Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [3][47]. Core Insights - The electrical equipment sector has shown a relative underperformance compared to the CSI 300 index, with a monthly increase of 0.37% as of November 29, 2024, lagging behind the CSI 300's 0.66% increase by 0.29 percentage points [11][3]. - A series of incremental policies have boosted market confidence, leading to a manufacturing Purchasing Managers' Index (PMI) of 50.1%, marking a return to expansion after five months [22][24]. - The total electricity consumption in China from January to October 2024 reached 81,836 billion kWh, reflecting a year-on-year growth of 7.6% [28][21]. - Investment in power and grid engineering has maintained high growth, with power engineering investments reaching 718.1 billion yuan, up 8.3% year-on-year, and grid engineering investments at 450.2 billion yuan, up 20.7% year-on-year [47][21]. Summary by Sections 1. Market Review - The electrical equipment index underperformed the CSI 300 index in November, ranking 18th among major sectors [11][3]. - Among the four sub-sectors, electric motors led with a 10.52% increase, while the power electronics and automation sector rose by 2.22%, and distribution equipment by 2.09%. The transmission and transformation equipment sector saw a decline of 2.99% [11][3]. 2. Macroeconomic Overview - The industrial added value for large-scale enterprises grew by 5.8% year-on-year from January to October 2024, with a 5.3% increase in October alone [21][22]. - Fixed asset investment remained stable, totaling 423.22 billion yuan, with a year-on-year growth of 3.4% [21][22]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption for the first ten months of 2024 was 81,836 billion kWh, with the first industry consuming 106 billion kWh (up 5.1%), the second industry 5,337 billion kWh (up 2.7%), and the third industry 1,367 billion kWh (up 8.4%) [28][21]. 3.2. Industry Chain Situation - The cost of key raw materials for transformer manufacturing has slightly decreased, with copper prices down by 3.7% and aluminum prices down by 1.5% as of November 29, 2024 [54][53]. 3.3. Investment Trends - The report highlights a robust investment trend in power and grid engineering, with significant year-on-year growth in both sectors [47][21]. 4. Industry Dynamics - The report emphasizes the strong demand for electrical equipment driven by domestic grid construction and international expansion needs, particularly in Europe and the United States [3][47].

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -18% -12% -7% -2% 3% 9% 14% 19% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,363.98 | 1.13 | | 深证成指 | 10,756.55 | 1.36 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,947.63 | 0.79 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,711.95 | 0.81 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the solar industry [6]. Core Insights - The solar industry is currently experiencing a downturn due to overcapacity, leading to significant price declines and widespread losses among companies. However, the industry is expected to reach a bottom as supply and demand dynamics improve, particularly with the elimination of outdated production capacity [5][6][28]. - In 2024, the domestic solar market is projected to see a slowdown in demand growth, with an expected increase in installed capacity of 240.88GW to 255.88GW, representing a year-on-year growth of 11.07% to 17.98% [42][43]. - The report highlights the importance of focusing on leading companies in various segments, such as polysilicon, solar glass, integrated components, and solar encapsulants, as they are likely to benefit from the industry's recovery [6][10]. Summary by Sections 1. Market Performance and Outlook - The solar sector has underperformed the broader market, with a decline of 7.59% in the solar industry index as of November 18, 2024. The industry is facing challenges due to overcapacity and intense competition, leading to price drops and losses [21][25]. - The report anticipates that the industry will enter a phase of capacity clearance and stabilization in 2025, driven by improved market conditions and technological advancements [28][36]. 2. Industry Review and 2025 Outlook - The report notes that the solar industry has been in a prolonged down cycle, with significant losses reported across major segments. For instance, the total revenue for 72 major A-share solar companies fell by 19.70% year-on-year in 2024 [36]. - Looking ahead to 2025, the report expects a steady increase in global solar installation demand, particularly in emerging markets, while traditional markets like Europe and North America are projected to maintain stable growth [43][44]. 3. Investment Recommendations - The report suggests focusing on companies with strong financial reserves and technological advantages, particularly in the integrated solar component sector, such as LONGi Green Energy and JinkoSolar [10][6]. - Specific companies recommended for investment include Daqo New Energy, Flat Glass Group, JinkoSolar, Canadian Solar, and Foster Electric, as they are well-positioned to navigate the current market challenges [6][10].

