证券时报网讯，中信建投研报称，DeepSeek-R1作为开源模型跻身全球第一梯队，加速AI厂商内卷。 其中OpenAI已统一模型路线，在GPT-5中将为免费用户提供可无限使用的"标准智能"；而百度则宣布文 心模型将于4月1日开始全面免费，并将在6月30日开源下一代文心4.5系列模型。 用户量激增下DeepSeek频繁出现"服务器繁忙"提示，以及腾讯宣布接入DeepSeek模型，均有望带动API 调用量增加和本地化部署需求，1）利好有数据、有客户、有场景的软件企业，AI产品有望带动公司 ARPU提升和项目单价上升；2）模型私有化需求增加，利好一体机、超融合和B端服务外包企业。 ...

中信建投医药 医药每周谈 摘要 Q&A 请您介绍一下近期医疗 AI 和脑机接口行业的市场表现及相关公司的情况。 近期，医疗 AI 和脑机接口行业在国内外市场均表现出色。上周，美股中涉及 AI 技术的公司涨幅显著，其中 firefly 和 news sense 等公司涨幅居前。这些 公司主要从事脑电波分析，国内对标公司为爱朋医疗。爱朋医疗在癫痫、注意 力设备研发、麻醉监测等领域应用了神经网络大模型等 AI 技术，并布局了便携 式电动注射泵、睡眠监测软件等产品。此外，爱朋医疗还参股常州锐和瑞神安， • 脑电波分析和远程医疗领域公司涨幅显著，国内爱朋医疗对标海外公司， 利用 AI 技术进行癫痫、注意力设备研发和麻醉监测，并布局便携式电动注 射泵和睡眠监测软件。 • 海外远程医疗公司如 Hims & Hers、Teladoc 股价上涨，国内平安好医生和 京东健康可对标。医脉通 AI 医生辅助基层医生诊疗，提升诊疗能力。 • 国内 AI 基因检测相关企业如华大智造、迪安诊断涨幅显著，对标美股 Tempus AI，主要涉足 AI 诊断与健康管理领域。华大基因、金域医学、安 必平也有较大涨幅。 • AI 影像领域，联影医疗 ...

证券时报网讯，中信建投研报称，近期，宇树人形机器人登录央视春晚表演《秧BOT》，特斯拉年报解 读电话会披露最新人形机器人业务规划，Figure AI宣布在商业化客户拓展及机器人AI模型研发层面有新 进展。 国内外标杆企业最新技术趋势、产品及量产节奏对产业趋势有所映射。 人形机器人（具身智能）作为AI端侧需求空间最大、变化最快应用，从To B工业场景到To C通用场景拓 展路径逐步清晰，2025年重点关注灵巧手、传感器等硬件本体、大脑算法控制等解决方案迭代，看好产 业链0—1投资机遇。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | ...

Core Viewpoint - The implementation of the "Implementation Opinions on Building Beautiful China Pilot Areas" by the State Council emphasizes the development of green industries and environmental protection in key regions such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Environmental Protection - The pilot areas focus on controlling total coal consumption and accelerating the creation of zero-emission freight corridors across provinces [1] - There is a strong emphasis on promoting regional green industry clusters and enhancing ecological integration in the Yangtze River Delta [1] Group 2: Market Development - The opinions call for the Yangtze River Delta to cultivate green productivity, expand green industry clusters, and advance cross-regional pollutant discharge rights trading [1] - The establishment of an ecological green integrated development demonstration zone in the Yangtze River Delta is highlighted [1] Group 3: Green Finance - The opinions propose support for the Guangdong-Hong Kong-Macao region to deepen the alignment of ecological and environmental rules and mechanisms [1] - There is an exploration of trial implementations of an ecological environmental management system that aligns with international standards [1] Group 4: Overall Impact - The establishment of pilot areas is aimed at leveraging regional characteristics and advantages to promote the development of green industry clusters and facilitate the alignment of domestic and international standards while controlling carbon emissions [1] - This initiative is expected to accelerate the growth of environmental protection companies in the respective regions [1]

