Investment Rating - The report maintains a "Buy" rating for several companies in the robotics sector, including 双林股份, 贝斯特, 雷迪克, and 北特科技, with expected EPS growth and favorable PE ratios for 2023 to 2025 [10]. Core Insights - The report highlights the launch of NVIDIA's Cosmos platform and Isaac GR00T, aimed at creating a robust ecosystem for robotics and autonomous driving, indicating a significant technological advancement in the industry [4][5]. - NVIDIA's Cosmos platform offers three models (Nano, Super, Ultra) designed for various applications, from edge devices to large-scale data centers, trained on 18,000 trillion tokens of data, showcasing its extensive capabilities [5]. - The introduction of Isaac GR00T addresses the challenge of acquiring real-world data for humanoid robot training, utilizing synthetic data generation to streamline the training process [6][8]. Summary by Sections Industry Performance - The automotive sector has shown varied performance over different time frames, with a 12-month increase of 19.4% compared to the沪深300 index's 15.3% [1]. Key Events - NVIDIA's CEO announced the upcoming "ChatGPT moment" for robotics at CES 2025, emphasizing the transformative potential of AI in the sector [3]. Recommended Companies - The report suggests focusing on companies related to NVIDIA's robotics initiatives, including 博杰股份, 奥比中光, and 九号公司, among others, indicating a strong outlook for these firms [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11]. Core Insights - The company achieved a record high in revenue, with 2024 annual revenue surpassing 100 billion yuan, and a strong profit growth, expecting a net profit attributable to shareholders of 9-9.5 billion yuan [6][11]. - The company successfully met its pig sales targets for three consecutive years, with a total of 30.1827 million pigs sold in 2024, a year-on-year increase of 14.93%, generating sales revenue of 61.753 billion yuan, up 33.50% year-on-year [7]. - The financial structure of the company continues to improve, with a significant reduction in the debt-to-asset ratio from 61.41% at the end of the previous year to 53% at the end of 2024, driven by improved profitability and active debt repayment [10]. Summary by Sections Revenue and Profitability - The company reported a historical high in revenue, with 2024 revenue expected to exceed 100 billion yuan, and a strong profit growth forecast of 9-9.5 billion yuan in net profit attributable to shareholders [6][11]. - The pig farming business and chicken farming business are projected to generate profits of 8.2-8.4 billion yuan and 2.1-2.3 billion yuan, respectively [6]. Sales Performance - The company sold 30.1827 million pigs in 2024, a 14.93% increase year-on-year, with sales revenue from pigs reaching 61.753 billion yuan, a 33.50% increase year-on-year [7]. - The chicken business also showed steady growth, with 1.208 billion chickens sold in 2024, a 2.08% increase year-on-year, although sales revenue decreased by 3.37% due to lower prices [8]. Cost Management - The company has optimized its breeding costs, with the comprehensive cost of pig farming expected to decrease to 6.5 yuan per jin in 2025, down from approximately 7.2 yuan per jin in 2024 [7]. - The chicken farming business has also seen cost reductions, with the total cost of chicken farming dropping to 6 yuan per jin in 2024, a decrease of 0.8 yuan per jin year-on-year [8]. Financial Health - The company's financial structure is improving, evidenced by a reduction in the debt-to-asset ratio and two cash dividend distributions totaling 1.66 billion yuan in 2024, reflecting long-term investment value and confidence in development [10]. - The company forecasts revenues of 104.774 billion yuan, 105.502 billion yuan, and 115.535 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.22 yuan, and 1.08 yuan [11].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [9][10]. Core Insights - The report highlights that multiple automotive companies have achieved record monthly delivery volumes, driven by new models and year-end sales pushes [6][9]. - The report emphasizes the increasing concentration of market share among leading automotive manufacturers, particularly among new energy vehicle (NEV) companies [9]. Summary by Sections 1. Monthly Delivery Performance - NIO delivered 31,138 vehicles in December, a year-on-year increase of 72.9% and a month-on-month increase of 51.3%, with a total of 221,970 vehicles delivered in 2024, up 38.7% year-on-year [6][19]. - XPeng delivered 36,695 vehicles in December, marking an 82.4% year-on-year increase and an 18.8% month-on-month increase, with a total of 190,068 vehicles delivered in 2024, up 34.2% year-on-year [6][21]. - Li Auto delivered 58,513 vehicles in December, a year-on-year increase of 16.2% and a month-on-month increase of 20.1%, with a total of 500,508 vehicles delivered in 2024, up 33.1% year-on-year [6][23]. - Xiaomi's monthly delivery exceeded 25,000 vehicles in December, with a total of over 135,000 vehicles delivered in 2024, aiming for 300,000 deliveries in 2025 [6][27]. 