黄涵虚 S0630522060001 hhx@longone.com.cn 行 业 周 报 [证券分析师 Table_Authors] [Table_Reportdate] 2025年01月06日 [table_invest] 标配 1.理想加速AI布局，比亚迪无图城市 领航全国开通——汽车行业周报 （2024/12/23-2024/12/29） [table_stockTrend] -31% -19% -8% 3% 15% 26% 37% 24-01 24-04 24-07 24-10 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] [Table_NewTitle 新能源汽车市场圆满收官， ] 地方以旧换 新衔接政策集中推出 ——汽车行业周报（2024/12/30-2025/01/05） [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 汽 车 ➢ 本周汽车板块行情表现：本周沪深300环比下跌5.17%；汽车板块整体下跌7.45%，在31个 行业中排第19。细分行 ...

[Table_Reportdate] 2025年01月06日 标配 行 业 深 度 [证券分析师 Table_Authors] ： 王鸿行 S0630522050001 whxing@longone.com.cn [table_stockTrend] -18% -7% 4% 15% 26% 37% 48% 24-01 24-04 24-07 24-10 申万行业指数:银行(0748) 沪深300 [相关研究 table_product] 1. M2与社融增速差逆转前后的形势 及逆转原因复盘——存款形势研究 （一） 2. 存款结构分化映射宏观变迁—— [Table_NewTitle 政策积极]效果渐显，量价修复进行时 ——存款形势研究（五） [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 银 行 [table_invest] 存款形势研究（二） 3. 存款增量与结构再平衡——存款 形势研究（三） 4. 存款增长明显放缓，分化再度上 升——存款形势研究（四） 资料来源：人民银行，Wind，东海证券研究所 ...

[Table_Reportdate] 2025年1月6日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 [Table_NewTitle] 消费电子国补落地，关注AI主线下的 CES 2025 ——电子行业周报2024/12/30-2025/1/5 [table_main] 投资要点： 行 业 周 报 行 业 研 究 董经纬 djwei@longone.com.cn 电 子 [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 端侧AI眼镜持续催化，英伟达 B300设计调整将重新流片——电子 行业周报（2024/12/23- 2024/12/29） 2. 字节豆包视觉理解模型发布，美 光科技数据中心业务增长强劲—— 电子行业周报（2024/12/16- 2024/12/22） 3.文生视频模型Sora正式发布， Android XR引领端侧AI变革 ...

[table_main] 重点推荐 财经要闻 晨 会 纪 要 [Table_Reportdate] 2025年01月03日 [晨会纪要 Table_NewTitle] 20250103 [证券分析师： Table_Authors] 张季恺 S0630521110001 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 zjk@longone.com.cn [Table_Report] ➢ 1.天合光能（688599）：大浪识英雄，组件龙头稳健跨越周期——公司深度报告 ➢ 2.非制造业超季节性走强，制造业价格指标继续走弱——国内观察：2024年12月PMI ➢ 3.1月投资策略及金股组合 ➢ 1.国务院总理李强：今年要继续实施好消费品以旧换新这一政策 ➢ 2.央行启动了第二次互换便利操作 正文目录 | 1. 重点推荐 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 1.1. 天合光能 ...

[Table_Reportdate] 2025年01月03日 [table_invest] 标配 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn [table_stockTrend] -34% -22% -10% 2% 14% 26% 38% 24-01 24-04 24-07 24-10 申万行业指数:汽车零部件(072802) 沪深300 [Table_NewTitle] EMB量产渐近，线控制动国产替代加速 ——汽车行业深度报告 [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 深 度 汽 车 零 部 件 [table_product] ➢ 线控制动主要包括EHB、EMB和HBBW三大类。汽车制动系统分为驻车制动和行车制动 两大主要类型。其中，驻车制动主流方案为集成式EPB。行车制动系统由纯机械制动、液 压制动、电液制动系统向线控制动发展，而线控制动可分为液压式线控 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned as a leading player in the photovoltaic industry, focusing on integrated solutions across the solar energy value chain, including photovoltaic products, systems, and smart energy solutions [44][46] - The company has diversified its business model, contributing to its performance resilience, with significant growth in its distributed systems and energy storage segments [12][32] - The photovoltaic industry is experiencing short-term supply-demand imbalances, but long-term demand growth remains intact, with industry self-discipline expected to facilitate capacity clearing [37][40] Summary by Sections Company Overview - The company has a robust operational history of 27 years, with a diversified development strategy that has allowed it to navigate through various market cycles [9] - As of the end of 2024, the company reported a total share capital of 217.937 million shares and a debt-to-asset ratio of 74.57% [10] Industry Analysis - The photovoltaic industry is currently facing short-term challenges due to overcapacity and price declines, but long-term demand is projected to grow, driven by global energy transition trends [58][65] - The report highlights the importance of industry self-regulation to address supply-demand imbalances and stabilize pricing [63][65] Business Segments - The company's revenue from its component business was 300.57 billion yuan in H1 2024, accounting for 69.95% of total revenue, while the photovoltaic systems segment generated 108.46 billion yuan, representing 25.24% of total revenue [32] - The energy storage segment is expected to see rapid growth, with projected shipments of 5 GWh for the full year 2024 [12] Financial Performance - In H1 2024, the company reported a revenue of 429.68 billion yuan, a decrease of 12.99% year-on-year, and a net profit of 5.26 billion yuan, down 85.14% year-on-year [28] - The company’s sales gross margin for the component business was 11.13% in H1 2024, reflecting a decline compared to the previous year [57]

