Group 1 - The AI server market in China is projected to reach CNY 560 billion by 2024, driven by the increasing demand for artificial intelligence and computing power [10][11][126] - AI servers are designed to meet the high parallel computing needs of AI applications, utilizing a combination of CPU, GPU, FPGA, and ASIC processors [8][126] - The power supply for AI servers must achieve a conversion efficiency of 97.5%-98% to support the high power density required by GPUs, which is higher than the 96% efficiency of traditional server power supplies [11][26][30] Group 2 - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the Beijing Stock Exchange has decreased from 44.4X to 41.8X [49][62] - The total market capitalization of the electronic equipment industry has dropped to CNY 990 billion, with a median market value of CNY 18.71 billion [49][63] - The median P/E ratio for the machinery equipment industry has decreased from 40.2X to 37.9X, with the total market capitalization falling to CNY 759 billion [67][83] Group 3 - The median P/E ratio for the information technology industry has decreased from 51.7X to 46.9X, with the total market capitalization dropping to CNY 596 billion [72][73] - The median P/E ratio for the automotive industry has decreased from 22.0X to 20.3X, with the total market capitalization falling to CNY 356.63 billion [76][91] - The median P/E ratio for the new energy industry has decreased from 40.9X to 38.8X, with the total market capitalization dropping to CNY 394.32 billion [80][96]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15]. Core Insights - The establishment of the National Development and Reform Commission's Low Altitude Economy Department aims to promote orderly development in the low-altitude economy [3]. - The transportation sector is expected to reduce overall logistics costs by approximately 300 billion yuan by 2025 [2]. - The shipping industry is anticipated to experience sustained growth over the next three years due to limited new orders for oil tankers and an aging fleet, alongside increased demand from non-OPEC production [4]. - The express delivery sector shows resilient demand, with terminal prices at historically low levels, suggesting limited downside potential [5]. - The aviation industry is expected to benefit from macroeconomic recovery, leading to improved ticket prices and significant earnings elasticity [6]. Market Review - The transportation index increased by 1.22% this week, with a year-to-date increase of 19.89% [13]. - The logistics sector saw a decline of 1.82% this week, but has a year-to-date increase of 10.26% [13]. - The express delivery sector index rose by 1.59% this week, with an 8.78% increase year-to-date [13]. Sub-industry Data Tracking Express Logistics - In November 2024, the total express delivery volume reached 17.21 billion pieces, a year-on-year increase of 26.1% [14]. - Major express companies like SF Express and Yunda have shown significant growth in business volume, with SF Express achieving a volume of 1.277 billion pieces, up 8.68% year-on-year [60]. Road and Rail - In November 2024, road passenger volume was 985 million people, a year-on-year increase of 146.48%, while freight volume was 3.742 billion tons, up 3.73% [41]. - Rail passenger volume reached 304 million people, increasing by 8.76% year-on-year, with freight volume at 45.5 million tons, up 6.39% [41]. Aviation - The overall passenger load factor for the three major airlines was 82.73%, a decrease of 1.65 percentage points from October [72]. - In November 2024, civil aviation transported approximately 56 million passengers, a year-on-year increase of 15.2% [42]. Shipping - The oil transportation index (BDTI) was reported at 928 points, a week-on-week increase of 0.69%, while the BDI index was at 956 points, down 6.65% [78].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has successfully completed several significant license-out transactions in the oral small molecule GLP-1 space, including a deal with Merck that involves an upfront payment of $112 million and potential milestone payments totaling up to $1.9 billion [3][14] - The company's innovative pipeline is robust, and its global expansion is progressing smoothly, leading to a maintained "Buy" rating [4] Financial Forecasts - The company is expected to achieve total revenues of RMB 119.07 billion, RMB 133.28 billion, and RMB 148.36 billion for the years 2024, 2025, and 2026 respectively [4][5] - Net profits are projected to be RMB 40.10 billion, RMB 41.80 billion, and RMB 43.17 billion for the same years, with corresponding P/E ratios of 25, 24, and 23 times [4] - The company reported a significant increase in innovative drug sales, with a revenue of RMB 50.32 billion in the first half of 2024, representing a year-on-year growth of 80.6% [15] Market Performance - The closing price of the company's stock is HKD 17.80, with a one-year high of HKD 22.80 and a low of HKD 11.18 [2] - The total market capitalization is approximately HKD 105.65 billion [2]

