司，这些公司可能会因业绩超预期而获得阿尔法收益。例如，上周安吉斯年报 超预期大涨。 在创新药方面，我们关注一些具有潜力的大品种股票，如奥赛康、 新诺威、白癜风治疗公司潘玉康等。这些公司在各自领域内都有显著优势，并 且有望在未来获得更高估值。 医药行业中有哪些值得关注的投资标的？ 我们推荐以下几个值得关注的投资标的： 奥赛康 20250309 摘要 Q&A 当前医药行业的市场行情和主要趋势是什么？ 目前医药行业的市场行情表现出一定的波动性。上周 A 股和 H 股的医药板块整 体跑输大盘指数，但从成交量来看，A 股医药板块成交量约为 4%，虽然不高， 但结构上非常活跃。特别是 AI 医疗领域和创新药物领域表现突出。例如，商务 部禁止英美娜出口测序仪，带动了测试和诊断相关公司的上涨。此外，一些二 线创新企业如热情、一品红、奥赛康、欧琳等也有较好表现。 我们认为当前市 场主线与科技发展密切相关，主要有三条投资主线：第一是创新药物，这一领 域预计将继续演绎龙头企业的行情；第二是 AI 医疗，上周检验板块有所回调， 但华为组建医疗卫生军团可能会带动新一波上涨；第三是一季报业绩较好的公 • 市场主线与科技发展紧密相关，创新 ...

阿特斯 20250309 摘要 Q&A 阿克斯的主营业务和市场表现如何？ 阿克斯主要从事光伏组件、大主系统和光伏电站业务，其中光伏组件和大主系 统是其主要的营收来源。尽管 2024 年行业竞争激烈，龙头公司盈利承压，但阿 克斯凭借市场结构布局、成本管控以及储能与光伏电站的协同效应，保持了较 好的盈利水平。此外，储能业务增长迅速，出货量超预期，并维持了较高的能 力水平，使得公司在同行普遍亏损的情况下仍具有优势。预计 2025 年无论是光 伏还是储能业务，公司都将继续保持良好的发展势头。 • 阿克斯公司受益于有效的成本管控和储能与光伏电站的协同效应，维持了 较好的盈利水平，尤其在储能业务方面，出货量超预期且盈利能力优于同 行。 • 全球光伏行业正呈现海外市场重要性提升的趋势，预计 2025 年海外市场将 成为主要增长动力，增速可达 40%左右，而国内市场可能持平或略有下降。 • 美国对中国光伏企业的贸易政策复杂且多变，不确定性是主要风险，但中 国企业具备通过调整经营成本等策略来适应政策变化的能力。 • 尽管近期政策偏悲观，但预计 2025 年美国光伏装机需求不会低于本土电池 片产能水平（7GW），现有项目规划的稳 ...

