Investment Rating - The report maintains a positive outlook on the automotive industry, specifically regarding the commercialization of Robotaxi services [1]. Core Insights - The recent introduction of regulations for Robotaxi by the NHTSA marks a significant step forward for the commercialization of autonomous driving vehicles. Tesla's FSD V13.2 release supports dynamic navigation communication for fleets, providing a technological foundation for efficient Robotaxi operations [1]. - Tesla's Cybercab, a two-seater autonomous taxi, is designed with L4 or L5 autonomous driving capabilities, eliminating the need for a steering wheel and pedals. This innovation is expected to significantly reduce operational costs, with plans for a fully autonomous FSD rollout by 2025 [1]. - The operational cost of Tesla's Robotaxi is projected to be only one-fifth of traditional taxi services, which currently average around $1 per mile in the U.S. [1]. - The report anticipates that Tesla will launch fully autonomous Robotaxi services in select U.S. cities by 2025, with regulatory easing expected to accelerate the commercialization process [1]. Summary by Sections Industry Overview - The report highlights the key advancements in the Robotaxi sector, particularly focusing on Tesla's initiatives and the regulatory environment that supports autonomous vehicle deployment [1]. Technological Developments - The introduction of FSD V13.2 is a critical milestone, enabling enhanced operational capabilities for Robotaxi fleets [1]. Market Dynamics - The report discusses the competitive landscape, noting that while companies like Cruise have paused their operations due to high costs, Tesla's approach with Cybercab is set to disrupt the market by significantly lowering operational expenses [1].

Investment Rating - The industry investment rating is "Positive" [1][12] Core Viewpoints - The report highlights that Li Auto has advanced its autonomous driving technology from end-to-end to VLA, with a new architecture that integrates AI for autonomous driving [1] - Li Auto's intelligent driving technology has undergone three iterations, achieving significant user engagement and order growth, with over 99% penetration rate among users by the end of August [1] - The total mileage of Li Auto's intelligent driving has surpassed 2.76 billion kilometers, indicating strong adoption and usage [1] - The company has established a robust charging infrastructure with 1,548 supercharging stations and 8,042 charging piles, supporting its pure electric strategy for the upcoming year [1] Summary by Sections Industry Overview - The report emphasizes the overall positive outlook for the automotive industry, particularly in the context of autonomous driving advancements [1][12] Company Analysis - Li Auto's new dual-system intelligent driving solution based on E2E and VLM models enhances its competitive edge, showcasing improved capabilities in decision-making and adaptability [1] - The company's computing power for intelligent driving training has reached 5.39 EFLOPS, with expectations to increase to 8 EFLOPS by year-end, further solidifying its technological leadership [1] - The report notes the commercial success of Li Auto's five-seat and six-seat SUVs, which have gained significant market traction [1]

Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [2][19]. Core Insights - The pharmaceutical sector experienced a slight decline of -0.38% on December 30, 2024, underperforming the CSI 300 index by 0.83 percentage points, ranking 15th among 31 sub-industries [5]. - Notable performances within sub-industries included Medical R&D Outsourcing (+1.36%) and Other Biological Products (+0.11%), while Offline Pharmacies (-1.90%) and Hospitals (-1.87%) lagged [5]. - Key company announcements included significant contract wins and FDA approvals, indicating ongoing growth and innovation within the sector [6]. Summary by Sections Industry Performance - The pharmaceutical sector's performance was characterized by a -0.38% change, with specific sub-industries showing varied results [5]. Company News - Noteworthy developments included: - Nuotai Bio's contract for $10.21 million in advanced pharmaceutical intermediates, with actual sales significantly exceeding prior guidance [6]. - Haichuang Pharmaceutical received FDA approval for its clinical trial of HP568 tablets for advanced breast cancer [6]. - Xinhua Medical announced plans to acquire a 36.1913% stake in Zhongzhi Bio for approximately 166.48 million RMB [6]. - Zhongsheng Pharmaceutical reported positive results from its innovative peptide drug RAY1225 in clinical trials for type 2 diabetes [6].

