Group 1 - The core viewpoint of the report indicates that Sunny Optical Technology has achieved mass production of large-format periscope products, with multi-group periscope mobile phone lenses developed, which is expected to quickly meet the incremental demand for periscope lenses in low-end models. It is anticipated that with the recovery of mobile phone shipments, improved competition in the optical segment, increased market share from A customers, and product structure improvements, the lens business is expected to see both volume and price increases by 2025 [1] Group 2 - The report highlights significant results from the high-end transformation of mobile modules, with dual-group internal focusing periscope products already in mass production. The gross margin for mobile modules is projected to be between 6% and 8% in the first half of 2024, with an annual guidance indicating an increase in the company's gross margin to between 6% and 10%. The rising penetration of AI in mobile phones is expected to drive sales of high-end multi-camera models, thereby boosting demand for camera modules [1] Group 3 - In the first half of 2024, the gross margin for the company's automotive lenses is expected to remain stable at around 40%. The company has completed the development of automatic heating ADAS automotive lenses and has secured project designations from automotive OEMs. In terms of automotive modules, the company maintains the global leading market share for 8MP lenses and continues to iterate new products. The development of long-range lidar modules and all-solid-state blind-spot lidar has been completed, with multiple project designations achieved. As a leading player in automotive lenses, the company is well-positioned to benefit from the penetration of advanced driving assistance systems and high-level intelligent driving, maintaining high profitability in automotive lenses and modules [1]

Group 1 - The core viewpoint indicates that cement prices have seen a significant narrowing in decline as market demand approaches its end before the Spring Festival, with some regions like Guangdong's Pearl River Delta actively raising prices to stabilize profits, which may set a good foundation for price rebounds after the holiday [1] - In the medium term, the cement industry is expected to continue facing substantial losses, which may strengthen supply-side control measures. The optimization of staggered production plans and stabilization of physical demand are anticipated to improve supply-demand balance significantly by Q4 2024, leading to a notable rebound in price levels and positive feedback on supply-side self-discipline for 2025 [1] - The price-to-book ratio of cement companies is currently at historical lows. Mid-term fiscal policies are expected to support the stabilization of physical demand, and the low industry prosperity may present opportunities for further consolidation [1] Group 2 - The cement industry is likely to be included in the national carbon market as the Ministry of Ecology and Environment solicits opinions on the carbon market work plan in September 2024. Although the initial impact on cost curves may be limited, it is expected to change the expectations of later-stage enterprises [1] - The revision of capacity replacement methods and further implementation of capacity and production control policies are expected to accelerate the elimination of excess capacity and industry consolidation [1] - Leading companies are expected to demonstrate comprehensive competitive advantages and benefit from the optimization of industry structure in the medium to long term, with valuations likely to recover. Companies to watch include Conch Cement, Huaxin Cement, and Shangfeng Cement [1]

1）城燃降本促量、顺价持续推进，建议关注：华润燃气、中国燃气等；2）海外气源释放，关注具备优 质长协资源、灵活调度、成本优势长期凸显的企业，建议关注：深圳燃气、佛燃能源等；3）十年期国 债收益率下行关注高股息标的，建议关注：昆仑能源、新奥能源等。 校对：李凌锋 证券时报网讯，东吴证券研报称，供给宽松，燃气公司成本优化；价格机制继续理顺、需求放量。 ...

Core Viewpoint - The report from Dongwu Securities identifies the past five years of the automotive market as defined by "the electrification of vehicles," highlighting a common pattern of four upward trends driven by improvements in domestic demand for passenger vehicles, accelerated penetration of new energy passenger vehicles, and the addition of new mid-term logic such as intelligence, globalization, and robotics [1] Group 1: Market Trends - The automotive market is experiencing a systematic valuation repair and a diffusion trend projected for 2025 [1] - By 2025, domestic automakers are expected to accelerate their smart strategy and promote their robotics strategy [1] Group 2: Investment Recommendations - The investment recommendation for 2025 is to adopt a bullish outlook on the entire vehicle sector [1] - The selection criteria for stocks include intelligence as the core, monthly sales as the outcome, and robotics as an additional advantage [1] Group 3: Company Rankings - The first tier of companies includes XPeng Motors, SAIC Motor, and Seres [1] - The second tier includes Li Auto, BYD, Geely, Changan Automobile, GAC Group, Great Wall Motors, and Leap Motor [1]

1）城燃降本促量、顺价持续推进，建议关注：华润燃气、中国燃气等；2）海外气源释放，关注具备优 质长协资源、灵活调度、成本优势长期凸显的企业，如九丰能源、新奥股份等。 校对：王蔚 证券时报网讯，东吴证券研报称，供给宽松，燃气公司成本优化。 燃气价格机制继续理顺、需求放量。 ...

