Investment Rating - The industry investment rating is "Overweight (Maintain)" indicating a positive outlook on the industry fundamentals relative to the market benchmark index over the next 12 months [18][20]. Core Insights - The report emphasizes the ongoing development of the "Doubao" model, with significant user demand growth, as evidenced by a 33-fold increase in daily token usage to over 4 trillion and a monthly active user count nearing 60 million, making it the second-largest globally after OpenAI's ChatGPT [36][60]. - The report highlights the importance of hardware investment and the continuous expansion of computing power infrastructure, with ByteDance planning to invest 80 billion yuan in 2024, slightly below the combined capital expenditures of BAT companies [11][43]. - The report identifies key investment opportunities in the copper interconnection and optical communication sectors, suggesting that both technologies will coexist and drive industry growth [3][29]. Summary by Sections Industry Overview - The report discusses the trend of copper interconnection for short-distance communication, highlighting its low power consumption and cost-effectiveness, with companies like Google and Dojo adopting DAC&AEC solutions [3][29]. - Optical communication is noted for its long-distance transmission capabilities, maintaining signal quality and resistance to electromagnetic interference, indicating a complementary relationship with copper interconnection [3][29]. Hardware Investment - ByteDance's capital expenditure for 2024 is projected at 80 billion yuan, with plans for further expansion in 2025, showcasing flexibility in investment due to its non-public status [11][43]. - The establishment of computing power centers in Inner Mongolia and plans for a regional AI center in Malaysia with an investment of 10 billion ringgit (approximately 2.1 billion USD) reflect a global strategy for infrastructure development [11][43]. Market Demand and Product Development - The report notes the significant demand for AI/ML backend networks, predicting the RDMA market size to grow from 6 billion USD in 2023 to 22 billion USD by 2028, which will drive the expansion of Ethernet switches [3][29]. - New product launches in the AI sector, including smart devices and upgraded models, are expected to open new market opportunities, particularly in the AI-enabled smart terminal market [21][58]. Competitive Landscape - The report acknowledges the competitive pressures from both domestic and international players, emphasizing the need for strong R&D and innovation capabilities to keep pace with rapid technological advancements [15].

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [12][17] Core Viewpoints - The textile and apparel industry is experiencing a weak recovery in the overall consumption environment, with policies aimed at boosting domestic demand and consumer confidence. The outdoor economy is driving high demand for sportswear, suggesting a focus on high-certainty opportunities and high-growth segments [1][13] - The textile manufacturing sector is expected to grow long-term due to manufacturing overseas, market share increases, and enhanced core competitiveness. Companies to watch include Huali Group, Weixing Co., and Xin'ao Co. [2][16] - The light industry is seeing improved expectations due to real estate recovery and the effectiveness of the old-for-new policy, with strong consumer enthusiasm in home furnishings. The furniture retail sector showed a 10.5% year-on-year growth in November [4][16] Summary by Relevant Sections Textile and Apparel - The overall retail sales of clothing and related products remained stable, with a total retail sales amount of 44.27 trillion yuan from January to November 2024, up 3.5% year-on-year. Online retail sales of clothing increased by 2.8% [2][4] - Key brands to focus on include Baoxini, Hailan Home, Biyinlefen, Bosideng, and Jin Hong Group [1][16] Light Industry - The furniture retail sector recorded a total of 190 billion yuan in sales in November, reflecting a 10.5% year-on-year increase. The retail sales of furniture from January to November 2024 reached 1.505 trillion yuan, up 2.9% [4][16] - Recommended companies in the home furnishing sector include Oppein Home, ZBOM, and KUKA Home [4][16] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with intensified competition among leading cross-border e-commerce platforms. Companies to watch include Pinduoduo, SHEIN, and Anker Innovations [4][16]

