Investment Rating - The industry investment rating is maintained as "Overweight" [8] Core Viewpoints - The report highlights the continuous breakthroughs in the submarine cable business by Qifan Cable, which is expected to benefit from the increasing demand for offshore wind power [4][69] - The wind power sector has shown significant growth, with a 22.76% year-on-year increase in new installations from January to October 2024, totaling 45.80 GW [5][41] - The report emphasizes the strong performance of the wind power equipment sub-sector, which saw a 7.33% increase in the past week, outperforming other sub-sectors [5][25] Summary by Sections 1. Wind Power Sector Market Review - The electric power equipment sector experienced a 2.34% increase in the week of November 25-29, 2024, ranking 25th among 31 primary industries [21] - The wind power equipment sub-sector's performance was notably strong, with a 7.33% increase, leading other sub-sectors [25] 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - New wind power installations in China reached 45.80 GW from January to October 2024, marking a 22.76% increase year-on-year [41] - In October 2024 alone, 6.68 GW of new installations were added, reflecting a 74.41% year-on-year growth [5][39] 2.2 Wind Power Approval Data - A total of 80.04 GW of wind power projects were approved in China from January to October 2024, including 64.44 GW of onshore projects and 14.68 GW of offshore projects [50] 2.3 Wind Power Unit Bidding Data - In the week of November 25-29, 2024, 25 wind power projects were opened for bidding, totaling 5702.85 MW, with the average winning bid price for onshore projects being 1834 CNY/kW [60][61] 2.4 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3685.20 CNY/ton, showing a slight decrease of 0.03% from the previous week, while scrap steel prices increased by 2.14% to 2198.00 CNY/ton [66] 3. Investment Recommendations - The report suggests focusing on growth stocks benefiting from offshore wind demand, such as Dongfang Cable, Tienshun Wind Power, and Qifan Cable [69] - It also highlights companies with strong overseas market expansion capabilities, including Dajin Heavy Industry and Taisheng Wind Power [69] - Wind turbine manufacturers with recovering profitability, such as Mingyang Smart Energy and Goldwind Technology, are also recommended [69]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is a leader in the domestic industrial control industry, with a significant improvement in performance expected [4]. - The company has been deeply involved in the industry for nearly two decades, focusing on the research, production, and sales of industrial automation control products [4]. - The company's revenue continues to grow, with a profit growth rate exceeding expectations in the first half of 2024 [4]. - The domestic industrial control market has substantial growth potential, with expectations for continued expansion in the coming years [4]. - The company is expected to benefit from macroeconomic recovery and increased capital expenditure in manufacturing [5]. Summary by Sections 1. Domestic Industrial Control Industry Leader, Revenue Scale Continues to Expand - The company has a comprehensive product line in smart control systems, including programmable logic controllers (PLCs), human-machine interfaces, servo systems, and machine vision [17]. - In the first half of 2024, the company achieved revenue of 797 million yuan, a year-on-year increase of 10.93%, and a net profit of 127 million yuan, a year-on-year increase of 21.74% [23]. 2. Broad Downstream Applications in Industrial Control, Industry Demand Expected to Improve - The company provides a wide range of industrial automation products, primarily focusing on control systems and servo systems [34]. - The domestic PLC market size was approximately 17 billion yuan in 2022, with expectations for continued growth [44]. - The servo system market is also projected to grow rapidly, with a market size of about 17 billion yuan in 2022, reflecting a year-on-year growth of 16.4% [70]. 3. Company Issued New Shares for Project Expansion, Launching System Solutions Across Multiple Industries - The company plans to use funds raised from a stock issuance to build a second phase of its technology center and marketing network [86]. - The company has launched dozens of industry solutions targeting nine major industries, enhancing its competitive edge in traditional sectors [86]. 4. Profit Forecast and Investment Recommendations - The company is expected to benefit from large-scale equipment updates and a recovery in high-end manufacturing, with projected revenues of 1.623 billion, 1.751 billion, and 1.889 billion yuan for 2024, 2025, and 2026, respectively [5][7].

固定收益/固收点评 证 券 研 究 报 告 固 定 收 益 | --- | |-------| | | | | | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|--------------------------------------------------------------------| | 市场信心提振，需求回暖 —— 11 月 PMI 数据点评 | | | | ◼ 核心观点 | 日期： | ...

