[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 11 月 25 日 [Table_Title] 中欧接近达成关税解决方案，自主出海 迎来边际拐点 [Table_Summary] 报告要点： 中欧接近达成电动汽车进口关税解决方案 据路透社 11 月 22 日报道， 欧洲议会贸易委员会主席贝恩德·朗格向德 国广播公司 n-tv 透露，布鲁塞尔和北京即将就中国电动汽车进口关税问 题达成解决方案。欧洲议会贸易委员会表示"双方即将达成协议：中国 可以承诺以最低价格向欧盟提供电动汽车"但未提供具体细节。同一时 间有消息透露，中欧电动车谈判结束，关税有望降至 15%。双方共进行了 13 轮谈判，前 8 轮在欧洲举行，后 5 轮在中国进行，最终达成的关税可 能在 10%-15%之间。作为协议的一部分，欧盟将为中国车企提供在欧盟建 厂的机会和补助资格，以换取技术转让，双方将共享 20 项电池续航技术 成果。据悉，法国在谈判中扮演了重要角色，但此消息尚未得到官方证 实。尽管关税已经生效，但双方仍在继续谈判以寻求解决方案。这主要 引发了严重依赖中国市场的 ...

Industry Investment Rating - The report maintains a "Recommended" rating for the communication and electronics industry, driven by the high growth momentum in AI, 5.5G, and satellite communication sectors [3] Core Views - The communication sector experienced a 3.78% decline in the Shenwan Communication Index during the week of November 18-22, 2024, with the communication cable and accessories sub-sector showing the smallest decline at 0.34% [3][14] - Nvidia's Q4 revenue guidance indicates a slowdown, with expected revenue of $37.5 billion, marking the lowest quarter-over-quarter growth since July, leading to a 2.5% drop in its stock price post-market [3] - Nvidia's Blackwell chip faces production challenges, including overheating issues and design defects, which have delayed delivery and impacted yield rates, potentially reducing gross margins to below 70% [3][20] Market Performance - The Shanghai Composite Index fell by 1.91%, the Shenzhen Component Index by 2.89%, and the ChiNext Index by 3.03% during the same week [3] - In the communication sector, 18.90% of stocks rose, 77.17% fell, and 3.94% remained flat, with top gainers including 263 Network (26.72%), Yongding Co (25.00%), and Yitong Century (21.38%) [3][17] Key Industry Developments - Nvidia's Blackwell chip, despite its advanced design, faces overheating issues when deployed in server racks, leading to delays and design modifications [20] - LightCounting reports a recovery in the telecom market, with major tech companies increasing their spending on AI infrastructure by 59% YoY in Q3 2024 [22][24] - China Telecom initiated a procurement of 12 million FTTR devices, reflecting the rapid growth of FTTR users from 230,000 to 6 million in less than two years [27][28] - Elon Musk's AI company, xAI, is raising $6 billion to purchase 100,000 Nvidia chips, aiming to compete with OpenAI and other AI giants [28][30] - China Telecom completed 6G integrated space-ground testing, achieving downlink speeds of 60Mbps and uplink speeds of 45Mbps [31][32] - Gartner predicts that by 2027, 40% of AI data centers will face operational constraints due to power shortages, with electricity consumption expected to increase by 160% in the next two years [32][34] - Microsoft plans to deploy 15,000 kilometers of hollow-core fiber within 24 months, enhancing data transmission capabilities and reducing latency [41][42] - Shanghai aims to establish a comprehensive low-altitude public air route network by the end of 2027, with over 400 planned routes [45][46] Company Announcements - Key announcements in the communication sector include share unlocks and dividend distributions for companies like Luobotek (300757.SZ), China Unicom (600050.SH), and Yuanjie Technology (688498.SH) [46][48]

Group 1: Market Overview - The A-share market is experiencing a risk-off trend, with the Shanghai Composite Index falling below 3300 points, closing at 3267.19 [2][9] - The 10-year government bond yield has decreased to 2.08%, indicating a bearish sentiment in the bond market [2][9] - The overall commodity market is weak, and the RMB has depreciated against the USD, with the exchange rate reaching 7.25 [2][9] Group 2: Market Dynamics - The recent significant drop in A-shares is not attributed to any specific event but rather to pre-existing trends, including declining upstream commodity prices and a depreciating RMB [6][10] - The market has been trading on policy expectations since mid-September, with risk appetite fluctuating based on the perceived likelihood of favorable policies [11][20] - A reversal in market risk appetite is contingent on improvements in economic hard data, which are not expected to materialize quickly [11][20] Group 3: Investment Recommendations - The macroeconomic outlook suggests that a reversal is needed for confirmation before making significant investments [20] - In terms of asset allocation, government bonds remain a preferred asset class, although short-term adjustments may occur across various assets [20] - Attention should be paid to the alignment between risk appetite and corporate performance in the equity market [20]

