【数字经济周报】谷歌推出可在单块 GPU 上运行 产业研究中心 | | 的最强 AI 模型: Gemma 3 | CR | 朱峰(分析师) | | --- | --- | --- | --- | | | 摘要:数字经济动态事件速览 第5期(2025.03.08-2025.03.14) | 8 | 021-38676284 | | O | 半导体板块动态 | 2 | zhufeng026011@gtjas.com | | 1) | 吃唐半导体科创板 IPO 获批注册,将募资 30亿元投建 2 大项目 | | | | 2) | 青木晶元全球首发 C2W&W2W 双模混合键合设备 | 登记编号 | S0880522030002 | | 3) | 英特尔任命芯片行业资深人士陈立武担任新 CEO,3月18日生效 | | | | | | CB | 鲍雁辛(分析师) | | O | 汽车电子板块动态 | 8 | 0755-23976830 | | 1) | 未赛科技公布 2024财报,成为全球唯一全年盈利上市激光雷达企业 | | | | 2) | 宝马发布全新一代智能电子电气架构 | ಶಿ | baoyanxin@gtja ...

风格指数如何择时：通过估值、流动性和 拥挤度构建量化择时策略 ——量化择时研究系列 03 本报告导读： "有效市场"不是静止的状态，而是动态的过程。本篇报告我们在估值模型基础上 从微观结构角度引入市场流动性与交易拥挤度模型，研究其在风格指数择时中的作 用。应用估值、流动性与拥挤度的量化择时模型能够较为准确地捕捉风格指数底部 与顶部特征，同时能够有效规避交易拥挤下跌风险。2011 年以来大小盘、价值成长 与红利类指数择时模型多头组合平均年化收益率为 18.54%，平均超额年化收益率为 16.46%；大小盘与价值成长混合风格指数择时模型多头组合年化收益率为 20.10%， 超额年化收益率为 16.24%。 投资要点： [Table_Report] 相关报告 主动大类资产配置研究体系简析 2025.02.26 韩国 NPS：拓展品类，积极走出去 2024.11.20 核心指数定期调整预测及套利策略研究 2024.11.08 美国 CalPERS：经验教训与改革举措 2024.11.06 基于层次聚类和动量效应改进风险平价策略 2024.10.31 请务必阅读正文之后的免责条款部分 大 类 资 产 配 置 被 动 资 ...

支持科技创新和新质生产力发展是长期主线 投资银行业与经纪业 [Table_Industry] ——券商投行业务月报（2025 年 2 月） | [table_Authors] 刘欣琦(分析师) | 吴浩东(分析师) | 王思玥(研究助理) | | --- | --- | --- | | 021-38676647 | 010-83939780 | 021-38031024 | | liuxinqi@gtjas.com | | wuhaodong029780@gtjas.com wangsiyue028676@gtjas.com | | 登记编号 S0880515050001 | S0880524070001 | S0880123070151 | 本报告导读： 预计整体上股权融资节奏收紧仍将持续，企业客户资源、专业服务能力更具优势的 头部券商有望在投行业务生态演进的过程中继续维持领先地位。 投资要点： 投资银行业与经纪业《建议关注估值低位的非银 板块》2025.03.09 投资银行业与经纪业《建议重视券商板块业绩与 估值双升的投资机会》2025.03.02 投资银行业与经纪业《节日因素致股债融资下 滑，并购需求维 ...

下游制造业需求回升，氧气价格连涨 5 周 ——工业气体周度跟踪 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 肖群稀(分析师) | 张越(分析师) | | --- | --- | | 0755-23976830 | 0755-23976385 | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 S0880522120001 | S0880522090004 | 本报告导读： 大宗气体氧气、氮气、氩气周度环比上涨，下游冶金、机械制造和新材料等行业用 氧有所增加，气体价格有望持续回升。 投资要点： GO-1》2025.03.11 机械行业《深圳打造具身智能机器人先锋城市， 工程机械 2 月迎开门红》2025.03.10 机械行业《氧气价格连续 4 周上涨，需求持续向 好》2025.03.09 机械行业《深圳：打造具身智能机器人先锋城 市》2025.03.09 机械行业《Optimus 出镜特斯拉宣传视频，智元 将发布首个通用具身基座模型》2025.03.09 股 票 研 究 证 券 ...

[Table_Report] 相关报告 公用事业《从成长到红利，城燃行业价值重构》 2025.03.13 公用事业《首批 CCER 登记，全国碳市场加速完 善》2025.03.13 公用事业《强化能耗考核，积极稳妥推进"双 碳"工作》2025.03.09 公用事业《国七标准制定在即，尾气催化剂加速 扩容》2025.03.05 公用事业《单位能耗考核强化，"双碳"目标稳 妥推进》2025.03.05 风电延续改善趋势，内蒙鼓励增量配电网建设 [Table_Industry] 公用事业 ——公用事业行业周报（2025.3.10-2025.3.14） | [table_Authors] 于鸿光(分析师) | | 孙辉贤(分析师) | 汪玥(研究助理) | | --- | --- | --- | --- | | 021-38031730 | | 021-38038670 | 021-38031030 | | m | yuhongguang025906@gtjas.co | | sunhuixian026739@gtjas.com wangyue028681@gtjas.com | | 登记编号 S0880522020 ...

