山西证券：研究早观点-20250115

Market Trends - Domestic market indices showed declines across the board with the Shanghai Composite Index down by 1.33%, the Shenzhen Component Index down by 1.80%, and the ChiNext Index down by 1.76% [2] Diesel Generator Sets Investment Opportunity - China Mobile announced the bidding results for diesel generator sets with a total value of approximately 1 billion RMB, with 9 domestic manufacturers winning bids [4] - The bidding for 2MW high-voltage diesel generator sets involved 270 units with a weighted average tax-inclusive amount of 598 million RMB, averaging 2.21 million RMB per unit [4] - Weichai Heavy Machinery secured the highest share at 40%, followed by Jiangsu Sumec Machinery at 23% and Tellhow at 20% [4] - For 2MW low-voltage units, 50 units were bid with a weighted average tax-inclusive amount of 100 million RMB, averaging 2 million RMB per unit, with Weichai Heavy Machinery holding a 70% share [4] - Diesel generator sets are increasingly used in data centers, and their application in the communication sector is expected to drive domestic substitution and technological advancement [4] - Major internet companies are increasing capital expenditures, with Microsoft planning to invest 80 billion USD in AI computing centers by FY2025, and tech giants like Amazon, Google, Microsoft, and Meta expected to spend 300 billion USD in 2025 [4] - Cummins' IDC generator set-related revenue grew at a CAGR of 41% from 2020-2023, with a projected CAGR of 9-13% from 2023-2030 [4] - Diesel generator sets account for 23% of data center infrastructure costs, making them a critical component for ensuring continuous operation during power outages [4] - Investment recommendation: Focus on IDC core equipment suppliers and domestic diesel generator set manufacturers like Weichai Heavy Machinery, Weichai Power, Ketai Power, and China Shipbuilding Industry Corporation Power [4] ADC Drug Industry Update - The global ADC drug market is growing rapidly, with sales exceeding 10 billion USD in 2023 and projected to surpass 60 billion USD globally and 60 billion RMB domestically by 2030 [6] - Domestic ADC drugs are entering the market, with several drugs in advanced stages of development, including Vedituximab for gastric cancer, IBI343 in Phase III, and others targeting TNBC, NSCLC, nasopharyngeal carcinoma, and ovarian cancer [6] - ADC drugs are expanding into multiple tumor types, with HER2, Nectin-4, TROP2, and EGFR ADCs showing significant potential across various cancers [6] - ADC drugs combined with PD-1/L1 inhibitors have shown improved survival benefits, with some combinations achieving mOS of up to 33.1 months in UC patients [6] - Bispecific ADCs are emerging as a new research direction, with over 40 projects in development, including EGFRxHER3 bispecific ADC (BL-B01D1), which has shown promising clinical results across ten tumor types [6] - Key companies in the ADC space include Hengrui Medicine, Hansoh Pharma, Baili Pharmaceutical, Innovent Biologics, Kelun Pharmaceutical, and Mabwell [6]