Investment Rating - The industry rating is "Outperform the Market" [4][32]. Core Insights - The social service industry experienced a decline of 3.38% from January 6 to January 10, 2025, underperforming the Shanghai Composite Index by approximately 2.25% [7][8]. - All sub-sectors within the social service industry saw declines, with the hotel and catering sector experiencing the largest drop of 7.10% [2][12]. - The report highlights ongoing government policies aimed at boosting domestic demand, including an initial allocation of 81 billion yuan for the "old for new" consumption policy [2][21]. Summary by Sections Industry Weekly Performance - The Shanghai Composite Index fell by 1.13%, while the social service industry ranked 28th among the Shenwan first-level industries [7]. - Sub-sector performance included education at -0.75%, professional services at -2.93%, tourism and scenic spots at -4.06%, and hotel catering at -7.10% [8][12]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from January 6 to January 12, 2025, was 12,806, reflecting a week-on-week increase of 3.92% and a year-on-year increase of 3.14% [15]. - The total tourism consumption price index in Hainan was 101.6, with a week-on-week increase of 0.22% and a year-on-year increase of 7.71% [16]. Industry News and Company Announcements - The central government has allocated 81 billion yuan for the "old for new" consumption policy to stimulate economic activity [21]. - The 2025 National Education Work Conference emphasized the importance of enhancing educational quality and implementing digital strategies [22][23]. - Various regions, including Hubei and Guangdong, are distributing consumer vouchers to promote spending during the Spring Festival [24].

Investment Rating - The report rates the industry as "Outperforming the Market" for the first time [5] Core Insights - Globalization is a necessary path for the automotive industry, with China's mature new energy vehicle (NEV) sector poised for significant export opportunities, particularly in mature markets like Europe [1][2] - China's NEV exports are expected to mirror the successful elements of Toyota's export strategy, including tailored vehicle designs, efficient production, and strong local operations [2][4] - The potential market space for a single Chinese car manufacturer overseas is estimated at approximately 4.37 million units under neutral assumptions, with significant opportunities in Europe, Australia, and Southeast Asia [3][4] Summary by Sections Introduction - The report discusses the historical context of Japan's automotive industry and its transition to global markets, drawing parallels with China's current NEV industry, which is also supported by government policies [17][30] Toyota's Export Success and Comparison with Chinese Manufacturers - Toyota's successful entry into the U.S. market involved designing vehicles that met local consumer needs and regulatory requirements, a strategy that Chinese manufacturers are now adopting [47] - Key success factors for Toyota included just-in-time production, strong supply chain management, and local market operations, which are being mirrored by Chinese NEV companies [2][47] Potential Market Space for Chinese Car Manufacturers - The report estimates that Chinese car manufacturers could capture approximately 437,000 units in difficult markets like the U.S., and between 880,000 to 2.24 million units in more accessible markets like Europe and Australia [3][4] Factors for Success in Globalization - Companies that excel in product development, local operations, supply chain management, and have a first-mover advantage are likely to succeed in the global market [4][5]

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry, indicating an expected increase of over 5% relative to the benchmark index in the next six months [4][27]. Core Insights - The mechanical equipment industry experienced mixed performance from January 6 to January 10, 2025, with an overall gain of 1.54%, ranking fifth among sectors. Automation equipment saw the highest increase at 3.69%, while rail transit equipment II had the largest decline at -3.46% [10][11]. - In December 2024, the retail sales of passenger cars reached 2.622 million units, marking an 11% year-on-year increase, while wholesale sales totaled 3.064 million units, up 13% year-on-year [2][18]. - The China Construction Machinery Industry Association reported that 19,369 excavators were sold in December 2024, a 16% increase year-on-year, with domestic sales rising by 22.1% [3][23]. Summary by Sections Mechanical Equipment Industry Overview - The week of January 6-10, 2025, saw varied performance in the mechanical equipment sector, with automation equipment leading gains at 3.69% and rail transit equipment II experiencing the largest drop at -3.46% [10][11]. - The general equipment sector had the highest trading volume at 193.65 billion yuan, while rail transit equipment II had the lowest at 14.76 billion yuan [13] Industry Data Tracking - In December 2024, the retail market for passenger cars recorded 2.622 million units sold, reflecting an 11% increase year-on-year, while wholesale figures reached 3.064 million units, a 13% increase [2][18]. Industry News Announcements - The China Construction Machinery Industry Association reported a total of 19,369 excavators sold in December 2024, with domestic sales at 9,312 units (up 22.1%) and exports at 10,057 units (up 10.8%) [3][23]. - China CRRC announced contracts worth approximately 69.35 billion yuan from August to December 2024, which represents about 29.6% of the company's 2023 revenue [24].