华友钴业 20250309 摘要 Q&A 华友钴业当前处于什么阶段？为什么认为这是一个买点？ 华友钴业目前处于四重底的阶段。首先，锂、钴、镍这三个关键能源金属价格 都处于历史性低点，无论是商品的绝对价格还是相对价格，都显示出行业已经 到了底部。其次，三元材料市场份额大幅萎缩，截至 2025 年 1 月和 2 月，市场 份额下降到 22%左右，大部分被铁锂替代，但三元材料在固态电池、低空飞行 器和机器人等领域仍具有不可替代的地位。第三，公司完成了一体化布局，各 业务板块均处于历史性低点，但盈利依然可观，估值较低。第四，从行业基本 面来看，包括钢五金禁止出口、矿山关停以及江苏德隆破产重组等信号表明行 业底部效应逐渐显现。因此，我们认为华友钴业在当前阶段是一个明确的买点。 • 华友钴业完成一体化布局，虽各业务板块处于历史低点，但盈利依然可观， 估值较低，一体化布局提高了利润弹性，在行业回暖时将提升盈利能力。 • 高某金暂停钴原料出口政策引发市场波动，钴价迅速反弹，巩固了估价底 部，对华友钴业是积极信号，有助于提升其市场竞争力和盈利能力。 • 刚果金暂停出口政策将导致全球钴供应量减少约 25%，加剧市场供需紧张， 钴 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the agricultural sector, focusing on various commodities including pork, poultry, eggs, soybeans, corn, sugar, rubber, palm oil, cotton, and red dates. Key Points and Arguments General Market Performance - The overall performance of the bulk agricultural products market is strong, particularly in the pet-related sector, with signs of macroeconomic recovery indicated by improved consumption data and construction machinery data [2][4] Pork Market - The average price of live pigs is 24.5 CNY/kg, down 0.1% week-on-week but up 0.6% year-on-year. Supply pressure is easing while demand remains weak due to seasonal factors [2][5] - The average weight of external three-breed pigs is 123.6 kg, showing a slight increase. However, the price difference for standard pigs is narrowing, indicating potential declines in slaughter weights [6] Poultry Market - The white feather broiler price has rebounded to 6.48 CNY/kg, up nearly 4% from last week, driven by previous price corrections and good profits at the slaughter end [8][9] - The market for eggs is expected to see significant supply increases in Q2 2025, with a historical high of over 300 million laying hens, leading to a strong case for shorting egg prices [15] Soybean and Soymeal Market - Long-term bullish outlook on soybeans and soymeal, with current prices at 3,860 CNY/ton and 3,642 CNY/ton respectively. The U.S. has imposed a 10% tariff on imported soybeans, which is expected to limit price declines [16] Corn Market - The corn market shows signs of marginal supply and demand contraction, with national grain reserves being actively purchased. The overall market confidence is recovering, and any weather disturbances could lead to price increases [17][18] Sugar Market - Sugar prices are in a downward trend, with current prices at 6,040 CNY/ton. The market is expected to remain weak due to high inventory levels and seasonal demand fluctuations [19][20] Rubber Market - The rubber market is currently weak, with prices for Thai rubber down over 2%. Long-term, the market may strengthen due to reduced planting areas and increasing global consumption driven by automotive demand [21] Palm Oil Market - Domestic palm oil prices are at 9,683 CNY/ton, down 0.4%. The market is expected to remain strong due to potential supply tightening from Indonesia's B40 policy [22][23] Cotton Market - Cotton prices are at 14,718 CNY/ton, with a 20% year-on-year increase in supply. The market is expected to remain stable due to weak demand and high inventory levels [24] Red Dates Market - The red dates market is stable, with prices holding steady. Inventory levels have improved significantly, but the market lacks strong upward momentum [25] Investment Opportunities - Companies with low-cost advantages in the pork industry, such as Muyuan Foods and Wens Foodstuffs, are recommended for long-term investment due to their favorable valuations [3][7][14] - In the white feather broiler sector, Yisheng and Shengneng Development are highlighted for their competitive advantages [14] Conclusion - The agricultural sector is experiencing varied trends across different commodities, with some areas showing potential for investment while others face challenges due to supply and demand dynamics.

Summary of the Conference Call for Hengli Hydraulic Company Overview - The conference call focuses on Hengli Hydraulic, a company involved in hydraulic components and robotics, particularly in the excavator and machinery sectors. Key Points and Arguments Industry and Market Dynamics - The demand for Hengli's main business is stronger than expected, with excavator sales doubling and domestic sales nearly doubling in February, significantly exceeding market expectations [3][8] - The recovery in the machinery industry is positively impacting Hengli, with signs of revival across the entire supply chain, including increased end-user demand [8] - The company's production capacity utilization remains high at 70%-80% even during industry downturns, maintaining total profit levels between 2.4 billion to 2.5 billion RMB [7] Business Performance and Growth Potential - Hengli's internal sales volume has surpassed 200,000 units, potentially doubling the total profit scale to 4-5 billion RMB, with a projected market cap of up to 120 billion RMB [3][6] - The company's robot business has made significant progress, with the price of micro screw products increasing from 1,000 RMB to 14,000 RMB, and the total machine value exceeding 30,000 RMB [5] - The company is experiencing a strong recovery in its main business, with a potential stabilization expected by Q2 2025, as communication with North American and domestic clients intensifies [10] Competitive Advantages - Hengli possesses strong self-locking and precision control capabilities, making its products suitable for factory environments [9] - The company has a robust mass delivery capability and favorable cost curves, enabling it to quickly penetrate new customer segments [9] Valuation and Future Outlook - The potential valuation of Hengli could reach close to 200 billion RMB in the next 3 to 5 years, with current valuations around 30 to 40 times earnings [11] - The growth in the robotics sector and the expansion of product lines and customer bases are expected to drive future growth [6][11] Risk Management - Hengli demonstrates strong risk resilience, maintaining profitability even when domestic sales drop to over 90,000 units, supported by contributions from overseas markets [7] Additional Important Insights - The company is well-positioned to capitalize on the recovery in the machinery sector, with opportunities for new product development and market expansion [8] - The ongoing communication with clients for product design and cost discussions indicates a proactive approach to future business development [10]

