Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting potential growth opportunities in the sector [9][10][44]. Core Insights - Tesla's Q4 deliveries reached a record high, with expectations for continued growth in 2025, particularly in the T-chain investment opportunities [3][4]. - The overall automotive market is projected to see a U-shaped growth pattern in 2024, with a total retail forecast of 22.94 million vehicles, representing a year-on-year increase of 5.7% [5][6]. - The report emphasizes the rise of domestic brands, with several achieving record sales, and anticipates a significant increase in the penetration of new energy vehicles [5][6][7]. Market Performance and Valuation - The automotive sector's performance has been mixed, with the automotive index down 7.5% recently, underperforming the broader market [18][19]. - As of January 3, 2025, the automotive industry's PE ratio stands at 28.8, while the PB ratio is at 2.4, indicating a relatively high valuation compared to historical levels [25][26]. Industry Data Tracking - The report notes strong retail performance in December, with average daily sales of passenger vehicles increasing significantly year-on-year [34][35]. - The report highlights the impact of government policies, such as trade-in incentives, which have positively influenced vehicle sales [35][36]. Company Announcements and News - Tesla's Shanghai energy storage factory has begun trial production, with full-scale production expected in early 2025 [49]. - Several companies, including BYD and Seres, reported substantial year-on-year increases in production and sales for December 2024 [45][46]. Recommended Stocks - The report suggests focusing on companies with strong growth potential, including Seres, Jianghuai Automobile, and various component manufacturers [10][43][44].

2025 年 01 月 05 日 广汽集团发布第三代人形机器人 GoMate，有望 在 2026 年实现小规模量产 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -6.9 -1.8 14.3 沪深 300 -3.7 -6.0 13.4 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业深度报告：人形机器 人"好用"的关键 特斯拉 Optimus22 自由度灵巧 手方案解析》2025-01-03 2、《汽车行业动态研究报告：国内 优秀机器人厂商（二）星动纪元： 技术背景卓越，STAR1 户外运动能力 优秀》2024-12-31 3、《汽车行业动态研究报告：国内 优秀机器人厂商（一）：智元开启 通用机器人商用量产，计划年产千 台》2024-12-31 事件：12 月 26 日，广汽集团正式发布第三代具身智能人形 机器人 GoMate。 ▌行业首创可变轮足，广汽开启人形机器人全新发 展阶段 本体层面：GoMate 全 ...

证 券 研 究 报 告 行业周报 生猪价格短期反弹标肥差走扩 宠物猫饲养倾向显现疫苗国产替代推进 —农林牧渔行业周报 ①生猪养殖 短期猪价反弹重回16元/公斤区间，惜售挺价情绪再次成为主流。本周全国商品猪出栏日均价周四和周五重回16元/公 斤区间，周五日均价为16.16元/公斤，周均价为15.8元/公斤。短期反弹主因经历11和12两月的高出栏节奏，生猪出栏出现 一定的空档期。目前市场上养殖端惜售挺价情绪较为明确，备战接下来春节备货增量阶段。本周仔猪价格同样呈现反弹趋 势，规模场7公斤和15公斤仔猪周均价分别为387.62和491元/头，周环比上涨5.44%和10.09%，反弹一部分原因与各企业 积极部署2025年出栏目标进行外购仔猪相关。 肥猪出栏出现空档期，标肥价差走扩。高出栏月主要针对腌腊需求潮，所以肥猪出栏节奏更快，肥猪更加明显出现存 栏空档期。肥猪供给的短期紧缩，对应生猪标肥价差持续走扩。 关注周期拐点，重点关注成本优势和产能扩张兼具企业。因为行业能繁产能的持续提升，对应未来猪肉供给的增量， 预计2025年猪价将在低位波动，生猪养殖行业进入成本比拼阶段。持续跟踪下一轮猪周期拐点事件，关注环保新政策和全 ...

