Investment Rating - The report rates the power equipment industry as "Outperforming the Market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [14]. Core Insights - In December 2024, China's inverter export value reached 4.777 billion yuan, showing a month-on-month increase of 10.21% and a year-on-year increase of 12.45%. The cumulative export value for the entire year was 58.813 billion yuan, reflecting a year-on-year decline of 15.51%, but the rate of decline is narrowing [3]. - The demand for inverters is robust in emerging markets, particularly in Asia, Europe, and Africa, with significant growth observed in countries like India, Pakistan, and the UAE [4][5][12]. - The report highlights a positive outlook for the renewable energy sector, driven by increasing storage needs due to rapid growth in global renewable energy installations and rising grid instability [12]. Summary by Region Asia - In December 2024, inverter exports to Asia amounted to 1.822 billion yuan, with a month-on-month increase of 5.13% and a year-on-year increase of 13.43%. Notable growth was seen in exports to India and Pakistan [4]. Europe - Exports to Europe reached 1.611 billion yuan in December 2024, marking a month-on-month increase of 31.41% and a year-on-year increase of 12.21%. The demand in Germany and the Netherlands showed significant growth [4]. North America - Exports to North America totaled 273 million yuan in December 2024, with a month-on-month decrease of 5.90% but a year-on-year increase of 27.59%. Exports to the U.S. specifically were 257 million yuan [5]. Latin America - Exports to Latin America were 526 million yuan in December 2024, reflecting a month-on-month decrease of 20.05% and a year-on-year decrease of 14.37% [5]. Africa - In December 2024, exports to Africa reached 364 million yuan, with a month-on-month increase of 47.45% and a year-on-year increase of 46.66%. Significant growth was noted in exports to South Africa and Nigeria [5]. Oceania - Exports to Oceania amounted to 180 million yuan in December 2024, with a month-on-month increase of 0.10% and a year-on-year increase of 39.68% [5].

Investment Rating - The industry investment rating is "Outperform the Market" indicating a projected increase of over 10% in the industry index relative to the broader market in the next six months [5][14]. Core Insights - The report highlights a stable growth in transformer exports, with a total export value of 39.00 billion yuan in December 2024, reflecting a month-on-month increase of 5.96% and a year-on-year decrease of 2.55%. Cumulatively, transformer exports for the year reached 338.58 billion yuan, marking a year-on-year growth of 42.87% [2]. - The export of electric meters showed a month-on-month decline of 13.10% in December 2024, totaling 9.66 billion yuan, but experienced a year-on-year increase of 18.84%. The total export for the year was 112.25 billion yuan, up 13.07% year-on-year [3]. - Switch exports saw a significant month-on-month increase of 23.33% in December 2024, amounting to 6.44 billion yuan, with a year-on-year growth of 3.01%. The cumulative export for the year was 63.21 billion yuan, remaining stable compared to the previous year [4]. - Cable exports rebounded in December 2024, with a total of 14.82 billion yuan, reflecting a month-on-month increase of 24.57% and a year-on-year increase of 15.53%. The total export for the year reached 170.32 billion yuan, up 36.61% year-on-year [11]. Summary by Category Transformers - December 2024 exports amounted to 39.00 billion yuan, with a month-on-month increase of 5.96% and a year-on-year decrease of 2.55%. Cumulative exports for 2024 were 338.58 billion yuan, up 42.87% year-on-year. Exports to Europe, North America, and Latin America showed significant month-on-month recovery [2]. Electric Meters - Exports totaled 9.66 billion yuan in December 2024, down 13.10% month-on-month but up 18.84% year-on-year. The total for 2024 was 112.25 billion yuan, reflecting a 13.07% year-on-year growth. The European market performed well, with exports increasing by 19.92% month-on-month [3]. Switches - December 2024 exports reached 6.44 billion yuan, with a month-on-month increase of 23.33% and a year-on-year increase of 3.01%. The total for the year was 63.21 billion yuan, remaining stable compared to the previous year. Exports to Asia and Europe showed high growth [4]. Cables - Exports in December 2024 were 14.82 billion yuan, reflecting a month-on-month increase of 24.57% and a year-on-year increase of 15.53%. The total for the year was 170.32 billion yuan, up 36.61% year-on-year. Exports to Asia showed significant month-on-month growth [11]. Investment Recommendations - The report suggests focusing on leading companies with strong overseas market expansion, product reputation, and technological advantages, as the global renewable energy installation and grid investment are expected to grow [12].

Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - The approval of 136 game titles in January, including 123 domestic and 13 imported games, signals a positive trend for the gaming sector, with notable titles like Tencent's "Honor of Kings: World" and NetEase's "Frostpunk: Last Shelter" expected to drive market growth [1][2]. - "Honor of Kings: World" is anticipated to leverage its strong IP foundation and development expertise, potentially revitalizing the open-world gaming market in China and competing with successful titles like miHoYo's "Genshin Impact" [1]. - "Frostpunk: Last Shelter" aims to adapt a popular single-player game into a mobile format, facing challenges in maintaining gameplay quality while ensuring sustainable operations [2]. - The sustained high issuance of game licenses is expected to benefit the gaming sector, with a projected increase in domestic market growth in 2024 due to a robust pipeline of new games [2]. Summary by Sections Game Approvals - In January, 123 domestic games and 13 imported games received approval, with significant titles including "Honor of Kings: World" and "Frostpunk: Last Shelter" [1][2]. Market Potential - "Honor of Kings: World" is positioned to become a hit in the open-world genre, supported by Tencent's strong user base and development capabilities [1]. - "Frostpunk: Last Shelter" faces competition but has a solid fan base from its original game, which could drive initial interest [2]. Investment Recommendations - The report suggests focusing on leading companies with strong license reserves and development capabilities, as the gaming sector is expected to see continued growth and valuation recovery [2].

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.05%, while the Shenzhen Component Index and the ChiNext Index rose by 0.48% and 0.36% respectively, with a total trading volume of 1,205.11 billion yuan [2][8] - In the industry sector, electronics, telecommunications, and real estate led the gains, while oil and petrochemicals, steel, and coal sectors faced declines [2][8] - The Hang Seng Index increased by 0.91%, and the Hang Seng Technology Index rose by 2.14%, reflecting positive trends in the Hong Kong market [2][8] Important News - The Chinese government is committed to enhancing macroeconomic policies, implementing more proactive fiscal policies, and moderately easing monetary policies to promote effective qualitative improvements and reasonable quantitative growth in the economy [9] - Guangdong Province introduced 28 measures to support high-quality development in the capital market, focusing on fostering new productive forces, supporting mergers and acquisitions for tech companies, and enhancing cash dividends and stock buybacks for listed companies [3][9] Industry Research Highlights - The diamond industry in India saw a narrowing decline in December exports, with cultivated diamond rough imports down by 50.14% year-on-year, while polished diamond exports decreased by 5.48% [10][12] - The penetration rate for cultivated diamonds in exports increased to 9.26%, while the import penetration rate fell to 7.52% [10][12] - The LCD panel market experienced a price recovery in Q4 2024, driven by demand from the "old-for-new" policy, with a notable increase in the sales of large-screen televisions [13][14] - The overall operating rate of panel manufacturers remained above 80% in Q4 2024, indicating a stable supply side amidst price stabilization [14][15]

证券研究报告|电子 [Table_Title] LCD 价格止跌回升，面板厂"按需生产"策 略效果显现 [Table_IndustryRank] [Table_ReportType] ——电子行业跟踪报告[Table_ReportDate] 强于大市(维持) 2025 年 01 月 21 日 [Table_Chart] 行业相对沪深 300 指数表现 [Table_Summary] 行业核心观点： 在主要面板厂商"按需生产"策略持续推进的背景下，叠加"以旧换新" 政策对下游需求端复苏的推动，2024 年 Q4 电视面板价格止跌回升， 2025 年 1 月实现小幅上涨。 投资要点： 2024 年 Q4 电视面板价格止跌回升，2025 年 1 月小幅上涨：进入 Q4 后，面板厂执行减产操作，同时国内家电以旧换新政策带动品牌商 加大促销力度，品牌商延续备货，面板价格保持稳定，各尺寸面板 价格稳定。国内品牌在以旧换新政策带动下需求维持强劲，且预计 该政策有望延长至 2025 年，品牌商备货动能未减，大尺寸面板率先 涨价，电视面板价格有望在需求热络之下迎来上涨。 需求端，"以旧换新"拉动需求端复苏，大尺寸电视出货比例提 ...

