Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6]. Core Viewpoints - Xiaomi is focusing on high-end product development, with the Xiaomi 15 Ultra positioned as a "peak imaging, technology flagship" starting at a price of 6499 yuan. The company aims to break into the ultra-high-end market above 6000 yuan in the next five years, competing with Apple in product service and ecosystem compatibility [1][3]. - The pricing of the Xiaomi SU7 Ultra was lower than expected, with a final price of 529,900 yuan, significantly reduced from the pre-sale price of 814,900 yuan [1]. - The company plans to invest 105 billion yuan in R&D from 2021 to 2025, with AI and related businesses expected to account for one-quarter of this investment by 2025 [2]. Financial Projections - The projected net profit for Xiaomi Group is approximately 19.49 billion yuan in 2024, 24.57 billion yuan in 2025, and 29.55 billion yuan in 2026, reflecting a growth rate of 11.52%, 26.07%, and 20.27% respectively [3][13]. - Revenue is expected to grow from 270.97 billion yuan in 2023 to 558.81 billion yuan in 2026, with annual growth rates of -3.24%, 33.67%, 27.03%, and 21.46% [13][16]. Key Financial Metrics - The gross margin is projected to be 21.21% in 2023, decreasing slightly to 20.33% by 2026 [15][16]. - The return on equity (ROE) is expected to be 10.66% in 2023, slightly declining to 12.43% by 2026 [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.51 in 2023 to 38.06 in 2026 [16].

Investment Rating - The industry investment rating is maintained as "Add" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The competitive landscape of the BTK inhibitor market is continuously changing, with BeiGene's Zanubrutinib rapidly approaching a leading market share position in the U.S. market. In 2024, BeiGene reported product revenue of 26.994 billion yuan, a significant increase from 15.504 billion yuan in the previous year, primarily driven by sales growth of Zanubrutinib and other licensed products [2][12]. - Zanubrutinib's global sales in 2024 reached 18.859 billion yuan, reflecting a growth of 106.4%. U.S. sales accounted for 13.890 billion yuan, also up by 107.5%, largely due to expanded use in CLL indications. In Europe, sales were 2.564 billion yuan, a 195.4% increase, while in China, sales reached 1.856 billion yuan, growing by 35.2% [2][12]. - The company expects revenue for 2025 to be between 35.2 billion and 38.1 billion yuan, driven by Zanubrutinib's leading position in the U.S. and ongoing expansion in Europe and other key global markets [2][12]. Market Review - During the week of February 24 to February 28, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.72%, underperforming the CSI 300 index by 0.49 percentage points, while outperforming the ChiNext index by 1.74 percentage points. The sector ranked 23rd among 31 first-level sub-industries [1][17]. - The Hang Seng Healthcare Index decreased by 3.22%, underperforming the Hang Seng Index by 0.93 percentage points, ranking 8th among 12 first-level sub-industries [1][17]. Company Dynamics - BeiGene's Zanubrutinib ranked first in prescription volume among new CLL patients in the U.S., achieving a 97% year-on-year revenue growth in Q4 2024, surpassing competitors Ibrutinib and Acalabrutinib [3][13]. - Another domestic BTK inhibitor, Orelabrutinib from Innovent Biologics, received CDE approval for a Phase III clinical trial in combination with a BCL-2 inhibitor for first-line CLL/SLL treatment. The company also reached an agreement with the FDA regarding the clinical development of Orelabrutinib for MS [3][15]. Investment Recommendations - BTK inhibitors demonstrate significant advantages in treating B-cell malignancies and certain B-cell immune disorders, making them a hot target for blood malignancies and autoimmune diseases. Companies to watch include BeiGene and Innovent Biologics [4][16].

医药生物 行业研究/行业周报 BTK 抑制剂市场竞争格局持续变化 ——医药生物行业周报（2025.2.24-2.28） 行情回顾 上周（2025年 2月 24 日-2 月 28日），A股申万医药生物下跌 2.72%， 板块整体跑输沪深 300 指数 0.49pct，跑赢创业板综指数 1.74pct。在 申万 31 个一级子行业中，医药板块周涨跌幅排名为第 23 位。恒生医 疗保健指数下跌 3.22%，板块整体跑输恒生指数 0.93pct。在恒生 12 个一级子行业中，医疗保健行业周涨跌幅排名为第 8 位。 核心观点 BTK 抑制剂市场竞争格局持续变化，百济神州泽布替尼在美国市场快速 接近价值份额领先地位。本周百济神州公布 2024 年第四季度和全年财务 业绩及业务进展，公告显示 2024年公司产品收入 269.94 亿元（上年同期 为 155.04亿元），增长主要得益于泽布替尼以及安进授权产品和替雷利珠 单 抗 的 销 售 增 长 。 泽 布 替 尼 2024 年 全 球 销 售 额 为 188.59 亿 元 （+106.4%），其中美国销售额为 138.90 亿元（+107.5%），需求增长主要 来自于 C ...

