证券研究报告·公司深度报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | 投资评级: | 增持 (首次) | | --- | --- | | 当前价格: | 18.84元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 66.30 | | A 股股本(百万股) | 66.30 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 34.16 | | 12 个月最高/最低(元) | 27.94/8.24 | | 第一大股东 | 孙秋根 | | 第一大股东持股比例(%) | 26.15 | | 上证综指/沪深 300 | 3393.35/3985.63 | % 1 个月 3 个月 12 个月 相对收益 -5.29 -15.53 86.87 绝对收益 -19.52 77.57 106.08 数据来源：聚源 注：相对收益与北证 50 相比 捷众科技 873690.BJ 汽车行业 分析师：张诗瑶 定位汽车零部件二级供应商，专注精密 注塑零部件 投资要 ...

Investment Rating - Industry investment rating: "Increase Holding" (maintained) [3] Core Viewpoints - The upgrade of WeChat Store's private domain incentive plan is expected to drive significant growth during the Spring Festival, with eligible merchants receiving incentives such as e-commerce growth cards or reductions in technical service fees [2][3][11] - The incentive plan is designed to encourage merchants to participate by providing clear activity timelines and participation methods, while also preventing fraudulent activities such as order brushing and external plugins [4][5] Summary by Sections Incentive Plan Details - Eligible merchants can receive incentives based on actual settlement order amounts after the refund period, with the incentives distributed in the form of reduced technical service fees or e-commerce growth cards [3][10] - The activity period for the incentive plan is from January 1, 2025, to March 31, 2025, and merchants must have a store rating greater than 4.2 to qualify [4][7] - Specific scenarios for incentives include sharing scenarios, public account/service account scenarios, mini-program scenarios, and service notification scenarios [5][6] Incentive Calculation and Distribution - The incentive calculation for sharing, public account, and mini-program scenarios involves reducing the technical service fee rate to 1%, while service notification scenarios will provide equivalent e-commerce growth cards [7][10] - Incentives will be directly deducted from the order settlement at the time of transaction, with e-commerce growth cards issued monthly based on the cumulative incentive amount [10] Industry Performance - Over the past twelve months, the industry has shown a relative return of -11.29% and an absolute return of 0.06% [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows significant valuation attractiveness, continuing to be a key recommendation for investment [3] - In 2024, the total number of online game approvals reached 1,416, marking a year-on-year increase of 31.72% [4] - The actual sales revenue of China's gaming market in 2024 reached 325.783 billion, with a year-on-year growth of 7.53% [5] - The domestic revenue growth of self-developed games has slowed, while overseas revenue growth has turned upward, with overseas sales reaching 18.557 billion USD, a year-on-year increase of 13.39% [7] - The console gaming market in China experienced a significant surge, with sales revenue growing by 55.13% to 4.488 billion [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -11.29% compared to the CSI 300 index [2] Game Approvals - In December 2024, 122 domestic game approvals were issued, contributing to a total of 1,306 domestic game approvals for the year, which is a 33.67% increase [4] Market Revenue and User Growth - The gaming market's actual sales revenue and user base both reached new highs in 2024, with user numbers at 674 million, a growth of 0.94% [5] Revenue Breakdown - The domestic market for self-developed games generated 260.736 billion, a growth of 1.70%, while the overseas market saw a significant increase [7] - The mobile gaming market generated 238.217 billion, a growth of 5.01%, while the console gaming market saw a remarkable growth of 55.13% [8] Investment Recommendations - The report suggests focusing on investment opportunities in companies such as Kaiying Network, Iceberg Network, and Changyu Technology [10]

证券研究报告·行业点评报告 2025 年 1 月 3 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.41 8.36 -10.25 绝对收益 -6.63 3.44 2.56 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 展 – 2024.12.19 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.02~2024.12.15） – 2024.12.18 3. 江海证券-行业点评报告-机械设备行 业：中小企业数字化赋能，带动数智化产 业链设备发展 – 2024.12.16 4. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 5. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 2024.12.09 事件： 行业评级：中性（维持） 2024 年 12 月 31 日，国务院新闻办公室举办"中国经济高质量发展成效 ...

