行 业 研 究/ 信 息 技 术/ 证 券 研 究 报 告 信息技术行业动态点评 工信部印发人工智能重要政策,AI产业 催化不断 2024 年 07 月 03 日 【事项】 2024 年 7 月 2 日,工业和信息化部等四部门印发《国家人工智能产业 综合标准化体系建设指南(2024 版)》。目标到 2026 年,标准与产业 科技创新的联动水平持续提升,新制定国家标准和行业标准 50 项以 上,引领人工智能产业高质量发展的标准体系加快形成。开展标准宣 贯和实施推广的企业超过 1000 家,标准服务企业创新发展的成效更 加凸显。参与制定国际标准 20 项以上,促进人工智能产业全球化发 展。 【评论】 人工智能标准体系结构包括基础共性、基础支撑、关键技术、智能产 品与服务、赋能新型工业化、行业应用、安全/治理等 7 个部分。其 中,基础共性标准是人工智能的基础性、框架性、总体性标准。基础 支撑标准主要规范数据、算力、算法等技术要求。关键技术标准主要 规范人工智能文本、语音、图像,以及人机混合增强智能、智能体、 跨媒体智能、具身智能等的技术要求。智能产品与服务标准主要规范 由人工智能技术形成的智能产品和服务模式。赋能 ...

数据要素政策支持进一步明朗 2024 年 07 月 03 日 【事项】 2024 年 7 月 2 日,国家数据局党组书记、局长刘烈宏在 2024 全球数 字经济大会上表示,国家数据局将以制度建设为主线,今年陆续推出 数据产权、数据流通、收益分配、安全治理、公共数据开发利用、企 业数据开发利用、数字经济高质量发展、数据基础设施建设指引等八 项制度文件。 【评论】 市场急盼政策出台,推进数据基础设施和基础制度建设。国家数据局 数据显示,2023 年数字经济核心产业增加值估计超过 12 万亿元,占 GDP 比重 10%左右,有望提前完成"十四五"规划目标。刘烈宏表示, 下一步,国家数据局将继续加强统筹协调和政策协同,加快推进数据 基础设施和基础制度建设,大力发展数字经济,提升数字化公共服务 水平,全面统筹数字化发展和安全,完善数字中国建设推进机制,强 化常态化监测评估,全面提升数字中国建设的整体性、系统性、协同 性。制度文件的出台,为数据要素市场的规范化、法制化发展提供了 坚实的基础,明确了数据产权的界定、数据流通的规则、收益分配的 机制、数据安全的保障措施,以及公共数据和企业数据的开发利用路 径。数据作为新的生产 ...

策略月报 图表 1 ： 2023 年初至今中万一级行业…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3 正文目录 | --- | --- | |-----------------------------------------------------------------------|-------| | | | | 1. 2024 年 7 月 策略观点 | | | 1.1 静待海外政治变局带来的结构性转机 | | | 1.2 海外宏观:降息节奏延后，长端利率提升 . | | | 1.3 国内宏观:供需再平衡进行中 | | | 1.4 国内政策:静候"三中全会"增量政策……………………………………………………………………………7 | | | 2. 东方财富证券 2024年 7 月 策略 | | | 2.1 协鑫科技（03800.HK）: 颗粒硅优势明显,低碳引领新周期. | | | 2.2 金冠电气（688517）: 特高压建设加速,避雷器龙头有望充分受益………10 ...

电子设备行业动态点评 MWC大会以"未来先行"为主题,聚焦 超越5G、人工智能经济、数智制造 2024 年 07 月 02 日 【事项】 6 月 26 日-28 日,上海世界移动通信大会(MWC 上海)如期而至。作 为全球通信领域最具规模和影响力的展会,MWC 一直是通信产业的风 向标。今年的 MWC 上海以"未来先行"为主题,聚焦"超越 5G""人 工智能经济""数智制造"三大子主题,共有来自 115 个国家和地区 的 8000 多家公司参会。 工业和信息化部总工程师在 2024MWC 上海展上介绍,截至今年 5 月底, 我国累计建成 5G 基站 383.7 万个,占全球 5G 基站总量的 60%,5G 用 户数占全国移动通信用户数的 50%以上。我国 5G 应用案例数累计超过 9.4 万个,在工业、矿业、电力、港口、医疗等行业已实现规模应用。 "5G+工业互联网"在建项目超过 1.3 万个,一批 5G 工厂建成,这为 全球制造业可持续数字化转型提供了中国方案。GSMA 预测,到 2024 年底,中国 5G 连接数将达到 10 亿;到 2030 年,中国 5G 连接数将增 至 16 亿,这相当于全球总连接数 ...

