天风证券晨会集萃-20250626

Group 1: Communication Industry - Switches are key devices for network interconnection, with data center construction driving demand growth for switches. The Ethernet switch is used for network information exchange and operates mainly at the physical, data link, network, and transport layers. The domestic and international data center market continues to grow, leading to an upgrade in network equipment [2][19][20] - The switch market is highly concentrated, with the top five global manufacturers holding a market share of 69.60% in 2024. Cisco leads with a 35.9% market share, while Huawei holds 32.4% of the domestic market [2][20] - Network availability determines the stability of GPU cluster computing power, with AI driving the development of higher-speed data center switches. The demand for computing power continues to rise as AI model parameters increase exponentially [2][21] Group 2: Energy Mining Industry - The coal industry faces structural overcapacity and significant external constraints. By 2024, the concentration of coal production capacity has increased, with 82 large-scale coal mines and a certified capacity of approximately 1.36 billion tons per year [3][23] - The transition from primary energy to regulatory energy is evident, with coal's role shifting towards peak regulation. The demand for coal is expected to plateau as integrated projects for wind, solar, water, and thermal energy are gradually implemented [3][24] - The relationship between coal and electricity is evolving towards deeper integration, with coal's positioning shifting from primary energy to regulatory energy. This may lead to greater price volatility for coal, although current overcapacity and inventory levels suggest a narrowing of price fluctuations [3][25] Group 3: Pharmaceutical Industry - The development of innovative drugs relies on a solid industrial foundation, policy support, and capital backing. In 2024, global drug sales are projected to reach $29.482 billion for Keytruda and $29.296 billion for semaglutide, with the ADC market also showing rapid growth [8][9] - China's innovative drugs have significantly reduced the time gap to market compared to global counterparts, with over 30% of clinical trials globally being conducted in China. The proportion of Chinese molecules in high-value BD transactions has surpassed 25% [8][9] - With a solid industrial base, Chinese innovative drugs are becoming a key player globally, and with continued policy support, they are expected to achieve further domestic market penetration [8][9] Group 4: Chemical Industry - Jinhui Industrial achieved a revenue of 5.303 billion yuan in 2024, with a net profit of 557 million yuan. The first quarter saw a revenue increase of 7.2% year-on-year, with a net profit surge of 87.3% [10][11] - The export of sucralose maintained double-digit growth, with a total export volume of 18,700 tons in 2024, reflecting a strong demand for sugar substitutes [10][11] - The company is expanding its product range and reducing costs, with new projects in electronic-grade hydrogen peroxide and lithium battery electrolyte precursors expected to support future growth [10][11]