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry [2][5]. Core Insights - The electric power and utilities industry demonstrates strong defensive characteristics and stable performance, with a revenue of 1,874.802 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 0.19%, and a net profit of 194.686 billion yuan, up 9.67% year-on-year [4][20]. - The investment value of electric operators has been reassessed in the market, with nuclear and hydropower showing strong performance in the secondary market, supported by the industry's fundamentals and its defensive nature in a complex economic environment [5][32]. - The ongoing market-oriented reforms in the electric, water, and gas utility sectors are accelerating, with a focus on green and low-carbon transitions in the power supply structure and sustained high growth in power demand [5][34]. Summary by Sections 1. Market and Performance Review - The electric power and utilities index increased by 11.75% as of November 25, 2024, underperforming the CSI 300 index, which rose by 13.87% [4][20]. - The industry shows a strong defensive nature with stable growth in performance, as evidenced by the revenue and profit figures for 2024 [20][26]. 2. Thermal Power: Enhanced Utility Attributes - The thermal power sector is experiencing a transformation towards peak-shaving power sources, with a notable decline in coal power generation due to increased hydropower output [36][40]. - The average on-grid electricity price for major thermal power companies has decreased, reflecting the impact of market-oriented pricing mechanisms [46][49]. 3. Hydropower: Focus on Long-term Investment Value - Hydropower remains a strong sector with a gross profit margin of 58.16% and a net profit margin of 43.87% in the first three quarters of 2024, both showing year-on-year improvements [27][28]. - The sector benefits from favorable water conditions and a decrease in financial costs, leading to a significant increase in net profit growth [26][27]. 4. Other Power Generation: Price Impact from Grid Parity Projects - The rapid increase in installed capacity for renewable energy is accompanied by intensified competition, leading to a decline in average on-grid electricity prices [6][28]. - Nuclear power is positioned for growth with the approval of new units expected to accelerate operations, while the sector is also seeing a consolidation of platforms for nuclear power operations [6][8]. 5. Investment Rating and Key Targets - The report emphasizes the importance of focusing on hydropower and nuclear power operators, as they contribute significantly to the industry's net profits [6][8]. - The investment strategy highlights the potential for stable growth in nuclear power, similar to hydropower, as the sector matures [6][8].

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the electronics industry, indicating a positive outlook for the sector [3] Core Views - The semiconductor industry has entered a new upward cycle, driven by AI innovation and demand recovery, with expectations for continued growth in 2025 [5] - AI innovation is extending from cloud to edge devices, with AI-powered smartphones, PCs, and wearables expected to lead a new wave of innovation [5] - The semiconductor industry's recovery is expected to continue, with a focus on domestic substitution in key areas of the supply chain [12] Cloud-Side AI and Semiconductor Industry - AI model iterations are driving demand for cloud-side AI computing infrastructure, with significant growth in AI server and hardware demand [6] - The semiconductor industry is in an upward cycle, with global semiconductor sales growing 23.2% YoY in September 2024, and WSTS forecasting 16% growth for 2024 and 12.5% for 2025 [10] - AI servers are expected to drive demand for high-speed, multi-layer PCBs, with Nvidia's GB200 NVL72 solution increasing demand for high-speed copper cables and connectors [6] Edge-Side AI and Consumer Electronics - Edge-side AI is accelerating, with AI smartphones and PCs expected to drive a new innovation cycle, with penetration rates predicted to reach 28% and 43% respectively by 2025 [7] - Consumer electronics demand is recovering, with global smartphone shipments growing 5% YoY in Q3 2024, and PC shipments growing 1.3% YoY, with further growth expected in 2025 [11] - AI smartphones and PCs are driving demand for higher memory capacity, with 16GB DRAM becoming the standard for next-gen AI devices [118] Domestic Semiconductor Substitution - The semiconductor supply chain faces urgent needs for domestic substitution in key areas such as advanced manufacturing, packaging, and computing chips, with domestic companies expected to benefit [12] - Domestic semiconductor equipment and components are seeing rapid growth, with Chinese semiconductor equipment sales growing 62% YoY in Q2 2024 [10] Investment Recommendations - The report recommends focusing on cloud-side AI computing chips, edge-side AI, and semiconductor domestic substitution, highlighting companies like Haiguang Information, Luxshare Precision, and North Huachuang [13]

