Investment Rating - The report maintains an "Overweight" rating for the communication industry [1]. Core Insights - The AIDC (Artificial Intelligence Data Center) industry is experiencing accelerated construction in China, creating significant opportunities across the supply chain [3]. - The market size of China's AIDC is expected to reach 288.6 billion yuan by 2028, with a compound annual growth rate of 57.09% from 2020 to 2028 [12]. - The demand for AI large models is driving the need for high-performance networks with ultra-high bandwidth and low latency [20][22]. - The report highlights the importance of domestic AIDC operators, AI servers, switches, and related components as key investment opportunities [41]. Summary by Sections 1. AIDC Industry Development Status - AIDC provides a stable computing environment for AI training and inference, integrating high-performance computing, high-speed networks, and advanced software systems [7]. - The AIDC market is projected to grow significantly, with a market size of 879 billion yuan in 2023, reflecting over 90% year-on-year growth [12]. - The AIDC service ecosystem includes various players from infrastructure to application services, catering to diverse industries such as finance, telecommunications, and transportation [8][10]. 2. AI Large Model Network Requirements - AI large models require ultra-large-scale networking, ultra-high bandwidth, and ultra-low latency to support their computational demands [20][22]. - The training of large models necessitates thousands of GPUs, leading to increased network demands compared to traditional cloud data centers [20]. - The evolution of network architecture from traditional three-tier to Clos and direct connect topologies is essential for meeting the needs of AIDC [20][22]. 3. AIDC Network Architecture - The AIDC network architecture consists of compute nodes, backend networks, frontend networks, and inter-data center connections, designed to optimize performance [23][24]. - High-performance networks are crucial for AIDC operations, requiring configurations that support high bandwidth and low latency [28]. - InfiniBand and RoCEv2 are highlighted as key network solutions, with InfiniBand offering superior performance for large-scale deployments [39]. 4. Investment Recommendations - The report suggests focusing on AIDC service providers such as China Unicom, China Telecom, and China Mobile, as well as AI server manufacturers like Inspur and ZTE [41]. - Investment opportunities also extend to components like switches, optical connections, and temperature control systems [41].

本周（20250303-20250307）石油石化板块领涨个股包括洪田股份、三 联虹普、博汇股份、胜通能源、博迈科等；领跌个股包括广聚能源、 统一股份、东华能源、ST 新潮、准油股份等。其中民营大炼化公司周 度涨跌幅如下：东方盛虹（+3.90%）、恒力石化（+0.51%）、荣盛石化 （-0.45%）、恒逸石化（-1.12%）、新凤鸣（-3.17%）、桐昆股份（-3.38%） 等。 ◼ 核心观点 上游板块方面，上周国际油价有所下滑。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望高位震荡，持续利好上游油气公司。油服方面，北美活跃钻 机数周环比减少，但是同比减少较为明显。全球的钻井平台数量今年 四季度环比下滑，未来提升空间较大。中游炼化板块方面，新加坡柴 油价差周下滑约 0.7 美元/桶，汽油价差周下滑约 3.4 美元/桶，乙烯与 石脑油价差周下滑约 2 美元/吨，PX 与石脑油价差周下滑约 1 美元/ 吨。从周度数据来看，成品油产品中，新加坡柴油价差走势相对更强； 炼厂化工品中，乙烯与石脑油价差有所缩小，PX 与石脑油价差有所缩 小，炼化公司的业绩修复空间较 ...

永新光学(603297) 公司研究/公司点评 禾赛获海外大厂订单，激光雷达有望加速 ——永新光学动态跟踪 ◼ 事件描述 3 月 11 日，禾赛科技宣布，与一家欧洲顶级主机厂达成多年独家定点合 作，为其下一代汽车平台提供高性能超远距激光雷达，覆盖其燃油车和新 能源汽车的多款车型，是迄今海外前装量产激光雷达规模最大的订单。 ◼ 核心观点 2025 年 L2 级及以上辅助驾驶渗透率或将突破 65%，车载激光雷达需求 提速。根据新华网援引工业和信息化部的数据显示，2024 年上半年，中 国乘用车具备 L2 级及以上自动驾驶功能的新车渗透率已经达到 55.7%。 根据中国电动汽车百人会副理事长兼秘书长张永伟预测，2025 年 L2 级及 以上辅助驾驶渗透率或将突破 65%。根据每日经济观察援引盖世汽车数 据，2024 年 1 至 11 月，激光雷达单年装机量首次突破 130 万颗，对比 2023 年同期的 57.09 万颗的出货量，增幅达 127%。我们认为，随着高阶 自动驾驶技术持续推进，叠加激光雷达成本或将降低，激光雷达或将成为 辅助驾驶感知系统中的核心硬件之一，需求有望同步提升。 预计 2029 年全球激光雷达市 ...

