Industry Investment Rating - The report maintains a "Positive" rating for the power equipment and new energy industry [8] Core Views - From January to October 2024, China's new photovoltaic installations reached 181.3GW, a year-on-year increase of 27.2%, with cumulative installations reaching 793GW. In October alone, new installations were 20.42GW, up 50% year-on-year [2] - New energy accounted for 81% of new power installations, with solar energy making up 65% [2] - The COP29 conference highlighted the need for global wind power installations to reach 380GW by 2030 to achieve net-zero emissions. Wind power is expected to provide one-fifth of global electricity by 2030 and one-third by 2050 [3] - The Global Energy Storage and Grid Commitment aims for 1500GW of global energy storage by 2030, six times the 2022 capacity [4] - From January to October 2024, China's grid investment reached 450.2 billion yuan, a year-on-year increase of 20.7% [5] Investment Recommendations Photovoltaic Sector - Focus on high-efficiency battery companies such as Aiko Solar, LONGi Green Energy, and DIAL Laser [6] - Pay attention to leading companies in the main chain like JinkoSolar, JA Solar, Trina Solar, and Canadian Solar [6] - Monitor the recovery of photovoltaic glass, silicon materials, and film materials, with companies like Flat Glass, First Applied Material, and Haiyou New Material [6] - Inverters and energy storage systems are expected to recover, with companies like Deye, Hoymiles, and Sungrow being key players [6] Wind Power Sector - The onshore wind power sector is recovering, with companies like Goldwind, Mingyang Smart Energy, and Yunda expected to benefit [6] - Offshore wind power is poised for improvement in 2024, with companies like Orient Cable, Taisheng Wind Energy, and Titan Wind Energy being key players [6] Power Equipment Sector - The domestic market remains stable, while overseas exports offer long-term growth opportunities. Key companies include Haixing Electric, Sanxing Medical, Jinpan Technology, and Dongfang Electronics [6] Industry Data and Trends Photovoltaic Industry - From January to October 2024, China's new photovoltaic installations reached 181.3GW, with cumulative installations at 793GW [2] - In October 2024, new photovoltaic installations were 20.42GW, up 50% year-on-year [2] - The Hebei Development and Reform Commission issued new policies for distributed photovoltaic market participation, aiming for full market participation by 2030 [26] Wind Power Industry - From January to October 2024, China's new wind power installations reached 45.8GW, with cumulative installations at 490GW [3] - The COP29 conference emphasized the need for global wind power installations to reach 380GW by 2030 to achieve net-zero emissions [3] Energy Storage Industry - The Global Energy Storage and Grid Commitment aims for 1500GW of global energy storage by 2030 [4] - Beijing is promoting the development of new energy storage technologies, encouraging enterprises to install energy storage facilities in industrial parks [40] Power Equipment Industry - From January to October 2024, China's grid investment reached 450.2 billion yuan, a year-on-year increase of 20.7% [5] - Green certificate trading is steadily progressing, with 384 million green certificates traded by October 2024 [46]