Investment Rating - The report maintains a "Recommended" investment rating for the industrial sector [7]. Core Insights - The low-altitude economy is steadily advancing, with significant developments such as the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Low Altitude Economy Alliance and the release of demand lists for low-altitude applications [4][27]. - The humanoid robot sector is experiencing rapid growth, highlighted by the establishment of Huawei's Global Embodied Intelligence Industry Innovation Center and collaborations with various robotics companies [4][38]. Weekly Market Review - From November 10 to November 15, 2024, the Shanghai Composite Index fell by 3.52%, the Shenzhen Component Index by 3.70%, and the ChiNext Index by 3.36%. The Shenwan Machinery Equipment Index decreased by 4.66%, underperforming the CSI 300 by 1.4 percentage points, ranking 22nd among 31 Shenwan first-level industry indices [3][15]. - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw declines of -5.51%, -3.74%, -4.71%, -4.40%, and -4.83%, respectively [3][15]. Key Sector Tracking - **Low Altitude Economy**: The 2024 Low Altitude Equipment Industry Innovation Development Conference focused on technological innovation and development, indicating a promising future for the low-altitude economy [4]. - **Humanoid Robots**: The humanoid robot industry is catalyzing commercial opportunities, with advancements in product maturity and a growing industrial chain [4]. Investment Recommendations - For the low-altitude economy, recommended companies include: - Infrastructure: Shenzhen Urban Transport, Suzhou Transportation Science and Technology, Huase Group, and Nari Radar - Complete machines: Wan Feng Ao Wei, EHang Intelligent, and Zongheng Co. - Core components: Zongshen Power, Wolong Electric Drive, Ying Liu Co., and Inboer - Air traffic management and operations: CITIC Hainan, Zhongke Xingtu, and Sichuan Jiuzhou [5]. - For humanoid robots, recommended companies include: - Core components: Wuzhou New Spring for screw components, Hengli Hydraulic, Best, and Beite Technology for front-end processing capabilities - Reducers: Leading domestic manufacturers such as Lide Harmonic and Zhongdali De (planetary reducers) - Motors: Jiangsu Leili for hollow cup motors, and others like Mingzhi Electric, Hechuan Technology, Weichuang Electric, and Buke Co. - Sensors: Donghua Testing for strong technical capabilities, and others like Keli Testing and Hanwei Technology for flexible sensor applications [5].

医疗保健行业研究 证券研究报告 投资评级 推荐 首次 | --- | --- | --- | |-------|----------------------------|-------| | | 造物致用，合成生物赋能未来 | | | | 2024 | 日 | 1 报告目录 请务必阅读正文之后的免责条款部分 一、生物制造战略意义深远、商业意义重大 二、生物制造应用领域广泛、市场空间广阔 三、合成生物学产业链上下游布局各有侧重 四、政策加码生物制造，资本助力国内产业快速发展 五、国内生物制造现存挑战 六、风险提示 2 1 生物制造战略意义深远、 商业意义重大 请务必阅读正文之后的免责条款部分 3 888 什么是合成生物学 合成生物学是一门以工程学思想为指导、多学科结合的新兴领域，以"人工设计与编写基因组"为核心, 可针对特定需求从工程学角度设计构建元器件或模块。通过一系列重新设计与技术改造生物体或细胞以使 其具有新的能力，在此过程中设计与构建一系列新的标准化的生物元件、组件与系统，以实现理想的生物 制造能力。合成生物学的本质是让细胞为人类工作生产想要的物质。 图表1:合成生物学内涵 真核细胞 细胞培养 基因编辑 ...

