [Table_ReportType] 大消费行业周报（4 月第 2 周） [Table_Summary] 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 本周（4/7-4/11）大消费板块表现分化。商贸零售、食品饮料、 美容护理、社会服务、家用电器、纺织服饰周涨跌幅分别为 + ...

[T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 装备制造 [Table_ReportDate] 2025 年 4 月 7 日 公司具备证券投资咨询业务资格 证券研究报告 部分行业受美关税政策影响较明显 [Table_ReportType]装备制造行业周报（4 月第 1 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] 1) 机械设备：对美国敞口较大企业受本次美国关税政策影响较 大。美国总统特朗普当地时间 4 月 2 日在白宫签署两项关于 所谓"对等关税"的行政令，大幅提升了关税税率（对中国额 外加征 34%）。对美敞口较大的出口型企业影响较大，如手工 具巨企业巨 ...

[Table_ReportDate] 2025 年 04 月 07 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 国产大模型加速迭代 TMT 行业周报（4 月第 1 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（3/31-4/03）涨跌 幅为：通信（-0.79%）、传媒（-1.28%）、计算机（-1.87%）、 电子（-2.71%）。TMT 板块内涨幅靠前的三级子行业分别为教 育出版（3.38%）、半导体设备（2.79%）、其他通信设备（1.71%）， 跌幅靠前的三级子行业分别为消费电子零部件及组装（ ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights the potential for growth in the domestic AI model sector and suggests focusing on the domestic computing power industry chain [3]. Core Insights - The domestic AI model is accelerating its iteration, with new models like Doubao and AutoGLM demonstrating superior performance and cost efficiency compared to existing models like DeepSeek. Doubao's approach of "deep thinking first, then online search" is noted to yield better accuracy and completeness [3]. - The report emphasizes the shift in AI applications from simple chatbot forms to more complex AI agents, indicating a significant increase in computational power requirements as these products are developed [3]. - The report anticipates a substantial growth in generative AI spending, projected to reach $644 billion in 2025, driven primarily by hardware investments [18]. Weekly Market Review - The TMT sector experienced declines across major industries: Communication (-0.79%), Media (-1.28%), Computer (-1.87%), and Electronics (-2.71%). Notably, the education publishing sector saw a gain of 3.38% [3][11]. - The top-performing stocks in the electronics sector included ST Yushun (21.54%), Xuguang Electronics (16.17%), and Changyang Technology (14.51%) [10][12]. Industry News and Key Company Announcements - Significant events include the launch of new AI models and conferences focused on AI and technology, such as the AIoT conference and the Global 6G Technology and Industry Ecosystem Conference [16]. - The report mentions that DeepSeek has become one of the fastest-growing AI tools globally, with a monthly visitor count surpassing that of ChatGPT [17]. - Huawei's annual report indicates a 22.4% increase in global sales revenue, reaching 862.1 billion RMB, while R&D investment was 179.7 billion RMB, accounting for 20.8% of total revenue [22].

装备制造 [Table_ReportDate] 2025 年 4 月 7 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 部分行业受美关税政策影响较明显 [Table_ReportType]装备制造行业周报（4 月第 1 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债 ...

大消费 [Table_ReportDate] 2025 年 4 月 7 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 关税超预期，预计内需政策刺激加大 [Table_ReportType] 大消费行业周报（4 月第 1 周） [Table_Summary] 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 公司具备证券投资咨询业务资格 证券研究报告 讯 1) 清明节前四个交易日（3/31-4/3）大消费板块表现分化。社会服 ...

Macro Overview - The market experienced a significant decline with the Shanghai Composite Index down by 0.28% and the Shenzhen Component down by 2.28%[9] - March PMI data indicates a weak recovery, with the manufacturing PMI at 50.5, slightly up from 50.2, while the non-manufacturing PMI rose to 50.8, reflecting a modest expansion[10] - The recent "reciprocal tariffs" imposed by the U.S. exceeded market expectations, leading to increased market volatility and a decline in risk appetite globally[14][20] Economic Impact - The U.S. has implemented a 10% baseline tariff effective April 5, with higher tariffs on specific trade partners starting April 9, impacting global economic forecasts[18] - The tariffs are expected to act as a fiscal tightening measure, increasing costs for businesses and consumers, which may slow economic growth and elevate stagflation pressures[20] - China's response includes a 34% tariff on U.S. imports, raising the overall tariff burden to over 60% for certain goods, which could further strain domestic demand and investment[22] Market Reactions - U.S. stock indices fell sharply, with the Dow Jones down 7.82% and the S&P 500 down 9.08% following the tariff announcements[9] - The yield on 10-year U.S. Treasury bonds decreased, reflecting a shift in economic expectations due to the tariffs, with a notable drop in the 2-year yield as well[9][22] - The dollar index fell by 1.07%, while the offshore RMB depreciated, indicating a flight to safety amid rising economic uncertainty[9][22]