政策组合拳加速落地；华东水泥价格近期涨幅明显 建筑材料 证券研究报告/行业定期报告 2024 年 10 月 21 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------- ...

科技行情 AI 算力主线，重视国产自主可控 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

中航高科（600862.SH） 航空装备Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 20 日 航空复材主业经营稳健，拟新设子公司布局低空领域 ——2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

En 政策延续，医药复苏与成长可期；第十批国采启动 医药生物 证券研究报告/行业定期报告 2024 年 10 月 20 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------- ...

评级： 增持（维持） 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 基本状况 1. 【关键词】SMM 碳酸锂周度样本库存环比-1855 吨； 2. 投资策略：国内政策持续发力，小金属价格弹性可期，更加推荐供给较为刚性的 品种：稀土、锡、锑、钨等： 1）稀土：短期需求逐步复苏，厂家挺价，稀土价格筑底，中长期机器人、新 能源汽车、工业节能电机等多个消费场景有望爆发，板块中长期趋势明确； 2）锑：作为缺乏供给的小金属品种，光伏领域消费维持高景气，供给紧张逻 辑开始兑现，锑价继续上涨； 3）锡：锡缺乏有效资本开支，供给较为刚性，半导体消费有望逐步复苏，叠 加光伏领域高景气，锡价向上弹性可期。 3. 行情回顾：本周小金属价格有所分化，广期所主力合约 LC2411 合约下跌 4.46%， 电池级碳酸锂现货价格下跌 4.00%、电池级氢氧化锂现货价格持稳；稀土方面， 国内氧化镨钕价格下跌 2.56%，氧化镝环比下跌 2.79%；SHFE 锡价环比下跌 3.55%，LME 锡下跌 6.15%；国内锑精矿价格环比-4.5%，锑锭环比-4.6%；APT 价格环比+0.2 ...

宁德 Q3 业绩超预期，光伏行业反内卷达共识 证券研究报告/行业定期报告 2024 年 10 月 20 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------------------------------------|-------------------------------|-------------------------|------ ...

Investment Rating - The report maintains an "Accumulate" rating for the smart connected vehicle industry [1]. Core Insights - The smart connected vehicle market is accelerating with the initiation of pilot programs for vehicle access and road testing, entering the evaluation phase [6][8]. - Multiple national standards are set to be released between 2024 and 2026, promoting the integration of vehicle, road, and cloud technologies [10]. - The market for smart connected vehicles is expected to grow significantly, with an estimated output of 24.9 million vehicles by 2025 and a market size projected to reach 1.312 trillion yuan by 2024 [14][16]. Summary by Sections Pilot Program Progress - The pilot program for smart connected vehicles is advancing, with nine joint ventures approved for testing and evaluation as of June 2024 [6][8]. - The program consists of five stages: application, product access testing, road testing, suspension and exit, and evaluation adjustment [9]. Standardization - A series of mandatory and recommended national standards will be released from 2024 to 2026, supporting the rapid development of smart connected vehicles [10]. - Key standards include those related to vehicle information security and advanced driver assistance systems, with some expected to be published by 2025 and 2026 [10]. Market Outlook - The smart connected vehicle market is characterized by diverse competition, with a projected compound annual growth rate (CAGR) of 16.1% from 2021 to 2025 [14][16]. - Major participants include traditional automakers, new entrants, tech giants, and startups, all contributing to the industry's growth [17][18]. Integration of Vehicle, Road, and Cloud - The integration of vehicle, road, and cloud technologies is being accelerated, with significant projects and collaborations underway [19][21]. - Recent partnerships, such as those involving Mushroom Car Link, aim to enhance smart transportation systems and promote commercial applications of autonomous driving [21][22]. Investment Recommendations - The report suggests focusing on companies involved in smart driving domain control and algorithms, domestic intelligent driving chips, and domestic computing chips [28].

执业证书编号：S0740519090004 相关报告 观察企稳回升的斜率 ——当前经济与政策思考 证券研究报告/宏观专题报告 2024 年 10 月 20 日 分析师：杨畅 Email：yangchang@zts.com.cn 报告摘要 经济数据：观察企稳回升的斜率。 从 9 月经济数据看： 第一，生产增速提升。尤其是去年基数偏强，同比增速提高表明生产仍强；出口交货 值同比增速虽然回落，但仍在增长区间，环比上行且价格回落表明实际物量出口仍有 韧性。 第二，投资增速提升，折算当月后同比增长 3.4%，较前值提升 1.4 个百分点；9 月环 比增长 0.65%。从结构看，民间投资同比降幅收窄，非民间固定资产投资同比增速回 升；地产投资同比降幅小幅收窄，制造业投资累计同比增速小幅回升，基建投资累计 同比增速延续回落。 第三，消费短期回暖，同比增长 3.2%，较上月提升 1.1 个百分点，9 月环比增长 0.39%， 呈现短期回暖；但餐饮与商品分化，餐饮收入同比增速回落，商品零售同比增速提升。 第四，9 月城镇调查失业率为 5.1%，31 个大城市调查失业率 5.1%，均较前值回落， 指向就业状况改善。就业人员平均工 ...

执业证书编号：S0740524030002 报告摘要 智能网联汽车落地加速，准入及上路试点进入评估测试期。 1）试点进程推进：即将进入测试评估环节，通过者予以准入许可。工业和信息 化部智能网联汽车试点分为 5 个阶段：试点申报——产品准入试点——上路通行 试点——试点暂停与退出——评估调整。2024 年 6 月，我国首批确定由汽车生 产企业和使用主体组成的 9 个联合体，完成试点申报和遴选工作。2024 年 10 月 18 日，工信部联合公安部、住建部、交通运输部共同启动了智能网联汽车的 准入与上路通行试点工作。目前 9 大联合体处于安全评估和产业测试阶段，通过 测试评估的企业将进入准入许可阶段。 2）标准规范制定：多项国家强制和推荐标准将于 2024-2026 年密集发布。各类 相关政策相继出台，促进了"车路云一体化"建设、数据要素融合和自动驾驶的 规模化应用。 3）坚定看好发展：智能网联汽车市场广阔，竞争呈现多元化格局。自动驾驶技 术正逐步从 L0 到 L5 演进，我国智能网联汽车市场出货量预计 2025 年将达到 2490 万辆，我国智能网联汽车出货量 2021-2025 年 CAGR 将达 16.1% ...

宁德 Q3 业绩超预期，光伏行业反内卷达共识 证券研究报告/行业定期报告 2024 年 10 月 20 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------------------------------------|-------------------------------|-------------------------|------ ...