Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [26][27]. Core Insights - The market for electric vehicles (EVs) is showing strong growth, with Battery Electric Vehicles (BEVs) accounting for 61.0% of total new energy vehicle sales, while Plug-in Hybrid Vehicles (PHVs) have decreased by 1.7 percentage points to 39.0%. BEV sales reached 1.068 million units, surpassing the previous record of 983,000 units in December 2023 [6]. - The report highlights that November saw significant growth in new car sales in the U.S., with 1.364 million units sold, representing a year-on-year increase of 9.8% and a month-on-month increase of 2.8% [7]. - The report indicates that the automotive market in China continues to thrive, with November new car sales reaching 2.583 million units, a year-on-year increase of 17.3% and a month-on-month increase of 12.7% [24]. Summary by Sections Industry Performance - The automotive sector has shown a relative performance increase of 3.9% over the past month, 15.5% over the past three months, and 18.8% over the past year, outperforming the CSI 300 index which recorded increases of 1.6%, 7.5%, and 16.0% respectively [1]. Sales and Market Trends - In November, the total sales of new energy vehicles in major countries reached 1.75 million units, marking a year-on-year increase of 40.0% and a month-on-month increase of 9.1%, achieving a historical high [23]. - The cumulative sales of new energy vehicles from January to November reached 13.456 million units, a year-on-year increase of 27.2%, accounting for 23.7% of total vehicle sales [23]. Investment Recommendations - The report suggests focusing on companies with deep collaborations with Huawei, such as Seres and JAC Motors, as well as on automotive parts manufacturers that are expected to benefit from the restructuring of the supply chain and technological changes [26]. - Specific sectors to watch include lightweight components, interior and exterior parts, and smart automotive technologies, with recommended companies including Wencan, Meilixin, and Huayang Group [26].

行 2024 年 12 月 29 日 括，（1）整车：建议关注与华为有深度合作的赛力斯、江淮 ▌ 风险提示 请阅读最后一页重要免责声明 2 资料来源：Wind，华鑫证券研究（注：未评级公司盈利预测取自万得一致预期） 证券研究报告 张智策：武汉大学本科，哥伦比亚大学硕士，2024 年加入华鑫证券。2 年华为 汽车业务工作经验，主要负责智选车型战略规划及相关竞品分析。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | ...

证 2024 年 12 月 29 日 报 告 行 究 全球科技盛会CES 2025 开幕在即,DeepSeek-V3 开启普惠 AGI 新篇章 推荐(维持) 投资要点 行业相对表现 资料来源：Wind，华鑫证券研究 ▌算力：算力租赁价格平稳，CES 2025 有望引领全 球消费电子新潮 表现 1M 3M 12M 计算机(申万) 7.5 38.5 1.6 沪深 300 -3.2 14.9 8.5 研 究 —计算机行业周报 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 市场表现 (%) 计算机 沪深300 -40 -30 -20 -10 0 10 20 30 相关研究 1、《计算机行业点评报告：OpenAI day2 更新发布，强化微调计划扩 展》2024-12-24 2、《计算机行业点评报告：OpenAI day1 更 新 发 布 ， 新 产 品 o1 与 ChatGPTPro 面世》2024-12-24 3、《计算机行业点评报告：OpenAI day4 更新发布，Canvas 与 ChatGPT 深度整合》2024-12-24 业 本周算力租赁价格保持平稳。具体来看，显卡配 ...

2024 年 12 月 29 日 究 —计算机行业周报 市场表现 (%) 计算机 沪深300 -40 -30 -20 -10 0 10 20 30 ▌算力：算力租赁价格平稳，CES 2025 有望引领全 球消费电子新潮 证券研究报告 CES 2025 有望凭借其卓越的前瞻性与强大的引领作用，成为 全球消费市场在技术发展层面的关键风向标。 请阅读最后一页重要免责声明 2 追求性能与价格完美平衡：随着性能更强、速度更快的 DeepSeek-V3 更新上线，模型 API 服务定价调整为每百万输 入 tokens 0.5 元（缓存命中）/ 2 元（缓存未命中），每 百万输出 tokens 8 元，有望持续地为用户提供更好的模型 服务。与此同时，DeepSeek 为全新模型设置长达 45 天的优 惠价格体验期，DeepSeek-V3 的 API 服务价格为每百万输入 tokens 0.1 元（缓存命中）/ 1 元（缓存未命中），每百万 输出 tokens 2 元，已经注册用户和在此期间内注册的新用 户均可享受该优惠价格。据最新发布的 DeepSeek-V3 技术报 告，DeepSeek-V3 成为唯一进入"最佳性价比" ...