2. Hongmeng Zhixing Performance - Hongmeng Zhixing delivered 49,474 vehicles in December, a year-on-year increase of 102.2% and a month-on-month increase of 18.0%, with a total of 442,961 vehicles delivered in 2024, up 343.3% year-on-year [30]. 3. Other New Energy Vehicle Companies - Zeekr delivered 27,190 vehicles in December, a year-on-year increase of 101.8%, with a total of 222,123 vehicles delivered in 2024, up 87.2% year-on-year [35]. - Leap Motor delivered 42,517 vehicles in December, a year-on-year increase of 128.4%, with a total of 293,724 vehicles delivered in 2024, exceeding its annual target [37]. - GAC Aion delivered 46,851 vehicles in December, a year-on-year increase of 2.0% and a month-on-month increase of 10.8%, with a total of 412,943 vehicles delivered in 2024, down 15.6% year-on-year [39]. 4. Recommended Stocks - The report recommends focusing on companies with deep cooperation with Huawei, such as Seres and Jianghuai Automobile, and highlights growth opportunities in automotive components, particularly in lightweight materials and smart vehicles [10][42].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][6]. Core Insights - The company demonstrates confidence in its future development through a share buyback plan, intending to repurchase shares worth 100-200 million yuan at a price not exceeding 11.50 yuan per share, which reflects a commitment to enhancing shareholder value [4]. - The company is focusing on brand cultivation and optimizing channel expense investment models, aiming to develop high-end products and enhance marketing efforts to increase repurchase rates [5]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 0.48, 0.49, and 0.55 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 20, and 18 times [6]. Financial Performance Summary - The company's main revenue for 2023 is reported at 5,184 million yuan, with a projected decline to 4,671 million yuan in 2024, followed by a slight recovery in subsequent years [8]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 165 million yuan, and further increasing to 190 million yuan by 2026 [8]. - The company's return on equity (ROE) is forecasted to improve from -2.4% in 2023 to 6.3% in 2026, indicating a recovery in profitability [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2][8]. Core Insights - The company is expected to benefit from favorable policies that will likely increase boiler demand, particularly due to recent regulatory changes and government initiatives aimed at upgrading energy equipment [2]. - The company's water-cooled premixed combustion technology is a key competitive advantage, enhancing efficiency and reducing emissions, which aligns with national carbon reduction goals [3]. - Increased investment in research and development has led to a significant number of patents, supporting market expansion and innovation [4]. - Revenue forecasts for the company are optimistic, with projected revenues of 1.465 billion, 1.763 billion, and 2.105 billion yuan for 2024, 2025, and 2026 respectively, alongside expected earnings per share (EPS) growth [8][10]. Summary by Sections Policy and Market Demand - Recent regulatory updates have classified the company's small steam boiler products as exempt from inspection, potentially increasing market demand [2]. - The government's plan to promote the replacement of old energy equipment is expected to accelerate the upgrade of large centralized heating boilers, benefiting the company's offerings [2]. Technology and Innovation - The company's water-cooled premixed combustion technology achieves over 99% thermal efficiency and nitrogen oxide emissions below 30 mg/m³, meeting the strictest domestic standards [3]. - The company has established an international trade department to expand its market presence, particularly targeting Europe and Russia [3]. Research and Development - As of June 30, 2024, the company holds 14 domestic and 3 international invention patents, along with 76 utility model patents, reflecting its commitment to innovation [4]. - R&D expenses amounted to approximately 31.49 million yuan in the first half of 2024, representing an 11.25% year-on-year increase [4]. Financial Projections - The company is projected to achieve revenues of 1.465 billion yuan in 2024, with a growth rate of 21.7%, and an EPS of 3.35 yuan [10]. - The forecasted net profit for 2024 is 305 million yuan, reflecting a 13.6% growth compared to the previous year [10].

