Group 1 - The report indicates that during the week of December 19-25, the A-share market experienced a slight decrease in margin trading balance and a decline in trading activity. The major indices showed a mixed performance in PE valuation percentiles, with the Shanghai 180 index leading the gains [60][35][53] - The financial sector saw the largest increase in PE valuation percentiles, while the consumer services sector experienced the most significant decline [60][27][13] Group 2 - The banking industry led the gains in valuation percentiles, with an increase of 7.2 percentage points, while the consumer services sector saw a decline of 9.3 percentage points [27][13][14] - The report highlights that the overall PE valuation percentiles for various industries mostly declined, with the banking sector showing resilience and growth [13][14][27]

Investment Rating - The industry investment rating is "Increase" (Maintain) [4] Core Viewpoints - Xiaomi's active user base has reached nearly 700 million, with a continuous expansion of its ecosystem. The global monthly active users have surpassed 686 million, and the smartphone market share has remained in the top three globally for 17 consecutive quarters. The global smartphone shipment is expected to increase by 23.5 million units year-on-year, with high-end smartphone sales projected to grow by 43% in 2024 [14] - Xiaomi's IoT platform has connected 860 million devices, solidifying its position as the largest consumer IoT platform globally. The Mi Home app has surpassed 100 million monthly active users, and Xiaomi has established a complete "human-vehicle-home ecosystem" [14] - Xiaomi plans to invest over 100 billion yuan in R&D over the next five years, focusing on AI, OS, and chip technologies. The R&D expenditure is expected to reach 24 billion yuan in 2024 and 30 billion yuan in 2025 [14] - The report suggests focusing on companies such as Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE, as the "human-vehicle-home ecosystem" conference is expected to benefit Xiaomi's supply chain, computing power industry, and intelligent driving industry [15] Summary by Sections Industry Investment Rating - The industry investment rating is "Increase" [4] Xiaomi's Ecosystem and Market Position - Xiaomi's global monthly active users have exceeded 686 million, with a smartphone market share in the top three for 17 consecutive quarters. The expected year-on-year growth in global smartphone shipments is 23.5 million units, and high-end smartphone sales are projected to grow by 43% in 2024 [14] - The IoT platform has connected 860 million devices, with the Mi Home app achieving over 100 million monthly active users, completing the "human-vehicle-home ecosystem" [14] R&D Investment - Xiaomi's R&D investment is projected to exceed 100 billion yuan over five years, with 24 billion yuan expected in 2024 and 30 billion yuan in 2025, focusing on AI, OS, and chip technologies [14] Investment Recommendations - The report recommends focusing on Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE due to the positive outlook for the supply chain and related industries [15]

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [9] Core Insights - Nike is focusing on brand rejuvenation and core sports categories, with FY25Q2 revenue at $12.4 billion, a year-on-year decline of 9% [2][18] - The textile and apparel sector is expected to enter a recovery phase driven by external demand growth and internal demand recovery [21] Summary by Sections 1. Key Insights - In November, the total retail sales of consumer goods reached 43,763 billion yuan, a year-on-year increase of 3.0%, with notable growth in home appliances and furniture categories [6][17] - Nike's direct sales fell by 14% year-on-year, primarily due to a 21% decline in digital sales [2][18] 2. Industry Dynamics - The textile and apparel sector saw a cumulative export of $273.06 billion from January to November 2024, reflecting a 2.0% increase [7][19] - The textile and apparel exports in November amounted to $25.17 billion, a year-on-year increase of 6.8% [7][19] 3. Industry Tracking - The report indicates that the textile and apparel sector is experiencing a recovery, with a focus on outdoor sports and social trends benefiting domestic brands like Anta and Li Ning [21] - The cotton price index shows a slight decline, with domestic cotton prices at 14,628.59 yuan/ton as of December 20 [51]

策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 股债收益比持续上行，高股息估值分位上升 ——情绪与估值 12 月第 3 期 日期： yxzqdatemark 2024年12月27日 分析 师： 唐文卿 tangwenqing@yongxingsec. com 相关报告： ◼ 核心观点：上周（12.12-12.18）A 股市场两融余额小幅增加，交易活 跃度回落。主要指数 PE 估值分位跌多涨少，其中中证 1000 领跌。主要 风格 PE 估值分位多数下行，其中成长风格跌幅较大。全行业银行估值分 位数领涨，机械行业跌幅较大。 情绪：两融余额小幅增加，市场交易活跃度回落 1） 股债收益率下行，投资性价比较高。截至 2024 年 12 月 18 日，沪深 300股息率为2.96%，10年国债收益率为1.78%，股债收益率为-1.18%， 周环比下降 0.18pct。股债收益率低于 24 年以来均值 0.36pct，仍处于 2012 年以来相对低点，这也意味着当前 A 股市场依然具备较高的投 资性价比。 3） 市场交易活跃度回落，创业板指成交额环比降幅较大。换手率方面， 上周（12.12-1 ...

