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 ...

财联社1月8日电，东吴证券公告，公司于2025年1月8日收到中国证监会《行政处罚决定书》（〔2025〕 1号）。 中国证监会对东吴证券未勤勉尽责行为进行了立案调查，并查明东吴证券在为国美通讯2020年非公开发 行股票提供保荐承销服务过程中未勤勉尽责，出具的文件存在虚假记载；在为紫鑫药业2014年非公开发 行股票提供保荐服务过程中未勤勉尽责，出具的文件存在虚假记载。 中国证监会决定对东吴证券责令改正，给予警告，没收相关业务收入并处以罚款；对相关责任人员给予 警告并处以罚款。 公司表示将加强管理、补齐工作短板，提升投行执业质量。 ...

Core Viewpoint - The report from Dongwu Securities indicates that from 2025 to 2027, the capacity for renewable energy consumption will continue to improve, alleviating the pressure on green electricity consumption [1] Group 1: Renewable Energy Operators - It is recommended to pay attention to leading national green electricity operators such as Longyuan Power and Three Gorges Energy [1] - The report highlights the potential of high-quality offshore wind development, specifically mentioning Zhongmin Energy [1] Group 2: Thermal Power Operators - The report suggests focusing on high-quality regional thermal power operators, including Waneng Power and Sheneng Co., in the context of enhancing market mechanisms for resource adjustment [1] - Emphasis is placed on exploring the value of peak electricity from thermal power, as well as its flexibility and capacity value [1] Group 3: Energy Storage and Flexibility - The report recommends monitoring the construction of new adjustment capabilities across various regions, particularly in pumped storage, with a focus on South Grid Energy Storage [1] - It also highlights the importance of flexible transformation of thermal power, specifically mentioning Qingda Environmental Protection [1]

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。 ...

Low-altitude Economy - Low-altitude economy is identified as the sector with the highest policy-driven growth potential [1] - Infrastructure construction, demonstration cities, aircraft manufacturing, and drone production are key focus areas for low-altitude economy development [8] AI Computing Power - Global AI computing demand is transitioning into the inference era, with domestic AI applications led by ByteDance gaining traction [2] - By 2025, domestic computing power, led by Huawei's Ascend, is expected to see diversified growth [3] - Domestic AI chips are undergoing continuous iteration, with new products from various manufacturers entering testing phases [9] AI Applications - AI application sector shows strong performance in US markets, with accelerating growth and increasing AI adoption consensus [15] - By 2025, global AI applications are expected to reach a critical mass in user adoption, with user metrics becoming a key focus [10] Brain-Computer Interface - Non-invasive brain-computer interface products are rapidly commercializing, with potential for groundbreaking products [5] - Invasive brain-computer interfaces are entering clinical trial stages, with continued industry catalysts expected by 2025 [17] - Companies with leading positions in brain-computer interface technology are recommended for attention [12] Embodied Intelligence - Policy support and local innovation initiatives are driving the embodied intelligence sector [6] - Quadruped robots are seeing expanding commercial applications, with significant shipment growth anticipated [7] Data Elements - Public data supply is gradually opening up, with focus on business model implementation in vertical sectors like healthcare, transportation, and finance [11] - By 2025, fundamental systems for data pricing and property rights are expected to be established [16] Robotics and AI Hardware - Tesla's Optimus robot is nearing mass production [18] - Companies with technical barriers that may enter supply chains of major manufacturers by 2025 are worth monitoring [19] Industry Innovation - Huawei is driving innovation across the industrial chain [13] - AISC is becoming a significant component of AI computing power, supporting the rise of domestic chips [14]

文/梧桐数据中心 2024年全年，A股并购重组项目上会审核企业共计15家，沪主板4家，科创板3家，深主板3家，创业板5家。其中，14家企业审核通过，1家被否。 本文统计了2024年审核通过的14单并购重组业务，中介机构业绩排名情况如下： 一、独立财务顾问业绩排名 2024年全年，共有9家独立财务顾问机构承办了这14单并购重组过会项目的保荐业务。 中信证券排名第一，业务单数为5单； 华泰联合证券排名第二，业务单数为2单； 华安证券、东方证券、东吴证券、国泰君安证券、华创证券、浙商证券、中信建投证券各1单。 | T | TIDEJ | | | --- | --- | --- | | 2 | 华泰联合 | 2 | | 3 | 华安证券 | 1 | | 3 - | 东方证券 | 1 | | 3 | 东吴证券 | III F | | 3 | 国泰君安 | 1 | | 3 | 华创证券 | 1 | | 3 | 浙商证券 | 1 | | 3 | 中信建投 | 1 | | | 合计 | 14 | 二、法律顾问业绩排名 北京通商、北京中伦、广东华商、国浩（上海）、国浩（长沙）、上海锦天城各1单。 2024年全年，共有10家律师 ...