Investment Rating - The report recommends an initial investment rating for the healthcare industry [1]. Core Insights - The strategic significance and commercial potential of synthetic biology are profound, with applications across various fields and a broad market space [6][32]. - The synthetic biology industry is expected to experience rapid growth, with projections indicating a market increase from $5.3 billion in 2018 to $49.8 billion by 2028, reflecting a CAGR of over 25.1% [33]. - The report highlights the potential economic impact of synthetic biology, estimating an annual contribution of $2-4 trillion by 2030-2040 across multiple sectors [27]. Summary by Sections 1. Strategic Significance of Biological Manufacturing - Synthetic biology is characterized by its engineering essence, focusing on designing and constructing biological systems to produce desired substances [7][11]. - The development of synthetic biology has progressed through four stages since the millennium, culminating in a new phase that integrates engineering platforms with open-source biological data [16]. 2. Broad Application and Market Space of Biological Manufacturing - The report outlines the diverse applications of synthetic biology, including food production, pharmaceuticals, and materials, with significant growth expected in these sectors [32][38]. - The global synthetic biology market is projected to grow significantly, with China’s biological manufacturing expected to reach nearly 2 trillion yuan by 2033 [33]. 3. Industry Chain Layout of Synthetic Biology - The synthetic biology industry chain is segmented into upstream and downstream components, each focusing on different aspects of development and application [4]. 4. Policy Support and Capital Investment - Government policies are increasingly supportive of biological manufacturing, facilitating rapid domestic industry development [4]. 5. Existing Challenges in Domestic Biological Manufacturing - Despite the promising outlook, the industry faces challenges that need to be addressed for sustainable growth [4]. 6. Economic Impact of Synthetic Biology - The report emphasizes that synthetic biology could potentially produce 60% of global economic material inputs, significantly impacting human health, agriculture, and other sectors [27]. 7. Future Trends in Synthetic Biology - The industry is expected to shift towards reducing production costs and enhancing sustainability, aligning with low-carbon economic development trends [23][25]. 8. Specific Applications in Various Sectors - In agriculture, synthetic biology is anticipated to enhance crop yields and reduce chemical fertilizer usage, with clear development goals set for the coming years [51][55]. - In the consumer goods sector, the shift from petroleum-based to bio-based raw materials is highlighted, with significant market opportunities in cosmetics and personal care [59]. 9. High-Performance Materials and Renewable Energy - Synthetic biology is positioned to disrupt traditional chemical manufacturing by providing sustainable alternatives to fossil fuel-based products [63][67]. 10. Conclusion - The report concludes that synthetic biology holds transformative potential across multiple industries, with significant economic and environmental benefits anticipated in the near future [27][32].

