Joy-Con 安装方式由滑轨变磁吸，增加多个按键及功能。根据预告片，相比于 前代机型，Nintendo Switch 2 整体增大一圈，机身采用磨砂材质，首发为黑色 版本，屏幕更大，Joy-Con 手柄采用磁吸式设计，颜色区分放在摇杆底部和磁吸 位置，背部带有可调角度的支架，机身顶部还增加额外的 USB-C 接口，可兼容 原有卡带。细节方面：（1）屏幕：预告中并没有明确屏幕具体尺寸（引用果壳 公众号消息，Switch 2 将拥有 8 英寸的 LCD 显示屏）。在预告中展示的游戏画 面中，Switch 2 有着和 Switch 一代普通版/续航版一样的大边框。（2）Joy-Con： Switch 2 的新版手柄外观大体与原本的 Joy-Con 相似，滑轨安装改为磁吸安装， 并且增加了多个按键和功能；Joy-Con 摇杆下方有一块凸起的垫片，并且采用彩 色设计（引用果壳公众号消息，Joy-Con 或采用霍尔摇杆，从而杜绝被诟病已久 的摇杆漂移问题）；左右 Joy-Con 下方均拥有一个透明小窗，或沿用初代 Joy-Con 的红外传感器功能，将原本只有右 Joy-Con 拥有的红外传感器加装到左右两只 上；Joy ...

春季行情可能开启 定期报告 投资要点 2025 年 01 月 18 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 北向资金四季度流入非银、传媒、电新 2025.1.14 二级交投情绪略有改善，但分歧可能依然剧 烈-华金证券新股周报 2025.1.12 短期可能见底，聚焦科技 2025.1.11 连续剧烈博弈之后风险偏好选择向下，休整 期或已经事实性开启-华金证券新股周报 2025.1.5 春季行情还有吗？ 2025.1.4 http://www.huajinsc.cn/ 1 / 18 请务必阅读正文之后的免责条款部分 历史上短期调整时悲观情绪出现改善主要受政策和外部事件、流动性等影响。（1） 历史牛市期间或快速上涨后市场出现短期回调时，全 A 换手率下降幅度在 0.6 ...

Economic Growth - The actual GDP growth for Q4 2024 rose significantly to 5.4%, driven primarily by net exports and consumption subsidies[7] - The GDP growth for the entire year of 2024 was 5.0%, achieving the annual growth target[7] Retail and Consumption - In December 2024, the total retail sales of consumer goods increased by 3.7% year-on-year, while retail sales above designated size rose by 4.2%, marking a recovery from November[8] - Consumption subsidies in the home appliance sector showed a significant effect, with sales increasing by 17.1% year-on-year, reaching a growth rate of 39.3%[8] Fixed Investment - Fixed asset investment in December 2024 fell slightly by 0.1 percentage points to 2.2%, with real estate development investment declining by 1.8 percentage points to -13.3%[12] - Broad infrastructure investment rebounded by 3.6 percentage points to 10.8%, indicating a recovery from previous lows, although structural differentiation was noted[12] Real Estate Market - The sales area of residential properties in December 2024 slightly decreased by 0.2 percentage points to 4.4%, indicating a peak in demand release has passed[17] - New housing starts fell by 5.0 percentage points to -21.9%, reflecting developers' cautious outlook on the real estate market[17] Industrial Production - Industrial value-added in December 2024 rose by 0.8 percentage points to 6.2%, with manufacturing value-added increasing significantly by 1.4 percentage points to 7.4%[21] - The mining and public utility sectors saw declines in value-added due to slow investment growth and warmer winter temperatures[21] Future Outlook - The economic growth target for 2025 is projected to be between 4.5% and 5.0%, with fiscal deficit rates maintained at 3.6% to 4.0%[24] - The monetary policy is expected to focus on liquidity injection through reserve requirement ratio cuts and potential interest rate reductions in the first half of 2025[24]

2025 年 01 月 16 日 行业研究●证券研究报告 25 年国网投资拟超 6500 亿元，电网投资持续 高景气 事件点评 近日，从国家电网获悉 2024 年该公司建成投运 3 项特高压工程，至此已建成 38 项特高压工程。2025 年，我国将聚焦优化主电网、补强配电网、服务新能源 高质量发展，继续推进重大项目实施，开工建设陕西至河南特高压，以及山东枣 庄、浙江桐庐抽蓄电站等一批重点工程，积极扩大有效投资，带动上下游产业链， 预计全年国家电网投资将首次超过 6500 亿元。 电气设备 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 0.18 | 5.28 | -7.71 | | 绝对收益 | -3.2 | 3.84 | 8.12 | 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 东方电缆：拟投资建设深远海输电装备项目， 立足广西+辐射东盟-华金证券-电新-东方电缆- 公司快报 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The completion of the high-precision mask production base project is expected to accelerate domestic substitution in the semiconductor industry [1] - The company is a leading domestic manufacturer of photomasks, focusing on various advanced technologies and products, including LTPS, IGZO, AMOLED, MicroLED, and semiconductor chips [2] - The company is positioned to benefit from the rising demand for photomasks in the domestic flat panel display and semiconductor industries, with significant growth potential anticipated [2] Summary by Sections Company Overview - Qingyi Optoelectronics is one of the earliest established photomask manufacturers in China, providing a diverse range of products for flat panel displays and semiconductor chips [2] Market Potential - The global semiconductor photomask market size is approximately $9.528 billion in 2023, with China's market size around $1.778 billion [2] - The demand for photomasks in China's flat panel display industry is expected to increase from 57% in 2022 to 60% by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 1.159 billion, 1.432 billion, and 1.767 billion yuan, with year-on-year growth rates of 25.4%, 23.6%, and 23.4% respectively [7] - Expected net profits for the same period are projected to be 192 million, 251 million, and 336 million yuan, with corresponding P/E ratios of 33.4, 25.6, and 19.1 [7] Investment Strategy - The company is expected to benefit from the domestic panel industry's rise and the release of new production capacity, leading to a potential increase in sales gross margin [2][7] - The total investment for the new production base projects is 3.5 billion yuan, aimed at enhancing production capabilities for high-precision and high-end semiconductor photomasks [2]

