Market Analysis - The market opened high but fell sharply, with the ChiNext Index dropping over 4% [4] - The total trading volume in the Shanghai and Shenzhen markets reached 2.2 trillion yuan, an increase of 565.7 billion yuan from the previous trading day [4] - The robot concept stocks remained strong, with over 30 stocks like Keli Sensing hitting the limit-up [6] - The consumer sector showed strength, while the AI application sector surged and then retreated [6] - The Shanghai Composite Index rose by 0.59%, the Shenzhen Component Index by 0.75%, and the ChiNext Index by 0.69% [8] Financing Data - As of December 9, the financing balance on the Shanghai Stock Exchange was 951.454 billion yuan, an increase of 223 million yuan from the previous trading day [10] - The financing balance on the Shenzhen Stock Exchange was 901.246 billion yuan, an increase of 3.266 billion yuan from the previous trading day [10] - The total financing balance of the two markets was 1.8527 trillion yuan, an increase of 3.489 billion yuan from the previous trading day [10] Investment Advisor Opinion - The index opened high and fell quickly, showing a high-opening and low-closing trend, with a significant increase in trading volume [11] - The Shanghai Index is close to the previous adjustment high, and funds are still focused on previous hot spots [11] - The market sentiment is cautious, and there are still structural opportunities in the current market [11] Commercial Aerospace - SpaceX is the leading company in the commercial aerospace field, and the new policy environment may benefit its Starlink plan, mobile phone direct connection, and Mars exploration plans [12] - China's domestic commercial aerospace market is in a rapid development stage, with the construction of two large low-orbit constellations, "GW Constellation" and "Qianfan Constellation" (G60 Constellation), and the application for another 10,000-satellite constellation "Honghu-3" [12] - The construction of the three major low-orbit satellite internet constellations indicates that the acceleration period of domestic commercial aerospace is coming, which is of great significance for enhancing national strategic competitiveness [12] Industrial Robot Exhibition - The 2024 World Industrial Robot Exhibition will be held from December 11 to 13 at the Foshan Tanzhou International Convention and Exhibition Center [14] - The exhibition aims to promote the integration of industrial automation, intelligent manufacturing, and artificial intelligence with robot technology, providing a platform for the global manufacturing industry to showcase cutting-edge technologies and innovative solutions [14] - Wanlian Securities stated that the Chinese robot industry is still in a period of historical development opportunities, and the share of domestic brands is expected to further increase [14] Central Enterprises' "Belt and Road" Investment - The State-owned Assets Supervision and Administration Commission (SASAC) held an expanded meeting on December 9, emphasizing the need to further strengthen planning guidance and adhere to the principles of extensive consultation, joint contribution, shared benefits, openness, greenness, and high standards for sustainable development [14] - The meeting proposed to coordinate and promote the continuous optimization of the investment and cooperation layout of central enterprises in the "Belt and Road" initiative, explore new models of infrastructure, energy resources, and industrial park linkage development, and continuously expand new spaces for win-win development at a higher level, with greater resilience and sustainability [14] Limit-Up Stocks Review - Aisida (002403) hit the limit-up for the 11th time in 18 days, with a 10.02% increase, driven by the robot and home appliance sectors [15] - Taier Co Ltd (002347) hit the limit-up for the 9th time in 9 days, with a 9.99% increase, driven by the robot and commercial aerospace sectors [15] - Jianshe Industry (002265) hit the limit-up for the 6th time in 7 days, with a 10.01% increase, driven by the military robot sector [15] Food and Beverage Sector - Yiming Food (605179) hit the limit-up for the 11th time in 11 days, with a 9.99% increase, driven by the dairy sector [20] - Shuangta Food (002481) hit the limit-up for the 2nd time in 2 