Investment Rating - The automotive industry maintains an "Overweight" rating, indicating a positive outlook for the sector [42]. Core Insights - The automotive sector experienced a 0.69% increase from December 23 to December 27, 2024, outperforming the overall A-share market, ranking 7th among 31 primary industries [1][69]. - Passenger car sales in November 2024 reached approximately 3.001 million units, reflecting a month-on-month increase of 9% and a year-on-year increase of 15.2% [3][41]. - The market for new energy vehicles (NEVs) saw a market share of about 45.6% in November 2024, with NEV sales reaching approximately 1.512 million units, a year-on-year increase of 47.4% [32][41]. Summary by Sections 1. Core Insights - The automotive market is expected to see stable growth in consumer demand due to supportive policies [41]. - Price competition in the NEV segment has cooled, with significant price reductions observed across various vehicle types [41]. 2. Market Review - The commercial vehicle segment saw the highest increase of 2.46%, while the automotive services sector experienced a decline of 6.74% during the same period [2][46]. 3. Industry Data Tracking 3.1. Monthly Vehicle Sales - Total automotive sales in November 2024 were approximately 3.316 million units, with a month-on-month increase of 8.6% and a year-on-year increase of 11.7% [56]. 3.2. Weekly Vehicle Sales - From December 1 to December 22, 2024, retail sales of passenger vehicles reached 1.692 million units, a year-on-year increase of 25% [34]. 3.3. Sales Outlook - The retail market for passenger vehicles in December 2024 is projected to be around 2.7 million units, with a year-on-year increase of 14.8% [35]. 3.4. Raw Material Price Tracking - As of December 27, 2024, the price of battery-grade lithium carbonate was approximately 75,550 yuan per ton, unchanged from December 20, 2024 [36][41]. 4. Industry Dynamics - Notable industry developments include BYD's launch of its advanced driver assistance system and partnerships among major automotive companies for charging networks [69]. 5. New Vehicle Launches - New models such as Chery's Tiggo 5x, Denza D9 EV, and NIO's ET9 were launched during the week of December 21 to December 27, 2024 [69]. 6. Company Dynamics - Companies like Yinchuan Technology and Chuanhuan Technology received significant orders for their products, indicating ongoing demand in the sector [11][69].

Investment Rating - The industry investment rating is maintained at "Overweight" [3]. Core Insights - Micron has reduced its NAND flash memory capacity utilization by 10% in response to a slowdown in market demand. The average price fluctuation for NAND particles ranged from -1.27% to 3.17%, with an average change of 0.41% [3][21]. - Kioxia has announced the development of OCTRAM technology, a new type of 4F² DRAM that significantly reduces power consumption, which is expected to benefit applications such as artificial intelligence and IoT products [3][28]. - The overall market performance remains stable, with some short-term price increases observed in low-capacity embedded products due to supply constraints [21]. Summary by Sections 1. Weekly Price Tracking of Storage Chips - The price fluctuation for NAND flash memory particles was noted, with 11 items stable, 9 items increasing, and 2 items decreasing in price [3]. - The average price changes for DRAM products showed a range of 2.45% to 3.12%, with a slight average decrease of -0.10% [3]. 2. Industry News - The market is experiencing a differentiation in pricing, particularly for low-capacity eMMC products, which are seeing price increases due to supply tightness [21]. - Micron's NAND business reported revenues of $2.2 billion for the first fiscal quarter, reflecting an 82% year-over-year increase but a 5% quarter-over-quarter decline [22]. 3. Company Dynamics - Marvell has launched a customized HBM computing architecture aimed at enhancing XPU performance and efficiency, collaborating with major HBM manufacturers [24][28]. - Dongxin Co. has indicated that the rapid development of the AI market is driving strong demand for storage, with a focus on improving product performance and market share [30]. 4. Company Announcements - Key announcements from companies in the storage industry include updates on funding and board changes, reflecting ongoing strategic adjustments [33][35].

