[Table_Rating] 增持（维持） [◼Table_Summary] 投资要点： [行业Table_Industry] : 食品饮料 日期: shzqdatemark [Table_Author] 分析师: 王慧林 Tel: 15951919467 E-mail: wanghuilin@shzq.com SAC 编号: S0870524040001 分析师: 赖思琪 Tel: 021-53686180 E-mail: laisiqi@shzq.com SAC 编号: S0870524090001 分析师: 袁家岗 Tel: 02153686249 E-mail: yuanjiagang@shzq.com SAC 编号: S0870524090003 2025年01月05日 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -24% -18% -11% -5% 2% 8% 15% 21% 28% 01/24 03/24 05/24 08/24 10/24 12/24 食品饮料 沪深300 [Table_ReportInfo] 相关报告： 《酒企密集经销商大会承上启下，微信小 店助力 ...

国内首款干细胞疗法获批上市，期待商 业化落地 国内首款干细胞疗法获批上市。1月2日，NMPA官网显示，铂生卓越 生物科技（北京）有限公司的干细胞疗法艾米迈托赛获批上市，用于 治疗 14 岁以上消化道受累为主的激素治疗失败的急性移植物抗宿主病 （aGVHD）。艾米迈托赛注射液系人脐带间充质干细胞注射剂。据 Insight 数据库显示，艾米迈托赛早在 2013 年 3 月就在国内递交了 IND 申请，2020 年 6 月首次公示临床试验，在2024年6月12日被CDE纳入 优先审评审批，并于同月25日正式递交NDA申请。这是国内首款获批 上市的干细胞疗法。 移植物抗宿主病是异基因造血干细胞移植后，来源于供者的淋巴细胞 攻击受者组织发生的一类多器官综合征，表现为主要累及皮肤、胃肠 道、肝、肺和黏膜表面的组织炎症、纤维化等。GVHD分为急性 GVHD（aGVHD）、慢性GVHD（cGVHD）和兼具有二者特征的重叠 综合征，是异基因造血干细胞移植术后非复发性死亡的原因之一。防 治GVHD对异基因造血干细胞移植成功、移植后长期生存及提高患者 生活质量有重要意义。 MSC在再生医学和免疫治疗领域有较大潜力，FDA首款在24 ...

冬季服饰销售旺季，关注春节前品牌服 饰表现 ——轻工纺服行业周报 20241230-20250103 一、行情回顾：本周（2024.12.30-2025.01.03），A股 SW纺织服饰行 业指数下跌 4.09%，轻工制造行业下跌 6.46%，而沪深 300 下跌 5.17%，上证指数下跌 5.55%。纺织服装和轻工制造在申万 31 个一级 行业中涨幅排名分别为第 6 位/第 15 位。 二、核心逻辑： 1）纺服行业：我们认为整体消费环境弱复苏的背景下，政策扩内需消 费信心提振，户外经济催热运动服饰销售高景气，建议关注高确定性 机会与细分高增赛道。 品牌服饰：冬季服饰销售旺季，关注春节前品牌服饰销售表现。12 月 圣诞、元旦"双旦"节日气氛浓郁，什么值得买平台中 12 月汉服、新 中式服装 GMV 同比增长 43.19%、84.85%；连衣裙、红色毛衣等"新 年战袍"热度同比增长850%。伴随着春节的临近，淘系电商平台启动 "年货节"，我们认为随着气温逐步下降、叠加新年节日临近，有望推 动品牌冬季服饰销售增长。建议关注的品牌服饰龙头：报喜鸟、海澜 之家、比音勒芬、波司登、锦泓集团。 运动服饰：体育产业已成为助 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 基础化工 | | --- | --- | | 日期: | shzqdatemark 2025年01月03日 | | [Table_Author] 分析师: | 于庭泽 | | SAC 编号: | S0870523040001 | | 联系人: | 王哲 | | SAC 编号: | S0870123040029 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -23% -17% -11% -5% 1% 7% 13% 20% 26% 01/24 03/24 05/24 08/24 10/24 12/24 基础化工 沪深300 [Table_ReportInfo] 相关报告： | 《2025 年制冷剂配额核发公示，顺酐、丁 二烯价格上行 ——基础化工行业周报》 | | --- | | ——2024 年 12 月 25 日 | | 《综合整治内卷式竞争，化工行业供给格 | | 局将得到改善 ——基础化工行业周报》 | | ——2024 年 12 月 19 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The hardware sector is expected to take over from the software sector, becoming a resilient investment during market fluctuations, with AI hardware leaders projected to see valuation recovery to 30X [6] - Xiaomi is building a GPU cluster of over 10,000 cards, representing a significant investment of "hundreds of millions" in costs, with GPU procurement alone costing tens of billions [6] - Xiaomi's AI model technology focuses on lightweight and local deployment, achieving initial results with a model of 1.3 billion parameters that performs comparably to cloud-based models with 6 billion parameters [6] - The "Human-Vehicle-Home Ecosystem" partner conference highlighted Xiaomi's global internet business strategy, emphasizing ecosystem, AI technology, and overseas expansion [6] Summary by Sections Market Review - The Shanghai Composite Index closed at 3400.14 points, with a weekly increase of +0.95% [4] - The AI index closed at 1321.33 points, with a weekly decline of -0.57%, underperforming the broader market [4] Industry Dynamics - New AI consumption scenarios are emerging, with recommendations to focus on companies like Hengxuan Technology, Sitaiwei, and Doctor Glasses [7] - The PCB sector is benefiting from the Nvidia and Apple supply chains, with suggested companies including Dongshan Precision, Pengding Holdings, and Shiyun Circuit [7] - The optical module market is seeing a competitive landscape with recommendations for companies like Xinyi Sheng and Zhongji Xuchuang [7] - The satellite internet sector is highlighted, with a focus on domestic and overseas developments, recommending companies like Xinwei Communication [7]

| --- | --- | --- | |-------------------------------------------------------------|-----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Stock] 比亚迪（002594） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年01月02日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | --- | |-----------------------------|----------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 271.10 | | 12mth A 股价格区间（元） | 167.00- 327.38 | | 总股本（百万股） | 2,909.27 | | 无限售 A 股 / 总股本 | 39.96% | | 流通市值（亿元） | 6,128.10 | [最Table_QuotePic] 近一年股票与沪深 300 比较 -13% -3% 8% 19% ...