| --- | |-------| | | | | | | 版权声明 分析师声明 请务必阅读报告正文后各项声明 3 | --- | |-------| | | | | ◼ 风险提示 行业点评 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉尽责的职业态度， 专业审慎的研究方法，独立、客观地出具本报告，保证报告采用的信息均来自合规渠道，并对本报告的内容和观点负 责。负责准备以及撰写本报告的所有研究人员在此保证，本报告所发表的任何观点均清晰、准确、如实地反映了研究 人员的观点和结论，并不受任何第三方的授意或影响。此外，所有研究人员薪酬的任何部分不曾、不与、也将不会与 本报告中的具体推荐意见或观点直接或间接相关。 | --- | --- | --- | |----------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [175]. Core Insights - The company is a leading domestic manufacturer of high-end optical microscopes and precision optical components, benefiting from the acceleration of domestic substitution [171]. - The company has achieved the highest global shipment volume of optical components for barcode scanning and machine vision equipment, establishing long-term partnerships with major industry players [135][134]. - The company has successfully entered the automotive lidar market, achieving scale production and maintaining a leading position in the sector [145][157]. - The medical optical instruments segment is expected to grow significantly, with the company developing various high-end medical optical components and systems [166][169]. Summary by Sections 1. Company Overview - The company focuses on scientific instruments and core optical components, being a leader in high-end optical microscopes in China [46]. - It has established a strong R&D foundation and partnerships with renowned universities, enhancing its technological capabilities [78]. 2. Market Potential for Optical Microscopes - The global optical microscope market is projected to reach 21.6 billion yuan by 2030, with significant growth expected in the Chinese market [89][94]. - The company is positioned to benefit from the increasing demand for high-end optical instruments due to government policies promoting domestic production [162]. 3. Barcode Scanning and Machine Vision - The global barcode scanner market is expected to grow at a CAGR of 7.6%, with the company holding the largest market share in optical components [121][122]. - The company has established deep collaborations with leading firms in the barcode scanning sector, enhancing its competitive edge [135]. 4. Automotive Lidar Market - The lidar market is anticipated to reach 2 billion USD globally by 2027, with the company playing a crucial role in this growth [146][150]. - Chinese manufacturers dominate the lidar market, capturing 84% of the global share, with the company being a key partner for major players [155]. 5. Medical Optical Instruments - The global medical endoscope market is projected to reach 175.985 billion yuan by 2029, indicating a robust growth trajectory for the company's medical optical products [160]. - The company has developed various medical optical components and systems, establishing partnerships with leading medical institutions [169]. 6. Financial Projections - The company is expected to achieve net profits of 208 million yuan, 300 million yuan, and 394 million yuan for the years 2024 to 2026, respectively [175]. - The report anticipates improvements in the company's gross margin due to ongoing product structure enhancements and revenue growth [171].

