[Table_IndustryInfo] 2025 年 01 月 19 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（1.13-1.17） 2025 年汽车以旧换新政策出台，全球自动驾驶峰会举行 投资要点 西南证券研究发展中心 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 分析师：张雪晴 执业证号：S1250524100002 电话：010-57758528 邮箱：zxqyf@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -16% -6% 3% 13% 22% 32% 24/1 24/3 24/5 24/7 24/9 24/11 25/1 汽车 沪深300 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 262 | | 行业总市值（亿元） | 41,067.88 | | 流通市值（亿元） | 35,817.67 | | 行业市盈率 TTM | 25.6 | | 沪深 300 市盈率 TTM | 12.4 ...

[Table_ReportInfo] 2025 年 01 月 17 日 证券研究报告•宏观简评报告 数据点评 乘胜追击"5%"，增量政策效应显著 ——2024 年 12 月经济数据点评 摘要 西南证券研究发展中心 [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-57631106 邮箱：liuyanhong@swsc.com.cn 相关研究 "两新"叠加"抢出口"，工业生产增速边际上行。2024 年 1-12 月，全国规 请务必阅读正文后的重要声明部分 1 [Table_Summary] 四季度经济超预期回升，2025年 5%或仍是目标。初步核算，2024 年国内生 产总值约为 134.9 万亿元，按不变价格计算，同比增长 5.0%，高于前三季度 累计增速 4.8%，单四季度超预期实现 5.4%的同比增长，为年内单季度最高增 速，较三季度回升 0.8个百分点。分产业看，全年第一、二、三产业分别同比 增长 3.5%、5.3%和 5%，三 ...

Investment Rating - The report suggests a positive investment outlook for the communication industry, particularly focusing on AI and satellite sectors as key growth drivers for 2025 [1]. Core Insights - Continuous investment in AI is expected to drive strong demand across the entire AI industry chain, with global computing power projected to reach 3300 Eflops by 2025, growing at a CAGR of 50.4% from 2021 to 2025 [3]. - The satellite internet sector is entering a phase of industrialization, with significant opportunities for core enterprises as they begin to release orders and profits [3]. - The communication industry is anticipated to maintain high growth, with total revenue reaching 1.9 trillion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 3.7% [3]. Summary by Sections 1. Communication Industry Review 2024 - The communication sector has shown strong performance, with the communication index rising by 28.8% year-to-date, outperforming the CSI 300 index by approximately 14.1 percentage points [11]. - The total profit for the communication sector reached 1776.6 billion yuan in the first three quarters of 2024, marking an 8.2% year-on-year increase [18]. - Effective cost control has been observed, with the overall sales expense ratio decreasing to 6.7% in the first three quarters of 2024 [21]. 2. Core Strategy: AI & Satellite Dual Mainline Resonance - The report emphasizes the dual focus on AI and satellite investments as the main strategy for growth [6]. - The satellite communication market is projected to reach 232.7 billion yuan by 2025, with a CAGR of 37.6% from 2023 to 2025 [45]. - The report highlights key companies to watch, including Zhongji Xuchuang, Zhenyou Technology, Yinghantong, and Jiexun Feihong [3]. 3. Key Focus Stocks for 2025 - The report identifies specific stocks in the communication sector that are expected to benefit from the trends in AI and satellite communications [32].

银行业2025年投资策略 顺势而为，稳中求胜 西南证券研究发展中心 金融研究团队 2025年1月 核 心 观 点 1 2024年以来，以银行为代表的红利板块表现持续占优。2024 年以来，以银行为代表的红利板块表现持续占 优。在 A 股震荡的大背景下，银行板块在2024年以 35.85%的涨幅高居 31 个申万一级行业榜首 ，同期沪深 300涨幅16.19%。从更长时间来看，中证银行指数自 2022 年 10月底低点至 2024 年12 月 31 日，累计涨 幅达到42.788%，银行指数相对同期沪深 300 和创业板指的累计超额收益分别高达 30.63% 和 48.23%。 前三季 度上 市银 行营 收及 归母 净利 润增速 小幅 改善 。2024前三季度上市银行营收同比增速为-1.05%（ 2024H1为-1.95%），归母净利润同比增速为1.43%（2024H1为0.37%）。其中国有行、股份行、城商行 、农商行的营收同比增速分别为-1.19%、-2.49%、3.93%、2.15%，归母净利润同比增速分别为0.79%、 0.85%、6.67%、4.88%。 盈利五因子：1.规模上：对公或继续主导，企业经 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on three main investment themes: innovation and international expansion, thematic investments, and dividend stocks [2][15]. Core Insights - The report highlights significant progress in China's healthcare reform, which supports the development of innovative drugs. The National Healthcare Security Administration reported a balanced healthcare fund and the implementation of DRG/DIP payment methods, which enhance service efficiency and control costs [14][15]. - The report emphasizes the importance of innovative drugs, with a high success rate in negotiations for inclusion in the healthcare insurance list, reaching over 90% as of November 2024. This indicates strong policy support for genuinely innovative medications [15][16]. - The report identifies key sectors within the pharmaceutical industry, including medical consumables, biopharmaceuticals, and traditional Chinese medicine, with medical consumables showing the best performance recently [7][37]. Summary by Sections Investment Strategy and Key Stocks - The report recommends a selection of stocks, including Heng Rui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong growth potential for these companies [17][20]. - The report also outlines a stable investment portfolio featuring companies like Shanghai Laishi and Huadong Medicine, which are expected to perform steadily [17][24]. Market Performance - The pharmaceutical index increased by 2.67% in the week, outperforming the CSI 300 index by 0.53 percentage points. However, the industry has seen a decline of 3.84% since the beginning of 2025, underperforming the CSI 300 index by 0.73 percentage points [7][29]. - The current valuation level for the pharmaceutical industry (PE-TTM) stands at 25.3 times, with a premium of 72.24% relative to the entire A-share market [30][41]. Recent News and Policies - The report discusses the upcoming release of the first version of the Class C healthcare insurance directory in 2025, which aims to better meet patient medication needs and reflects a more scientific and reasonable adjustment of the insurance directory [14][15]. - The report notes that 31 provinces and the Xinjiang Production and Construction Corps have included assisted reproduction in healthcare insurance, showcasing the humanization of healthcare policies [14]. Thematic Investment Focus - The report highlights the focus on innovative drugs and their international expansion, with significant clinical data emerging from recent conferences. Companies like Heng Rui Medicine are leading the way in international licensing deals [15][16]. - The report also emphasizes the importance of thematic investments in areas such as AI medical imaging, elderly care, and respiratory disease detection, indicating a broad scope for future growth [16][18].

