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东海证券：晨会纪要-20250124
Donghai Securities·2025-01-23 16:05

Group 1: Smartphone Industry Insights - Global smartphone shipments in Q4 2024 increased by 2.4% year-on-year, reaching 331.7 million units, marking the sixth consecutive quarter of growth. The total shipments for 2024 reached 1.24 billion units, reflecting a year-on-year growth of 6.4% [7] - Domestic smartphone shipments in China for Q4 2024 were approximately 76.43 million units, a year-on-year increase of 3.9%. The total shipments for the year were about 286 million units, up 5.6% year-on-year, indicating a rebound after two years of decline [8] - The report highlights four investment themes in the consumer electronics sector: AIOT, AI-driven technologies, equipment materials, and the consumer electronics cycle [6][11] Group 2: Photovoltaic and Wind Power Industry Insights - The photovoltaic equipment sector saw a 5.9% increase, outperforming the CSI 300 index by 3.76 percentage points. The wind power equipment sector rose by 3.42%, also surpassing the CSI 300 index [12] - The production of silicon wafers is expected to rise, with January production anticipated to remain around 46GW. The price of silicon wafers has increased due to stable upstream prices and high operating rates among integrated companies [13] - The report indicates that the total installed capacity for onshore wind power in 2024 is estimated at 165.88GW, while offshore wind power is projected at 12.05GW. The overall outlook for wind power installation in 2025 remains strong, with expectations of 105-115GW of new installations [16][18] Group 3: Market Performance and Economic Policies - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.89% to close at 3213 points. The Shenzhen Component and ChiNext also saw declines, indicating a general market pullback [23][24] - Recent economic policies aim to enhance long-term capital market participation, including increasing the investment ratio of commercial insurance funds in A-shares and optimizing the investment management mechanisms of social security funds [20][21]