Investment Rating - The report assigns a "Recommended" investment rating for Trina Solar (688599.SH) [2] Core Views - Trina Solar is a leading integrated photovoltaic company, advancing to the 3.0 stage and becoming a global leader in energy IoT. The company is actively diversifying its business to navigate through market cycles, supported by strong R&D capabilities and a focus on technology innovation [9][13][70] Company Overview - Trina Solar was established in 1997 and has evolved from a photovoltaic product manufacturer to a comprehensive energy solution provider. The company has maintained a strong market position, with significant growth in revenue and net profit from 2019 to 2023 [13][18] - The company has a total share capital of 2.179 billion shares, with a market capitalization of approximately 46.086 billion yuan [3] Financial Performance - In 2023, Trina Solar's revenue reached 626 billion yuan, with projections of 1,003 billion yuan in 2024, representing a year-on-year growth of 30.24%. The net profit for 2023 was 162.9 billion yuan, with an expected increase to 236.9 billion yuan in 2024 [7][18] - The company's earnings per share (EPS) are projected to be 0.76 yuan in 2023, increasing to 1.10 yuan in 2024 [7] Industry Situation - The photovoltaic industry is currently at a cyclical low, with supply-demand imbalances and price competition affecting profitability. However, the industry is expected to recover, with projected growth in new installations in China [32][34] - The distributed photovoltaic installation accounted for over half of the new installations in 2024, indicating a shift towards more decentralized energy solutions [42] Company Highlights - Trina Solar has a strong R&D capability, with over 2,375 patents, and is focusing on advanced technologies such as N-type TOPCon technology, which has achieved a cell efficiency of 26.58% [60][65] - The company is a leader in the distributed solar system market, with a market share of nearly 20% in the domestic household market [70] - Trina Solar's global revenue is diversified, with overseas sales accounting for a significant portion of its total revenue, enhancing its resilience against market fluctuations [39][70] Investment Recommendations - The report forecasts Trina Solar's net profit for 2024-2026 to be 3.11 billion yuan, 29.84 billion yuan, and 49.80 billion yuan respectively, with corresponding price-to-earnings ratios of 148.02, 15.45, and 9.26 times [9][7]

图 -11.00% 9.00% 29.00% 49.00% 非银金融(申万) 沪深300 行 业 研 究 [Table_Author] 分析师： 黄婧 执业证书编号：S1380113110004 联系电话：010- 88300846 邮箱：huangjing@gkzq.com.cn [Table_ 行业评级IndustryRank] 强于大市 [相关报告 Table_Report] 1. 改革深化续新章，券商业绩待春华 2. 打造一体化平台，服务综合化、个性化需 求 3. 修订专项公司债指引，进一步提升服务国 建战略质效 [Table_RepTitle] 强化中介独立性，促进公平竞争 [Table_Date] 2024 年 12 月 31 日 [Table_Summary] [Table_Summary] 内容提要： 12月23日，国务院常务会议审议通过《国务院关于规范 中介机构为公司公开发行股票提供服务的规定（草案）》。 主要内容。新规旨在规范公开发行股票相关服务行为，提 高上市公司质量，保护投资者合法权益，主要内容有四： 一是明确立法目的与适用范围，二是设定中介机构执业 和收费的基本标准，三是明确各方主体 ...

行 业 研 究 [Table_RepTitle] 交易所降费让利，提振市场信心 ——证券行业周报 [Table_Date] 2024 年 12 月 31 日 [Table_Summary] [Table_Summary] 内容提要： 上周（2024年12月23日-12月27日），申万非银金融指数 上涨0.85%，落后沪深300指数0.50个百分点，在申万29个 一级行业中排名第6。上周，申万证券板块上涨0.76%，在 非银金融板块中排名第3，交易额达2084.36亿元，板块活 跃度较前一周基本持平。截至2024年12月27日，板块整体 PB为1.45倍，处于10年来31.15%分位上。 政策跟踪： 12月27日，沪深交易所同日分别发布《关于暂 免收取部分2025年度费用的通知》和《关于减免2025年度 相关费用的通知》，推出多项2025年降费措施。免收沪市 存量及增量上市公司2025年的上市初费和上市年费将直 接减轻上市公司的财务负担，而交易单元使用费的收费标 准将从2025年7月1日起下调，将降低投资者和机构的交易 成本。沪深交易所的这一系列降费措施有助于提升交易活 跃度，进而改善市场流动性，对于激发市场活 ...