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Investment Rating - The industry investment rating is maintained as "Increase" [3][8] Core Viewpoints - The recent bidding results for the Fangshi No. 1 offshore wind project indicate a significant increase in turbine prices, with the average winning bid price rising to approximately 4014 CNY/kW, which is a notable improvement compared to previous industry averages [3] - The ongoing development of domestic offshore wind projects is expected to catalyze industry growth, with multiple projects progressing and new contracts being awarded [3] - The report suggests focusing on companies that are likely to benefit from the increased demand for offshore wind energy, such as Dongfang Cable, Tiens Wind Power, and Qifan Cable [3] Summary by Sections - **Industry Overview**: The report highlights the recent progress in the Fangshi No. 1 offshore wind project, with significant price increases for wind turbine equipment [3] - **Market Developments**: The report notes that several projects are moving forward, including the Yangjiang Qingzhou Seven offshore wind farm, which has a deadline for equipment supply by May 30, 2025 [3] - **Investment Recommendations**: The report recommends focusing on companies with strong order acquisition capabilities and those that are expanding into overseas markets, such as Dajin Heavy Industry, Taisheng Wind Power, and Zhenjiang Co., Ltd. [3]

Investment Rating - The industry investment rating is maintained as "Overweight" [2][3]. Core Viewpoints - The expected production of polysilicon in December is projected to decrease to 91,100 tons, a month-on-month decline of 18.3%. This reduction is primarily driven by rising electricity prices, which will significantly impact production in regions like Yunnan and Sichuan [12][13]. - The substantial cut in December production is expected to alleviate inventory pressure in the polysilicon segment and support polysilicon prices [12]. Market Review - The power equipment industry rose by 1.74% over the past week, ranking 20th among all primary industries. Wind power equipment saw the largest increase at 9.57%, while other power equipment experienced a decline of 3.94% [14][17]. - In the secondary industry, photovoltaic equipment increased by 4.25%, and in the tertiary industry, photovoltaic battery components rose by 5.85% [14][17]. Photovoltaic Industry Data Tracking - From January to October, the newly installed photovoltaic capacity in China reached 181.30 GW, a year-on-year increase of 27.17%. In October alone, the newly installed capacity was 20.42 GW, up 49.93% year-on-year [24]. - The export value of inverters in October was $659 million, a year-on-year increase of 19.03%. However, the total export value of battery components from January to October was $26.842 billion, down 30.82% year-on-year [26]. Industry and Company Dynamics - The first batch of photovoltaic component long-term procurement results for 2024 was announced, with several companies winning bids, including JinkoSolar and Tongwei Solar, at average prices of 0.755 yuan/W for TOPCon and 0.716 yuan/W for P-type [43]. - The successful bid for the 200 MW offshore photovoltaic project by Shandong Electric Power Engineering Consulting Institute was announced, with a bid price of 925.77 million yuan, equivalent to 3.497 yuan/W [43].

石油石化 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 美国商业原油库存降低，油价延续震荡 ——石油化工行业周报（20241125-20241129） ◼ 市场行情回顾 市场表现 本周（20241125-20241129）中信石油石化板块上涨约 0.73%，上证综 合指数上涨约 1.81%，同上证综合指数相比，石油石化板块落后约 1.08 个百分点。子板块方面，石油石化子板块涨跌互现，其中其他石化、 炼油、工程服务等子板块涨幅居前。 本周（20241125-20241129）石油石化板块领涨个股包括恒通股份、东 方盛虹、三联虹普、洲际油气、泰山石油等；领跌个股包括渤海化学、 统一股份、水发燃气、国际实业、和顺石油等。其中民营大炼化公司 周度涨跌幅如下：东方盛虹（+8.78%）、新凤鸣（+1.47%）、荣盛石化 （+1.06%）、恒力石化（+0.77%）、桐昆股份（+0.35%）、恒逸石化（- 0.48%）等。 ◼ 核心观点 上游板块方面，上周国际油价有所下跌。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望维持在相对高位，持续 ...