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1）下游复产不及预期风险； 2）国内房地产需求不振风险； 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议； 投资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以获取比较 完整的观点与信息，不应仅仅依靠投资评级来推断结论。 本报告采用的基准指数：A 股市场（北交所除外）基准为沪深 300 指数，北交所市场基准为北证 50 指数，香港市场基准为恒生中国企业指 数（HSCEI），美国市场基准为标普 500 指数或者纳斯达克指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做 市转让标的）。 请务必仔细阅读正文之后的评级说明和重要声明 第 17页/ 共 17页 第 13页/ 共 17页 源引金融活水 润泽中华大地 4.小金属 球伍-元/吨(右轴) 越矿-澳门44块-元/电度(左轴) 10000 80 9000 70 8000 60 7000 50 6000 40 5000 4000 30 3000 20 2000 10 1000 0 about in 1 Perilia ...

证券研究报告 医药生物 行业定期报告 | --- | --- | |--------------------------------------------|--------------------------------------------| | | | | hyzqdatemark 2024 年 12 月 29 日 | 国产新药授权节奏前移，建议关注临床早期资产 | | 投资评级： 看好（维持） | ——医药行业周报（24/12/23-24/12/27） | 投资要点： 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： 联系人 本周医药市场表现分析：12 月 23 日至 12 月 27 日，沪深 300 指数上涨 1.36%；医药生 物(申万)指数下跌 1.91%。本周医药表现承压，市场短期内缺乏投资主线，部分早期创 新药标的如科兴制药表现相对突出，展望后市，在医保局 2025 年推进健全多层次医疗 保障体系，强化医保战略购买，有望赋能医药产业创新发展，探索创新药的多元支付机 制，看好医药板块有望企稳回升。建议关注：1）医药最为明 ...

Group 1 - The report highlights the growth of the AI computing industry, emphasizing the integration of computing power, energy, and demand to promote green computing development [1][3] - By 2025, the computing power scale is projected to reach 300 EFLOPS, with the number of intelligent computing centers increasing to 50 [2] - The report indicates that the "East Data West Computing" project initiated by the National Development and Reform Commission is expected to benefit companies in the intelligent computing sector listed on the Beijing Stock Exchange [3] Group 2 - The report identifies five relevant concept stocks in the 5G and satellite internet sectors, including companies like Chuangyuan Xinke and Guangmai Technology [5] - It emphasizes the importance of building a modern industrial system, focusing on key technologies and components to ensure economic circulation and enhance competitiveness in traditional industries [7][9] - The report suggests that the digital economy and technological innovation will be key drivers for future growth, with a focus on AI, green technology, and other emerging fields [7][20] Group 3 - The report notes that as of mid-2024, there were 704.57 million qualified investors in the Beijing Stock Exchange, indicating a growing interest from institutional investors [12] - It highlights that the market capitalization of heavily held stocks on the Beijing Stock Exchange increased by 29% in Q3 2024 [13] - The report outlines that the merger and acquisition market in 2023 was dominated by materials, capital goods, real estate, diversified finance, and technology hardware sectors, accounting for 47% of the total [16][22] Group 4 - The report discusses the favorable policies for mergers and acquisitions, encouraging companies to integrate quality assets and enhance horizontal consolidation [28][85] - It mentions that the Beijing Stock Exchange is a gathering place for specialized and innovative enterprises, suggesting a focus on selecting high-quality growth stocks [44][63] - The report indicates that the average market capitalization of companies on the Beijing Stock Exchange has increased significantly, with a median market cap of approximately 20 billion [58][82]

