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"edu_l1_label": "IOS"}, {"txt": "我们认为需要从基本面（盈利）和情绪面（风险偏好）两个视角考虑。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.06, 0.341, 0.93, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 59, "edu_l1_label": "IOS"}, {"txt": "其一，基本面视角下，关税的加征会影响出口企业的盈利，推高企业销售成本；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.06, 0.341, 0.93, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 60, "edu_l1_label": "IOS"}, {"txt": "其二，情绪视角下，对华加征 $10\\%$关税的行为在特朗普上任之前即被多次提及，市场或对此已有定价。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.06, 0.341, 0.93, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 61, "edu_l1_label": "IOS"}, {"txt": "对于中国，目前尚无暂缓加征关税的信息更新，但考虑到特朗普政府对于墨、加的关税举措，我们认为其新任期下，对于关税问题最大的影响仍是不确定性和反复性增强。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.06, 0.341, 0.93, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 62, "edu_l1_label": "IOS"}, {"txt": "2、不止关税：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.096, 0.499, 0.2, 0.509]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 63, "edu_l1_label": "IOS"}, {"txt": "AI变化更亮眼，政策应对有空间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.2, 0.499, 0.47, 0.509]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 64, "edu_l1_label": "IOS"}, {"txt": "（1)1月以来，deepseek横空出世，其“高性价比”引发全球关注。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.47, 0.499, 0.927, 0.509], [0.061, 0.517, 0.121, 0.527]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 65, "edu_l1_label": "IOS"}, {"txt": "考虑到AI或是引发下一轮全球产业革命的关键，本次技术突破或有助于中国资产的风险偏好回升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.121, 0.517, 0.889, 0.528]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 66, "edu_l1_label": "IOS"}, {"txt": "（2）此外，随着境外关税扰动的落地，国内政策的应对空间或继续打开。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.889, 0.517, 0.925, 0.527], [0.062, 0.536, 0.58, 0.546]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 67, "edu_l1_label": "IOS"}, {"txt": "不论是2024年12月政治局会议，还是1月下旬六部门联合印发的《关于推动中长期资金入市工作的实施方案》，均表明了政策持续发力的积极态度。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2800000, "bbox": [[0.58, 0.536, 0.924, 0.546], [0.062, 0.555, 0.872, 0.565]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 68, "edu_l1_label": "IOS"}, {"txt": "无惧关税短期扰动，依然坚持以我为主", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2900000, "bbox": [[0.097, 0.582, 0.395, 0.592]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 12, "global_sentence_id": 69, "edu_l1_label": "IOS"}, {"txt": "结合前期分析来看，我们认为本次美国对华加征 $10\\%$关税的市场的影响或相对有限。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.06, 0.609, 0.93, 0.658]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 70, "edu_l1_label": "IOS"}, {"txt": "此外，考虑到DeepSeek 引发的风险偏好的修复，以及国内政策的持续积极，我们认为当前对于市场而言，应无惧关税短期扰动，依然坚持以我为主。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.06, 0.609, 0.93, 0.658]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 71, "edu_l1_label": "IOS"}, {"txt": "行业配置建议：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3100000, "bbox": [[0.095, 0.674, 0.666, 0.686]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 14, "global_sentence_id": 72, "edu_l1_label": "IOS"}, {"txt": "“4+1”推荐，坚定2025年“成长$+$消费”核心主线的判断", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3100000, "bbox": [[0.095, 0.674, 0.666, 0.686]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 14, "global_sentence_id": 73, "edu_l1_label": "IOS"}, {"txt": "“4”个行业方向：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.103, 0.702, 0.237, 0.713]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 74, "edu_l1_label": "IOS"}, {"txt": "(1）科技成长“以我为主”：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.237, 0.702, 0.458, 0.713]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 75, "edu_l1_label": "IOS"}, {"txt": "建议关注半导体、信创、军工、高端装备、卫星；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.458, 0.702, 0.846, 