证 券 研 究 报 告 [行业: 日期: [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 [Table_Rating] 增持（维持） ◼[Table_Summary] 周行情 行情回顾：过去一周（2024.12.16-12.22），上证指数、深证成指涨跌幅 分别为-0.7%、-0.62%，中信通信指数整体涨跌幅为3.42%，在中信30个 一级行业排第1位。过去一周通信板块个股表现：股价涨幅前五名为:瑞 斯康达61.09%、博创科技50.11%、光迅科技29.61%、鼎信通讯29.06%、 中兴通讯22.36%。股价跌幅前五名为：北纬科技-17.84%、春兴精工15.81%、合众思壮-14.73%、佳创视讯-13.91%、长江通信-13.31%。 板块内部结构来看，过去一周通信板块呈现分化走势，细分板块通信设 备、电信运营II近一周涨幅分别达4.13%、3.86%，而子板块增值服务II、 通讯工程服务指数则下降4.24%、0.73%。 [Tabl ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4][7]. Core Viewpoints - In November 2024, domestic automobile sales reached 3.3163 million units, a year-on-year increase of 11.65%. Cumulative sales from January to November 2024 totaled 27.9378 million units, up 3.90% year-on-year. The significant increase in November sales is attributed to the "trade-in" policy, which is expected to continue benefiting sales in December [4]. - The "trade-in" policy has shown a remarkable effect on stimulating domestic demand, with expectations for its continuation in 2025. The policy was introduced in April 2024 and has seen increased subsidy standards since August [4]. - As of December 19, 2024, the total number of applications for scrapping and replacement subsidies exceeded 580,000 vehicles, indicating strong consumer engagement with the policy [4]. - The dealer inventory coefficient as of November 2024 was 1.11, lower than the average of 1.53 over the past 36 months, suggesting potential for inventory replenishment in 2025 [4]. - Domestic automobile exports from January to November 2024 reached 5.3427 million units, a year-on-year increase of 22.72%. However, export growth has slowed, particularly due to increased restrictions from Europe and Russia [4]. - The penetration rate of new energy vehicles (NEVs) in the domestic market has steadily increased, with sales reaching 11.2618 million units from January to November 2024, a year-on-year increase of 36.39% [5]. - The market share of domestic brands in passenger vehicles has risen to 65.06% as of November 2024, driven by the growth in the NEV sector [8]. Summary by Sections Sales Performance - November 2024 domestic automobile sales were 3.3163 million units, up 11.65% year-on-year [4]. - Cumulative sales from January to November 2024 reached 27.9378 million units, reflecting a 3.90% increase [4]. Policy Impact - The "trade-in" policy has significantly stimulated demand, with expectations for its continuation into 2025 [4]. - Applications for scrapping and replacement subsidies have exceeded 580,000 vehicles as of December 19, 2024 [4]. Export Trends - Domestic automobile exports totaled 5.3427 million units from January to November 2024, up 22.72% year-on-year, but growth is slowing due to external restrictions [4]. New Energy Vehicle Market - NEV sales reached 11.2618 million units from January to November 2024, a 36.39% increase year-on-year [5]. - The penetration rate of NEVs has increased to 40.31% in 2024 [5]. - The market share of domestic brands in passenger vehicles has grown to 65.06% [8]. Investment Recommendations - The report suggests a positive outlook for domestic automobile brands, particularly those focusing on new energy and overseas markets, recommending attention to companies like BYD, Great Wall Motors, and Geely [6].

麦 行业周报 据 Wind 数据，截至 2024 年 12 月 20 日，国内热轧、铝锭、 镁锭、顺丁橡胶、天然气价格分别为 3420、20010、17860、 13400、4569 元/吨，较 2024 年 12 月 13 日分别变化-1.16%、 3.1 近期行业主要动态 12 月 16 日，尊界超级工厂在安徽合肥正式落成。江淮汽车集 团控股有限公司党委书记、董事长、总经理项兴初表示，尊界超 级工厂是江汽集团打造的集数字化研发、绿色低碳智造、品牌体 验服务等功能于一体的世界级智能工厂，预计达产后年产值将超 请务必阅读尾页重要声明 9 作者具有中国证券业协会授予的证券投资咨询资格或相当的专业胜任能力，以勤勉尽责的职业态度，独立、客观地 出具本报告，并保证报告采用的信息均来自合规渠道，力求清晰、准确地反映作者的研究观点，结论不受任何第三 方的授意或影响。此外，作者薪酬的任何部分不与本报告中的具体推荐意见或观点直接或间接相关。 ◼ 风险提示 资料来源：Wind，上海证券研究所 2 行业数据跟踪 图 11：国内锁锭市场价格（元/吨） 3）特朗普团队建议对汽车行业进行全面改革 蔚来将于明年在欧洲推出乐道 Onvo ...

