Investment Rating - The report maintains a "Buy" rating for several companies in the food and beverage industry, particularly focusing on strong fundamentals and growth potential in the liquor sector [3][13]. Core Insights - The report recommends prioritizing investments in leading liquor companies such as Jinshiyuan (603369), Shanxi Fenjiu (600809), and Yingjia Gongjiu (603198), all rated as "Buy" for their expected growth over the next 1-2 years [3]. - It also highlights the potential for investment reversals, suggesting a focus on companies like Luzhou Laojiao (000568) and Shede Liquor (600702), which are expected to benefit from valuation and performance reversals [3]. - The report identifies strong growth prospects for Yanjing Beer (000729) and Qingdao Beer (600600), both rated as "Buy," due to their recovery from low bases and potential for reform-driven growth [3]. - Chongqing Beer (600132) is also recommended as a "Buy" due to its favorable market expectations and recovery in the on-premise consumption channel [3]. Summary by Sections - **Liquor Sector**: The report emphasizes the dual attributes of cyclical resilience and dividend appeal in the liquor sector, with companies like Luzhou Laojiao and Shanxi Fenjiu actively distributing dividends, enhancing their attractiveness [15][16]. - **Beer Sector**: The beer segment is expected to benefit from a recovery in on-premise consumption, with both volume and price anticipated to improve in 2025 [16]. - **Dairy Products**: The report highlights Yili Group (600887) as a key focus, suggesting that a reversal in milk price cycles could lead to significant profit and valuation increases [16].

纺织服装行业 行业研究 | 行业周报 大促过后 11 月可选消费品增速有所回落 风险提示 行情回顾 【滔搏】公司发布 2024—2025 年度第三季度运营表现公告。公司零售及批发业务总销售额同比 下跌；直营门店面积较上一季度减少 2.1%，同比减少 4.4%。 纺织服装行业行业周报 —— 大促过后11月可选消费品增速有所回落 告时， | --- | --- | |--------------|-------------------------------| | | | | | 看好 （维持） | | | | | 国家 / 地区 | 中国 | | 行业 | 纺织服装行业 | | 报告发布日期 | 2024 年 12 月 25 日 | 施红梅 ⚫ 行情回顾：上周沪深 300 指数下跌 0.14%，创业板指数下跌 1.15%，纺织服装行业 指数（中信）下跌 3.34%，表现弱于沪深 300 和创业板指数，其中纺织制造板块 （中信）下跌 2.52%，品牌服饰板块（中信）下跌 4.05%。我们覆盖的个股中伟星 股份、周大生和波司登等取得了较高收益。 ⚫ 行业与公司重要信息：（1）新澳股份：全资子公司邓肯有限公司拟通过增 ...

Industry Investment Rating - The report maintains a "Positive" rating for the machinery equipment industry, driven by economic recovery, policy support, and global manufacturing competitiveness [12] Core Views - The machinery equipment industry is expected to experience a turning point in its growth cycle, supported by domestic economic recovery, policy incentives, and global manufacturing trends [2] - Overseas expansion opportunities are significant, particularly in Belt and Road countries, with a focus on quality, aftermarket services, and localization [2] - Technological advancements, particularly in AI and humanoid robotics, are expected to drive new growth opportunities, with potential mass production by 2025 [2] - Policy support, including debt resolution and equipment renewal subsidies, is expected to bolster demand for machinery, particularly in construction and energy sectors [2] Overseas Expansion - Chinese machinery companies have made significant progress in overseas markets, with notable revenue and profit growth in the past 2-3 years [2] - Key markets such as Southeast Asia, South Asia, and South America continue to show stable growth in machinery demand [17] - Chinese machinery exports to Belt and Road countries have increased, with Africa and South America showing particularly strong growth [90] - Leading Chinese companies like Sany Heavy Industry, XCMG, and Zoomlion have seen substantial growth in overseas revenue, with overseas revenue accounting for 44-60% of total revenue in 2024H1 [134] Technological Advancements - Humanoid robotics is expected to see significant growth, with Tesla and Chinese companies leading the way in product development and potential mass production by 2025 [2] - Domestic policy support for high-end equipment and autonomous technologies is expected to accelerate the adoption of humanoid robots and other advanced machinery [2] - Core components such as frameless torque motors, reducers, and force sensors are key areas for cost reduction and domestic substitution [121] Policy Support and Industry Recovery - Government policies, including debt resolution and equipment renewal subsidies, are expected to drive demand for construction machinery and industrial equipment [2] - The energy sector, particularly coal chemical and new energy, is expected to benefit from policy support and innovation in resource development [2] - The machinery industry is expected to see a recovery in demand, driven by government-led infrastructure investments and structural adjustments in manufacturing [81] Key Companies to Watch - Industrial equipment: Anhui Heli, Hangcha Group, Yizumi, Haitian International, Haitian Precision, etc [3] - Overseas and construction machinery: Sany Heavy Industry, XCMG, Zoomlion, Liugong, Zhejiang Dingli, etc [3] - Humanoid robotics: Sanhua Intelligent Control, Top Group, Mingzhi Electric, etc [3] - Energy equipment: Mayer, Jiejie Weichuang, Xian Dao Intelligent, etc [3] Market Trends and Data - Machinery exports to Belt and Road countries have grown significantly, with Russia, Southeast Asia, and Brazil being key markets [42] - The global machinery market is experiencing a shift, with Chinese companies gaining market share in regions like Africa and South America [90] - The humanoid robotics sector has seen a surge in investment, with domestic and international companies raising significant funds for development [115]

