Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1]. Core Insights - The report highlights that the acceleration of government bond issuance is expected to positively impact infrastructure investment and physical workload [5]. - The overseas contracting business in China is projected to achieve a year-on-year revenue growth of 3.1% in 2024, with new contract amounts increasing by 1.1%, reaching a historical high [9]. - The report suggests that the demand structure shows promising opportunities, particularly in specialized manufacturing, prefabricated buildings, energy conservation, and new energy-related infrastructure sectors [9]. Summary by Sections Industry Dynamics - The report notes that in February, government bond financing increased by CNY 1.7 trillion, a year-on-year increase of 1.1 trillion, benefiting from accelerated issuance of replacement bonds [8]. - The government work report sets a domestic economic growth target of around 5% for 2025, with a proposed deficit rate of 4% [8]. - The report emphasizes that macro policies are expected to remain positive, with infrastructure and real estate sectors likely to see a recovery in demand due to fiscal stimulus and stabilization policies [8]. Overseas Expansion - The report indicates that the Belt and Road Initiative will continue to drive infrastructure cooperation, with overseas engineering demand expected to remain robust [9]. - Companies such as China National Materials, Shanghai Port Construction, and others are recommended for investment in the international engineering sector [9]. Demand Structure - The report identifies high demand in niche areas such as prefabricated construction and energy-efficient infrastructure, suggesting companies like Honglu Steel Structure and Huayang International as potential beneficiaries [9]. - The low-altitude economy is also highlighted, with recommendations for design institutes in construction and infrastructure [9]. Market Performance - The construction and decoration sector saw a weekly increase of 1.6%, outperforming the CSI 300 and Wind All A indices [24]. - Notable stocks that performed well include Dongyi Risheng and Jincheng, while others like Sujiao Ke and Honglu Steel Structure faced declines [25][26].

Investment Rating - The report indicates a positive outlook for the technology sector, suggesting a "bull market" driven by improved risk appetite due to potential easing in US-China relations [1][8]. Core Insights - The core insight of the report emphasizes that the performance of major asset classes in Q2 will largely depend on risk appetite, with a particular focus on the equity market benefiting from improved US-China dialogue [1][8]. - The report anticipates a slight economic slowdown in Q2, with GDP growth expected to decrease to approximately 4.9% from 5.1% in Q1, primarily due to weaker internal dynamics in the private sector [2][12]. - The report highlights that broad infrastructure and manufacturing investments are expected to remain resilient, contributing to economic recovery [2][21]. Summary by Sections Economic Overview - Q2 GDP growth is projected to slow to 4.9%, influenced by a recovery in both supply and demand driven by counter-cyclical policies [2][12]. - Retail sales growth is expected to reach 5.5% in Q2, supported by low base effects and policy stimulus [18][19]. Monetary Policy - The report suggests a potential reserve requirement ratio (RRR) cut in Q2, while interest rate cuts remain uncertain due to external pressures [3][4]. Fiscal Policy - Fiscal policy is expected to maintain a proactive stance, with an increase in government bond issuance and a focus on special bonds for land reserves [4][46]. Industry Policy - The report indicates a push for innovation and energy consumption control, with a focus on supporting new industries such as quantum technology and AI [4][26]. US Economic Outlook - The US economy is expected to stabilize in Q2, with the report attributing recent economic slowdowns to uncertainties in fiscal policy and trade tariffs [5][7]. Major Asset Classes - The report predicts that the stock market will maintain a high-risk appetite leading up to potential meetings between US and Chinese leaders, with technology stocks expected to perform well [1][8].

【兴证建筑】周观点：专项债和赤字率 提升，基建投资稳健增长可期 （2025.3.1-2025.3.7）-2025.03.09 行业点评报告 | 建筑装饰 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 13 日 相关研究 分析师：李明 S0190524060003 liming22@xyzq.com.cn 乌克兰重建，哪些建筑企业有望受益 投资要点： 【兴证建筑】周观点："化债"再融资专 项债发行超万亿，项目资金到位率持续 改善（2025.2.22-2025.2.28）- 2025.03.02 【兴证建筑】周观点：俄乌冲突缓和信 号不断，利好国际工程企业（2025.2.15- 2025.2.21）-2025.02.23 分析师：黄杨 S0190518070004 huangyang@xyzq.com.cn 请阅读最后评级说明和重要声明 1/7 ⚫ 2025 年，俄乌释放和谈积极信号，预期俄乌冲突结束曙光初现。当地时间 2 月 12 日， 俄罗斯总统普京与美国总统特朗普举行电话会谈，重点讨论乌克兰局势调解及双边关 系。随后，美俄代表团在沙特利雅得会晤，达成四点共识，旨在解决两国间"棘手问 ...