特此公告。 东吴证券股份有限公司（以下简称本管理人）董事会及董事保证旗下集合计划2024年第四季度报告所载 资料不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 东吴证券股份有限公司旗下东吴裕盈一年持有期灵活配置混合型集合资产管理计划、东吴安鑫中短债债 券型集合资产管理计划的2024年第四季度报告全文于2025年1月20日前在本管理人网站 （www.dwzq.com.cn）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资者查 阅。如有疑问可拨打本公司客服电话（95330）咨询。 风险提示：本管理人承诺以诚实信用、勤勉尽责的原则管理和运用集合计划资产，但不保证集合计划一 定盈利，也不保证最低收益。请充分了解集合计划的风险收益特征，审慎做出投资决定。 东吴证券股份有限公司 2025年1月20日 ...

在完善调节资源参与市场机制，发掘火电尖峰电能量价值、灵活性价值、容量价值方面，建议关注优质 区域火电运营商，皖能电力、申能股份。 证券时报e公司讯，东吴证券研报称，2025—2027年新能源合理消纳能力持续提升，绿电消纳压力逐步 缓解，建议关注全国绿电龙头运营商龙源电力H、三峡能源，优质海风开发——中闽能源。 在各地推进新增调节能力建设方面，建议关注抽水蓄能——南网储能及火电灵活性改造——青达环保。 ...

Economic Growth - China's economy is expected to achieve a growth rate of around 5% for the year, meeting the target set for the 14th Five-Year Plan [1] - The fourth quarter saw a rebound in economic growth, contributing to the overall annual performance [1] Export Performance - China's exports reached a trade surplus of $884.6 billion, a record high for the same period [1] - The country's robust industrial system, advanced technology, and efficient production capabilities have gained global recognition [1] - Traditional manufacturing sectors such as machinery, electronics, and textiles maintained stable export quality with high cost-performance ratios [1] - Emerging high-value-added sectors like new energy and high-end equipment manufacturing demonstrated strong competitiveness [1] - Continuous optimization of export product structure and expansion of overseas markets have solidified China's position in global trade [1] Investment Growth - Equipment investment grew by 15.8% in the first 11 months, driven by equipment upgrades [1] - The introduction of new equipment has improved production efficiency, enabled intelligent and automated processes, and reduced production costs [1] - Equipment upgrades have also spurred industrial upgrades and fostered synergistic development across the upstream and downstream industrial chains [1] Consumption Growth - The implementation of trade-in policies has stimulated consumption growth by encouraging consumers to replace old products with new ones [2] - This policy has not only met consumer demand for new products but also invigorated the consumer market [2] - It has provided new development opportunities for companies, promoting product upgrades and driving growth in related industries [2] Technological Innovation and Modern Industrial System - China has significantly increased investment in the technology sector, achieving a series of important breakthroughs [2] - Innovations in artificial intelligence, big data, the Internet of Things, and new energy have emerged as new growth drivers for the economy [2] - The modern industrial system, centered on high-tech industries, has facilitated the transformation and upgrading of traditional industries, forming competitive industrial clusters [2] - This development model has not only elevated the overall economic level but also laid a solid foundation for sustainable economic growth [2]

证券时报e公司讯，东吴证券研报认为，汽车行业配置思路上：先整车后零部件。 国内整车格局和估值均有望迎来新一轮重塑，车企选股排序：（1）国内智能化领先且全栈自研【小鹏 汽车+理想汽车】；（2）华为重要车企合作伙伴【赛力斯+长安汽车等】；（3）国有车企国企改革先 锋【上汽集团+广汽集团等】；（4）其他车企：比亚迪+吉利汽车+长城汽车+零跑汽车等。 国内汽车零部件企业有望迎来新一轮成长：（1）特斯拉产业链【新泉股份+拓普集团+旭升集团+华域 汽车等】；（2）智能化增量部件【德赛西威+伯特利+地平线机器人+华阳集团+均胜电子等】；（3） 其他【福耀玻璃+星宇股份等】。 ...

证券时报e公司讯，东吴证券研报认为，跨年周市场出现调整，指数重心探寻支撑，但个股结构性配置 机会或逐步显现。 历史上A股几乎每年都存在"春季躁动"行情，央行货币政策调整、重要经济数据公布、重要会议召开均 可催化行情，市场结构性机会仍将持续演绎。 债券收益率下降会使股票估值吸引力上升，市场2025年大概率延续中枢震荡上行趋势。 从季节性规律看跨年时间段部分获利资金因年底结算因素致使市场交易偏淡，风险偏好度下降，但新年 伊始后逐渐活跃是定式，春节后流动性会进一步改善。 内外扰动依旧难改A股市场运行逻辑根本变化，政策组合拳加码持续优化股市环境，宏观上财政政策将 更加积极，货币政策适度宽松，目前市场整体估值合理甚至偏低，随着险资入市力度加大和养老金入市 预期，将推动市场重心上移。 ...