Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700 HK) [3] Core Viewpoints - Tencent's AI strategy focuses on "industrial practicality" with a dual emphasis on large models and applications The company has been investing in AI since 2012 and has developed a comprehensive AI ecosystem including the Hunyuan large model and various AI tools and applications [3] - Tencent's AI layout covers both B2B and B2C sectors with applications integrated into existing products and new AI-native applications The company's AI capabilities are ranked first in 8 out of 11 core tasks in the SuperCLUE Chinese Large Model Benchmark [21] - The report predicts Tencent's adjusted net profit for 2024-2026 to be 2174 2406 and 2653 billion yuan respectively with corresponding PE (Non-IFRS) ratios of 17 15 and 14 times [21] Development History - Tencent began its AI journey in 2012 with the establishment of the YouTu Lab focusing on computer vision technologies [13] - In 2016 Tencent established the AI Lab which focused on computer vision speech recognition natural language processing and machine learning [14] - In 2018 Tencent upgraded its AI strategy to focus on general AI research and established the Robotics X lab [15] - In 2022 Tencent publicly disclosed the development of its Hunyuan large model which covers NLP CV and multimodal capabilities [17] - By 2024 Tencent's Hunyuan large model had been tested in over 600 internal business scenarios and launched AI-native applications like Tencent Yuanqi and Tencent Yuanbao [18] AI Layout and Applications - Tencent's AI ecosystem includes both B2B and B2C applications with B2B focusing on large models cloud services and PaaS while B2C includes AI-enhanced existing applications and AI-native applications [20] - The Hunyuan large model developed by Tencent has trillion-scale parameters and excels in multimodal capabilities including text-to-image and video generation [25] - Tencent has integrated AI into various internal applications such as Tencent Meeting WeChat and QQ with nearly 700 business scenarios already using the Hunyuan model [26] - Tencent's AI applications in advertising have significantly improved ad targeting and efficiency with the new ad system 3 0 covering 95% of Tencent's ad placements and improving stability by 26% [53] - In gaming Tencent's AI engine GiiNEX has reduced the time required for city modeling from 5 days to 25 minutes [55] Financial Projections - The report forecasts Tencent's operating income for 2024-2026 to be 658160 716550 and 782730 million yuan respectively with year-on-year growth rates of 8 07% 8 87% and 9 24% [24] - Tencent's adjusted net profit for 2024-2026 is expected to be 217396 240603 and 265288 million yuan with year-on-year growth rates of 38% 11% and 10% respectively [24] - The PE (Non-IFRS) ratios for 2024-2026 are projected to be 17 15 and 14 times [21]

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Industry Investment Rating - Overweight (Maintained) [11] Core Views - The edge side is expected to embrace "+AI" as a key landing scenario and traffic entry point for AI ByteDance has already launched AI earphones and is expected to expand its presence in more AI hardware terminals [1][25] - Domestic computing power capital expenditure is expected to accelerate ByteDance's Doubao model has seen a significant reduction in computing power costs, with the visual understanding model priced at 0.03 yuan per thousand tokens, 85% lower than the industry average [11][22] - The structure of computing power cards is changing, with ASIC and inference scenarios increasing It is expected that Doubao's inference scenarios will rapidly materialize in 2025, leading to a surge in demand for inference computing power [12][28] Key Points by Section Domestic Computing Power Capital Expenditure - ByteDance's Doubao model has achieved a daily token usage exceeding 4 trillion, a 33-fold increase from its initial release seven months ago [45] - ByteDance's capital expenditure for 2024 is projected to reach 80 billion yuan, significantly higher than the combined capital expenditure of BAT (Baidu, Alibaba, Tencent) at approximately 100 billion yuan [23] - The rapid development of Doubao is expected to drive a new wave of capital expenditure among major internet companies, with growth in computing power cards, data centers, and related electrical infrastructure [11][46] Edge Side "+AI" - ByteDance has released AI earphones and is expected to expand into more AI hardware terminals, with potential opportunities for ecosystem partners [1][25] - Flashcore Technology launched the first AI glasses, "Flashcore AI A1," priced at 999 yuan on December 19, 2024 [1] - FoloToy, in collaboration with ByteDance's Volcano Engine, Espressif, ToyCity, and Soulmate Technology, announced the AI+Hardware Leap Plan at the 2024 Winter FORCE Original Power Conference [1][25] ASIC and Inference Computing Power - NVIDIA reported that over 40% of its revenue comes from inference tasks, with significant growth potential in the inference chain [30] - Broadcom's CEO Hock Tan predicts that the market demand for custom AI chips will reach 600 to 900 billion dollars by 2027 [50] - Domestic AI chips are continuously iterating, with new products entering the testing phase, and the gap between domestic and overseas computing power is narrowing [31] Investment Recommendations - Domestic computing power capital expenditure increase: Runze Technology, Oulutong, Yakang, Accelink, GDS, and Cloudwise [33] - Edge side "+AI": Intellifusion, Espressif, BES, and DAR Electronics [51] - ASIC and inference computing power: Cambricon, Hygon, Jingjia Micro, Anbotech, Aibru, Digital China, Sugon, and Inspur [34]

