勃林格殷格翰 Zongertinib 拟纳入优先审评 | --- | --- | --- | --- | |--------------------------------------------------------|--------------------------|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_Title] 传媒互联网 DeepSeek-V3 发布，12 月 135 款游戏版号获批 (2024.12.23-12.29) ➢ 核心观点 我们认为，国内大模型对海外大模型的持续追赶取得显著进展，模型 成本下降有望进一步推动 AI 应用普及，看好国内大模型及应用的长 期价值。此外，游戏行业：24 年全年游戏版号发放节奏稳定，且数 量显著多于 23 年，行业监管稳定有望推动优质内容持续供给。影视 行业：多部曾获超高票房影片的续作定档 25 年春节档，优质内容供 给有望提升观影人次，期待后续影片上映后的票房表现。建议关注： 恺英网络、电魂网络等。 5 风险提示 . [Table_Message] 传媒互联网 行 业 研 究 报 告 | --- | --- | --- | --- | --- | |-------|------------------------|--------------------------------------------------------|-------|------------------------------------------------------- ...

Investment Rating - The report maintains a positive outlook on the machinery sector, specifically highlighting the commercial acceleration of robotic technologies [24][26]. Core Insights - The Unitree B2-W robotic dog has demonstrated advanced capabilities, including complex maneuvers and versatility in various environments, which positions it favorably for broader applications in industries such as power inspection and firefighting [24][30]. - The report emphasizes the importance of technological advancements in robotics, suggesting that breakthroughs in robotic capabilities will drive commercialization and market expansion [24][34]. Summary by Sections Industry News - XCMG has successfully delivered over 100 high-altitude work platforms tailored for the Middle East, showcasing its strong market presence and customer relationships in the region [1]. - SANY's first batch of hybrid wide-body trucks has been delivered in Vietnam, indicating strong market acceptance and confidence from local contractors despite higher pricing [3]. Key Company Announcements - Unitree Technology has released a video showcasing the B2-W robotic dog's enhanced skills, which could lead to increased applications in various sectors [24][30]. - The establishment of a new subsidiary by Huichuan Technology in Beijing, with a registered capital of 300 million yuan, focuses on the development of intelligent robotics and AI technologies [7]. Market Performance Review - The report notes that during the period from December 23 to December 27, the Shanghai Composite Index rose by 1.4%, while the machinery sector experienced a decline of 1.2%, ranking 19th among all primary industries [58].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Longjiang Transportation [9][10]. Core Views - Longjiang Transportation reported a total revenue of 427 million yuan for Q3 2024, a year-on-year decrease of 11.4%, and a net profit attributable to shareholders of 149 million yuan, down 17.82% year-on-year [9]. - The company is focusing on its "one body, two wings" strategy, which includes the development of a diversified "industrial wing" project and stable operations in its existing businesses [10]. - The company’s highway, known as "Longjiang First Road," provides stable toll revenue, contributing to a gross profit margin of 72.4% [10]. - The "industrial wing" project aims to integrate the graphite industry chain, with plans to enhance manufacturing capabilities by 2025 [10]. - The diversified projects, including a taxi business and highway service areas, have provided significant support to the company's performance, with the taxi segment contributing 18% to gross profit in 2023 [10]. Financial Summary - For 2024, the company expects revenue to be 652 million yuan, with a year-on-year growth rate of 49.9% [11]. - The net profit attributable to shareholders is projected to be 137 million yuan in 2024, with a slight decrease of 0.5% year-on-year [11]. - The diluted earnings per share (EPS) is forecasted at 0.10 yuan for 2024, with a price-to-earnings (PE) ratio of 34.14 [11].

| --- | --- | --- | |------------------------------|--------------------|----------------------------------| | 风电行业深度研究报告 | | 证券研究报告 2024 年 12 月 27 日 | | 风电行业 2025 年投资策略报告 | —— | | | | 量利齐升，出海加速 | | | | | | | | 证券分析师： | 刘强 | | | 分析师登记编号： | S1190522080001 | | | 证券分析师： | 万伟 | | | 分析师登记编号： | S1190524100003 | | | | | 招标规模创历史新高，装机有望快速增长。2024年1-11月国内风机招标127.00GW，同比+108.14%；其中，陆上风机招标 118.21GW（历史新高），同比+123.68%；海上风机招标8.79GW，同比+7.63%。从招标节奏看，预计2024年陆风招标量有 望达到130GW左右，海风招标量有望在10GW左右。根据招标量与陆海风发展情况，2025年国内陆风装机预计100GW，同 比+ ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 75.59 yuan, corresponding to a 15x dynamic P/E ratio for 2025 [21]. Core Insights - The company is a leading player in the aerial work platform industry, with strong product capabilities driving high profitability [54]. - The domestic market has low penetration, indicating significant growth potential, while there is considerable demand for equipment updates in Europe and the U.S. [54]. - The company is expanding its overseas channels through mergers and acquisitions, while enhancing brand influence through independent innovation [54]. Chapter Summaries Chapter 1: Leading Company in the Aerial Work Platform Industry - The company has established itself as a global leader in the aerial work platform sector, focusing on R&D, manufacturing, and sales [54]. Chapter 2: Low Domestic Penetration and Considerable Demand in Europe and the U.S. - The Chinese market shows a significant gap in per capita ownership compared to mature markets, suggesting substantial future growth potential [54]. - The U.S. rental market for aerial work platforms is projected to continue growing, with a rental income of approximately $15 billion in 2023, reflecting a 10% year-on-year increase [54]. Chapter 3: Expanding Overseas Channels through M&A and Enhancing Brand Influence - The company has successfully established a global presence through acquisitions and has been recognized as the fifth-largest aerial work platform manufacturer globally [31][54]. - The company has achieved a high level of product electrification, leading the industry in innovation [34]. Chapter 4: Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are 7.746 billion yuan, 9.253 billion yuan, and 10.975 billion yuan, respectively, with corresponding net profits of 2.122 billion yuan, 2.552 billion yuan, and 3.106 billion yuan [21][47].