Investment Rating - The report suggests a positive outlook for the food and beverage industry, particularly highlighting structural opportunities in high-end liquor and snack sectors [4][42]. Core Insights - The introduction of the "gift-giving" feature on WeChat's mini-store is expected to enhance the social aspect of snack consumption, leading to significant sales growth for companies like Salted Fish and Three Squirrels, with reported daily transaction volumes and new user growth surging over 500% during initial testing [2][14]. - The report emphasizes the importance of adapting to consumer demand across various segments, recommending attention to companies that are effectively navigating these changes, such as Luzhou Laojiao and Qingdao Beer [4][42]. Summary by Sections Weekly Insights and Investment Recommendations - The report highlights the potential for growth in the snack sector due to new marketing strategies and product offerings, particularly through e-commerce channels [2][14]. - It recommends focusing on companies with strong demand in essential goods and structural opportunities, such as Luzhou Laojiao and Jinshiyuan in the liquor sector [4][42]. Market Performance Review - The food and beverage sector ranked 11th among 31 primary industries, with notable performance in dairy, beer, and snacks, which saw increases of 1.69%, 1.19%, and 0.75% respectively [22][45]. - The overall valuation of the food and beverage sector stands at 21.09x, placing it 21st among primary industries [24][48]. Key Industry Data Tracking - As of December 27, 2024, the wholesale reference prices for premium liquor such as Moutai and Wuliangye were reported at 2290 RMB and 950 RMB respectively, with a notable decline in liquor production by 15.20% year-on-year [29][52]. - The beer production in November 2024 reached 169.50 million liters, reflecting a year-on-year growth of 5.70% [29][53]. Cost and Packaging Data Tracking - The average wholesale price for pork was reported at 22.17 RMB per kilogram as of December 27, 2024, indicating ongoing trends in meat pricing [61][62]. - The report also tracks significant commodity prices, including soybeans at 3964.21 RMB per ton and crude oil at 74.25 USD per barrel [61][62].

Investment Rating - The industry investment rating is maintained at "Overweight" [22][26]. Core Viewpoints - The GLP-1 drug market has significant potential both globally and domestically, with the global market projected to reach hundreds of billions by 2030 and the domestic market exceeding 20 billion yuan [21][22]. - The development focus is shifting towards long-acting, multi-target, and oral drug formulations, which provide more options for patients and could disrupt the current market dominated by large molecule peptide drugs [21][22]. - The report highlights the increasing competition in the GLP-1 small molecule oral drug market, with several Chinese pharmaceutical companies actively engaged in clinical development [21][22]. Summary by Sections - **Market Potential**: The global market for weight loss indications is expected to reach 100 billion USD by 2030, while the domestic market could exceed 20 billion yuan. Considering type 2 diabetes and other indications, the international market could reach 200 billion USD, and the domestic market could reach 50 billion yuan [21][22]. - **Research and Development Trends**: The core direction of R&D is towards long-acting, multi-target, and oral drugs. Oral formulations are seen as a way to enhance patient compliance and market competitiveness [21][22]. - **Clinical Development**: As of June 2024, there are 17 small molecule GLP-1 drugs in clinical stages globally, with significant involvement from Chinese companies [21][22]. - **Recent Collaborations**: Notable partnerships include Hansoh Pharma's agreement with Merck for HS-10535, and Heng Rui Medicine's licensing of GLP-1 drugs to Hercules, indicating strong interest and investment in this sector [23][24].