证券研究报告—医药行业周报 撰写日期：2025 年 01 月 13 日 医药行业周报（2025 年第 2 周） 市场行情 本周（2025.1.6-2025.01.10）市场震荡调整，申万一级行业涨跌互 现。其中医药生物行业涨跌幅为-3.1%，在申万一级 31 个全行业中排名第 26 位，涨跌幅弱于各主要指数；医药生物行业周成交额为 3301.23 亿元。 行业新闻 1 月 7 日至 8 日，全国药品监督管理工作会议在北京召开。会议以习 近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二 十届二中、三中全会精神，认真落实中央经济工作会议决策部署，总结 2024 年工作，分析当前面临形势，部署 2025 年药品监管工作重点任务。 近日，NMPA 通过优先审评审批程序附条件批准我国首款间充质干细 胞疗法艾米迈托赛注射液上市。巧合的是，这也是继 FDA 在 2024 年 12 月 18 日批准首款间充质干细胞疗法 Ryoncil 上市之后，两款药品获批仅仅相 差 15 天，并且适应症均为激素难治性急性移植物抗宿主病。FDA、NMPA 接 连批准首款干细胞药物，预示着干细胞创新药风口已至。 近日，由神威药 ...

市场行情回顾：当周（2024 年 12 月 30 日 - 2025 年 1 月 3 日），沪 深 300 下跌 5.17%，传媒行业周跌 9.43%，位列申万一级行业第 26，成交继 续缩量，周内成交 1,701.50 亿元。6 个申万二级子版块全线回调，出版、 广告营销、电视广播Ⅱ、影视院线、游戏Ⅱ、数字媒体分别-6.43%、-9.16%、 -9.53%、-9.74%、-10.26%、-10.87%。 行业高频数据跟踪：1）2024 年 12 月 30 日-2025 年 1 月 5 日，我国 电影观影人数环比增加 87.43%至 2,875.81 万人次，同比增长 18.90%。2） 2024 年 12 月 30 日-2025 年 1 月 5 日，电影排片为 214.50 万场，场均票房 54.22 元，同比-90.63%。3）统计 WETRUE 数据公布的反映短剧在相应平台 的推广及宣传热度情况，当周短剧热度为 4.3 亿。 行业新闻：1）12 月 30 日消息，字节跳动旗下豆包大模型今日对外 公布了 2024 年全领域的技术进展，首次披露 300 万长文本能力。2）1 月 1 日，快手安全中心发布《关于 ...

社会服务行业概览：2024 年 12 月 30 日到 2025 年 1 月 3 日当周，沪 深 300 下跌 5.17%，申万一级行业整体回调。社服行业下跌 8.60%，跑输沪 深 300 约 3.43%，位列第 25。社服行业细分板块来看，酒店餐饮、专业服 务、旅游及景区、教育分别-5.63%、-8.61%、-8.69%、-10.46%。 行业数据跟踪：2024 年 12 月 30 日到 2025 年 1 月 5 日当周，国内执 行航班日均架次为 12323 架次，环比上周上涨 0.69%，与 2023 年同期相比 上涨 2.64%。2024 年 12 月 30 日到 2025 年 1 月 5 日当周，海南旅游消费价 格总指数为 101.38，环比上周回落 2.41%，与 2023 年同期相比下降 4.23%。 行业新闻：1. 国家移民管理局 1 月 2 日通报，2025 年元旦假期全国 边检机关共计保障 180.3 万人次中外人员出入境，较去年同期增长 13.7%。 其中，内地居民出入境 86.9 万人次，较去年同期增长 11.1%；港澳台居民 74.9 万人次，较去年同期增长 12.8%；外国人 18. ...