0.713]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 76, "edu_l1_label": "IOS"}, {"txt": "(2）资本市场重要性提升下的牛市排头兵：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.846, 0.702, 0.927, 0.713], [0.062, 0.72, 0.316, 0.731]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 77, "edu_l1_label": "IOS"}, {"txt": "券商、保险；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.316, 0.72, 0.423, 0.732]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 78, "edu_l1_label": "IOS"}, {"txt": "(3）政策超预期下风险偏好回升：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.423, 0.72, 0.688, 0.731]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 79, "edu_l1_label": "IOS"}, {"txt": "地产链、新能源、医药；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.688, 0.72, 0.882, 0.731]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 80, "edu_l1_label": "IOS"}, {"txt": "(4）先促消费政策后内生性复苏的消费品种：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.882, 0.72, 0.918, 0.731], [0.062, 0.739, 0.369, 0.75]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 81, "edu_l1_label": "IOS"}, {"txt": "包括家电、轻工、汽车（包括两轮电动车）、食品饮料、美容护理；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.369, 0.739, 0.888, 0.751]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 82, "edu_l1_label": "IOS"}, {"txt": "“1”个底仓逻辑：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.104, 0.768, 0.237, 0.777]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 16, "global_sentence_id": 83, "edu_l1_label": "IOS"}, {"txt": "绝对收益思路下的中长期底仓，辅以高股息优化思路增强底仓收益：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.237, 0.768, 0.762, 0.777]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 16, "global_sentence_id": 84, "edu_l1_label": "IOS"}, {"txt": "沪深300增强、央国企红利蓝筹。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.762, 0.768, 0.926, 0.778], [0.062, 0.786, 0.156, 0.797]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 16, "global_sentence_id": 85, "edu_l1_label": "IOS"}, {"txt": "风险提示：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.097, 0.813, 0.175, 0.824]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 86, "edu_l1_label": "IOS"}, {"txt": "政策超预期变动；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.175, 0.813, 0.315, 0.824]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 87, "edu_l1_label": "IOS"}, {"txt": "全球流动性及地缘政治风险；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.315, 0.813, 0.547, 0.824]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 88, "edu_l1_label": "IOS"}, {"txt": "定价模型失效。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.547, 0.813, 0.668, 0.824]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 89, "edu_l1_label": "IOS"}, {"txt": "【金融工程】券商金股解析月报（2025年2月）-金融工程定期-20250205", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3500000, "bbox": [[0.067, 0.84, 0.683, 0.851]]}]}, "tags": ["text"], "label": "title3", "web_segment_id": 18, "global_sentence_id": 90, "edu_l1_label": "IOS"}, {"txt": "魏建榕（分析师）证书编号：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.061, 0.869, 0.281, 0.879]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 19, "global_sentence_id": 91, "edu_l1_label": "EDU_O"}, {"txt": "S0790519120001｜高鹏（分析师）证书编号：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.281, 0.869, 0.636, 0.879]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 19, "global_sentence_id": 92, "edu_l1_label": "EDU_O"}, {"txt": "S0790520090002", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.636, 0.869, 0.769, 0.879]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 19, "global_sentence_id": 93, "edu_l1_label": "EDU_O"}, {"txt": "2月份券商金股特征解析", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.096, 0.898, 0.285, 0.908]]}]}, "tags": ["title"], "label": "title4", "web_segment_id": 20, "global_sentence_id": 94, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.06, 0.935, 0.94, 0.947]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 21, "global_sentence_id": 95, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.077, 0.02, 0.373, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 1, "global_sentence_id": 96, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.859, 0.066, 0.934, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 2, "global_sentence_id": 97, "edu_l1_label": "EDU_O"}, {"txt": "2月份中芯国际、宁德时代、中兴通讯、宁波银行、上海港湾、中科创达、齐鲁银行等金股推荐次数靠前。