看好（维持） 国家/地区 中国 行业 新能源汽车产业链行业 报告发布日期 2024 年 12 月 24 日 卢日鑫 021-63325888*6118 lurixin@orientsec.com.cn 执业证书编号：S0860515100003 李梦强 limengqiang@orientsec.com.cn 执业证书编号：S0860517100003 杨雨浓 yangyunong@orientsec.com.cn 执业证书编号：S0860524090005 募资扩产 宁德时代布局换电生态，湖南裕能拟定增 核心观点 本周看点 ⚫ 宁德时代发布新一代换电方案，搭建换电生态 ⚫ 广汽推出全新飞行汽车，计划搭载全固态电池 12 新能源汽车产业链行业行业周报 —— 宁德时代布局换电生态，湖南裕能拟定增募资扩产 Tabl e_Disclai mer 分析师申明 每位负责撰写本研究报告全部或部分内容的研究分析师在此作以下声明： 分析师在本报告中对所提及的证券或发行人发表的任何建议和观点均准确地反映了其个人对该证 券或发行人的看法和判断；分析师薪酬的任何组成部分无论是在过去、现在及将来，均与其在本 研究报告中所表述的具体建 ...

电力设备及新能源行业 行业研究 | 动态跟踪 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------|--------------------------------------------------| | | | | | | | | 十一月电新出口数据修复，静待海外需求 | | 看好 | （维持） | | | 复苏 | 国家 / 地区 行业 报告发布日期 | 2024 | 中国 电力设备及新能源行业 年 12 月 24 日 | ...

Investment Rating - The report indicates a positive outlook for the defense and military industry, suggesting a new round of prosperity in the main chain and expanded growth space in new domains [2][9][25]. Core Insights - The military sector's active fund holdings are at a historically low level, with a recovery in the third quarter of 2024, but still showing significant room for improvement compared to previous years [10][11]. - Revenue and profit for the sector declined in the first three quarters of 2024, but some upstream segments showed signs of recovery, indicating long-term demand remains strong [10][11]. - The demand for missiles and long-range firepower is increasing due to modern warfare's precision requirements, with significant budget increases for missile procurement in the U.S. [10][52]. - New technologies and domains are becoming critical in national defense, with high-tech applications driving military advancements and competitive advantages [10][11]. Summary by Sections Valuation - The industry's performance decline has led to a temporary increase in valuation [22]. Holdings - Active fund holdings in the military sector saw a rebound in Q3 2024, with a notable increase in the proportion of holdings in complete assembly and component categories [5][26]. Revenue and Profit Trends - The military sector experienced a year-on-year revenue decline of 9.91% and a net profit drop of 34.19% in the first three quarters of 2024, but some upstream suppliers have returned to growth [10][29]. Cash Flow - The operating cash flow for component-level enterprises showed a net inflow, indicating improved cash flow conditions compared to the previous year [64]. Fixed Assets and Construction - The total assembly level's fixed asset growth rate increased significantly, indicating strong expansion momentum in downstream production [75].

