Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The mechanical equipment industry is experiencing a surge in interest from both domestic and international players, with significant advancements in humanoid robotics and related technologies. The commercialization of humanoid robots is expected to accelerate, presenting investment opportunities in the supply chain [5][6] Summary by Relevant Sections Industry Overview - The mechanical equipment sector is currently witnessing a robust growth trend, with a notable increase in the number of entrants into the humanoid robotics market. Key players include domestic companies like Huawei, ByteDance, BYD, Xiaomi, and GAC, as well as international firms such as Tesla and Figure AI [5] Market Trends - The report highlights a clear trend towards the industrial application of humanoid robots, which is becoming a highly certain application trend both domestically and internationally. The commercialization of humanoid robots is anticipated to be realized soon, suggesting a favorable outlook for related component manufacturers [5] Investment Recommendations - The report suggests focusing on various segments within the humanoid robotics supply chain, including: - Assemblies: Sanhua Intelligent Controls, Top Group - Sensors: Donghua Testing, Amperelong, Hanwei Technology - Reducers: Greelish Harmonic, Shuanghuan Transmission, Zhongdali De - Screws: Beite Technology, Best, Hengli Hydraulic - Motors: Mingzhi Electric - Equipment: Qin Chuan Machine Tool, Huachen Equipment, Rifa Precision Machinery - Additionally, companies in the Huawei supply chain such as Tuosida, Zhaowei Electromechanical, Zhongjian Technology, Hechuan Technology, and Aifute are recommended for attention [6]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [10] Core Views - The upcoming release of the NVIDIA B300 series processors is expected to provide long-term benefits to the AI equipment supply chain, with significant improvements in energy efficiency and performance [4][16] - The copper cable and connector markets are projected to benefit from structural changes, with DAC and AEC markets expected to grow at compound annual growth rates of 25% and 45% respectively from 2024 to 2028 [5][17] - The importance of liquid cooling solutions is increasing, driven by the need for better energy efficiency and heat dissipation in high-performance servers [5][18] Summary by Sections Market Performance - In the past week (December 30, 2024 - January 5, 2025), the Shanghai Composite Index and Shenzhen Component Index fell by 5.55% and 7.16% respectively, while the CITIC Communication Index decreased by 6.93%, ranking 26th among 30 primary industries [12][13] Key Developments - The B300 series processors will utilize TSMC's 4NP process, offering a 50% performance increase over the B200 series and a total design power (TDP) of 1400 watts [4][16] - The report highlights the potential for domestic manufacturers in the copper connector market to gain market share as they leverage local understanding and cost advantages [5][17] Investment Recommendations - The report suggests focusing on specific companies within the communication sector, including: - Copper/Cable Connectors: Wolong Materials, Shenyu Co., Zhaolong Interconnect, Huafeng Technology, Yihua Co. - Optical Chips: Yuanjie Technology, Guangxun Technology, Shijia Photonics, Changguang Huaxin - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Cambridge Technology, Huagong Technology - Liquid Cooling: Invec, Highlan, Kexin Innovation Source, Ruixin Technology - AI Power Supply: Magmi, Oulu Tong, Feirongda [19]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4][32]. Core Viewpoints - The basic chemical index decreased by 7.79% over the past week, underperforming the CSI 300 index by 2.62 percentage points, ranking 18th among all sectors [2][11]. - Several chemical companies are actively reducing production due to weak demand and intense competition, leading to project delays [3]. - International oil prices have been fluctuating upwards, with WTI crude oil priced at $73.56 per barrel and Brent crude at $76.30 per barrel as of January 6 [3]. Market Trends - The basic chemical sector's performance was poor, with sub-sectors like inorganic salts and non-metal materials showing declines of 4.36% and 4.44% respectively [13]. - The top five products with price increases included international naphtha (5.42%) and butadiene (4.59%), while liquid chlorine saw the largest drop at -26.13% [19][22]. Investment Recommendations - Key areas of focus include: 1. Refrigerant sector, with companies like Jinshi Resources and Juhua Co. recommended [4][32]. 2. Chemical fiber sector, with suggestions to monitor Huafeng Chemical and New Fengming [4][32]. 3. Quality growth stocks such as Blue Sky Technology and Shengquan Group [4][32].

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Insights - The machinery industry has shown a decline of 8.12% in the past week, ranking 22nd among all primary industries [3][14] - The report highlights a significant increase in railway investment, with a fixed asset investment of 850.6 billion yuan in 2024, representing a year-on-year growth of 11.3% [4][59] - The demand for railway equipment is expected to remain strong due to planned investments of 590 billion yuan in 2025 [5] - The report notes a steady increase in forklift sales, with November sales reaching 105,000 units, a year-on-year increase of 5% [7] - The report suggests focusing on companies in the engineering machinery sector, such as Sany Heavy Industry and Zoomlion, as well as general equipment manufacturers like Anhui Heli and Hangcha Group [8] Summary by Sections Market Review - The machinery sector has underperformed, with specific declines in various sub-sectors, including a 3.43% drop in engineering machinery and a 10.24% drop in instruments and meters [15][18] Industry High-Frequency Data Tracking - The manufacturing PMI for December 2024 is reported at 50.1%, indicating a slight decrease [19] - Forklift sales in November 2024 show a year-on-year increase of 5.1% [20] - Excavator sales in November 2024 reached 18,000 units, up 17.9% year-on-year [20] Investment Recommendations - The report recommends monitoring companies in the engineering machinery sector, general equipment, and emerging technologies such as humanoid robots and semiconductor equipment [8][9] Industry News and Announcements - China Railway Group announced a significant increase in railway construction, with 3,113 kilometers of new lines completed in 2024 [4][59] - China CRRC signed contracts totaling approximately 69.35 billion yuan for various railway equipment and maintenance services [60][61]

