Industry Investment Rating - The report maintains a **"Recommend"** rating for the power equipment industry, with a focus on the growth potential in the renewable energy sector, particularly in photovoltaics (PV), wind power, energy storage, and grid equipment [1][4] Core Views - The report highlights the **upward trend in the energy storage, offshore wind, and grid equipment sectors**, driven by global decarbonization efforts and the need for grid modernization [1][2][3] - **Photovoltaic sector** is expected to see a recovery in 2025, with global PV installations projected to grow by 15-20%, driven by demand from emerging markets and technological advancements in BC and HJT cells [1] - **Wind power sector** is set for high growth, especially in offshore wind, with domestic projects expected to accelerate in 2025, supported by improved regulatory frameworks and increased project reserves [2] - **Grid equipment sector** is poised for stable growth, benefiting from global grid investment cycles and the need to integrate renewable energy sources into the grid [3] - **Energy storage sector** is expected to maintain high growth, with global energy storage installations projected to reach 260GWh in 2025, a 57% year-on-year increase, driven by falling lithium carbonate prices and policy support in Europe and the US [4] Photovoltaic Sector - **Demand-side growth**: Global PV installations are expected to grow by 15-20% in 2025, with emerging markets in the Middle East, South Asia, and Africa leading the charge [1] - **Supply-side improvements**: Industry regulations have raised barriers to capacity expansion, leading to a consensus among leading companies to reduce production, which is expected to alleviate supply-demand imbalances by 2025 [1] - **Technological advancements**: BC and HJT cell technologies are accelerating, with HJT cells benefiting from overseas expansion trends and new silver-reducing technologies driving down non-silicon costs [1] Wind Power Sector - **Onshore wind**: Demand-side growth is supported by strong bidding activity, while supply-side improvements include pricing self-regulation agreements among major manufacturers, reducing price competition [2] - **Offshore wind**: Domestic offshore wind projects are expected to see significant growth in 2025, with a rich pipeline of projects ready for grid connection [2] - **Global expansion**: Chinese companies are increasingly entering overseas markets, benefiting from global offshore wind growth [2] Grid Equipment Sector - **Global grid investment**: The sector is in a long-term upward cycle, with developed economies needing to replace aging grid infrastructure and integrate more renewable energy sources [3] - **Domestic growth**: Chinese grid equipment companies are expected to benefit from increased investment in grid infrastructure, particularly in ultra-high voltage (UHV) and smart grid projects [3] - **Export opportunities**: Overseas business is expected to remain stable, with Chinese companies well-positioned to capitalize on global grid investment trends [3] Energy Storage Sector - **Global growth**: Energy storage installations are expected to reach 260GWh in 2025, driven by falling lithium carbonate prices and policy support in Europe and the US [4] - **Emerging markets**: Energy storage demand is rapidly increasing in regions with weak grid infrastructure, driven by the declining cost of energy storage systems [4] - **Profitability improvements**: Falling system prices are expected to ease profit pressures on companies, particularly in China [4]

电子行业 ——2025 年电子行业投资策略 行业深度 2024 年初至今，中信电子行业指数上涨 23.24%，同期沪深 300 上涨 16.22%，电子行业指数表现强于沪深 300。24Q3 以来电子行业指数上涨 36.24%，同期沪深 300 上涨 15.19%，电子行业表现大幅强于沪深 300。年 初至今，电子行业涨幅前五的细分行业分别为 PCB、集成电路、半导体、元 器件、半导体设备，分别上涨了 36.47%、36.27%、31.93%、31.84%、29.22%， 市场表现强于电子行业指数。 AI 从云侧向端侧持续推进，算力 & HBM 需求高增。 2028 年 AI 基础设施市场支出超 1000 亿美元。根据 IDC 的数据，2024 H1， 全球用于计算和存储硬件的 AI 基础设施支出同比增长 37%，达到 318 亿美 元；2028 年，AI 基础设施支出预计超过 1000 亿美元，其中服务器占总支出 的 75% ，加速服务器占总支出的 56%。 中国 AI 芯片市场规模快速增加，国产 GPU 竞争力不断提升。根据中商产 业研究院数据，2022 年中国 AI 芯片市场规模达到 850 亿元，同比 ...

