Investment Rating - The report rates the market index as "Overweight" and the industry index as "Overweight" [20][26] Core Insights - The trend of domestic substitution continues, with fixed asset investment in specific sectors showing bright spots. National statistics indicate that from January to November 2024, fixed asset investment (excluding rural households) increased by 3.3% year-on-year, with manufacturing investment contributing 68.1% to total investment growth, up 2.5 percentage points from the previous month. High-tech manufacturing investment grew by 8.2% year-on-year, with aerospace and communication equipment manufacturing investments increasing by 35.4% and 8.8%, respectively [1][39] - The rail transit equipment industry is expected to maintain a favorable outlook, with companies such as CRRC Corporation, China Railway Signal & Communication Corp, and Jin Chuang Group being highlighted for potential investment opportunities [2] Summary by Sections Macro Data - The equipment manufacturing sector plays a crucial role in supporting industrial production, with a year-on-year increase of 7.6% in the added value of large-scale equipment manufacturing in November 2024. The automotive and electronics sectors contributed 32.6% to the overall industrial growth. The policy effects of equipment updates are becoming evident, with significant growth in various equipment manufacturing sectors [31][63] Rail Transit Equipment - The rail sector has seen record passenger volumes, with over 4 billion passengers transported from January to November 2024, and fixed asset investment in railways reaching 711.7 billion yuan, a year-on-year increase of 11.1%. The total operating mileage of railways has surpassed 160,000 kilometers, with high-speed rail accounting for over 46,000 kilometers [27][40] Engineering Machinery - Major companies like SANY and XCMG showcased their innovations at the Shanghai Bauma Exhibition, focusing on electric and intelligent machinery solutions. SANY presented its E-MOVE fully electric excavator and various electric products tailored for mining operations, while XCMG emphasized its comprehensive solutions for tunnel construction and green mining equipment [67][68]

| --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------|--------|--------|-------|--------|--------|--------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 40.72% | 30.61% | 30.30% | 31.92% | | 35.65% | 37.17% | 38.66% | | | | | | | | | | 平安人身险各渠道价值率表现 54.9% 43.1% 36.3% 32.0% 17.7% 19.3% 19.2% 20.1% 27.4% 28.2% 22.9% 20.5% 0% 10% 20% 30% 40% 50% 60% 2020 2021 2022 2023 | --- | --- | --- | |------------|-----------------------------|----------| | | 个险渠道 | 银保渠道 | | 主销产品 | 保障型 | 储蓄型 | | ...

➢ 行情回顾：上周非银指数下跌1.7%，相较沪深300超涨1.6pp，其中券商与保险指数呈现同 步下跌态势，分别为-1.46%和-2.23%，保险指数超跌明显。市场数据方面，上周市场股基 日均成交额17361亿元，环比上一周降低20.1%；两融余额1.89万亿元，环比上一周基本 持平；股票质押市值2.86万亿元，环比上一周降低2.5%。 行业周报 | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|------------|----------|------------------|--------------|------------| | 证券代码 | 证券简称 | 最新收盘价 | 周涨跌幅 | 周成交额（亿元） | A/H 溢价率 | A-PEV(25E) | | 601336.SH | 新华保险 | 49.64 | -0.5% | 38.53 | 130% | 0.52 | | 601628.SH | 中国人寿 | 41.43 | -1.7% | 24.48 | 208% | 0.79 | | 601319.SH | ...

行 业 研 究 [相关研究 table_product] 1.行业自律带动试探性涨价，多地海 风项目完成招标——新能源电力行 业周报（2024/12/09-2024/12/13） 2.光伏新技术产业化加快，电动车需 求恢复——电力设备新能源行业周 报（2023/6/26-2023/7/02） ➢ 储能板块 建议关注：宁德时代：全球锂电龙头。1）出货量：2024年出货480GWh，全年利润约505 亿元。2）锂盐自供比例提升：邦普回收约3-4万吨，江西项目约3万吨，可满足60GWh电 池生产。特锐德：公司在保持传统箱变电力设备领域优势的前提下，受益于电网投资结构 升级，未来有望迎来新的业绩增量。公司作为全国充电运营商龙头，在资金、渠道、技术、 电网容量、数据资源等方面具有先发优势，目前已扭亏为盈。 ➢ 市场表现：本周（12/16-12/22）申万电池板块整体下降1.99%，跑输沪深300指数1.85个 百分点。主力净流入前五为科华数据、先导智能、上海电气、福能东方、豪鹏科技；净流 出前五为宁德时代、阳光电源、金盘科技、格林美、许继电气。 （2）国内储能需求有望持续景气，低价形势仍延续。1-11月国内储能市场共计 ...

1.市场表现 本周板块内涨幅前五的个股分别为可靠股份（28.65%）、丸美生物（11.57%）、诺邦 股份（11.23%）、登康口腔（5.97%）、水羊股份（4.22%）；板块跌幅前五的个股分别为 ST 美谷（-12.17%）、洁雅股份（-10.00%）、华熙生物（-8.87%）、两面针（-8.15%）、嘉 亨家化（-8.15%）。 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% -10.00% -20.00% 12 月 17 日，微信小店运营团队发布公告称，微信小店正式开启"送礼物"功能的灰度测 试。根据公告，目前除珠宝、教育培训这两大类目的商品外，其他类目的微信小店，只要 原价不超过 1 万元的商品，都将默认支持"送礼物"功能。 公司已于 2024 年 7 月收到国家药品监督管理局"注射用 A 型肉毒毒素"注册上市《受理 通知书》，正在等待监管部门审核批准，尚需一定时间，因此该项目需延期至 2025 年 12 月 31 日。 （信息来源：吴中美学微信公众号） 国家药监局 12 月 17 日官网公示，巨子生物骨修复材料获批三类医疗器械，注册证编 号：国械注准 2024317 ...

