财信证券：晨会纪要-20250118

Market Overview - The Shanghai Composite Index closed at 3236.03, up 0.28%, while the Shenzhen Component Index rose 0.41% to 10101.10 [2] - The total market capitalization of the Shanghai Composite Index is 6222.15 billion yuan, with a PE ratio of 11.52 and a PB ratio of 1.21 [3] - The ChiNext Index gained 0.66% to close at 2051.35, with a PE ratio of 30.60 and a PB ratio of 3.88 [3] Industry Dynamics - TSMC expects its 2025 capital budget to be between $38-42 billion, with Q4 2024 revenue growing 38.8% YoY and net profit increasing 57.0% YoY [26][27] - Nvidia may launch a CPO switch product in March 2025, with mass production expected by August 2025, supporting 115.2Tbps signal transmission [30][31] - China's smartphone market grew 4% in 2024, with Vivo leading at 17% market share and Huawei ranking second with 37% YoY growth [33][34] Company Updates - Tebao Bio (688278.SH) expects 2024 net profit to grow 45.83%-51.23% YoY, driven by strong sales of its hepatitis B treatment drug Peginterferon [35][36] - Sinosteel New Materials (300035.SZ) forecasts 2024 net profit to surge 250%-300% YoY, benefiting from fast-charging product demand and new production capacity [37][38] - Shanghai Petrochemical (600688.SH) plans to invest 21.307 billion yuan to build a 1.2 million tons/year ethylene and downstream new materials facility [41][42] - Enjie Co (002812.SZ) signed a procurement framework agreement with Beijing Weilan New Energy for semi-solid and solid-state battery materials, with expected orders exceeding 300 million square meters of separators and 100 tons of electrolytes [43][44]