Economic Outlook - The U.S. economy is expected to experience a slight slowdown in growth, remaining above potential growth at no less than 2%[118] - The average tariff rate on Chinese goods is projected to reach 30%-60%, potentially reducing China's GDP by 0.4%-1.6%[118] Monetary Policy - The Federal Reserve is likely to stop interest rate cuts after one more reduction, with core PCE inflation expected to exceed 3%[118] - The short-term neutral interest rate is anticipated to rise due to fiscal spending, reducing the constraint of monetary policy[118] Real Estate Market - Real estate sales for top 100 developers saw a year-on-year growth rate increase from -37.7% in September to 7.1% in October, but fell back to -6.9% in November[8] - The current environment differs from 2015, as merely lowering down payment ratios and interest rates may not suffice to stimulate demand[8] Consumer Confidence - The consumer confidence index indicates fluctuating consumer willingness to spend, with significant variations observed from January 2021 to January 2024[2] Government Revenue and Expenditure - Nationwide government fund revenue and expenditure have shown cumulative year-on-year percentage changes, indicating fiscal pressures[5] Inflation and Economic Risks - The potential for stagflation exists if trade tensions and immigration policy tighten, leading to lower economic growth and rising inflation[12] - The risk of inflation exceeding 4% in the long term is heightened by proposed tariffs and immigration policies[118] Investment Trends - The investment landscape is expected to improve with the issuance of special government bonds, estimated at 1 trillion yuan to stabilize growth[114] - Real estate investment is projected to see a narrowing decline, with land transaction volumes and premium rates showing signs of recovery[82]

图 34: 图 35: 2023 年血制品行业采装紧头垄断市场格局 . 图 36: 2019-2023 年主要血制公司应收款周转次数 图 37: 2019-2023 年主要血制公司库存商品可售月 ... 图 38: 图 39: "十二五"血液倍增计划完成情况 2023-2024H1 主要血制品上市公司采浆同比增幅. 图 40: 主要血制公司单位浆站年均采浆量/吨............................................................................................................................ 30 图 41: 2020-2024 年主要血制公司新批/并购浆站数奖 . 图 42: 我国各级医院数量/家 . 图 43: 我国卫生健康支出决算情况/亿元 图 44: 我国医疗设备招标采购金额（周度数据）/亿元 . 图 45: 图 46: 我国人工晶状体市场折分（按销量拆分）/% 图 47: 人工晶状体视程 图 48: 图 49: 景深延长型人工品状体设计 ... .. 人工品状体置换手术价格折分/元 图 ...

Investment Rating - The report recommends the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform better than the market benchmark index in the next 6-12 months [13]. Core Insights - The first batch of CHS-DRG payment exclusion list for new drugs and technologies has been released in Beijing, which is beneficial for innovative drugs and medical devices [3][10]. - The exclusion rules specify that total costs must exceed twice the average costs of the DRG group, and new drugs and technologies must account for over 64% of the total case costs [1]. - The CHS-DRG payment exclusion policy provides a more lenient payment environment for innovative drugs and devices, encouraging their development by reducing cost control impacts on physicians [4][11]. Summary by Sections - **Exclusion List and Rules**: The document outlines a total of 24 items, including 18 drugs, 4 consumables, and 2 treatment projects, with specific exclusion criteria based on cost thresholds and the proportion of new technology costs [1]. - **Impact on Innovation**: The CHS-DRG payment exclusion policy is expected to facilitate the use of clinically valuable products without the constraints of cost control, thus promoting the development of innovative medical solutions in China [4][11].

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (伊利股份) [1] Core Views - Yili's revenue growth has been under pressure, but the decline has narrowed compared to the second quarter, with net profit continuing to grow. For Q3 2024, the company achieved revenue of 89.039 billion yuan, down 8.59% year-on-year, while net profit attributable to shareholders was 10.868 billion yuan, up 15.87% [1] - The company is expected to stabilize by the end of the year, benefiting from a decrease in raw milk costs and effective expense management. The fourth quarter is anticipated to show improved revenue growth as inventory adjustments in liquid milk channels conclude [1] - Yili maintains a strong position in the domestic dairy industry, with a solid brand advantage and robust channel expansion capabilities. The company has diversified its product offerings across various categories, including liquid milk, milk beverages, and infant nutrition products, which have shown good growth [1] Summary by Sections Financial Performance - For Q3 2024, Yili's revenue was 29.125 billion yuan, a decrease of 6.67% year-on-year, while net profit was 3.337 billion yuan, an increase of 8.53%. The gross margin improved to 34.81%, up 1.90 percentage points year-on-year [1] - The company expects revenues for 2024, 2025, and 2026 to be 177.4 billion yuan, 123.0 billion yuan, and 129.2 billion yuan, respectively, with year-on-year growth rates of -6.6%, 4.8%, and 5% [1][4] Market Position - Yili's market share continues to rise, with the company ranking first in retail sales for liquid milk and ice cream. The market share for infant formula has increased by 2 percentage points year-on-year to 13.2% [1] - The company has been actively enhancing its digital transformation strategy across both online and offline channels, which has contributed to its market leadership [1] Valuation - The current price-to-earnings (P/E) ratio for Yili is 15.6 times, compared to the industry average of 21.4 times. The projected P/E ratios for 2024, 2025, and 2026 are 15.4, 15.2, and 14.4 times, respectively [1][4]