Investment Rating - The report gives Jingda Co Ltd (600577) an "Overweight" rating, indicating a positive outlook on the company's stock performance relative to the benchmark index [24] Core Views - Jingda is a global leader in electromagnetic wire, with products widely used in new energy vehicles, photovoltaics, AI, military, aerospace, home appliances, special motors, 5G communications, and electronics [5] - The company has three major production bases in the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions [5] - Revenue grew from RMB 11.898 billion in 2018 to RMB 17.906 billion in 2023, with a CAGR of 8.52% [5] - Q1-Q3 2024 revenue reached RMB 16.087 billion, up 22.38% YoY, with net profit attributable to shareholders of RMB 416 million, up 33.84% YoY [5] Market Position and Expansion - Jingda holds a 12.09% market share in China's enameled wire market, ranking first [5] - The company plans to issue convertible bonds to raise RMB 1.126 billion for expansion projects, including 40,000 tons of new energy copper-based electromagnetic wire and 80,000 tons of new energy copper materials [5] Subsidiary Performance - Hengfeng Special Conductor, a subsidiary, supplies to Amphenol, Lotes, and others, benefiting from the trend of high-speed copper connection technology in data centers [5] - Hengfeng's H1 2024 revenue was RMB 549 million, up 42.32% YoY, with net profit of RMB 34.3713 million, up 23.71% YoY [5] Superconductivity Business - Jingda is the largest shareholder of Shanghai Superconductor, which focuses on second-generation high-temperature superconducting tapes [12] - Shanghai Superconductor's Phase I expansion plan is progressing smoothly, with full production expected by the end of 2024 [12] - The company has established Tongling Jingda Superconducting Materials Research Institute, indicating potential synergies in the superconducting business [12] Financial Projections - Revenue is expected to grow to RMB 20.979 billion in 2024, RMB 23.535 billion in 2025, and RMB 26.142 billion in 2026 [24] - Net profit attributable to shareholders is projected to be RMB 547 million in 2024, RMB 678 million in 2025, and RMB 825 million in 2026 [24] - EPS is forecasted to be RMB 0.26 in 2024, RMB 0.32 in 2025, and RMB 0.39 in 2026 [24]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [26]. Core Viewpoints - The company is a leading player in the nuclear valve market, expected to benefit from the normalization of nuclear power approvals, with 11 nuclear units approved in 2024, a historical high [26]. - The company maintains a high market share in the metallurgical and chemical special valve markets, which are anticipated to grow alongside the special valve industry [26]. - Revenue projections for the company are as follows: 2024 at 2.26 billion yuan, 2025 at 2.40 billion yuan, and 2026 at 2.55 billion yuan, with corresponding net profits of 290 million yuan, 329 million yuan, and 374 million yuan respectively [26]. Summary by Sections Company Overview - The company specializes in the research, development, production, and sales of new special valves, including butterfly valves and ball valves, with over 2000 specifications across 145 series [48]. - The company has a dominant position in the nuclear valve sector, securing over 90% of orders for nuclear-grade butterfly and ball valves [48]. Market Analysis - The global industrial valve market reached a size of 79 billion USD in 2022, with a projected growth to 82.1 billion USD in 2023 and 92.3 billion USD by 2026, reflecting a CAGR of 3.9% from 2021 to 2026 [1]. - The Chinese special valve market is recovering, with significant growth observed in 2022, and the low-temperature valve market is expected to grow at a CAGR of 10.26% from 2024 to 2032 [10][48]. Financial Performance - The company reported a revenue of 2.13 billion yuan in 2023, a year-on-year increase of 9.1%, with a net profit of 269 million yuan, up 18.2% [76]. - The company’s revenue is primarily derived from the nuclear power sector, energy equipment, metallurgy, and energy-saving services, with respective contributions of 32.56%, 30.58%, 17.05%, and 12.22% to total revenue in 2023 [98]. Future Outlook - The nuclear valve market is expected to grow significantly, with the market size projected to reach 6.2 billion yuan by 2024 [48]. - The company is also expanding into the hydrogen energy sector, aligning with the increasing market size for hydrogen energy applications [58].

计算机 行业研究/行业周报 | --- | |-------| | | | | 正文目录 | --- | |-------| | | | | | | 产业发展不及预期、政策推进力度不及预期、国产替代不及预期 | --- | |--------------------------------------------| | | | 1. 本周市场行情回顾（20241216-20241220） . | | 1.1. 全球主要大盘指数及科技指数 . | | 1.2. 全球 AI 产业链重点标的行情 . | | 2. 全球 AI 产业链大事提醒 | | 2.1. 重点标的业绩披露日期 | | 2.2. 其他大事提醒 | | 3. 核心观点及投资建议 . | | 3.1. 核心观点 | | 3.2. 投资建议 | | 4. 风险提示 | 图 1: 本周全球主要市场大盘指数涨跌幅 图 2: 本周全球主要科技指数涨跌幅 表 1: 全球 AI 产业链重点标的行情 . 表 2: 全球 AI 产业链重点标的业绩披露日期 . 表 3: 其他大事提醒. 2 1. 本周市场行情回顾（20241216-20241220） 本周，全球市场主 ...

本周，申万计算机三级行业涨跌幅分别为：其他计算机设备(2.24%)、 IT 服务Ⅲ(0.38%) 、安防设备(-0.05%)、横向通用软件(-0.47%) 、垂直应用 软件(-1.74%) 。 请务必阅读报告正文后各项声明 4 行业周报 海外市场指数整体走势较弱。本周，海外指数涨跌幅由高到低分别为： 恒生资讯科技业(2.95%)、道琼斯美国科技(-1.01%)、纳斯达克(-1.78%)、Wind 美国中资股软件与服务(-3.57%) 、台湾信息服务(-4.39%)。 图4:海外指数涨跌幅情况 资料来源：Wind，甬兴证券研究所 2.95% -1.01% -1.78% -3.57% -5% -4.39% -4% -3% -2% -1% 0% 1% 2% 3% 4% 2.2. 个股表现 个股涨跌幅后十位分别为：信息发展（-19.66%）、金财互联（-18.9%）、 请务必阅读报告正文后各项声明 5 行业周报 龙宇股份（-17.44%）、佳创视讯（-13.91%）、汇金科技（-13.2%）、榕基软件 （-12.71%）、麦迪科技（-12.54%）、达实智能（-12.39%）、魅视科技（-12.37%）、 赢时胜（- ...