◼ 核心观点 本周核心观点与重点要闻回顾 AI 端侧：高通宣布与 IBM 合作，打造云端 / 边缘侧企业级生成式 AI 应用。高通公司宣布，将在生成式 AI 在企业级场景落地方面与 IBM 进行合作， 将 在 MWC 2025 上 展 示 在 边 缘 侧 运 行 的 IBM watsonx.governance 和 Granite LLM 大语言模型。我们认为，AI 端侧 各项应用发展态势良好，相关产业链有望持续受益。 消费电子：星纪魅族海外版 Note 22 / 22 Pro 手机等产品将首次亮相 MWC 2025。星纪魅族将首次携 AI 全生态产品参加 MWC 2025，参 展内容包括魅族 21 系列、StarV AR 眼镜等产品。我们认为， MWC2025 期间或将展示更多 AI 与消费电子结合应用，如 AIPC、 AI/AR 眼镜、智能驾驶与机器人等，相关产业链有望持续受益。 先进封装：：全球晶圆代工行业长期增长依靠先进封装技术推动。 CounterPoint Research 预计 2025 至 2028 年，全球晶圆代工行业的营 收年复合增长率将稳定在 13%至 15%之间。长期增长将依靠先进制程 ...

Investment Rating - The industry investment rating is "Maintain Buy" for the non-bank financial sector [8]. Core Views - The government work report during the Two Sessions first mentioned "stabilizing the stock market," reflecting a strong commitment to boosting the capital market. Compared to previous years, the content related to the capital market has significantly increased, indicating the government's determination to enhance the capital market's role in economic development [4][14]. - Focus on the follow-up policies to catalyze medium- and long-term capital entering the market, including the scale of two monetary policy tools and related institutional optimizations, as well as the revision of long-term capital assessment policy documents [5][15]. Data Tracking - In February, the A-share market saw an increase of 284,000 new accounts, surpassing the total for the previous 11 months [49]. - The average daily trading volume of A-shares was 17,009 billion, down 14.6% week-on-week [28]. - As of March 7, 2025, the A-share margin trading balance was 19,059 billion, with a financing balance of 18,941 billion, reflecting increases of 76.6 and 69.9 million respectively [28]. - The public fund sector saw the establishment of 20 new equity funds this week, totaling 11.47 billion shares, a decrease of 54.4% [28]. Investment Suggestions - The market's trading activity has significantly increased, suggesting a focus on internet brokerages with high trading elasticity and beta attributes, such as Dongfang Wealth. Additionally, with the recovery of the equity market and the rise of passive investment, it is recommended to pay attention to leading brokerages with advantages in equity asset management and ETF management, such as CITIC Securities, GF Securities, and Huatai Securities [6][16].

非银金融 行业研究/行业周报 两会观察：重点关注中长期资金入市后续政策催化 ——券商&资本市场周观察（2025.3.3-2025.3.7） ◼ 市场要闻 3）公募：本周新成立 20 只权益类基金（11 只指数类+9 只混合类）， 合计 114.7 亿份，环比-54.4%。 4）投行：按上市日口径，截止本周末，今年 1-3 月日均股权融资额 26.0 亿元，同比+37.3%，其中 IPO、再融资分别 2.2、23.8 亿元，同 比分别-46.3%、+60.2%。 5）投资: 截至本周末，沪深 300 年内涨跌幅 0.23%，较去年同期- 309bp；中债总财富指数年内涨跌幅-0.78%，较去年同期-284bp。 ◼ 核心观点 两会政府工作报告首现"稳股市"，进一步体现提振资本市场决心。自 24 年发布新国九条，特别是 926 中央政治局会议以来，资本市场在经 济发展中的地位得到显著提升。相较以往政府工作报告，今年提及资本 市场内容明显增多，进一步体现国家提振资本市场的决心。 重点关注中长期资金入市后续政策催化。包括两项货币政策工具后续 规模情况及相关制度优化；长期资金长周期考核政策文件修订；科技 板块一二级市场 ...

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The government work report emphasizes boosting consumption and the integration of "AI+" into various sectors, which is expected to enhance consumer spending in the pet industry due to the emotional value associated with pets [1] - The launch of the world's first digital life database for dogs and cats by Guobao Pet Group marks a significant shift in the pet industry towards data-driven strategies, aiming to improve pet health and nutrition through advanced research methodologies [2] - The trend of traveling with pets is gaining traction, with increasing demand for pet-friendly travel services, indicating a new consumption potential in the pet economy [3] Summary by Sections Government Initiatives - The 2025 government work report aims to stimulate consumption and promote digital, green, and intelligent consumption, which is expected to positively impact the pet industry [1] Digital Transformation - Guobao Pet Group's WarmData center integrates cross-species data and digital twin technology to enhance pet nutrition research, representing a strategic shift from scale-driven to data-driven approaches in the pet industry [2] Emerging Consumption Trends - The rise of "pet-friendly travel" is highlighted as a new market opportunity, with various services like pet-friendly restaurants and hotels becoming increasingly popular among pet owners [3] Investment Recommendations - Suggested companies for investment include Tianyuan Pet, Yiyi Co., and Guobao Pet, which are involved in pet intelligence and interaction, as well as companies like Xiaomi and Alibaba that are diversifying into the pet sector [4]

