山西证券：研究早观点-20250218

Market Trends - The major domestic indices showed positive performance with the Shanghai Composite Index closing at 3,355.83, up by 0.27% [3] - The Shenzhen Component Index closed at 10,791.06, increasing by 0.39% [3] - The ChiNext Index saw a rise of 0.51%, closing at 2,226.62 [3] Solar Industry Insights - In January, the manufacturing prices of photovoltaic equipment and components increased by 0.5%, indicating a stable price trend across the industry chain [7] - The average price of polysilicon remained stable at 39.0 CNY/kg, while the average price of silicon wafers and battery cells also showed little change [7][8] - The report highlights a potential price recovery in the solar industry due to increased demand from upcoming projects and government policies promoting renewable energy [8] Non-Banking Financial Sector - The deployment of the DeepSeek model by multiple brokerage firms is expected to enhance their financial technology capabilities, improving efficiency in various business areas [12] - Recent mergers and acquisitions in the brokerage sector are anticipated to create a more competitive landscape, with central control over multiple brokerage licenses [12] Computer Industry Developments - The introduction of the UltraMem architecture by ByteDance is expected to significantly reduce inference costs and improve AI application deployment [15] - The report emphasizes the potential for AI applications to proliferate as inference costs decrease, with a focus on various sectors including enterprise services and healthcare [15] Chemical Industry Overview - The spring farming season is driving up prices for fertilizers, particularly urea and potassium chloride, as demand increases with the warming weather [19] - The report notes that the overall supply of potassium chloride remains tight, impacting market dynamics [19] Textile and Apparel Sector - ASICS reported a revenue of 678.53 billion JPY for 2024, a year-on-year increase of 18.9%, and projects a 15% revenue growth for 2025 [24][27] - The report suggests focusing on companies with strong recovery potential in the textile manufacturing sector, particularly those benefiting from improved inventory management and international market expansion [30]