2025 年 01 月 05 日 可穿戴设备、AIPC 即将闪耀 CES 2025 消费电子 展，消费电子国补即将开启 推荐(维持) 投资要点 电子行业细分板块比较，12 月 30 日-1 月 3 日当周，电子行 业细分板块处于下跌态势。其中，品牌消费电子、面板、LED 板块的跌幅最小。估值方面，数字芯片设计、LED、模拟芯片 设计板块估值水平位列前三，半导体材料、分立器件板块估 值排名本周第四、五位。 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 相关研究 1、《电子行业周报：人工智能军备 竞赛开启，关注产业投资机遇》 2024-12-29 2、《电子行业周报：字节跳动正式 发布豆包视觉理解模型，韩媒报道 长鑫存储已成功量产 DDR5 内存芯 片》2024-12-23 3、《电子行业周报：英伟达被中国 立案调查，谷歌官宣新系统 AndroidXR》2024-12-15 ▌ CES 2025 消费电子展即将开启，可穿戴设备、 AIPC 等最新产品横空出世 2025 CES 全球消费电子展将于 ...

2025 年 01 月 05 日 茅台圆满收官，关注开门红回款 1、《食品饮料行业策略报告：预期 先行，拐点已至》2024-12-31 2、《食品饮料行业周报：经销商大 会密集召开，关注旺季批价与动销 反馈》2024-12-31 3、《食品饮料行业周报：经销商大 会陆续召开，关注微信小店受益标 的》2024-12-22 ▌ 一周新闻速递 行业新闻：1）泸州再提 2025 年白酒营收 1500 亿元目标。 2）江苏 1-11 月白酒产量 17.7 万千升。3）仁怀现有在运营 白酒废水处理厂 29 座。 公司新闻：1）贵州茅台：茅台 2024 预计实现营收 1738 亿元 2）五粮液：五粮液 1618 甘肃开瓶增长 44.3%。3）今世缘： 今世缘拟获 2.7 亿元-5.4 亿元增持。 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M ...

Investment Rating - The report maintains a recommendation for investment in the humanoid robot sector, specifically focusing on Tesla's Optimus project [2]. Core Insights - The demand for dexterous hands arises from flexible manufacturing, with humanoid robots being the most aligned with human daily production and life needs. The integration of machine learning and brain-like intelligence will enhance the smart capabilities of humanoid robots, making dexterous hands a key component for improving flexible operational capabilities [3][16]. Summary by Sections 1. Dexterous Hands as Key End Effectors - Dexterous hands are complex end effectors crucial for robot performance, significantly impacting flexibility and usability. They differ from traditional industrial robotic hands, which are designed for specific tasks and lack flexibility and precision [14][15]. - The evolution of dexterous hands is driven by the need for flexible manufacturing, allowing for small-batch production and adaptability to environmental changes [16]. 2. Key Changes in Tesla's Next-Generation Dexterous Hand - Tesla's next-generation dexterous hand will feature three major changes aimed at increasing the value of lead screws, including the transition to external drive systems, the replacement of worm gears with lead screws, and the use of tendons instead of torsion springs [55][57]. - The new design will enhance precision, load capacity, and operational efficiency, with the current Optimus dexterous hand achieving 22 degrees of freedom, comparable to human hands [51][58]. 3. Key Components of Dexterous Hands - The most valuable components of dexterous hands include lead screws, motors, and reducers. Recommended companies for investment in these components are listed, including Shuanglin Co., Best, and Beite Technology for lead screws, and Mingzhi Electric and Zhaowei Electromechanical for motors and reducers [8][9]. - Hollow cup motors are highlighted for their energy-saving and responsive control characteristics, making them suitable for high-performance applications like robotics [61][62].

2025 年 01 月 05 日 业绩预期开启情绪分化 关注图书订货会与 CES 攻守兼备 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 传媒(申万) -12.8 -1.1 -4.5 沪深 300 -4.5 -6.0 11.7 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 (%) 传媒 沪深300 相关研究 1、《传媒行业动态研究报告：内需 系列从 INS 新乐园看首发经济与体 验经济》2024-12-24 2、《传媒行业周报：从谷子到首发 经济到社交礼物经济 跨年迎贺岁春 节档》2024-12-22 3、《传媒行业周报：谷歌字节跳动 探索 AI 观影补贴内容新供给迎跨 年》2024-12-15 ▌ 本周观点更新 2025 年开年，将迎接农历新年，年报预告业绩已渐开启，主 题板块情绪面分化。短期业绩预期带来传媒互联 ...