Investment Rating - The report initiates coverage with a "Buy" rating for Bona Film Group [3]. Core Views - The company is positioned as a leader in the patriotic film sector, actively exploring category expansion and AI empowerment [8]. - The company has established a comprehensive industry chain covering film investment, production, distribution, and cinema operations, achieving a total box office of nearly 700 billion [38]. - The company has a rich reserve of patriotic films, with significant contributions to box office revenue from major series [38]. Summary by Sections Company Overview - Bona Film Group started as a film distributor and has expanded its business to cover the entire film industry chain, including production and cinema operations [38]. - The company has produced a series of successful patriotic films, establishing its leading position in this genre [38]. Film Industry - The film market is seeing a diversification in genre selection, with AI technology enhancing content supply [82]. - The total number of moviegoers is a key driver of box office performance, with 2023 seeing a recovery to 75.1% of pre-pandemic levels [86]. Company Business - The company’s main revenue sources are film production and investment, with cinema business revenue significantly increasing [47]. - The company has a strong pipeline of upcoming films, which is expected to drive revenue growth in the coming years [46]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 16.08 billion, 13.48 billion, and 29.92 billion respectively, with corresponding growth rates of -20.06%, -16.17%, and 122% [30]. - The company is expected to return to profitability with the release of key films in 2024 [46].

基础化工 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------| | | | | | 细分领域跟踪 . | | | (一) 重点化工品价格跟踪 | | | (二) 素貞辭:TDI 价格小幅上涨 ... ... ... ... ... ... . | | | (三) 农化: 磷酸一铵、草甘醇价格下跌 . | | | (四) 氟化工: 三代制冷剂价格、毛利大幅上涨 | | | (五) 轮胎:天然橡胶价格下跌,胶绒海运费不比上涨 | | | (六) 食品及饲料添加剂:雄A、雄区、镇氨酸价格下跌 . | | | (七) 民爆: 供需格局改善,景气度不断提升,硝酸铵价格持平 . | | | (八) 化学原料: 纯碱价格持续下降, PVC 价格消费反弹 .......................................... ...

Investment Rating - Neutral: The overall industry return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [66] - Buy: Individual stocks are expected to outperform the CSI 300 index by 15% or more within the next six months [1] Core Insights - The report highlights a significant shift in the real estate market dynamics, with government policies introduced to support the recovery of idle residential land [85] - The reintroduction of special bonds for land reserves is expected to enhance liquidity for local governments and real estate companies, aiding in the digestion of existing land stock [40][43] - Multiple regions are actively soliciting the recovery and acquisition of idle land, primarily in third and fourth-tier cities [45][22] Summary by Sections 1. Low Land Acquisition and Construction Rates - The construction rates for land acquired by different entities are notably low, with only 73% of state-owned enterprises, 65% of central enterprises, 41% of private enterprises, and 20% of city investment companies having fully commenced construction on acquired land [10] - The central government has introduced policies to support the recovery and acquisition of idle land, emphasizing the need for local governments to act based on actual conditions [12][8] 2. Reintroduction of Special Bonds for Land Reserves - The Ministry of Natural Resources announced the reintroduction of special bonds for land reserves, which had been halted since September 2019, to facilitate the acquisition of idle land [14][40] - The special bonds aim to reduce the scale of idle land in the market, improve supply-demand relationships, and enhance the liquidity of local governments and enterprises [43][40] 3. Public Solicitation for Idle Land Recovery - Various regions have issued announcements to publicly solicit the recovery and acquisition of idle land, including cities like Suining, Jinan, and others [45][22] - The focus is primarily on third and fourth-tier cities, with local governments actively engaging in land recovery initiatives [45][22] 4. Local Government Land Recovery Cases - The report details specific cases of land recovery in Guangzhou, where the government has successfully acquired three plots of undeveloped land totaling approximately 230,000 square meters [68][27] - Compensation for these land recoveries is based on market evaluations and negotiated agreements, with significant amounts allocated for each plot [73][29] 5. Challenges in Land Recovery - The report identifies challenges such as complex mortgage relationships and pricing discrepancies that may hinder the recovery of idle land [62][83] - The expectation of declining land prices poses a risk to the government's enthusiasm for revitalizing idle land [83] 6. Investment Recommendations - The report suggests that the introduction of special bond policies will improve the financial conditions of real estate companies and enhance their operational capabilities, potentially stabilizing the market [85] - Investors are advised to monitor local state-owned enterprises and developers as they respond to these policy changes [85]

