Investment Rating - The industry investment rating is "Recommended (Maintain)" [3] Core Views - The report highlights stable growth in electricity production, with November industrial electricity generation reaching 749.5 billion kilowatt-hours, a year-on-year increase of 0.9% [3] - Cumulatively, from January to November, industrial electricity generation totaled 856.87 billion kilowatt-hours, reflecting a year-on-year growth of 5.0% [3] - In November, the growth rates of various electricity generation types showed mixed trends, with nuclear power generation accelerating at a growth rate of 3.1%, while wind power saw a decline of 3.3% [3] - Total electricity consumption in November was 784.9 billion kilowatt-hours, with a year-on-year increase of 2.8%, although the growth rate decreased by 1.53 percentage points compared to the previous month [3] Summary by Sections Electricity Generation - In November, the growth rates for thermal power and solar power generation decreased, while nuclear power generation accelerated. Specifically, thermal power grew by 1.4%, down 0.4 percentage points from October, and solar power increased by 10.3%, down 2.3 percentage points from October [3] - The report indicates that the electricity generation from hydropower decreased by 1.9%, but the decline was less severe than in October, which saw a 13.0% drop [3] Electricity Consumption - The report notes that electricity consumption growth rates across various industries slowed down in November. The primary industry saw a consumption of 10.4 billion kilowatt-hours, up 7.6% year-on-year, while the secondary industry consumed 539.9 billion kilowatt-hours, reflecting a 2.2% increase [3] - The tertiary industry consumed 138.3 billion kilowatt-hours, with a year-on-year growth of 4.7%, but the growth rate decreased by 3.66 percentage points compared to the previous month [3] Investment Recommendations - The report suggests focusing on specific companies within the industry, including Huadian International, Guodian Power, and Datang Power in the thermal and new energy sectors, as well as Huaneng Hydropower and China Nuclear Power in the hydropower and nuclear sectors respectively [3]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [8] Core Viewpoints - The launch of the extended-range version of the Zhijie R7 is expected to significantly boost vehicle sales, marking the beginning of a product-rich year for Hongmeng Zhixing in 2025 [8] - The R7 extended-range version features Huawei's Snow Owl intelligent silent range extension technology, optimizing power balance, NVH, and energy consumption [8] - The vehicle is equipped with a new generation DriveONE three-in-one motor with a maximum speed of 16,000 rpm and a power generation efficiency exceeding 92% [8] - The engine achieves a thermal efficiency of 44.5%, and the vehicle includes advanced noise control technologies [8] - The R7 extended-range model is designed to alleviate range anxiety for users compared to pure electric models, with significant sales potential anticipated [8] Summary by Relevant Sections Recent Developments - On December 19, 2024, Huawei collaborated with four automakers, including Seres and Chery, to launch the Zhijie R7 extended-range version, priced between 249,800 and 289,800 yuan, with deliveries starting on January 5, 2025 [8] Market Outlook - The first-tier intelligent driving capabilities are expected to drive sales growth for Hongmeng Zhixing vehicles in 2025, as the company has become the first in China to implement an end-to-end intelligent driving system [8] - By the end of November 2024, the total mileage of intelligent driving reached over 1 billion kilometers, with significant user engagement [8] Investment Recommendations - The report suggests focusing on companies benefiting from Huawei's intelligent driving capabilities, including Seres, Changan Automobile, JAC Motors, and BAIC Blue Valley [8]

Market Analysis - The market experienced a general rise, with the ChiNext Index leading the gains, closing up 1.35% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 90.5 billion yuan compared to the previous trading day [3] - Over 3,500 stocks rose, with more than 150 stocks hitting the daily limit or rising over 10% [4] Sector Performance - Consumer stocks saw significant gains across various sectors, including retail, ice and snow industry, food, and home furnishings [5][6] - The financial sector showed a brief rally, while robotics stocks exhibited mixed performance [5] Financing Data - As of December 11, the financing balance on the Shanghai Stock Exchange was 959.167 billion yuan, an increase of 2.518 billion yuan from the previous trading day; the Shenzhen Stock Exchange's financing balance was 912.601 billion yuan, up by 2.844 billion yuan, bringing the total to 1.871768 trillion yuan, an increase of 5.362 billion yuan [9] Investment Insights - The market is experiencing a resurgence in themes, particularly in consumer sectors, which is boosting market sentiment and trading volume, indicating a favorable environment for investment [10] - The electric vehicle battery sector is poised for growth, with a projected increase in battery shipments from 816.6 GWh in 2024 to 1860.5 GWh by 2028, reflecting a compound annual growth rate of 22.9% [11] Key News - The launch of the first intelligent connected bus in Jinan marks a significant step in the adoption of autonomous driving technology, which is expected to drive new business models and social benefits [13] - The ice and snow sports sector is becoming a vital force in driving economic consumption and tourism recovery, with a projected market size of 1.2 trillion yuan by 2027 [13]

