Investment Rating - The industry investment rating is "Overweight" [1][3] Core Insights - Google's release of the Willow quantum chip marks a significant breakthrough in quantum computing, achieving a T1 time close to 100 microseconds, which is five times better than the previous Sycamore chip's 20 microseconds. Additionally, the error rate of Willow is reduced by half compared to Sycamore, making it suitable for scaling and practical applications [2][7] - The quantum error correction capability of Willow has achieved a milestone by lowering the error rate below the critical threshold, indicating the potential for large-scale, useful quantum computers to be developed [2][12] Summary by Sections Quantum Technology Breakthrough - Google announced the Willow quantum chip on December 10, 2024, achieving a milestone in quantum computing [5][7] - Willow retains all advantages of the previous Sycamore chip while achieving greater breakthroughs, including a T1 time of nearly 100 microseconds and a twofold reduction in error rate [2][7] Investment Recommendations - The current quantum technology industry is in the research and exploration phase, contributing minimally to the revenue of most related companies. It is recommended to focus on companies like Guandun Quantum, West Superconducting, Fuzhijing Technology, and Shenzhou Information, which are involved in various aspects of the quantum technology industry [3][17] Industry Chain Exploration - The domestic quantum technology industry is actively exploring various segments, with listed companies participating in all stages of the industry chain [14][17] - The industry chain includes upstream components like dilution refrigerators and optical detectors, midstream quantum prototypes, and downstream applications in cloud computing and machine learning [15][17] Company Performance Overview - A summary of key companies in the quantum technology sector includes: - ZTE: Quantum devices and storage with a revenue increase of 1.05% in 2023 [19] - Guandun Quantum: Superconducting quantum computing with a significant revenue increase of 15.87% [19] - West Superconducting: Revenue decreased by 1.62% [19] - The performance of these companies indicates varying levels of engagement and success within the quantum technology market [19]

前内外部压力与风险较大。 2024年12月13日 证券研究报告|宏观研究|宏观点评 政策加码路径逐步清晰，规模仍有待确认 2024 年中央经济工作会议点评 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-----------------------| | 事件: | | 主要数据 \n上证指数 \n沪深300 | 3461.4998 \n4028.5048 | | | | 深证成指 | 10957.1289 | | 中央经济工作会议 12月 11日至 12日在北京举行。中共中央总书记、国家主席、 中央军委主席习近平出席会议并发表重要讲话。 | | 主要指数走势 | | | | | 上证指数 | 深证成指 ...

2024年12月14日 证券研究报告|策略研究|策略点评 经济数据改善，政策提稳住股市，市场将在经历波动后或走 醒 | --- | --- | --- | --- | |-------|---------------------------------------------------------------|--------------|----------------------------------------------------------------------------------------------------------------------| | | 报告摘要 | 作者 | | | | 核心观点: | 董忠云 | 分析师 | | | | | SAC执业证书: S0640515120001 | | | ◆ 中央正视内外部困难、坚定信心。中央经济工作会议延续 12月政治 | | 联系电话：010-59562478 | | | 局会议的政策基调,并在此前926 政治局会议基调的方向上更加积 | | 邮箱：dongzy@avicsec.com | | | 极。面对外部压力加大、内部困 ...

安全事故、"黑飞"等事件逐步显现,于是出现越来越多不同的声音。 我们认为: 2024年 12月 14 证券研究报告|行业研究|军工行业点评 国防军工 投资评级 增持 军工行业周报:低空经济的安全发展观 维持评级 | --- | --- | --- | |--------------------------------------------------------------|-----------------------|--------------------------------------| | | 行业走势图 | | | 报告摘要 | | | | 全年观点请关注 12 月 9 日发布的 2025 年投资策略《今朝更好 | | | | | | | | 看》。 | | | | | | | | | | | | > 军工行情的节奏 | 20% | | | 本周,国防军工(申万)指数(-0.66%),行业(申万)排名(20/31); | | | | | | | | 本周成交量、成交占比在市场调整环境下逆势回升,整体节奏上, | | | | 军工板块在中长期"进二退一"的过程中,大军工赛道的轮动表现将持 | ...

Investment Rating - The report maintains a rating of "Increase" for the defense and military industry, particularly focusing on the safety emergency industry and unmanned aerial vehicles (UAVs) [2]. Core Insights - The safety emergency industry has become a strategic emerging industry, gaining importance in economic and social development, especially with the integration of information technology and the development of unmanned and intelligent emergency equipment [1][32]. - UAVs are increasingly recognized as essential equipment in the safety emergency industry, with significant growth potential and economic benefits expected in the future [1][32]. - The industry is characterized by high barriers to entry and stable growth, which has historically limited market attention, but it is now seen as having counter-cyclical properties similar to the military industry [1][33]. Summary by Sections 1. Necessity and Inevitability of Safety Emergency Industry Development - The safety emergency industry is crucial for addressing natural disasters and public safety events, reflecting a growing societal demand for safety [34][36]. - The increasing frequency of natural disasters in China necessitates enhanced emergency management capabilities, making the development of this industry a pressing need [36][37]. 2. Development History and Characteristics of the Safety Emergency Industry - The industry has evolved through several stages, from a fragmented approach to a more integrated emergency management system, officially recognized as a strategic industry since 2020 [71][72]. 3. Industry Chain and Value Chain - The UAV industry within the safety emergency sector has a long value chain, emphasizing both manufacturing and application, which are interdependent [2][6]. 4. Industry Scale and Market Space - The market for civil UAVs in emergency rescue is projected to grow significantly, with estimates suggesting a market size of 50.64 billion yuan in 2024 and reaching 87.51 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 20% [7][8]. 5. Investment Recommendations - The report suggests focusing on companies that can achieve airworthiness certification, as this will become a competitive necessity in the industry [8]. - Fixed-wing UAVs are expected to find differentiated opportunities as demand for higher capability projects increases [8][12]. - UAVs with vertical take-off and landing capabilities are anticipated to be the most widely used in future applications due to their operational advantages [12][12].

