电子 行业研究/行业周报 ◼ 核心观点 本周核心观点与重点要闻回顾 AI 端侧：雷鸟创新首款 AI 拍摄眼镜 V3 将搭载通义千问大模型，相 关产业链有望持续受益。消费级 AR 品牌雷鸟创新 RayNeo 与阿里云 宣布在 AI 眼镜领域达成战略合作，通义系列大模型将为雷鸟创新的 AI 眼镜提供独家定制的技术支持。我们认为，AI 端侧各项应用发展 态势良好，相关产业链有望持续受益。 消费电子：高通在 CES 上推出新款 AI 芯片，相关产业链有望持续受 益。高通宣布推出新的人工智能(AI)芯片 Snapdragon X，旨在为个人 电脑(PC)提供强大的运算能力，使其能够运行 AI 软件。我们认为， CES2025 期间或将展示更多 AI 与消费电子结合应用，如 AIPC、 AI/AR 眼镜、智能驾驶与机器人等，相关产业链有望持续受益。 先进封装：美光科技在新加坡投资约 70 亿美元，扩大先进封装产 能，相关产业链有望持续受益。美光科技位于新加坡的高带宽存储 器（HBM）先进封装厂于 1 月 8 日破土动工，并从 2027 年开始扩大 先进封装总产能，以满足人工智能增长的需求。我们认为，先进封装 在算力时代重 ...

电力设备 行业研究/行业点评 2024 年电网工程投资完成 6083 亿元，同比+15.3% ◼ 核心观点 2024 年电网工程投资完成 6083 亿元，同比+15.3%，第一批"沙戈荒" 大基地建成 95%。根据国家能源局，2024 年电网工程投资完成 6083 亿元，同比+15.3%。第一批"沙戈荒"大型风电光伏基地项目规模为 50 个基地项目、装机 9736 万千瓦，截至 2024 年底，第一批基地建成 9199 万千瓦、约占 95%，投产 9079 万千瓦。下一步国家能源局将用 好第一批基地建设成果经验，继续抓好第二、三批大型风电光伏基地 建设，为保障电力安全供应、促进清洁低碳转型做出更大贡献。 特高压等重大工程进程全面加快。根据人民网， 2024 年国家电网加 快推进电网重大工程建设，1000 千伏阿坝—成都东特高压交流和± 800 千伏甘肃—浙江、陕北—安徽特高压直流等工程相继开工；1000 千伏川渝、武汉—黄石—南昌、张北—胜利等一批特高压交流工程顺 利投产；世界装机容量最大的抽水蓄能电站——国家电网河北丰宁抽 水蓄能电站实现全面投产发电。国家电网累计建成"22 交 16 直"38 项特高压工程 ...

电力设备 行业研究/行业点评 《分布式光伏发电开发建设管理办法》施行 ◼ 核心观点 1 月 23 日，国家能源局发布文件，为规范分布式光伏发电开发建设管理， 促进分布式光伏发电高质量发展，适应新形势、新要求，国家能源局对《分 布式光伏发电项目管理暂行办法》进行了修订，形成了《分布式光伏发电 开发建设管理办法》。本办法自发布之日起施行，有效期五年。对于本办 法发布之日前已备案且于 2025 年 5 月 1 日前并网投产的分布式光伏发电 项目，仍按原有政策执行。 下游需求不及预期、市场竞争加剧、国际贸易政策不确定 增持(维持) | 行业： | 电力设备 | | --- | --- | | 日期： | yxzqdatemark 2025年01月26日 | | 分析师： | 开文明 | | E-mail： | kaiwenming@yongxin | | | gsec.com | | SAC编号： | S1760523070002 | | 分析师： | 刘清馨 | | E-mail： | liuqingxin@yongxings | | | e.com | | SAC编号： | S1760523090001 | 近一 ...

——电子行业周报（2024.12.30-2025.01.03） 电子 行业研究/行业周报 CES 2025 举行在即，雷鸟创新 AI 拍摄眼镜 V3 将搭 载通义千问大模型 本周（2024.12.30-2025.01.03），A 股申万电子指数下跌 9.6%，整体 跑输沪深 300 指数 4.43pct，跑输创业板综指数 0.12pct。申万电子二 级六大子板块涨跌幅由高到低分别为：光学光电子(-7.07%)、消费电 子(-7.76%)、 元 件(-10.04%)、 电 子 化 学 品 II(-10.33%)、半导体(- 10.78%)、其他电子 II(-11.12%)。从海外市场指数表现来看，整体继 续维持弱势，海内外指数涨跌幅由高到低分别为：费城半导体 (0.79%)、道琼斯美国科技(-0.5%)、纳斯达克(-0.51%)、台湾电子(- 1.86%)、恒生科技(-2.98%)、申万电子(-9.6%)。 ◼ 投资建议 本周我们继续看好受益于硬件创新浪潮的 AI 端侧、受益于 CES 新 品发布的消费电子产业链、以先进封装为代表的半导体周期复苏主 线、国产替代进程加速的半导体国产替代产业链。 AI 端侧：受益 ...