Group 1: Company Overview - The report highlights that博迈科 (603727) is experiencing a turnaround in performance due to the rising industry demand and the gradual release of orders, particularly in the FPSO (Floating Production Storage and Offloading) sector, which is expected to see stable and long-term investment growth from 2024 to 2028 with an anticipated addition of 48 new FPSO orders globally [7][8][30] - The company achieved a record high in new FPSO orders amounting to approximately 3.703 billion yuan in 2023, indicating a strong future performance rebound expected in 2025 due to the lagging effect of order signing on revenue and profit [8][30] - 博迈科 is also diversifying its operations by expanding into the LNG sector, with significant projects in Russia, which are expected to enhance its market recognition and order volume [29] Group 2: Industry Trends - The domestic offshore wind market is rapidly developing, with 东方电缆 (603606) positioned as a leader in the submarine cable sector, having secured nearly 3 billion yuan in offshore cable projects in Europe since December 2020, primarily in the UK and Scotland [12][34] - The report anticipates that the offshore wind sector will see accelerated construction from 2024 to 2025, with a significant increase in project approvals and construction activities, particularly in coastal provinces [18][39] - The global demand for offshore wind cables is expected to remain strong, with a projected supply shortage in the submarine cable market until 2031, positioning China as a key player in alleviating this gap [33][34] Group 3: Financial Performance - The financial performance of 博迈科 shows steady growth, with a cumulative revenue of approximately 6.689 billion yuan for the first nine months of 2024, representing a year-on-year increase of 25.18%, and a net profit of about 932 million yuan, up 13.41% [12] - The report projects that 东方电缆 will achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan from 2024 to 2026, with net profits expected to reach 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan respectively [34]

Group 1: PMI Analysis - December manufacturing PMI decreased to 50.1%, down from 50.3%[36] - Non-manufacturing PMI increased to 52.2%, up from 50.0%[36] - Manufacturing PMI seasonal decline is slightly better than the 5-year average of -0.3 percentage points, with a month-on-month change of -0.2 percentage points[2] Group 2: Sector Performance - Non-manufacturing PMI showed a strong seasonal increase of +2.2 percentage points, significantly above the 5-year average of 1.2 percentage points[3] - Construction sector contributed with a PMI of 53.2%, up by +3.5 percentage points, while the service sector PMI reached 52.0%, up by +1.9 percentage points[3] Group 3: Price Indicators - Main raw material purchase price index fell to 48.2%, down by -1.6 percentage points, while the factory price index dropped to 46.7%, down by -1.0 percentage points[11] - Price signals continue to weaken, indicating that demand stabilization still requires policy support[22] Group 4: Supply and Demand Dynamics - Supply-demand gap continues to narrow, with the production index decreasing by 0.3 percentage points to 52.1% and the new orders index increasing by 0.2 percentage points to 51.0%[27] - Import index rose significantly by 2 percentage points to 49.3%, marking the first time since February that it exceeded the new export orders index[27]

Investment Rating - The report rates the home appliance industry as "Overweight" [4][13]. Core Insights - The home appliance industry is experiencing positive effects from the "old-for-new" policy, with over 33 million consumers purchasing more than 52.1 million appliances as of December 19, 2024 [7]. - The white goods sector, particularly leading companies like Gree Electric and Midea Group, is expected to maintain stable profitability amidst market competition [5]. - The implementation of new energy efficiency standards is driving transformation in the home appliance industry, with over 90% of sales in energy-efficient products [11]. Summary by Sections Investment Suggestions - Focus on leading companies in the white goods sector, which are expected to perform well despite market fluctuations [5]. - The "old-for-new" policy is showing significant results, with a notable increase in sales across major appliance categories [7]. Industry Trends - The sales structure of home air conditioners is changing, with an increase in the market share of inverter and wall-mounted units [11]. - The electric bicycle industry is undergoing upgrades due to new safety standards, which may lead to increased market concentration [6]. Market Performance - The home appliance industry is projected to outperform the broader market index (CSI 300) by at least 10% over the next six months [13].

Investment Rating - The report assigns a "Market Weight" rating for the industry, indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [8]. Core Insights - The automotive market is experiencing high demand due to the "old-for-new" policy, with retail sales of passenger vehicles reaching 1.692 million units from December 1-22, a year-on-year increase of 25%, and wholesale sales of 1.770 million units, up 30% year-on-year [12][31]. - New energy vehicles (NEVs) are particularly strong, with retail sales of 817,000 units, a 60% increase year-on-year, and wholesale sales of 913,000 units, up 56% year-on-year [12][31]. - The report highlights the competitive landscape, with companies like BYD and Ideal Auto making significant advancements in AI and smart driving technologies, aiming for L3 autonomous driving capabilities by 2025 [14][32]. Summary by Sections 1. Investment Highlights - BYD has launched its "Tian Shen Zhi Yan" navigation feature nationwide, enhancing its smart driving capabilities across various models [12][38]. - Ideal Auto is accelerating its AI initiatives, with plans to implement L3-level autonomous driving by 2025, leveraging its AI assistant app [14][32]. 2. Secondary Market Performance - The CSI 300 index rose by 1.36% this week, while the automotive sector increased by 0.69%, ranking 7th among 31 industries [12][40]. - Within the automotive sector, sub-sectors such as commercial vehicles and automotive parts showed varied performance, with commercial vehicles up by 3.36% [12][40]. 3. Industry Data Tracking - The report tracks weekly data from the China Passenger Car Association, noting significant increases in both retail and wholesale sales for passenger and new energy vehicles [51]. - The report also includes tracking of raw material prices, which are crucial for automotive manufacturing [55]. 4. Company Announcements - Recent announcements from companies like Yinlun Technology and Chuanhuan Technology indicate successful procurement orders, enhancing their market presence in specific sectors [68]. 5. Industry Dynamics - The report discusses recent developments such as Xiaomi's OTA updates for its vehicles and the completion of significant funding rounds by companies like Zhiji Auto, indicating ongoing innovation and investment in the sector [69].