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 229 期，总第 1788 期（电子版） 2024 年 12 月 16 日 星期一 沪深指数 收盘(点) 涨跌幅(%) 上证指数 3391.88 -2.01 中小 100 6520.1 -1.99 创业板指 2235.26 -2.48 一、市场分析 指数区间震荡 情绪再回谨慎 | --- | --- | --- | |--------------|--------------|-----------| | 沪深 300 | 3933.18 | -2.37 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43828.06 | -0.2 | | 纳斯达克 | 19926.72 | 0.12 | | 标普 500 | 6051.09 | 0 | | 英国富时 100 | 8300.33 | -0.14 | | 日经 225 | 39577.28 | 0.27 | | 恒生指数 | 19971.24 | -2.09 | | --- | --- | --- | |----------- ...

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 230 期，总第 1789 期（电子版） 2024 年 12 月 17 日 星期二 货币市场 美元兑日元 154.2835 0.08 | --- | --- | --- | |--------------|---------------------|-----------| | | 沪深指数 \n收盘(点) | 涨跌幅(%) | | 上证指数 | 3386.33 | -0.16 | | 深证成指 | 10573.92 | -1.3 | | 中小 100 | 6414.11 | -1.63 | | 创业板指 | 2201.53 | -1.51 | | 沪深 300 | 3911.84 | -0.54 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43717.48 | -0.25 | | 纳斯达克 | 20173.89 | 1.24 | | 标普 500 | 6074.08 | 0.38 | | 英国富时 100 | 8262.05 | -0.46 | | 日经 225 | 3 ...

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 231 期，总第 1790 期（电子版） 2024 年 12 月 18 日 星期三 欧元兑美元 1.0501 0.09 美元兑日元 153.7048 0.15 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3361.49 | -0.73 | | 深证成指 | 10537.43 | -0.35 | | 中小 100 | 6413.61 | -0.01 | | 创业板指 | 2201.18 | -0.02 | | 沪深 300 | 3922.03 | 0.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43449.9 | -0.61 | | 纳斯达克 | 20109.06 | -0.32 | | 标普 500 | 6050.61 | -0.39 | | 英国富时 100 | 8195.2 | -0.81 | ...

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 232 期，总第 1791 期（电子版） 2024 年 12 月 19 日 星期四 沪深指数 美元离岸人民币 7.3231 -0.02 欧元兑美元 1.0366 0.15 | --- | --- | --- | |--------------|--------------|-----------| | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3382.21 | 0.62 | | 深证成指 | 10584.27 | 0.44 | | 中小 100 | 6447.06 | 0.52 | | 创业板指 | 2202.14 | 0.04 | | 沪深 300 | 3941.89 | 0.51 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42326.87 | -2.58 | | 纳斯达克 | 19392.69 | -3.56 | | 标普 500 | 5872.16 | -2.95 | | 英国富时 100 | 8199.11 | 0.05 | | 日经 225 | ...

