证券研究报告 行业研究 / 行业点评 2025 年 03 月 10 日 行业及产业 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建证券电子行业周报(0222-0228) : DeepSeek 开源周发布五大技术》2025/03/03 《爱建证券电子行业周报(0215-0221) : 全球 最新 AI 模型 GroK - 3 发布》2025/02/24 《人工智能专题报告（1）：适合投资人的 DeepSeek 分析报告》2025/02/20 许亮 S0820525010002 0755-83562506 ——爱建证券电子行业周报 请仔细阅读在本报告尾部的重要法律声明 开源RISC-V芯片有望获得政策推广 xuliang@ajzq.com 本周（20250301-20250307）电子行业涨跌幅为（+2.7 %），涨跌幅排名 9/31 位。SW 电 子三级行业涨跌幅榜靠前的分别是：模拟芯片设计（+5.2 %），数字芯片设计（+5.2 %）， 半导体设备（+4.9 %），光学元件（+4.8 %），电子化学品Ⅲ（+4.7 %）。本周申万一 ...

Group 1: Industry Trends - The technology sector remains highly active in the capital market, with the government report for 2025 emphasizing the establishment of a growth mechanism for future industries, including biomanufacturing, quantum technology, embodied intelligence, and 6G [1] - The release of the first general AI agent, Manus, has further ignited enthusiasm in the capital market, particularly for humanoid robots, AI agents, and 6G concept stocks [2] Group 2: Company Performance - Zhenyu Technology has seen a significant stock price increase of 149% year-to-date, while Meili Technology has risen by 136.5%, with Meili's stock surging 53.6% since March [2] - As of March 7, Zhenyu Technology's stock closed at 173.41 CNY per share, marking a 20% increase [3] - On March 7, Zhenyu Technology's institutional investors net sold 181 million CNY, while northbound funds net bought 37.06 million CNY [4] - Meili Technology announced that its stock experienced a cumulative price deviation exceeding 30% over three consecutive trading days, indicating abnormal trading activity [5] Group 3: Institutional Activity - Institutional investors showed significant trading activity in humanoid robot stocks, with three institutions collectively buying 220 million CNY and selling 214 million CNY, resulting in a small net purchase [8] - Three-dimensional communication stocks have gained attention following their mention in the government report, with a 15.32% increase in March [8] - On March 7, three-dimensional communication stocks saw a 4.53% decline, with a trading turnover rate of 44.50% [9] Group 4: AI Agent Market - The AI agent market is gaining traction, with the launch of Manus generating significant interest, and discussions at the National People's Congress highlighting the importance of AI agents in various industries [11] - Newcap and Kute Intelligent have also seen substantial stock price increases, with Newcap rising 50.9% in March [12] - Kute Intelligent's stock increased by 11.10% on March 7, with a trading volume of 3.195 billion CNY and a turnover rate of 61.88% [14]

Key Points - The article discusses various important news and updates related to the investment landscape, including new stock offerings, economic data, and government policies affecting trade and real estate [2][4][5][6][7][8][11][12][19][20]. Group 1: New Stock Offerings - Jiangnan New Materials has a new stock offering with a subscription code of 732124 and an issue price of 10.54 yuan per share, with a subscription limit of 11,500 shares [2]. Group 2: Trade Policies - The State Council Tariff Commission announced that Canada will impose a 100% tariff on Chinese electric vehicles starting October 1, 2024, and a 25% tariff on Chinese steel and aluminum products starting October 22, 2024. In response, China will impose tariffs on Canadian canola oil, oilseed meal, and peas starting March 20, 2025, and a 25% tariff on Canadian seafood and pork [4]. Group 3: Economic Data - In February 2025, China's consumer price index (CPI) decreased by 0.7% year-on-year, with food and tobacco prices down by 1.9%, contributing to a 0.54 percentage point decline in CPI. The producer price index (PPI) also saw a year-on-year decrease of 2.2% [5]. Group 4: Real Estate and Urban Development - The Minister of Housing and Urban-Rural Development stated that all old residential areas built before 2000 will be included in urban renewal projects, with a focus on improving living conditions and community facilities [6][7]. Group 5: Corporate Announcements - Dongpeng Beverage reported a 63% increase in net profit for 2024, reaching 3.327 billion yuan, and plans to distribute a cash dividend of 2.5 yuan per share [11]. - Guomai Technology announced that its AI-related technologies have not yet generated commercial revenue, and the company is still in the prototype development stage [13]. - Warner Pharmaceutical plans to invest up to 500 million yuan in a new green manufacturing base for high-end raw materials and intermediates [18]. - Nuo Cheng Jianhua presented significant clinical trial results for its treatment of psoriasis at the AAD annual meeting, showing promising efficacy and safety [19].