Investment Rating - The industry is rated as "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [64]. Core Insights - In November 2024, the food and beverage sector experienced a slight rebound, increasing by 1.17%, but it has seen a cumulative decline of 3.75% from January to November 2024. The sector underperformed compared to the CSI 300, which rose by 13.03% during the same period [2][9]. - The valuation of the food and beverage sector slightly increased to 20.32 times earnings as of November 28, 2024, which is a 60.29% decrease from the peak in 2020. This valuation is now positioned in the middle range among 31 primary industries [3][22]. - The investment growth in the food manufacturing sector has been robust, with fixed asset investments increasing by 23.5% year-on-year from January to October 2024, marking a significant rise of 14.6 percentage points compared to the previous year [3][29]. Summary by Sections Market Performance - The food and beverage sector has predominantly experienced declines throughout 2024, with a notable rebound in November. Monthly performance varied significantly, with fluctuations observed in the first eleven months [10][12]. - Specific sub-sectors such as soft drinks, beer, dairy, snacks, and condiments saw increases of 33.67%, 4.3%, 9.1%, 18.59%, and 10.82% respectively from January to November 2024, while other sectors like meat products and baked goods faced declines [2][9]. Valuation - As of November 28, 2024, the food and beverage sector's valuation was 20.32 times earnings, reflecting a slight increase of 0.93% from October. This valuation is lower than 17 other industries and higher than 13, indicating a shift from the bottom to a mid-range position [3][22]. Individual Stock Performance - In November 2024, 104 out of 127 listed companies in the food and beverage sector reported gains, with the highest increase reaching 146.32%. The overall upward trend in individual stock performance indicates a broad recovery within the sector [26]. Investment Opportunities - The report suggests focusing on investment opportunities in pre-prepared dishes, baking, ready-to-drink cocktails, health products, snacks, and yeast in 2025. A recommended stock portfolio for December 2024 includes companies like Qianwei Central Kitchen, Anjuke Food, and others [4][59].

分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 国产化形势持续向好，重点关注推理、 AI 应用和液冷需求 计算机 ——计算机行业年度策略 发布日期：2024 年 11 月 30 日 投资要点： 证券研究报告-行业年度策略 同步大市(维持) 计算机相对沪深 300 指数表现 -34% -26% -18% -10% -1% 7% 15% 23% 2023.11 2024.03 2024.07 2024.11 计算机 沪深300 资料来源：中原证券研究所，聚源 相关报告 《计算机行业月报：看好国产化和算力需 求》 2024-11-13 《计算机行业月报：国产化领域亮点突 出，鸿蒙表现值得重点关注》 2024-10-15 《计算机行业月报：o1 模型的发展值得期 待》 2024-09-13 联系人：李智 电话： 0371-65585753 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788号T1 座22楼 给予行业同步大市的投资评级。2024 年在全球经济景气度下滑的 大背景下，计算机行业收入虽然保持了相对稳定的增长， ...