days, with a 9.98% increase, driven by the artificial meat and synthetic biology sectors [20] Chip Industry Chain - According to SEMI data, the global semiconductor equipment shipment amount in the third quarter of 2024 reached 30.38 billion US dollars, a year-on-year increase of 19% and a month-on-month increase of 13% [24] - Shenglong Precision (002426) hit the limit-up for the 2nd time in 3 days, with a 9.88% increase, driven by the chip and consumer electronics sectors [25] - Shengjing Micro (603375) hit the limit-up for the 1st time, with a 10.01% increase, driven by the civil explosion and chip sectors [25] PEEK Materials - According to Guojin Securities' research report, producing 10 million humanoid robots will generate 35 billion yuan of PEEK demand, and the domestic PEEK material demand will reach more than 16.7 billion yuan by 2027 [27] - Zhongxin Fluorine Materials (002915) hit the limit-up for the 2nd time in 2 days, with a 9.99% increase, driven by the fluorine chemical and PEEK sectors [28] - Zhongyan Co Ltd (688716) hit the limit-up for the 2nd time in 2 days, with a 20.00% increase, driven by the PEEK material sector [28] Commercial Retail - On December 9, the Central Political Bureau held a meeting, proposing to vigorously promote consumption, improve investment efficiency, and comprehensively expand domestic demand [29] - Zhongbai Group (000759) hit the limit-up for the 4th time in 7 days, with a 9.96% increase, driven by the retail sector [29] - Wufeng Co Ltd (601010) hit the limit-up for the 3rd time in 4 days, with a 9.86% increase, driven by the retail sector [29] Quantum Communication - Recently, China Telecom Quantum Group officially released the superconducting quantum computer "Tianyan-504" with the largest number of single-bit qubits in China [30] - Hongda New Materials (002211) hit the limit-up for the 3rd time in 5 days, with a 10.02% increase, driven by the organic silicon and quantum technology sectors [30] - Xingguang Co Ltd (002076) hit the limit-up for the 2nd time in 2 days, with a 10.13% increase, driven by the lithium battery and quantum technology sectors [30] Artificial Intelligence - OpenAI announced the official opening of the artificial intelligence (AI) video generation model Sora to users [30] - Tianyu Digital (002354) hit the limit-up for the 5th time in 7 days, with a 10.00% increase, driven by the AI and robot sectors [30] - Jincai Internet (002530) hit the limit-up for the 4th time in 4 days, with a 10.03% increase, driven by the financial technology and AI sectors [30] Future Events Reminder - The 2024 China Artificial Intelligence Conference and Beijing Artificial Intelligence Industry Summit will be held on December 13 [31] - The 2024 China Communication Industry Conference and the 19th China Communication Technology Annual Conference will be held on December 18 [31] - The 2024 China (Yangtze River Delta) Low-altitude Economy Application Expo will be held from December 20 to 22 [31] - The 2nd International Conference on Artificial Intelligence Generated Content and Large Model Application Innovation Conference will be held on December 21 [31]

Market Analysis - The Euro to USD exchange rate is 1.0504, up by 0.08%, while the USD to JPY exchange rate is 152.2393, down by 0.15% [2] - The Shanghai Composite Index closed at 3432.49, up by 0.29%, and the Shenzhen Component Index closed at 10848.42, up by 0.33% [2] - The NASDAQ index closed at 20034.89, up by 1.77%, while the Dow Jones Industrial Average closed at 44148.56, down by 0.22% [2] - NYMEX crude oil closed at 70.36, up by 0.1%, and COMEX gold closed at 2755.2, down by 0.05% [3] - The total trading volume of the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 423.8 billion compared to the previous trading day [3] Sector Performance - Over 3800 stocks rose, with more than 150 stocks hitting the daily limit or rising over 10% [4] - The retail, AI glasses, Shanghai state-owned enterprise reform, and real estate sectors led the gains [5] - The insurance, Sora concept, banking, and battery sectors were among the top decliners [5] Financing Data - As of December 10, the financing balance on the Shanghai Stock Exchange was 956.648 billion yuan, an increase of 5.195 billion yuan from the previous trading day [7] - The financing balance on the