Group 1: Key Insights on Humanoid Robot Sensors - Humanoid robot sensors are essential for perceiving the physical world and include various types such as visual, auditory, tactile, and force sensors, which enable robots to gather information about their environment [1][2] - A humanoid robot requires multiple sensors, including one set of visual sensors, one set of position sensors, and various force and tactile sensors, with sensor costs accounting for approximately 30% of the total robot cost [2][3] - The global humanoid robot market is projected to grow significantly, with an estimated market size of USD 1.017 billion in 2024 and expected to reach USD 15 billion by 2030, reflecting a CAGR of over 56% from 2024 to 2030 [3][4] Group 2: Opportunities and Challenges in the Sensor Industry - The sensor industry faces opportunities due to policy support and the need for a reliable supply chain, but challenges include late development, limited technological accumulation, and the need for core technology breakthroughs [2][3] - The sensor industry is characterized by a wide variety of products, low output per single sensor, and high overall industry value, indicating that development requires a focus on integrated growth rather than a fragmented approach [2][3] Group 3: Investment Targets in the Humanoid Robot Sensor Market - Companies with technological advantages in the humanoid robot sensor market are expected to benefit from the industry's expansion, with potential investment targets including Keli Sensor, Hanwei Technology, and others [4] Group 4: Government Policies Impacting the Machinery and Robotics Sector - The government work report emphasizes boosting consumption and developing future industries, which is expected to positively impact the machinery and robotics sectors [5][6] - The report highlights the importance of establishing application scenarios for robots, particularly in municipal services and emergency rescue, which could accelerate the adoption of humanoid robots [7][8] Group 5: Market Dynamics and Future Projections - The report indicates that the demand for humanoid robots and their sensors will continue to rise as the industry expands and technology evolves, with a focus on high-dimensional and high-precision sensors [2][3] - The MEMS sensor market in China is transitioning from scale expansion to quality upgrades, with significant growth expected in the coming years [4]

DONGXING SECURITIES 东兴证券研究报告 首席周观点：2025年第11周 P1 首席周观点：2025 年第 11 周 2025 年 3 月 13 日 首席观点 周度观点 刘航 | 东兴证券电子行业首席分析师 S1480522060001，021-25102909，liuhang-yjs@dxzq.net.cn 电子行业：人形机器人专题（一）：传感器的技术路径、竞争格局与产业重构 Q1：人形机器人传感器是什么？传感器是机器人感知物理世界的窗口，也是机器人迈向智能 化的基础。包含各类视觉传感器、听觉传感器、触觉传感器、力传感器等，用于感知环境， 获取关于周围世界的信息。视觉传感器是具有图像采集处理、数据传输能力的功能专门化嵌 入式视觉系统，可实现目标识别定位、尺寸测量、缺陷检测、条码识别等功能；人形机器人 的听觉传感器主要为麦克风，包括声音接收器、信号处理器和音频处理软件等部分；力传感 器主要为力矩传感器，其可以在各种旋转或非旋转机械部件上对扭转力矩感知进行检测，将 扭力的物理变化转化为精确电信号；触觉传感器可覆盖于人形机器人三维载体表面，实现与 环境接触力、温度、湿度、震动、材质、软硬等特性的检 ...