[Table_Stock] 长城汽车（601633） | --- | |-------| | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年01月02日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | |-------| | | | | | | | | | | | | | | | | [Table_QuotePic] 最近一年股票与沪深 300 比较 | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 26.33 | | 12mth A 股价格区间（元） | 19.87-32.03 | | 总股本（百万股） | 8,550.11 | | 无限售 A 股 / 总股本 | 72.36% | | 流通市值（亿元） | 2,239.55 | -19% -13% -7% 0% 6% 1 ...

Investment Rating - The report maintains a "Buy" rating for the humanoid robot industry, indicating a positive outlook for investment opportunities in this sector [34]. Core Insights - The humanoid robot industry is experiencing significant catalysts, accelerating the commercialization process. 2024 is projected to be a pivotal year for the commercial rollout of humanoid robots, with a focus on domestic component manufacturers benefiting from this trend [69]. - OpenAI is actively investing in the physical robotics sector, having restarted its internal robot development team and invested in several robotics companies, showcasing a commitment to advancing humanoid robot capabilities [4][67]. - The introduction of advanced models like the ERA-42 and GoMate highlights the industry's shift towards more sophisticated and versatile humanoid robots, capable of performing complex tasks without pre-programming [4][68]. Summary by Sections Market Review - The mechanical industry saw a decline of 1.18% from December 23 to December 27, 2024, ranking 19th among all primary industries. The engineering machinery sector showed a positive trend with a 1.95% increase [74][75]. - Notable stock performances included Changsheng Bearing (+49.44%) and Weichai Heavy Machinery (+45.91%), while Huizhou Intelligent (-30.13%) and Baota Industrial (-26.11%) faced significant declines [100]. Industry High-Frequency Data Tracking - In November 2024, excavator sales reached 18,000 units, a year-on-year increase of 17.9% and a month-on-month increase of 4.8% [14]. - Industrial robot production in November 2024 was 54,000 units, reflecting a year-on-year growth of 47.4% [16]. - The sales of new energy vehicles in November 2024 were 1.512 million units, marking a year-on-year increase of 47.4% [43]. Industry News and Announcements - Chongqing has introduced special measures to support the innovation and development of embodied intelligent robots, launching projects to gather national demand for technological advancements [3][87]. - The report emphasizes the importance of monitoring upcoming events related to humanoid robots, including updates on Optimus and achievements from domestic and international manufacturers [69].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is a leader in thermal management and is accelerating its international expansion, entering a new phase of growth after over 40 years in the industry. It has established a localized manufacturing and global operation system with 23 factories or subsidiaries around major clients globally [9][54]. - The company is expanding into new application areas, including the second curve in passenger vehicle new energy sectors and the third curve in digital energy, while also exploring the fourth curve in artificial intelligence [5][9]. - The company has shown strong revenue growth, with a projected revenue of 129.05 billion yuan in 2024, representing a year-on-year increase of 17.13% [6][11]. Summary by Sections 1. Thermal Management Leadership and International Expansion - The company has maintained its position as the leading domestic producer of heat exchangers for over a decade and is now focusing on internationalization and technological leadership [42]. - Revenue from heat exchangers has grown at a CAGR of 23.28% from 2020 to 2023, with significant contributions from the new energy passenger vehicle sector [49]. - The company has implemented a stock incentive plan to motivate employees, with performance targets set for the years 2022 to 2025 [51][53]. 2. New Energy Sector Growth - The new energy vehicle market is rapidly expanding, with a projected CAGR of 28.40% for the thermal management market from 2022 to 2025, expected to exceed 100 billion yuan by 2025 [9][61]. - The company has secured numerous orders in the new energy sector, including projects with major clients like BYD and CATL [9][34]. - The integration of modular technology has enhanced the company's competitive edge, leading to significant revenue growth in the new energy segment [73]. 3. Digital Energy and AI Business Development - The company is developing its digital energy business, which includes data center thermal management and energy storage solutions, with a projected market size of 15.5 billion yuan in 2023 [34]. - The establishment of an AI product department aims to explore opportunities in chip cooling and humanoid robotics, contributing to long-term growth [34][35]. - The company is also focusing on enhancing its supply chain globally, ensuring the availability of key materials for production [54]. 4. Financial Performance and Projections - The company reported a revenue of 110.18 billion yuan in 2023, a year-on-year increase of 29.93%, with a net profit of 6.12 billion yuan, up 59.71% [9][11]. - Projections for 2024 to 2026 indicate continued growth, with revenues expected to reach 189.82 billion yuan by 2026, and net profits projected at 14.28 billion yuan [6][11]. - The company's PE ratios for 2024, 2025, and 2026 are estimated at 18.91, 14.02, and 11.12, respectively, indicating a favorable valuation trend [11].