Shenzhen Stock Exchange was 909.757 billion yuan, an increase of 8.511 billion yuan from the previous trading day [7] - The total financing balance of the two markets was 1866.405 billion yuan, an increase of 13.706 billion yuan from the previous trading day [7] Investment Advisor Insights - The market maintained a narrow range of fluctuations, with trading volume significantly shrinking [8] - The Shanghai Composite Index is in the process of recovery, remaining above multiple moving averages, with funds actively rotating around consumption, AI, and robotics sectors [8] Concept Highlights - Computing power leasing has become a significant driver of industrial upgrading and social progress, with a potential market size of 260 billion yuan by 2026, growing at a rate of over 20% annually [9][10] - Companies like NVIDIA and Oracle have launched comprehensive AI service tools and solutions based on computing power leasing, providing guidance for the development of related industries [10] Key News - Huawei's Ascend AI Framework Summit is set to take place on December 14, focusing on AI technology trends and industrial opportunities [12] - The Shanghai Municipal Government has issued an action plan to support listed companies in mergers and acquisitions, focusing on key industries such as integrated circuits, biomedicine, and artificial intelligence [12] Stock Performance - Multiple stocks hit the daily limit, with significant gains in sectors such as technology, retail, and state-owned enterprise reform [13][15]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 224 期，总第 1783 期（电子版） 2024 年 12 月 9 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3404.08 | 1.05 | | 深证成指 | 10791.34 | 1.47 | | 中小 100 | 6567.19 | 1.43 | | 创业板指 | 2267.06 | 2.05 | | 沪深 300 | 3973.14 | 1.31 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44642.52 | -0.28 | | 纳斯达克 | 19859.77 | 0.81 | | 标普 500 | 6090.27 | 0.25 | | 英国富时 100 | 8308.61 | -0.49 | | 日经 225 | 39035.66 | -0.14 | | 恒 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The antitrust investigation against Nvidia highlights the urgency for domestic alternatives in the context of escalating US-China tech competition [1] - The investigation is seen as a countermeasure to US export restrictions, particularly in light of Nvidia's alleged violations of China's antitrust laws [1] - Nvidia's dominant position in the global GPU market, with a market share of 90%-95% in 2020 and 98% in 2023 for data center GPUs, underscores the critical need for domestic GPU alternatives [1] Summary by Sections Recent Developments - On December 9, 2023, China's State Administration for Market Regulation announced an investigation into Nvidia for suspected violations of the Antitrust Law [1] - The investigation is perceived as a response to increasing US export restrictions on advanced chips to China, which have been tightening since 2022 [1] Market Impact - Nvidia's GPUs are crucial for AI applications, and despite contributing around 20% of Nvidia's revenue from the Chinese market, the need for domestic alternatives remains pressing due to supply constraints [1] - The report suggests that the urgency for domestic GPU alternatives is heightened by the ongoing geopolitical tensions and the need for self-sufficiency in computing power [1] Investment Recommendations - The report recommends focusing on domestic companies that could benefit from the shift towards local alternatives, specifically mentioning Jingjia Micro (300474.SZ) and Cambricon Technologies (688256.SH) as potential beneficiaries [1]

策略研究报告 证券研究报告 策略报告 报告日期：2024 年 12 月 10 日 2025 年政策力度进一步提升 ——A 股投资策略点评报告 华龙证券研究所 A 股市场走势(2023/11/10-2024/12/10) 分析师 事件： 12 月 9 日政治局会议召开，事项包括分析研究 2025 年经济工作等。 观点： 一、2025 年工作定调与 2024 年相比新变化。