行业报告：先进和造行业周报 2024年12月15日 中航证券有限公司 AVIC SECURITIES CO., LTD. 北京车路云地方标准落地，华为与联通合作助力行业加速 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造 -- 投资观点 ■ 重点推荐:北特科技、组威股份、三花智控、双林股份、鸣志电器、莱斯信息、纳睿雷达、万集科技、万马科技、牧通动力 ■ 核心个股组合：北特科技、组威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、中信海直、软通动力、航锦科技、华伍 股份、华阳集团、万集科技、万马科技、绿的谐波、埃斯顿 ■ 本周专题研究：基于《国家车联网产业标准体系建设指南》和北京市高级别自动驾驶示范区建设实践经验，北京市发布首批车路云一体化4项地方 标准，标准涵盖路侧基础设施及信息交互技术要求，标准的发布实施，助力统筹推进北京市车路云一体化路 ...

2024年12月14日 证券研究报告|行业研究|行业点评 社会服务行业·周观点 � � � � | --- | --- | --- | |-------|----------------------------|--------------------------------------------------------------| | | | | | | | 2025 年春节档大片云集，电影大盘表现值得期待 | | | | ◆ 本周行情：社会服务（申万）板块指数周涨跌幅为4.09%，在申万 | | | 一级行业涨跌幅中排名4/31。 | | | | | 各基准指数周涨跌幅情况为：社会服务（4.09%）、上证指数（- | | | | 0.36%）、深证成指（-0.73%）、沪深300 (-1.01%）、创业板指 | | | (-1.40%）。 | | | | | 子行业涨跌幅排名: 酒店餐饮 (12.71%)、旅游及景区 (10.62%)、 | | | | 体育Ⅱ（8.51%）、教育（2.93%）、专业服务（2.25%）。 | | | | 个股涨跌幅排名前五: 锋尚文化 (28.39%) 、西安饮食 (2 ...

个股涨跌幅排名后五位:渤海租赁(-6.25%）、中粮资本（-5.52%）、东方财富 (-5.14%）、中航产融（-4.31%）、光大证券（-4.08%）。 (注：去除 ST 及退市股票) 2024年12月14日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第四十三期） : | --- | --- | --- | --- | |-----------------------------------------------------------------------|----------|------------|-------| | | | | | | | | 行业走势图 | | | 财险保费收入稳增 人身险保费增速承压 | | | | | | | | | | 市场表现: | | | | | | | | | | | | | | | 本期（2024.12.9-2024.12.13）非银(申万)指数-2.29%,行业排 31/31,券商 II | | | | | 指数-2.14%，保险Ⅱ指数-2.65%； | 30% 20% | | | | 上证综指-0.36%，深证成指-0.73%， ...

行业报告:先进制造行业周报 2024年12月9日 中航证券有限公司 AVIC SECURITIES CO., LTD. 高阶智驾渗透率提升，FSD版本更新有望推动端到端加速 行业评级：增持 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|----------------|-------|--------------------------------|-------|-------| | | | | | | | | | | | | | 分析师：邹润芳 | | | | | | | | | | | 证券执业证书号：S0640521040001 | | | | | | | 分析师:闫智 | | | | | | | | | | | 证券执业证书号：S0640524070001 | | | | | | | 分析师：卢正羽 | | 证券执业证书号：S0640521060001 | | | 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造 -- 投资观点 | --- | ...

2024年12月07日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第四十二期） : 券商并购重组持续升温 市场表现: 本期(2024.12.2-2024.12.6)非银(申万)指数+2.86%,行业排 14/31, 券商 II 指数+2.37%,保险Ⅱ指数+4.10%; 上证综指+2.33%，深证成指+1.69%，创业板指+1.94%。 个股涨跌幅排名前五位：天茂集团（+17.18%）、香溢融通（+10.79%）、华金 资本（+10.55%）、哈投股份（+9.23%）、新华保险（+8.13%）； 个股涨跌幅排名后五位:锦龙股份（-16.94%）、浙江东方（-3.00%）、永安期货 (-2.16%）、拉卡拉（-1.34%）、第一创业（-0.34%）。 (注:去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨2.37%,跑赢沪深300指数 0.93pct,跑赢上证综 指数 0.04pct。当前券商板块 PB 估值为 1.51 倍，位于 2020年 50 分位点附近。 本周，12月 3日"浙商证券+国都证券"整合迎来实质性进展,证监会核准浙商证 券成为国都证券主要 ...