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - In the context of high international oil prices, the petrochemical sector has four main investment themes: 1) Energy state-owned enterprises are actively promoting oil and gas reserves and production, continuing to deepen refining and chemical transformation, and steadily advancing green and low-carbon transitions. Companies to watch include China Petroleum and China National Offshore Oil Corporation [11][74] 2) Global upstream capital expenditure is increasing, driving the oil service sector's continued improvement. Companies to focus on include China Oilfield Services, CNOOC Engineering, and Zhongman Petroleum [11][74] 3) With the significant slowdown in capacity growth in the filament industry, the supply-demand balance is expected to improve. Companies to consider are Xinfengming and Tongkun [11][74] 4) Refining companies are actively planning new capacities while accelerating the layout of new material projects. Companies to watch include Satellite Chemical, Baofeng Energy, and Hengli Petrochemical [11][74] Market Performance - The CITIC Petrochemical sector rose approximately 2.51% during the week of December 23-27, 2024, outperforming the Shanghai Composite Index, which increased by about 0.95%, by approximately 1.56 percentage points [2][57] - Key stocks that led the gains in the petrochemical sector included Heshun Petroleum, Donghua Energy, China Petroleum, CNOOC Development, and China National Offshore Oil Corporation [2][57] - The weekly performance of private refining companies included Xinfengming (+4.16%), Tongkun (+2.21%), Hengyi Petrochemical (+1.49%), Hengli Petrochemical (+0.59%), and Rongsheng Petrochemical (+0.55%) [2][22] Upstream Sector - International oil prices saw an increase last week, with Brent crude futures settling at approximately $74.17 per barrel, a weekly increase of about 1.69%, and WTI crude futures at approximately $70.60 per barrel, up about 1.64% [23][24] - According to EIA data, U.S. commercial crude oil inventories decreased by approximately 4.24 million barrels week-on-week as of December 20, while strategic oil reserves increased by about 260,000 barrels [62][63] Oil Service Sector - The number of active drilling rigs in North America remained stable week-on-week but showed a significant year-on-year decline. The global number of drilling platforms increased in the third quarter, benefiting the oil service companies [38][63] Midstream Refining Sector - The Singapore diesel price spread decreased by approximately $0.6 per barrel, while the gasoline price spread increased by about $0.7 per barrel. The price spreads for ethylene and naphtha decreased by approximately $13 per ton and for PX and naphtha by about $17 per ton [40][66] Terminal Polyester Sector - As of December 27, the POY price spread was approximately 1102 RMB/ton, with an increase of about 15 RMB/ton week-on-week. Overall inventory accumulation was observed in the polyester filament sector [44][45] C3 Sector - As of December 27, the market price for acrylic acid in Shandong was approximately 7550 RMB/ton, with a weekly increase of about 2.72%. The price spread between acrylic acid and propane was approximately 3190 RMB/ton, up about 8.21% [72]

Group 1 - The report indicates that during the week of December 19-25, the A-share market experienced a slight decrease in margin trading balance and a decline in trading activity. The major indices showed a mixed performance in PE valuation percentiles, with the Shanghai 180 index leading the gains [60][35][53] - The financial sector saw the largest increase in PE valuation percentiles, while the consumer services sector experienced the most significant decline [60][27][13] Group 2 - The banking industry led the gains in valuation percentiles, with an increase of 7.2 percentage points, while the consumer services sector saw a decline of 9.3 percentage points [27][13][14] - The report highlights that the overall PE valuation percentiles for various industries mostly declined, with the banking sector showing resilience and growth [13][14][27]

