浙商证券浙商早知道-20260115

Market Overview - On January 14, the Shanghai Composite Index fell by 0.31%, while the CSI 300 decreased by 0.4%. The STAR Market 50 rose by 2.13%, the CSI 1000 increased by 0.66%, and the ChiNext Index went up by 0.82%. The Hang Seng Index saw an increase of 0.56% [4][5]. - The best-performing sectors on January 14 were Computer (+3.42%), Comprehensive (+2.9%), Communication (+1.91%), Media (+1.55%), and Electronics (+1.36%). The worst-performing sectors included Banking (-1.88%), Real Estate (-1.18%), Non-bank Financials (-0.84%), Transportation (-0.76%), and Food & Beverage (-0.73%) [4][5]. - The total trading volume for the A-share market on January 14 was 39,868.62 billion, with a net inflow of 2.865 billion HKD from southbound funds [4][5]. Important Recommendations - The report highlights the company "Shiyun Circuit" (603920) as a strong investment opportunity due to its deep integration with Tesla's supply chain, benefiting from emerging fields such as commercial aerospace, brain-machine interfaces, humanoid robots, and intelligent driving [6]. - The recommendation logic emphasizes the company's strategy of maintaining strong relationships with major clients, continuous technological upgrades, and expansion of high-end production capacity. The company is also well-positioned to capitalize on AI opportunities, benefiting from Tesla's growth [6]. - Revenue projections for Shiyun Circuit are estimated at 6,118.98 million, 7,956.05 million, and 11,326.83 million for 2025, 2026, and 2027 respectively, with growth rates of 21.84%, 30.02%, and 42.37%. Net profit is projected to be 892.13 million, 1,176.63 million, and 1,717.61 million with growth rates of 32.22%, 31.89%, and 45.98% for the same years [6]. Important Commentary - The report discusses "Jack Technology" (603337), which has announced its entry into the embroidery machine industry, launching two core products: the X7 flat embroidery machine and the X5 cap embroidery machine. The company plans to build a dedicated production base of 300 acres and form a professional team of 1,000 [7][8]. - The industrial sewing machine sector is expected to recover, with low inventory levels in the apparel sector indicating a potential rebound in demand. The report notes that both domestic and international demand may converge positively in 2026 [8]. - Jack Technology's competitive edge is highlighted by its quality and price advantages, which are expected to enhance its market share overseas. The company is also expanding into new product categories, contributing to revenue growth [8].