国金证券：国金晨讯-20250106

Market Overview - As of January 3, 2025, major indices showed declines, with the Shanghai Composite Index down by 1.57% and the Shenzhen Component Index down by 1.89% [1][3][4] - The total trading volume in the Shanghai and Shenzhen markets reached 12,679 billion [3] Sector Performance - Among the 31 primary sectors, non-ferrous metals (0.26%), coal (0.02%), and oil and petrochemicals (0.01%) had the highest gains, while retail (-5.50%), computer (-4.96%), and social services (-4.88%) faced the largest declines [5][6] AI Weekly Focus - The report highlights the potential of AI-enabled products, particularly AI smart glasses and the consumer electronics supply chain benefiting from national subsidies [11] - Key companies in the AI sector include those involved in the Apple supply chain, which are expected to see significant growth in Q1 2025 due to new product launches [11] - The demand for AI applications is anticipated to accelerate, particularly in smart glasses, TWS earbuds, and wearable devices [11] Communication Sector Insights - The report emphasizes the growth potential of companies like ZTE, which is expected to benefit from its mobile and AI business, alongside self-developed chip initiatives [12] - Liquid cooling manufacturers are highlighted as beneficiaries of the upcoming NVIDIA GB300 AI server expected to launch in Q2 2025 [12] Computer Sector Analysis - The report suggests a significant trend towards improved cost-performance ratios in large models, with a focus on domestic substitution and AI application deployment in 2025 [13][14] - Key players in the sector include leading companies in industrial software, office software, and intelligent driving technologies [14] Consumer Sector Opportunities - The report identifies opportunities in the content and publishing sectors, particularly those supported by fundamental growth and tax incentives [15] - The AI sector is expected to see rapid advancements, with a focus on AI-generated content and tools [15][16] Company-Specific Research - Huicheng Vacuum is noted for its expansion into new industries beyond consumer electronics, including automotive and industrial applications [22] - The company is actively developing products for the new energy sector, indicating a strategic shift to reduce reliance on the Apple supply chain [22] Metal and Mining Sector Insights - Guocheng Mining is highlighted as a new player in the molybdenum market, with significant production capabilities and a strategic acquisition plan [20][21] - The company is expected to increase its mining capacity significantly, positioning itself as a major player in the industry [21]