Investment Rating - The industry investment rating is "Increase" (Maintain) [4] Core Viewpoints - Xiaomi's active user base has reached nearly 700 million, with a continuous expansion of its ecosystem. The global monthly active users have surpassed 686 million, and the smartphone market share has remained in the top three globally for 17 consecutive quarters. The global smartphone shipment is expected to increase by 23.5 million units year-on-year, with high-end smartphone sales projected to grow by 43% in 2024 [14] - Xiaomi's IoT platform has connected 860 million devices, solidifying its position as the largest consumer IoT platform globally. The Mi Home app has surpassed 100 million monthly active users, and Xiaomi has established a complete "human-vehicle-home ecosystem" [14] - Xiaomi plans to invest over 100 billion yuan in R&D over the next five years, focusing on AI, OS, and chip technologies. The R&D expenditure is expected to reach 24 billion yuan in 2024 and 30 billion yuan in 2025 [14] - The report suggests focusing on companies such as Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE, as the "human-vehicle-home ecosystem" conference is expected to benefit Xiaomi's supply chain, computing power industry, and intelligent driving industry [15] Summary by Sections Industry Investment Rating - The industry investment rating is "Increase" [4] Xiaomi's Ecosystem and Market Position - Xiaomi's global monthly active users have exceeded 686 million, with a smartphone market share in the top three for 17 consecutive quarters. The expected year-on-year growth in global smartphone shipments is 23.5 million units, and high-end smartphone sales are projected to grow by 43% in 2024 [14] - The IoT platform has connected 860 million devices, with the Mi Home app achieving over 100 million monthly active users, completing the "human-vehicle-home ecosystem" [14] R&D Investment - Xiaomi's R&D investment is projected to exceed 100 billion yuan over five years, with 24 billion yuan expected in 2024 and 30 billion yuan in 2025, focusing on AI, OS, and chip technologies [14] Investment Recommendations - The report recommends focusing on Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE due to the positive outlook for the supply chain and related industries [15]

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [9] Core Insights - Nike is focusing on brand rejuvenation and core sports categories, with FY25Q2 revenue at $12.4 billion, a year-on-year decline of 9% [2][18] - The textile and apparel sector is expected to enter a recovery phase driven by external demand growth and internal demand recovery [21] Summary by Sections 1. Key Insights - In November, the total retail sales of consumer goods reached 43,763 billion yuan, a year-on-year increase of 3.0%, with notable growth in home appliances and furniture categories [6][17] - Nike's direct sales fell by 14% year-on-year, primarily due to a 21% decline in digital sales [2][18] 2. Industry Dynamics - The textile and apparel sector saw a cumulative export of $273.06 billion from January to November 2024, reflecting a 2.0% increase [7][19] - The textile and apparel exports in November amounted to $25.17 billion, a year-on-year increase of 6.8% [7][19] 3. Industry Tracking - The report indicates that the textile and apparel sector is experiencing a recovery, with a focus on outdoor sports and social trends benefiting domestic brands like Anta and Li Ning [21] - The cotton price index shows a slight decline, with domestic cotton prices at 14,628.59 yuan/ton as of December 20 [51]

策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 股债收益比持续上行，高股息估值分位上升 ——情绪与估值 12 月第 3 期 日期： yxzqdatemark 2024年12月27日 分析 师： 唐文卿 tangwenqing@yongxingsec. com 相关报告： ◼ 核心观点：上周（12.12-12.18）A 股市场两融余额小幅增加，交易活 跃度回落。主要指数 PE 估值分位跌多涨少，其中中证 1000 领跌。主要 风格 PE 估值分位多数下行，其中成长风格跌幅较大。全行业银行估值分 位数领涨，机械行业跌幅较大。 情绪：两融余额小幅增加，市场交易活跃度回落 1） 股债收益率下行，投资性价比较高。截至 2024 年 12 月 18 日，沪深 300股息率为2.96%，10年国债收益率为1.78%，股债收益率为-1.18%， 周环比下降 0.18pct。股债收益率低于 24 年以来均值 0.36pct，仍处于 2012 年以来相对低点，这也意味着当前 A 股市场依然具备较高的投 资性价比。 3） 市场交易活跃度回落，创业板指成交额环比降幅较大。换手率方面， 上周（12.12-1 ...