建筑装饰 行业点评报告 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 投向更加规范，重点支持保障性需求。《意见》明确提出专项债券实行"负面清单" 管理，严格禁止资金用于经常性支出，包括工资、养老金、单位运行经费及债务利 息等，不得投向一般竞争性产业领域，仅限于支持前瞻性、战略性新兴产业的基础 设施建设。此外，专项债券可用于土地储备，支持城市政府回收符合条件的闲置土 地，有需求的地区也可用于新增土地储备。专项债券还可以支持城市政府收购存量 商品房用于保障性住房，以推动社会民生需求的发展。 建议重点关注央国企及低空板块。我们认为，《意见》的发布将有效推动地方政府 板块表现： 风险提示：政策落地不及预期，资金到位低于预期，经济恢复不及预期。 证券分析师声明 华源证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告是机密文件，仅 ...

Investment Rating - The report does not provide a specific investment rating for the North Exchange consumption service industry [5] Core Insights - The central economic work conference has prioritized boosting consumption as the top task for 2025, indicating a strong governmental focus on expanding domestic demand [4][10] - The silver economy is rapidly developing, with the market size expected to reach approximately 7 trillion yuan in early 2024, accounting for about 6% of GDP, and projected to grow to 30 trillion yuan by 2035 [4][38][17] - The ice and snow economy is identified as a growing sector, with participation in ice sports events increasing significantly, reflecting a robust market potential [24][72] - The report highlights the ongoing exploration phase of the first-store economy, which is becoming an important force in urban brand building, despite facing challenges such as homogenization and sustainability [54][75] Summary by Sections Overall Market Performance - The median price change for consumption service stocks on the North Exchange was -8.67% for the week of December 13 to December 20, 2024, with a total market capitalization decrease to 79.491 billion yuan [1][63][87] - The median price-to-earnings (P/E) ratio for 35 companies in the consumption service sector dropped to 39.0X, down from 45.1X [1][64][85] Industry Analysis - The median TTM P/E ratio for the broader consumption industry decreased from 48.7X to 45.0X, indicating a general decline in valuation [90] - The food and beverage sector's median TTM P/E ratio fell from 35.2X to 30.4X, reflecting a downward trend in market sentiment [92] - The professional services sector also saw a decline in median TTM P/E from 22.6X to 20.5X, suggesting a broader market correction [96] Announcements - Companies such as Shandong Ruihua Technology are increasing their registered capital, indicating ongoing investment and expansion efforts within the industry [99][112]

Investment Rating - The report maintains a "Positive" investment rating for the lithium carbonate sector [2]. Core Insights - Lithium carbonate prices are stabilizing after fluctuations, with a focus on opportunities in incremental enterprises [2]. - The supply of lithium carbonate has been steadily increasing since the beginning of the year, but production has seen fluctuations since June [3]. - Demand from downstream production has improved, contributing to price rebounds, but the market is entering a phase of inventory accumulation [3]. - Future price trends are expected to decline initially before rising again, with a focus on demand during the peak season next year [3]. Summary by Sections 1. Market Performance - The report highlights the performance of various sectors, with specific attention to the fluctuations in energy metals and new materials [20]. 2. Energy Metals - Lithium carbonate price decreased by 1.11% to 75,550 CNY/ton, while lithium hydroxide price increased by 0.26% to 69,130 CNY/ton [23]. - The report suggests monitoring companies such as Yahua Group, Zhongmin Resources, Tianqi Lithium, and Ganfeng Lithium for potential investment opportunities [3]. 3. New Materials - The report discusses the performance of new materials, particularly in the context of power new materials and photovoltaic new materials [74]. - Prices for phosphoric acid and lithium iron phosphate have shown slight changes, with phosphoric acid remaining stable at 1.07 million CNY/ton [92].