风建设进程 [table_invest] 标配 [Table_NewTitle 光伏产业链价格触底回升 ]，关注多地海 ——新能源电力行业周报（2024/12/16-2024/12/20） [Table_Reportdate] 2024年12月23日 [table_main] 投资要点： 本周（12/16-12/20）申万光伏设备板块下跌4.84%，跑输沪深300指数4.7个百分点，申 万风电设备板块下跌4.5%，跑输沪深300指数4.36个百分点。本周光伏板块涨幅前三个 股为禾迈股份、合盛硅业、海优新材，跌幅前三个股为钧达股份、爱旭股份、金博股份。 本周风电板块上涨个股为禾望电气、中材科技，跌幅前三个股为金雷股份、明阳智能、 中环海陆。 产业链价格触底回升，春季扰动造成电池片排产下行 建议关注：福莱特：公司作为光伏玻璃龙头，受益于规模优势及大窑炉、石英砂自供、海 外产能布局等因素，具有明显成本优势。同时公司在资金层面现金流明显改善，在手现金 充裕，预计在行业产能出清过程中龙头优势不断凸显。 江苏省发布7.65GW海风竞配公告，关注后续海风建设进程 海风方面，本周江苏省发改委发布7.65GW海风竞争性配置公告 ...

5. 风险提示…………………………………………………………………………………………………………………………… 14 4. 行业数据追踪. 3. 行情回顾. 请务必仔细阅读正文后的所有说明和声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-------------------------|---------------------------------|-----------------|---------------|-----------------|---------------|--------------|------------|----------------|--------------|-----------------------------------|--------|-------------|-------------|----------------------------|----- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Insights - The company is a leading domestic power semiconductor manufacturer, advancing in both medium and low-voltage MOSFETs and high-voltage IGBTs. It has four main product platforms, with SGT MOS, Trench MOS, IGBT, and SJ MOS contributing to revenue in the first half of 2024 [4][6] - The company is positioned to benefit from the recovery in industry demand, with expected revenue growth rates of 25.91%, 24.48%, and 22.81% for 2024, 2025, and 2026 respectively [6] - The company has established a strong supply chain with upstream wafer foundries and downstream packaging and testing capabilities, creating a robust competitive advantage [5][6] Summary by Sections Company Overview - The company, founded in 2013, specializes in the research, design, and sales of MOSFETs and IGBTs, with a comprehensive product range covering voltages from 12V to 1700V [29] - It has a significant market share in the domestic MOSFET market, which is the largest globally, and is actively expanding into emerging applications such as AI and electric vehicles [4][29] Product Platforms - The company has four main product platforms: SGT MOS, Trench MOS, IGBT, and SJ MOS, with SGT MOS being the fastest-growing and most profitable [39] - The revenue contribution from SGT MOS is expected to be 41.44% in the first half of 2024, while Trench MOS, IGBT, and SJ MOS contribute 29.30%, 16.20%, and 11.78% respectively [39] Financial Performance - The company forecasts revenues of 18.59 billion, 23.14 billion, and 28.42 billion yuan for 2024, 2025, and 2026, with net profits of 4.60 billion, 5.81 billion, and 7.32 billion yuan respectively [6][7] - The gross margin is expected to improve, with a projected gross margin of 35.87% in 2024 [7] Market Position and Strategy - The company is deeply integrated with upstream wafer foundries and has established a virtual IDM model, enhancing its competitive moat [5][6] - It is focusing on expanding its presence in high-growth sectors such as renewable energy, AI servers, and electric vehicles, which are expected to drive future growth [45]

财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨会纪要 联系人：陈伟业，cwy@longone.com.cn 风险提示：全球经济持续萎靡，国际地缘政治局势紧张，铝矿短期供应减少。 市场表现： 光伏板块 晨 会 纪 要 ➢ 3.美国第三季度GDP上修至3.1%，消费者支出和出口走强 2. 财经新闻 请务必仔细阅读正文后的所有说明和声明 1.1.这边风景独好，看好国内铝业持续成长——铝行业深度报 告 联系人：付天赋，ftfu@longone.com.cn 晨会纪要 1）硅料：价格略涨。根据上下游企业 12 月排产情况，多晶硅排产有下调预期，供应量 有望回落至 10 万吨左右，硅片排产则有上调预期，月度供需关系趋于缓和。预计 12 月多晶 硅有望达到供需平衡状态。部分一二线企业试探性报价上涨，但目前真实成交还未达成，市 场仍持观望态度。2）硅片：价格略涨。本周观察，硅片端供需关系修复，总体库存快速下 降，本周库存落在 22-24 GW，环比显著下降，连带引起当前价格的反弹。3）电池片：价 格维稳。本周电池开工方面暂无变化，但出货量有所下行，厂家开始 ...

行 业 研 究 商 贸 零 售 行 业 简 评 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 任晓帆 S0630522070001 rxf@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn 申万行业指数:商贸零售(0745) 沪深300 [table_invest] 标配 [Table_NewTitle] 11月社零延续弱复苏，品类同比分化 ——11月社零报告专题 ➢ 2024年11月社零同比增长3.0%。2024年11月社会消费品零售总额43763亿元，同比增长 3.0%，低于wind一致预期（+4.6%），主要受"双十一"网购启动时间提前的影响，部分 商品销售分流至10月份。1）在农村居民收入较快增长、县域商业体系建设不断推进下， 乡村市场销售增速持续快于城镇。城镇：11月消费品零售额37596亿元，同比增长2.9%， 增速较上月环比下降1.8个百分点。乡村：11月消费品零售额6167亿元，同比增速为3.2%， 增速较上月下降1.7个百分点。2）分渠道来看，线上消费增速快于线下消 ...