Investment Rating - The report gives a "Strong Buy" rating for the company [1]. Core Views - The company is a leading player in the domestic submarine cable industry, benefiting from the growth of the global offshore wind power sector [1]. - The offshore wind power industry in China is entering a growth phase, with significant potential for expansion in the medium to long term [1]. - The company has a strong order backlog, which supports its performance for 2024 and 2025 [1]. Summary by Sections Company Overview - The company has been deeply involved in the cable industry for many years and is a core supplier of land and submarine cable systems in China [1][14]. - The company began its offshore cable business in 2005 and has since established a leading position in the domestic market [1][14]. - The offshore cable business has become the main source of profit for the company, with production capacity and R&D technology at industry-leading levels [1][14]. Offshore Wind Power Industry - The domestic offshore wind power industry is experiencing positive changes, with a rich reserve of projects expected to be grid-connected by 2025 [1][51]. - The average distance of offshore wind projects from the shore has increased, which enhances the demand for submarine cables [1][100]. - The company is well-positioned to benefit from the growth of the offshore wind power sector, particularly in Guangdong and Zhejiang provinces [1][117]. Financial Performance - The company has shown rapid growth in recent years, with a compound annual growth rate (CAGR) of 19.3% in revenue from 2018 to 2023 [1][36]. - The net profit CAGR from 2018 to 2023 reached 42.4%, indicating strong profitability [1][38]. - Revenue is projected to reach 93 billion, 126 billion, and 138 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 12 billion, 20 billion, and 22 billion yuan [1][135]. Market Position and Competitive Advantage - The company is part of a stable competitive landscape in the submarine cable industry, with a strong market share alongside competitors like Zhongtian Technology and Hengtong Optic-Electric [1][103]. - The company has a significant technological advantage, having developed various high-voltage and flexible direct current cable products [1][110]. - The company has established a solid international presence, with ongoing projects in Europe that are expected to contribute to future growth [1][120]. Investment Recommendations - The report suggests that the company will continue to benefit from the rapid development of the global offshore wind power industry, with a strong outlook for future performance [1][135].