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Insights - Qualcomm announced a collaboration with IBM to develop enterprise-level generative AI applications for cloud and edge environments, indicating a positive outlook for AI applications in the industry [11][27] - The consumer electronics sector is expected to benefit from the debut of AI-integrated products at MWC 2025, with a focus on AI and consumer electronics applications [12][27] - The advanced packaging technology is projected to drive long-term growth in the global wafer foundry industry, with a compound annual growth rate (CAGR) of 13% to 15% from 2025 to 2028 [13][29] - Domestic semiconductor equipment sales are expected to grow by 35% in 2024, surpassing 110 billion yuan, indicating a speeding up of the domestic semiconductor industry [15][28] Summary by Sections 1. Core Insights and Investment Recommendations - AI Edge: Qualcomm's partnership with IBM aims to create generative AI solutions for enterprise applications, which is expected to benefit the related industry chain [11] - Consumer Electronics: The debut of AI products at MWC 2025 is anticipated to showcase more applications combining AI and consumer electronics, benefiting the industry chain [12] - Advanced Packaging: The importance of advanced packaging technology is increasing in the computing era, with the industry chain expected to benefit [13] - Domestic Substitution: The domestic semiconductor equipment market is projected to grow significantly, indicating a positive trend for the industry chain [15] 2. Market Review - The A-share Shenwan Electronics Index fell by 4.87% during the week, underperforming the CSI 300 Index by 2.64 percentage points [18] - Among the sub-sectors, semiconductor (-3.62%) and optical electronics (-3.93%) performed relatively better, while components (-9.78%) and consumer electronics (-6.06%) lagged [19][22] 3. Industry News - Qualcomm and IBM's collaboration will be showcased at MWC 2025, focusing on enterprise-level generative AI applications [27] - Starry Meizu will debut its AI ecosystem products at MWC 2025, highlighting the integration of AI in consumer electronics [12][27] - CounterPoint Research forecasts a 20% revenue growth for the wafer foundry industry in 2025, driven by strong AI demand [29] 4. Company Dynamics - Jiangfeng Electronics is expanding its market share in ultra-pure metal sputtering targets due to technological advantages [30] - Precision Electronics is focusing on optical materials and devices for smart wearable terminals [30] 5. Company Announcements - Jiangfeng Electronics reported a revenue increase of 39.11% year-on-year for 2024, with a net profit growth of 56.90% [33] - Lexin Technology anticipates a significant increase in net profit, projecting a growth of 271.70% for 2024 [33]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and market position [3]. Core Insights - The company, Xidian New Energy, is a leading player in battery connection technology, with a market share of approximately 15% in battery connection systems and 31% in electric control busbars as of the first half of 2023 [1][2]. - The company has established strong customer loyalty through high product reliability, with significant clients including CATL, BYD, and Rockwell Automation [2]. - The global lithium battery shipment is projected to reach approximately 1545 GWh in 2024, representing a year-on-year growth of 29%, which is expected to benefit the company significantly [2]. Summary by Sections Company Overview - Xidian New Energy, founded in 2007 and headquartered in Suzhou, specializes in the development and application of battery connection technology [1]. - The company has achieved a revenue of approximately 1.41 billion yuan in the first three quarters of 2024, with a year-on-year growth of 4% [1]. Technical Advantages - The company possesses technical advantages in product design, process development, and key equipment manufacturing, having collaborated with major firms like CRRC and GE [1]. Customer Stickiness - The company has built long-term relationships with clients, with CATL's share in its customer base increasing from 30% in 2020 to 75% in 2024 [2]. Future Growth Potential - The company is well-positioned to benefit from the rapid growth in the electric vehicle and energy storage sectors, with a projected revenue of 2.2 billion yuan in 2024, increasing to 2.9 billion yuan by 2026 [3]. Financial Projections - Revenue and net profit forecasts for 2024, 2025, and 2026 are 2.2 billion yuan, 2.5 billion yuan, and 2.9 billion yuan respectively, with corresponding net profits of 2.2 billion yuan, 3.1 billion yuan, and 3.6 billion yuan [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the oil and petrochemical industry [5]. Core Viewpoints - The international oil prices have seen a slight decline, with Brent crude settling at approximately $73.18 per barrel, down 2.14% week-on-week, and WTI crude at about $69.76 per barrel, down 1.33% week-on-week [15][19]. - The upstream sector is expected to benefit from high international oil prices, with a projected increase in U.S. crude oil production over the next two years [24]. - The midstream refining sector shows potential for performance recovery, as the price differentials for ethylene and naphtha have widened, while PX and naphtha differentials have narrowed [27]. - In the terminal polyester sector, the price spread for POY has expanded, indicating a significant recovery potential for long filament companies [36]. Market Performance - The CITIC oil and petrochemical sector declined by approximately 0.18% during the week of February 24-28, 2025, while the Shanghai Composite Index fell by about 1.72%, indicating a relative outperformance of 1.55 percentage points [12][13]. - Key stocks that led the gains included Guangju Energy (+44.45%), Zhun Oil Shares (+11.49%), and Unified Shares (+9.72%), while the biggest losers were Hongtian Shares (-24.08%) and Montai High-tech (-11.59%) [13][14]. Investment Recommendations - The report identifies four main investment themes: 1. Focus on energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas reserves and refining upgrades [47]. 2. Increased global upstream capital expenditure is expected to boost the oil service sector, with recommendations to consider CNOOC Services and Offshore Engineering [47]. 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on Baofeng Energy and New Natural Gas [47]. 4. Refining companies are actively planning new capacities and accelerating new material projects, recommending attention to Satellite Chemical, Hengli Petrochemical, and Tongkun Shares [47].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - Samsung plans to achieve 1000-layer NAND by 2030 and has introduced 400-layer wafer bonding technology. The average price fluctuation for 22 NAND products last week ranged from 0.00% to 3.45%, with an average change of 0.49% [1][24] - TrendForce forecasts that the global DRAM industry revenue will reach $28 billion in Q4 2024, representing a 9.9% quarter-on-quarter increase and a 63.8% year-on-year growth from the previous low [1][22] - The market for storage chips is experiencing a structural differentiation, with SSD prices generally rising while UFS prices are declining due to oversupply [2][24] Summary by Sections NAND Market - Samsung aims to implement 1000-layer NAND technology by 2030, showcasing advancements in wafer bonding and low-temperature etching at the ISSCC [1][24] - The price changes for NAND products last week showed 11 products stable, 11 increasing, and none decreasing [1] DRAM Market - TrendForce predicts a revenue of $28 billion for the DRAM industry in Q4 2024, with a 9.9% increase from the previous quarter and a significant 63.8% increase from the previous year's low [1][22] - The price fluctuation for 18 DRAM products last week ranged from -1.16% to 2.47%, with an average change of 0.20% [1] HBM Market - SK Hynix has begun construction on its first wafer fab in the Yongin semiconductor cluster, expected to be completed by May 2027, which will focus on producing next-generation DRAM chips like HBM [2][22] - The HBM industry is anticipated to grow rapidly due to increased demand from advanced computing chips [3] Investment Recommendations - The report suggests a positive outlook for the HBM supply chain and semiconductor recovery, recommending stocks such as Saiteng Co., Yishitong, and Huahai Chengke [3] - For storage chips, the report recommends Dongxin Co. and suggests attention to Zhaoyi Innovation and Hengshuo Co. due to rising demand driven by AI [3]

