行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230525070008 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 2025 年 09 月 22 日 继续推荐互联网云+芯片，游戏板 块，提示长视频政策底 看好 ——互联网传媒周报 20250915-20250919 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提 ...

Macro and Strategy - The report highlights two necessary conditions for sovereign debt crises: weak economic growth and excessive government borrowing, particularly in foreign currencies [7] - The European debt crisis is analyzed as a consequence of the 2008 global financial crisis, detailing the chain of events leading to the crisis [7] - The report discusses the historical context of the Russian and Latin American debt crises, emphasizing the role of economic policies and external factors [8] Industry and Company - The internet industry report anticipates accelerated cloud revenue growth driven by Deepseek, with improved profit margins as domestic models catch up to international standards [9][10] - The real estate industry commentary discusses new regulations in Xinyang, which mandate that newly acquired projects must be sold as completed properties, potentially reshaping the industry's business model [11] - The mechanical industry report indicates a slight revenue increase in 2024, with total revenue reaching 24,389.96 billion, a year-on-year growth of 4.97%, while net profit decreased by 12.47% [12] - The mechanical sector's performance is further detailed, with semiconductor equipment and marine engineering showing significant revenue growth rates of 32.90% and 23.08% respectively [13] - The report suggests a focus on emerging markets and export growth, particularly in humanoid robots and AI infrastructure, as well as sectors benefiting from inventory updates and import substitution [14] Financial Engineering - The analysis of private equity holdings reveals significant changes in positions across various sectors, with electronics and pharmaceuticals seeing the most activity [15]