海信家电 20250307 请简要分享一下海信家电在 2025 年 1 月和 2 月的经营情况。 2025 年 1 月至 2 月，海信家电整体经营情况良好。从收入端来看，内销方面， 由于春节假期的影响，1 月至 2 月累计增速保持在中高个位数。具体来说，空 调、冰箱和洗衣机的内销增速预计为中高个位数。外销方面，一月份增长率达 到 20%至 30%，二月份基本延续这一态势，因此 1 月至 2 月累计增长率也在 20% 至 30%。中央空调方面，1 月至 2 月累计表现不错，一季度收入预期可能持平。 • 海信家电预计冰箱和洗衣机内销增速为中高个位数，1-2 月外销增长 20%- 30%；中央空调一季度收入预期持平，C 端需求逐步修复，二手房市场数据 积极，下半年不必过分担忧行业透支。 • 2024 年前三季度海信家电内销占比超 90%，外销接近双位数；内销中 C 端 和精装修比例约为 50%和 30%。外销延续高增长，内销 C 端修复明显，工装 订单收入转化较慢，供电贡献主要在二三季度显现。 • 新风空调表现优于整体市场，安装卡数量同比翻番，璀璨系列产品持续高 增长，推动盈利能力提升。嵌入式冰箱渗透率提升趋势减缓 ...

齐心集团 20250307 摘要 Q&A 齐心集团的主营业务是什么？目前的市场规模如何？ 齐心集团目前的主营业务是办公集采，包含四大块业务：办公行政物资、MRO 工业品、员工福利和营销物料。根据研究报告，办公物资市场规模约为 2 万亿 元，MRO 工业品市场规模约为 9 万亿元，营销物料市场规模约为 2 万亿元，员 工福利市场规模约为 1 万亿元。这四个场景是目前集采市场中较为成熟的业务 领域。 • 齐心集团聚焦央企、央管金融机构、政府及世界 500 强等优质大客户，其 中央企和央管企业占据一半以上市场份额，能源电力和金融保险行业客户 占比显著。 • 2024 年，齐心集团新增鞍钢、中国移动、中国电子、中国通号及国铁等客 户，主要集中在 MRO 工业品和办公物资领域。 • 齐心集团数字化运营平台上线近 50 个 AI 大模型，建立麒麟信安 AI 系统， 提升数据治理、商品寻源、招投标效率，并应用于供应商绩效考核，实现 评估标准化和及时性。 • 齐心集团通过线上线下渠道拓展自有品牌业务，包括自有经销商渠道、京 东、天猫、抖音等，并与五花猫、山海经等 IP 合作，打造年轻化、时尚化 的产品。 • 好视通业务战略调 ...

国芯科技 20250308 摘要 Q&A 国芯科技为什么选择 RISC-V 架构？RISC-V 架构的最重要作用是什么？ 国芯科技选择 RISC-V 架构主要基于其开放性和创新性。与 X86 和 ARM 等私有指 令系统不同，RISC-V 是一个全球性的开放标准，不需要授权费，能够满足从嵌 入式设计到高性能计算的各种需求场景。它为国家的创新提供了广阔空间，因 • RISC-V 架构凭借指令集精简、开源生态和广阔市场潜力，正成为半导体产 业的重要力量。预计到 2030 年，全球市场规模将达 900 多亿美元，年均复 合增长率高达 47.4%，在消费、自动驾驶、网络通信、工业控制等领域具 有巨大潜力。 • 国芯科技致力于 RISC-V 架构的 V5 CPU 内核开发，重点布局信创、信息安 全和汽车电子工业控制领域。通过开发低功耗 CPU 内核和扩展 DSP 指令， 满足物联网、汽车电子和工业控制等应用需求，形成新的竞争优势。 • 国芯科技在汽车电子领域采用 RISC-V 指令集开发高端芯片，适应软件定义 汽车的趋势。首款产品面向智能驾驶辅助系统和智能底盘控制系统，融合 AI 处理器，计算能力达到 6,000 DM ...