医药生物 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report maintains an **Overweight** rating on the electronics industry [4] Core Views - **AI Edge Devices**: ByteDance's Doubao released the AI-powered smart earphone **Ola Friend**, which integrates with the Doubao large model and app, enabling voice interaction without opening the phone. The AI edge device market is expected to benefit from this innovation [13][14] - **Huawei Supply Chain**: Huawei officially launched the Mate series smartphones, which is expected to drive the replacement cycle and benefit related supply chains [14] - **Domestic Substitution**: The domestic semiconductor equipment market is projected to grow by **35%** in 2024, reaching over **110 billion RMB**, with market share increasing to **30%**, up by **5 percentage points** from 2023 [15] - **Advanced Packaging**: The global advanced packaging market is expected to reach **$52.2 billion** by 2026, accounting for **54%** of the total packaging market, driven by the increasing importance of advanced packaging in the era of computing power [15][17] Market Performance Review - **A-share Market**: The Shenwan Electronics Index rose by **2.38%** during the week (11.25-11.29), outperforming the CSI 300 Index by **1.06 percentage points** but underperforming the GEM Composite Index by **0.96 percentage points**. The semiconductor sector led with a **3.25%** increase [21][23] - **Overseas Markets**: The Hang Seng Tech Index rose by **2.53%**, while the Philadelphia Semiconductor Index fell by **0.59%**, and the Taiwan Electronics Index dropped by **3.34%** [26][29] Investment Recommendations - **AI Edge Devices**: Focus on companies like **Goertek**, **Edifier**, **Bestechnic**, **Espressif Systems**, and **Zhongke Lanxun** [18] - **Huawei Supply Chain**: Key companies to watch include **Dongmu**, **O-film**, **Furi Electronics**, **Lingyi**, and **Guanghong Technology** [18] - **Domestic Substitution**: Recommended companies include **NAURA**, **AMEC**, **Piotech**, **Kingsemi**, **Wanye Enterprises**, **Hwatsing**, **Huafeng Measurement**, **Fortune Precision**, **JCET**, and **Jiangfeng Electronics** [18] - **Advanced Packaging**: Focus on **Yongxiang Electronics**, **Zhongfu Circuit**, **JCET**, and **Lanxun Electronics** [18] Industry News - **Huawei Mate Series**: The Ministry of Industry and Information Technology completed the model approval process, supporting the smooth launch of Huawei's Mate series smartphones [34] - **Semiconductor Packaging**: The global semiconductor packaging market is expected to reach **$89.9 billion** in 2024, with advanced packaging projected to grow to **$52.2 billion** by 2026, accounting for **54%** of the market [34][35] - **Domestic Semiconductor Equipment**: The domestic semiconductor equipment market is expected to grow by **35%** in 2024, exceeding **110 billion RMB**, with market share increasing to **30%** [35] Company Updates - **Fenghua Advanced Tech**: Showcased high-end products at the Munich Electronics Show, including high-temperature MLCCs and large-current inductors [40] - **Lens Technology**: Consumer electronics and automotive projects have reached a certain scale, with some projects already profitable [40] - **Kaishan Technology**: The one-time molding test line is under equipment installation, and the synthetic silica project is in the debugging phase [41] - **Luxshare Precision**: Acquired Leoni's equity to enhance its competitive advantage in the global automotive wiring harness market [42]

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The 2024 National Medical Insurance Drug List was released, adding 91 new drugs, with 90 being launched within the last five years and 38 classified as "global new" innovative drugs. The negotiation success rate for innovative drugs exceeded 90%, which is 16 percentage points higher than the overall success rate, indicating strong support for innovative drugs from the medical insurance directory [3] - The average price reduction for drugs that successfully negotiated was 63%, slightly higher than the previous year's average, while the success rate decreased to 76% from 84.6% in 2023 [3] - Over 70% of the newly added drugs are from domestic companies, including significant entries in the dual-target and ADC fields, showcasing the ongoing support for domestic innovative drugs [3] - The National Medical Insurance Bureau has significantly shortened the time from drug launch to inclusion in the insurance list, with sales revenue exceeding 500 billion from 2018 to 2023, and insurance fund expenditure reaching 350 billion [3] Summary by Relevant Sections Investment Suggestions - The report suggests focusing on companies with products newly included in the 2024 Drug List or those with new indications for core products, such as Heng Rui Medicine, Kangfang Biology, Dizhe Medicine, Shanghai Yizhong, and Innovent Biologics [4] Industry Comparison - The pharmaceutical industry has outperformed the CSI 300 index over the past year, with a 30% increase compared to a 16% increase in the index [5]