[Table_Date] 2024 年 12 月 31 日 [Table_RepTitle] 明确各方责任，强化资本市场上市融资功能 [Table_Summary] [Table_Summary] 内容提要： 沪深交易所及北交所于2024年12月27日对外公布了关 于修订《股票上市规则》、《上市公司证券发行上市审核 规则》等业务规则的征求意见稿，旨在贯彻落实新《公司 法》等相关规定，提升上市公司治理水平，保护投资者权 益。 主要内容。与之前的版本相比，此次《意见稿》主要在上 市公司内部治理、股东权益、中介机构执业规范、监管流 程优化等方面进行了修改和优化。1.明确审计委员会职 责，强化了董事、高管履职规范；2.对股东权利保障进行 优化，进一步强化信息披露监管，提升股东话语权，临时 提案股东持股比例要求由3%降低至1%；3.压严压实中介 机构"看门人"职责，要求充分发挥现场督导把关作用， 强化对违规行为的自律监管惩戒；4.对发行审核程序进 行了优化，增加受理前申报文件可申请延期补正、明确申 报前预沟通机制，完善受理问询审核等环节的时限扣除。 对行业的影响。此次规则的修订主要为贯彻落实新《公司 法》要求，对于进一 ...

Investment Rating - The industry investment rating is "Strongly Recommended," indicating an expected increase of over 20% relative to the CSI 300 index within the next six months [45]. Core Insights - The merger between Guolian Securities and Minsheng Securities marks a significant event in the securities industry, reflecting a trend of consolidation driven by policy support and the need for operational efficiency amid increasing competition [9][10]. - The report anticipates that the M&A activity in the securities industry will remain active through 2025, with leading firms likely to leverage their capital for external integration, while smaller firms focus on regional and business complementarity [10][42]. - The merger is expected to enhance Guolian Securities' market influence, particularly in Henan province, and improve its performance in equity investment banking [24][32]. Summary by Sections M&A Background - The merger process involved multiple stages, including bidding, planning, and regulatory approvals, culminating in the completion of the transfer on December 30, 2024 [8][21]. - The Chinese government is actively promoting mergers and acquisitions in the securities sector to strengthen leading firms and improve overall industry efficiency [14][36]. Industry Impact - The combined assets of Guolian and Minsheng Securities are projected to reach approximately 160.36 billion yuan, representing an 84.5% increase compared to pre-merger figures [32][40]. - The merger is expected to significantly boost Guolian Securities' revenue and net profit, with anticipated growth rates of 613.14% and 133.08% respectively for the first three quarters of 2024 [40]. Competitive Landscape - The report highlights the increasing number of securities firms in China, which has risen from 99 in 2005 to 140, leading to intensified competition and a decline in average commission rates [15]. - The need for consolidation is underscored by the challenges posed by price wars in brokerage and underwriting services, prompting firms to seek mergers to enhance operational efficiency [15].