Market Overview - The A-share market opened higher and experienced slight fluctuations, with the index finding support around 3293 points during the day. The software development, internet services, securities, and liquor industries performed well, while gas, public utilities, airports, and oil sectors lagged behind. The Shanghai Composite Index showed a general upward trend throughout the day [7][17] - The Shanghai Composite Index closed at 3326.46 points, up 0.93%, while the Shenzhen Component Index closed at 10611.72 points, up 1.72%. The ChiNext Index rose by 2.50%, indicating stronger performance in the growth sector compared to the main board [7][8] Future Market Outlook and Investment Recommendations - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index are currently 13.95 times and 36.48 times, respectively, which are at the median levels over the past three years, suggesting a suitable environment for medium to long-term investments [17] - The total trading volume for the two markets reached 17466 billion, which is above the median of the past three years, indicating healthy market activity [17] - The report highlights that China is in a transitional development phase, with the integration of the digital economy, advanced manufacturing, and modern services with the real economy creating new growth points and job opportunities. Continuous improvement of counter-cyclical adjustment tools suggests that the economy is expected to recover from its low point [17] - The report recommends short-term investment opportunities in the software development, internet services, securities, and food and beverage sectors, while also advising close monitoring of policy, funding, and external factors that may impact the market [17]

Economic Performance and Comparison Analysis - In October 2024, China's economy is expected to bottom out and recover due to effective policy implementation, with industrial production and investment steadily rebounding, and significant improvement in social consumption [10][13] - The national industrial added value increased by 5.3% year-on-year in October, with manufacturing PMI returning to the expansion zone at 50.1% [10][19] - In Henan province, the industrial added value achieved a double-digit growth of 10.6% in October, driven by strong performance in manufacturing, particularly in the automotive and electrical equipment sectors [20][26] Macroeconomic Policy Tracking - In October 2024, financial regulatory authorities introduced a series of policies to enhance fiscal counter-cyclical adjustments and boost capital market confidence, including the establishment of a securities, funds, and insurance companies swap facility [31][32] - The Henan provincial government has implemented policies to promote technological innovation and urban capacity enhancement, including the "Artificial Intelligence+" action plan for 2024-2026 [37][39] Securities Market Performance - In October, the Henan index fell by 2.17%, with notable stock performances including Tianma New Materials (up 294.83%) and Hengtuo Open Source (up 196.35%) [2][3] - The total market capitalization of Henan A and H shares was 14,823.54 billion yuan, a decrease of 2.11% month-on-month, ranking 12th nationwide [3] Investment Recommendations - The report suggests focusing on investment opportunities related to Henan's "new quality productivity," "technological innovation," and "important index constituent stocks" as the market outlook improves with supportive fiscal and monetary policies [3]

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry based on industry valuation levels, performance growth expectations, and development prospects [7]. Core Insights - In October, electricity consumption growth slowed to 4.3%, down 4.2 percentage points from September, with total electricity consumption for the first ten months reaching 81,836 billion kWh, a year-on-year increase of 7.6% [3][23]. - The installed capacity of wind and solar power exceeded 40% for the first time, while the share of thermal power decreased to 44.64% [3][30]. - The report highlights investment opportunities in the hydropower and nuclear power sectors, focusing on companies with stable performance and high dividend yields [7]. Summary by Sections Market Review - The electric power and utilities index experienced a decline of 2.01% as of November 28, underperforming the CSI 300 index by 1.53 percentage points [2][17]. - In November, the sub-industry performance ranked as follows: gas (3.45%), heating or others (1.65%), environmental protection and water services (0.85%), hydropower (-0.92%), other generation (-4.46%), thermal power (-5.20%), and grid (-6.72%) [17]. Supply and Demand Situation - In October, the total electricity generation was 7,310 billion kWh, a year-on-year increase of 2.1%, with thermal power accounting for 67.23% of the total generation for the first ten months [30]. - The report notes that the production of coal and natural gas is increasing, with coal production in October reaching 410 million tons, a year-on-year increase of 4.6% [4][5]. Industry and Company News - The report emphasizes the importance of monitoring the hydropower and nuclear power sectors for potential investment opportunities due to their stable performance and high dividend yields [7]. Investment Rating and Main Lines - The report suggests a long-term perspective on investment opportunities in leading companies within the hydropower and nuclear power sectors, given their robust performance and attractive dividend yields [7].