[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 基础化工 | | --- | --- | | 日期: | shzqdatemark 2025年01月03日 | | [Table_Author] 分析师: | 于庭泽 | | SAC 编号: | S0870523040001 | | 联系人: | 王哲 | | SAC 编号: | S0870123040029 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -23% -17% -11% -5% 1% 7% 13% 20% 26% 01/24 03/24 05/24 08/24 10/24 12/24 基础化工 沪深300 [Table_ReportInfo] 相关报告： | 《2025 年制冷剂配额核发公示，顺酐、丁 二烯价格上行 ——基础化工行业周报》 | | --- | | ——2024 年 12 月 25 日 | | 《综合整治内卷式竞争，化工行业供给格 | | 局将得到改善 ——基础化工行业周报》 | | ——2024 年 12 月 19 ...

周观点：小米召开合作伙伴大会，GPU 万卡集群助力 AI 大模型飞跃 ——先进科技主题周报 20241223-20241229 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -28% -20% -13% -5% 2% 10% 17% 25% 32% 01/24 03/24 05/24 08/24 10/24 12/24 电子 沪深300 [Table_ReportInfo] 相关报告： 《小米"人车家全生态"合作伙伴大会召 开，消费者更换 AI 手机意愿强劲》 ——2024 年 12 月 30 日 《周观点：字节召开火山引擎冬季 Force 原动力大会，OpenAI 推出推理系列模型 o3》 ——2024 年 12 月 26 日 《2025 年中国大陆 PC 市场有望延续复苏 趋势，全球 VR&MR 产业稳步发展》 ——2024 年 12 月 24 日 【市场回顾】 ◆ 本周上证指数报收 3400.14 点，周涨跌幅为+0.95%；深证成指报 收 10659.98 点，周涨跌幅为+0.13%；创业 ...

制造业维持景气区间，非制造业积极改善 ——2024 年 12 月 PMI 点评 [Table_I 日期 ndustry] : shzqdatemark 2025年01月03日 | [Table_Author] 分析师: | 张河生 | | --- | --- | | Tel: | 021-53686158 | | E-mail: | zhanghesheng@shzq.com | | SAC 编号: | S0870523100004 | | 联系人: | 赵佳颖 | | Tel: | 021-53686163 | | E-mail: | zhaojiaying@shzq.com | | SAC 编号: | S0870122070007 | [Table_ReportInfo] 相关报告： | 《住房通胀放缓，提振降息预期》 | | --- | | ——2024 年 12 月 16 日 | | 《通胀全面符合预期，降息预期抬升》 | | ——2024 年 11 月 18 日 | | 《社融低于预期，M1 增速回升》 | | ——2024 年 11 月 18 日 | 12 月 31 日，国家统计局公布 2024 ...

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[Table_Stock] 比亚迪（002594） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年01月02日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | --- | |-----------------------------|----------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 271.10 | | 12mth A 股价格区间（元） | 167.00- 327.38 | | 总股本（百万股） | 2,909.27 | | 无限售 A 股 / 总股本 | 39.96% | | 流通市值（亿元） | 6,128.10 | [最Table_QuotePic] 近一年股票与沪深 300 比较 -13% -3% 8% 19% ...

[Table_Stock] 长城汽车（601633） | --- | |-------| | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年01月02日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | |-------| | | | | | | | | | | | | | | | | [Table_QuotePic] 最近一年股票与沪深 300 比较 | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 26.33 | | 12mth A 股价格区间（元） | 19.87-32.03 | | 总股本（百万股） | 8,550.11 | | 无限售 A 股 / 总股本 | 72.36% | | 流通市值（亿元） | 2,239.55 | -19% -13% -7% 0% 6% 1 ...

