山西证券：研究早观点-20240925

Market Trends - The railway industry is experiencing a positive trend in passenger and freight volumes, with national railway passenger numbers reaching nearly 3 billion, a year-on-year increase of 14.5% [8][9] - The China Railway Group's operating performance is improving, with total revenue of 579.4 billion yuan in the first half of the year, and a net profit of 1.7 billion yuan [8][9] - The upcoming InnoTrans exhibition in Berlin is expected to provide overseas business opportunities for Chinese railway companies, with over 3,000 exhibitors and an anticipated attendance of over 180,000 [9] Industry Insights - The solar energy sector saw inverter exports increase by 24.2% year-on-year in August, with a total export value of 6.16 billion yuan [18][19] - The production of solar energy in August grew by 21.7%, with significant contributions from nuclear, wind, and solar power [18] - The price of polysilicon has seen a slight increase, with the average price for dense material at 40.0 yuan/kg, reflecting strong demand and limited supply [20][21] Investment Recommendations - In the railway equipment sector, companies such as CRRC Corporation (601766.SH) and Times Electric (688187.SH) are recommended due to the expected increase in demand for high-speed trains and locomotives [9] - In the solar energy sector, companies like LONGi Green Energy and JinkoSolar are highlighted for their strong market positions and potential for growth in the renewable energy space [22] - The report suggests focusing on domestic replacements in AI technology-driven high-performance chips and advanced packaging demands, as well as hardware upgrades driven by the AI mobile phone era [7]