2、公司评级 太平洋证券股份有限公司具有证券投资咨询业务资格，公司统一社会信用代码为： 91530000757165982D。 买入：预计未来 6 个月内，个股相对沪深 300 指数涨幅在 15%以上； 增持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于 5%与 15%之间； 持有：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与 5%之间； 减持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与-15%之间； 卖出：预计未来 6 个月内，个股相对沪深 300 指数涨幅低于-15%以下。 家电 2025 年策略:政策支持+出口蓝海,关注 AI+和微信小店机会 2024 年 12 月 29 日 行业策略 看好/维持 ◼ 走势比较 (10%) 2% 14% 26% 38% 50% 23/12/2824/3/1024/5/2224/8/324/10/1524/12/27 家电 沪深300 <<出口链：2024M11 家电出口金额双 位数提升，空调持续高增>>--2024- 12-23 <<出口链：2024M10 家电出口金额快 速增长，空调和咖啡机高增>>-- 2024- ...

行 业 研 究 医药 2024 年 12 月 29 日 行业周报 看好/维持 医药 安徽化学发光集采需求量公布，国产替代有望加速推进 2024.12.23-2024.12.29 | --- | --- | --- | --- | |----------------------------------------|----------|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ◼ 走势比较 | | | 报告摘要 | | ...

LME 铜（关元/吨） LME 铜库存 (吨) 图表 10: 图表 12: LME 铝库存(吨) . SHFE 铝库存（吨） 氧化铝均价(元/吨) . COMEX 锌库存（吨） . 图表 23: 现货价: 铅（元/吨） LME 铝库存(吨) . LME 锡(美元/吨) 图表 31: SHFE 锡库存（吨） 现货价: 镍(元/吨) SHFE 镍库存（吨） LME 铝(关元/吨) 图表 14: 图表 18: LME 锌(关元/吨) 图表 21： 图表 22: 图表 27: 图表 28: 图表 32: LME 線(关元/吨) 贵金属价格变化 图表 38: 图表 40: 图表 43: 行业周报 守正出奇宁静致远 请务必阅读正文之后的免责条款部分 一、 有色金属板块行情回顾 本周行情表现：沪深 300 指数+1.36%，报 3981 点；上证指数+0.95%，报 3400 点；SW 有色金 属行业指数-0.68%，报 4425 点。2024 年年初至今，SW 有色金属行业指数+5.74%，同期沪深 300 指数+16.03%，上证指数+14.29%。 图表2：申万一级行业周涨幅排名 资料来源：iFind，太平洋证券整理 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][21]. Core Views - The company reported a total revenue of 502.1 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.058 billion, down 83.43% year-on-year [1]. - The company has increased its stake in its real estate subsidiary by 10%, which has been approved by the shareholders' meeting, enhancing its profitability for 2025 [7][8]. - The supply chain business is the main profit source for the company, with international revenue increasing from 10% in 2019 to 17% in 2023, indicating a positive trend in global expansion [8]. Summary by Sections Company Overview - The largest shareholder of the company is Jianfa Group, holding 46.03%, with the actual controller being the Xiamen State-owned Assets Supervision and Administration Commission [3]. Quarterly Performance - The company experienced a significant decline in performance, with a net profit of 2.058 billion for the first three quarters of 2024, a decrease of 83.43% year-on-year [1][18]. Subsidiary Equity Changes - The company plans to acquire an additional 10% stake in Jianfa Real Estate, increasing its consolidated share from 54.65% to 64.65% [7][8]. - The equity assessment value of Jianfa Real Estate is estimated at 30.663 billion for the 10% stake [7]. Dividend and Shareholder Returns - The company has established a shareholder return plan, committing to distribute at least 30% of the annual profit attributable to shareholders as cash dividends, with a minimum dividend of 0.7 yuan per share [7][8]. Future Outlook - The supply chain sector is expected to benefit from China's dual circulation strategy, with the company expanding its global operations and establishing business relationships in over 170 countries [8]. - The report expresses optimism about the company's supply chain strategy and the manageable risks in the real estate sector, leading to a continued "Accumulate" recommendation [8].