证 券 研 究 报 告 行业策略报告 降息周期，金铜行情仍将持续 2025年年度策略 投资评级： （ ） 报告日期： 推荐 维持 2025年01月07日 ◼ 分析师：傅鸿浩 ◼ SAC编号：S1050521120004 ◼ 分析师：杜飞 ◼ SAC编号：S1050523070001 投 资 要 点 黄金：降息之年，上涨行情仍未停 本轮美联储降息（2024年9月开启）为预防式降息，就业人数持续回升或许将是结束降息的标志：历史上总共六轮美联储降息，分别是 1984.09-1985.07；1989.06-1992.09；1995.07-1996.01；2001.01-2003.06；2007.09-2008.12；2019.08-2020.03。 本次降息时间为2024年9月，降息前的5个季度美国GDP同比增速都在3%以上，最高季度同比为3.24%。本次降息前已经有连续8个月PMI处 于50以下。本次降息是2024年9月，而在这之前出现了连续16个月（2022.11-2024.02）美国制造业PMI均处于50以下的情况，属于历史较为罕 见。我们认为本次降息美联储较为拖延的主要原因是CPI同比迟迟未回落到合适位置，导 ...

2025 年 01 月 06 日 上海出台重磅方案引领智能算力新潮，CES 召开 值得期待 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 计算机(申万) -17.3 1.3 1.5 沪深 300 -5.1 -6.2 13.2 市场表现 -40 -30 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业点评报告：特斯拉 （TSLA.O）：AI 与储能业务双轮驱 动，自动驾驶对算力需求持续增 长》2024-12-31 2、《计算机行业点评报告：英伟达 （NVDA.O）：人工智能时代全速发 展，推动全球向 NVIDIA 计算转变》 2024-12-31 3、《计算机行业周报：全球科技盛 会 CES2025 开幕在即,DeepSeek-V3 开启普惠 AGI 新篇章》2024-12-29 ▌算力：英伟达 GB300 AI 服务器预计于 2025 Q2 亮 相，上海出台重磅方案大步迈向智能算力城市 据 Digitimes 2 日报道，英伟达 ...

2025 年 01 月 06 日 地缘局势及需求担忧施压，国际油价大跌。截至 1 月 3 日收 盘，WTI 原油价格为 76.51 美元/桶，较上周上涨 3.15%；布 伦特原油价格为 73.96 美元/桶，较上周上涨 4.76%。短期内 油价仍受地缘政治以及市场预期变化影响较大,下周油价或将 波动运行。鉴于目前油价四季度面临较大压力我们看好炼化 端出现成本压力缓解后盈利有望提升的中国石化，同时由于 中国石油和中国海油回调较多，已经反映了油价下跌，继续 看好回调后的中国石油和中国海油。 甲醛、二氯甲烷等涨幅居前，建议继续关注钛 白粉板块和轮胎板块 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) -9.7 -7.3 -7.1 沪深 300 -5.0 -6.0 13.4 市场表现 -20 -10 0 10 20 30 40 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 -30 相关研究 1、《基础化工行业深度报告：成本 优势构筑国内化工行业龙头核心竞 争力》2024-12-25 ...

2025 年 01 月 05 日 美元强势或暂歇 分析师：吕思江 S1050522030001 lvsj@cfsc.com.cn 分析师：马晨 S1050522050001 machen@cfsc.com.cn 相关研究 投资要点 ▌ 一周鑫思路 重要指标更新： 海外央行流动性：5.88 万亿美元→5.89 万亿美元，边际 小幅上升基本维持稳定。进入债务上限博弈时段，历史上 看美债供应下降+TGA 账户比历史同时段存量高--》短期流 动性无忧，风险在后半月--》美股科技股、比特币、黄金 反弹，更关注印度、日经、欧股；美国 FCI 本周恢复到 120ma 以上；跨境资金流入印度和香港市场；发达市场 中，美股重回流入。 国内市场流动性： 北向配置盘净流出 8 亿美元；北向交易盘本周转流出，净 仓位跌至 7.03%，但空头增仓幅度相比 23 年 8 月、24 年 10 月明显较小：本轮调整并不来自外资，港股相对 A 股抗 跌，显示更多来自市场流动性和筹码结构。 权益资产层面： 美股：联储的应对方式包括，下调逆回购利率，每天增加 临时的常备回购操作来缓解市场流动性紧缺；随着政府债 务上限问题扰动，预计 TGA 账户也 ...

证 券 研 究 报 告 行业周报 顶层政策支持有望逐步落地 医药行业周报 投资评级： 报告日期： 推荐 维持 2025年01月05日 ◼ 分析师：胡博新 ◼ SAC编号：S1050522120002 医 药 行 业 观 点 1 . 顶层政策加速医药产业的升级 2025年1月3日，国务院正式发布《关于全面深化药品医疗器械监管改革促进医药产业高质量发展的意见》（以下简称意 见），该意见提出了研发创新、中外合作、质量监管方面的优化措施，并规划2027年前建成与医药创新和产业发展相适应 的监管体系。在优化效率方面，意见提出了审批时限的新试点，在部分地区开展优化创新药临床试验审评审批试点，将审 评审批时限由60个工作日缩短为30个工作日，医疗器械临床试验审评审批时限由60个工作日缩短为30个工作日，将药品注 册检验、生物制品批签发检验和进口药品通关检验每批次用量从全项检验用量的3倍减为2倍。自从2015年药品审评审批制 度改革以来，对创新药发展的政策支持一直在不断优化，2024年7月，国务院发布《全链条支持创新药发展实施方案》， 对医药创新升级的支持进入全链条多部门协调的时代，意见的支持政策不仅需要药监合作，还需要医疗 ...