[Table_IndustryInfo] 2025 年 01 月 19 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0113-0119） 宇树科技发布 G1 最新进展，富士康与优必选达成战略合作 请务必阅读正文后的重要声明部分 投资要点 西南证券研究发展中心 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -18% -8% 2% 12% 22% 32% 24/1 24/3 24/5 24/7 24/9 24/11 25/1 机械设备 沪深300 [Table_Summary 行情回顾：本周（] 1月 13日-1月 19日）机器人指数跑赢大盘。中证机器人指 数上涨 6.3%，跑赢上证指数 4.0个百分点，跑赢沪深 30 ...

ooo[Table_ReportInfo] 2025 年 01 月 17 日 证券研究报告•宏观定期报告 宏观周报（1.13-1.17） 稳汇率信号持续释放，美国核心通胀回落 摘要 [Table_Summary] 一周大事记 国内：促进资本市场高质量发展，央行密集出招稳汇率。1 月 13 日，中国证 监会召开 2025 年系统工作会议，部署 2025 年五个方面重点工作，随着政策 落实市场有望稳步回暖，进而提升市场信心；13 日，中国人民银行、国家外 汇局决定将企业和金融机构的跨境融资宏观审慎调节参数从 1.5上调至 1.75， 同日，潘功胜表示央行将通过多种政策工具保持人民币汇率在合理均衡水平上 的稳定，随着这些政策的逐步落地，人民币汇率的稳定性将进一步提升；14 日，国务院新闻办公室召开"中国经济高质量发展成效"系列新闻发布会，15 日，央行开展了 9595 亿元逆回购操作，预计央行将综合运用降准、买断式逆 回购等多种政策工具，适时释放流动性；15 日，商务部等 5 部门办公厅发布 《手机、平板、智能手表(手环)购新补贴实施方案》，同日商务部等 4 部门发 布《关于做好 2025 年家电以旧换新工作》的通 ...

Investment Rating - The report maintains a "Buy" rating for Waneng Power (000543) with a 6-month target price of 10.30 CNY, compared to the current price of 7.09 CNY [1] Core Views - Waneng Power is a leading thermal power company in Anhui province, with significant capacity expansion expected [1] - The company benefits from tight power supply-demand dynamics in Anhui, supporting electricity prices [7] - Coal price declines are improving thermal power costs, with Qinhuangdao thermal coal prices expected to remain around 760 CNY/ton [7] - The company is expanding its installed capacity, with 2.32 GW of new capacity expected to be operational by end-2024 [7] - Power sector reforms are enhancing the profitability stability of thermal power, with ancillary services contributing to diversified income [7] Financial Performance - Revenue is expected to grow from 27.87 billion CNY in 2023 to 33.06 billion CNY in 2025, with a CAGR of 10.85% [2] - Net profit attributable to shareholders is projected to increase from 1.43 billion CNY in 2023 to 2.33 billion CNY in 2025, with a CAGR of 18.48% [2] - EPS is forecasted to rise from 0.63 CNY in 2023 to 1.03 CNY in 2025 [2] - ROE is expected to improve from 8.58% in 2023 to 12.39% in 2025 [2] Industry and Market Dynamics - Anhui's power demand is growing rapidly, with a CAGR of 8.7% from 2020-2023, driven by economic growth and industrial development [7] - Thermal power remains the dominant power source in Anhui, accounting for 90.4% of total power generation in H1 2024 [43] - The company's thermal power utilization hours are expected to remain high, at 5,000 hours in 2024, gradually declining to 4,800 hours by 2026 [8] - Coal prices are expected to remain low, with the company's comprehensive coal cost projected at 980 CNY/ton in 2024, declining to 860 CNY/ton by 2026 [8] Capacity Expansion and New Projects - The company is expanding its thermal power capacity, with 1.175 GW of operational capacity and 1.32 GW under construction as of H1 2024 [23] - New projects include the Xinjiang Yingema Power Plant (1.32 GW) and Qianyingzi Power Plant Phase II (1 GW), both expected to be operational by end-2024 [7] - The company is also investing in renewable energy, with plans to add 4 GW of new energy capacity during the 14th Five-Year Plan period [95] Valuation and Target Price - The report values Waneng Power at 10x 2025 PE, implying a target price of 10.30 CNY [11] - The company's 2025 PE of 6.9x is below the industry average of 9.4x, indicating potential undervaluation [116] - The target price is based on the company's capacity expansion, low coal prices, and thermal power premium [11]