周观点：微软今年将在 AIDC 方面投入 800 亿美元，关注 CES 消费电子展 AI 技术 ——先进科技主题周报 20241230-20250105 【市场回顾】 ◆ 本周上证指数报收 3211.43 点，周涨跌幅为-5.55%；深证成指报 收 9897.12 点，周涨跌幅为-7.16%；创业板指报收 2015.97 点， 周涨跌幅为-8.57%；沪深 300 指数报收 3775.16 点，周涨跌幅为 -5.17%。中证人工智能指数报收 1177.4 点，周涨跌幅-10.89%， 板块与大盘走势一致。 【科技行业观点】 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年01月07日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -22% -14% -6% 2% 11% 19% 27% 35% 43% 01/24 03/24 05/24 08/24 10/24 ...

国常会聚焦城市更新，北新建材股权激 励发布彰显发展信心 ——建筑材料行业周报（20241230-20250103） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 2025 首场国常会，聚焦研究推进城市更新。2025 年 1 月 3 日召开的国常 会上，提出要研究推进城市更新工作，加快推进城镇老旧小区、街区、厂 区和城中村改造，加强城市基础设施建设改造，完善城市功能，修复城市 生态系统，保护和传承城市历史文化等。同时，会议强调，资金方面，加 强用地、资金要素保障，完善市场化融资方式，吸引社会资本参与；可持 续发展方面，支持各地因地制宜，建立全面可持续的城市更新机制。从融 资模式来看，拆除重建及有机更新类的城市更新项目，由于其资金需求较 高，因此对于经营性较强、收益性清晰的项目，或宜采用市场化融资方式 引入社会资本。我们认为，城市更新项目是重大民生工程，也是扩大内需 的重要抓手，"十四五"规划显示到 2025 年底前要建成 21.9 万个城镇老 旧小区改造，因此可以关注包括防水、涂料、地下管网等受益方向。 平板玻璃：过去一周（2024.12.30-2025.1.3）全国浮 ...

[Table_Rating] 增持（维持） [Table_Summary] | [行业Table_Industry] : | 汽车 | | --- | --- | | 日期: | shzqdatemark 2025年01月06日 | | [Table_Author] 分析师: | 仇百良 | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | | 分析师: | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号: | S0870523100001 | [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -17% -11% -5% 1% 7% 12% 18% 24% 30% 01/24 03/24 05/24 08/24 10/24 01/25 汽车 沪深300 [Table_ReportInfo] 相关报告： 《发改委设立"低空司"，助力 25 年低空经 济加速》 ——2025 年 01 月 02 日 《本田日产官宣合并，发改委低空经济司 正式成立》 ——2024 年 12 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年01月06日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -26% -19% -11% -3% 4% 12% 20% 27% 35% 01/24 03/24 05/24 08/24 10/24 01/25 电子 沪深300 [Table_ReportInfo] 相关报告： 《小米"人车家全生态"合作伙伴大会召 开，消费者更换 AI 手机意愿强劲》 ——2024 年 12 月 30 日 《周观点：字节召开火山引擎冬季 Force 原动力大会，OpenAI 推出推理系列模型 o3》 ——2024 年 12 月 26 日 《2025 年中国大陆 PC 市场有望延续复苏 趋势，全球 VR&MR 产业稳步发展》 ——2024 年 12 月 24 日 闻泰科技或将全面分离产品集成业务， 英诺赛科正式登陆港交所 ——电子行业周 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 市场回顾 | : | [行业Table_Industry] 计算机 | | --- | --- | | 日期: | shzqdatemark 2025年01月06日 | | 分析师: | [Table_Author] 吴婷婷 | | Tel: | 021-53686158 | | --- | --- | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 《AI 算力持续景气，液冷市场空间广阔》 ——2024 年 12 月 31 日 《国产大模型超预期，人工智能+政策持续 推进》 ——2024 年 12 月 31 日 《国产大模型豆包崛起，重视国产算力产 业链》 ——2024 年 12 月 24 日 CES 2025 前瞻：聚焦端侧 AI 加速落地 ——计算机行业周报（2024.12.30—2025.1.3） 过去一周（12.30-1.3）上证综指下跌 5.55%，创业板指下跌 8.57% ...

[Table_Stock] 可川科技（603052） 稳固功能性器件基本盘，拓展复合集流 体第二极 ——可川科技深度报告 新业务与传统业务协同 ，多行并举再增长。可川科技创立之初专注于 功能性器件业务，精准定位消费电子电池类产品，15 年横向拓展新能 源动力电池领域及笔记本电脑领域。之后业绩稳健增长，2018-2022 年营收、归母净利润复合增长率分别为 22.61%、20.18%。2023 年公 司在夯实主业的同时不断拓展新兴业务，先后设立可川新材料，英特 磊子公司，分别聚焦复合集流体研发，光模块、激光传感器业务。 功能性器件基本盘稳固，伴消费电子、新能源产业趋势同步增长。功 能性器件是非标产品，需要与客户共同完成产品开发设计方案，同时 作为智能手机、动力电池等主产品的关键辅料，其质量的稳定性直接 决定了主产品能否正常使用，对产品可靠性要求较为严格，下游客户 粘性较强。公司顺应产业趋势，进一步巩固业绩基本盘。1）消费电子 去库周期临近尾声，AI助力手机、AI PC等产品更替，MR 眼镜、AI耳 机等硬件落地有望中期维持高景气；2）动力电池伴随新能源车稳定高 增， GGII 统计 2024 年 1-8 月国内 ...