电力设备及新能源 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 周观点： 产业链受益标的： （二）光伏：2024 年 11 月需求保持高增 产业链相关标的： 行业周报 P3 新能源周报（第 116 期 20241216-20241222）：重视智能化带来 的变革，龙头海外拓展加速 江苏发布 7.65GW 海风竞配。 福建 2024 海风竞配结果公示。 近日，辽宁发布对《辽宁省 2024 年度海上风电建设方案（征求意见 稿）》公开征求意见的公告。根据公告，辽宁省管海域海上风电总规 模 7GW 瓦，其中：大连 2GW，丹东 3.5GW，营口 0.7GW；葫芦岛 0.8GW。2024 年 8 月，《辽宁省"十四五"海上风电规划》获批，其 中省管 7GW，国管 6.1GW。随着此次 7GW 省管海风项目建设方案征 求意见稿的发布，辽宁下一批海风建设将开始提升日程。 近期，多地发布海风竞配，将为 2026 年及以后的国内海风建设奠定基 础，海风已然开启新一轮长期向上周期。 投资建议：推荐"两海主线"&盈利反转的整机企业。 1）海缆：东方电缆 ...

2024 年 12 月 26 日 百时美施贵宝 TYK2 抑制剂两项三期临床成功 相关研究报告 行业要闻： 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 看好：预计未来 6 个月内，行业整体回报高于沪深 300 指数 5%以上； 中性：预计未来 6 个月内，行业整体回报介于沪深 300 指数-5%与 5%之间； 看淡：预计未来 6 个月内，行业整体回报低于沪深 300 指数 5%以下。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 看好/维持 (30%) (18%) (6%) 6% 18% 30% 23/12/2624/3/824/5/2024/8/124/10/1324/12/25 医药 沪深300 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 公司要闻： 行业周报 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 ...

Investment Rating - The industry rating is "Buy," indicating an expected increase of over 15% in stock performance relative to the CSI 300 index within the next six months [8]. Core Viewpoints - The report maintains a positive outlook on BYD, highlighting the launch of its advanced intelligent driving assistance system "Tianshen Eye," which has recently enabled the "No Map City Navigation" (CNOA) feature nationwide [10]. - BYD's intelligent driving models have surpassed 4 million units, making it the leader in China with the largest vehicle cloud database [10]. - The report emphasizes BYD's industry-leading capabilities in end-to-end large models and strong iteration abilities, which enhance the vehicle's perception capabilities across various scenarios and conditions [10]. - The "Tianshen Eye" system has introduced innovative parking features, including over 300 parking scenarios, significantly advancing intelligent parking technology [10]. - The report notes significant OTA upgrades for the Yangwang U8 luxury version and the Tengshi N7, enhancing user experience with new functionalities and optimizations [10]. - The Fangcheng Leopard 8 is highlighted as the first SUV globally to feature Huawei's Qian Kun intelligent driving system, offering unique advantages in intelligent driving and safety [10]. Summary by Sections Industry Overview - The report discusses the overall positive sentiment towards the automotive industry, projecting returns above the CSI 300 index by more than 5% over the next six months [11]. Company Analysis - BYD's advancements in intelligent driving technology and its extensive deployment of smart features are key factors driving its competitive edge in the market [10].

汽车 行 业 研 究 鸿蒙智行引领全国都能开转向车位到车位 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：近日，鸿蒙智行车位到车位全量推送。鸿蒙智行 HUAWEI ADS 3.0 端到端架构车位到车位智驾功能，NCA 拥堵场景下的换道能力提升避 免偏航，VPD 泊车代驾，ESA 紧急转向辅助，新增 ADS 3D 视图，引领全国 都能开转向车位到车位。 鸿蒙智行车位到车位全量推送。端到端架构最直接的功能聚焦在车 位到车位，点到点的智驾从技术上非常考验全场景贯通的能力。端到端架 构让智驾像人一样去思考，能理解各种复杂的路况场景，实现车位到车位 一键全场景的智驾通行。 1. 华为乾崑 ADS 3.0：GOD/PDP 端到端全新架构。全新架构，全面 升级，华为乾崑 ADS 3.0 智驾系统在无图智驾、全向防碰撞、全场景泊车 等方面均实现升级，安全再进阶，AEB 功能领先打造产品核心竞争力，车 位到车位全场景贯通。 2. 鸿蒙智行 HUAWEI AD ...