12 月印度钻石出口数据跌幅收窄 [Table_ReportType] ——钻石行业跟踪报告[Table_ReportDate] [Table_Summary] 投资要点： ⚫ 12 月培育钻石数据： ⚫ 12 月天然钻石数据： ⚫ 投资建议：印度作为全球主要钻石加工地，其毛坯钻进口情况与裸钻出 口情况对于判断下游景气度有着重要的参考意义。短期来看，12 月印 度培育钻石和天然钻石裸钻出口额同比跌幅均有所收窄，显示 12 月份 钻石行业下游需求端景气度有所提升。价格方面，12 月天然钻石价格 指数下跌。中长期来看，随着宏观经济的逐步修复、"悦己"消费观念 的进一步普及等，钻石下游消费需求有望逐渐修复。而培育钻石由于其 成分和结构与天然钻石相同，且在价格上相较天然钻石有较大的优势， 叠加近年来媒体与品牌商对下游消费者的教育，未来培育钻石渗透率有 望进一步提高。 ⚫ 风险因素：宏观经济下行风险、下游需求恢复不及预期、市场竞争加剧 风险。 证券研究报告|商贸零售 强于大市(维持) 2025 年 01 月 21 日 [Table_Chart] 行业相对沪深 300 指数表现 [Table_ReportList] 相关 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 01 月 21 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数集体收涨，截止收盘，沪指收涨 0.08%，深成指收 涨 0.94%，创业板指收涨 1.81%。沪深两市成交额 11827.51 亿元。申 万行业方面，电力设备、纺织服饰、社会服务领涨，煤炭、石油石化、 建筑材料领跌；概念板块方面，铜缆高速连接、2024 年报预增、同花 顺果指数领涨，小红书概念、草甘膦、赛马概念领跌。港股方面，恒 生指数收涨 1.75%，恒生科技指数收涨 2.59%；美股休市一日。 【重要新闻】 【特朗普宣誓就任美国第 47 任总统】当地时间 1 月 20 日中午，特朗 普正式宣誓就任美国第 47 任总统。特朗普宣布将签署一系列行政令， 包括宣布南部边境进入国家紧急状态，并派遣军队抵御所谓非法移民 "灾难性入侵"；宣布国家能源紧急状态，加大传统能源开采，结束拜 登政府"绿色新政"，撤销电动车优惠政策以拯救美国传统汽车工业； 建立对外税务局，对外国进口产品加征关税等。美国副总 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 01 月 20 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 【美国联邦最高法院裁定支持 TikTok 禁令】美国联邦最高法院 17 日 裁定，短视频社交媒体平台 TikTok"不卖就禁用"的法律不违宪。这意 味着最高法院允许该法案按原计划于 19 日生效。最高法院裁决文书 称，TikTok 所挑战的条款并未违反美国宪法第一修正案的言论自由 权，此前哥伦比亚特区联邦巡回上诉法院的判决得以确认。美国候任 总统特朗普当天在社交媒体上说，最高法院的裁决结果在意料之中， 但他对于 TikTok 的决定将在不久的将来作出。 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,241.82 | 0.18% | | 深证成指 | 10,161.32 | 0.60% | | 沪深 300 | 3,812.34 | 0.31% | | 科创 50 | 965 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 01 月 17 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收涨，截止收盘，沪指收涨 0.28%，深成指收 涨 0.41%，创业板指收涨 0.66%。沪深两市成交额 1.27 万亿元。申万 行业方面，通信、综合、有色金属领涨，食品饮料、电子、交通运输 领跌；概念板块方面，F5G、EDR、小红书概念领涨，科创次新股、人 形机器人、国家大基金持股概念领跌。 【重要新闻】 市 场 研 究 【税务总局：2025 年将抓紧出台增值税法实施条例】2025 年，税务 部门将加力落实好结构性减税降费政策，让应享的快享尽享，对骗享 的严防严查；将严格坚持依法依规组织税费收入，坚决守住不收"过 头税费"的底线。围绕提振消费、扩大内需、发展新质生产力等，税 务部门将推动完善税制和规范优惠政策。同时，积极推进税收征管法 修订，优化税费数据质量标准，推动税费治理数字化智能化水平持续 提升。 【茅台全年出口营收首次突破 50 亿元重要关口】1 月 16 日，中国茅 台 2025 年度国际 ...

市 场 研 究 [Table_Title] 万联晨会 【重要新闻】 【商务部等 5 部门办公厅印发《手机、平板、智能手表（手环）购新 补贴实施方案》通知】1 月 15 日，商务部等 5 部门办公厅印发《手 机、平板、智能手表（手环）购新补贴实施方案》通知。明确 个人 消费者购买手机、平板、智能手表（手环）3 类数码产品（单件销售 价格不超过 6000 元），可享受购新补贴。每人每类可补贴 1 件，每件 补贴比例为减去生产、流通环节及移动运营商所有优惠后最终销售价 格的 15％，每件最高不超过 500 元。 【国务院印发关于规范中介机构为公司公开发行股票提供服务的规 定】国务院近日正式公布《关于规范中介机构为公司公开发行股票提 供服务的规定》，自 2 月 15 日起施行。《规定》明确中介机构的执业 规范和收费原则，禁止以 IPO 结果作为收费条件，且地方政府也不得 以此为条件给予奖励。司法部、财政部、证监会负责人表示，《规定》 进一步加强对中介机构收费等相关行为的监管，防止中介机构与发行 人不当利益捆绑，促进资本市场健康稳定发展。 [Table_InnerMarketIndex] 国内市场表现 指数名称 收盘 ...