Market Penetration - AI penetration in A-shares remains low, with less than 20% of companies mentioning AI in their 2023 annual reports[51] - TMT sector shows the highest penetration, with over 70% of companies in the computer industry involved in AI[51] - More than half of the primary industries have an AI penetration rate below 10%, with sectors like food and beverage, agriculture, and coal having minimal involvement[51] Investment and Development - Companies primarily adopt self-research strategies, especially in the foundational layer, while consumer-oriented firms tend to collaborate[40] - The number of companies mentioning AI has increased significantly from 172 in 2020 to over 1,200 in 2023[51] - Future investment focus areas include application scenario expansion, technology research, and product development[40] Output Effectiveness - Most industries are in the output phase, focusing on quality improvement and efficiency enhancement, with revenue growth still in early stages[5] - Companies that emphasize cost reduction have seen a notable increase in gross margins, while revenue expansion remains less pronounced[5] - The expected effects of AI vary by company stage, with a decrease in efficiency improvement expectations but an increase in quality and profit growth expectations[5]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating an expectation of performance exceeding the market by over 20% [6]. Core Insights - The report highlights the launch of Tongwei's global innovation R&D center, with the first HJT+THL battery expected to be produced by June 2024, marking a significant advancement in production capabilities [2]. - Tongwei's new HJT technology, combined with proprietary electroplating steel, has achieved a record output power of 765W and a conversion efficiency of 24.63%, showcasing the potential for further efficiency improvements in the industry [3]. - The introduction of 1GW production capacity equipment is anticipated to significantly reduce production costs for battery manufacturers, addressing previous capital expenditure pressures associated with lower capacity equipment [4]. - The report suggests that the declining costs and increasing efficiency of HJT technology could bolster industry confidence in expansion, especially as the profitability of the solar supply chain has been under pressure [5]. Summary by Sections Industry Events - Tongwei's R&D center project commenced on November 30, 2023, with the first production line expected to validate mass production standards by September 2024 [2]. Technology Advancements - The HJT technology has overcome key production challenges, and the new production line is set to enhance efficiency and output [3]. Cost Reduction - The shift to 1GW production lines is projected to lower operational costs significantly, making investments more attractive for manufacturers [4]. Market Outlook - The report emphasizes the potential for HJT technology to lead the next phase of production expansion, particularly as the industry navigates current profitability challenges [5].

证券研究报告 公 2024年06月07日 司 报 告 长安汽车(000625) │ 行 业： 汽车/乘用车 公 投资评级： 司 当前价格： 13.19元 点 新能源及海外销量持续高增，全球化进程加速 目标价格： 评 研 事件： 究 基本数据 6月6日，公司发布5月产销快报：长安汽车2024年5月批发销量20.68 总股本/流通股本(百万股) 9,917.29/9,854.23 万辆，同比增长3.29 %。 流通A股市值(百万元) 108,342.72 ➢ 5月销量同比稳定增长，环比基本持平 公司5月实现批发销量20.68万辆，同比增长3.29%，环比下滑 1.6%，1- 每股净资产(元) 7.38 5月共实现批发销量110.90万辆，同比增长12.03%；其中自主品牌5月销 资产负债率(%) 60.24 量17.10万辆，同比增长4.70%，环比下滑1.0%，1-5月共实现销量93.24 一年内最高/最低(元) 21.48/11.41 万辆，同比增长11.64%；自主品牌乘用车5月销量12.32万辆，同比增长 1.29%，环比增长0.1%，1-5月共实现销量68.36万辆，同比增长8.53%。 股价相对走势 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 55.48 CNY, based on the current price of 44.14 CNY [2]. Core Insights - The company has launched two groundbreaking products: the universal control system UCS and the AI temporal model TPT, marking a significant step towards industrial AI development [3][4]. - The UCS product, named Nyx, utilizes a cloud-native architecture that drastically reduces costs, with a 90% reduction in cabinet space, 80% decrease in cable costs, and a 50% shorter construction period [4]. - The TPT model addresses key industrial challenges such as anomaly warning and operational optimization, transitioning from multiple models to a single model supporting various applications [5]. - The company is building a core competitive advantage in "AI + data," aiming to enhance production efficiency and reduce costs across various industrial processes [6]. Financial Forecasts and Valuation - Projected revenues for 2024-2026 are 10.661 billion CNY, 13.077 billion CNY, and 15.836 billion CNY, with year-on-year growth rates of 23.68%, 22.66%, and 21.11% respectively [7]. - The net profit attributable to the parent company is expected to be 1.252 billion CNY, 1.545 billion CNY, and 1.973 billion CNY for the same period, with growth rates of 13.64%, 23.39%, and 27.68% respectively [7]. - The company is valued at a 35x PE ratio for 2024, leading to a target price of 55.48 CNY, reflecting its leadership position in the domestic process automation sector and its transition towards an industrial AI company [7].

