Investment Rating - The industry investment rating is "Outperform the market (maintained)" [2][15]. Core Viewpoints - The 2024 New Year box office reached nearly 230 million yuan on December 28, 2024, with a total box office of 2.376 billion yuan as of December 29, 2024 [15]. - Several major films are scheduled for the 2025 Spring Festival, including "Nezha," "Fengshen," and "Detective Chinatown," indicating a strong lineup of IPs [15]. - The industry is expected to benefit from high-quality content that meets diverse audience needs, potentially igniting a viewing boom [15]. - The 2023 Chinese film market saw a strong recovery with a box office of 54.915 billion yuan and 1.299 billion viewers, marking significant growth [15]. - The 2025 Spring Festival period is anticipated to continue the trend of high box office performance with major IPs [15]. Summary by Sections - **Investment Rating**: The report maintains an "Outperform the market" rating for the industry, indicating expected growth exceeding 15% relative to market indices over the next 6-12 months [2][15]. - **Key Events**: The report highlights the impressive box office performance of the 2024 New Year films, with significant contributions from popular titles [15]. - **Market Trends**: The report notes that the Spring Festival and summer seasons are critical for the film market, with these periods accounting for 50% of annual box office revenue in recent years [15]. - **Investment Recommendations**: The report suggests focusing on companies such as Light Media, China Film, and Wanda Film, which are expected to benefit from the upcoming film releases [15].

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1]. Core Insights - The demand for AI is driving continuous growth in computing power, highlighting the importance of interconnection solutions [1]. - Rapid development of AI applications is accelerating the demand for "computing power" and "storage capacity," while also raising the requirements for "interconnectivity" [1]. - The construction of interconnect communication capabilities for AI computing clusters includes three main aspects: Die-to-Die, Chip-to-Chip, and Board-to-Board interconnections [20][21]. Summary by Sections Interconnection Technology and Chip Demand - The interconnection technology is evolving rapidly, stimulating demand for interconnect chips [1]. - PCIe Retimer chips are becoming mainstream solutions in the industry, with a typical AI server configuration requiring 8 to 16 PCIe Retimer chips [1][46]. - CXL MXC chips are core components for high-bandwidth memory expansion modules, significantly increasing memory capacity and bandwidth for data-intensive applications [1][63]. - MRCD/MDB chips are essential for meeting the high bandwidth memory requirements of AI and big data applications [1][92]. Market Opportunities - Companies such as 澜起科技 (Lianqi Technology), 盛科通信 (Shengke Communication), and 裕太微 (Yutai Micro) are recommended for attention within the interconnect industry chain [1]. - The global CXL market is expected to reach $15 billion by 2028, driven by the increasing compatibility of CPUs with CXL standards [85][86]. Performance Enhancements - The report discusses two main methods for enhancing data center performance: Scale-up (vertical scaling) and Scale-out (horizontal scaling) [24]. - The introduction of NVLink technology has addressed bandwidth and transmission bottlenecks associated with PCIe, facilitating high-speed connections between multiple GPUs [28][13]. Future Trends - The report anticipates that the market for PCIe Retimer chips will continue to expand as GPU demand increases [1][109]. - The integration of CXL technology is expected to enhance system performance and flexibility, with predictions indicating that by 2027, all CPUs will support CXL interfaces [86].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The upcoming CES 2025, scheduled from January 7 to January 11, 2025, in Las Vegas, will showcase significant advancements in "AI + scenarios" by major tech companies such as AMD, Intel, and ASUS [1] - The global smart home market driven by AI is projected to reach $154.4 billion in 2024 and $231.6 billion by 2028, indicating strong growth potential [1] - The demand for AI smart glasses is increasing, with projections suggesting annual sales could reach 55 million units by 2029 and 1.4 billion units by 2035 [1] Summary by Relevant Sections Event Overview - CES 2025 will feature product launches and presentations from leading tech companies, highlighting the integration of AI in consumer electronics [1] Market Performance - The report notes a relative performance drop of -4.0% and an absolute performance of -1.2% in the industry [1] Investment Recommendations - The report suggests focusing on high-quality assets in the software and hardware sectors related to "AI + edge" as the CES 2025 approaches [1]