Industry Investment Rating - Overweight (maintained) [3] Core Views - The long-term logic of increasing medical aesthetics penetration rate remains unchanged [5] - The cosmetics channel end faces traffic differentiation, and brand end competition intensifies [5] - Leading domestic brands are expected to continue leading due to advantages in brand, channel, product, and operations [5] Company Highlights Moyo Biotech - Moyo Biotech's "Youfulan® Hydroxyapatite Microsphere Facial Filler" received the highest-risk medical device certification from Mexico's COFEPRIS on December 23 [3] - This product features an innovative "raspberry-like" porous structure of hydroxyapatite microspheres, with precise degradation control within 12±1 months [3] - Latin America is an important emerging market for medical aesthetics devices, with the medical aesthetics market exceeding $710 million in 2021 [3] Wuzhong Aesthetics - Wuzhong Aesthetics recently obtained medical device registration certificates for three Class II medical devices: recombinant collagen sterile liquid dressing, recombinant collagen liquid dressing, and recombinant collagen dressing [4] - These products are mainly used for non-chronic wound care by forming a protective layer on the wound surface [4] - In January 2024, Wuzhong Aesthetics' AestheFill, a polylactic acid facial filler, became the first "baby face needle" product approved in China [4] Investment Recommendations Medical Aesthetics Sector - Focus on companies with strong R&D pipelines and market performance, such as Giant Biogene, Imeik Technology, Jinbo Biotech, Jiangsu Wuzhong, Huadong Medicine, Beauty Farm Medical Health, and Langzi Co [5] Cosmetics Sector - Pay attention to leading domestic brands like Maogeping, Proya, and Shanghai Jahwa, as well as companies with strong growth potential in specific niches, such as Kose Corporation and Runben Co [5] - Watch for companies with potential for marginal improvement, including Marubi, Freda, Betaine, Shu Yang, and Bloomage Biotech [5]

Investment Rating - The industry investment rating is maintained as "Increase" [12][34]. Core Insights - The report highlights the performance of the AI sector, with the AI index showing a weekly increase of 3.39%, outperforming the broader market indices [12]. - OpenAI's new model, o3, demonstrates significant advancements in reasoning capabilities, achieving a minimum performance of 75.7% on the ARC-AGI benchmark, indicating a qualitative leap in AI capabilities [3]. - The report suggests that hardware is expected to take over from software as a resilient investment during market fluctuations, with a focus on AI hardware leaders [15]. Summary by Sections AI New Consumption Scenarios - The report recommends focusing on companies such as Hengxuan Technology, Sitoway, and Doctor Glasses [4]. Satellite Internet - Attention is drawn to domestic company Xiwei and overseas progress of Starlink, with a recommendation to focus on Xinwei Communication [5]. Market Review - The report provides a market overview, noting the Shanghai Composite Index closing at 3368.07 points, with a weekly decline of 0.7% [12]. AI Models and Developments - Kimi's visual reasoning model k1 has been launched, outperforming existing models in foundational science subjects [2]. - ByteDance's Volcano Engine introduced HiAgent, a platform aimed at accelerating enterprise AI application development [13]. Financial Performance of Key Companies - The report includes financial data for various companies, indicating year-over-year revenue growth and profitability metrics [19].

