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 ...

| --- | |-------| | | | | | | 版权声明 分析师声明 请务必阅读报告正文后各项声明 3 | --- | |-------| | | | | ◼ 风险提示 行业点评 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉尽责的职业态度， 专业审慎的研究方法，独立、客观地出具本报告，保证报告采用的信息均来自合规渠道，并对本报告的内容和观点负 责。负责准备以及撰写本报告的所有研究人员在此保证，本报告所发表的任何观点均清晰、准确、如实地反映了研究 人员的观点和结论，并不受任何第三方的授意或影响。此外，所有研究人员薪酬的任何部分不曾、不与、也将不会与 本报告中的具体推荐意见或观点直接或间接相关。 | --- | --- | --- | |----------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------- ...

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]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [26]. Core Viewpoints - The company is a leading player in the nuclear valve market, expected to benefit from the normalization of nuclear power approvals, with 11 nuclear units approved in 2024, a historical high [26]. - The company maintains a high market share in the metallurgical and chemical special valve markets, which are anticipated to grow alongside the special valve industry [26]. - Revenue projections for the company are as follows: 2024 at 2.26 billion yuan, 2025 at 2.40 billion yuan, and 2026 at 2.55 billion yuan, with corresponding net profits of 290 million yuan, 329 million yuan, and 374 million yuan respectively [26]. Summary by Sections Company Overview - The company specializes in the research, development, production, and sales of new special valves, including butterfly valves and ball valves, with over 2000 specifications across 145 series [48]. - The company has a dominant position in the nuclear valve sector, securing over 90% of orders for nuclear-grade butterfly and ball valves [48]. Market Analysis - The global industrial valve market reached a size of 79 billion USD in 2022, with a projected growth to 82.1 billion USD in 2023 and 92.3 billion USD by 2026, reflecting a CAGR of 3.9% from 2021 to 2026 [1]. - The Chinese special valve market is recovering, with significant growth observed in 2022, and the low-temperature valve market is expected to grow at a CAGR of 10.26% from 2024 to 2032 [10][48]. Financial Performance - The company reported a revenue of 2.13 billion yuan in 2023, a year-on-year increase of 9.1%, with a net profit of 269 million yuan, up 18.2% [76]. - The company’s revenue is primarily derived from the nuclear power sector, energy equipment, metallurgy, and energy-saving services, with respective contributions of 32.56%, 30.58%, 17.05%, and 12.22% to total revenue in 2023 [98]. Future Outlook - The nuclear valve market is expected to grow significantly, with the market size projected to reach 6.2 billion yuan by 2024 [48]. - The company is also expanding into the hydrogen energy sector, aligning with the increasing market size for hydrogen energy applications [58].

计算机 行业研究/行业周报 | --- | |-------| | | | | 正文目录 | --- | |-------| | | | | | | 产业发展不及预期、政策推进力度不及预期、国产替代不及预期 | --- | |--------------------------------------------| | | | 1. 本周市场行情回顾（20241216-20241220） . | | 1.1. 全球主要大盘指数及科技指数 . | | 1.2. 全球 AI 产业链重点标的行情 . | | 2. 全球 AI 产业链大事提醒 | | 2.1. 重点标的业绩披露日期 | | 2.2. 其他大事提醒 | | 3. 核心观点及投资建议 . | | 3.1. 核心观点 | | 3.2. 投资建议 | | 4. 风险提示 | 图 1: 本周全球主要市场大盘指数涨跌幅 图 2: 本周全球主要科技指数涨跌幅 表 1: 全球 AI 产业链重点标的行情 . 表 2: 全球 AI 产业链重点标的业绩披露日期 . 表 3: 其他大事提醒. 2 1. 本周市场行情回顾（20241216-20241220） 本周，全球市场主 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [52]. Core Insights - The report highlights the collaboration between Google DeepMind and Apptronik to advance humanoid robot commercialization, integrating advanced AI technology with established robotic hardware to enhance functionality and safety in complex real-world tasks [10][13]. - The report also emphasizes the launch of the official Home Assistant integration by Xiaomi, allowing users to manage Xiaomi IoT devices across multiple regions [11][14]. - The release of the open-source HarmonyOS 5.0 marks a significant advancement in system completeness, distributed innovation, developer experience, and stability [15][23]. Market Review - The A-share Shenwan Computer Index decreased by 0.05%, outperforming the CSI 300 Index by 0.09 percentage points and the ChiNext Index by 1.38 percentage points, ranking 4th among 31 first-level sub-industries [19][20]. - The performance of the Shenwan Computer secondary industries varied, with software development down by 1.3%, computer equipment up by 1.46%, and IT services II up by 0.38% [21]. Individual Stock Performance - The top ten stocks by weekly performance included Guangyun Technology (+35.48%), Yuntian Lifi-U (+31.66%), and Feitian Trust (+26.17%) [39]. - Conversely, the worst performers included Information Development (-19.66%), Jincai Huilian (-18.90%), and Longyu Co., Ltd. (-17.44%) [6][8]. Industry News - The report discusses the advancements in humanoid robots and the integration of Xiaomi's IoT devices, indicating a trend towards increased automation and smart home technology [10][11][14]. - The open-source HarmonyOS 5.0 release is noted for its improvements, suggesting a competitive edge in the operating system market [15][23]. Investment Recommendations - The report suggests focusing on the Huawei chain sector benefiting from the progress of open-source HarmonyOS and the humanoid robot sector, recommending companies like Nengke Technology and Zhongruan International [16].

