Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company focuses on smart electric vehicles and has a diverse management team with backgrounds in internet, automotive manufacturing, and strategic financing [1][12] - The company has shown robust growth in vehicle sales and significant improvement in loss rates, with a compound annual growth rate of 83% in deliveries from 2019 to 2023 [2][20] - The company has launched advanced smart driving systems and new models that have been well received in the market, indicating strong demand [3][30] Summary by Sections 1. Product Matrix and Management Team - The company is a leading smart electric vehicle manufacturer in China, with a diverse management team that shapes its unique DNA [1][12] - The current product lineup includes six models ranging from sedans to SUVs, priced between 110,000 to 420,000 yuan [1][14] 2. Sales Growth and Financial Improvement - Annual delivery volume increased from 12,728 units in 2019 to 144,161 units in 2023, with a monthly sales increase of 255% from January 2021 to September 2024 [2][20] - In the first half of 2024, total revenue reached 14.66 billion yuan, a year-on-year increase of 61%, while net loss improved by 48% to -2.653 billion yuan [2][26] - Gross margin improved from -24% in 2019 to 14% in 2024, and net margin improved from -159% to -18% during the same period [2][28] 3. Leading Smart Technology and New Model Sales - The company launched the XNGP smart driving system in 2022, which has been continuously upgraded and is capable of full-scenario intelligent driving [3][30] - The new model MONA M03 was launched in August 2024, achieving over 10,000 units sold in its second month of delivery [3][38] - The P7+ model began pre-sales in October 2024, with over 30,000 orders placed within the first hour and 48 minutes [3][42] 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 43.195 billion yuan, 64.324 billion yuan, and 95.754 billion yuan respectively, with net profits expected to improve significantly by 2026 [4][52] - The report emphasizes the company's leading smart driving technology and strong sales growth as key factors for investment [4][51]

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals industry, specifically for gold and copper [5]. Core Insights - Gold is expected to continue its upward trend in 2025 due to a favorable monetary environment and increasing central bank purchases [11][40]. - Copper demand is projected to grow significantly driven by energy transition and AI trends, while supply constraints are expected to tighten the market [10][42]. Summary by Sections Gold: The Anchor of Currency - Global central banks have initiated a rate-cutting cycle, leading to a decline in real interest rates, which supports gold prices [20][21]. - High levels of U.S. debt and fiscal deficits are expected to increase credit risk for the dollar, thereby enhancing gold's appeal as a safe-haven asset [24][28]. - A significant 81% of surveyed central banks anticipate an increase in gold reserves, reflecting gold's value in hedging against inflation and geopolitical risks [30][35]. Copper: Supply Constraints and New Growth Drivers - The supply of copper concentrate is tightening, with production growth expected to be the lowest since 2021, primarily due to operational disruptions and declining ore grades [42][47]. - The energy transition and AI developments are projected to create a substantial increase in copper demand, with an estimated additional need of 12 million tons annually by 2035 [2][10]. - The global economy is expected to grow, providing a stable demand base for copper, with OECD predicting a global GDP growth rate of 3.32% in 2025 [4][10]. Investment Recommendations - For gold, companies with strong resource endowments and effective cost control are expected to benefit, with a focus on firms like Zijin Mining and Shandong Gold [41]. - For copper, companies with significant resource reserves and those involved in high-end copper alloy processing are likely to gain from the anticipated demand surge [11][41].

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [7] Core Viewpoints - The upcoming New Year Festival is expected to boost clothing consumption, with various e-commerce platforms launching promotional activities to stimulate demand [2][13] - Zhejiang Natural's stock incentive plan has set ambitious performance targets, indicating strong growth potential for the company [3][14] - The textile and apparel industry is anticipated to enter a recovery phase due to a combination of external demand growth and domestic demand recovery [5][15] Summary by Sections Market Review - During the week of December 30, 2024, to January 3, 2025, the Shanghai and Shenzhen 300 index fell by 5.17%, while the textile and apparel sector declined by 4.09%, outperforming the index by 1.08 percentage points [1][17] - The three sub-sectors, textile manufacturing, apparel home textiles, and accessories, experienced declines of 5.15%, 3.14%, and 5.08% respectively [22] Key Data - In November, the total retail sales of consumer goods reached 43,763 billion yuan, a year-on-year increase of 3.0%, with clothing, shoes, and textiles declining by 4.5% [4] - The cotton price B index was reported at 14,636.33 yuan/ton, while the international cotton price M index was 78.06 cents/pound, showing slight decreases [4][37] - Textile and apparel exports in November amounted to 25.17 billion USD, a year-on-year increase of 6.8% [4][41] Investment Recommendations - Focus on companies benefiting from outdoor sports trends, such as Anta Sports, Li Ning, and 361 Degrees [5][15] - Consider brands with strong fundamentals and seasonal demand, such as Bosideng [5][15] - Pay attention to high brand loyalty in men's and children's clothing brands like Biyinlefen and Hailan Home [5][15] - Look for textile companies with improving valuations due to government support and real estate expectations, such as Luolai Life and Mercury Home Textile [5][15] - Monitor the recovery of the lingerie sector driven by comfort and self-care trends, including Huijie Co. and Urban Beauty [5][15] - Keep an eye on textile manufacturing leaders with good inventory conditions and quick response capabilities, such as Shenzhou International and Zhejiang Natural [5][15] - Watch for jewelry brands benefiting from self-care and value preservation demands, including Laoputang and Zhou Daxing [5][15]

