万联证券：万联晨会-20250221

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.02% and the Shenzhen Component Index up by 0.2, while the total trading volume reached 17,563.41 billion yuan [2][8] - Key sectors leading the market included defense, beauty care, and pharmaceuticals, while construction, media, and non-bank financials lagged behind [2][8] - The Hong Kong market saw the Hang Seng Index decline by 1.6%, and the U.S. markets also experienced a downturn with the Dow Jones down by 1.01% [2][8] Important News - The State Council held a press conference discussing measures to enhance foreign investment, including a "1+N" policy framework to facilitate foreign enterprise participation in government procurement [3][9] - The LPR for February remained unchanged at 3.1% for one year and 3.6% for five years, marking four consecutive months of stability [3][10] - Alibaba reported Q3 FY2025 revenue of 280.15 billion yuan, an 8% year-on-year increase, with net profit soaring by 239% to 48.945 billion yuan [4][10] Industry Analysis - The consumer terminal market is recovering, with a notable increase in high-end smartphone market share, which rose from 15% in 2020 to 25% in 2024 [14][15] - DeepSeek's innovative architecture is expected to accelerate AI deployment on consumer devices, with various brands integrating this technology into their products [16][17] - The advertising market in 2024 is projected to grow steadily, with a 1.6% year-on-year increase, driven by sectors like entertainment, cosmetics, and telecommunications [23][24] Investment Recommendations - Focus on companies in the upstream sectors with strong cost advantages and recovering production, as well as those in the consumer sector benefiting from reduced cost pressures [13] - Monitor the AI consumer terminal industry for new product launches and the impact of accelerated replacement cycles on investment opportunities [18] - Consider companies in the humanoid robotics sector, as 2025 is expected to be a pivotal year for commercialization and widespread application [22]