证 券 研 究 报 告 行 业 周 报 ——机械行业周报（2024.12.16-2024.12.20） [行业: 日期: Table_Industry] 机械 shzqdatemark 2024年12月25日 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 刘阳东 | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号 : | S0870523070002 | | 分析师 : | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -22% -16% -10% -4% 2% 9% 15% 21% 27% 12/23 03/24 05/24 07/24 10/24 12/24 机械设备 沪深300 [Table_Rating] 增持（维持） [ ...

智元机器人开启商用量产，人形机器人产业化持续推进。1）12 月 16 投资建议 行业周报 风险提示 宏观经济下行风险、下游需求不及预期、原材料价格波动等。 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------|---------------|---------------|-------|----------|----------------------------------------|---------| | | 排序 股票简称 周涨跌幅 | 涨幅前十 \n | 周换手率 排序 | | | 跌幅前十 \n股票简称 周涨跌幅 周换手率 | | | 1 | 克劳斯 | 46.58% | 42.13% | 1 | 东方智造 | -30.05% | 129.33% | | 2 | 佳力图 | 36.27% | 85.29% | 2 | 日上集团 | -28.76% | 103.43% | | 3 | 实朴检测 | 23.90% | 150.30% | 3 | 巨轮智能 | -22.00% | 111 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4][71]. Core Viewpoints - The report highlights that the supply-demand balance in the refrigerant sector is expected to improve, leading to a potential upward trend in prices. It suggests focusing on companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [55]. - The report also emphasizes the importance of the chemical fiber sector, recommending attention to Huafeng Chemical, New Fengming, and Taihe New Materials [55]. - Other sectors of interest include tire manufacturing and agricultural chemicals, with specific companies recommended for investment [55]. Summary by Sections Market Trends - In the past week (December 16-22), the basic chemical index decreased by 3.37%, underperforming the CSI 300 index by 3.23 percentage points, ranking 19th among all sectors [42][53]. - The top-performing sub-sectors included non-metallic materials (1.75%), viscose (1.14%), and rubber additives (1.11%) [64]. Chemical Product Price Trends - The report lists the top five products with the highest weekly price increases: acrylic acid (9.96%), succinic anhydride (9.92%), butanone (7.59%), international butadiene (7.27%), and epoxy chloropropane (5.41%) [67]. - Conversely, the top five products with the largest weekly price declines included ammonium nitrate (-13.04%), monoammonium phosphate (-8.82%), industrial naphthalene (-7.35%), caprolactam (-6.22%), and liquid chlorine (-6.08%) [67]. Investment Recommendations - The report suggests focusing on the refrigerant sector, chemical fiber sector, and other quality growth stocks such as Wanhu Chemical, Hualu Hengsheng, and Luxi Chemical [55][71].

证 券 研 究 报 告 国产大模型豆包崛起，重视国产算力产 业链 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年12月24日 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -32% -24% -17% -10% -2% 5% 12% 20% 27% 12/23 03/24 05/24 07/24 10/24 12/24 计算机 沪深300 ◼ 周观点 政策支持+推理需求提升，国产算力持续受益。中央经济工作会议明确 2025 年的重点任务包括"开展'人工智能+'行动，培育未来产业"。 "人工智能+"行动有望为多个行业迎来利好，算力产业迎来重要发展 机遇。我们认为，随着国内 AI 大模型能力持续升级，AI 应用有望加速 落地，带动推理算力需求提升。此外美对华科技制裁不断加码，算力 自主可控势在必行，国产算力产业链有望持续景气。 建议关注：（1）AI 算力：海光信息、寒武纪、中科曙光、神州数码、 软通动力、华丰科技、泰嘉股份、安博通、申菱环境、英维克、润泽 科技等；（2）AI 应用：金山办公、科大讯飞、万兴科技、新致软件、 梅安森、鼎捷数智、 ...

