Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the communication industry [1]. Core Viewpoints - ByteDance has emerged as a top global CSP, driving the domestic computing power industry chain to benefit comprehensively from its "all in AI" strategy. The company's revenue for the first half of 2024 is projected to reach $73 billion, with an estimated annual revenue of around $150 billion, leading to a capital expenditure exceeding 110 billion RMB in 2024. This trend is expected to continue into 2025, with capital expenditures potentially reaching 160 billion RMB, nearing META's 2023 levels. The establishment of ByteDance's leading position in the domestic CSP market and its rapid enhancement of global competitiveness will significantly boost the development of the domestic computing power infrastructure chain [19][9][12]. Summary by Sections Weekly Viewpoints and Investment Suggestions - ByteDance's global expansion of data centers will benefit various infrastructure sectors, including IDC service providers and related infrastructure components such as power supply, distribution, and cooling systems. The AI computing power industry chain will also benefit from the increasing demand for top-tier model training and applications. Additionally, edge computing partners will play a crucial role in processing sensory information and connecting AI with computing power [19][12]. Market Overview - During the week of December 16-20, 2024, the Shenwan Communication Index rose by 4.27%, while the ChiNext Index increased by 2.17%. The top-performing sectors included the Internet of Things (+23.48%), equipment manufacturers (+16.83%), and IDC (+16.38%) [22][13]. Key Companies to Watch - The report suggests focusing on several companies across different sectors: - IDC Infrastructure: Runze Technology, Guanghuan New Network, Yingwei Technology, and others - Computing Power: Cambrian, Inspur Information, ZTE, and others - Edge Computing: Lexin Technology, Tailin Micro, and others - Overseas AEC: Xinyi Sheng, Ruikeda, and others [12][33].

化学原料行业近一年市场表现 2024 年 12 月 25 日 行业研究/行业周报 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 分析师： 塑料及纤维：碳纤维(83750 元/吨，不变)、涤纶工业丝(8300 元/吨，1.22%)、 涤纶帘子布 10 月出口均价为(17869 元/吨，0.88%)、芳纶(9.83 万元/吨，3.58%)、 氨纶(27000 元/吨，不变)、PA66(17800 元/吨，不变)、癸二酸 10 月出口均价为 27000 元/吨，较上月上涨 2.23%。 摘要 产业链周度价格跟踪（括号为周环比变化） 投资建议 请务必阅读最后股票评级说明和免责声明 1 行业研究/行业周报 请务必阅读最后股票评级说明和免责声明 2 目录 图 1: 图 4: 图 7: | --- | |------------------------------------------------------------------------------------------------------------------------------------------ ...

2024 年 12 月 25 日 星期三 | --- | --- | --- | |----------|-----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 3,393.53 | 1.26 | | 深证成指 | 10,671.43 | 1.27 | | 沪深 300 | 3,983.69 | 1.27 | | 中小板指 | 6,517.45 | 1.44 | | 创业板指 | 2,213.55 | 1.17 | | 科创 50 | 1,014.02 | 1.54 | 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【行业评论】电子：山西证券电子行业周跟踪-字节豆包视觉理解模型 超预期，闪极发布首款 AI 眼镜 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 孙田田 0351-8686900 suntiantian@sxzq.com 研究早观点 资料来源：最闻 【行业评论】【山证电新】硅料龙头相继宣布减产，产业链涨价在即 李召麒 【行业评论】非银行金融：行 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating a positive outlook for investment opportunities [11][13]. Core Insights - The report highlights the significant advancements in AI technology, particularly with the launch of the Doubao visual understanding model, which is expected to simplify application development and unlock new value scenarios in various sectors such as education, tourism, and e-commerce [5][31]. - The introduction of the first mass-produced AI glasses by Shanjing Technology is anticipated to accelerate consumer adoption of AI glasses, similar to the trend seen with TWS earbuds in 2015-2016, driving demand and technological upgrades across the smart hardware supply chain [5][31]. Market Overview - Overall market performance for the week (December 16-20, 2024) showed a decline in major indices: Shanghai Composite Index down 0.70%, Shenzhen Component Index down 0.62%, and ChiNext Index down 1.15%. In contrast, the Sci-Tech 50 Index rose by 2.17%, and the Shenwan Electronics Index increased by 3.55% [20][21]. - The semiconductor sector also performed well, with the Wind Semiconductor Index up 3.59% [20][21]. Sector Performance - Among sub-sectors, the top performers included digital chip design (+9.12%), semiconductors (+5.40%), and components (+4.62%) [20][21]. - Notable individual stock performances included Zhaolong Interconnect (+39.54%), Oulutong (+34.64%), and Shengke Communication-U (+29.22%) [57]. Industry News - The Doubao visual understanding model was released, featuring enhanced content recognition, understanding, reasoning, and visual description capabilities, significantly below the industry average price by 85%, making it highly competitive [5][31]. - Shanjing Technology's AI glasses, priced at 1499 yuan, are equipped with a low-power ARM processor and a unique AI memory system, indicating a strong push towards integrating AI into consumer electronics [5][31]. Important Announcements - Anfu Technology's chairman resigned due to work reasons, and the board will expedite the election of a new chairman to ensure normal operations [5].