Group 1 - The core point of the article is that Daxing Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - Daxing Technology is a leading and rapidly expanding folding bicycle company, ranking first in both the domestic and global folding bicycle markets with market shares of 21.1% and 5.6% respectively as of 2023 [1] - The company has established a comprehensive and efficient sales and distribution network, covering both offline and online channels, and has expanded its reach to 25 other countries and regions including Southeast Asia, the United States, and Europe [1] Group 2 - As of September 30, 2024, Daxing Technology collaborates with 38 distributors across more than 30 provincial administrative regions in China, covering over 650 retail stores [1] - The company has also expanded into online channels, including major e-commerce and social media platforms in mainland China such as JD.com, Tmall, and Douyin [1] - During the reporting period, the company's online direct sales revenue surged from 14.1 million RMB in 2022 to 58.1 million RMB in 2023, representing a growth rate of 312.1% [1] Group 3 - Daxing Technology achieved revenues of approximately 254 million RMB, 300 million RMB, and 352 million RMB for the fiscal years 2022, 2023, and the nine months ending September 30, 2024, respectively [1] - The net profit and total comprehensive income for the same periods were 31.43 million RMB, 34.85 million RMB, and 45.84 million RMB [1]

Core Viewpoint - The report from CITIC Securities indicates that the historical contradiction between the profit margins of upstream panel manufacturers and downstream appliance manufacturers in the black electronics industry is influenced by cyclical attributes and competitive landscape [1] Group 1: Industry Trends - The acceleration of large-size and MiniLED technology since the national subsidy in 2024 is expected to break the "curse of black electronics" [1] - A potential scenario of simultaneous profit margin increases for upstream panel manufacturers and improved profitability for downstream appliance manufacturers, while consumers benefit from lower prices, is anticipated [1] Group 2: Investment Opportunities - There will be significant investment opportunities emerging in both upstream and downstream segments of the black electronics industry [1]

Core Viewpoint - The development of low-altitude economy presents new opportunities for air traffic management systems, particularly with the rise of Urban Air Mobility (UAM), which requires real-time updates of urban airspace information to ensure the safety of flying vehicles and avoid restricted areas [1] Group 1: Market Opportunities - The air traffic management market is expected to reach a scale of 20 billion by 2027, driven by policies from the Civil Aviation Administration and successful pilot projects [1] - The integration of new technologies such as BeiDou and 5G communication is anticipated to simplify processes and enhance the development of low-altitude air traffic management [1] Group 2: Infrastructure Development - The initial focus for the low-altitude economy will be on the construction of infrastructure and supporting software, with air traffic management systems playing a crucial role in information management and safety protection [1]

Group 1 - The recent local two sessions have set GDP growth targets for 2025 around 5% or 5.5%, indicating a shift towards policy expectations in the market [1] - The upcoming inauguration of Trump is seen as a positive signal for China-US relations, alongside recent US inflation data suggesting a potential peak in US Treasury yields [1] - A new round of bullish market sentiment is gradually unfolding, with recommendations for investors to actively position themselves, viewing any market pullbacks as good opportunities [1] Group 2 - Focus industries include electronics, telecommunications, non-ferrous metals, non-bank financials, banking, construction, and food [2]

Core Viewpoint - Recent fluctuations in U.S. assets are primarily driven by changes in liquidity expectations due to economic data [1] Group 1: U.S. Market Dynamics - The U.S. dollar index has recently ended its rapid ascent, indicating a slight easing of external pressure on the renminbi depreciation [1] - The AI industry narrative remains intact, leading to a cautious outlook on significant declines in U.S. Treasury yields [1] Group 2: Chinese Market Dynamics - Chinese stocks have shown strength while bonds have weakened, reversing the trend observed since December, attributed to the central bank's intention to adjust liquidity pace [1] - A temporary liquidity crunch is facing the bond market due to the central bank's actions [1] - The central bank's use of "other tools to inject liquidity" may lead to a marginal easing of the tight liquidity situation before the holiday [1]