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.096, 0.091, 0.911, 0.101]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 98, "edu_l1_label": "IOS"}, {"txt": "2月份券商金股已经陆续发布，我们统计了全市场40家券商发布的金股，去重后金股数量合计为271只。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.911, 0.091, 0.928, 0.1], [0.062, 0.109, 0.851, 0.119]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 99, "edu_l1_label": "IOS"}, {"txt": "我们按照相对上月是否新进，将全体金股分为新进金股和重复金股两类。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.851, 0.109, 0.926, 0.119], [0.063, 0.126, 0.547, 0.138]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "在重复金股中，2月份推荐次数靠前的金股为：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.547, 0.126, 0.917, 0.137]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "中芯国际（8次）、宁德时代（7次）、中兴通讯（4次）、宁波银行（4次）、金山办公（4次）等；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.063, 0.145, 0.804, 0.157]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "在新进金股中，2月份推荐次数靠前的金股为：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.804, 0.145, 0.926, 0.159], [0.06, 0.165, 0.295, 0.175]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 103, "edu_l1_label": "IOS"}, {"txt": "上海港湾（2次）、中科创达（2次）、齐鲁银行（2次）、迎驾贡酒（2次）、东方证券（2次）等。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.295, 0.165, 0.926, 0.175], [0.063, 0.183, 0.188, 0.194]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "2月份电子、汽车、电力设备、计算机等行业金股数量占比靠前。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 105, "edu_l1_label": "IOS"}, {"txt": "2月份金股权重靠前的行业分别为：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 106, "edu_l1_label": "IOS"}, {"txt": "电子（$14.1\\%$ 、汽车（$7.7\\%$）、电力设备（$6.9\\%$）、计算机（$6.4\\%$）。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "相比于上月，本月权重增加最多的行业为：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "电子$(+3.1\\%)$ 、电力设备 $(+2.0\\%)$、有色金属$(+1.5\\%)$；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 109, "edu_l1_label": "IOS"}, {"txt": "权重减少最多的行业为：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 110, "edu_l1_label": "IOS"}, {"txt": "食品饮料（$-1.9\\%$）、通信（$-1.6\\%$）、非银金融（$-1.5\\%$ 。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.06, 0.21, 0.93, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 111, "edu_l1_label": "IOS"}, {"txt": "2月份券商金股的市值水平下降，估值水平上升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4100000, "bbox": [[0.096, 0.295, 0.469, 0.305]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 112, "edu_l1_label": "IOS"}, {"txt": "我们按月统计了金股行业内加权市值分位和估值分位水平。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4100000, "bbox": [[0.469, 0.295, 0.927, 0.305]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 113, "edu_l1_label": "IOS"}, {"txt": "可以发现，2月份券商金股的市值水平下降，估值水平上升，或表明2月份券商金股转向成长风格。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4100000, "bbox": [[0.063, 0.312, 0.823, 0.323]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 114, "edu_l1_label": "IOS"}, {"txt": "1月份券商金股绩效回顾", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4200000, "bbox": [[0.097, 0.341, 0.285, 0.35]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 6, "global_sentence_id": 115, "edu_l1_label": "IOS"}, {"txt": "1月份券商金股组合整体收益率为 $0.8\\%$,2025年以来收益率为 $0.8\\%$。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.058, 0.367, 0.93, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 116, "edu_l1_label": "IOS"}, {"txt": "全历史区间来看，全部金股组合年化收益率为 $10.8\\%$，收益表现显著优于沪深300指数和中证500指数。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.058, 0.367, 0.93, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 117, "edu_l1_label": "IOS"}, {"txt": "其中，新进金股组合收益表现优于重复金股组合。