Investment Rating - Buy (upgraded) with a 12-month target price of 593.83 RMB [5][6] Core Views - The company is a dual leader in electrophysiology and vascular intervention, with significant growth potential [2] - The acquisition by Mindray will strengthen the company's leading position in the domestic vascular intervention market [2][5] - The company's electrophysiology and vascular intervention products are comprehensive, with a first-mover advantage and leading product capabilities [3] - The company's revenue CAGR from 2017 to 2023 was 48.64%, with net profit margin increasing from 17.68% in 2017 to 31.64% in 2023 [3][43] Electrophysiology Market - The domestic electrophysiology surgery volume is expected to reach 574,600 cases by 2025, with a CAGR of 28% from 2021 to 2025 [3] - The domestic electrophysiology medical device market CAGR is expected to be 42.3% from 2020 to 2024, benefiting domestic leaders like the company [3] - The company's electrophysiology products, including PFA (Pulsed Field Ablation) systems, are expected to drive long-term growth, with PFA surgeries potentially accounting for 40%-50% of the market [3][11] Vascular Intervention Market - The company has a comprehensive product line in coronary and peripheral vascular intervention, with a first-mover advantage in the domestic market [3] - The company's vascular intervention products, including coronary and peripheral vascular devices, are expected to see continued growth due to increased hospital penetration and market coverage [9][10] - The company's OEM business is also growing, with a 31.67% year-on-year increase in 2023 [10] Financial Projections - Revenue is projected to be 2.215 billion RMB in 2024, 2.944 billion RMB in 2025, and 3.875 billion RMB in 2026, with growth rates of 34.22%, 32.93%, and 31.63% respectively [6][7] - Net profit is expected to be 691.06 million RMB in 2024, 923.31 million RMB in 2025, and 1.211 billion RMB in 2026, with growth rates of 29.43%, 33.61%, and 31.16% respectively [6][7] - EPS is projected to be 10.34 RMB in 2024, 13.81 RMB in 2025, and 18.11 RMB in 2026 [6][7] Key Assumptions - The company's electrophysiology revenue is expected to grow at 28%, 32%, and 35% from 2024 to 2026, with gross margins of 74.80%, 75.10%, and 75.50% respectively [9] - The company's coronary intervention revenue is expected to grow at 35%, 32%, and 30% from 2024 to 2026, with gross margins of 72.20%, 72.50%, and 72.80% respectively [9] - The company's peripheral intervention revenue is expected to grow at 42%, 39%, and 35% from 2024 to 2026, with gross margins of 72.00%, 72.40%, and 72.80% respectively [10] Innovation and Competitive Advantages - The company's PFA system is the first globally to integrate pressure sensing, magnetic-electric dual positioning, and pulsed ablation, which is expected to revolutionize the electrophysiology market [11] - The company's products are well-positioned to benefit from domestic substitution and the reshaping of the competitive landscape in the electrophysiology market [11] - The company's vascular intervention products are expected to see increased demand due to the growth in PCI surgeries and the expansion of the peripheral vascular market [11][59]

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company is a global leader in photovoltaic modules and energy storage systems, with over 20 years of experience in the solar industry. It has demonstrated stable performance with a compound annual growth rate (CAGR) of 16% in revenue and 9% in net profit from 2018 to 2023 [1][9]. - The company has a strong international presence, with over 70% of its sales coming from overseas markets, and it ranks among the top five global manufacturers of solar modules [1][28]. - The energy storage segment is identified as a new growth driver, with significant market potential, particularly in North America, where the company holds a 9% market share [1][12]. Summary by Sections 1. Company Overview - The company, Canadian Solar Inc. (CSIQ), was established in 2001 and went public on NASDAQ in 2006. It has operations in over 20 countries and employs more than 20,000 people [16][17]. - The company’s solar module capacity is projected to reach 61 GW by the end of 2024, with a focus on vertical integration to optimize technology and cost management [18][20]. 2. Photovoltaic Modules - The company has consistently ranked among the top five global solar module manufacturers since 2011, with a focus on innovative technologies such as TOPCon and HJT [27][28]. - In 2023, the company sold 30.7 GW of solar modules globally, with the largest markets being China, the Americas, and Europe [28][32]. - The company’s product offerings include high-efficiency N-type TOPCon modules, with maximum power outputs reaching up to 705W [34][36]. 3. Energy Storage Systems - The company’s energy storage solutions encompass large-scale storage systems, commercial and residential storage, and photovoltaic system integration [44]. - The large-scale storage product, SolBank3.0, has a capacity of up to 5 MWh and integrates advanced safety and control systems [45]. - The company’s residential storage product, EP Cube, offers flexible storage solutions with capacities ranging from 9.9 kWh to 19.9 kWh, expandable to nearly 120 kWh [48]. 4. Competitive Advantages - The company’s global strategy includes establishing production bases in key international markets, enhancing its competitive edge through localized production [1][12]. - The company emphasizes research and development, holding 4,469 patents as of the end of 2023, positioning it as a leader in innovation within the industry [1][12]. 5. Financial Performance - The company reported revenues of 51.3 billion yuan and a net profit of 2.9 billion yuan in 2023, with year-on-year growth rates of 8% and 35%, respectively [23][25]. - The projected net profits for 2024, 2025, and 2026 are 3.6 billion, 5.3 billion, and 6.5 billion yuan, respectively, indicating a strong growth trajectory [9][10].