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of HKD 124.15 [5][11] Core Views - Baidu's total revenue for Q3 2024 was RMB 33.56 billion (YoY -2.6%), in line with Bloomberg expectations, while adjusted net profit was RMB 5.89 billion (YoY -19%) [3] - Core advertising revenue remains under pressure, with ad revenue at RMB 18.8 billion (YoY -4.6%), while non-marketing revenue grew 12.4% YoY to RMB 7.7 billion, driven by intelligent cloud business [3] - Baidu's gross margin for Q3 2024 was 51.1% (YoY -1.6pct), with core gross margin at 58.8% (YoY -1.3pct) [3] - AI capabilities are a long-term strategic focus, with Ernie Bot daily calls reaching 1.5 billion and user base at 430 million [3] - Intelligent driving commercialization is progressing, with RoboTaxi completing 988,000 rides in Q3 2024 (YoY +20%) and cumulative rides exceeding 8 million as of October 28, 2024 [3] Financial Performance - Baidu's core revenue for Q3 2024 was RMB 26.5 billion (YoY -0.2%), slightly better than Bloomberg's expectation of -0.8% YoY [3] - Adjusted operating profit margin for Baidu core was 25.1% in Q3 2024 (YoY +0pct, QoQ -1.1pct) [3] - For 2024E, Baidu's revenue is expected to be RMB 131.9 billion (YoY -2.0%), with adjusted net profit of RMB 26.5 billion [11] - The company's 2024E adjusted PE is maintained at 12x, implying a market cap of RMB 317.7 billion [11] AI and Cloud Business - Ernie Bot ecosystem has attracted 150,000 enterprises and 800,000 developers, with PaddlePaddle ecosystem serving 430,000 enterprises and creating 1.01 million models [3] - Over 60% of central state-owned enterprises and large private enterprises have chosen Baidu Intelligent Cloud for AI innovation [3] - Cloud business revenue in Q3 2024 was RMB 4.922 billion (YoY +11.0%), contributing significantly to non-marketing revenue growth [10] Intelligent Driving - RoboTaxi service completed 988,000 rides in Q3 2024 (YoY +20%), with cumulative rides exceeding 8 million as of October 28, 2024 [3] - The sixth-generation autonomous vehicle RT6 has been deployed in multiple cities [3]

孙金霞 021-63325888*7590 sunjinxia@orientsec.com.cn 执业证书编号：S0860515070001 曹靖楠 021-63325888*3046 caojingnan@orientsec.com.cn 执业证书编号：S0860520010001 王仲尧 021-63325888*3267 wangzhongyao1@orientsec.com.cn 执业证书编号：S0860518050001 香港证监会牌照：BQJ932 彭楚榕 pengchurong@orientsec.com.cn 执业证书编号：S0860524080005 东方战略周观察：大选结束后需关注的几 个问题 2024-11-12 东方战略周观察：美国大选投票倒计时 2024-11-05 宏观经济 | 动态跟踪 报告发布日期 2024 年 11 月 26 日 东方战略周观察：俄乌局势阶段性升级 研究结论 战略动向复盘：近期俄乌冲突进一步升级，乌克兰使用美制陆军战术导弹打击俄境内的 战略纵深目标，俄方以发射新型中程导弹做出回应。 俄罗斯总统普京在电视讲话中强 调，使用西方制造的导弹袭击俄罗斯本土已使俄乌冲突 ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------|------------------------------------------|-------------------------------|-------------------| | | 快手 3Q24 点评：业绩符合预期，关注电 \n商多场域协同 ...

Northvolt 申请破产保护，LG 获 8GWh 储 能大单 新能源汽车产业链行业 行业研究 | 行业周报 | --- | --- | |--------------|-------------------------------| | | | | | 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 11 月 25 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 ...

Northvolt 申请破产保护，LG 获 8GWh 储 能大单 新能源汽车产业链行业 行业研究 | 行业周报 | --- | --- | |--------------|-------------------------------| | | | | | 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 11 月 25 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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.62 [1] Core Views - The company achieved its DAU target of 400 million, with DAU increasing by 5.4% YoY to 408 million and MAU growing by 4.3% YoY to 714 million in 3Q24 [1] - User engagement improved, with daily average time spent per user increasing by 1.8% YoY to 132 minutes, and total user time spent growing by 7.3% YoY [1] - Advertising revenue grew by 20.0% YoY to RMB 17.6 billion, accounting for 56.6% of total revenue, with significant growth in external loop advertising, particularly in short drama marketing [1] - E-commerce GMV increased by 15.1% YoY to RMB 334.2 billion, with monthly paying users (MPU) reaching 133 million, up 10.8% YoY [1] - Live streaming revenue declined by 3.9% YoY to RMB 9.3 billion, better than expected, with the number of signed agencies and hosts increasing by over 40% and 60% YoY, respectively [1] - Adjusted net profit for 3Q24 reached RMB 3.95 billion, with a gross margin of 54.3%, up 2.6 percentage points YoY [1] Financial Forecasts - Revenue is expected to grow by 12.1% YoY in 2024E, reaching RMB 127.2 billion, with a gross margin of 54.7% [6] - Adjusted net profit for 2024E is forecasted at RMB 17.55 billion, with a net margin of 13.8% [6] - The company is valued at 14x PE for 2024E, with a target valuation of RMB 245.7 billion (HKD 265.8 billion) [6][10] Operational Highlights - The company leveraged its position as the official broadcaster for the 2024 Paris Olympics, with related content exposure reaching 310.6 billion views and 640 million users engaging with Olympic content [1] - Search functionality saw significant growth, with MAU exceeding 500 million and daily searches increasing by 20% YoY to over 700 million, peaking at over 800 million searches per day [1] - E-commerce initiatives, including the "818" promotion, saw GMV grow by over 24% YoY, with short video-driven GMV increasing by over 40% YoY [1]