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.058, 0.367, 0.93, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 118, "edu_l1_label": "IOS"}, {"txt": "全部金股、新进金股、重复金股组合1月份收益率分别为 $0.8\\%$、     、$3.0\\%$ $-1.3\\%$,2025年以来收益率分别为$0.8\\%$、 $3.0\\%$、      。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.058, 0.367, 0.93, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 119, "edu_l1_label": "IOS"}, {"txt": "$-1.3\\%$", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.058, 0.367, 0.93, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 120, "edu_l1_label": "IOS"}, {"txt": "1月份广和通、应流股份、瑞芯微、瑞可达、峰昭科技等金股收益率排名靠前。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4400000, "bbox": [[0.06, 0.451, 0.93, 0.499]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 121, "edu_l1_label": "IOS"}, {"txt": "我们统计了月度收益排名前十的金股明细，其中：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4400000, "bbox": [[0.06, 0.451, 0.93, 0.499]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 122, "edu_l1_label": "IOS"}, {"txt": "广和通、应流股份、瑞芯微、瑞可达、峰昭科技等金股月度收益靠前，1月份收益率分别为$51.5\\%$、      、       、      、       。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4400000, "bbox": [[0.06, 0.451, 0.93, 0.499]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 123, "edu_l1_label": "IOS"}, {"txt": "$50.7\\%$ $41.0\\%$ $40.6\\%$ $37.5\\%$", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4400000, "bbox": [[0.06, 0.451, 0.93, 0.499]]}]}, "tags": ["text"], 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"global_sentence_id": 127, "edu_l1_label": "IOS"}, {"txt": "优选金股组合1月份收益率为 $8.5\\%$;", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4600000, "bbox": [[0.058, 0.543, 0.93, 0.593]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 128, "edu_l1_label": "IOS"}, {"txt": "2025年以来收益率为$8.5\\%$,2025年相对中证500超额 $10.9\\%$。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4600000, "bbox": [[0.058, 0.543, 0.93, 0.593]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 129, "edu_l1_label": "IOS"}, {"txt": "2月份开源金工优选金股组合持仓明细：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4700000, "bbox": [[0.096, 0.61, 0.406, 0.619]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 130, "edu_l1_label": "IOS"}, {"txt": "科达利、齐鲁银行、艾力斯、新易盛、春风动力、神州泰岳等个股业绩超预期排名靠前。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4700000, "bbox": [[0.406, 0.61, 0.926, 0.619], [0.062, 0.628, 0.227, 0.639]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 131, "edu_l1_label": "IOS"}, {"txt": "风险提示：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4800000, "bbox": [[0.097, 0.656, 0.175, 0.666]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 132, "edu_l1_label": "IOS"}, {"txt": "模型测试基于历史数据，市场未来可能发生变化。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4800000, "bbox": [[0.175, 0.656, 0.563, 0.666]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 133, "edu_l1_label": "IOS"}, {"txt": "行业公司", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4900000, "bbox": [[0.061, 0.691, 0.139, 0.704]]}]}, "tags": ["title"], "label": "title2", "web_segment_id": 13, "global_sentence_id": 134, "edu_l1_label": "BOS"}, {"txt": "【社服】小积木塑造大生意，国产 $IP$拼搭潮玩品牌创新突围-行业深度报告-20250205", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5000000, "bbox": [[0.066, 0.719, 0.786, 0.732]]}]}, "tags": ["title"], "label": "title3", "web_segment_id": 14, "global_sentence_id": 135, "edu_l1_label": "IOS"}, {"txt": "初敏（分析师）证书编号：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.062, 0.748, 0.264, 0.758]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 136, "edu_l1_label": "EDU_O"}, {"txt": "S0790522080008", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], 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[{"page_number": 0, "shape": [1650, 1275], "position_id": 5300000, "bbox": [[0.06, 0.803, 0.93, 0.889]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 140, "edu_l1_label": "IOS"}, {"txt": "分品类看，随全球IP传播和商业化程度加深，拼搭角色玩具兼顾消费者对高IP结合度、强互动性和个性化把玩的升级需求，预计是增速最快的细分赛道，2023-2028年全球／中国拼搭角色玩具市场规模CAGR达$29\\%/41.2\\%$，至2028年规模达到1765/237亿元。