Investment Rating - The industry investment rating is "Maintain Accumulate" [8] Core Insights - The report highlights the potential benefits for the industry chain from Shanghai's implementation plan for artificial intelligence, aiming for a computational power scale of over 100 EFLOPS by the end of 2025 [2][14] - The European Union has launched a significant satellite internet initiative, investing over 100 billion euros to enhance satellite communication capabilities among member states, with a planned constellation of 290 satellites expected to provide services by 2030 [3][15] - The Ministry of Industry and Information Technology in China has issued a new plan for "5G + Industrial Internet," targeting the establishment of 10,000 5G factories and at least 20 pilot cities by 2027 [4][16] Market Review - During the week of December 30, 2024, to January 3, 2025, the A-share Shenwan Communication Index fell by 9.95%, underperforming the CSI 300 Index by 4.78 percentage points [5][18] - The two major sub-sectors within the Shenwan Communication Index, Communication Services and Communication Equipment, saw declines of 7.39% and 11.17%, respectively [20][22] Investment Recommendations - The report recommends focusing on the following sectors: - For computing optical modules: companies such as Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng [6][17] - For satellite internet: companies like Huace Navigation, Meiansen, and Zhenyou Technology [6][17] - For communication equipment: companies including ZTE Corporation and Unisplendour [6][17]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's core customers are experiencing significant growth, which is driving the company's performance [2] - The overall passenger vehicle market is expected to maintain stable growth in 2024, with substantial increases in the production and sales of new energy vehicles [2] - The company is positioned to benefit from the rise of domestic automotive brands due to its competitive advantages in technology, manufacturing, and service [3] Financial Projections - The company forecasts a net profit attributable to shareholders of approximately 600 million to 710 million yuan for 2024, representing a year-on-year increase of about 1009.12% to 1212.46% [1] - The expected revenue for 2024 is approximately 7.69 billion yuan, with projected year-on-year growth rates of 92.1%, 39.4%, and 24.7% for 2024, 2025, and 2026 respectively [4] - The projected net profit for 2024 is around 620 million yuan, with significant growth rates of 1050.3%, 50.5%, and 28.6% for the following years [4] Customer and Technology Drivers - The company's main customers, including Seres and Li Auto, are expected to increase their production significantly in 2024, contributing to the company's market share and performance [2] - The company is implementing technological innovations such as high-voltage connector integration and aluminum substitution for copper, which are expected to optimize cost structures and enhance profitability [3]

宏观研究/宏观点评 5.0%的构成 ——2024 年经济数据分析 ◼ 核心观点 一、增长：2024 年，不变价 GDP 累计同比 5.0%（2023 年为 5.4%）， 现价 GDP 累计同比 4.23%（2023 年为 4.88%）。 二、居民人均可支配收入：2024 年居民人均可支配收入累计名义同比 5.3%（2023 年为 6.3%），各分项的边际变化为：工资性收入累计同比 5.8 %（前三季度累计同比 5.7%），经营净收入累计同比 5.6%（前三季 度累计同比 6.4%），财产净收入累计同比 2.2%（前三季度累计同比 1.2%），转移净收入累计同比 5.3 %（前三季度累计同比 4.9%）。 三、消费品零售：2024 年社会消费品零售额累计同比 3.5 %（2023 年 为 7.2 %）。其中，商品零售累计同比 3.2 %（2023 年为 5.8 %），餐饮 收入累计同比 5.3 %（2023 年为 20.4 %）。从 12 月当月同比来看亮点 仍在家电和手机领域：家用电器和音像器材类当月同比 39.3 %（前值 22.2%），连续 4 个月保持 20%以上的增长；通讯器材类当月同比 14.0% ...