Investment Rating - The investment recommendation for the industry is "Outperform the Market" [7] Core Viewpoints - The integration of vehicle-road-cloud infrastructure is set to commence, with significant investments announced, such as the 9.939 billion yuan project in Beijing [2] - The vehicle-road-cloud integration aims to overcome the limitations of single-vehicle intelligence in autonomous driving by enhancing environmental perception, decision-making, and control execution [3] - Government policies are facilitating the rapid development of the vehicle-road-cloud integration industry, with various regulations and standards being established [4] - The industry chain for vehicle-road-cloud integration is becoming increasingly comprehensive, covering key components such as roadside units (RSU), onboard units (OBU), and high-precision maps [5] - The market potential for vehicle-road collaboration is substantial, with projections indicating a market size of 496 billion yuan by 2030 and a compound annual growth rate (CAGR) of 26.64% from 2021 to 2030 [6] Summary by Sections Industry Events - On May 31, 2024, a tender announcement for the vehicle-road-cloud integration project in Beijing was released, with an investment of 9.939 billion yuan [2] Technological Advancements - The vehicle-road-cloud integration is expected to enhance the capabilities of autonomous vehicles, providing safer and more efficient driving experiences [3] Policy Support - Recent government initiatives have opened pathways for advanced autonomous vehicles to enter trials and public roads, promoting the development of vehicle-road-cloud integration applications [4] Industry Chain Development - The industry chain includes critical components such as RSU, OBU, and high-precision maps, with various service providers offering complete solutions for different application scenarios [5] Market Potential - The vehicle-road collaboration market is projected to reach 496 billion yuan by 2030, with significant investments anticipated in the coming years [6] Investment Suggestions - The report suggests focusing on segments related to RSU, OBU, lidar, video surveillance, high-precision maps, and cloud platforms, as these areas are expected to benefit from the industry's growth [7]

证券研究报告 行 2024年06月06日 业 报 告 前瞻研究 │ 行 业 相对大盘走势 碳减排：欧盟碳边境调节机制（CBAM） 专 题 研 究  碳减排是达成国际气候行动目标的关键行动方向。二氧化碳是全球变 暖的主要驱动因素，其排放量远超其他温室气体，对长期气候变化的 影响尤为显著。如今全球减排控温效果不达预期，二氧化碳浓度仍然 在不断攀升，长期累积效应将对全球气候系统和生态环境造成深远影 响。因此，控制碳排放是改善全球变暖的重要举措之一。 作者  欧盟密切关注碳排放状况。欧盟为实现到2030年将温室气体排放至少 分析师：郭荆璞 减少55%的目标，2021年7月欧盟委员会提出了“适应55计划”，是 执业证书编号：S0590523070003 碳边境调节机制作为计划的重要组成部分，在确保欧盟在实现气候目 邮箱：jpguo@glsc.com.cn 标的同时，避免因碳泄漏而削弱竞争力，并激励其他国家采取类似的 碳减排措施。通过碳边境调节机制，欧盟不仅强化了自身的气候政策， 也向全球传递了应对气候变化的强烈信号。  欧美国家通过政策手段推出碳关税。各国制定了碳关税相关政策法案 来防止贸易中“碳泄漏”的出现。欧 ...

证券研究报告 行 2024年06月06日 业 报 投资建议： 强于大市（维持） 告 石油石化 上次建议： 强于大市 │ 行 业 相对大盘走势 油市或在 OPEC 延期减产后维持供需趋紧 点 石油石化 沪深300 评 20% 研 ➢ 行业事件： 究 7% 2024 年 6 月 2 日欧佩克部长级会议上，欧佩克+成员国达成协议，将延长 自愿减产政策至 2025年底，自2024年9月起逐渐取消自愿额外减产。具 -7% 体协议内容包括：将原定于 2024年6月末到期的接近220万桶/日额外减 -20% 产延长至 2024年9月末，2024 年10月至2025年9月成员国可以根据市 2023/6 2023/10 2024/2 2024/6 场情况逐步恢复额外减产量；将原定于 2024年底到期的接近 166万桶/日 的自愿减产延长至2025年底。 作者 ➢ 短期油价见顶回落 分析师：郭荆璞 随着地缘政治溢价逐渐消退，短期油价走势见顶回落：WTI和布伦特油价在 执业证书编号：S0590523070003 2024年4月分别触及86.91美元/桶和91.17美元/桶，而在5月末分别回 邮箱：jpguo@glsc.com.cn ...