本报告仅供上海证券有限责任公司(以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客 户。 本报告版权归本公司所有，本公司对本报告保留一切权利。未经书面授权，任何机构和个人均不得对本报告进行任 何形式的发布、复制、引用或转载。如经过本公司同意引用、刊发的，须注明出处为上海证券有限责任公司研究 所，且不得对本报告进行有悖原意的引用、删节和修改。 在法律许可的情况下，本公司或其关联机构可能会持有报告中涉及的公司所发行的证券或期权并进行交易，也可能 为这些公司提供或争取提供多种金融服务。 本报告的信息来源于已公开的资料，本公司对该等信息的准确性、完整性或可靠性不作任何保证。本报告所载的资 料、意见和推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值或投资收入可 升可跌。过往表现不应作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见或推测不一致的 报告。本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做 出修改，投资者应当自行关注相应的更新或修改。 本报告中的内容和意见仅供参考，并不构成客户私人咨询建议。在任何情 ...

行 业 周 报 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年12月24日 [Table_ReportInfo] 相关报告： 《周观点：谷歌发布 AI 大模型 Gemini 2.0，OpenAI 推出文生视频 Sora Turbo》 ——2024 年 12 月 17 日 《经济会议首提"人工智能+"上海提出落地 重点行业代表性并购案例》 ——2024 年 12 月 16 日 《周观点：OpenAI 推出 ChatGPT Pro 套 餐，Mate 70 系列芯片实现 100%国产》 ——2024 年 12 月 10 日 [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 市场行情回顾 过去一周（12.16-12.20），SW 电子指数上涨 3.55%，板块整体跑赢沪 深 300 指数 3.69 个百分点，从六大子板块来看，半导体、元件、其他 电子Ⅱ、消费电子、光学光电子、电子化学品Ⅱ涨跌幅分别为 5.40%、4.62%、4.52%、1.22%、0.48%、0.43%。 核心观点 2025 年中国大陆 PC 市场有望延续复苏趋势，A ...

Industry Investment Rating - The report maintains an "Overweight" rating for the beauty and personal care industry, indicating a positive outlook on the industry's fundamentals and relative performance compared to the benchmark index [11][17] Core Views - The long-term penetration rate of medical aesthetics is expected to continue to rise, with companies like Giant Biogene, Imeik Technology, and Jinbo Biotech showing strong potential [1] - The "Gift Sending" feature on WeChat Mini Stores is expected to benefit beauty brands, especially during upcoming holiday seasons like Christmas, New Year, and Valentine's Day [8][11] - The approval of Giant Biogene's bone repair material and its priority review for the "Injectable Recombinant Collagen Filler" are significant developments that could accelerate product launches [13][16][18][21] Industry Performance and Market Data - In November, total retail sales reached 4,376.3 billion yuan, a year-on-year increase of 3.0%, with retail sales excluding automobiles growing by 2.5% [3] - From January to November, total retail sales amounted to 44,272.3 billion yuan, up 3.5% year-on-year, with retail sales excluding automobiles increasing by 3.7% [3] - Online retail sales from January to November reached 14,030.8 billion yuan, a 7.4% increase year-on-year, with physical goods accounting for 11,805.9 billion yuan, up 6.8% [22] - Cosmetics retail sales in November were 43.4 billion yuan, a year-on-year decrease of 26.4%, with cumulative sales from January to November at 401.5 billion yuan, down 1.3% [26] Key Companies and Products - Giant Biogene: Received a Class III medical device registration certificate for its bone repair material and is undergoing priority review for its "Injectable Recombinant Collagen Filler" [13][16][18][21] - Imeik Technology: A leading medical aesthetics company with a strong product pipeline [1] - Jinbo Biotech: Expected to see continued growth in collagen-based products [1] - Jiangsu Wuzhong: Successfully approved for AestheFill and has collagen-based products in development [1] - Huadong Medicine: Known for its diverse product portfolio in the medical aesthetics sector [1] Market Trends and Opportunities - The integration of WeChat Mini Stores with video accounts, community fission, and search functions is creating new opportunities for beauty brands in live commerce, social commerce, and shelf commerce [8] - The "Gift Sending" feature simplifies the gifting process and leverages WeChat's strong social attributes to enhance consumer engagement and increase purchase frequency [11][15] - The medical aesthetics industry is expected to benefit from the approval of new products and the increasing demand for aesthetic treatments [1][13][16][18][21]