Investment Rating - The investment rating for BYD is maintained as "Buy" [3][8]. Core Views - BYD's passenger car sales have exceeded 500,000 units for two consecutive months, with November 2024 sales reaching 507,000 units, representing a year-on-year increase of 67.87% and a month-on-month increase of 0.83% [3][6]. - The company has a rich reserve of high-end products, supporting its high-end strategy, with new models expected to launch in Q1 2025 [4][5]. - The overseas production capacity is set to gradually come online from 2024 to 2025, which will support continuous growth in overseas sales [5]. Summary by Sections Sales Performance - In November 2024, BYD's passenger car sales reached 504,000 units, with a year-on-year increase of 67.23% and a month-on-month increase of 0.69% [6]. - Cumulative sales from January to November 2024 totaled 3.757 million units, reflecting a year-on-year growth of 40.02% [3]. Product Development - BYD has a strong lineup of high-end products, including the Han L and Tang L, expected to launch in Q1 2025, which will enhance the average selling price of its models [4]. - The company plans to introduce its first MPV, the Summer, and a large SUV, the Tengshi N9, both expected to launch in Q1 2025 [4]. Overseas Expansion - BYD is entering a phase of intensive overseas factory production, with factories in Uzbekistan and Thailand expected to start production in mid-2024, gradually ramping up to 50,000 and 150,000 units respectively [5]. - The Brazilian factory is projected to begin operations in the first half of 2025, with an annual capacity of 150,000 units [5]. Financial Forecast - The forecasted net profit for BYD from 2024 to 2026 is expected to be 39.896 billion, 50.457 billion, and 57.955 billion yuan respectively [9]. - The projected P/E ratios for 2024, 2025, and 2026 are 20.1, 15.9, and 13.8, respectively, indicating that BYD's valuation is lower than the average of comparable companies [8][10].

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 218 期，总第 1777 期（电子版） 2024 年 11 月 29 日 星期五 货币市场 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3295.7 | -0.43 | | 深证成指 | 10432.54 | -1.26 | | 中小 100 | 6422.04 | -1.28 | | 创业板指 | 2169.8 | -1.76 | | 沪深 300 | 3872.55 | -0.88 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44722.06 | -0.31 | | 纳斯达克 | 19060.48 | -0.6 | | 标普 500 | 5998.74 | -0.38 | | 英国富时 100 | 8281.22 | 0.08 | | 日经 225 | 38107 | -0.63 | | 恒生指数 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 219 期，总第 1778 期（电子版） 2024 年 12 月 2 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3326.46 | 0.93 | | 深证成指 | 10611.72 | 1.72 | | 中小 100 | 6513.02 | 1.42 | | 创业板指 | 2224 | 2.5 | | 沪深 300 | 3916.58 | 1.14 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44910.65 | 0.42 | | 纳斯达克 | 19218.17 | 0.83 | | 标普 500 | 6032.38 | 0.56 | | 英国富时 100 | 8287.3 | 0.07 | | 日经 225 | 38365.01 | 0.41 | | 恒 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 220 期，总第 1779 期（电子版） 2024 年 12 月 3 日 星期二 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3363.98 | 1.13 | | 深证成指 | 10756.55 | 1.36 | | 中小 100 | 6599.98 | 1.34 | | 创业板指 | 2255.5 | 1.42 | | 沪深 300 | 3947.63 | 0.79 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44782 | -0.29 | | 纳斯达克 | 19403.95 | 0.97 | | 标普 500 | 6047.15 | 0.24 | | 英国富时 100 | 8312.89 | 0.31 | | 日经 225 | 39011.89 | 1.3 | | 恒生指数 | 1 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 221 期，总第 1780 期（电子版） 2024 年 12 月 4 日 星期三 一、市场分析 缩量突破 尾盘巨震 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3378.81 | 0.44 | | 深证成指 | 10713.58 | -0.4 | | 中小 100 | 6555.7 | -0.67 | | 创业板指 | 2245.5 | -0.44 | | 沪深 300 | 3951.89 | 0.11 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44705.53 | -0.17 | | 纳斯达克 | 19480.91 | 0.4 | | 标普 500 | 6049.88 | 0.05 | | 英国富时 100 | 8359.41 | 0.56 | | 日经 225 | 39208.54 | -0.1 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 222 期，总第 1781 期（电子版） 2024 年 12 月 5 日 星期四 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3364.65 | -0.42 | | 深证成指 | 10604.01 | -1.02 | | 中小 100 | 6474.54 | -1.24 | | 创业板指 | 2213.41 | -1.43 | | 沪深 300 | 3930.56 | -0.54 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 45014.04 | 0.69 | | 纳斯达克 | 19735.12 | 1.3 | | 标普 500 | 6086.49 | 0.61 | | 英国富时 100 | 8335.81 | -0.28 | | 日经 225 | 39512.69 | 0.6 | | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 223 期，总第 1782 期（电子版） 2024 年 12 月 6 日 星期五 美元离岸人民币 7.2663 0.04 | --- | --- | --- | |--------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3368.86 | 0.13 | | 深证成指 | 10634.49 | 0.29 | | 中小 100 | 6474.51 | 0 | | 创业板指 | 2221.46 | 0.36 | | 沪深 300 | 3921.59 | -0.23 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44765.71 | -0.55 | | 纳斯达克 | 19700.72 | -0.17 | | 标普 500 | 6075.11 | -0.19 | | 英国富时 100 | 8349.38 | 0.16 | | 日经 225 | 39199 ...

