估值或重构 ——证券行业周报 投资摘要： 每周一谈 2025 年 2 月上旬流通领域重要生产资料市场价格变动情况 据对全国流通领域 9 大类 50 种重要生产资料市场价格的监测显示，2025 年 2 月上旬与 1 月下旬相 比，21 种产品价格上涨，20 种下降，9 种持平。 市场回顾： 上周（2.10-2.14）沪深 300 指数的涨跌幅为 1.19%，申万二级行业指数证券行 业涨跌幅为 0.72%。板块内个股 40 家上涨，1 家平盘，1 家停牌，8 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：天风证券、锦龙股份、财通证券、华泰证券、东北证券。 股价涨跌幅后五名为：南京证券、国泰君安、东兴证券、东方财富、中原证券。 本周投资策略： 上周证券行业指数涨跌幅落后于沪深 300 指数，行业内个股多数上涨，板块弹性 明显收缩，显示市场更多的动力可能是来自于概念股的活跃或者是局部的看好。 随着进入年报及一季报的披露期，市场或会重新构建证券公司的估值。 风险提示：政策风险、市场波动风险。 评级 增持（维持） 1、《证券行业周报：活跃中或孕育着调 整》2025-02-12 2、《证券行业周报：关注估值与业绩的 ...

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [5] Core Insights - The securities industry index underperformed the CSI 300 index last week, indicating a potential shift in market dynamics driven by concept stocks and localized optimism [3][22] - The upcoming annual and quarterly report disclosures may lead to a reevaluation of securities companies' valuations [3][22] - The average price-to-earnings (P/E) ratio for the industry is 27.29, significantly higher than the market average of 12.74, suggesting potential overvaluation concerns [6] Market Review - During the week of February 10-14, the CSI 300 index increased by 1.19%, while the securities industry index rose by 0.72% [2][11] - Out of 50 stocks in the sector, 40 experienced price increases, 1 remained flat, and 8 saw declines [11] - The top five performing stocks were Tianfeng Securities, Jinlong Co., Caitong Securities, Huatai Securities, and Northeast Securities, while the bottom five were Nanjing Securities, Guotai Junan, Dongxing Securities, Dongfang Fortune, and Zhongyuan Securities [12][13] Weekly Investment Strategy - The report suggests that the market's momentum may be shifting towards concept stocks, with a notable contraction in the sector's elasticity [3][22] - The report emphasizes the importance of monitoring the alignment between valuations and performance as the earnings season progresses [3][22] Industry Developments - The DeepSeek concept is gaining traction in the securities industry, with multiple firms announcing successful local deployments of the DeepSeek-R1 model, enhancing their digital transformation efforts [26][27] - AI-driven wealth management is reshaping the industry, with firms focusing on technology integration to improve service delivery and client engagement [28][29]

Investment Rating - The report suggests a focus on undervalued leading companies in the automotive sector due to performance improvement opportunities, particularly in the new energy and intelligent vehicle segments [3][13]. Core Insights - BYD has launched its "Universal Intelligent Driving" strategy, introducing the "Tian Shen Zhi Yan" technology matrix, which will equip all its models with advanced driving technologies, making high-level intelligent driving accessible to a wider audience [1][9]. - BYD has sold over 4.4 million vehicles equipped with L2 and above driving assistance, establishing the largest vehicle cloud database in China, and has a significant R&D team of over 110,000 engineers, including more than 5,000 dedicated to intelligent driving [2][11]. - The report emphasizes the automotive industry's recovery, driven by economic normalization and supportive policies, with expectations for continued growth in production and sales [13][17]. Summary by Sections 1. Intelligent Driving Strategy - BYD's "Tian Shen Zhi Yan" includes three technology solutions: A (DiPilot 600), B (DiPilot 300), and C (DiPilot 100), with the C version being available in 21 models priced between 70,000 to 200,000 [1][9]. - The C version features advanced perception hardware and algorithms, covering essential user scenarios [1][9]. 2. Investment Strategy and Focus - The report recommends focusing on leading companies in the new energy sector, such as BYD, Li Auto, and Changan Automobile, as well as stable, undervalued component manufacturers like Huayu Automotive and Fuyao Glass [3][13][17]. - A specific investment focus includes a balanced portfolio with equal weight on BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [14][15]. 3. Market Performance - The automotive sector's weekly performance was a gain of 1.19%, ranking third among 31 sectors, with the overall market indices showing similar trends [16][19]. - The report highlights the performance of various automotive sub-sectors, noting significant movements in passenger vehicles and automotive services [16][23]. 4. Component Prices - The report includes insights on the prices of key automotive materials, such as battery prices, hot-rolled coil, aluminum, and rubber, which are critical for the industry [25][27][30].