Economic Overview - The Central Economic Work Conference held on December 11-12, 2024, emphasized the need for a more proactive macroeconomic policy to expand domestic demand comprehensively[1] - The GDP growth rate for 2024 is projected to reach 5%, with a potential Q4 growth rate of around 5.5% if industrial production maintains a growth rate of approximately 5%[13] - Net exports contributed 1.1 percentage points to GDP growth in the first three quarters of 2024, indicating reliance on external demand[20] Policy Directions - The conference highlighted the importance of "five major coordinations" to balance market efficiency and government intervention, supply and demand, and new versus old growth drivers[15] - A more aggressive fiscal policy is anticipated, with expectations of a deficit rate increase to 3.5%-4% and the issuance of approximately 2 trillion yuan in special bonds[26] - Monetary policy is expected to remain moderately loose, with potential reductions in interest rates and reserve requirements to stimulate economic activity[27] Domestic Demand Expansion - The focus on expanding domestic demand has increased, with specific actions to boost consumption and investment, including raising basic pensions and enhancing financial support for low-income groups[34] - The "two new" policies, aimed at promoting consumption through trade-in programs, have already driven significant sales growth in appliances and automobiles, with sales exceeding 1 trillion yuan in 2024[35] Risk Management - The conference underscored the need to mitigate risks in the real estate market, with measures to stabilize prices and enhance housing supply through urban renewal projects[50] - The ongoing geopolitical tensions, particularly with the U.S., pose risks to external trade, potentially impacting GDP growth by 0.5-1 percentage points in 2025[48] Innovation and Competition - Emphasis was placed on technological innovation as a driver for new productivity, particularly in the artificial intelligence sector, which is projected to grow significantly by 2030[41] - The government aims to address "involution" in competition by regulating market behaviors and promoting fair competition across industries[43]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][2][164]. Core Insights - The company is a leading player in the chemical luminescence in vitro diagnostics sector in China, benefiting from both domestic and international growth drivers [1][14]. - High-margin reagents are the primary source of profit for the company, with the X8 series instruments contributing significantly to testing volume [1][2]. - The domestic market for in-hospital testing is increasingly concentrated in tertiary hospitals, which are expected to capture a larger share of the domestic replacement market [1][2][32]. Summary by Sections Company Overview - The company, established in 1995, specializes in the research, production, and sales of automated chemical luminescence immunoassay instruments and reagents, holding a market share of 5.2% in 2021 [1][14]. - As of H1 2024, the company has achieved a coverage rate of 60.2% in domestic tertiary hospitals and serves medical terminals in 155 countries and regions [1][14]. Market Dynamics - The in vitro diagnostics (IVD) industry in China is experiencing a shift towards tertiary hospitals, which are expected to account for approximately 70% of the in-hospital testing market by 2023 [1][24][32]. - The chemical luminescence market in China has a low domestic replacement rate of about 30%, indicating significant growth potential as domestic companies increase their market share [1][76]. Financial Projections - Revenue projections for the company are estimated at CNY 46.2 billion, CNY 55.3 billion, and CNY 66.0 billion for 2024E, 2025E, and 2026E respectively, with a compound annual growth rate (CAGR) of 19.5% for net profit [2][164]. - The company’s net profit is projected to reach CNY 19.2 billion, CNY 23.2 billion, and CNY 28.1 billion over the same period [2][164]. Competitive Position - The company has a strong competitive position in the high-end market, with the X8 and T8 series instruments expected to capture significant market share in domestic replacements [1][14][32]. - The introduction of the SATLARS T8 automated sample processing system is anticipated to enhance the company's competitiveness in tertiary hospitals [1][123]. Valuation - The company's current PE-TTM is 29.21, indicating a stable valuation level that is considered low, with potential for upward movement as the market stabilizes [2][166].

Investment Rating - The report assigns a "Strong Buy" rating for the company, Shandong Pharmaceutical Glass [3][7]. Core Views - Shandong Pharmaceutical Glass is a leading player in the pharmaceutical glass packaging industry, benefiting from policy incentives and decreasing costs. The company has a strong market position with a significant share in molded bottles and brown bottles, which constitute 68% of its total revenue. The operational efficiency has improved over the years, with a declining expense ratio that is better than its peers [1][3][12]. Summary by Sections Company Overview - Established in 1970, Shandong Pharmaceutical Glass has evolved from producing only ampoules to providing a full range of pharmaceutical packaging solutions, including bottles, stoppers, and caps. The company has a market share of 70-80% in molded bottles, with a revenue structure heavily reliant on molded and brown bottles [1][22][30]. Policy Benefits - The company benefits from two major policy incentives: the association review and consistency evaluation. These policies enhance customer loyalty among pharmaceutical companies and stimulate demand for borosilicate glass products, which are currently underrepresented in the domestic market compared to international standards [1][45]. Cost Structure and Profitability - The decline in soda ash prices has positively impacted the company's gross margins. The cost of soda ash, which constitutes about 40% of direct material costs, has significantly decreased since May 2024, leading to an estimated 0.3% increase in gross margin for molded bottles with every 100 yuan decrease in soda ash prices [1][3][39]. Revenue and Profit Forecast - The company is projected to achieve revenues of 56.3 billion yuan, 63.4 billion yuan, and 71.0 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.0%, 12.6%, and 12.0%. Net profits are expected to be 9.8 billion yuan, 11.8 billion yuan, and 14.0 billion yuan for the same years, reflecting growth rates of 26.4%, 20.8%, and 18.0% [3][7][5]. Market Position and Competitive Advantage - Shandong Pharmaceutical Glass holds a leading position in the market with a strong first-mover advantage in borosilicate glass products. The company has a significant production capacity and is in a phase of rapid expansion, particularly in the molded bottle segment [1][12][13]. Financial Metrics - The report highlights key financial metrics, including an expected EPS of 1.48 yuan, 1.78 yuan, and 2.11 yuan for 2024, 2025, and 2026, respectively. The projected gross margins are 30.9%, 31.9%, and 32.7% for the same years [3][5][7].