Investment Rating - The industry is given a "Neutral" rating, indicating an expected performance relative to the CSI 300 index within a range of -10% to 10% over the next six months [51][68]. Core Insights - Global terminal demand is experiencing a mild recovery, driven by AI, which is expected to initiate a new innovation cycle in smartphones, potentially leading to a replacement wave [2][55]. - The storage market is witnessing structural differentiation, with High Bandwidth Memory (HBM) driving continuous growth in the industry chain [28][29]. - The semiconductor sector is a critical area of technological competition, with policies reinforcing the acceleration of domestic production [74][81]. - The semiconductor industry is projected to remain a market hotspot in 2025, supported by AI and domestic policies aimed at stimulating demand [63]. Summary by Sections Market Review - The semiconductor sector has rebounded due to policy releases that have enhanced market risk appetite [89]. - The valuation of the semiconductor sector has increased, with the overall PE (TTM) reaching 92.65 times as of December 27, 2024, a 36.2% increase from the previous year [4][5]. - Approximately 58% of semiconductor stocks have shown positive growth since the beginning of the year, with notable performers like Cambrian and Lexin Technology [17]. Fundamentals - The semiconductor industry is experiencing steady growth in equipment, with chip design profits leading the increase [32]. - The global semiconductor market is expected to grow by 19% in 2024, with storage and logic chips projected to increase by 81% and 16.9%, respectively [21][29]. - The domestic semiconductor market is benefiting from new applications and a broad IC application market, with a market size growth of 9.3% in 2023 [57]. Outlook - The AI-driven growth and domestic consumption subsidy policies are expected to gradually improve terminal demand [63]. - The semiconductor industry is anticipated to see enhanced activity in mergers and acquisitions, driven by improved cash flow and valuations [49][81]. - The report suggests focusing on advanced packaging and storage leaders that are likely to benefit from domestic substitution and strong performance certainty [63].

Investment Rating - The industry is rated as "Neutral" [41][76]. Core Insights - The traditional terminal market is slowly recovering, with AI expected to drive industry growth. According to Canalys data, in Q3 2024, U.S. PC shipments (excluding tablets) increased by 7% year-on-year, reaching 17.9 million units, and total shipments are expected to grow by 6% in 2024 [57]. - The global semiconductor industry is facing intense competition, with governments worldwide increasing support for their domestic semiconductor industries through subsidies and tax incentives [58][75]. - The report highlights the ongoing trend of mergers and acquisitions in the semiconductor sector, with companies like Huahai Qingke planning significant acquisitions to enhance their competitive edge [59]. Summary by Sections Market Review - The A-share electronic sector (Shenwan) experienced a weekly decline of 0.66%, underperforming the CSI 300 index by 2.01 percentage points [68]. - Among the secondary industries, semiconductors, consumer electronics, optical optoelectronics, and electronic chemicals saw weekly declines of 0.39%, 0.86%, 2.16%, and 3.69%, respectively [4][5]. Valuation Insights - As of December 27, 2024, the electronic (Shenwan) sector's PE (TTM) was 57 times, indicating a 201% premium relative to the overall A-share market [24][71]. - The semiconductor and electronic chemical sectors have relatively high PEs of approximately 93 and 57 times, respectively, while components and consumer electronics have lower PEs of 40 and 31 times [36]. Investment Opportunities - The report suggests focusing on sectors with high earnings certainty, such as equipment and advanced packaging, as potential investment opportunities [59].

Investment Rating - The industry investment rating is "Outperform the Market" [2][58]. Core Insights - The report highlights a marginal improvement in domestic demand for excavators, with a focus on the internationalization of the engineering machinery sector as a long-term opportunity [2][19]. - The export value of engineering machinery is showing positive growth, with a year-on-year increase of 15.3% to $4.678 billion in November 2024, and a 16.3% increase in export value to $4.485 billion [2][20]. - The report indicates a divergence in overseas market demand, with significant growth in exports to Asia, Africa, and South America, while North America and Oceania experienced declines [2][20]. Summary by Sections 1. Market Review and Investment Strategy - The SW machinery equipment index decreased by 1.31% to 1559.61 points, underperforming the Shanghai and Shenzhen 300 index by 2.67 percentage points [13]. - The engineering machinery index outperformed other sub-sectors, with a year-to-date increase of 19.80% as of December 27, 2024, surpassing the overall industry index by 11.87 percentage points [19][32]. 2. Industry Dynamics - The report notes a sales differentiation in engineering machinery products, with excavators showing a marginal recovery in domestic demand, while other products like cranes and aerial work platforms are still facing weak demand due to declining real estate investment [7][46]. - A series of policies aimed at stabilizing growth have been released, indicating a potential upward trend in infrastructure investment and a stabilization in real estate investment [7][46]. 3. Key Data Tracking - The report provides data indicating that from January to November, the sales of excavators decreased by 5.66% to 90,531 units, while other machinery types like graders and industrial vehicles saw increases of 15.57% and 9.32%, respectively [7][46]. - The report emphasizes the importance of improving product cost-performance through enhanced localization of core components, which is expected to boost the global market share of domestic companies [2][20].