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6] Core Insights - The government work report emphasizes the development of AI smartphones and computers, indicating that the related industry chain is expected to benefit continuously [12][31] - The Ministry of Commerce has expanded the scope of the old-for-new policy in 2025, which includes subsidies for smartphones, tablets, smartwatches, and wristbands, suggesting a positive outlook for the consumer electronics industry chain [13][32] - Singapore plans to invest nearly 500 million Singapore dollars in advanced packaging technology, which is expected to enhance the semiconductor industry chain [14][32] - The domestic semiconductor equipment sales revenue is projected to grow by 35% in 2024, exceeding 110 billion yuan, indicating a speeding up of the domestic substitution process in the semiconductor industry [15][32] Summary by Sections 1. Core Insights and Investment Recommendations - AI Edge: The government report highlights the development of AI smartphones and computers, suggesting a favorable trend for the related industry chain [12] - Consumer Electronics: The expansion of the old-for-new policy in 2025 is expected to benefit the consumer electronics industry chain [13] - Advanced Packaging: Singapore's investment in advanced packaging technology is anticipated to benefit the related industry chain [14] - Domestic Substitution: The expected growth in domestic semiconductor equipment sales indicates a positive outlook for the domestic substitution process [15] 2. Market Review - The A-share Shenwan Electronics Index rose by 2.74% during the week, outperforming the CSI 300 Index by 1.35 percentage points [18] - The performance of the Shenwan Electronics sub-sectors varied, with optical optoelectronics leading at 3.51% [21][26] 3. Industry News - The government work report emphasizes the development of AI smartphones and computers, which is expected to benefit the industry chain [31] - The Ministry of Commerce's old-for-new policy expansion is set to enhance consumer electronics [32] - Singapore's investment in semiconductor technology is aimed at advancing the industry [32] 4. Company Dynamics - Companies like Guoguang Electric have achieved mass production in AI hardware, indicating a strong position in the AI sector [34] - Lixun Precision is focusing on the robotics industry as a growth area, showcasing strategic development in emerging technologies [34]

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Viewpoints - NAND Flash revenue is expected to decrease by 6.2% in Q4 2024, but the industry is anticipated to return to an upward trajectory in the second half of 2025 due to production cuts and price stabilization [1][23]. - DRAM prices showed a mixed trend with an average fluctuation of 0.89% last week, and Micron showcased its latest 10nm DDR5 memory at MWC [2]. - The HBM market is expected to grow rapidly, driven by demand from advanced computing chips, with Samsung's HBM3E expected to start deliveries in Q2 2025 [3][4]. Summary by Sections NAND Market - In the week of March 3-7, 2025, NAND Flash spot prices fluctuated between -0.81% and 3.53%, with an average change of 0.60% [1]. - The overall NAND Flash industry revenue is projected to decline by up to 20% in Q1 2025 due to reduced orders and contract prices [1][23]. - The industry is expected to recover in the second half of 2025 as prices stabilize and production cuts take effect [1][23]. DRAM Market - DRAM prices varied from -0.72% to 3.45%, with an average increase of 0.89% last week [2]. - Micron's new 1γ DDR5 memory was showcased, with samples expected to be available for partners in Q2 2025 [2]. HBM Market - Samsung's HBM3E products have entered mass production and are expected to be delivered starting in Q2 2025 [3]. - The HBM industry is projected to benefit from the increasing demand for computing power, suggesting a positive growth outlook [4]. Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth, such as Saiteng Co., Yishitong, and Lianrui New Materials [4]. - In the storage chip sector, companies like Dongxin Co. and Zhaoyi Innovation are highlighted as potential investment opportunities due to expected price increases and inventory normalization [4].

Investment Rating - The industry investment rating is "Add" [8] Core Insights - The government work report emphasizes the promotion of low-altitude economy, quantum technology, embodied intelligence, and 6G industry development, aiming for a safe and healthy growth of emerging industries [2][14][30] - Alibaba has released the QwQ-32B open-source inference model, which boasts performance comparable to DeepSeek-R1 while significantly reducing deployment costs, making it feasible for local deployment on consumer-grade graphics cards [3][15] - DeepSeek has disclosed key insights about its V3/R1 inference system, revealing a theoretical daily revenue of $562,027 with a cost-profit margin of 545% based on GPU rental costs [4][16][31] Market Review - During the week of March 3-7, the A-share Shenwan Communication Index rose by 2.81%, outperforming the CSI 300 Index by 1.42 percentage points but underperforming the ChiNext Index by 0.43 percentage points [5][18] - The two major sub-sectors of the Shenwan Communication Index saw the following performance: Communication Services increased by 5.15%, while Communication Equipment rose by 1.4% [21][24] Investment Recommendations - The report recommends focusing on the following sectors: - Optical modules: Suggested companies include Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng [6][17] - Operators: Suggested companies include China Mobile, China Telecom, and China Unicom [6][17] - Communication equipment: Suggested companies include ZTE Corporation and Unisplendour [6][17] Company Dynamics - ZTE Corporation released the "Self-Intelligent Network White Paper (2025)" at MWC 2025, discussing the transformation of communication networks in the intelligent era [32] - China Unicom showcased its cloud storage product, Unicom Cloud Disk, at MWC 2025, which integrates AI capabilities for efficient digital asset management [32]