Group 1: Policy Layout and New Quality Productivity - The "246" industrial cluster plan aims to establish two trillion-level industrial clusters in green petrochemicals and automobiles, along with four five-hundred billion-level clusters in high-end equipment, electronic information, new materials, and software services, and six hundred billion-level clusters in key components, smart home appliances, fashion textiles, biomedicine, sports goods, and energy conservation [7][29]. - The "361" plan emphasizes the trend of "green, new, and high" in future industrial development, targeting a revenue of 3.7 trillion yuan for large-scale enterprises and the formation of five national-level industrial clusters by 2027 [9][29]. - These plans are expected to enhance the resilience and stability of the industrial supply chain, promote collaborative innovation, and resource sharing within industrial clusters, thereby strengthening Ningbo's position in the global manufacturing landscape [9][29]. Group 2: Industrial Chain Clusters Supporting New Quality Productivity - Ningbo's automotive manufacturing cluster has become a leading domestic automotive base, particularly in the new energy vehicle sector, with a complete supply chain including batteries, motors, and electronic controls [34][64]. - The high-end equipment manufacturing sector is a strategic industry for Ningbo, with a focus on smart equipment, modern energy equipment, and next-generation electronic information equipment, aiming for a significant increase in industrial output value by 2025 [12][45]. - The city has established a robust ecosystem for innovation, with over 7,000 high-tech enterprises and a significant increase in R&D investment, which reached 63.1 billion yuan in 2023, marking a 5.29% increase from 2022 [37][75]. Group 3: Investment Recommendations - The report suggests focusing on key industries in Ningbo's mid-to-high-end manufacturing and high-tech sectors, including chemical new materials, new energy vehicles, smart robots, magnetic materials, smart photovoltaics, batteries and energy storage, and optical modules [54][80]. - The investment orientation includes eight major industrial clusters and 18 key sub-industries, emphasizing digital industries, green petrochemicals, high-end equipment, new functional materials, new energy, key components, smart home appliances, and modern health industries [52][80].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% [3][21]. Core Insights - The company has announced a placement and convertible bond financing totaling over 5 billion RMB, which will effectively enhance its liquidity and ability to withstand future market fluctuations [2]. - The cash cost of production is projected to decrease from 37.84 RMB/kg in Q1 2024 to 33.18 RMB/kg in Q3 2024, with potential to fall below 30 RMB/kg, allowing the company to cover its cash costs with current silicon prices [2]. - Revenue forecasts for 2024-2026 are 17.057 billion RMB, 30.523 billion RMB, and 42.118 billion RMB, with year-on-year growth rates of -49%, +79%, and +38% respectively [3]. Financial Projections - The company is expected to report a net profit attributable to shareholders of -2.921 billion RMB in 2024, followed by 1.544 billion RMB in 2025 and 4.326 billion RMB in 2026, with corresponding growth rates of -216%, +153%, and +180% [3][4]. - The price-to-earnings (PE) ratios for 2025 and 2026 are projected to be 19 times and 7 times, respectively, indicating a significant potential for earnings recovery [3]. Market Position - The company is positioned in the power equipment industry, with a current market capitalization of approximately 27.405 billion RMB [5].

证 券 研 究 报 告 行 业 研 究 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

医药生物 行业研究/行业周报 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Domestic Liquidity - The yield on 2-year and 10-year government bonds continued to decline, with the yield spread increasing to 0.6312%[11] - The central bank's net withdrawal from the open market was 430.2 billion yuan, and the MLF net withdrawal was 1.45 trillion yuan[35] Fundraising and Market Activity - In December, 8 companies conducted IPOs, raising approximately 4.4 billion yuan[73] - A total of 64 new funds were established in December, with 23 being equity funds, raising a total of 9.6 billion yuan[72] ETF Market - The number of newly established ETFs in 2024 remained the same as in 2023, with 157 ETFs launched, including 9 equity ETFs in December, which issued 3.03 billion shares[19] - The total scale of ETF equity funds was 2.9168 trillion yuan, with a trading volume accounting for 15.5% of the total scale, down by 3.4 percentage points[20] Southbound Capital - Southbound capital saw a net inflow of 243 billion yuan last week, with a total net inflow of 715.6 billion yuan for the year, marking a historical high[46] - The banking sector had the largest net inflow of 7.61 billion yuan, followed by telecommunications and retail, while media and consumer services saw significant outflows[23] Margin Financing - Margin financing buy-in amounts decreased, accounting for a lower proportion of A-share trading volume, with an average buy-in of 135.4 billion yuan, down 24.3% week-on-week[32] - The total margin financing balance was approximately 1.89 trillion yuan, showing a slight increase of 0.04%[60]