而在Ma n u s发布早期预览版产品的后一天，国内Me t aGPT和CAMEL AI两个Ag e n t团队就火 速推出了Ma n u s的开源复刻版。 Me t aGPT 团 队 相 关 技 术 人 士 向 记 者 给 予 了 对 Ma n u s 产 品 能 力 的 中 肯 评 价 ， 并 详 细 分 析 了 Ma n u s产品的能力和运行机制。 其认为虽然Manus能提供相当不错的产品体验，但并未在智 能体领域取得技术上的突破性进展，其核心逻辑属于业内共识 。 不少产业人士认为，在M a n u s凭借现有先进模型能力与其智能体框架，实现良好的产 品力之时，头部模型厂商和科技巨头也在向A I智能体领域大力进军。面对它们强大的 模型能力，以及当前技术层面已经在显露的重要进展，M a n u s的市场机会可能并不会 很大，先发优势很容易被抹平。 Ma n u s自称全球第一个通用AI智能体，性能超过Op e nAI的De e p Re s e a r c h，能够解决各类复 杂的任务，且能在云端自行执行。 一时间，一片盛赞之声发出，称其是"智能体的Ch a tGPT时刻"，但也有人质疑这是一场营销 和 ...

编辑 丨 程曼祺 3 月 6 日，AI 产品 Manus 引发关注。开发 Manus 的三位关键人物是：创始人、CEO 肖弘（小红）；联 合创始人、首席科学家季逸超（Peak）；以及产品合伙人张涛（hidecloud）——两位 90 后连续创业者 和一位 15 年换了 10 家公司的 85 后产品老兵。 一个边缘地带的 "underdog" 小团队 ，以车库创业的开发方式，出乎意料地搅起了一场小风暴。 "硬科技创业者基本都是名门正派，光谱另一端的消费级产品创始人则几乎都是畎亩之中。" 真格基金投 资人刘元说。他也是 Manus 的天使投资人。 毕业于华中科技大学的肖弘是江西吉安人，创业起点在武汉，曾开发过两款微信生态的插件：微信公众 号排版工具壹伴和企业微信客户关系管理工具微伴，卖给一家独角兽公司。 高中阶段就开始创业的季逸超是北京人，他在苹果 App Store 上线不久，就开发出猛犸浏览器，后来做 了 Magi 知识搜索引擎。季逸超曾告诉我们，那时有投资人 "诱惑" 他：我给你一笔钱，敢不敢做个 Google？他拒绝了，不是觉得做不到，而是他觉得只有 "抛开利益" 才有可能。 重庆人张涛则先后在烽火国际、 ...

Core Viewpoint - ManusAI has regained its official account and aims to share innovative use cases, distancing itself from any cryptocurrency-related allegations [1][2]. Group 1: Company Overview - ManusAI is a general-purpose AI agent product that has gained significant attention, being compared to DeepSeek, which recently made headlines [4]. - The company was launched by Beijing Hongse Butterfly Technology Co., Ltd. (Monica.im) on July 3, 2023, and is registered in Haidian District, Beijing [4]. - The founder, Xiao Hong, has a background in software engineering from Huazhong University of Science and Technology and has prior entrepreneurial experience [4]. Group 2: Team and Operations - The co-founder and chief scientist, Ji Yichao, is an active tech entrepreneur, while the product partner, Zhang Tao, has held significant roles in major tech companies [5]. - The company operates in both Beijing and Wuhan, with a total of 60 employees, and has established a branch in Wuhan to handle research and development tasks [5]. - Following the surge in demand for ManusAI's product, teams in both locations coordinated efforts to meet the increased workload [5].