证 券 研 究 报 告 金融工程深度报告 直面低利率时代的挑战（上篇）：基于多 空风险平价的华鑫量化大类资产全天候 多元资产2025年度策略 报告日期：2024年12月29日 ◼ 分析师：吕思江 ◼ SAC编号：S1050522030001 ◼ 联系人：刘新源 ◼ 联系人：刘新源 ◼ SAC编号：S1050123100011 ◼ SAC编号：S1050123100011 投 资 要 点 【1】：随着中国逐步进入低利率时代，从哪里寻找新的收益来源成为投资的核心难题。我们认为多资产配置 思路，叠加合理的使用杠杆，以及通过多空方式投资于因子溢价，从海外经验来看是一条可行道路。全天候策略 的核心是超越对经济形式和市场环境的单一预测模式，通过合理的资产配置，保障在各种复杂的市场条件下均能 收获相对稳定的收益。该策略在定量上基于风险平价的理念，根据四类资产：商品、权益、债券、（美股，如国 内版可不加入）的风险特征和收益预测来分配权重，动态调整构建能够在不同市场周期中获利的"全天候"策略 组合。本文是该思路的上篇，主要使用期货合约落地，优势是杠杆灵活，更接近"风险平价"的本质，劣势是不 便于纳入海外资产，以及权益和债券的颗 ...

调入：养殖、医药。 调出：传媒、交运。 行业：电力设备新能源、食品饮料、军工、（煤炭、电力）、（电子、医药）、（银 行、养殖）。 1.7、 每周首推 ETF 本周首推传媒 ETF（512980）和信息安全 ETF（159613）。 图表 3：近期周首推表现 资料来源：Wind，华鑫证券研究 2、 轮动框架介绍与组合绩效回顾 我们认为行业内基本面逻辑发生改变时，首先体现在高频行业数据的结果中。当市场 上有影响力的投资者捕获到上述信息变动时，会对这种信息做出响应。当市场对逻辑认可 时，"聪明钱"将流入该行业或个股。最终体现在当期正式财报中。 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 8 证券研究报告 华鑫证券 基于上述框架，我们在前文中，分别构建了： 1. 代表投资者观点变动的"财报预期"因子 2. 代表聪明钱交易行为的"与鲸同游复合资金流因子" 用于行业比较和构建轮动策略。 PMS 中我们展示相对于沪深 300 的收益率，长期累计超额收益显著。另外我们计算与鲸 同游组合相较于行业等权基准超额情况： ⚫ "与鲸同游"行业轮动组合上周绝对收益 1.00%相对收益 0.41%。 图表 4：行业比较框架梳理 ...

Investment Rating - The report assigns a "Buy" investment rating to the company [5]. Core Insights - The company is recognized as a leader in the smart interactive display industry, with significant growth potential driven by the introduction of AI glasses [20]. - The company achieved a revenue of 11.391 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 33.05%, while the net profit attributable to shareholders decreased by 35.45% [20]. - The company is actively embracing technological changes and increasing R&D investments, showcasing strong growth momentum and good growth potential [20]. Financial Forecast - The company is projected to generate revenues of 16.023 billion yuan, 18.378 billion yuan, and 20.801 billion yuan for the years 2024, 2025, and 2026, respectively [6]. - The earnings per share (EPS) are expected to be 1.26 yuan, 1.69 yuan, and 2.06 yuan for the years 2024, 2025, and 2026, respectively [6]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 22, 16, and 13 for the years 2024, 2025, and 2026, respectively [20].