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5300000, "bbox": [[0.06, 0.803, 0.93, 0.889]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 141, "edu_l1_label": "IOS"}, {"txt": "国内视角：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5400000, "bbox": [[0.098, 0.906, 0.175, 0.916]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 18, "global_sentence_id": 142, "edu_l1_label": "IOS"}, {"txt": "海外巨头定义品类，国产品牌差异化突围", "language": "chinese", "position": 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"公司预计2024年网安业务营业收入同比增长约14％至19%，同时，标准化产品收入占比继续上升及解决方案类业务的提效工作成果显著，推动毛利率稳步提升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.098, 0.628, 0.927, 0.638], [0.063, 0.646, 0.474, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 268, "edu_l1_label": "IOS"}, {"txt": "公司持续推进提质增效，精细化管控提升运营效率，2024年期间费用增速同比显著下降。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.474, 0.646, 0.927, 0.656], [0.061, 0.664, 0.297, 0.675]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 269, "edu_l1_label": "IOS"}, {"txt": "此外，公司加强回款管理，提升回款效率，2024年销售商品收到的现金、经营活动产生的现金流量净额同比明显改善。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.297, 0.664, 0.925, 0.674], [0.063, 0.683, 0.352, 0.694]]}]}, 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["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 273, "edu_l1_label": "IOS"}, {"txt": "未来双方将在运营商市场、数据要素、AI大模型应用等领域强化协同，深挖商机，积极把握市场增量机遇。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9700000, "bbox": [[0.762, 0.757, 0.926, 0.768], [0.061, 0.776, 0.726, 0.787]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 17, "global_sentence_id": 274, "edu_l1_label": "IOS"}, {"txt": "风险提示：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9800000, "bbox": [[0.097, 0.803, 0.175, 0.814]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 18, "global_sentence_id": 275, "edu_l1_label": "IOS"}, {"txt": "行业增长速度下降的风险；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9800000, "bbox": [[0.175, 0.803, 0.386, 0.814]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 18, "global_sentence_id": 276, "edu_l1_label": "IOS"}, {"txt": "核心技术人员流失风险；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9800000, "bbox": [[0.386, 0.803, 0.58, 0.814]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 18, "global_sentence_id": 277, "edu_l1_label": "IOS"}, {"txt": "新产品研发风险。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9800000, "bbox": [[0.58, 0.803, 0.721, 0.814]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 18, "global_sentence_id": 278, "edu_l1_label": "IOS"}, {"txt": "【中小盘：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.067, 0.83, 0.143, 0.841]]}]}, "tags": ["text"], "label": "title3", "web_segment_id": 19, "global_sentence_id": 279, "edu_l1_label": "IOS"}, {"txt": "继峰股份（603997.SH）】2024年业绩预计亏损，利空缓释-公司信息更新报告-20250205", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.143, 0.83, 0.872, 0.841]]}]}, "tags": ["text"], "label": "title3", "web_segment_id": 19, "global_sentence_id": 280, "edu_l1_label": "IOS"}, {"txt": "任浪（分析师）证书编号：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10000000, "bbox": [[0.061, 0.859, 0.264, 0.869]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 20, "global_sentence_id": 281, "edu_l1_label": "EDU_O"}, {"txt": "S0790519100001｜朱珠（联系人）证书编号：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10000000, "bbox": [[0.264, 0.859, 0.618, 0.869]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 20, "global_sentence_id": 282, "edu_l1_label": "EDU_O"}, {"txt": "S0790124070020", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10000000, "bbox": [[0.618, 0.859, 0.751, 0.869]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 