电力设备 行业研究/行业点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

资料来源：中国重汽官网，甬兴证券研究所 中国重汽主要研发、生产、销售各种载重汽车、特种汽车、专用车及发 动机、变速箱、车桥等总成和汽车零部件，拥有黄河、汕德卡、豪沃等全系 请务必阅读报告正文后各项声明 3 公司深度 列商用汽车品牌，是我国重卡行业驱动形式和功率覆盖最全的重卡企业之 一。下属三个上市公司，分别为中国重汽（香港）有限公司（香港红筹公司）、 中国重汽集团济南卡车股份有限公司（深圳 A 股上市公司）、中通客车股份 有限公司（深圳 A 股上市公司）。其中，根据中国重汽港股上市公司 2022 年的年报，中国重汽 A 股上市公司（000951.SZ）是中国重汽 H 股上市公司 公司深度 资料来源：wind，甬兴证券研究所 资料来源：wind，甬兴证券研究所 资料来源：wind，甬兴证券研究所 资料来源：wind，甬兴证券研究所 2014-2024 年上半年，中国重汽的销售毛利率在 9%上下波动，销售净 利率在 3%上下波动，盈利能力持平微升。四费率从 6.00%逐步下行至大约 2.69%，成本控制能力优秀。 图8:中国重汽销售毛利率与销售净利率 图9:中国重汽费用率 2.1. 重卡行业与国民经济密切相关，中 ...

证 券 研 究 报 告 行 业 周 报 ◼ 市场行情回顾 本周（20241216-20241220）中信石油石化板块下滑约 1.37%，上证综 合指数下滑约 0.70%，同上证综合指数相比，石油石化板块落后约 0.66 个百分点。子板块方面，石油石化子板块涨跌互现，其中油品销售及 仓储、油田服务等子板块跌幅居前。 本周（20241216-20241220）石油石化板块领涨个股包括宇新股份、蒙 泰高新、广聚能源、沈阳化工、中国海油等；领跌个股包括国际实业、 统一股份、水发燃气、准油股份、和顺石油等。其中民营大炼化公司 周度涨跌幅如下：恒力石化（-0.78%）、新凤鸣（-2.08%）、恒逸石化（- 2.42%）、桐昆股份（-2.89%）、荣盛石化（-4.21%）、东方盛虹（-7.67%） 等。 上游板块方面，上周国际油价有所下跌。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望维持在相对高位，持续利好上游油气公司。油服方面，北美 活跃钻机数周环比持平，但是同比减少较为明显。全球的钻井平台数 量今年三季度环比增长，利好油服公司的业务拓展。中游炼化板块方 面，新加 ...

行 业 周 报 微信小店开启"送礼"灰测，关注代运营商及强礼品属性品牌商。12 月 18 日，微信团队公告称，微信小店正式开启"送礼物"功能的灰度 测试。除珠宝、教育培训两大类目外，其他类目原价不超过 1 万元的 商品，都将默认支持"送礼物"功能。临近年关，圣诞元旦春节等假 日密集，"送礼物"的社交需求或将集中释放，有望加速微信生态社交 裂变。据腾讯三季报，24Q3 微信及 WeChat 的合并月活跃账户数 13.82 亿，用户体量优于淘宝（9 亿，截至 6 月）、拼多多（8.8 亿，截至 22Q1）、 抖音（6 亿）等电商平台。我们认为，微信生态拥有庞大用户基础和广 泛应用场景，微信小店或将与视频号/公众号/社群/搜索等结合形成直 播或短视频/图文/社交/搜索电商等多元化电商模式，随着未来基建成 熟及丰富商家入驻，看好微信电商生态发展。建议关注两条主线，其 一 SAAS 服务商及代运营公司有望受益；其二服饰、美妆、食品生鲜、 母婴等强礼品、社交属性品类及品牌商有望迎来机遇。 本周中信商贸零售指数下降 4.69%，跑输沪深 300 指数 4.55 个百分 点。本周，商贸零售板块在 30 个中信一级行业中排名第 ...

行 业 研 究 微信小店是微信电商的核心平台。据财联社消息，微信小店作为微信 电商生态的核心平台，自今年初起，微信小商店、视频号小店等微信 生态内的电商渠道已全面升级为微信小店，其主要通过视频号、小程 序、搜索功能等多种渠道，为微信小店引入微信生态内的全面流量， 推动微信电商业务的整合与成长。 此次微信小店开启"送礼物"功能是微信发力社交电商的开始。据金 融界报道，根据微信官方公告，除了珠宝首饰、教育培训类目以及原 价高于 1 万元的商品外，其他类目的微信小店都将默认支持"送礼物" 功能。这意味着大部分商品都可以作为礼物被轻松地送给朋友。具体 操作上，只要用户在商品页面点击"送给朋友"，即可选择商品款式、 赠送对象并完成支付后将该商品通过一对一聊天场景赠送给朋友。接 收方收到礼物消息后，只需轻触打开礼物链接，填写收货地址并确认 "收下礼物"，就算正式收到了这份心意。据新华财经客户端报道，"送 礼物"功能的诞生，一方面将全面放大微信公私两域流量的商业价值， 促进微信电商的快速发展，进一步提高微信支付的市场占有率，扩大 微信广告营销的应用场景和市场占有率；另一方面还将持续增强微信 用户之间的互动性和亲密度，巩固微 ...