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1] Core Insights - Supply expectations are tightening due to ongoing control of crude steel production and structural adjustments in steel products, with a target for over 80% of steel production capacity to achieve ultra-low emissions by 2025 [7][25] - Demand for steel is expected to stabilize, despite a slight decline in total domestic steel demand, with structural adjustments occurring as demand for long products used in real estate construction decreases while demand for flat products used in industrial manufacturing remains stable [7][43] - Cost factors indicate stable supply of iron ore, with new projects expected to increase capacity by 2025, while coking coal prices and utilization rates are declining, leading to a relaxed supply environment [7][81][92] Summary by Sections 1. Market Performance - The steel industry has shown varied performance over 1 month, 3 months, and 12 months, with returns of 1.20%, 26.46%, and 0.50% respectively, compared to the CSI 300 index [2] 2. Supply Side - The industry is implementing strict energy efficiency standards, with a goal for 30% of production capacity to meet benchmark energy efficiency levels by 2025, and a reduction in crude steel production by 2.74% year-on-year as of October 2024 [25][34] - The overall capacity utilization rate for blast furnaces and electric arc furnaces has decreased, reflecting lower production advantages due to falling finished product prices [28] 3. Demand Side - Total steel demand has slightly decreased, with a notable decline in demand for long products and stable demand for flat products, particularly in manufacturing sectors such as shipbuilding, automotive, and home appliances [43][55][67] - Real estate policies are expected to stabilize demand for construction steel, with new construction area declining by 22.67% year-on-year as of October 2024 [48] 4. Cost Side - Iron ore supply remains stable, with a slight decrease in prices, while coking coal and coke prices have also seen declines, indicating a relaxed supply situation [81][92] - The establishment of a resource recycling platform is expected to enhance the utilization rate of scrap steel, with a target of reaching 300 million tons by 2025 [94] 5. Investment Recommendations - The report suggests focusing on leading companies with structural advantages and scale effects, such as Baosteel (600019.SH) and Nanjing Steel (600282.SH), as well as special steel companies with high barriers and added value [103][104]

新周期、新技术、新市场 投资评级：推荐（维持） ——电新公用行业2025年度投资策略报告 华龙证券研究所 电新公用行业 分析师：杨阳 SAC执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 SAC执业证书编号：S0230524080001 邮箱：xuzj@hlzq.com 2024年12月05日 证券研究报告 请认真阅读文后免责条款 相对沪深300表现（2024.12.5) （单位：%） 最近一年市场走势（单位：%） 相关报告 -31% -20% -8% 4% 16% 27% 2023-12 2024-03 2024-07 2024-11 电力设备 沪深300 | --- | --- | --- | --- | |--------------|-------|-------|-------| | | | | | | 表现 | 1M | 3M | 12M | | 电力设备行业 | 0.37 | 31.82 | 12.54 | | 沪深300 | -0.36 | 20.65 | 15.80 | 《东南亚四国反倾销初裁落地，帆石一海风项目推进——电新&公 用行业周报》2 ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 汽车 | | 报告日期： 2024 年 12 月 04 日 | | 小鹏 & | | 零跑交付量创 ...