Industry Overview - The beauty and personal care industry is experiencing a decline in the overall market, while the collagen market continues to gain traction [3] - The household appliance industry has maintained steady growth, with revenue and net profit for the first three quarters of 2024 reaching CNY 118.78 billion and CNY 9.27 billion, respectively, reflecting year-on-year growth of 4.63% and 5.48% [49] - The digital transformation of manufacturing enterprises is being emphasized, with guidelines issued to enhance strategic planning and implementation capabilities [24][25] Market Dynamics - The A-share market is showing signs of volatility, with the overall market index experiencing a decline of 0.80% [18] - The real estate market is being actively supported by government policies aimed at stabilizing and improving conditions [22] - The central government is focusing on expanding domestic demand as a key task for 2025, with particular attention to sectors such as food and beverage, beauty care, and tourism [18] Company Developments - WuXi AppTec (603259.SH) has signed an agreement to sell its U.S. and U.K. operations to Altaris LLC, with the transaction expected to be completed in the first half of 2025 [34][35] - The acquisition of 100% equity in Hunan Juntai Technology by Yueyang Lin Paper (600963.SH) is aimed at enhancing the company's control over upstream resources and improving its profitability [42] - Companies in the silicon material sector, such as Tongwei and Daqo New Energy, are beginning to reduce production in response to market conditions, which may stabilize silicon prices [31][38] Investment Opportunities - The report suggests that the household appliance sector presents significant investment opportunities due to ongoing government subsidies and a strong demand for product upgrades [49] - The beauty care sector is highlighted for its potential recovery as consumer preferences shift towards high-quality and innovative products [3] - The technology sector, particularly in areas related to artificial intelligence and self-sufficiency, is expected to see increased investment and growth opportunities [18]

证券研究报告 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------|-----------------------|------------|---------------------------|--------|-----------------------|-------| | \n重点股票 EPS | （元） | 2023A \n PE （倍） | EPS （元） | 2024E \n PE （倍） EPS | （元） | 2025E \n PE （倍） | 评级 | | 海尔智家 | 1.77 | 16.53 | 1.95 | 15.01 | 2.16 | 13.56 | 买入 | | 萤石网络 | 0.71 | 46.16 | 0.73 | 45.48 | 0.89 ...

此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 宁德时代发力换电，行业新生态来临 成熟的换电模式能够解决新能源车现存的痛点。换电模式目前主要基 于"车电分离"，即通过换电站对电池集中储存、充电和配送。换电 模式可以较大程度降低消费者购车成本，大幅降低充电时间，并且解 决新能源车在长途驾驶中电池容量不足的痛点。根据巧克力换电官方 公众号披露，使用宁德时代的换电站仅需 100 秒即可完成换电。 宁德推出两种标准化换电块，收费模式确定。比照加油站 92#和 95# 汽油，宁德时代首次推出了两种标准化巧克力换电块，并命名为 20# 和 25#换电块。上述两种标准型号电池块，根据不同的化学体系，可 以提供多电量的产品服务。每一个标准型号换电块，都配有磷酸铁锂、 三元两个电量版本。20#换电块磷酸铁锂版本配电 42 度，对应续航里 程 400 公里；三元版本为 52 度电，可续航 500 公里；25#换电块磷酸 铁锂可配电 56 度，续航 500 公里；三元版本配电 70 度电，可续航 600 公里。两款标准换电块，分别适配 A0 级和 A/B 级车。用户从原先的 购买整块电池模式，转变为可以按照使用量付费，每 ...

积极信号。本次会议对内需提振的措施表述更为积极，提出要"大力 提振消费、提高投资效益、全方位扩大国内需求"，消费提振或将从 宏观号召转向精准落实，居民消费潜力有望进一步释放。总体而言， 今年双11大促虽已落下帷幕，但市场情绪仍在发酵，消费者信心或将 进一步提升，持续看好美妆板块成长空间。建议重点关注：①具备强 运营能力，大单品+多品牌矩阵持续发力的国货龙头珀莱雅；②婴童护 理赛道细分龙头，四季度新品快速放量的润本股份。医美部分：重组 胶原高景气延续，龙头厂商产品矩阵不断拓展。12月5日，巨子生物 旗下产品"注射用重组胶原蛋白填充剂"被列入"国家重点研发计划 的医疗器械"，获得优先审批，后续有望率先布局重组胶原医疗器械 三类证市场。与此同时，12 月 6 日，据青眼号外援引国家企业信用信 息公示系统信息显示，上美股份与聚源生物成立了合资公司—江苏聚 源上美生物科技有限公司。这次联手或将标志着国货美妆龙头上美股 份正式入局重组胶原蛋白赛道，重组胶原蛋白市场热度持续攀升。短 期而言，四季度为医美消费旺季，叠加政策利好催化，医美板块具备 一定弹性。长期来看，行业渗透率提升、轻医美化率提升、国产替代 率提升逻辑延续，持 ...

龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 评级系统说明 以报告发布日后的 6－12 个月内，所评股票/行业涨跌幅相对于同期市场指数的涨跌幅度为基准。 行业研究报告 此报告仅供内部客户参考 -2- 请务必阅读正文之后的免责条款部分 降幅温和，外资参与积极性高，产品供应丰富多元。本次集采延续第 四批国家高值耗材的风格，降幅较为温和，人工耳蜗类耗材最高降幅 （相对于最高申报价）为 40.27%，由上海力声特报出；外周血管支架 类耗材最高降幅为 58.55%，由美国康蒂思报出。此外，还有柯惠、雅 培、波士顿科学、德国百多力等知名外资企业中选，以及心脉医疗、 归创通桥、先健科技等内资企业中选，产品供应丰富多元。本次集采 外资企业参与积极性高，在所有 4 个组别（人工耳蜗及 3 个外周血管 支架组）均由头部外资企业以第一名中选。 强化创新支持，根据产品特征折算竞价系数。本次国采在价格竞争的 基础上，进一步纳入了对不同特征产品的临床价值的考量，按照质量、 功能与价格相匹配的原则，根据产品特征折算系数，将申报价格折算 后竞价比价，避免了单纯以低价为标准的 ...

-4- 相关报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------|-----------------------|------------|-----------------------|------------|-----------------------|-------| | \n重点股票 EPS | （元） | 2023A \n PE （倍） | EPS （元） | 2024E \n PE （倍） | EPS （元） | 2025E \n PE （倍） | 评级 | | 沃格光电 | -0.02 | -1175.00 | -0.03 | -700.06 | 0.30 | 78.57 | 增持 | | 深南电路 | 2.73 | 40.54 | 4.00 | 27.59 | 4.83 | 22.88 | 买入 | 封装基板是先进封装的关键材料。基板具备提升功能密度、缩短互连 长度、进行系统重构等优势，在先进封装领域取代了传统的引线框架。 目前主流的封装基板为 BT 和 ABF 基板，BT 基板常用于 ...

Group 1 - The report highlights the implementation of a more proactive fiscal policy in 2025, focusing on increasing the fiscal deficit ratio and government bond issuance to support growth and structural adjustments [6][29]. - The report indicates that the national fiscal work conference emphasized optimizing expenditure structure and enhancing local financial capabilities to ensure basic public services [6][40]. - The report notes that the private sector continues to play a stabilizing role in employment, with overall labor demand remaining stable and wage payments being satisfactory [52]. Group 2 - The report discusses the recent announcement of a centralized procurement for in vitro diagnostic reagents across 28 provinces, indicating a focus on cost reduction and efficiency in healthcare spending [11][34]. - The report mentions that the storage chip industry has seen price fluctuations, with recent data showing a recovery in prices after a significant drop, reflecting supply-demand dynamics [58]. - The report details that the company Aihua Long has received IVDR CE certification for several products, which will positively impact its market presence in the EU [14][37]. Group 3 - The report outlines that Hanchang Group plans to establish a subsidiary in the United States to enhance its logistics business in North America, indicating a strategic move for global expansion [38][59]. - The report states that the company Warner Pharmaceutical has received approval for two raw materials, which could enhance its product offerings in the pharmaceutical market [39][60]. - The report highlights the significant increase in downloads for Meta's smart glasses applications, indicating a growing interest in augmented reality technologies [35][56].