股票研究 /[Table_Date] 2025.03.16 拟收购爱协生，扩充"芯屏"产业生态 新相微(688593) | [table_Authors] 舒迪(分析师) | 王美懿(研究助理) | | --- | --- | | 021-38676666 | 021-38031385 | | shudi@gtjas.com | wangmeiyi029955@gtjas.com | | 登记编号 S0880521070002 | S0880124070042 | 本报告导读： 公司收购爱协生进一步补全电控"芯屏"产业生态拼图，加速电控产业生态内循环。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 427 | 480 | 532 | 901 | 1,231 | | (+/-)% | -5.5% | 12.5% | 10.7% | 69.4% | 36.6% | | 净利润（归母） | 108 | 28 | 42 ...

正如我们前期所提示，货币宽松的回摆仍在延续。在稳汇率和保资产价格（股&楼） 的双目标下，信贷弱并非央行降息的充分条件。政策更加重视准备金率的下行空间， 降准将标志着新一轮宽松的起点，但在美国经济"衰退交易"的扰动下，特朗普贸 易政策和美联储决策的不确定性依然较高，这使得政策窗口被延后。 投资要点： | | | | | 021-38038433 | | --- | --- | | | hanchaohui@gtjas.com | | 登记编号 | S0880523110001 | | | 张剑宇(研究助理) | | | 021-38674711 | | | zhangjianyu029568@gtjas.com | | 登记编号 | S0880124030031 | | | 汪浩(分析师) | | | 0755-23976659 | | | wanghao025053@gtjas.com | | 登记编号 | S0880521120002 | [Table_Report] 相关报告 信贷弱并非降息的充分条件 [Table_Authors] 韩朝辉(分析师) ——2025 年 2 月社融数据点评 本报告导读： 通 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][8]. Core Insights - The company's main business is experiencing steady growth, which lays a solid foundation for performance. The core product, Teibiao, holds a 66% market share and has shown double-digit sales growth over the past two years. The company is expected to continue this growth trajectory through 2025-2026 [3][8]. - The clinical data for the PD-1/VEGF dual antibody SSGJ-707 is promising, showcasing its potential in various indications, including non-small cell lung cancer (NSCLC) and metastatic colorectal cancer (mCRC) [3][8]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 89.19 billion, 98.54 billion, and 110.40 billion RMB, respectively, reflecting growth rates of 14%, 10%, and 12% [7][8]. - Gross profit is expected to increase from 6,642 million RMB in 2023 to 9,494 million RMB by 2026, with net profit projected to rise from 1,549 million RMB in 2023 to 2,522 million RMB in 2026 [7][8]. Product Pipeline and Development - The company is actively expanding its product matrix through business development (BD) initiatives, introducing several promising products, which are expected to contribute to rapid revenue growth over the next three years [3][8]. - SSGJ-707 has shown an overall response rate (ORR) of 70% in 1L PD-L1 positive NSCLC and 81.3% in 1L squamous NSCLC, indicating its competitive edge in the market [9][10]. Market Position - The company is positioned favorably in the global PD-1/VEGF dual antibody development landscape, with SSGJ-707 currently in Phase II clinical trials and expected to complete further trials in 2025 [12][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is focusing on three major supply chain strategies to enhance efficiency and is integrating DeepSeek to accelerate its intelligent upgrade [3] - The company is actively developing its own brand portfolio, which is expected to further improve profitability [9] Financial Summary - Revenue for 2023 is projected at 82,433 million RMB, with a growth rate of 3% compared to the previous year [7] - Net profit for 2023 is estimated at 448 million RMB, reflecting a 10% increase year-on-year [7] - The company has adjusted its forecast for net profit for 2024-2026 to 312 million, 588 million, and 839 million RMB respectively, with growth rates of -30%, 89%, and 43% [9] Strategic Initiatives - The three supply chain strategies include: 1. "Brand Express Project" focusing on meeting brand-preferred demands through a digital tool [9] 2. "Own Brand Ecosystem Project" aimed at creating a flexible supply chain to meet cost-effective demands [9] 3. "Open Smart Supply Chain Platform Project" designed to cater to long-tail demands in rural markets [9] - The company has launched a cluster of self-owned brands across four major categories, enhancing user engagement and competitive advantage [9] Technology Integration - The company has fully integrated its self-developed "Qiancheng Cloud SaaS+" platform with DeepSeek, which has led to significant reductions in operational costs and improved efficiency [9]

Investment Rating - The report maintains a rating of "Buy" for Futu Holdings (FUTU.O) with a target price of $137.51, corresponding to a 2025 PE of 24.49x and PB of 5.30x [8]. Core Insights - The significant increase in trading activity in the Hong Kong and US stock markets has driven substantial growth in the company's performance. The number of new asset clients is expected to continue rising, supported by ongoing product development to enhance customer acquisition and retention capabilities [3][8]. Financial Summary - Revenue is projected to grow from HKD 13,590 million in 2024 to HKD 17,946 million in 2025, reflecting a year-on-year increase of 32% [5]. - Net profit is expected to rise from HKD 5,443 million in 2024 to HKD 6,801 million in 2025, indicating a growth of 25% [5]. - The average return on equity (ROE) is anticipated to increase by 1.86 percentage points to 20.70% [8]. Customer Growth and Market Expansion - The company aims to add 800,000 new asset clients in 2025, representing a year-on-year growth rate of 33.18%. Approximately 40%-45% of these clients are expected to come from mature markets like Hong Kong and Singapore, with the remainder from emerging markets in Asia and Australia, as well as the US and Canada [8]. - The company plans to enhance its product offerings, including support for cryptocurrency trading in the US and improvements in trading capabilities for Japanese stocks [8].