[Table_Reports] 相关研究 策 略 研 究 / 策 略 专 题 / 证 券 研 究 报 告 正文目录 | --- | --- | --- | |-----------------------------------------------|------------------------------------------------------------------------------------------|------------------------------| | | | | | 图表 1 | ：冷战结束后 30 年，新两极格局正在逐渐出现 ......................................3 | | | 图表 2 | ：俄乌冲突爆发以来对华形成核心影响 ....................................................4 | | | 图表 3 ：美俄关系演变正在走向过去 20 | 年以来的冰点 ......................................5 | | | 图表 4 ：基于新华盛顿共 ...

全球晶圆厂扩产,下游AI需求持续驱动 2024 年 06 月 28 日 【事项】 电子板块本月持续走强。6 月以来(06.03-06.26,申万电子指数上涨 3.11,跑赢上证指数 6.81%,跑赢深证成指 7.13%,跑赢创业板指 7.23%, 跑赢科创 50 指数 4.93%;其中元件、消费电子和半导体涨幅居前,分 别上涨 9.22%、5.32%和 3.98%,其他电子、电子化学品和光学光电子 涨跌幅分别为-1.00%、-2.78%和-3.49%。 【评论】 Semi 最新报告显示,全球晶圆厂持续扩产,2024 全年产能预计增长 6%,预计 2024 年中国芯片制造产能增长 15%。美国时间 6 月 18 日, SEMI 在最新季度《世界晶圆厂预测报告》World Fab Forecast 中宣布, 需求持续增长下,全球半导体制造产能扩张,预计 2024 年全年增长 6%、2025 年全年增长 7%,达到产能 3370 万(wpm)的历史新高(以 8 英寸当量计算)。中国方面,芯片制造商预计在 2024 年增长 15%至 885 万(wpm),2025 年增长 14%至 1010 万(wpm),占行业总产 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the media internet industry [5]. Core Insights - The micro-short drama market in China is experiencing rapid growth, with a market size of 37.39 billion yuan in 2023, expected to exceed 50 billion yuan in 2024. The industry has entered a "filing era" with new regulations implemented to ensure healthy development [1]. - Various companies and cultural tourism sectors are entering the micro-short drama space, with initiatives like the "Travel with Micro-Short Dramas" creative plan aiming to produce 100 high-quality micro-short dramas in 2024 [1]. - The report suggests focusing on companies with relevant industry layouts, particularly Bilibili and Mango TV, while also recommending attention to Chinese Online, Reading Group, Ningmeng Media, Yili Media, and Guomai Culture [1]. Summary by Sections Market Growth - The micro-short drama market is projected to grow significantly, with a market size of 37.39 billion yuan in 2023 and an expectation to surpass 50 billion yuan in 2024. The introduction of a filing system for micro-short dramas aims to regulate the industry [1]. Industry Initiatives - The National Radio and Television Administration has launched initiatives to promote micro-short dramas, including a plan to create 100 themed dramas in 2024. Various companies, including Bilibili and Xiaohongshu, are investing heavily in this sector [1][2]. Investment Recommendations - The report recommends a cautious outlook on companies involved in the micro-short drama industry, particularly highlighting Bilibili and Mango TV as key players, while also suggesting other companies like Chinese Online and Reading Group for potential investment opportunities [1].

Investment Rating - The report rates the investment opportunity in the hydropower sector as "stronger than the trend" [3]. Core Insights - The report emphasizes the necessity and feasibility of the Yaxia project, highlighting its significant hydropower potential and alignment with national strategies [1][31]. - The project is expected to greatly stimulate infrastructure demand in the industry and region, with a total installed capacity of 60GW and an estimated total investment of 1 trillion yuan [1][4]. - The report identifies key segments that will benefit from the project, including blasting, cement, and construction, with specific demand elasticity estimates provided [1][4]. Summary by Sections 1. Overview of China's Hydropower Dams - China has built approximately 100,000 dams, the largest number globally, with a total reservoir capacity of nearly 900 billion cubic meters [12]. - The report categorizes dams into types such as earth-rock dams, gravity dams, and arch dams, each with distinct characteristics and applications [14][21]. 2. Yaxia Project Feasibility - The Yaxia project is deemed necessary due to its vast hydropower potential, which is crucial for the industry, carbon neutrality goals, and regional development [31][36]. - The project is technically feasible, with prior successful implementations providing a solid foundation for its development [42][44]. 3. Infrastructure Demand Stimulation - The Yaxia project is projected to significantly boost infrastructure demand, with estimates suggesting that blasting demand could reach approximately 196-391 billion yuan [1][4]. - Cement demand is expected to increase substantially, with projections indicating that it could account for 26% to 52% of the region's actual production in various investment scenarios [1][4]. 4. Investment Recommendations - The report suggests focusing on key players such as China Power Construction, China Energy Engineering, and others involved in design, construction, and material supply [2][8].