山西证券：研究早观点-20250313

Market Trends - The report highlights a slight decline in major domestic market indices, with the Shanghai Composite Index closing at 3,371.92, down 0.23% [2] - The Shenzhen Component Index and CSI 300 also experienced minor declines of 0.17% and 0.36% respectively [2] Industry Commentary: General Machinery - The report emphasizes the growing demand for computing power driven by the iteration of large models in artificial intelligence, suggesting a focus on investment opportunities in AIDC (Automatic Identification and Data Capture) equipment [3][4] - The Chinese government is promoting the "AI+" initiative, which aims to enhance industrial transformation through AI applications, including smart robots and connected vehicles [4] - The launch of the general AI Agent product Manus by Monica, a Chinese startup, demonstrates significant advancements in AI technology, indicating a potential increase in computing power demand [4] Investment Recommendations - The report suggests monitoring companies involved in the engine manufacturing sector, including Weichai Power and Yuchai International, as the supply chain tightens [4] - It also recommends focusing on liquid cooling equipment manufacturers such as Invec and Highland, as well as other related companies [4] Industry Commentary: Photovoltaic Industry - The report tracks the pricing trends in the photovoltaic supply chain, noting that polysilicon prices remain stable at 40.0 CNY/kg for dense materials and 38.0 CNY/kg for granular silicon [6] - The production of silicon materials in February was reported at 92,300 tons, with a slight expected increase in March to 97,000 tons [6] - The report indicates a structural price increase in photovoltaic components, with a projected production scale of 50-55 GW for components in March, reflecting a 20%+ increase [6] Key Recommendations in Photovoltaic Sector - The report highlights companies to watch, including Aiko Solar and Longi Green Energy for new technology directions, and recommends companies like Xinyi Solar and Tongwei Co. for supply-side improvements [6]