证券研究报告·行业点评报告 2025 年 1 月 3 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.41 8.36 -10.25 绝对收益 -6.63 3.44 2.56 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 展 – 2024.12.19 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.02~2024.12.15） – 2024.12.18 3. 江海证券-行业点评报告-机械设备行 业：中小企业数字化赋能，带动数智化产 业链设备发展 – 2024.12.16 4. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 5. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 具体设备产业发展前景落实 – 2024.12.09 机械军工行业研究组 分析师：任沐昕 加快低碳清洁氢能源应用，产氢用氢装 备市场预 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [5] Core Insights - The humanoid robot industry is experiencing a surge in activity, with multiple domestic companies announcing plans for mass production in 2025, indicating a significant acceleration in commercialization [7] - Notable advancements in humanoid robot technology have been reported by both domestic and international companies, showcasing improved performance and capabilities [7] - The report highlights the potential for rapid growth in the humanoid robot sector, driven by technological advancements and increased market participation [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.97% over the past month, 12.9% over the past three months, and -8.38% over the past year compared to the CSI 300 index [3] Investment Highlights - Domestic humanoid robot companies are set to enter mass production in 2025, with several firms like Matrix Super Intelligence and GAC Group planning to launch their products [7] - International companies such as Samsung and Boston Dynamics are also making significant strides in humanoid robotics, enhancing their technological capabilities [7] - The report suggests that the commercialization process for humanoid robots is expected to accelerate, benefiting related companies in the supply chain [7][8] Recommendations - The report recommends focusing on companies involved in key components such as reducers, motors, sensors, and the humanoid robot body itself, indicating potential investment opportunities in these areas [8]

证券研究报告·行业点评报告 2025 年 1 月 3 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.85 -4.83 -28.63 绝对收益 -9.07 -9.75 -15.81 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 2. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭 共济"模式升级 – 2024.12.06 3. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 4. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 5. 江海证券-行业点评报告-医药生物行 业：国家医保药品目录调整顺利结束，新 版医保目录将于 2025 年 1 月正式实施 – 2024.11.12 医药生物行业 医药行业研究组 分析师：吴春红 瑞金医院与信 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Viewpoints - In 2024, COMAC delivered 12 C919 aircraft, achieving a fourfold increase compared to 2023, indicating a significant ramp-up in production capacity [7] - The C929 is currently in the detailed design phase, while the C939 has entered the preliminary research stage, suggesting a promising future for the C-series aircraft [7] - The C919 has commenced regular commercial flights, with plans to operate in Southeast Asia by 2026, contingent on obtaining European certification [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -5.26% compared to the CSI 300 index, with an absolute return of 6.23% [3] Delivery and Production Capacity - As of December 31, 2024, COMAC has delivered 12 C919 aircraft to China Eastern Airlines, China Southern Airlines, and Air China, marking a substantial increase in delivery volume [7] - The ramp-up in production capacity is supported by the launch of large aircraft series production projects in Shanghai [7] Future Prospects - The C919's international airworthiness certification is anticipated soon, which will facilitate its entry into international markets [7] - The C-series aircraft, including the C929 and C939, are expected to capture significant market share in the international aviation sector [7] Investment Recommendations - The report suggests focusing on companies such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others involved in the aviation supply chain [7]

光伏设备行业 硅料减产+多晶硅期货上市，光伏底部 企稳 证券研究报告·行业点评报告 2024 年 12 月 30 日 江海证券研究发展部 分析师：张诗瑶 特别声明 姓名：张诗瑶 江海证券有限公司（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。本研究报告仅供本公司的客户使用。 本公司不会因接收人收到本报告而视其为客户。本报告的信息均来源于公开资料，本公司对这些信息的准确性和完整性不作任 何保证，也不保证所包含信息和建议不发生任何变更。本公司已力求报告内容的客观、公正，但文中的观点、结论和建议仅供 参考，不包含作者对证券价格涨跌或市场走势的确定性判断。报告中的信息或意见并不构成所述证券的买卖出价或征价，投资 者据此做出的任何投资决策与本公司和作者无关。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收 入可升可跌，过往表现不应作为日后的表现依据；在不同时期，本公司可以发出其他与本报告所载信息不一致及有不同结论的 报告；本报告所反映研究人员的不同观点、见解及分析方法，并不代表本公司或其他附属机构的立场；本公司不保证本报告所 含信息保持在最 ...

执业证书编号：S1410123090009 | --- | --- | --- | --- | |----------------|--------|--------------------|-----------| | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 1.33 | 8.09 | -8.37 | | 绝对收益 | 2.97 | 15.58 | 7.66 | | 数据来源：聚源 | | 注：相对收益与沪深 | 300 相比 | | 相关研究报告 | 注： | 2024 年 12 月 | 27 日数据 | 证券研究报告·行业点评报告 事件： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 特别声明 具有丰富的研究经验。 分析师声明 本报告署名分析师声明，本人具有中国证券业协会授予的证券 投资咨询执业资格，勤勉尽责、诚实守信。本人 ...