请务必阅读正文之后的免责声明部分 26/-27 万桶/天。③美国航空煤油进口量、出口量、净出口量分别 8/24/17 万桶/天，环比-9/+2/+11 万桶/天。n【相关上市公司】推荐：中国海油 /中国海洋石油（600938.SH/0883.HK）、中国石油/中国石油股份 （601857.SH/ 0857.HK ）、中国石化/中国石油化工股份（600028.SH/ 0386.HK ）、中海油服（601808.SH）、海油工程（600583.SH）、海油发 展 （ 600968.SH ）； 建 议 关 注 ： 石 化 油 服 / 中 石 化 油 服 （ 600871.SH/1033.HK ）、 中 油 工 程 （ 600339.SH ）、 石 化 机 械 （000852.SZ）。 n n【风险提示】1）地缘政治因素对油价出现大幅度 的干扰。2）宏观经济增速严重下滑，导致需求端严重不振。3）新能 源加大替代传统石油需求的风险。4）OPEC+联盟修改石油供应计划的 风险。5）美国解除对伊朗制裁，伊朗原油快速回归市场的风险。6） 美国对页岩油生产环保、融资等政策调整的风险。7）全球 2050 净零 排放政策调整的风险 ...

证券分析师：陈刚 执业证书编号：S0600518120001 邮箱：yjs_chenl@dwzq.com.cn 2024年12月23日 2、风险提示 并购重组跟踪（一） 证券分析师：陈李 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 目录 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 2 注：上周为12月16日-22日，（如无特殊说明）后文同 一：政策更新 4 日 期 主 体 数据来源：Wind，东吴证券研究所 ✓ 12月16日-12月22日，以上市公司作为竞买方的并购事件中，共计3例为"失败"，剔除失败事件后，共发生并购重 组事件111例、周环比增加6例,重大并购重组21例、周环比增加2例 注：本报告所涉及个股公司仅代表与产业或交易热点有关联，所引述资讯缴据/现点仅以展示为目的，不构成规资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。5 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议， ...

证券研究报告 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn ✓ 专题："跨年行情"的资金面透视 ➢ 年初宏观流动性往往存在压力，部分场内资金流出避险，市场整体交易活跃度偏低，小盘成长风格交易尤其清淡。 ➢ 展望明年年初，预计本轮"跨年行情"中，外资回流规模相对有限，险资资金或为重要增量，1月多只被动指数 基金认购截止，或为市场贡献增量资金。 ✓ 宏观流动性与资金价格：宏观流动性边际收紧，债市利率回落，汇率贬值。 ✓ 微观流动性与A股市场资金面：A股缩量下跌，可跟踪资金转为净流出。 ➢ 散户：情绪回落 ➢ 杠杆资金：净流入规模收缩，加仓电子、通信 ➢ 外资：北向成交热度回落，海外ETF小幅减配A股 ➢ 公募：偏股型基金新发强度小幅提升，以指数型基金为主；主动偏股型基金股票仓位普遍回落；ETF转为净流出， 减仓科创 ✓ 市场交易情绪跟踪 ➢ A股与汇率背离指数：已由严重背离区间回落 ➢ 股债收益相关性指标："跷跷板"效应边际增强 ➢ A股与港股收益分化指标：高位回落 ➢ A股与商品背离指数：边际回落 ➢ A股大小盘分化指数：收益走向均衡，换手率分化程度触顶 ...