Group 1 - The core factors influencing the A-share market in January are policies, external events, and liquidity. Historically, the Shanghai Composite Index has shown no significant seasonal effect in January, with 7 instances of increases and 8 instances of decreases since 2010 [10][12]. - Positive policies and external events may lead to an increase in the Shanghai Composite Index, as seen in January 2012, 2019, and 2023. Conversely, negative events or tightened policies may result in declines, as observed in 2010, 2014, 2016, 2020, 2022, and 2024 [10][12]. - The report anticipates that January 2024 may see a continuation of a strong oscillating trend in A-shares, driven by potentially positive policies and a loose liquidity environment [12][20]. Group 2 - The report suggests that the market style in January 2024 may still favor small-cap stocks. Historical data indicates that small-cap stocks tend to outperform during periods of economic recovery and when liquidity is ample [31][34]. - The adjustment period for small-cap stocks may be nearing its end, with the report noting that the recent decline in small-cap performance was influenced by policy tightening expectations and overheated sentiment [31][32]. - The report emphasizes that January's market style is likely to remain biased towards small-cap stocks due to ongoing supportive policies and limited external negative shocks [31][32]. Group 3 - Economic and profit expectations are expected to continue recovering in January, with industrial profit growth showing signs of improvement. The report notes that the profit growth rate for industrial enterprises improved from -10.0% in October to -7.3% in November [35][44]. - The report highlights that domestic liquidity may further loosen in January, supported by seasonal credit peaks and potential monetary policy easing, which could enhance market conditions [38][41]. - The report identifies key sectors to focus on in January, including technology, large financials, and core assets, with expectations of strong performance in high-growth industries such as AI and infrastructure [20][27].

Investment Rating - The industry investment rating is "Leading the Market," indicating an expected performance that exceeds the relevant market index by more than 10% over the next 6-12 months [4][7]. Core Viewpoints - The report highlights the recent implementation of Shanghai's AI development plan, aiming to establish a world-class AI industry ecosystem by the end of 2025, with a target of exceeding 100 EFLOPS in intelligent computing power and creating around 50 effective industry applications [4]. - The AI initiative focuses on enhancing productivity through the construction of intelligent computing clusters, data supply systems, and training grounds for vertical models, particularly in key sectors such as finance, manufacturing, education, healthcare, and urban governance [4]. - The report emphasizes the acceleration of AI applications and the construction of an innovative ecosystem, which is expected to significantly boost productivity and promote the development of new economic models [4]. Summary by Sections Recent Events - The Shanghai government has issued a plan to advance AI capabilities, aiming for substantial growth in intelligent computing and application development by 2025 [4]. - Multiple cities are actively promoting AI initiatives, with policies designed to enhance the AI ecosystem and stimulate application deployment [4]. Investment Recommendations - The report suggests that the acceleration of AI industry construction in Shanghai will likely stimulate both supply and demand, positively impacting overall productivity [4]. - Recommended stocks to watch include Tencent Holdings, NetEase, InnoCare Pharma, and several others in the media and technology sectors [4].