2024 年 12 月 29 日 表现 1M 3M 12M 电子(申万) 6.7 34.5 26.2 沪深 300 2.8 7.5 16.6 研 究 报 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 相关研究 业 12 月 27 日，据上海市人民政府网站，上海市人民政府办公 厅印发《关于人工智能"模塑申城"的实施方案》，到 2025 年底，建成世界级人工智能产业生态，力争全市智能算力规 模突破 100EFLOPS，形成 50 个左右具有显著成效的行业开放 语料库示范应用成果，建设 3-5 个大模型创新加速孵化器， 建成一批上下游协同的赋能中心和垂直模型训练场。 12 月 26 日，国内私募机构幻方量化旗下的 DeepSeek 发布新 一代开源大模型 DeepSeek-v3，DeepSeek 称该模型是目前最 强的开源大模型，能力与闭源的 GPT-4o 相近，而训练仅需要 2048 张英伟达 H800AI 芯片。作为参考，OpenAI 训练最新模 型单集群算力规模超过万卡。 12 月 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, highlighting potential growth opportunities in high-end markets and intelligent vehicle segments [7][48]. Core Insights - The automotive industry is expected to continue its high growth trajectory, driven by the increasing penetration of intelligent features and the expansion of high-end models from domestic brands [7]. - The report emphasizes the successful sales performance of the AITO Wenjie M9, which has surpassed 200,000 pre-orders, indicating strong market demand [24]. - The collaboration between major distributors and manufacturers, such as the agreement between Zhongsheng Group and Seres, is expected to accelerate order growth and enhance market presence [24]. Summary by Sections Market Performance - The automotive sector has shown a 1-month performance of 4.3%, a 3-month performance of 15.5%, and a 12-month performance of 21.4%, outperforming the CSI 300 index [4]. Key Companies and Recommendations - Recommended companies include: - Seres and Jianghuai Automobile, which have deep collaborations with Huawei [7]. - Focus on automotive parts manufacturers benefiting from technological changes and export opportunities, including: - Lightweight components: Wenchan Co., Meilixin, Aikedi, Rongtai, and Quanfeng Automotive [7]. - Interior and exterior parts: Xinquan Co., Daimai Co., and Mould Technology [7]. - Intelligent automotive solutions: China Automotive Research, China Automotive Industry, Huayang Group, Bertley, and Baolong Technology [7]. - Humanoid robots: Dual Lin Co., Shuanghuan Transmission, Jingzhuan Technology, and Best [7]. - North Exchange: Jun Chuang Technology, KAIT Co., and Yishijing Precision [7]. Future Outlook - The report anticipates that the automotive industry will maintain high growth due to favorable policies, such as trade-in incentives and the peak season for automotive consumption [7]. - The introduction of new models, including the upcoming models from the Wenjie series and the Zun Jie S800, is expected to enhance the high-end market positioning of Huawei's automotive partners [26].

证 券 研 究 报 告 行业策略报告 曙光初现，机遇增加 医药行业2025年策略报告 投资评级： 报告日期： 推荐 维持 2024年12月26日 | --- | --- | --- | --- | |-------------------------------|-------|-------|-------| | | | | | | ◼ 分析师：胡博新 | | | | | ◼ SAC编号：S1050522120002 | | | | | ◼ 分析师：吴景欢 | | | | | ◼ SAC 编号： S1050523070004 | | | | 投 资 要 点 曙光初现，渡过至暗时刻： 协同商保发展已纳入2025年医保局工作之一，商业健康险将进入发展快车道，并有望在支付端形 成新增量，同时，海外市场中国医药企业正加速推进，对外授权交易继续保持高增长，虽然2024 年医药板块二级市场的表现并不理想，但产业升级趋势的不断强化，逐步迎来向好的曙光。 阶段性修复，整合新生： 竞争内卷是长期问题，行业完全出清的产业周期较长，但企业经营策略的主动调整，迎来阶段性 向上周期。融资限制，医药产业并购加速，资源整合中产生新的价值 ...