＃title＃ ＃⚫summary 化债方案预算符合预期，关注政策落地效果及供给端政策 ＃ 周内人大常委第十二次会议召开，财政部部长蓝佛安介绍从 2024 年开始，我国将连续五年 每年从新增地方政府专项债券中安排 8000 亿元，专门用于化债，累计可置换隐性债务 4 万 亿元。再加上这次全国人大常委会批准的 6 万亿元债务限额，直接增加地方化债资源 10 万 证券研究报告 ＃industryId＃ 钢铁 行 业 研 究 ＃ investSuggest ion＃ 推荐 （＃ investSuggestionCh ange＃ 维持 ） 行 业 周 报 | --- | --- | |---------------------|-----------| | 相关公司 | | | 相关公司 宝钢股份 | 评级 增持 | | 华菱钢铁 | 增持 | | | | | 南钢股份 | 增持 | | 河钢资源 | 增持 | | 久立特材 | 增持 | | 甬金股份 | 增持 | 来源：iFinD，兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证金属】钢铁：黑色商品 价格震荡，关注宏观政策定调》 202 ...

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请务必阅读正文之后的信息披露和重要声明 行 业 研 究 证券研究报告 ＃industryId＃ 医药生物 | --- | --- | --- | |-------------------------------------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggestio 推荐 | ＃ investSuggestionChang e ＃ （维持） | ＃ title ＃ 创新渐入佳境，国内海外皆开花 —— 医药生物行业 2025 年度策略报告 ＃ createTime1 ＃ | | n ＃ | | 2024 年 12 月 15 日 | | 重点公司 ...

行 业 研 究 行 业 周 报 证券研究报告 ＃industryId＃ 计算机 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|---------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggest 推荐 ( ＃ investSuggestionCh 维持 \nion ＃ ange ＃ | | ） ＃ | title ＃ 一文读懂字节跳动 AI 生态 （ 12.8-12.14 ） | | ＃ | | ＃ ...

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Investment Rating - The report maintains a "Recommended" rating for the transportation industry, specifically focusing on the express delivery sector [1] Core Views - The express delivery industry is expected to see a 15% growth in parcel volume in 2025, driven by stable demand and improved demand quality [2] - Competition in the express delivery sector is expected to remain benign, with price reductions being higher in the first half of 2025 compared to 2024, but lower in the second half [2] - High-end express delivery services, such as those offered by SF Express and Deppon, are expected to perform better than the overall market due to the end of consumption downgrading trends and government stimulus policies [2] - Digital precision marketing is becoming a significant trend for express delivery companies, with a focus on improving terminal pricing and channel pricing efficiency [2] Industry Demand - The express delivery industry has experienced three phases of growth: 2013-2016 with a 50-60% growth rate, 2017-2019 with a 25-28% growth rate, and 2020 onwards with a 20% compound growth rate [14] - In 2024, the industry saw a 22.3% growth in parcel volume from January to October, significantly higher than the 8.3% growth in e-commerce retail sales [16] - The rise of reverse logistics, driven by higher return rates on platforms like Douyin and Kuaishou, has created new growth opportunities for the industry [27] Competition and Pricing - The express delivery industry is expected to see a marginal increase in competition in 2025, but it will remain within a benign range due to policy constraints and the pursuit of high-quality development by companies [86] - Historical price competition in the industry has gone through three phases: mild competition (2013-2019), intense price wars (2019-2021), and a stabilization phase (2021 onwards) [84] - The price reduction in 2025 is expected to be higher in the first half compared to 2024, but lower in the second half, with the overall intensity of competition remaining controllable [86] Digital Precision Marketing - The express delivery industry is shifting towards digital precision marketing, with a focus on improving terminal pricing and channel pricing efficiency [87] - Terminal pricing depends on the pricing power of mainstream products and the proportion of differentiated products (e.g., individual orders, direct customers, return parcels) [110] - Channel pricing efficiency is influenced by the accuracy, speed, and accessibility of price policies issued by headquarters to franchisees [113] Investment Recommendations - The report recommends focusing on companies with strong digital marketing capabilities, such as ZTO Express, YTO Express, Yunda Holdings, and STO Express [2] - SF Express and Deppon are also recommended due to their potential for performance improvement and historically low valuation levels [2]

＃title＃ 重点公司 行 业 研 究 证券研究报告 ＃industryId＃ 电子 ＃ investSuggestio n＃ 推荐 ＃ investSuggestionChang e＃ (维持) 谷歌发布操作系统 Android XR，看好端侧 AI 硬 件创新浪潮 ＃createTime1＃ 2024 年 12 月 15 日 投资要点 ＃summary＃ ⚫ 谷歌日前正式发布了用于头显和眼镜设备的操作系统 Android XR。这家公司将其定位 为一个全面的空间计算平台，这个基于 Android 的系统主要面向 XR 设备，并支持所 有的平面 Android 应用。由于具备隐私性、安全性、低延时、低成本和个性化等优势， 端侧 AI 潜力巨大。随着多模态数据处理能力不断提高，越来越多成熟好用的模型有 望落地，从而提升 AI 端侧用户渗透率和打开 AI 商业空间。耳机和眼镜有望成为未来 端侧 AI Agent 的重要载体，主要考虑到：1）声音，作为现阶段 AI Agent 的主要交互 入口，重要性不言而喻，耳机和眼镜可以很好地发挥语音交互功能；2）耳机和眼镜具 备极强便携性和佩戴基础，重量较轻，不会给用户佩 ...

行 业 投 资 策 略 报 告 行 业 研 究 | --- | --- | |--------------------------------|-------| | | | | 重点公司 | 评级 | | 新易盛 | 增持 | | 中际旭创 | 增持 | | 天孚通信 | 增持 | | 中瓷电子 | 增持 | | 润泽科技 | 增持 | | 英维克 | 增持 | | 广和通 | 增持 | | 华测导航 | 增持 | | 中国移动 | 增持 | | 中国电信 | 增城 | | 中国联通 | 增持 | | 来源：兴业证券经济与金融研究院 | | 证券研究报告 相关报告 《【兴证通信】周观点：OpenAI 发布会密集催化》2024-12-08 《【兴证通信】周观点：Wi-Fi MCU如何受益AI玩具？》2024- 12-01 《【兴证通信】周观点：AI 玩具 的硬件投资机会》2024-11-24 分析师： 章林 zhanglin20@xyzq.com.cn S0190520070002 代小笛 daixiaodi@xyzq.com.cn S0190521090001 仇新宇 S0190524070002 研究助理： ...

行 业 投 资 策 略 报 告 行 业 研 究 证券研究报告 ＃industryId＃ 银行Ⅱ | --- | --- | --- | --- | |-----------------------------------------------|---------------|--------|-------| | 重点公司＃ | relatedReport | | ＃ | | 重点公司 | EPS | （元） | 评级 | | | 2024E | 2025E | | | 农业银行 | 0.77 | 0.79 | 增持 | | 招商银行 | 5.83 | 5.97 | 增持 | | 宁波银行 | 4.14 | 4.43 | 增持 | | 上海银行 | 1.56 | 1.59 | 增持 | | 杭州银行 | 2.83 | 3.25 | 增持 | | 沪农商行 | 1.27 | 1.29 | 增持 | | 渝农商行 | | | 增持 | | | 1.01 | 1.06 | | | 成都银行 | 3.37 | 3.68 | 买入 | | 长沙银行 | 1.97 | 2.07 | 增持 | | 齐鲁银行 | 1.04 ...