地产止跌回稳后的投资机遇——申万宏源·2025 资本市场春 季策略会 20250312 摘要 Q&A 2025 年初以来房地产市场的整体表现如何？ 当前房地产价格走势如何？是否出现波动？ 2025 年初以来，房地产市场在春节后出现了明显回暖。数据显示，主流的 20 个城市二手房认购成交量同比增长了 27%，其中杭州和东莞的表现尤为突出， 甚至翻倍。然而，与 2023 年同期相比，这一数据下降了 17%。需要注意的是， 2023 年的基数较高，因为当时疫情放开导致市场表现异常强劲。尽管如此，一 些城市如杭州、成都、深圳、长沙和沈阳在今年的表现仍超过了 2023 年同期水 • 房地产市场需求在房价下跌后自然回升，杭州、成都、深圳等城市认购销 售数据优于过去两年，北京、上海表现稳定。春节后带看量显著回升，预 示认购量有望进一步改善。 • 房地产价格走势略有走弱，挂牌价格下降但成交价格稳定，受季节性因素 和居民资产负债表影响。新房成交推盘比提升至 2.4 倍，表明新房市场去 化速度加快，市场信心有所恢复。 • 土地市场出现积极变化，北京、上海、杭州等地拍出新"地王"，3 月份 溢价率达 16%，头部企业拿地强度上升， ...

Investment Ratings - The report maintains an "Outperform" rating for companies involved in AI-enabled home appliances and construction materials [24][30]. Core Insights - The construction materials sector is expected to see a recovery in demand as the construction season approaches, driven by increased fiscal policy support and a rise in special bond issuance [12][13]. - AI technology is rapidly being integrated into various industries, including home appliances and light industry, enhancing product capabilities and user experience [24][27]. - The CPO (Co-packaged Optics) technology is gaining traction in the data center interconnect field, with significant potential for cost reduction and efficiency improvements [15][17]. Summary by Sections Construction Materials - The construction materials sector is poised for growth as fiscal policies are expected to remain supportive, with a projected deficit rate of 4% and special bond issuance reaching 4.4 trillion yuan [12]. - Key metrics indicate a rise in cement prices and improved operational rates in the industry, suggesting a positive trend as the construction season approaches [12][13]. AI in Home Appliances - Major home appliance companies are integrating AI technologies to enhance product functionality, leading to significant improvements in user interaction and energy efficiency [24]. - The combination of AI and smart home technology is expected to create substantial value for consumers and manufacturers alike, with companies like Haier and Midea leading the charge [24]. CPO Technology - CPO technology is being adopted by leading companies in the telecommunications sector, with predictions of a rapid increase in market penetration over the next five years [15][16]. - The technology is expected to significantly reduce power consumption in data centers, making it a preferred choice for major tech firms [15][17]. Financial Performance of Companies - Companies like Baofeng Energy are projected to see profit growth driven by increased production capacity and favorable market conditions for their main products [28][30]. - Haiguang Information reported substantial revenue growth, benefiting from increased capital expenditures by major tech firms [31][32].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by over 10% [1][52]. Core Views - The construction materials sector is experiencing an upward trend due to the approaching construction peak season and accelerated infrastructure funding, with a historical high in policy funding expected in 2025 [1]. - The report highlights the ongoing high demand for coal chemical projects in Xinjiang, with over 700 billion yuan in investments planned for 2025, indicating a robust outlook for leading companies in this sector [1]. - The report suggests a gradual recovery in demand for construction materials as the peak season approaches, with a focus on fiscal policy and real estate policy effects [3]. Summary by Sections Construction Materials - Cement prices increased by 0.7% week-on-week, with a 7% rise in shipment rates in key regions, indicating a slow recovery in demand [2][21]. - Glass prices decreased by 2.07% week-on-week, reflecting weak demand and slow processing plant operations [2][28]. - The fiberglass market shows a slight price increase, with the average price for non-alkali yarn rising by 0.63% week-on-week [2][35]. Investment Recommendations - The report recommends focusing on resilient consumer building material leaders such as Sanke Tree, Beixin Building Materials, and others, while also highlighting opportunities in cement and glass sectors [3][6]. - It emphasizes the importance of monitoring fiscal policy and real estate market developments for potential investment opportunities [3][6]. Market Trends - The construction materials index outperformed the market index by 4.6% during the last reporting period, with a 30.2% increase over the past six months [11]. - The report notes that the construction sector is currently facing insufficient effective demand, with low leverage willingness among residents and enterprises [3][6].