电子 行业研究/行业周报 NAND：三星计划到 2030 年实现 1000 层 NAND 并推出 400 层晶圆 键合技术。根据 DRAMexchange，上周（20250224-0228）NAND 颗 粒 22 个品类现货价格环比涨跌幅区间为 0.00%至 3.45%，平均涨跌幅 为 0.49%。其中 11 个料号价格持平，11 个料号价格上涨，0 个料号价 格下跌。三星电子在国际固态电路会议（ISSCC）上展示了其晶圆键 合、低温蚀刻和钼应用等技术。这些技术将从 400 层的 NAND 闪存 技术开始应用，可用于在 NAND 区域实现 1000 多层堆叠。 DRAM：TrendForce 称 2024 年四季度 DRAM 内存产业营收 280 亿 美元，环比增长 9.9%。根据 DRAMexchange，上周（20250224- 0228）DRAM 18个品类现货价格环比涨跌幅区间为-1.16%至 2.47%， 平均涨跌幅为 0.20%。上周 8 个料号呈上涨趋势，10 个料号呈下降趋 势，0 个料号价格持平。TrendForce 集邦咨询表示，2024 年四季度全 球 DRAM 内存产业实现 280 亿 ...

策略研究/策略点评 择时而入，乘势而上 ——2025 年政府工作报告点评 ◼ 核心观点 ◼ 投资建议 我们看好新质生产力背景下科技创新的长期趋势，投资有望围绕"人 工智能+"的方向逐级展开，从商业化落地进程和技术发展节奏角度， 建议持续关注智能驾驶/人形机器人/卫星互联网（低空经济）赛道。 ◼ 风险提示 财政支持力度不及预期、战略性新兴产业发展不及预期。 | 分析师： | 唐文卿 | | --- | --- | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | | 相关报告： | | 《3 月金股：政策暖风 科技慢牛》 ——2025 年 03 月 02 日 《2 月金股：创新崛起，生态重塑》 ——2025 年 02 月 05 日 《务天时，则财生》 ——2025 年 01 月 11 日 大力提振消费和提高投资效益是扩大内需、拉动经济增长的主动力和 稳定锚。在提振消费方面，中央安排 3000 亿元超长期特别国债支持以 旧换新政策。同时，通过多渠道促进居民增收、创新消费场景、扩容 服务消费等措施，释放消费潜力， ...