Investment Rating - The report maintains a "Buy" rating for the humanoid robot industry, indicating a positive outlook for investment opportunities in this sector [34]. Core Insights - The humanoid robot industry is experiencing significant catalysts, accelerating the commercialization process. 2024 is projected to be a pivotal year for the commercial rollout of humanoid robots, with a focus on domestic component manufacturers benefiting from this trend [69]. - OpenAI is actively investing in the physical robotics sector, having restarted its internal robot development team and invested in several robotics companies, showcasing a commitment to advancing humanoid robot capabilities [4][67]. - The introduction of advanced models like the ERA-42 and GoMate highlights the industry's shift towards more sophisticated and versatile humanoid robots, capable of performing complex tasks without pre-programming [4][68]. Summary by Sections Market Review - The mechanical industry saw a decline of 1.18% from December 23 to December 27, 2024, ranking 19th among all primary industries. The engineering machinery sector showed a positive trend with a 1.95% increase [74][75]. - Notable stock performances included Changsheng Bearing (+49.44%) and Weichai Heavy Machinery (+45.91%), while Huizhou Intelligent (-30.13%) and Baota Industrial (-26.11%) faced significant declines [100]. Industry High-Frequency Data Tracking - In November 2024, excavator sales reached 18,000 units, a year-on-year increase of 17.9% and a month-on-month increase of 4.8% [14]. - Industrial robot production in November 2024 was 54,000 units, reflecting a year-on-year growth of 47.4% [16]. - The sales of new energy vehicles in November 2024 were 1.512 million units, marking a year-on-year increase of 47.4% [43]. Industry News and Announcements - Chongqing has introduced special measures to support the innovation and development of embodied intelligent robots, launching projects to gather national demand for technological advancements [3][87]. - The report emphasizes the importance of monitoring upcoming events related to humanoid robots, including updates on Optimus and achievements from domestic and international manufacturers [69].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is a leader in thermal management and is accelerating its international expansion, entering a new phase of growth after over 40 years in the industry. It has established a localized manufacturing and global operation system with 23 factories or subsidiaries around major clients globally [9][54]. - The company is expanding into new application areas, including the second curve in passenger vehicle new energy sectors and the third curve in digital energy, while also exploring the fourth curve in artificial intelligence [5][9]. - The company has shown strong revenue growth, with a projected revenue of 129.05 billion yuan in 2024, representing a year-on-year increase of 17.13% [6][11]. Summary by Sections 1. Thermal Management Leadership and International Expansion - The company has maintained its position as the leading domestic producer of heat exchangers for over a decade and is now focusing on internationalization and technological leadership [42]. - Revenue from heat exchangers has grown at a CAGR of 23.28% from 2020 to 2023, with significant contributions from the new energy passenger vehicle sector [49]. - The company has implemented a stock incentive plan to motivate employees, with performance targets set for the years 2022 to 2025 [51][53]. 2. New Energy Sector Growth - The new energy vehicle market is rapidly expanding, with a projected CAGR of 28.40% for the thermal management market from 2022 to 2025, expected to exceed 100 billion yuan by 2025 [9][61]. - The company has secured numerous orders in the new energy sector, including projects with major clients like BYD and CATL [9][34]. - The integration of modular technology has enhanced the company's competitive edge, leading to significant revenue growth in the new energy segment [73]. 3. Digital Energy and AI Business Development - The company is developing its digital energy business, which includes data center thermal management and energy storage solutions, with a projected market size of 15.5 billion yuan in 2023 [34]. - The establishment of an AI product department aims to explore opportunities in chip cooling and humanoid robotics, contributing to long-term growth [34][35]. - The company is also focusing on enhancing its supply chain globally, ensuring the availability of key materials for production [54]. 4. Financial Performance and Projections - The company reported a revenue of 110.18 billion yuan in 2023, a year-on-year increase of 29.93%, with a net profit of 6.12 billion yuan, up 59.71% [9][11]. - Projections for 2024 to 2026 indicate continued growth, with revenues expected to reach 189.82 billion yuan by 2026, and net profits projected at 14.28 billion yuan [6][11]. - The company's PE ratios for 2024, 2025, and 2026 are estimated at 18.91, 14.02, and 11.12, respectively, indicating a favorable valuation trend [11].

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Views - The domestic large model competition is intensifying, with significant developments from companies like Doubao, Huansheng, and Xiaomi. The launch of the DeepSeek-V3 model by Huansheng, which boasts 671 billion parameters and has shown performance comparable to top models like GPT-4O, highlights the advancements in domestic AI capabilities [4] - Recent government policies are increasingly supportive of AI and computing power, with new measures allowing for greater investment in quantum technology and computing infrastructure. This includes the increase of the special bond project capital limit from 25% to 30% for computing-related projects [5] Market Review - In the past week (December 23-27), the Shanghai Composite Index rose by 0.95%, while the ChiNext Index fell by 0.22%. The CSI 300 Index increased by 1.36%, but the computer (Shenwan) index dropped by 4.25%, underperforming the Shanghai Composite Index by 5.21 percentage points [3] Investment Suggestions - Recommended companies to focus on include those in AI computing such as Haiguang Information, Cambrian, and Zhongke Shuguang, as well as AI application companies like Kingsoft Office, iFlytek, and Wanxing Technology [6][7]

Investment Rating - The industry investment rating is maintained at "Overweight" [19][57]. Core Viewpoints - The report highlights a strategic partnership between Changan Automobile and EHang Intelligent to explore the development of flying cars, indicating a focus on future mobility ecosystems [1]. - The report notes that the used car transaction volume in China is expected to exceed 1.85 million units in December, setting a new monthly record [10]. - The report emphasizes the ongoing consolidation in the automotive industry, with Honda and Nissan announcing a merger that will create the world's third-largest automotive manufacturer [18]. Summary by Sections Market Review - The Shanghai Composite Index increased by 1.36%, while the automotive sector rose by 0.69%, ranking 7th among 31 sectors [27]. - The commercial vehicle segment showed the highest growth at +2.46%, while the automotive services sector declined by -6.74% [29]. Industry Data Tracking - From December 1 to 22, 2024, retail sales of new energy vehicles reached 817,000 units, a 60% increase year-on-year [35]. - For the same period, total retail sales of passenger vehicles were 1.692 million units, up 25% year-on-year [40]. Recent Industry/Key Company Dynamics - Honda and Nissan have signed a memorandum to initiate merger discussions, aiming for completion by August 2026 [18]. - BAIC Blue Valley announced a capital increase of 8.15 billion yuan for its subsidiary, BAIC New Energy [49]. - The report also mentions that Zhiji Auto completed a Series B financing round, raising 9.4 billion yuan for technology development [49]. Investment Recommendations - Recommended stocks for passenger vehicles include BYD, Great Wall Motors, and Changan Automobile; for commercial vehicles, China National Heavy Duty Truck Group, Yutong Bus, and Weichai Power are suggested [19][52]. - For parts suppliers, companies related to electrification and intelligence such as Shentong Technology and Yinhong Co. are highlighted [19][52].