Summary of Key Points from Conference Call Records Industry Focus - **High-end Equipment Manufacturing**: Emphasis on emerging industries such as commercial aerospace and low-altitude economy, along with the application of artificial intelligence [2][17] - **Robotics and Engineering Machinery**: Significant investment opportunities identified in embodied intelligence and engineering machinery recovery [2][3] - **Wind Power**: Long-term competitiveness over photovoltaics, with expected growth in offshore wind power installations [8] - **Electric Grid Construction**: Increased investment in AI for smart operations within the electric grid [9] - **Lithium Battery Industry**: Positive market outlook driven by solid-state batteries and rising material prices [12][10] - **Military Industry**: Increased military budget and its implications for military trade and equipment construction [15][18] Core Insights and Arguments - **Embodied Intelligence**: The government report highlights the importance of embodied intelligence, which requires general service capabilities for widespread production and application [2] - **Engineering Machinery Recovery**: After a significant decline, excavator sales are showing signs of recovery, supported by fiscal and monetary policies aimed at boosting infrastructure and real estate [3][5] - **Low-altitude Economy**: The development of the low-altitude economy is expected to benefit manufacturers of related mechanical equipment, including aircraft and charging facilities [3][17] - **Wind Power Growth**: The offshore wind power sector is projected to see a 200% increase in installation capacity by 2025, driven by policy support and technological upgrades [8] - **AI in Electric Grid**: The Southern and State Grid are increasing AI investments to enhance operational efficiency, particularly in automation and data management [9] - **Lithium Battery Market**: The lithium battery sector is expected to thrive due to new technologies and a recovering supply-demand balance, with leading companies like CATL benefiting [12][10] Additional Important Insights - **Military Budget Growth**: The military budget is set to increase by 7.2%, reflecting a global trend of rising defense spending amid security concerns [15] - **AI Data Centers**: The architecture of AI data centers is evolving, with a focus on high-voltage direct current (HVDC) systems expected to gain traction [6] - **Key Components in Robotics**: Critical components for humanoid robots, such as reducers and motors, represent a significant portion of costs and have substantial domestic production potential [7] - **Storage Industry Trends**: Although not explicitly mentioned in government reports, storage technologies are expected to play a crucial role in supporting new energy applications [13] - **Photovoltaic Industry Challenges**: The photovoltaic sector faces challenges in demand and consumption, but policy support is anticipated to drive a recovery in the latter half of 2025 [14] This summary encapsulates the key points from the conference call records, highlighting the focus on various industries, core insights, and additional important information that may have been overlooked.

人形机器人行情催化剂：从政策到新产品发布 20250309 摘要 Q&A 近期人形机器人产业有哪些新产品发布及其供应链情况？ 从三月份开始，人形机器人产业将迎来一系列新产品的发布。特别是明天，致 远科技将发布其新的产品。尽管前期的 Finger 产品发布已经相当惊艳，新品可 能难以超越，但仍代表了国产链上的领先技术水平。在供应链方面，致远科技 与约十家上市公司有合作关系，这与其多样化的产品系列和商业模式有关。致 远目前有五款主要产品，其中三款已有订单，包括远征 A2-W1、零七叉 1-W 和 07 叉 1。 我们选择投资标的时考虑了三个标准：与致远合作的紧密程度、提供 我们最近上调了恒力压的目标价，这主要基于以下几个原因：首先，公司在技 术创新方面取得显著进展，新技术和新产品不断推出；其次，公司在供应链管 理方面表现出色，与多家核心供应商建立了紧密合作关系；最后，公司受益于 各地政府出台的一系列支持政策，这些政策将为公司带来更多市场机会。因此， 我们对恒力压未来的发展前景持乐观态度，并相应上调了目标价。 深圳在智能机器人产业方面有哪些优势？ 深圳在智能机器人产业方面具备显著优势。首先，从链主企业来看，深圳拥有 ...