Investment Rating - The report maintains a "Positive" rating for the pharmaceutical and biotechnology industry in China, indicating an expectation of performance that exceeds the market benchmark by more than 5% [57]. Core Insights - The pharmaceutical industry is experiencing a recovery in hospital demand, with a clear growth logic driven by innovation and essential needs, making it a high-value investment opportunity [19][68]. - The report highlights significant structural opportunities in innovative drugs and medical devices, particularly in the context of low institutional allocation and historical valuation bottoms [19][68]. - The overall revenue growth for the industry is projected to stabilize, with a focus on the recovery of in-hospital services and the internationalization of innovative products [19][68]. Summary by Sections 1. Industry Overview - The pharmaceutical industry is witnessing a gradual recovery from anti-corruption impacts, with a normalization of in-hospital demand and a clear growth trajectory for innovative drugs and devices [1][68]. - The report emphasizes the importance of essential medical needs and the ongoing internationalization of innovative products as key growth drivers [19][68]. 2. Market Dynamics - The report identifies three main areas of focus: innovative drugs, medical devices, and the CXO & upstream supply chain, highlighting the potential for growth in each sector [2][3]. - The demand for innovative drugs is expected to increase, with a notable rise in the number of new drug approvals and a significant proportion of domestic products entering international markets [49][51]. 3. Investment Opportunities - Specific companies are recommended for investment based on their potential in innovative drugs and medical devices, including 恒瑞医药, 科伦药业, and 迈瑞医疗 [85]. - The report suggests that the medical device sector will benefit from equipment upgrades and a recovery in export markets, with a focus on companies that can meet clinical needs [189]. 4. Regulatory Environment - The report notes that recent policy changes are supporting the innovation of drugs and devices, with a comprehensive approach to enhance the entire supply chain [169][171]. - The increasing number of FDA approvals for domestic innovative drugs indicates a growing recognition of their commercial potential in international markets [152][153]. 5. Financial Performance - The report provides a detailed analysis of revenue growth rates across various segments, indicating a mixed performance with some areas showing recovery while others remain under pressure [11][12][70]. - The overall financial outlook for the industry suggests a stabilization in revenue growth, with a focus on essential medical needs and innovative product commercialization [19][68].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [20] Core Insights - The real estate sector index underperformed compared to the CSI 300 index, with a relative return of -4.7%. The CSI 300 index closed at 3927.71 with a weekly decline of 0.1%, while the real estate index (Shenwan) closed at 2307.55 with a weekly decline of 4.8% [20][35] - Central policies emphasize controlling the increase in new housing supply, optimizing existing stock, and improving quality. Local policies include support for "old-for-new" housing purchases and adjustments to housing fund policies in various regions [20][60] - Since September, policies aimed at stabilizing the real estate market have boosted market confidence, leading to increased transaction volumes in both new and second-hand housing markets [21][94] Weekly Market Review - In the 51st week, new home sales increased by 1.9% compared to the previous week, while second-hand home sales decreased by 6.9%. The inventory of 18 major cities decreased by 8.05 million units, with a sales-to-inventory ratio of 15.0 months, down by 2.3 months [8][44] - The land market showed increased activity, with 176 plots sold across 36 major cities, and land transfer fees increased to 844.33 billion yuan, up by 211.28 billion yuan from the previous week [8][44] Company News - Key companies such as China Wuyi, Tianjin Investment City, and China Merchants Shekou have announced guarantees related to financing [14][30] - Recent adjustments in housing fund policies in cities like Changchun and Zhangjiakou aim to enhance home purchasing capabilities for families [15][60] Market Trends - The focus on usable area in home purchases is increasing, with several cities implementing pricing based on usable area and gradually phasing out shared public space calculations [21][75] - The average premium rate for land transactions in 36 major cities rose to 7.8%, an increase of 6.8% from the previous week [49][71]