①改革开放表述由"全 面深化改革开放"变化为"进一步全面深化改革，扩大高水平对外开 放"，②发展与安全方面表述由"统筹高质量发展和高水平安全"变 化为"更好统筹发展和安全"，③宏观政策方面表述由"加大宏观调 控力度"变化为"实施更加积极有为的宏观政策"，④市场供需方面 表述由"统筹扩大内需和深化供给侧结构性改革"变化为"扩大国内 需求"，⑤科技创新方面表述由"推动高水平科技自立自强"变化为 "推动科技创新和产业创新融合发展"，⑥社会经济方面表述由"切 实增强经济活力、防范化解风险、改善社会预期，巩固和增强经济回 升向好态势，持续推动经济实现质的有效提升和量的合理增长"变化 为"稳住楼市股市，防范化解重点领域风险和外部冲击，稳定预期、 激发活力， ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1]. Core Insights - The photovoltaic sector is strengthening industry self-discipline, while the offshore wind project in Guangdong is progressing rapidly. The low-altitude policy is accelerating industrialization trends, and the power market is being planned in an orderly manner [3]. - The report suggests focusing on leading companies in the photovoltaic sector such as Tongwei Co., Longi Green Energy, Trina Solar, JinkoSolar, and Canadian Solar, as well as strong inverter companies like Sungrow Power, DeYe Shares, Jinlang Technology, and others [3]. - In the wind power sector, it recommends attention to companies like Daikin Heavy Industries, Taisheng Wind Power, and Dongfang Cable [3]. - For grid equipment, it highlights companies such as Guodian NARI Technology, XJ Electric, and Sifang Co. [3]. - The report also emphasizes the importance of new energy and public utility sectors, suggesting companies like Huaneng International, Huadian International, and others for investment [3]. Summary by Sections Market Review - From December 2 to December 6, 2024, the Shenwan Electric New Energy sector rose by 0.29%, ranking 30th among 31 industries, while the Public Utilities sector increased by 3.27%, ranking 11th [14][15]. Key Industry Dynamics - A symposium on promoting high-quality sustainable development in the photovoltaic industry was held, emphasizing the need for industry self-discipline to prevent unhealthy competition [28]. - The Guangdong 3000MW offshore wind project was signed, aiming to explore advanced technologies and applications in offshore wind energy [30]. - A joint action plan for the large-scale application of 5G technology was issued, aiming to enhance the integration of renewable energy and smart grid solutions [30]. - The State Council discussed the revision of the Civil Aviation Law, focusing on safety and quality improvements in civil aviation [30]. - The National Energy Administration released guidelines to support innovative development in the electricity sector, encouraging new business models and enhancing energy system capabilities [31]. Industry Tracking - The report provides insights into the pricing trends of key components in the photovoltaic supply chain, indicating a downward trend in silicon material prices and a stable pricing environment for solar cells and modules [35][39][40].

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 电新 & 公用 | | 报告日期： 2024 年 12 月 09 日 | | | 光伏行业强化自律，广东国管海风项目签约 | | | | | ——电新 & 公用行业周报 | | | | | | 华龙证券 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The production of humanoid robots is approaching, with significant actions from major manufacturers. 2025 is expected to be the year of mass production for humanoid robots, with a focus on suppliers in key areas such as actuators, reducers, screws, and sensors [1][18]. - Recent developments include partnerships between major companies like Huawei and various robotics firms to establish a world-class embodied intelligence innovation center [1][18]. - The electric vehicle sector is also active, with companies like BAIC New Energy and CATL signing agreements for chassis technology cooperation [20]. Summary by Sections Recent Trends - Major manufacturers are intensifying their actions in humanoid robotics, with significant partnerships and product showcases indicating a maturation of technology [1]. - Tesla showcased its Optimus robot, which has increased dexterity, and other companies are ramping up production capabilities [1][18]. Key Industry Dynamics - **Electric Vehicles**: BAIC New Energy signed a chassis technology cooperation agreement with CATL. Shanghai's Pudong New Area has expanded its car purchase subsidy program to include vehicles registered from other provinces [20]. - **Intelligent Vehicles**: The Ministry of Transport is promoting the demonstration applications of unmanned vehicles and drones [25]. Market Performance - The automotive sector outperformed the Shanghai Composite Index by 2.1 percentage points, with the automotive sector index rising by 3.56% from December 2 to December 6, 2024 [35]. - The retail sales of passenger vehicles reached 2.261 million units in October 2024, showing a year-on-year increase of 11.3% [44]. Investment Recommendations - The report suggests focusing on core suppliers in the humanoid robot production chain and highlights specific companies for investment, including BYD, Great Wall Motors, and various technology firms involved in intelligent vehicle components [1][4].

