Investment Rating - The report maintains a "Strong Buy" investment rating for China Power [1][3]. Core Views - China Power is currently undervalued due to the pressure on ship market volume and prices this year. However, there are signs of recovery in the short term, and long-term growth is expected from bulk carriers and oil tankers, along with the trend towards alternative fuels [1][7]. - The company is positioned as a leading player in the domestic ship engine market, with a significant increase in revenue and profit expected in the coming years [7][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, China Power achieved revenue of 40.97 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.21 billion yuan, up 63% year-on-year [7][9]. - The company’s revenue growth rates are projected at 17% for 2025, 15% for 2026, and 12% for 2027, with net profits expected to reach 2.2 billion yuan, 3.1 billion yuan, and 4.25 billion yuan respectively [8][70]. Market Outlook - The ship market is showing signs of recovery, with expectations for increased demand for bulk carriers and oil tankers. The aging fleet and low order-to-capacity ratios for these vessels indicate a tightening supply in the future [2][30][35]. - The report highlights that the global shipbuilding market is currently in an upward cycle driven by the need for fleet renewal and compliance with environmental regulations [23][24]. Valuation - China Power's current price-to-book (PB) ratio is below 1.2, and the projected price-to-earnings (PE) ratio for 2026 is only 15 times, both indicating a significant undervaluation compared to historical averages [7][72]. - The company has over 40 billion yuan in cash, which is close to its market capitalization, providing a strong safety margin for investors [15][72]. Business Segments - The diesel engine segment is becoming the core profit driver for China Power, with its revenue share increasing significantly. By 2027, it is expected to contribute approximately 30 billion yuan to net profits [11][70]. - The report emphasizes the structural opportunities in the ship engine market due to the rising penetration of alternative fuels and the expected increase in orders and prices for ship engines [7][57].

马来西亚《星报》：助力构建新发展格局 央视网消息：海南自贸港全岛封关启新篇，将重塑区域经济格局，带来多重发展机遇，引起国际舆论广泛关注。 菲律宾《马尼拉时报》：贸易枢纽地位强化 海南自贸港依托连接太平洋与印度洋的区位优势，成为海外企业进入中国大市场的桥头堡，越来越多海外企业加速进入中国市场。中国构 建"东南亚原料—海南加工—内地分销"路径，优化供应链，比经东部出海节约大概10天时间，海南贸易枢纽地位不断强化。自贸港全岛封关运 作，为海南实现跨越式发展提供了历史性机遇。 印尼 安塔拉通讯社：充分释放政策红利 全岛封关标志着海南自贸港建设迈入更高水平开放的新起点新阶段，将充分释放利企惠民政策红利，积极影响是全方位的。全岛封关后百姓可 以购买到更丰富的免税品。自贸港通过明确的政策支持和长期的税收激励，致力于推动消费、服务和创新发展。这表明，中国愿意拓展自由贸 易空间，稳定全球供应链，为构建开放型世界经济作出贡献。 开放大幕拉开 机会就在眼前 12月18日，海南自贸港全岛封关正式启动！封关后，落户海南的企业将会迎来哪些机会？ 文章称，海南近年来在推动主导产业补链延链、优化升级的同时，积极促进科技创新和产业创新深度融合 ...

Group 1 - The Hainan Free Trade Port officially launched its full island closure on December 18, creating new opportunities for businesses that settle in Hainan [1] - Companies can benefit from a processing value-added tax exemption policy, with the first batch of goods valued at over 880,000 yuan enjoying a tax exemption due to a processing value increase of over 30% [3] - The introduction of "zero tariff" goods post-closure has resulted in significant cost savings for enterprises, such as a research equipment set imported for over 1 million yuan, which saved more than 180,000 yuan compared to pre-closure costs [3] Group 2 - The relaxation of management measures on certain imported goods has opened new business opportunities in sectors like bonded maintenance, with imported diesel engines undergoing maintenance in newly constructed facilities [5] - The Hainan Free Trade Port's closure has allowed for the inclusion of 38 new items in the bonded maintenance list, including automotive engine maintenance, which was previously restricted [7] - The closure signifies China's commitment to opening up further, presenting opportunities not only for Hainan but also for businesses and individuals looking to engage in cross-border trade [7]