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1] Core Viewpoints - The report highlights a recovery in industrial metal demand supported by ongoing policy efforts, with a focus on the resilience of the investment and industrial sectors [1] - Economic indicators show a mixed recovery, with fixed asset investment (excluding rural households) growing by 3.3% year-on-year, retail sales increasing by 3%, and industrial value-added output rising by 5.4% year-on-year [1] - The report anticipates that the combination of fiscal and monetary policies will drive industrial metal demand growth in 2025, particularly for copper and aluminum [1] Summary by Sections Economic Indicators - In November, fixed asset investment grew by 3.3% year-on-year, retail sales increased by 3%, and industrial value-added output rose by 5.4% year-on-year [1] - Real estate development investment decreased by 10.4% year-on-year, indicating challenges in that sector [1] Policy Outlook - The central economic work conference set the tone for 2025, emphasizing a more proactive fiscal policy and moderately loose monetary policy [1] - The report expects fiscal measures to include increased fiscal deficit rates and the issuance of long-term special bonds to stimulate economic growth [1] Industry Recommendations - The report suggests focusing on leading companies in the industrial metals sector, including Zijin Mining (601899.SH), Western Mining (601168.SH), Nanshan Aluminum (600219.SH), and China Aluminum (601600.SH) [1][4] - The anticipated recovery in investment and industrial sectors is expected to benefit industrial metals, with a recommendation to monitor these leading companies closely [1]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The electric new energy sector experienced a decline of 2.15% from December 9 to December 15, ranking 30th among 31 industries, while the public utility sector saw a slight decrease of 0.15%, ranking 17th [1][14] - The central economic work conference emphasized the need to regulate "involutionary" competition and promote technological innovation to develop a modern industrial system, which is expected to rationalize prices in the photovoltaic industry [1][28] - The Yangjiang Fanshi No.1 1GW offshore wind project has announced successful bids for submarine cable laying projects, indicating a potential acceleration in domestic offshore wind construction and increased export opportunities [1][28] - The national energy work conference highlighted plans to approve key power interconnection projects by 2025, which is expected to boost domestic grid investment [1][28] Summary by Sections 1. Market Review - The electric new energy sector's performance was -2.15%, while the public utility sector was -0.15% during the specified week [14] 2. Key Industry Dynamics 2.1 Industry News - The central economic work conference aims to address "involutionary" competition and accelerate the construction of new energy bases [28] - The Yangjiang Fanshi No.1 offshore wind project has awarded contracts for submarine cables, with significant project values [30] - The national energy work conference plans to approve several key power interconnection projects by 2025 [28] 2.2 Company Announcements - Xiwanda signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy to develop solid-state battery materials [34] - Guoxuan High-Tech plans to invest in new energy battery production bases in Slovakia and Morocco, with total investments not exceeding €12.34 billion and €12.8 billion respectively [34] 3. Industry Tracking - The report tracks the performance of various sectors within the electric new energy industry, including photovoltaic and wind energy, highlighting price trends and production capacity [9][28]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The report highlights the ongoing development of the Fancheng Yuhai Wind Project and the empowerment of low-altitude economic development through meteorological data [1] - The photovoltaic industry is expected to see price rationalization due to policy adjustments and supply-demand improvements, following the central economic work conference's emphasis on curbing "involution" competition [1][28] - The wind power sector is witnessing accelerated project progress, with the recent announcement of successful bids for submarine cable projects related to the Yangjiang Fancheng Yuhai offshore wind project [1][30] - The report indicates a robust outlook for the power equipment sector, driven by domestic investment growth and high overseas demand [1][28] Summary by Sections 1. Market Review - From December 9 to December 15, 2024, the Shenwan Electric New Energy sector declined by 2.15%, ranking 30th among 31 industries, while the Public Utilities sector fell by 0.15%, ranking 17th [14][1] - The Shanghai Composite Index decreased by 1.01% during the same period [14] 2. Key Industry Dynamics 2.1 Industry News - The central economic work conference emphasized the need for technological innovation and the establishment of a modern industrial system, aiming to regulate local government and enterprise behaviors [28] - The Yangjiang Fancheng Yuhai offshore wind project has announced successful bids for submarine cable projects, with total bid amounts of approximately 9.1 billion yuan and 8.0 billion yuan [30] - The National Energy Administration plans to approve the construction of key power interconnection projects by 2025, enhancing the energy transmission network [30] 2.2 Company Announcements - Xiwanda signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy to develop solid-state battery materials [34] - Guoxuan High-Tech plans to invest in new energy battery production bases in Slovakia and Morocco, with total investments not exceeding 12.34 billion euros and 12.8 billion euros, respectively [34] 3. Industry Tracking - The report tracks the price trends of various components in the photovoltaic industry, indicating fluctuations in material costs [9] - It also monitors the installation and bidding activities in the wind power sector, highlighting the growth in installed capacity [9] 4. Investment Recommendations - The report suggests focusing on leading companies in the photovoltaic sector such as Tongwei Co., Longi Green Energy, Trina Solar, and JinkoSolar, as well as strong inverter manufacturers like Sungrow Power Supply and DeYe Shares [3] - In the wind power sector, it recommends companies like Dajin Heavy Industry and Oriental Cable [3]