Investment Rating - The industry investment rating is "Outperform the Market" [2][27]. Core Insights - The mechanical equipment industry is expected to benefit from policy-driven demand improvements, with significant profit growth observed in specialized equipment manufacturing in November 2024, showing a year-on-year increase of 36.7% [2][23]. - The overall profit margins for general and specialized equipment manufacturing have improved, with gross profit margins of 18.72% and 22.23% respectively, and operating income profit margins of 6.87% and 7.39% [2][23]. Summary by Relevant Sections Industry Performance - From January to November 2024, the cumulative profit growth rates for general and specialized equipment manufacturing were -0.1% and -0.9%, respectively, which is better than the overall industrial enterprise level [2][23]. - The profit margin for specialized equipment manufacturing saw a significant recovery of 4.3 percentage points compared to the previous month [2][23]. Economic Context - The overall industrial enterprises' revenue increased by 1.8% year-on-year to 123.48 trillion yuan, with a slight decline in growth rate compared to the previous month [20]. - The actual revenue growth rate, excluding price factors, was 3.98%, indicating a relatively weak market demand [20]. Future Outlook - The report emphasizes the importance of expanding domestic demand as a key strategy for the mechanical equipment industry, with government policies aimed at boosting consumption and investment efficiency [21][25]. - The focus on engineering machinery, robotics, and industrial mother machines is recommended as areas of potential growth [21][25].

Global Market Review - The global stock market has entered a period of low trading activity, but there may still be localized volatility due to geopolitical tensions and upcoming macroeconomic data releases [22][63]. - The Federal Reserve's recent interest rate decision, which included a 25 basis point cut, has led to significant market fluctuations, with the VIX index rising over 70% in a single day [68]. A-Share Market Review - The A-share market experienced a contraction and adjustment, with the Shanghai Composite Index showing a weekly decline of 0.70%. Large-cap stocks outperformed smaller ones during this period [17][11]. - The State-owned Assets Supervision and Administration Commission's recent guidelines on state-owned enterprise market value management have positively influenced market sentiment, suggesting potential for a rebound [4][58]. Strategy Insights - The report suggests that the A-share market may experience a phase of adjustment followed by a rebound, driven by the stabilization role of large-cap sectors such as state-owned banks, coal, and infrastructure [4][12]. - The semiconductor sector is expected to continue leading the market, while the military industry is gaining strategic importance amid ongoing geopolitical tensions, presenting opportunities for valuation recovery [4][12]. - Expectations of monetary easing, including potential interest rate cuts, are anticipated to stabilize domestic commodity markets, particularly in the black metals and chemical sectors [4][12]. Industry Performance - Most sectors in the A-share market saw declines, with telecommunications and electronics showing relative strength. The banking sector achieved positive returns, while consumer and real estate sectors faced pressure [27][30]. - The semiconductor, communication equipment, and non-metallic materials sectors led the gains, while consumer-related sub-industries were among the worst performers [27][30]. Market Activity - Approximately 1,200 stocks recorded positive returns, but the median weekly decline for individual stocks was -2.9%, indicating that large-cap stocks dominated performance [30]. - The average daily trading volume in the market was around 1.5 trillion yuan, reflecting a decrease from the previous week, while margin financing balances continued to rise [30][52].