太阳能行业近一年市场表现 2024 年 12 月 23 日 行业研究/行业周报 资料来源：最闻 【山证太阳能】预计 2024 年我国光伏新 增装机 230-260GW ， 上 游 价 格 松 动 2024.12.09 肖索 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 投资要点 ➢ CPIA：12 月最终组件含税成本（含最低必要费用）为 0.692 元/W：12 月 19 日， CPIA 发布 2024 年 12 月光伏主流产品（N 型 M10 及 G12R）各环 节综合成本数据。受丰水期结束，企业开工率调整等因素影响，当前，在各 环节不计折旧，硅料、硅片、电池片环节不含增值税的情况下，最终组件含 税成本（含最低必要费用）为 0.692 元/W。 ➢ 国家能源局：大力监管推进"沙戈荒"新能源基地建设：12 月 16 日， 国家能源局 2025 年监管工作会议在京召开。会议指出，坚持助转型、促消纳， 大力监管推进"沙戈荒"新能源基地建设，开展调节性资源配置调用等专项监 管，健全新能源和新型主体参与市场机制，持续做好绿证核发全覆盖，推动 能源绿色低碳发展。 ➢ 多晶硅价格 ...

Industry Investment Rating - The industry is rated as "Leading the Market-A" (首次) [13] Core Viewpoints - The global data center market size in 2023 is approximately $82.2 billion, with a year-on-year growth of 10.04% [1] - The Chinese data center market size in 2023 is approximately 240.7 billion yuan, with a year-on-year growth of 26.68%, significantly higher than the global growth rate [1] - Diesel generator sets account for the highest proportion of infrastructure costs at 23%, serving as a critical backup power system for data centers [1] - Cummins' power system business revenue in Q3 2024 was $1.687 billion, a year-on-year increase of 17%, driven by demand from data centers and mining [5] - Cummins' EBITDA in Q3 2024 was $328 million, a year-on-year increase of 40%, with a margin of 19.4% [5] - The "Nuclear Diesel One" has been officially released, marking a breakthrough in high-end diesel generator sets in the nuclear power sector [10] - The "Nuclear Diesel One" has core performance and reliability indicators that meet international advanced levels, with an average failure-free time of more than 2000 hours and an average repair time of less than 10 hours [10] Summary by Relevant Sections Data Center Market - The global data center market is growing steadily, with China's market growing at a significantly faster rate [1] - Diesel generator sets are a critical component of data center infrastructure, accounting for 23% of infrastructure costs [1] Cummins Power System Business - Cummins' power system business has seen significant growth, driven by demand from data centers and mining [5] - The business achieved high profitability with a 19.4% EBITDA margin in Q3 2024 [5] Nuclear Power Sector - The "Nuclear Diesel One" represents a significant advancement in high-end diesel generator sets for the nuclear power sector [10] - It features high reliability, quick start-up, and advanced integration and intelligence [10] Investment Recommendations - The report recommends focusing on domestic companies in the diesel generator set industry, such as Weichai Heavy Machinery, Weichai Power, Ketai Power, and China Power [10]

Investment Rating - The report indicates a positive outlook on newly listed stocks, particularly highlighting key companies such as Jiachitech, Pioneering Precision, and Lianyun Technology as potential investment opportunities [2][70]. Core Insights - The report notes an increase in market activity for new stocks in December, with a decrease in the first-day price increase and opening valuation for newly listed stocks on the ChiNext board [20][25]. - The report highlights that the first-day TTM-PE (Trailing Twelve Months Price to Earnings) median for the ChiNext board in December was 21.95 times, up from 19.06 times in November, indicating a rising valuation trend despite the decrease in first-day price increases [31][19]. - The report emphasizes the performance of specific stocks, such as the significant first-day gains of 154.81% and 192.28% for Boke Testing and Lanyu Co., respectively, on the ChiNext board [15][20]. Summary by Sections New Stock Market Activity - The report states that 311 new stocks have been listed since the beginning of 2023, raising a total of 389.83 billion yuan, with the ChiNext board contributing 137.64 billion yuan [9][20]. - It mentions that 17 stocks listed in the past six months recorded positive weekly gains, representing 38.64% of the total, an increase from the previous 28.57% [20][9]. Key New Stocks - The report lists key new stocks that have been recently approved or are pending listing, including Haibo Sichuang (energy storage system integrator), Xingfu Electronics (general wet electronic chemicals), and Sikan Technology (industrial-grade 3D visual digital products) [37][40]. - It also highlights the performance of stocks such as Jiachitech and Pioneering Precision, which are noted for their innovative products in stealth coating materials and semiconductor equipment, respectively [70][44]. Valuation Trends - The report indicates that the opening valuation for newly listed stocks on the ChiNext board has decreased, with the TTM-PE for December being 76.15 times, down from 171.87 times in November [28][19]. - It also notes that the opening valuation for newly listed stocks on the main board has seen a decline, with a TTM-PE of 20.13 times in December compared to 10.62 times in November [19][20].