◼ 核心观点 阿里：通义千问发布开源多模态推理模型 QwQ 计算机 行业研究/行业周报 阿里通义千问发布开源多模态推理模型 ——全球 AI 产业跟踪（2024.12.23-2024.12.27) OpenAI：公布重组计划 据财联社，OpenAI 近日公布了一项重组计划，将采用公益企业模式， 拟将公司现有的营利性业务转变为特拉华州公益企业（PBC），公益企 业将负责 OpenAI 的运营和业务。与此同时，OpenAI 的非营利部门将 继续存在，并将以独立财务顾问确定的合理估值持有公益公司的股份， 旨在更好地吸引投资。 英伟达：B300 设计或调整 据 IT 之家援引 SemiAnalysis，英伟达计划 2025 年推出的 B300 Tensor Core GPU 对设计进行了调整，将在台积电 4NP 定制节点上重新流片， 整体来看可较 B200 GPU 提升 50%算力。B300 GPU 的功耗将较 B200 提升 200W，同时该 GPU 也将从架构和系统级改进中得到性能增强， 如超级芯片内部支持动态重分配 GPU 和 CPU 的功耗。在内存子系统 方面，B300 将配备更高堆叠的 12Hi HBM3E， ...

Core Insights - UHMWPE (Ultra-High Molecular Weight Polyethylene) is a thermoplastic engineering plastic with superior comprehensive performance and a wide range of applications [1][2] - The market for UHMWPE fibers in China reached approximately 5.654 billion yuan in 2022, with a market average price of about 88,900 yuan per ton [2] - The global production of ultra-high-strength UHMWPE fibers is projected to reach 26,787 tons in 2023, with a compound annual growth rate (CAGR) exceeding 20% from 2021 to 2023 [2] Industry Overview - UHMWPE is utilized in various sectors including aerospace, defense, municipal construction, petrochemicals, new energy materials, outdoor equipment, food packaging, and plastic recycling [2] - The UHMWPE fiber market in China is experiencing continuous growth, driven by increasing demand for military equipment and supplies due to geopolitical tensions [2] Production Techniques - The spinning process for UHMWPE fibers varies based on strength requirements and includes dry, wet, and melt spinning techniques [3] - The industry faces significant barriers to entry, primarily technical and production barriers, with established companies like Tongyi Zhong leading in technology development and production capabilities [3] Market Structure - The UHMWPE market is characterized by high concentration, with leading global companies including U.S. firms like Evonik and Honeywell, as well as domestic players like Tongyi Zhong and Jiuzhou Xingji [4][10] - The top three companies in the global ultra-high-strength UHMWPE fiber market hold a combined market share of 75.16%, while in China, the top three companies account for 78.04% [10] Investment Recommendations - The report suggests focusing on companies involved in UHMWPE, such as: 1. Tongyi Zhong, a national high-tech enterprise specializing in UHMWPE fiber and composite materials with over 20 years of industry experience [11] 2. Nanshan Zhishang, which has a production capacity of 3,600 tons and ranks among the top tier in the industry [11] 3. Henghui Anfang, engaged in the development and production of safety protection products and UHMWPE fibers [11]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - In 2024, the domestic photovoltaic (PV) newly installed capacity is projected to reach 277.17 GW, representing a year-on-year growth of 27.8% compared to 2023 [1] - The newly installed capacity in December 2024 is expected to be 70.87 GW, showing a year-on-year increase of 33.72% and a quarter-on-quarter increase of 183.48% [1] - The report emphasizes that with the improvement of grid construction and the gradual resolution of consumption issues, there is significant growth potential for photovoltaic installations [1] Summary by Sections Photovoltaic Installation - The report cites data from the National Energy Administration indicating a strong growth trajectory for photovoltaic installations in 2024 [1] Export Data - In 2024, China's cumulative exports of batteries and components reached $30.598 billion, a year-on-year decrease of 29.95% [2] - The cumulative export volume of batteries and components was 7.787 billion units, reflecting a year-on-year increase of 38.16% [2] - The report notes that the decline in export value is primarily due to falling component prices, despite strong contributions from emerging markets like Saudi Arabia and Pakistan [2] Inverter Exports - China's cumulative exports of inverters in 2024 amounted to $8.264 billion, a year-on-year decrease of 16.96% [3] - December exports of inverters were $665 million, showing a year-on-year increase of 12.03% [3] - The report highlights significant growth in exports to Pakistan and Saudi Arabia, with year-on-year increases of 229% and 148%, respectively [3] Investment Recommendations - The report maintains a positive outlook on supply-side reforms enhancing profitability across various segments and recommends focusing on leading companies benefiting from technological advancements and cost reduction, such as GCL-Poly Energy, LONGi Green Energy, JinkoSolar, and Highpower International [4]