◼ 水务固废：运营资产模式稳定，现金流预期可持续，化债+市场化改革 解决付费痛点。1）固废；成熟期资本开支快速下降，叠加化债改善 G 端付费痛点，现金流价值凸显。重点推荐【瀚蓝环境】24 年化债规模预 计 22-27 亿元超预期，形成"地方化债-促进重组-国企成长"闭环。暂 不考虑整合增厚，对应 2024 年 PE 11，承诺 24-26 年每股派息增速不低 于 10%，预计 24-26 年股息率 2.3%/2.6%/2.8%。【光大环境】固废龙头 24 年自由现金流转正，运营主导业绩稳定，当前 PB 为 0.5，假设 24-26 年分红比例维持 24H1 水平 35%，对应股息率 6.2%/6.4%/6.6%。【三峰 环境】设备技术龙头角逐海外市场，运营能力领先，对应 2024 年 PE 12， 自由现金流最快转正，23 年分红比例 34%，假设后续逐步提升 24-26 年 分红比例 35%/36%/37%，对应股息率 3.0%/3.4%/3.9%。建议关注【绿色 动力环保】运营稳健增长，承诺 24-26 年分红不低于 40%/45%/50%，对 应股息率 5.6%/6.7%/7.9%。【永兴股份】广州垃圾 ...

证券研究报告·公司点评报告·环保 绿色动力（601330） 发布限制性股票激励计划，考核目标稳健& 彰显发展信心 2024 年 12 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4567 | 3956 | 3463 | 3695 | 3908 | | 同比（ % ） | (9.69) | (13.39) | (12.44) | 6.68 | 5.77 | | 归母净利润（百万元） | 744.77 | 629.28 | 591.29 | 664.25 | 739.23 | | 同比（ % ） | 6.73 | (15.51) | (6.04) | 12.34 | 11.29 | | EPS- 最新摊薄（元 / 股） | 0.53 | 0. ...

房地产行业跟踪周报 增持（维持） ◼ 上周（2024.12.16-2024.12.20，下同）：上周房地产板块（中信）涨跌幅 -5.0%,同期沪深 300、万得全 A 指数涨跌幅分别为-0.1%、-1.1%，超额 收益分别为-4.9%、-3.9%。29 个中信行业板块中房地产位列第 29。 ◼ （3）库存及去化：13 城新房累计库存 8236.4 万方，环比 0.0%，同比8.7%；13 城新房去化周期为 18.1 个月，环比变动+0.0 个月，同比变动 -1.8 个月。 一线、新一线、二线、三四线城市去化周期为 12.2 个月、 10.7 个月、15.7 个月、64.1 个月，环比分别变动-0.1 个月、+0.7 个月、 -0.1 个月、-1.3 个月。 ◼ 风险提示：房地产调控政策放宽不及预期；行业下行持续，销售不及预 期；行业信用风险持续蔓延,流动性恶化超预期。 -26% -21% -16% -11% -6% -1% 4% 9% 14% 19% 24% 2023/12/25 2024/4/24 2024/8/23 2024/12/22 房地产 沪深300 2024-12-16 行业跟踪周报 2 / 18 ...

0BB 串焊机改造连获两家龙头订单，产业化 进程加速 2024 年 12 月 23 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 成长为横跨光伏&锂电&半导体的自动化平台公司：（1）光伏：a.硅片 2023 年子公司松瓷机电低氧单晶炉已获晶科、天合等大单，合计 31.8 亿元。2024 年 9 月公司获得合计 13 亿元单晶炉海外订单；b.电池片： 子公司旭睿科技负责丝印整线设备，收购普乐新能源负责 LPCVD 镀膜 设备，推出激光 LEM 设备；c.组件：主业串焊机龙头销售额市占率 70%+，有望受益于 0BB 迭代。（2）半导体：键合机和 AOI 检测设备上 半年订单增量明显，划片机取得首批订单，引入日本团队成立合资公司 布局 CMP 设备，单晶炉已获韩国客户订单。（3）锂电：目前主要产品 为储能的模组 pack 线，叠片机研发中。 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 市场数据 | --- ...