证 券 研 究 报 告 [行业: 日期: [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 [Table_Rating] 增持（维持） ◼[Table_Summary] 周行情 行情回顾：过去一周（2024.12.16-12.22），上证指数、深证成指涨跌幅 分别为-0.7%、-0.62%，中信通信指数整体涨跌幅为3.42%，在中信30个 一级行业排第1位。过去一周通信板块个股表现：股价涨幅前五名为:瑞 斯康达61.09%、博创科技50.11%、光迅科技29.61%、鼎信通讯29.06%、 中兴通讯22.36%。股价跌幅前五名为：北纬科技-17.84%、春兴精工15.81%、合众思壮-14.73%、佳创视讯-13.91%、长江通信-13.31%。 板块内部结构来看，过去一周通信板块呈现分化走势，细分板块通信设 备、电信运营II近一周涨幅分别达4.13%、3.86%，而子板块增值服务II、 通讯工程服务指数则下降4.24%、0.73%。 [Tabl ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4][7]. Core Viewpoints - In November 2024, domestic automobile sales reached 3.3163 million units, a year-on-year increase of 11.65%. Cumulative sales from January to November 2024 totaled 27.9378 million units, up 3.90% year-on-year. The significant increase in November sales is attributed to the "trade-in" policy, which is expected to continue benefiting sales in December [4]. - The "trade-in" policy has shown a remarkable effect on stimulating domestic demand, with expectations for its continuation in 2025. The policy was introduced in April 2024 and has seen increased subsidy standards since August [4]. - As of December 19, 2024, the total number of applications for scrapping and replacement subsidies exceeded 580,000 vehicles, indicating strong consumer engagement with the policy [4]. - The dealer inventory coefficient as of November 2024 was 1.11, lower than the average of 1.53 over the past 36 months, suggesting potential for inventory replenishment in 2025 [4]. - Domestic automobile exports from January to November 2024 reached 5.3427 million units, a year-on-year increase of 22.72%. However, export growth has slowed, particularly due to increased restrictions from Europe and Russia [4]. - The penetration rate of new energy vehicles (NEVs) in the domestic market has steadily increased, with sales reaching 11.2618 million units from January to November 2024, a year-on-year increase of 36.39% [5]. - The market share of domestic brands in passenger vehicles has risen to 65.06% as of November 2024, driven by the growth in the NEV sector [8]. Summary by Sections Sales Performance - November 2024 domestic automobile sales were 3.3163 million units, up 11.65% year-on-year [4]. - Cumulative sales from January to November 2024 reached 27.9378 million units, reflecting a 3.90% increase [4]. Policy Impact - The "trade-in" policy has significantly stimulated demand, with expectations for its continuation into 2025 [4]. - Applications for scrapping and replacement subsidies have exceeded 580,000 vehicles as of December 19, 2024 [4]. Export Trends - Domestic automobile exports totaled 5.3427 million units from January to November 2024, up 22.72% year-on-year, but growth is slowing due to external restrictions [4]. New Energy Vehicle Market - NEV sales reached 11.2618 million units from January to November 2024, a 36.39% increase year-on-year [5]. - The penetration rate of NEVs has increased to 40.31% in 2024 [5]. - The market share of domestic brands in passenger vehicles has grown to 65.06% [8]. Investment Recommendations - The report suggests a positive outlook for domestic automobile brands, particularly those focusing on new energy and overseas markets, recommending attention to companies like BYD, Great Wall Motors, and Geely [6].

Investment Rating - The industry investment rating is "Increase" (Maintain) indicating a favorable outlook for the industry fundamentals, which are expected to outperform the benchmark index [16][24]. Core Insights - The automotive market showed strong performance in December, with retail sales of passenger vehicles reaching 1.083 million units, representing a year-on-year increase of 34% and a month-on-month increase of 14% [28]. - The new energy vehicle (NEV) segment is particularly strong, with retail sales of 536,000 units in the first half of December, reflecting a year-on-year increase of 71% [59]. - The report highlights the importance of domestic demand and technological innovation in driving the automotive sector's growth, especially in light of potential uncertainties in exports due to tariffs [19]. Industry Data Tracking - As of December 20, 2024, domestic prices for hot-rolled steel, aluminum ingots, magnesium ingots, butadiene rubber, and natural gas were 3,420, 20,010, 17,860, 13,400, and 4,569 CNY per ton, respectively, with changes of -1.16% [3]. - The automotive sector's performance over the past week (December 16-20, 2024) saw the Shanghai Composite Index decline by 0.14%, while the automotive sector index fell by 1.05%, ranking 8th among 31 primary industries [55]. Recent Industry and Key Company Developments - The completion of the ZunJie Super Factory in Hefei, Anhui, is expected to generate an annual output value exceeding 100 billion CNY upon reaching full production [5][74]. - NIO plans to launch its new brand, "Le Dao," in Europe next year, with the first model, the Le Dao L60, aimed at competing with Tesla's Model Y [13][75]. - GAC Group and Changan Automobile are accelerating their investments in eVTOL (electric vertical takeoff and landing) technologies [44]. Recent New Vehicle Launches - Several automakers have announced ambitious sales targets for 2025, with NIO aiming to double its sales, and other brands like Xpeng and Li Auto also setting significant targets [49][78].

证 券 研 究 报 告 行 业 周 报 ——机械行业周报（2024.12.16-2024.12.20） [行业: 日期: Table_Industry] 机械 shzqdatemark 2024年12月25日 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 刘阳东 | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号 : | S0870523070002 | | 分析师 : | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -22% -16% -10% -4% 2% 9% 15% 21% 27% 12/23 03/24 05/24 07/24 10/24 12/24 机械设备 沪深300 [Table_Rating] 增持（维持） [ ...