Investment Rating - The industry is rated as "In line with the market" due to high entry barriers for high-end rubber and plastic sealing products and relatively moderate competition, indicating significant room for domestic sealing companies to increase their market share [2][86]. Core Insights - Several leading companies in niche segments have emerged within the industry, achieving significant breakthroughs in core technologies, gradually breaking long-standing monopolies and injecting new momentum into the development of China's sealing industry [2][86]. - Major sealing companies are actively enhancing their market influence through continuous efforts in supply chain expansion and mergers and acquisitions, with the potential to become platform enterprises [2][86]. - Recommended companies to watch include: Zhongmi Holdings, Zhongding Shares, and Weiman Sealing [2][86]. Market Overview - The global sealing market exceeds $80 billion, with China accounting for nearly 30% of this market [4][20]. - The automotive sealing market in China is projected to exceed 25 billion yuan and is expected to continue expanding [6][45]. - The high-end door and window sealing strips market has an annual growth rate exceeding 20%, indicating substantial material upgrade potential [32][72]. Company Analysis - Zhongmi Holdings is a leader in the mechanical sealing sector and is the only domestic company with performance in nuclear main pump mechanical sealing applications. The company is actively pursuing mergers to enhance its business landscape [86]. - Zhongding Shares is a leading domestic non-tire rubber product company, consistently ranking first in market share within the industry [86]. - Weiman Sealing specializes in hydraulic and pneumatic sealing products, covering all necessary sealing products for hydraulic systems, with a market share of approximately 9% in the engineering machinery pre-installation market [86]. Material Cost Insights - The cost of raw materials for rubber and plastic sealing products is relatively high, constituting over 50% of the main business costs for major sealing companies. The price of raw materials significantly impacts the companies' gross margins [63][64].

近日，公司发布公告，公司控股子公司深圳智信生物医疗科技有限公司于近期收到广东省药品监督管理局颁发的 一项《中华人民共和国医疗器械注册证》。产品名称为气管插管用喉镜，产品由显示主机、操作手柄等组成，具备拍 照、录像、浏览、回放、冻结、解冻等功能，为医护人员准确进行气道插管以及口腔内诊察、治疗提供指引。本次取 得医疗器械注册证，有利于进一步丰富公司在呼吸、麻醉、重症领域的产品矩阵，有助于提升公司在临床医疗产品市 场的竞争力。 风险提示：产品销售推广不及预期，行业竞争加剧，集采降价风险等。 12 月 20 日晚，长春高新（000661.SZ）公告：控股子公司百克生物收到国家药品监督管理局核准签发的《药物临 床试验批准通知书》，Ⅱ型单纯疱疹病毒 mRNA 疫苗的临床试验申请获得批准，获批适应症为：预防由Ⅱ型单纯疱疹 病毒感染导致的生殖器疱疹。百克生物获批临床的Ⅱ型单纯疱疹病毒疫苗系与珠海丽凡达生物技术有限公司联合申报 （百克生物为批件持有人），该疫苗为多组分疫苗，能够同时诱导体液免疫应答和细胞免疫应答，且利用 mRNA 技术 路线进一步增强细胞免疫应答，与传统的技术路线相比提高了疫苗成功开发的可能性。截至目前，全球暂 ...

Core Insights - The report emphasizes the need for proactive policy measures to address economic challenges, highlighting the importance of expanding domestic demand and implementing supportive fiscal and monetary policies [24][26][27] - The focus on "Artificial Intelligence+" is expected to accelerate the application of AI across various sectors, including education, media, smart home, and healthcare, which may present investment opportunities [27][41] - The report indicates that the A-share market has completed initial valuation repairs, with future performance likely dependent on policy and economic developments [56] Policy and Economic Outlook - The central economic work conference for 2024 prioritizes "comprehensively expanding domestic demand," indicating a shift towards more aggressive consumption and investment policies [24][26] - The report notes that the monetary policy has transitioned to a more accommodative stance, with expectations for further interest rate cuts and liquidity support in 2025 [26][32] - There is a recognition of the marginal improvement in high-frequency economic data since September 2024, suggesting a potential recovery in manufacturing and real estate sectors [28][29] Sector-Specific Opportunities - The report identifies several sectors for potential investment, including technology and self-sufficiency, with a focus on semiconductors, national defense, and industrial machinery [41] - Mergers and acquisitions are highlighted as a theme, particularly for state-owned enterprises looking to enhance their market value through restructuring [41] - The report suggests that consumer sectors such as food and beverage, beauty care, and tourism may see valuation recovery due to policy support aimed at boosting domestic consumption [6][41] Market Performance and Valuation - Recent market performance shows a decline in major indices, with the Shanghai Composite Index down 0.70% and the Shenzhen Component down 0.62% during the last reporting period [18][19] - The report notes that the current price-to-earnings ratio for the A-share market is 18.77 times, indicating that the market has undergone initial valuation adjustments [56] - The report also highlights the importance of monitoring the impact of U.S. monetary policy on the Chinese market, particularly regarding interest rate expectations and trade policies [2][3][4]