Market Overview - On March 7, 2025, the A-share market showed a trend of oscillation and correction, with all three major indices closing lower. The Shanghai Composite Index fell by 0.25% to 3372.55 points, the Shenzhen Component Index decreased by 0.5% to 10843.73 points, and the ChiNext Index experienced the largest drop, closing at 2205.31 points, indicating significant short-term adjustment pressure on technology growth stocks [1][2]. Market Factors - During the Two Sessions, there was a dense release of policy signals, but the market remains cautious regarding the implementation of specific details. Additionally, external disturbances such as a significant drop in U.S. tech stocks (Nasdaq down 2.61%) and the European Central Bank's interest rate cuts have led to a decrease in global risk appetite, putting pressure on the A-share technology sector [2]. Sector Analysis Strong Performing Sectors - The non-ferrous metals sector led the market, with companies like Huayu Mining, Hunan Gold, and Zhuhai Group hitting the daily limit. The price of antimony products surged, with antimony prices reaching 183,000 yuan/ton on March 7, up approximately 28.87% from 142,000 yuan/ton in early February. This reflects strong demand growth for antimony products [3]. - The AI agent concept saw a boost from the release of the first general-purpose agent application "ManusAI," with stocks like Newcap and Dahua Technology hitting the daily limit. The market anticipates that AI technology is entering the engineering implementation phase, supported by increasing demand for computing power [3]. Weak Performing Sectors - The solid-state battery sector faced declines, with companies like Shanghai Xiba and Delong Co. dropping over 8%. The market is skeptical about the commercialization progress of the technology, leading funds to shift towards more certain cyclical and technology sectors [4]. - The real estate and financial sectors showed weak performance due to economic slowdown and policy regulation, reflecting market caution towards traditional industries [5]. Market Outlook - In the short term, caution is advised, with a focus on policy and performance verification. The State-owned Assets Supervision and Administration Commission has emphasized the need for value reassessment of central enterprises, and the central bank's liquidity easing stance may make undervalued blue-chip stocks a safe haven. The upcoming quarterly report season may pose risks for high-profile sectors like artificial intelligence, which could face performance verification pressure [6]. - In the medium to long term, three main lines of focus are suggested: 1. Technology growth sectors, particularly AI, computing power, and robotics, which may see a new round of market activity if innovations like Manus AI continue to materialize [7]. 2. Consumer recovery and high-end manufacturing, with sectors like automotive parts and non-ferrous metals benefiting from domestic demand recovery and global supply chain restructuring [7]. 3. Policy-driven opportunities in areas such as information technology innovation, state-owned enterprise reform, and "China Special Valuation" themes, where undervalued central enterprises may experience valuation recovery [7].

Core Viewpoint - The emergence of Manus, a general-purpose AI agent product, has garnered significant attention, drawing comparisons with the recently popular DeepSeek in the market [2]. Company Overview - Manus was launched by Beijing Red Butterfly Technology Co., Ltd. (Monica.im), which was established on July 3, 2023, and is registered in Haidian District, Beijing [3]. - The founder, Xiao Hong, graduated from Huazhong University of Science and Technology with a degree in software engineering and has a history of entrepreneurship, having founded Wuhan Nightingale Technology Co., Ltd. in 2015 and Butterfly Effect (Hong Kong) Limited in 2022 [4]. - The company has a user base of 10 million for its AI assistant tool, Monica, which integrates mainstream large model applications for overseas users [4]. Team and Operations - The company has a total of 60 employees, with operations in both Beijing and Wuhan. The majority of the team is based in Wuhan, where the actual R&D tasks are conducted [5]. - The co-founder and chief scientist, Ji Yichao, is an active tech entrepreneur, while the product partner, Zhang Tao, has held significant positions at companies like Sensor Data and ByteDance [5]. - The Wuhan team consists of approximately 50 people, and the office is located near Xiao Hong's alma mater [6]. Market Response - Following the launch of Manus on March 6, there was a surge in demand and website traffic, prompting the teams in Wuhan and Beijing to collaborate urgently and work overtime to meet the needs [7].

