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].

Investment Rating - The report suggests a positive investment outlook for the wind power industry, highlighting significant growth potential in both onshore and offshore wind installations [3]. Core Insights - The domestic wind power market is experiencing unprecedented growth, with a record high in bidding volumes and expected rapid increases in installed capacity [2][5]. - The report emphasizes the acceleration of overseas market expansion for domestic wind power companies, particularly in response to rising demand in Europe and other regions [3][10]. - The offshore wind sector is entering a new growth cycle, with substantial increases in installed capacity projected for the coming years [22][23]. Summary by Sections 1. Domestic Market - The domestic wind turbine bidding volume reached 127.00 GW from January to November 2024, a year-on-year increase of 108.14%, with onshore bids at 118.21 GW and offshore bids at 8.79 GW [2][5]. - Installed capacity for onshore wind is expected to reach 100 GW in 2025, a 25% increase year-on-year, while offshore wind installations are projected to grow by 107% to 15.43 GW [2][18]. 2. International Market - Global onshore wind installations are forecasted to grow from 106 GW in 2023 to 146 GW by 2028, with a compound annual growth rate (CAGR) of 7% [10][52]. - Offshore wind installations globally are expected to increase from 11 GW in 2023 to 66 GW by 2033, with a CAGR of 20% [10][50]. 3. Submarine Cables - The report highlights the strong market position of submarine cable manufacturers, with expectations of sustained high profitability due to the increasing demand for offshore wind projects [10][77]. 4. Wind Turbines - The report notes a recovery in profitability for wind turbines, with signs of price increases in onshore wind bids starting in the second half of 2024 [10][75]. 5. Components - The profitability of components such as piles and castings is expected to recover, driven by the growth in offshore wind and a decrease in raw material prices [10][75]. 6. Investment Recommendations - The report advises focusing on the acceleration of overseas expansion and the recovery of profitability in the wind power sector, particularly in submarine cables, wind turbines, and component manufacturing [3][10].

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 ...

行 业 研 究 小米车位到车位千人团开始招募，端到端大模型加速落地 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 2024 年 12 月 25 日 行业点评 看好/维持 报告摘要 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：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。 汽车 事件：Xiaomi HAD（Xiaomi Hyper Autonomous Driving）将全面接 入端到端大模型，智驾体验重大升级，预计 12 月底开启先锋版推送。小 米汽车官方宣布将于近日陆续推送 OTA 升级，包含 13 项新增功能和 26 项 体验优化，本次升级主要表现在 VLM 视觉语言大模型正式接入和充电地 图焕新升级。 小米端到端大模型：小米 SU7 正式接入 VLM 视觉语言大模型。小米 SU7 1.4.5 OTA 已于 12 月底开始推送，新增功能正式接入 VLM 视觉语言 大模型，系统可识别复杂 ...

Industry Rating - The industry is rated as "看好" (Positive), indicating that the overall industry return is expected to outperform the CSI 300 Index by more than 5% over the next 6 months [1][3] Core Views - The pharmaceutical sector experienced a decline of -0.86% on December 25, 2024, underperforming the CSI 300 Index by 0.91 percentage points, ranking 14th among the 31 Shenwan sub-sectors [4] - Among pharmaceutical sub-sectors, blood products (+0.07%), medical equipment (-0.02%), and hospitals (-0.60%) performed relatively well, while offline pharmacies (-1.54%), medical R&D outsourcing (-1.49%), and other biological products (-1.25%) underperformed [4] - Notable stock performances include Xinbang Pharmaceutical (+9.98%), Xinlicheng (+9.89%), and Northeast Pharmaceutical (+6.17%) as top gainers, while Pulid Pharmaceutical (-10.28%), Hansoh Pharmaceutical (-9.95%), and Yibai Pharmaceutical (-9.91%) were among the biggest decliners [4] Industry News - Novo Nordisk's Alhemo (Concizumab) received FDA approval as a once-daily subcutaneous injection for preventing or reducing bleeding frequency in hemophilia A or B patients aged 12 and above [4][6] - Alhemo is a tissue factor pathway inhibitor (TFPI) antagonist that enhances thrombin generation by blocking TFPI, compensating for the deficiency or insufficiency of other coagulation factors [4] Company News - Sunshine & He (688621) announced a stock buyback proposal by Chairman Li Qian, with a planned repurchase amount of 0.5-1.0 billion yuan for employee stock ownership or equity incentive plans [4] - Tonghe Pharmaceutical (300636) received GMP compliance certification from Jiangxi Drug Administration for its active pharmaceutical ingredients Vildagliptin and Mirabegron [4] - Jointown (600998) obtained CSRC approval for its pharmaceutical warehousing and logistics infrastructure REITs, with a total of 400 million shares and a contract duration of 39 years [4] - Changchun High & New (000661) received clinical trial approval from NMPA for its freeze-dried Haemophilus influenzae type b conjugate vaccine [4]