比亚迪全系搭载高阶智驾 加速高阶智驾 普及 ——汽车行业研究周报 每周一谈：比亚迪全系搭载高阶智驾 加速高阶智驾普及 2 月 10 日，比亚迪举办智能化战略发布会，重磅发布全民智驾战略。根据比亚迪 消息，在整车智能战略下，比亚迪将构建起天神之眼技术矩阵，其全系车型将搭 载高阶智驾技术，其中天神之眼 C 首批上市 21 款车型，覆盖 7 万级到 20 万级， 让高阶智驾人人可享，引领汽车行业智能化变革。 比亚迪天神之眼共包含三套技术方案：天神之眼 A - 高阶智驾三激光版（DiPilot 600）、天神之眼 B - 高阶智驾激光版（DiPilot 300）、天神之眼 C - 高阶智驾 三目版（DiPilot 100）。天神之眼 A 主要应用在仰望，天神之眼 B 主要应用在腾 势及比亚迪品牌，天神之眼 C 则搭载在比亚迪品牌。 其中，配备前视三目 5R12V 感知硬件及端到端控制算法的天神之眼 C，实现架 构、传感器、算法、数据四大领先，覆盖用户刚需使用场景。 比亚迪拥有巨大的数据优势，目前累计销售超过 440 万台搭载 L2 及以上驾驶辅 助的车辆，构建起中国最大的车云数据库；同时，比亚迪还拥有全球最大的研发 ...

Market Overview - The five major indices tracked last week all experienced gains, indicating a strong market trend. The Shanghai Composite Index is currently around 3350 points, suggesting a potential for some consolidation and volatility [2][21]. - Last week's performance of major indices includes: CSI 300 up 1.19%, Shanghai Composite up 1.30%, Shenzhen Component up 1.64%, ChiNext up 1.88%, and CSI 500 up 1.95% [11][12]. Industry Performance - Among the 31 primary industry indices tracked, 25 saw increases while 6 experienced declines. The top five performing sectors were Media, Computer, Retail, Communication, and Pharmaceutical [9][12]. - The bottom five performing sectors were Coal, Defense, Oil & Gas, Utilities, and Machinery [12]. Trading Data - Total trading volume last week was 6723.37 billion shares, with a total transaction value of 87481.86 billion yuan. There were 3001 stocks that rose and 2305 that fell [13][14]. - As of last week, 20 stocks reached historical highs, while 1 stock hit a historical low. The number of stocks reaching new highs over 30, 60, and 120 days were 756, 328, and 147 respectively. Conversely, the number of stocks reaching new lows over the same periods were 155, 41, and 18 [15][16]. Margin Trading Data - Margin trading data indicates a weekly increase in financing balance of approximately 323 billion yuan and a slight increase in margin short balance of about 5 billion yuan [16][17].

上周跟踪的市场五大指数全面收涨，显示市场依然处在强势格局之中。我们认 为当前市场上证综指处在 3350 点附近，或许面临一定的震荡整理概率。一些 股票在短期积累较大涨幅之后，短线或许孕育着调整的风险，建议注意盈利回 撤以及仓位的控制。 风险提示：市场波动风险、政策风险。 2025 年 2 月 17 日 | 徐广福 分析师 | | --- | | SAC 执业证书编号：S1660524030001 | 大盘基本资料 或有调整 ——申港证券策略周报 投资摘要： 投资策略： | 股票家数 | 5404 | | --- | --- | | 大盘平均市盈率 | 12.74 | 大盘表现走势图 相关报告 1、《弱势格局或将延续：申港证券策略周 报》2025-01-13 2、《临近年末 稳健操作：申港证券策略周 报》2024-12-31 3、《谨防高位波动 注意仓位控制：申港证 券策略周报》2024-12-24 4、《短期或高位整理：申港证券策略周报》 2024-12-19 5、《短期或高位整理 提防波幅加大：申港 证券策略周报》2024-12-12 申 港 证 券 股 份 有 限 公 司 证 券 研 究 报 告 敬请参阅 ...

Investment Rating - The report suggests a focus on the AI industry chain and consumer electronics driven by AI demand and domestic substitution logic [5][11]. Core Insights - The DeepSeek series of large models is expected to lower AI training and inference costs, accelerating the adoption of edge AI applications and increasing demand for inference computing power [2][5]. - The training cost of DeepSeek-V3 is approximately $557.6 million, which is about 1/20 of GPT-4, highlighting the importance of algorithm optimization and data efficiency rather than sheer computational power [3][31]. - The report emphasizes that the expansion of AI applications will increase the scale of inference computing demand, benefiting the inference end and potentially reducing reliance on high-performance computing hardware [5][37]. Market Review - The Shenwan Electronics Industry Index rose by 6.14% from February 3 to February 7, ranking 4th among 31 industries and outperforming the CSI 300 Index by 4.16% [13][19]. - Within the Shenwan Electronics sub-industries, optical components, analog chip design, digital chip design, integrated circuit packaging and testing, and LED indices performed relatively well, outperforming the CSI 300 Index by 8.36%, 6.13%, 6.09%, 5.52%, and 5.20% respectively [19][24]. Industry Dynamics - Major AI chip and cloud service companies are adapting to DeepSeek, which is expected to accelerate application deployment [4][35]. - The report notes that the AI server applications are projected to drive MLCC demand growth by over 100% in 2025, indicating a robust market for passive components [49]. - Gartner forecasts that the global semiconductor market will grow to $705 billion by 2025, driven by AI demand, with a significant increase in sales of high-bandwidth memory (HBM) [49].