证券研究报告 行 2024年06月06日 业 报 投资建议： 强于大市（维持） 告 石油石化 上次建议： 强于大市 │ 行 业 相对大盘走势 油市或在 OPEC 延期减产后维持供需趋紧 点 石油石化 沪深300 评 20% 研 ➢ 行业事件： 究 7% 2024 年 6 月 2 日欧佩克部长级会议上，欧佩克+成员国达成协议，将延长 自愿减产政策至 2025年底，自2024年9月起逐渐取消自愿额外减产。具 -7% 体协议内容包括：将原定于 2024年6月末到期的接近220万桶/日额外减 -20% 产延长至 2024年9月末，2024 年10月至2025年9月成员国可以根据市 2023/6 2023/10 2024/2 2024/6 场情况逐步恢复额外减产量；将原定于 2024年底到期的接近 166万桶/日 的自愿减产延长至2025年底。 作者 ➢ 短期油价见顶回落 分析师：郭荆璞 随着地缘政治溢价逐渐消退，短期油价走势见顶回落：WTI和布伦特油价在 执业证书编号：S0590523070003 2024年4月分别触及86.91美元/桶和91.17美元/桶，而在5月末分别回 邮箱：jpguo@glsc.com.cn ...

投 资 策 略│ 策 略 专 题 ➢ 本轮涨价的"宽度"强于"高度" 我们将 43 个重点品种划分为"衣、食、住、行、用"几条产业链。其中， "衣"相关品种价格变动不大，"食"相关品种年初以来表现欠佳，"住"相 关品种跌价较多，"用"与"行"相关品种提价较多。我们从公司财报、机 构调研公告等公开信息整理了价格变动的主要原因，并从供给、需求、库 存、成本四个维度进行分析，本轮涨价的主要原因来自供给收缩，价格下 跌缘于库存压力或需求回落。此外，部分厂家的联合保价与提价值得关注。 作者 请务必阅读报告末页的重要声明 图表目录 1. 本轮涨价，哪些细节值得关注？ 资料来源：Wind，百川盈孚，隆众资讯，国联证券研究所 初至今涨跌幅进行分布统计，多数品种涨幅在 0%-10%区间。但值得注意的是，123 个 品种年初至今的涨跌幅平均数与中位数仅为 1.98%和 0.99%，本轮涨价特征更偏向于 "宽度广"而非"幅度大"。结构来看，我们在 123 个品种中进一步筛选了常见、常 用的 43 个重点品种（大单品）。重点品种涨跌幅的平均数（3.89%）与中位数（2.54%） 高于全部品种，或反映本轮涨价中主要贡献来源于这些品种。 ...

证券研究报告 行 2024年06月05日 业 报 投资建议： 强于大市（维持） 告 汽车 上次建议： 强于大市 │ 行 业 数说智能汽车 5 月报之智慧光源： 相对大盘走势 专 矩阵式大灯标配率环比提升，AR-HUD 华阳份额领先 汽车 沪深300 题 20% 研 核心要点： 究 7% 智能化水平提升，光源应用逐步丰富。光源在车端的应用已经逐步从最初 的外车灯延伸至座舱内的各类显示产品，其中HUD结构向AR-HUD升级，单 -7% 车 ASP 提升带动行业持续成长；ADB 大灯成为大灯重要升级方向，作为实 现ADB功能主流方案的矩阵式大灯有望带动车灯行业产品持续升级。 -20% 2023/6 2023/10 2024/2 2024/6  2024年4月矩阵式大灯标配率环比提升 车灯控制器可融合智驾传感器信息，并结合光源的升级提供智能照明，车 作者 灯交互等功能从而提升行车安全性，目前矩阵式大灯是实现大灯 ADB 功能 分析师：高登 的主流方案。2024 年 4 月国内乘用车矩阵式大灯标配渗透率 9.3%，同比 执业证书编号：S0590523110004 +0.9pct，环比+1.2pct，2024年1-4月 ...