20, "global_sentence_id": 283, "edu_l1_label": "EDU_O"}, {"txt": "预计公司2024年归母净利润转亏，利空逐步缓释", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.097, 0.888, 0.474, 0.898]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 21, "global_sentence_id": 284, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.095, 0.914, 0.93, 0.926]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 22, "global_sentence_id": 285, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.06, 0.935, 0.939, 0.947]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 23, "global_sentence_id": 286, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.079, 0.019, 0.37, 0.065]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 1, "global_sentence_id": 287, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.859, 0.066, 0.934, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 2, "global_sentence_id": 288, "edu_l1_label": "EDU_O"}, {"txt": "利润为-5.70~-4.60亿元（2023年为2.22亿元），主要系美国TMD出售产生亏损和格拉默欧洲区整合产生费用。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.063, 0.09, 0.918, 0.102]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 289, "edu_l1_label": "IOS"}, {"txt": "单季度来看，取2024年业绩预告的中值，预计2024Q4归母净利润为-306.32万元（2023年同期为4969.91万元）；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.062, 0.108, 0.929, 0.119]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 290, "edu_l1_label": "IOS"}, {"txt": "扣非归母净利润为2474.09万元，同比-50％。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.063, 0.127, 0.401, 0.138]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 291, "edu_l1_label": "IOS"}, {"txt": "考虑到公司2024年全年净利润端出现亏损和格拉默海外区还在整合中，我们下调2024-2026年业绩预测，预计2024-2026年归母净利润分别为-5.41(-0.28)/6.82(-1.29)/10.61(-2.38）亿元，对应EPS分别为-0.43(-0.02)/0.54(-0.10)/0.84(-0.19）元／股，当前股价对应2025-2026年PE分别为21.6/13.9倍，我们长期看好公司乘用车座椅业务的拓展、智能座舱新业务的延伸和格拉默海外区的修复，因此仍维持“买入”评级。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.401, 0.127, 0.926, 0.137], [0.063, 0.145, 0.926, 0.158], [0.062, 0.164, 0.928, 0.176], [0.062, 0.183, 0.927, 0.194], [0.062, 0.201, 0.086, 0.211]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 292, "edu_l1_label": "IOS"}, {"txt": "乘用车座椅业务定点不断，智能座舱相关业务打造新增长曲线", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10300000, "bbox": [[0.097, 0.229, 0.571, 0.239]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 4, "global_sentence_id": 293, "edu_l1_label": "IOS"}, {"txt": "（1）乘用车座椅业务：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.105, 0.257, 0.271, 0.268]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 294, "edu_l1_label": "IOS"}, {"txt": "截至2025年1月6日，公司累计获11家客户的25个座椅项目定点，实现海外豪华车企、国内头部新能源车企＋传统高端合资车企＋传统头部自主车企多样化客户布局，预计定点项目全生命周期收入累计达911.90亿元，全球座椅潜在龙头蓄势待发。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.271, 0.257, 0.926, 0.267], [0.062, 0.275, 0.927, 0.286], [0.063, 0.295, 0.459, 0.304]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 295, "edu_l1_label": "IOS"}, {"txt": "（2）智能座舱相关的新兴业务：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.459, 0.295, 0.706, 0.304]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 296, "edu_l1_label": "IOS"}, {"txt": "公司隐藏式出风口业务快速增长，2024H1收入同比＋75％至1.66亿元；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.706, 0.295, 0.925, 0.304], [0.061, 0.312, 0.387, 0.322]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 297, "edu_l1_label": "IOS"}, {"txt": "车载冰箱2024H1开始贡献收入，实现2200万元销售额，智能化战略新兴业务将贡献新增长曲线。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.387, 0.312, 0.926, 0.322], [0.062, 0.331, 0.28, 0.342]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 298, "edu_l1_label": "IOS"}, {"txt": "格拉默海外区持续修复，静待利润回升", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10500000, "bbox": [[0.097, 0.358, 0.395, 0.369]]}]}, "tags": ["text"], "label": "title4", "web_segment_id": 6, "global_sentence_id": 299, "edu_l1_label": "IOS"}, {"txt": "（1）美洲区，美国TMD非公司核心业务，2024H1美国TMD净利润为-0.97亿元（格拉默美洲区EBIT约为-0.74亿元），为格拉默美洲区主要亏损来源，因此进行剥离，长期有望显著改善美洲区的盈利能力。