孙金霞 021-63325888*7590 sunjinxia@orientsec.com.cn 执业证书编号：S0860515070001 曹靖楠 021-63325888*3046 caojingnan@orientsec.com.cn 执业证书编号：S0860520010001 陈至奕 021-63325888*6044 chenzhiyi@orientsec.com.cn 执业证书编号：S0860519090001 香港证监会牌照：BUK982 孙国翔 sunguoxiang@orientsec.com.cn 执业证书编号：S0860523080009 宏观伴读系列（39）：企业活力研究 2024-10-31 宏观伴读系列（38）：平台经济与本地产业 2024-10-10 宏观经济 | 动态跟踪 报告发布日期 2024 年 11 月 25 日 宏观伴读系列（40）：理工科人才培养研究 研究结论 ⚫ 东方宏观与战略研究团队现推出"宏观伴读"系列，话题聚焦宏观经济背景下的社 会现象，内容上结合海内外文献的研究成果，旨在从细微处去理解经济社会的发展 与改变。第 40 期聚焦理工科人才培养。 ⚫ 三中全会发布 ...

报告发布日期 2024 年 11 月 25 日 | | | 杨怡玲 | yangyiling@orientsec.com.cn | | --- | --- | --- | --- | | 研究结论 | | 1111111111 | 执业证书编号：S0860523040002 | | | | 邱蕊 | 021-63325888*5091 | | ⚫ | 基金市场热点跟踪：1.富国天惠精选成长混合增加 D 类份额：据富国基金 11 月 18 | | qiurui@orientsec.com.cn | | | 日公告，自 2024 年 11 月 20 日起，对富国天惠精选成长混合增加 D 类基金份额。D | | 执业证书编号：S0860519020001 | | | 类份额申购时收取申购费，不收取销售服务费。增设之后，富国天惠精选成长混合 | | 香港证监会牌照：BSW115 | | | 将形成 A 类、C 类和 D 类三类基金份额，其中 A 类份额成立于 2005 年 11 月 16 日， | 陶文启 | taowenqi@orientsec.com.cn | | | | | 执业证书编号：S0860524080 ...

预计 11 月乘用车零售销量同环比向上，继 续关注华为链及 T 链相关公司 ——汽车行业周报（1118-1124） 核心观点 ⚫ 乘联会预估 11 月狭义乘用车零售约 240 万辆，11 月行业销量有望维持同环比增 长。据乘联会预估，11 月狭义乘用车零售销量预计约 240 万辆，同比增长 15.4%， 环比增长 6.1%；11 月新能源乘用车零售预计约 128 万辆，同比增长 52.2%，环比 增长 7.0%，新能源零售渗透率约 53.3%。11 月汽车以旧换新及置换更新政策效果 继续释放，截至 11 月 18 日 24 时，全国汽车报废更新及置换更新补贴申请量均已突 破 200 万份，两者合计超过 400 万份，日均补贴申请量持续保持在高位，带动 1-10 月全国报废汽车回收量同比增长超过 50%。在政策效果持续释放以及"双十一"、 广州车展等活动加持下，预计 11 月乘用车市场热度将维持高位，行业销量有望维持 同环比增长态势。 ⚫ 商务部拟提前谋划明年以旧换新接续政策，有望促进明年车市稳中向好。商务部消 费促进司二级调研员宋英杰在 2024 汽车金融产业峰会上表示，在继续落实好已出台 补贴政策和系列配套 ...