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Viewpoints - The DRAM market is expected to begin recovery in Q2 2025, driven by positive customer sentiment due to regional economic stimulus measures [3][25] - NAND Flash average contract prices are projected to decline by 10-15% in Q1 2025, with a challenging market environment due to rising supplier inventories and decreasing order demand [2][24] - Micron Technology is investing approximately $7 billion in a new HBM advanced packaging facility in Singapore, expected to start operations in 2026, to meet the growing demand for artificial intelligence [3][27] Summary by Sections Industry News - The NAND market is facing a significant challenge with average contract prices expected to drop by 10-15% in Q1 2025 due to high inventory levels and weak demand [2][24] - The DRAM market showed a slight decline in spot prices, but a recovery is anticipated in Q2 2025 as economic conditions improve [3][25] - The overall performance of the storage spot market remains stable, with some fluctuations in SSD prices influenced by supply dynamics [4][24] Company Dynamics - Nanya Technology reported a 11-13% decline in average DRAM selling prices in Q4 2024, with a net loss of NT$15.74 billion [25] - Micron's new HBM facility in Singapore aims to enhance production capacity and support NAND manufacturing needs, with HBM4 expected to achieve mass production in 2026 [3][27] - Jiangbolong's ePOP products are being utilized in AI glasses, indicating a diversification into wearable technology [28] Investment Recommendations - The HBM industry chain is expected to benefit from the rapid development of advanced computing chips, with recommendations to focus on companies like Saiteng Co., Yishitong, and Lianrui New Materials [5] - The semiconductor cycle is anticipated to recover, with recommendations for companies such as Dongxin Co. and Zhaoyi Innovation [5]

Investment Rating - The industry investment rating is "Increase" [5] Core Insights - Microsoft plans to invest $80 billion in AI data centers for the fiscal year 2025, with over half of the expenditure expected to be directed towards the U.S. market by June 2025 [3][22] - Apple will offer a limited-time free trial of its Apple TV+ streaming service from January 3 to 5, 2025, marking the first time such an offer has been made [3][19] - Meta AI has introduced a new AI model named LIGER, which combines dense retrieval and generative retrieval to enhance the performance of generative recommendation systems [2][20] - KoBold Metals, a mining and AI startup, raised $537 million in its latest funding round, achieving a valuation of $2.96 billion, with investments from notable figures like Bill Gates and Jeff Bezos [3][21] Summary by Sections 1. Industry Overview - The report highlights significant investments in AI infrastructure, particularly by Microsoft, which is expected to enhance the AI foundational layer's market conditions [3][22] 2. Investment Recommendations - The report suggests focusing on companies such as Microsoft (MSFT), Google (GOOGL), Meta (META), and Amazon (AMAZON) due to the anticipated growth in AI infrastructure and applications [3][22]

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The wind power installed capacity in China is expected to continue growing, with an estimated 88GW of new grid-connected capacity in 2024, leading to a cumulative installed capacity of approximately 530 million kilowatts by the end of 2024, accounting for over 15% of the power structure [1][69] - Looking ahead to 2025, the annual new installed capacity of wind power in China is projected to be around 105-115GW, with onshore capacity expected to be about 95-100GW, and potentially exceeding 150GW by 2030 [1][69] Data Tracking Market Performance - The electric equipment sector saw a weekly change of 0.31%, ranking 6th among 31 first-level industries in terms of performance [10] - Year-to-date, the electric equipment sector has experienced a decline of 5.49%, ranking 9th among the same industries [10] Wind Power Installation Data - As of November 2024, China's cumulative wind power installed capacity reached 490 million kilowatts, a year-on-year increase of 19.2% [27] - From January to November 2024, 51.75GW of new wind power capacity was added, representing a year-on-year growth of 25.03% [27] - In November 2024 alone, 5.95GW of new capacity was added, showing a year-on-year increase of 45.83% [27] Wind Power Approval Data - In 2024, a total of 103.41GW of wind power projects were approved, marking a year-on-year increase of 63.24% [43] - Among these, onshore projects accounted for 87.55GW, while offshore projects accounted for 14.62GW [43] Wind Turbine Bidding Data - During the week of January 6-10, 2025, a total of 7 wind power projects initiated bidding, with a combined scale of 794.5MW [49] - The total scale of wind turbine procurement for the week reached 2007.25MW [51] Investment Recommendations - Focus on companies benefiting from the demand for offshore wind power and the development of deep-sea projects, such as Dongfang Cable, Haili Wind Power, Qifan Cable, and Yaxing Anchor Chain [3][69] - Companies with strong overseas market expansion capabilities, such as Dajin Heavy Industry, Taisen Wind Power, and Zhenjiang Co., are also recommended [3][69] - Wind turbine manufacturers with recovering profitability, including Mingyang Smart Energy, Goldwind Technology, Sany Heavy Energy, and Yunda Co., are highlighted [3][69]