Investment Rating - The industry investment rating is "Leading the Market" (maintained) [2][5] Core Viewpoints - The report highlights that over 2 million small and medium-sized businesses are expected to achieve business growth through live streaming in 2024, with a year-on-year increase of 165% in the number of businesses engaging in self-broadcasting, and total self-broadcast sales exceeding 659.1 billion yuan [2] - The report emphasizes that live streaming e-commerce is a significant driver of growth, contributing over 80% of the incremental growth in the e-commerce sector, with continuous user growth [2] - The report suggests that the head platforms are actively reducing operational costs for merchants, with measures such as waiving service fees and lowering commissions, which have saved small and medium-sized businesses over 7 billion yuan in service fees in 2024 alone [2] Summary by Sections Industry Performance - The report notes that the number of small and medium-sized businesses collaborating with influencers for live streaming has increased by 334% year-on-year, and the number of small and medium-sized businesses achieving sales exceeding one million yuan through influencer collaborations has grown by 120% [2] - It is projected that new influencers will have development opportunities, with a 40% year-on-year increase in sales for newly registered influencers on the Douyin e-commerce platform [2] Investment Recommendations - The report recommends focusing on companies such as Tencent Holdings, BlueFocus Communication Group, InnoCare Pharma, Tianxia Show, and others, as live streaming e-commerce is expected to generate significant incremental benefits throughout the year [2]

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [2][5]. Core Viewpoints - The report highlights the launch of the "Qiyuan Critical Care Model" by Tencent in collaboration with Mindray Medical, marking the first global application of a critical care AI model. This initiative is expected to enhance productivity by transitioning from quantity to quality in AI applications within the medical field [2]. - The model integrates vast patient data to create digital profiles, enabling deep analysis and predictive insights for medical conditions, thus assisting doctors in making rapid decisions [2]. - The report emphasizes the significant data resources and technological capabilities of leading companies like Tencent, which provide a robust foundation for the AI model, enhancing its application in clinical settings [2]. Summary by Sections Event Overview - On December 27, Tencent announced the launch of the "Qiyuan Critical Care Model" in partnership with Mindray Medical, with pilot applications already in place at Zhejiang University First Affiliated Hospital's ICU [2]. Model Functionality - The model is designed to perform several key functions including rapid patient history analysis, efficient medical record generation, precise knowledge retrieval, and personalized treatment recommendations, significantly improving efficiency and accuracy in medical decision-making [2]. AI Application Expansion - The report notes that the collaboration between top tech companies and healthcare giants is accelerating the application of AI in various sectors, particularly in healthcare, where the model is expected to broaden the scope and depth of AI applications [2]. Investment Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, InnoCare Pharma, BlueFocus Communication Group, and others, as they are positioned to benefit from the advancements in AI applications across industries [2].

投资评级说明 领先大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数领先 10%以上； 同步大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨跌幅介于-10%至 10%； 落后大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数落后 10%以上。 http://www.huajinsc.cn/ 9 / 10 请务必阅读正文之后的免责条款部分 免责声明： 本报告版权仅为本公司所有，未经事先书面许可，任何机构和个人不得以任何形式翻版、复制、发表、转发、篡改或引用本报告的 任何部分。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"华金证券股份有限公司研究所"，且不得对 本报告进行任何有悖原意的引用、删节和修改。 华金证券股份有限公司 网址： www.huajinsc.cn 公司近 3 年收入和利润情况 公司目前已形成较为广泛的销售和售后服务网络，为航空工业集团（含航空工业成飞、成发 公司、沈飞公司等）、中国商飞、比亚迪、一汽大众、宁德时代、上汽大众、上汽通用、特斯拉、 中联重科、徐工集团、中兴通讯等知名企业及中国科学院空间应用工程与技术中心、中国科学院 微电 ...

| --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------|------------------------|--------------------------------------| | 2024 | 年 12 月 27 日 \n惠通科技（ 301601.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（12 月 31 日）有一家创业板上市公司"惠通科技"询价。 | | | | | | 交易数据 | | | | 惠通科技（ 301601 ）：公司主要从事高分子材料及双氧水生产领域的设备制造、 | 总市值（百万元） | | | | 设计咨询和工程总承包业务。公司 2021-2023 年分别实现营业收入 4.98 亿元 /8.13 | 流通市值（百万元） | | | 亿元 | /5.92 亿元， YOY 依次为 157.17%/63.20%/-27.16% ；实现归母净利润 0.85 亿 | 总 ...

下 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...