证券研究报告—医药行业周报 撰写日期：2025 年 01 月 07 日 医药行业周报（2025 年第 1 周） 市场行情 本周（2024.12.30-2025.01.03）市场震荡调整，申万一级行业全部 下跌。其中医药生物行业涨跌幅为-5.6%，在申万一级 31 个全行业中排名 第 10 位，涨跌幅与上证指数持平，强于深证成指和万得全 A；医药生物行 业周成交额为 2480.42 亿元。 行业新闻 国家医保局 1 月 2 日发文，明确于 2025 年 1 月 1 日起全面推进"码 上"严监管，将充分发挥药品追溯码数据价值，构建各类大数据模型，拓展 监管应用场景，对串换倒卖医保药品、空刷套刷医保卡、伪造处方等违法违 规使用医保基金行为开展精准打击，加大处置力度。药品追溯码是药品的唯 一"电子身份证"。 1 月 2 日，国家药监局通过优先审评审批程序附条件批准我国首款干 细胞治疗药品艾米迈托赛注射液上市，用于治疗 14 岁以上消化道受累为主 的激素治疗失败的急性移植物抗宿主病（aGVHD）。据介绍，移植物抗宿主病 是异基因造血干细胞移植术后主要并发症之一，病情严重时可能引起死亡。 该药品作为处方药上市，将在医院凭 ...

证券研究报告—机械设备行业周报 12 月 1-22 日，乘用车市场零售 169.2 万辆，同比去年 12 月同期增长 25%，较上月同期增长 14%，今年以来累计零售 2,195 万辆，同比增长 6%； 12 月 1-22 日，全国乘用车厂商批发 177.0 万辆，同比去年 12 月同期增长 30%，较上月同期增长 1%，今年以来累计批发 2,588.6 万辆，同比增长 7%。 行业新闻公告： 2024 年 12 月份，中国制造业采购经理指数(PMI)为 50.1%，比上月下 降 0.2 个百分点。12 月制造业 PMI 中，生产指数为 52.1%，比上月下降 0.3 个百分点，新订单指数为 51.0%，比上月上升 0.2 个百分点，两个指数均继 续高于临界点，制造业企业生产和市场需求保持扩张。 2024 年 12 月份财新中国制造业采购经理人指数（PMI）为 50.5，比 2024 年 11 月份低 1 个百分点，连续三个月高于 50.0 的临界值。财新智库 高级经济学家王喆表示，2024 年 9 月底以来，组合政策效应持续释放，积 极变化增多，经济运行总体平稳，全年经济社会发展主要目标有望顺利实 现，但也 ...

| --- | --- | --- | --- | |-------|-------------------------|-------|---------------------------------------------| | | | | | | | | | | | | 沈阳 | | 上海 | | 地址 | 沈阳市沈河区热闹路 49 | 号 | 上海市浦东新区滨江大道 257 弄 10 号 | | 邮编 | 110014 | | 陆家嘴滨江中心 T1 座 801 室 | 麦高证券机构销售团队 | --- | --- | --- | --- | |--------|----------|---------------------|---------------------| | | | 姓名 职务 手机 邮箱 | | | 刘惠莹 | 机构销售 | 17860610172 | liuhuiying@mgzq.com | | 罗礼智 | 机构销售 | 18502313729 | luolizhi@mgzq.com | | 王佳瑜 | 机构销售 | 15393708503 | wangjiayu@mgzq.c ...

正文目录 | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------| | | | | 一、市场行情整体回顾 . | | | 1.1 全行业涨跌幅 . | | | 1.2 细分板块行情 . | | | 行业涨跌幅 ● | | | 行业景气度 • | | | PB-ROE 分位 ... .. ● | | | 二、行业高频教据跟踪 ........................................................................................ 6 | | | 2.1 半导体行业 . | | | 半导体主要指数 • | | | 全球半导体销售额 . ● | | | 主要芯片价格 . ● | | | 2.2 消费电子行业 . | | | 智能手机出货量 ● | | | 电视与笔记本面板价格 . . | | | 三、风险提示 . | | 2 一、 ...