风险提示： 国内消费信心恢复不及预期；地产销售不达预期；品牌库存去化不及预期；原材料价格波 动；汇率大幅波动。 请务必阅读最后股票评级说明和免责声明 3 证券股份有限公司 ANXI SECURITIES CO., LTD. 行业研究/行业周报 目录 | --- | --- | |----------------------------------------------------------------------------------------------|-------| | | | | 1. 本周观察： 耐克公布 FY2025Q2 季度业绩. | | | 2.本周行情回顾 | | | 2.1 板块行情 . | | | 2.2板块估值. | | | 2.3 公司行情 | | | 3.行业数据跟踪 | | | 3.1 原材料价格 | | | 3.2 出口数据 . | | | 3.3 社零数据 | | | 3.4 房地产数据 | | | 4.行业新闻 | | | 4.1 新澳股份旗下的英国羊线纱线公司获 Chanel 旗下羊线品牌 Barrie 1880 万英镑投资 . | | | 4.2 阿里巴巴向雅 ...

Core Insights - The report highlights that Hubei Yihua plans to acquire 100% equity of Yichang Xinfatou for a cash consideration of 3.208 billion yuan, increasing its stake in Xinjiang Yihua from 35.60% to 75%, which enhances its growth potential [2] - Post-acquisition, the company will add significant production capacity including 600,000 tons/year of urea, 300,000 tons/year of PVC, 250,000 tons/year of caustic soda, and 30 million tons/year of coal, thereby expanding its scale advantages and upstream coal resource layout [2] - The report projects that the net profit of Yihua Mining will reach 1.129 billion yuan in 2025, supported by a commitment of at least 3.012 billion yuan in cumulative net profit over three years, reflecting strong growth confidence [2] Company Overview - Hubei Yihua's existing major products include urea, diammonium phosphate, PVC, and isobutanol with production capacities of 1.56 million tons/year, 1.26 million tons/year, 840,000 tons/year, and 60,000 tons/year respectively [5] - The company is positioned well within the "fertilizer + coal + coal chemical" industry chain, which is expected to provide a competitive edge [5] Cost Advantages - Yihua Mining's coal resources are located in the Xinjiang Zhuandong Wucaiwan mining area, with a total resource reserve of 2.108 billion tons and a recoverable reserve of 1.32 billion tons, characterized by shallow burial, stable geological structure, and favorable resource endowment [3] - The average coal production cost from January to July 2024 is reported at 73.17 yuan/ton, indicating a strong cost advantage that mitigates risks during market downturns [3] Financial Projections - The projected net profits for Hubei Yihua from 2024 to 2026 are 934 million yuan, 1.049 billion yuan, and 1.280 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 14, and 11 times [5] - The acquisition's implied price-to-earnings ratio is approximately 13 times based on the increased equity stake, which is seen as beneficial for minority shareholders [2]

Investment Rating - The report assigns an "Add-B" rating to Hubei Yihua (000422.SZ) for its growth potential following the consolidation of high-quality coal assets from Xinjiang [4]. Core Views - The acquisition of Xinjiang Yihua's coal assets enhances the company's growth prospects, with expected net profits of 934 million, 1.049 billion, and 1.28 billion yuan for 2024-2026, corresponding to P/E ratios of 15, 14, and 11 times respectively [4]. - The company has a diversified product portfolio including urea, diammonium phosphate, polyvinyl chloride, and isobutylene, with production capacities of 156, 126, 84, and 6 million tons per year, respectively [4]. - The report highlights the company's strong cost advantages in coal production, with a production cost of only 73.17 yuan per ton in the first seven months of 2024, indicating resilience even in low market conditions [2]. Financial Data Summary - The projected revenue for 2024 is 18.096 billion yuan, with a year-on-year growth of 6.2% [14]. - The expected net profit for 2024 is 934 million yuan, showing a significant recovery from a net profit of 453 million yuan in 2023, which was a decline of 79.1% [14]. - The gross margin is expected to improve from 12.7% in 2023 to 13.5% in 2024, with a net margin of 5.2% anticipated for 2024 [14]. - The company's return on equity (ROE) is projected to rise to 14.2% in 2024 from 9.3% in 2023 [14]. Market Position and Competitive Advantage - The report emphasizes that Xinjiang Yihua's coal assets are of high quality, with a total resource reserve of 2.108 billion tons and a recoverable reserve of 1.32 billion tons, which enhances the company's competitive position in the market [2][4]. - The company is positioned to benefit from the integration of its fertilizer and coal businesses, creating a synergistic effect that is expected to drive future growth [4].