Group 1: Policy Layout and New Quality Productivity - The "246" industrial cluster plan aims to establish two trillion-level industrial clusters in green petrochemicals and automobiles, along with four five-hundred billion-level clusters in high-end equipment, electronic information, new materials, and software services, and six hundred billion-level clusters in key components, smart home appliances, fashion textiles, biomedicine, sports goods, and energy conservation [7][29]. - The "361" plan emphasizes the trend of "green, new, and high" in future industrial development, targeting a revenue of 3.7 trillion yuan for large-scale enterprises and the formation of five national-level industrial clusters by 2027 [9][29]. - These plans are expected to enhance the resilience and stability of the industrial supply chain, promote collaborative innovation, and resource sharing within industrial clusters, thereby strengthening Ningbo's position in the global manufacturing landscape [9][29]. Group 2: Industrial Chain Clusters Supporting New Quality Productivity - Ningbo's automotive manufacturing cluster has become a leading domestic automotive base, particularly in the new energy vehicle sector, with a complete supply chain including batteries, motors, and electronic controls [34][64]. - The high-end equipment manufacturing sector is a strategic industry for Ningbo, with a focus on smart equipment, modern energy equipment, and next-generation electronic information equipment, aiming for a significant increase in industrial output value by 2025 [12][45]. - The city has established a robust ecosystem for innovation, with over 7,000 high-tech enterprises and a significant increase in R&D investment, which reached 63.1 billion yuan in 2023, marking a 5.29% increase from 2022 [37][75]. Group 3: Investment Recommendations - The report suggests focusing on key industries in Ningbo's mid-to-high-end manufacturing and high-tech sectors, including chemical new materials, new energy vehicles, smart robots, magnetic materials, smart photovoltaics, batteries and energy storage, and optical modules [54][80]. - The investment orientation includes eight major industrial clusters and 18 key sub-industries, emphasizing digital industries, green petrochemicals, high-end equipment, new functional materials, new energy, key components, smart home appliances, and modern health industries [52][80].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% [3][21]. Core Insights - The company has announced a placement and convertible bond financing totaling over 5 billion RMB, which will effectively enhance its liquidity and ability to withstand future market fluctuations [2]. - The cash cost of production is projected to decrease from 37.84 RMB/kg in Q1 2024 to 33.18 RMB/kg in Q3 2024, with potential to fall below 30 RMB/kg, allowing the company to cover its cash costs with current silicon prices [2]. - Revenue forecasts for 2024-2026 are 17.057 billion RMB, 30.523 billion RMB, and 42.118 billion RMB, with year-on-year growth rates of -49%, +79%, and +38% respectively [3]. Financial Projections - The company is expected to report a net profit attributable to shareholders of -2.921 billion RMB in 2024, followed by 1.544 billion RMB in 2025 and 4.326 billion RMB in 2026, with corresponding growth rates of -216%, +153%, and +180% [3][4]. - The price-to-earnings (PE) ratios for 2025 and 2026 are projected to be 19 times and 7 times, respectively, indicating a significant potential for earnings recovery [3]. Market Position - The company is positioned in the power equipment industry, with a current market capitalization of approximately 27.405 billion RMB [5].