Investment Rating - The report maintains a "Positive" rating for the electronic industry in China [13]. Core Insights - The overall industry is expected to recover, with investment opportunities arising from AI model computing power upgrades and domestic semiconductor production [10][36]. - The semiconductor market is projected to grow significantly, with a forecasted increase of 19% in 2024, reaching $627 billion, and a further 12.5% growth in 2025, reaching $687 billion [10][34]. - The report highlights the importance of building a self-sufficient integrated circuit industry chain, driven by government policies and funding support [10][54]. Summary by Sections 1. Industry Health - Global semiconductor sales continue to grow, with October 2024 sales reaching $56.9 billion, a 22% increase year-over-year [29]. - The IC design industry maintains a balanced inventory, with major companies having an average inventory turnover of less than 120 days [37]. - Smartphone and PC shipments are expected to see stable growth, with global smartphone shipments projected to increase by 6.2% in 2024 [39][47]. 2. Accelerated Self-Sufficiency - The report emphasizes the necessity of creating a self-sufficient integrated circuit supply chain, especially in light of U.S. export restrictions on semiconductor technology [54][58]. - Recent government policies propose a 20% price evaluation preference for domestic products in procurement activities, which is expected to accelerate the self-sufficiency process in the semiconductor sector [58][59]. - The report notes that the deepening of the Sci-Tech Innovation Board reforms will provide opportunities for mergers and acquisitions in the semiconductor industry [60][63]. 3. AI Wave and Market Transformation - The AI wave is driving transformations in both cloud and edge computing sectors, enhancing data center capabilities and user experiences in consumer electronics [10][36]. - AI applications are expected to reshape mobile device functionalities and create new ecosystems and business models [10][36]. - The report identifies key companies in the AI computing chain and suggests investment opportunities in both cloud-side and edge-side AI applications [11].

Investment Rating - The report maintains a "Positive" investment rating for the power equipment and new energy industry in China [2]. Core Insights - The report indicates that the photovoltaic (PV) sector is at the bottom of its cycle, with energy supply-side reforms creating strong opportunities. It anticipates a recovery in industry profitability by 2025, driven by a balance of supply and demand and advancements in core technologies [1][4]. - The wind power sector is showing signs of recovery, with significant increases in bidding volumes and a bottoming out of prices. The report highlights a 93.03% year-on-year increase in new bidding volumes for wind power as of September 2024 [1][4]. - The power equipment market is expected to grow steadily in the domestic market while expanding overseas, driven by increased investment levels and demand from developed countries [1][4]. - The energy storage sector is witnessing a rise in independent storage models, with a significant increase in bidding volumes and a recovery in prices, indicating a positive trend for future demand [1][4]. Summary by Sections Photovoltaics - The global energy transition is expected to provide continuous growth for PV installations, with a projected balance of supply and demand by 2025. The report emphasizes the importance of BC technology and mentions partnerships among leading companies to reduce material costs [1][4]. - In 2024, China's PV installations are expected to reach 230-260 GW, with a cumulative installed capacity exceeding 770 million kW, reflecting a year-on-year growth of 48.4% [36]. Wind Power - The report notes a significant recovery in the wind power sector, with new bidding volumes reaching 119.1 GW as of September 2024, a 93.03% increase from the previous year. The average bidding price for wind turbines has also shown signs of recovery [1][4]. - The cumulative installed capacity for wind power in China increased by 22.76% year-on-year, reaching 45.8 GW from January to October 2024 [45]. Power Equipment - The domestic market for power equipment is expected to grow steadily, supported by increased investment levels. The report highlights the ongoing modernization of aging grid infrastructure in developed countries as a new trend in the industry [1][4]. - The report suggests focusing on companies actively pursuing export opportunities and those involved in high-voltage transmission projects during the "14th Five-Year Plan" period [1][4]. Energy Storage - The energy storage sector is experiencing significant growth, with a cumulative bidding volume of 42.46 GW/131.88 GWh from January to October 2024. The report indicates a recovery in prices for storage systems, signaling a positive trend for future demand [1][4]. - The report anticipates that the independent storage model will gain traction, particularly in developing countries, leading to increased demand for PV systems [1][4].