Investment Rating - The report assigns a "Hold" rating for the company [4][6]. Core Viewpoints - The company is a leading player in the domestic PCB industry, focusing on high-end samples and small-batch PCB products, with a diverse product range including high multilayer boards, HDI boards, and thick copper boards [3][15]. - The PCB industry is entering a recovery phase driven by emerging applications such as AI PCs and servers, with the proportion of sample and small-batch boards in China expected to align with global levels as demand diversifies and high-end production capacity shifts to China [3][31]. - The company has established strong relationships with high-quality clients and is expanding its production capacity through new projects, which will alleviate capacity constraints and optimize product structure [3][4]. Summary by Sections 1. Leading Company in PCB Samples and Small-Batch Boards - The company has been deeply involved in the PCB industry for 20 years, specializing in high-end samples and small-batch boards, with a comprehensive product range [15][19]. - The main applications of the company's products include industrial control, communication equipment, automotive electronics, and consumer electronics, with industrial control contributing 63.46% to revenue in 2023 [3][42]. 2. Downstream Applications and Emerging Growth Drivers - The global PCB market experienced a 15% decline in 2023 but is gradually recovering, with new applications in AI driving growth [3][31]. - The proportion of sample and small-batch boards in China's PCB market increased from 9.5% in 2022 to 10.52% in 2023, with expectations for further growth as high-end production capacity shifts to China [41][34]. 3. Technical Advantages and Client Coverage - The company's PCB manufacturing processes are at the industry mainstream level, with products capable of reaching up to 50 layers [3][4]. - The company has secured funding of 531 million yuan through its IPO to build a new factory in Nantong, which will significantly increase its production capacity [3][4]. 4. Profit Forecast and Valuation - Revenue forecasts for 2024-2026 are 785 million, 879 million, and 1.009 billion yuan, respectively, with net profits of 102 million, 114 million, and 129 million yuan [4][5]. - The company is expected to benefit from the release of production capacity from its new projects, which will enhance its profitability [4][3].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the telecommunications sector driven by AI, 5.5G, and satellite communications [3][4]. Core Insights - The overall market performance for the week (November 11-15, 2024) saw a decline in major indices, with the Shanghai Composite Index down 3.52%, the Shenzhen Component Index down 3.70%, and the ChiNext Index down 3.36%. The telecommunications sector, represented by the Shenwan index, experienced a decline of 2.12% [3][13]. - Within the telecommunications sub-sectors, the value-added communication services experienced the smallest decline at 1.22%, while communication engineering and services saw the largest drop at 6.04% [3][16]. - Notable individual stock performances included "Online and Offline" with a rise of 30.59%, followed by Changjiang Communication at 22.84%, and *ST Pengbo at 21.86% [3][19]. Summary by Sections Weekly Market Overview - The telecommunications industry index declined by 2.12% during the week [13]. - The sub-sector of value-added communication services had the lowest decline at 1.22%, while communication engineering and services had the highest decline at 6.04% [16][17]. - The proportion of stocks in the telecommunications sector that rose, fell, or remained flat was 19.69%, 74.02%, and 6.30%, respectively [19]. Industry News - Tencent launched the AI smart workstation "ima," which integrates AI Q&A and content generation capabilities, enhancing user interaction with WeChat articles [3]. - The domestic GPU unicorn "Mole Thread" is set to initiate its IPO process, aiming for the Sci-Tech Innovation Board [22]. - YOLE Group reported significant advancements in China's silicon photonics sector, projecting a compound annual growth rate (CAGR) exceeding 40% [23][25]. - The Ministry of Industry and Information Technology is seeking opinions on the "Interim Measures for Domestic Coordination Management of Satellite Networks" [34]. - China Satcom introduced a satellite internet service package priced at 199 yuan per day, aimed at increasing accessibility to satellite communication [42][43]. - Experts indicated that the research on 6G technology standards will commence in June 2025, with commercial deployment expected around 2030 [44][45]. Key Recommendations - Suggested focus areas include the computing power supply chain and satellite internet [3][4]. - Recommended stocks in the computing sector include Zhongji Xuchuang, Xinyi Sheng, and YJ Technology, while in satellite communications, stocks like Haige Communication and China Telecom are highlighted [4].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the telecommunications sector driven by AI, 5.5G, and satellite communications [3][4]. Core Insights - The overall market performance for the week (November 11-15, 2024) saw a decline in major indices, with the Shanghai Composite Index down 3.52%, the Shenzhen Component down 3.70%, and the ChiNext Index down 3.36%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.12% [3][13]. - Within the telecommunications sub-sectors, the value-added communication services experienced the smallest decline at 1.22%, while communication engineering and services faced the largest drop at 6.04% [3][16]. - The report highlights significant individual stock movements, with the highest gainers in the telecommunications sector being "Online and Offline" at 30.59%, followed by Changjiang Communication at 22.84%, and *ST Pengbo at 21.86% [3][19]. Summary by Sections Weekly Market Overview - The telecommunications industry index declined by 2.12% during the week [13]. - The sub-sector of value-added communication services had the lowest decline at 1.22%, while communication engineering and services had the highest decline at 6.04% [16][17]. - The distribution of stock performance in the telecommunications sector showed 19.69% of stocks increased, 74.02% decreased, and 6.30% remained flat [19]. Industry News - Tencent launched the AI smart workstation "ima," which integrates various AI functionalities and enhances the ecosystem of WeChat public accounts [3]. - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment [3][4]. - The domestic satellite internet service was introduced at a promotional price of 199 yuan per day, making satellite communication more accessible to the general public [42][43]. Company Announcements - Key announcements from the telecommunications sector include share buyback plans and stock pledge events from various companies [46]. - Upcoming announcements for the week of November 18-24, 2024, include the lifting of restrictions on certain shares for several companies [47].

[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 11 月 18 日 [Table_Title] 混动的加电趋势，关注电领域再进化 [Table_Summary] 报告要点： 小鹏推出 430km 纯电续航，混动领域呈现"加电"趋势 11 月 6 日小鹏，小鹏汽车举办"小鹏 AI 科技日"，推出"小鹏鲲鹏超 级电动体系"的增程系统。该体系基于全域 800V 高压碳化硅平台，搭载 了 5C 超充 AI 电池、混合碳化硅同轴电驱、静音增程器（运行噪音仅为 1dB），以及 AI 电池医生和 AI 动力功能。实现纯电续航达 430km 水平。 5C 超充 AI 电池可实现"1 秒充电 1 公里"，12 分钟即可充满 80%。同时 小鹏还发布了全新一代混合碳化硅同轴电驱，电驱 CLTC 效率高达 93.5%， 并且体积仅为上一代电驱的三分之一。除小鹏以外，去年以来混动/增程 领域纯电续航增加趋势明显。如2023年岚图FREE、东风纳米、理想L7\L8、 比亚迪汉 DM、深蓝 S7 增程版等，均提供了纯电续航 200km 以上版本。 而零跑 C1 ...