行 业 研 究 DeepSeek 上车 汽车智能化升级 ——汽车行业研究周报 投资摘要： 每周一谈：DeepSeek 上车 汽车智能化升级 近期，多家车企宣布接入 DeepSeek。 2 月 7 日，岚图汽车宣布，岚图汽车的智能座舱已与 DeepSeek 完成深度融合， 并计划于 2 月 14 日启动 DeepSeek 全民知识蒸馏训练。通过与 DeepSeek 的深 度融合，岚图知音的"逍遥座舱"将能够实现多种功能，包括 AI 多语义指令识别、 AI 作诗、AI 作画、AI 对联、AI 闲聊和 AI 信息实时检索等。此举预计将提升岚图 车机 AI 的反应速度、准确度和扩展性。岚图知音的车机云端还将持续融合和蒸馏 DeepSeek-R1 模型，通过对 DeepSeek 进行模型蒸馏，岚图汽车不仅可以优化 车机的智能化体验，实现技术的快速迭代，还可以降低智能座舱的开发和使用成 本。 汽车板块应关注低估值的整车和零部件龙头企业因业绩改善带来的机会，新能源 电动化和智能化的优质赛道核心标的。因此我们建议关注：在新能源领域具备先 发优势的自主车企，如比亚迪、长安汽车、吉利汽车、理想汽车等；业绩稳定的 低估值零部件龙头 ...

股价涨跌幅前五名为：华创云信、锦龙股份、国金证券、华林证券、天风证券。 股价涨跌幅后五名为：海通证券、国泰君安、兴业证券、东方证券、广发证券。 本周投资策略： 活跃中或孕育着调整 ——证券行业周报 投资摘要： 每周一谈 2025 年 1 月份居民消费价格同比上涨 0.5% 2025 年 1 月份，全国居民消费价 格同比上涨 0.5%。其中，城市上涨 0.6%，农村上涨 0.3%；食品价格上涨 0.4%， 非食品价格上涨 0.5%；消费品价格上涨 0.1%，服务价格上涨 1.1%。1 月份，全 国居民消费价格环比上涨 0.7%。其中，城市上涨 0.8%，农村上涨 0.5%；食品 价格上涨 1.3%，非食品价格上涨 0.6%；消费品价格上涨 0.6%，服务价格上涨 0.9%。 市场回顾： 上周（2.5-2.7）沪深 300 指数的涨跌幅为 1.98%，申万二级行业指数证券行业涨 跌幅为 4.04%。板块内个股 49 家上涨，1 家下跌。 证券板块个股周度表现： 上周证券行业指数涨跌幅领先于沪深 300 指数，行业内个股 49 家上涨，显示证 券类个股依然高度活跃。我们认为证券行业上周的上涨来自于市场预期的转暖， ...

行 业 研 究 新能源上网电价改革 助推行业新发展 ——电力设备行业研究周报 投资摘要： 每周一谈：新能源上网电价改革 助推行业新发展 一是有利于推动新能源行业高质量发展。新能源上网电价全面由市场形成，存量 增量分类实施支持措施，有利于形成真实的市场价格，促进电力资源高效配置， 引导新能源行业健康有序发展。 二是有利于促进新型电力系统建设。新能源入市交易后，将公平承担电力系统调 节成本，各类电源在电力系统中的价值将得到更充分体现，更好引导新能源与调 节电源、电网协调发展，助力构建更加高效协同的新型电力系统。 三是有利于加快建设全国统一电力市场。改革后，新能源与煤电等一样进入电力 市场、上网电价均由市场形成，电力市场化交易进一步扩围，同时各地电力市场 规则将按照国家要求相应完善，能够极大促进全国统一电力市场建设。 行情回顾： 电力设备行业本周涨跌幅为 4.18%，在申万 31 个一级行业中，排在第 7 位。 电力设备行业本周跑赢沪深 300。本周上证指数、沪深 300、深证成指、创业板 指的涨跌幅分别为 1.63%、1.98%、4.13%、5.36%。 在细分行业中，电机 II、其他电源设备 II、光伏设备、风 ...