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Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [175]. Core Insights - The company is a leading domestic manufacturer of high-end optical microscopes and precision optical components, benefiting from the acceleration of domestic substitution [171]. - The company has achieved the highest global shipment volume of optical components for barcode scanning and machine vision equipment, establishing long-term partnerships with major industry players [135][134]. - The company has successfully entered the automotive lidar market, achieving scale production and maintaining a leading position in the sector [145][157]. - The medical optical instruments segment is expected to grow significantly, with the company developing various high-end medical optical components and systems [166][169]. Summary by Sections 1. Company Overview - The company focuses on scientific instruments and core optical components, being a leader in high-end optical microscopes in China [46]. - It has established a strong R&D foundation and partnerships with renowned universities, enhancing its technological capabilities [78]. 2. Market Potential for Optical Microscopes - The global optical microscope market is projected to reach 21.6 billion yuan by 2030, with significant growth expected in the Chinese market [89][94]. - The company is positioned to benefit from the increasing demand for high-end optical instruments due to government policies promoting domestic production [162]. 3. Barcode Scanning and Machine Vision - The global barcode scanner market is expected to grow at a CAGR of 7.6%, with the company holding the largest market share in optical components [121][122]. - The company has established deep collaborations with leading firms in the barcode scanning sector, enhancing its competitive edge [135]. 4. Automotive Lidar Market - The lidar market is anticipated to reach 2 billion USD globally by 2027, with the company playing a crucial role in this growth [146][150]. - Chinese manufacturers dominate the lidar market, capturing 84% of the global share, with the company being a key partner for major players [155]. 5. Medical Optical Instruments - The global medical endoscope market is projected to reach 175.985 billion yuan by 2029, indicating a robust growth trajectory for the company's medical optical products [160]. - The company has developed various medical optical components and systems, establishing partnerships with leading medical institutions [169]. 6. Financial Projections - The company is expected to achieve net profits of 208 million yuan, 300 million yuan, and 394 million yuan for the years 2024 to 2026, respectively [175]. - The report anticipates improvements in the company's gross margin due to ongoing product structure enhancements and revenue growth [171].

Investment Rating - The report gives Jingda Co Ltd (600577) an "Overweight" rating, indicating a positive outlook on the company's stock performance relative to the benchmark index [24] Core Views - Jingda is a global leader in electromagnetic wire, with products widely used in new energy vehicles, photovoltaics, AI, military, aerospace, home appliances, special motors, 5G communications, and electronics [5] - The company has three major production bases in the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions [5] - Revenue grew from RMB 11.898 billion in 2018 to RMB 17.906 billion in 2023, with a CAGR of 8.52% [5] - Q1-Q3 2024 revenue reached RMB 16.087 billion, up 22.38% YoY, with net profit attributable to shareholders of RMB 416 million, up 33.84% YoY [5] Market Position and Expansion - Jingda holds a 12.09% market share in China's enameled wire market, ranking first [5] - The company plans to issue convertible bonds to raise RMB 1.126 billion for expansion projects, including 40,000 tons of new energy copper-based electromagnetic wire and 80,000 tons of new energy copper materials [5] Subsidiary Performance - Hengfeng Special Conductor, a subsidiary, supplies to Amphenol, Lotes, and others, benefiting from the trend of high-speed copper connection technology in data centers [5] - Hengfeng's H1 2024 revenue was RMB 549 million, up 42.32% YoY, with net profit of RMB 34.3713 million, up 23.71% YoY [5] Superconductivity Business - Jingda is the largest shareholder of Shanghai Superconductor, which focuses on second-generation high-temperature superconducting tapes [12] - Shanghai Superconductor's Phase I expansion plan is progressing smoothly, with full production expected by the end of 2024 [12] - The company has established Tongling Jingda Superconducting Materials Research Institute, indicating potential synergies in the superconducting business [12] Financial Projections - Revenue is expected to grow to RMB 20.979 billion in 2024, RMB 23.535 billion in 2025, and RMB 26.142 billion in 2026 [24] - Net profit attributable to shareholders is projected to be RMB 547 million in 2024, RMB 678 million in 2025, and RMB 825 million in 2026 [24] - EPS is forecasted to be RMB 0.26 in 2024, RMB 0.32 in 2025, and RMB 0.39 in 2026 [24]