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.105, 0.386, 0.925, 0.397], [0.061, 0.409, 0.823, 0.416]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 300, "edu_l1_label": "IOS"}, {"txt": "（2）欧洲区，公司也在持续深化整合，包括降低人工和管理费用、加强采购管理等，利润率有望进一步提升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.823, 0.409, 0.928, 0.416], [0.063, 0.425, 0.792, 0.435]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 301, "edu_l1_label": "IOS"}, {"txt": "风险提示：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.097, 0.451, 0.175, 0.461]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 302, "edu_l1_label": "IOS"}, {"txt": "宏观经济波动、原材料价格波动、下游客户放量不及预期。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.175, 0.451, 0.633, 0.462]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 303, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.06, 0.935, 0.942, 0.947]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 9, "global_sentence_id": 304, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.079, 0.019, 0.371, 0.065]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 1, "global_sentence_id": 305, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.859, 0.066, 0.934, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 2, "global_sentence_id": 306, "edu_l1_label": "EDU_O"}, {"txt": "特别声明", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.061, 0.107, 0.14, 0.12]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 3, "global_sentence_id": 307, "edu_l1_label": "BOS"}, {"txt": "《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正式实施。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11000000, "bbox": [[0.069, 0.126, 0.935, 0.137], [0.063, 0.145, 0.121, 0.157]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 308, "edu_l1_label": "IOS"}, {"txt": "根据上述规定，开源证券评定此研报的风险等级为R3（中风险），因此通过公共平台推送的研报其适用的投资者类别仅限定为专业投资者及风险承受能力为C3、C4、C5的普通投资者。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11000000, "bbox": [[0.121, 0.145, 0.935, 0.156], [0.063, 0.165, 0.662, 0.175]]}]}, "tags": ["text"], 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# 开源晨会0206-晨会纪要
## 观点精粹
### 总量视角
#### 【策略】关税向左，AI向右-投资策略专题-20250204
#### 【金融工程】券商金股解析月报（2025年2月）-金融工程定期-20250205
### 行业公司
#### 【社服】小积木塑造大生意，国产IP拼搭潮玩品牌创新突围-行业深度报告-20250205
#### 【汽车】DeepSeek-R1 横空出世，智能车产业升级加速--行业点评报告-20250204
#### 【非银金融】非银板块冲高环比减仓，并购主线和高股息标的增仓-主动权益基金2024Q4非银重仓股点评-20250204
#### 【计算机：亚信安全（688225.SH）】业绩符合预期，步入成长新阶段-公司信息更新报告-20250205
#### 【中小盘：继峰股份（603997.SH）】2024年业绩预计亏损，利空缓释-公司信息更新报告-20250205
## 研报摘要
### 总量研究
#### 【策略】关税向左，AI向右-投资策略专题-20250204
##### 春节假日变化诸多，美国对华加征关税
##### 关税变化带来的新思考
###### 1、关税扰动：关税加征  $10\%$对权益市场的影响拆解。
###### 2、不止关税：AI变化更亮眼，政策应对有空间。
##### 无惧关税短期扰动，依然坚持以我为主
##### 行业配置建议：“4+1”推荐，坚定2025年“成长$+$消费”核心主线的判断
##### 风险提示：政策超预期变动；全球流动性及地缘政治风险；定价模型失效。
#### 【金融工程】券商金股解析月报（2025年2月）-金融工程定期-20250205
##### 2月份券商金股特征解析
##### 1月份券商金股绩效回顾
##### 开源金工优选金股组合
##### 风险提示：模型测试基于历史数据，市场未来可能发生变化。
### 行业公司
#### 【社服】小积木塑造大生意，国产 $IP$拼搭潮玩品牌创新突围-行业深度报告-20250205
##### 拼搭玩具：高互动性、强表现力玩法，角色类拼搭加速渗透
##### 国内视角：海外巨头定义品类，国产品牌差异化突围
##### 壁垒拆解：镜鉴万代、乐高打法，国内玩家按图索骥
##### 受益标的：布鲁可、万代南梦宫、爱婴室
##### 风险提示：IP授权合作波动、消费者偏好变化、行业竞争加剧风险。
#### 【汽车】DeepSeek-R1横空出世，智能车产业升级加速-行业点评报告-20250204
##### Deepseek-R1横空出世，全球AI行业迎变局
##### 对智能驾驶将产生深远影响
##### DeepSeekR1亦有望对智能座舱带来催化
##### 风险提示：市场需求不及预期、技术工程化落地进度不及预期等。
#### 【非银金融】非银板块冲高环比减仓，并购主线和高股息标的增仓-主动权益基金2024Q4非银重仓股点评-20250204
##### 2024Q4非银板块主动权益重仓环比下降，券商板块机构配置位于历史底部
##### 券商、金融IT和多元：券商并购主线标的环比增仓，江苏金租延续升势
##### 保险：整体呈现环比减仓趋势，新华保险和中国财险环比增仓
##### 看好盈利改善向好、机构配置低位的券商板块，高股息类标的仍受关注
##### 推荐及受益标的组合
##### 风险提示：资本市场波动对投资收益带来波动风险；保险负债端不及预期。
#### 【计算机：亚信安全（688225.SH）】业绩符合预期，步入成长新阶段-公司信息更新报告-20250205
##### 身份安全和终端安全领域领军企业，维持“买入”评级
##### 业绩符合预期，步入成长新阶段
##### 网安业务业绩开启修复反转，经营质量显著改善
##### 并表亚信科技效益初显，协同效应可期
#### 【中小盘：继峰股份（603997.SH）】2024年业绩预计亏损，利空缓释-公司信息更新报告-20250205
##### 预计公司2024年归母净利润转亏，利空逐步缓释
##### 乘用车座椅业务定点不断，智能座舱相关业务打造新增长曲线
##### 格拉默海外区持续修复，静待利润回升