Core Viewpoint - The emergence of DeepSeek's distilled models is significantly enhancing the capabilities of edge AI, allowing for the deployment of larger models on resource-constrained devices, thus marking a pivotal shift towards edge AI as the new user interface (UI) for end-users [2][6][10]. Group 1: DeepSeek and Edge AI Development - DeepSeek's distilled models enable devices that previously could only deploy 7 billion parameter models to achieve performance equivalent to 14 billion parameter models, thus elevating edge AI capabilities [2]. - The transition of AI inference to the edge is driven by the need for real-time processing, privacy, and efficiency, as highlighted by Qualcomm's leadership in this domain [2][10]. - The performance gap between distilled models and large models is narrowing, with over 75% of large-scale AI models expected to have parameters below 100 billion by 2024 [8]. Group 2: AI as the New User Interface - AI agents are set to become the primary interface for user interaction, handling various tasks seamlessly in the background, thus simplifying user experiences [10][12]. - The ability of AI agents to manage complex tasks with unclear instructions enhances user experience, making interactions smoother and more intuitive [12]. Group 3: Hardware and Software Collaboration - Qualcomm's strategy involves creating a comprehensive solution that integrates hardware, software, and ecosystem collaboration to overcome limitations in computing power and application ecosystems for edge AI [14]. - The Snapdragon 8 Gen 2 platform showcases significant performance improvements, with a 45% increase in CPU performance and a 40% reduction in GPU power consumption, facilitating advanced AI applications [15]. - Qualcomm's AI software stack simplifies model deployment and enhances performance, allowing developers to create applications without needing to understand hardware intricacies [16]. Group 4: AI Hub and Developer Ecosystem - Qualcomm AI Hub supports a wide range of models and facilitates easy deployment and optimization for developers, significantly shortening development cycles [19]. - Over 1,500 companies, including major players like Meta and OpenAI, are utilizing Qualcomm AI Hub, indicating its growing influence in the AI ecosystem [17]. Group 5: Multi-Device Coverage - The Snapdragon 8 Gen 2 platform enables AI agents to function as native applications on smartphones, enhancing user interaction through personalized features [21]. - Qualcomm's solutions extend beyond smartphones to PCs, automotive, and IoT devices, providing a comprehensive platform for developers to create scalable AI applications across multiple devices [23].

// 热点聚焦 // 3、美国总统特朗普签署对墨西哥和加拿大关税的修正案，使符合"美国-墨西哥-加拿大协定"（美墨加协定）的产品免征关税，直至4月2 日。 // 环球市场 // 1、 美国三大股指全线收跌，道指跌0.99%报42579.08点，标普500指数跌1.78%报5738.52点，纳指跌2.61%报18069.26点。英伟达跌超 5%，高盛跌逾4%，领跌道指。 万得美国科技七巨头指数跌2.55%，特斯拉跌超5%，脸书跌逾4%。中概股涨跌不一，叮咚买菜涨超13%， 文远知行跌逾10%。 2、欧洲三大股指收盘涨跌不一，德国DAX指数涨1.47%报23419.48点，法国CAC40指数涨0.29%报8197.67点，英国富时100指数跌0.83%报 8682.84点。 3、 亚太主要股指收盘多数上涨， 日经225指数涨0.77%报37704.93点，韩国综合指数涨0.7%报2576.16点，澳洲标普200指数跌0.57%报 8094.7点，新西兰标普50指数涨0.14%报12428.84点，富时马来西亚综指跌0.35%报1558.91点，富时新加坡海峡指数涨0.48%报3917.06点， 印度SENSEX3 ...