证 2025 年 01 月 03 日 告 基本数据 2025-01-02 当前股价（元） 1488 总市值（亿元） 18692 总股本（百万股） 1256 流通股本（百万股） 1256 52 周价格范围（元） 1261-1770 日均成交额（百万元） 5294.21 公 司 研 究 圆满收官，彰显韧性 —贵州茅台（600519.SH）公司事件点评报告 2025 年 1 月 2 日，贵州茅台发布 2024 年度生产经营情况公 告。 投资要点 ▌全年业绩圆满收官，Q4 茅台酒表现较优 全年收入目标圆满完成，稳健经营韧性强。2024 年公司预计 实现总营收/归母净利润分别约 1738/857 亿元，分别同增约 15.44%/14.67%，归母净利率 49.31%（同减 0.33pcts）。产 量增速合理控制，系列酒全年放量较快。1）酒类营收约 1704 亿元（同增约 15.75%），其中茅台酒/系列酒营收分别 约 1458/246 亿元，分别同增约 15.18%/19.24%，茅台酒占比 -0.42pcts。2）生产茅台酒/系列酒基酒分别约 5.63/4.81 万 吨，分别同比-1.58%/+12.02%。Q4 系 ...

Investment Rating - The report maintains a positive investment outlook for the pig farming industry, suggesting a left-side layout strategy focusing on companies with cost advantages and capacity expansion capabilities [20][106]. Core Insights - The pig farming industry is entering a new cost competition landscape, with a focus on companies that can balance cost advantages and capacity expansion [111]. - The pet food market is expected to accelerate its expansion, with a notable shift towards domestic brands and increased competition [18][23]. - The outdoor sports industry is experiencing a shift to single-digit growth, with various niche segments showing promising potential [12][24]. Summary by Sections 1. Pig Farming Industry - The industry is witnessing a significant rebound in pig prices after a year of losses, with the average price expected to reach 16.81 yuan/kg in 2024, a 1.79 yuan/kg increase from 2023 [42]. - The supply of pigs is tightening due to a large-scale epidemic in 2023, leading to a rapid decrease in breeding stock and creating a supply gap that supports price increases [44][50]. - Cost of pig farming is entering a downward cycle, with average costs projected at 14.62 yuan/kg in 2024, down 1.56 yuan/kg from the previous year, enhancing profit margins [47][70]. - The report highlights the importance of focusing on companies with strong cost structures and capacity expansion strategies, recommending firms like Juxing Agriculture and Zhengbang Technology [85][106]. 2. Pet Economy - The domestic pet food market is projected to grow significantly, with a focus on the emergence of the "80/20 rule" where a few brands dominate the market [15][23]. - The pet health sector is seeing a rapid increase in demand for veterinary services, with the market size reaching 735 billion yuan in 2023, accounting for 24.5% of the overall pet market [17]. - The report emphasizes the ongoing domestic production of pet vaccines, particularly for cats, which is expected to replace imported products, with companies like Ruipubio being highlighted for investment [11][16]. 3. Outdoor Sports Industry - The outdoor sports sector is transitioning to a phase of single-digit growth, with various niche markets such as running, climbing, and winter sports showing strong performance [19][24]. - The report notes that compared to developed countries, there is still significant room for growth in per capita spending and market penetration in the outdoor sports segment [24].

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [3][60]. Core Viewpoints - The report highlights that AI investments are robust, and related power equipment is expected to benefit from the growth in data center business volumes [12][60]. - The energy demand from data centers is increasing significantly due to the penetration of big data technologies, impacting the development of data center energy storage [5][12]. - In 2023, the global number of data center racks is approximately 25.5 million, with a new installed capacity of about 13.1 GWh for data center energy storage [5][12]. Summary by Sections Investment Insights - The report suggests focusing on specific segments within the power equipment sector that are likely to benefit from AI data center growth, including liquid cooling, transformers, UPS, and busbars [60]. - Recommended companies include: - Liquid cooling: Invec (新能源车组覆盖), Tongfei Co. - Transformer segment: Jinpan Technology - UPS segment: Kehua Data - Busbar segment: Weiteng Electric [60]. Industry Dynamics - The report discusses the recent developments in the photovoltaic sector, including the listing of polysilicon futures and the signing of a self-regulatory agreement for solar power [37]. - It notes the establishment of a local virtual power plant standardization committee in Shenzhen, which has connected 59 virtual power plant operators with a total capacity of 3.8 million kilowatts [37]. Market Performance - The power equipment sector experienced a decline of 0.57% recently, ranking 13th among 28 sub-industries, underperforming the Shanghai Composite Index by 1.52 percentage points [136][160]. - The report provides insights into the performance of specific companies and their earnings forecasts, indicating a mixed outlook for the sector [60].