2025 年 01 月 15 日 行业研究●证券研究报告 传媒 行业快报 海外 TikTok 用户涌入小红书，关注生态机遇 和挑战 投资要点 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -13.27 | 14.92 | -7.38 | | 绝对收益 | -16.76 | 10.75 | 8.2 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 闫誉怀 | | | yanyuhuai@huajinsc.cn | | | 相关报告 公司投资评级： 传媒：供给侧显卡迭代+国补扩围，多线共振赋 能 生 态 应 用 端 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.8 传媒："跨端+IP"注入动能，关注 PC 游戏复 苏趋势-华金证券-传媒-行业快报 2025.1.3 传媒：跨年观影热度迭起，重磅 IP 云 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to maintain high revenue growth in 2024, with an estimated revenue of 9.065 billion yuan, representing a year-on-year increase of approximately 44.73% [1] - The company is significantly increasing its R&D efforts, with a projected R&D investment of about 2.45 billion yuan in 2024, a year-on-year increase of approximately 94.13% [2] - The company is focusing on the development of thin film equipment and has achieved significant sales in its etching equipment, with a revenue of approximately 7.276 billion yuan in 2024, a year-on-year increase of about 54.71% [1][4] Summary by Sections Revenue and Profit Forecast - The company expects to achieve a net profit attributable to shareholders of 1.5 to 1.7 billion yuan in 2024, a year-on-year decrease of 4.81% to 16.01% [2] - The gross profit margin for 2024 is estimated to be around 42.45%, a decrease of 3.37 percentage points year-on-year [2] Quarterly Performance - For Q4 2024, the company anticipates a revenue of 3.558 billion yuan, a year-on-year increase of 60.10% and a quarter-on-quarter increase of 72.75% [3] - The expected net profit attributable to shareholders for Q4 2024 is between 587 million and 787 million yuan, with a year-on-year change of -6.24% to 25.71% [3] Product Development and Market Position - The company has seen a significant increase in the shipment volume and sales of its high-end etching products, with over 1,000 reaction chambers delivered in the first three quarters of 2024 [4] - The LPCVD thin film equipment has achieved its first sales in 2024, generating approximately 156 million yuan in revenue [1][5] Financial Data and Valuation - The projected revenue for 2024 to 2026 is 9.065 billion, 11.603 billion, and 14.620 billion yuan respectively, with growth rates of 44.7%, 28.0%, and 26.0% [10] - The estimated P/E ratios for 2024, 2025, and 2026 are 69.6, 49.5, and 36.1 respectively [11]

2025 年 01 月 14 日 宏观类●证券研究报告 置换坚决压制长贷，利率走低短融提前 事件点评 金融数据速评（2024.12） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 欧盟关税趋缓与"抢跑效应"共同推升出口 — — 国 际 贸 易 数 据 点 评 （ 2024.12 ） 2025.1.13 美国就业强势振翅，全球风暴何时来袭？— —美国就业数据点评（2024.12） 2025.1.11 央行暂停买债，降准概率提升——华金宏 观·双循环周报（第 90 期） 2025.1.10 核心 CPI 连续修复，消费补贴持续拉动耐用 品需求——CPI、 PPI 点评（2024.12） 2025.1.9 消费刺激新政：扩容、增量、持续 2025.1.8 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 信贷同比少增幅度收窄，主因地产放松居民存量购房需求释放，春节较早企业短期融资 提前；企业中长贷则受化债置换坚决快速执行的影响而大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant year-on-year growth in 2024, driven by self-control and capacity expansion [1] - The company's revenue for 2024 is projected to be between 27.6 billion and 31.78 billion yuan, representing a year-on-year growth of 25.00% to 43.93% [4] - The net profit attributable to shareholders for 2024 is expected to be between 5.17 billion and 5.95 billion yuan, with a year-on-year increase of 32.60% to 52.60% [4] - The company has made breakthroughs in multiple new products, enhancing its product matrix and market share [4] Financial Data and Valuation - Revenue for 2022 was 14.688 billion yuan, with a year-on-year growth of 51.7% [6] - Revenue projections for 2024, 2025, and 2026 are 30.282 billion, 40.214 billion, and 50.167 billion yuan, respectively, with growth rates of 37.2%, 32.8%, and 24.8% [6] - The net profit for 2024 is projected at 5.698 billion yuan, with a year-on-year growth of 46.1% [6] - The company's gross margin is expected to be 42.5% in 2024, increasing to 45.1% by 2026 [6] - The price-to-earnings ratio (P/E) is projected to be 36.6, 26.0, and 21.1 for 2024, 2025, and 2026, respectively [6]