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1]. Core Insights - The steel industry is experiencing a tightening of supply and demand during the off-season, leading to continued inventory reduction [1]. - The report highlights that the industry is expected to stabilize due to supportive factors from real estate and manufacturing sectors, despite ongoing losses and the need for industry transformation [2][3]. Supply Summary - As of December 6, 2024, the total production of the five major steel products was 8.6124 million tons, a week-on-week decrease of 0.03% and a year-on-year decrease of 5.18% [20]. - The average daily pig iron production from 247 steel enterprises was 2.3261 million tons, down 0.54% week-on-week but up 1.44% year-on-year [20]. - The capacity utilization rate for blast furnaces was 87.33%, down 0.47 percentage points week-on-week but up 1.58 percentage points year-on-year [20]. Demand Summary - The total consumption of the five major steel products was 8.7461 million tons as of December 6, 2024, reflecting a week-on-week decrease of 0.33% and a year-on-year decrease of 4.87% [25]. - The daily transaction volume of construction steel from mainstream traders was 104,300 tons, down 20.43% week-on-week and down 29.55% year-on-year [25]. - The total steel exports for October amounted to 1,118.16 million tons, with a month-on-month increase of 10.13% and a year-on-year increase of 41.06% [25]. Inventory Summary - As of December 6, 2024, the total social inventory of the five major steel products was 7.8309 million tons, down 0.64% week-on-week and down 10.51% year-on-year [38]. - The total factory inventory of the five major steel products was 3.7701 million tons, down 2.17% week-on-week and down 10.83% year-on-year [40]. Cost Summary - The price index for iron ore as of December 6, 2024, was 714.8 yuan per wet ton, reflecting a week-on-week increase of 1.88% and a year-on-year decrease of 20.01% [1]. - The comprehensive price index for scrap steel was 3,147.5 yuan per ton, with a week-on-week increase of 0.75% and a year-on-year decrease of 11.71% [1]. Price Summary - The Mysteel absolute price index for ordinary steel was 9,494.33 yuan per ton, remaining stable week-on-week but down 2.36% year-on-year [3]. - The global steel price index was 195.6 points, down 0.10% week-on-week and down 13.91% year-on-year [3].

Investment Rating - The investment rating for the non-ferrous metals sector is "Recommended (Maintain)" [1]. Core Insights - The People's Bank of China has increased its gold reserves for the first time in six months, with a total of 72.96 million ounces as of the end of November, supporting upward pressure on gold prices [1][25]. - The U.S. economy shows resilience, with a revised annualized GDP growth of 2.8% for Q3, and core PCE inflation rising by 2.1%, indicating potential for renewed inflation expectations [1][25]. - The manufacturing PMI in China remains stable at 50.8%, with industrial metal demand expected to recover as the economy stabilizes [1][45]. - The report suggests that industrial metals may benefit from increased investment in the real economy, particularly in companies like Zijin Mining, Tongling Nonferrous Metals, and Western Mining [1]. Summary by Sections 1. Industry Weekly Review - The Shenyin Wanguo Non-Ferrous Metals Index rose by 1.39% from December 2 to December 6, with industrial metals increasing by 2.1% [13]. - Key individual stock performances included significant gains for Liyuan Co. (33%) and Luoping Zinc & Electricity (20%) [15]. 2. Precious Metals - The People's Bank of China increased its gold reserves by 160,000 ounces in November, supporting gold prices [25]. - COMEX gold price was reported at $2,655 per ounce, with a year-on-year increase of 29.93% [20]. 3. Industrial Metals - China's comprehensive PMI recorded at 50.8%, with manufacturing PMI at 50.3%, indicating a gradual economic recovery [45]. - Industrial output increased by 5.3% year-on-year in October, while fixed asset investment grew by 3.4% [45]. - The report anticipates that the removal of export tax rebates on aluminum and copper will impact metal prices in the short term, but long-term price stability is expected [45].