电力设备 行业研究/行业周报 自然资源部出台用海管理政策，海风建设有望加速 ——风电行业周报（20241230-20250103） ◼ 核心观点 2024 年 12 月 30 日，自然资源部发布《关于进一步加强海上风电项目 用海管理的通知》。文件指出：1）鼓励海上风电集中集约布局、集群 式开发，避免大面积零散分布，保障海上风电基地建设。 2）推进深 水远岸布局。属于新增海上风电项目的，应在离岸 30 千米以外或水深 大于 30 米的海域布局；近岸区域水深超过 30 米的，风电场离岸距离 还需不少于 10 千米；滩涂宽度超过 30 千米的，风电场内水深还需不 少于 10 米。我们认为国家部委发文，有望优化海风审批程序，推动海 上风电向深远海发展。 ◼ 风险提示 风电行业政策变化风险、原材料价格短期大幅波动风险、风电项目延 期/风电装机不及预期风险、市场竞争加剧风险。 增持(维持) ◼ 数据跟踪 本周（20241230-20250103）板块行情回顾：1）本周电力设备板块涨跌 幅-9.02%，在 31 个申万一级行业涨跌幅排名中位列第 24 名。2）本周 风电设备子行业涨跌幅-7.59%，涨跌幅领先。 风电装机数 ...

汽车 行业研究/行业周报 2024 年汽车以旧换新中新能源汽车比例超过 60% ——汽车行业周报（2025/01/06~2025/01/10） ◼ 行情回顾 过去一周(2025/01/06~2025/01/10），申万汽车行业上涨 1.31%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 6。细分板块涨跌 幅：过去一周(2025/01/06~2025/01/10），汽车零部件涨幅最大，乘用 车跌幅最大。汽车零部件上涨 3.01%，摩托车及其他上涨 0.09%，商 用车上涨 1.30%，汽车服务下跌 1.08%，乘用车下跌 1.47%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2024 年 11 月汽车销量约 331.6 万辆， 环比+8.6%，同比+11.7%。 2）车企端：据乘联会数据，2024 年 12 月，比亚迪、奇瑞和吉利零 售销量位列前三，分别约 40.3、19.9 和 18.6 万辆，份额分别约为 15.3%、7.6%和 7.0%。其中奇瑞汽车、吉利汽车分别同比+77.3%、 +46.9%。 3）周度数据： 据乘联会数据，2024 年 12 月 1-31 日，乘用车市场零 售 ...

电子 行业研究/行业周报 证 券 研 究 美光科技在新加坡兴建 HBM 先进封装厂，存储现货 市场整体成交较为一般 ◼ 投资建议 我们持续看好受益先进算力芯片快速发展的 HBM 产业链、以存储为 代表的半导体周期复苏主线。 ——存储芯片周度跟踪（2025.01.06-2025.01.10） ◼ 核心观点 NAND：集邦咨询预计 2025Q1 NAND 平均合约价预测降 10~15%。 根据 DRAMexchange，上周（20250106-0110）NAND 颗粒 22 个品类 现货价格环比涨跌幅区间为-0.65%至 1.25%，平均涨跌幅为 0.12%。 其中 12 个料号价格持平，7 个料号价格上涨，3 个料号价格下跌。根 据 IT 之家援引 TrendForce 集邦咨询报告，预测 2025 年第 1 季度 NAND Flash 平均合约价环比下降 10~15%；DRAM 合约价环比下降 8~13%。集邦咨询预测，2025 年第 1 季度 NAND Flash 市场将面临严 峻挑战，供货商库存持续上升，订单需求下降，平均合约价预计将环 比下降 10% 至 15%。 DRAM: 铠侠宣布已开发出 OCTR ...

纺织服饰 行业研究/行业周报 四季度户外运动板块业绩高增，纺织出口延续景气 ——行业周报（20240113-0117） 服装：运动龙头相继公布四季度数据，户外运动板块高增。安踏体育四季度主 品牌与 Fila 呈现韧性，皆同比高单位数增长，所有其他品牌（包括 DESCENTE 及 KOLON SPORT）表现亮眼，同比增长 50-55%，户外品牌高速发展。Amer Sport 发布 2024 年初步财务业绩，全年增长稳定，预计全年收入增长将处于 16- 17% 的高位，全年调整后营业利润率将处于 10.5-11.0% 的高位，在 Arc'teryx 和 Salomon 全球持续扩张的引领下，公司有望实现持续性长期增长。361 持续拓宽 产品应用场景，深化电商渠道建设，公司四季度营运稳健增长，其中成人装线下 渠道零售额增长约 10%，童装线下渠道增长 10-15%，电商平台流水增长 30- 35%。特步国际四季度主品牌特步零售额合计同比增长高单位数，专业运动品牌 索康尼同比约增长 50%；2024 年全年主品牌和索康尼销售额分别同比增长高单 位数和超 60%。我们认为，在全民运动健康意识不断提升下，考虑到运动社交 ...