央视网消息：12月18日，在海口综合保税区，第一批通关允许开展"两头在外"的保税维修货物已经抵达厂房开展维修。 这4台柴油机就是第一批抵达这里，开展"两头在外"的保税维修货物，这些是矿卡上的柴油发动机。现场马村港海关的工作人员对 这批货物进行例行检查，修理工人对发动机进行拆解。 这项保税维修的业务是首次国内被允许开展，符合海南自贸港货物进口例外措施清单中第68项，允许开展"两头在外"的保税维修。 政策赋能 保税维修对接全球市场 什么是"两头在外"的保税维修？文件上这个括号内标注的"不得在中国境内流通使用"。通俗来说，要修理的货物来自国外，修理完 也要返回到国外的市场，维修过程中所需进口的零部件免征关税，这些保税维修的物品不得在中国境内流通使用。这4台发动机就 是来自德国和马来西亚。为什么这些发动机会被送到海南来进行"两头在外"的保税维修，而不是在设备所在国家修理？这主要得益 于海南自贸港的政策，让海南"两头在外"的保税维修在海外市场更具优势。说白点，就是海南"两头在外"保税维修更好、更快、更 便宜。 效率成本双优势 保税维修成首选 先来说说更好和更快，这主要是技术优势、时间优势。 维修团队负责人介绍，因为国内 ...

Group 1: Consumption and Lifestyle - The range of zero-tariff imported goods has expanded from 1,900 items to over 6,600, covering 74% of tax categories, with prices of cosmetics, luxury goods, and electronics generally 20%-50% lower than mainland prices [2] - Imported fruits and maternal and infant products are expected to see price reductions due to tariff exemptions, with Chilean cherries potentially decreasing by 20% [3] - Tourists can retain a duty-free quota of 100,000 yuan per year, and a new "buy now, pick up" model for items priced ≤20,000 yuan has been introduced [2] Group 2: Employment and Entrepreneurship - Individual income tax for residents living in Hainan for over 90 days is capped at 15%, significantly lower than the mainland's maximum of 45%, resulting in substantial tax savings [8] - Corporate income tax for encouraged industries has been reduced to 15%, alongside zero tariffs on imported equipment, leading to a 20% reduction in operational costs for businesses [8] - New high-paying job opportunities are emerging in cross-border e-commerce, international logistics, and biomedicine, with salary increases potentially exceeding 30% [8] Group 3: Business Benefits - "First-line" imported goods that meet conditions can be directly released, while "second-line" goods entering the mainland will be managed through classified channels [9] - Companies can freely allocate global funds through Hainan Free Trade Port accounts, enhancing offshore trade settlement efficiency, with offshore trade volume expected to reach $11.95 billion by 2024 [10] Group 4: Medical and Educational Internationalization - The Boao Lecheng International Medical Tourism Pilot Zone has introduced over 500 types of foreign new drugs and medical devices, with approval times reduced to 72 hours [5] - Twelve new international schools have been established in areas like Lingshui Li'an, offering international education programs such as the IB curriculum [6] Group 5: Challenges and Risks - The tourism peak season may lead to increased local prices for fruits and seafood, and there is a need to guard against "proxy purchasing" smuggling [11] - The influx of talent may raise employment thresholds, leading to intensified competition for high-end positions [12]

Core Insights - The heavy truck industry in November met the expectations of Dongwu Securities for domestic sales, while wholesale and export figures exceeded expectations [1] - The total inventory coefficient for the industry in November was calculated at 1.8, indicating a reasonable level [1] - The company forecasts that wholesale sales of heavy trucks will reach approximately 115,000 units by December 2025, representing a year-on-year growth of 40% [1] Sales Performance - November production of heavy trucks was 114,000 units, showing a year-on-year increase of 84.4% and a month-on-month increase of 9.8% [1] - Heavy truck wholesale sales in November reached 113,000 units, with year-on-year growth of 65.4% and month-on-month growth of 6.6% [1] - The terminal sales of heavy trucks in November were 77,000 units, reflecting a year-on-year increase of 34.3% and a month-on-month increase of 9.6% [1] - Exports of heavy trucks in November totaled 33,000 units, with year-on-year growth of 44.0% and a month-on-month increase of 0.7% [1] - The overall industry inventory increased by 4,200 units in November, with corporate inventory rising by 800 units and channel inventory increasing by 3,400 units [1] Industry Structure - In terms of usage, engineering vehicles outperformed logistics vehicles in November, with terminal sales of engineering vehicles at 8,500 units, showing year-on-year growth of 41.2% and month-on-month growth of 13.1% [2] - Logistics vehicle sales were 68,200 units, with year-on-year growth of 33.5% and month-on-month growth of 8.9% [2] - The penetration rate of natural gas heavy trucks in November was 25.3%, with a year-on-year increase of 5.38 percentage points [2] Market Share - In November, the domestic market share for terminal sales was led by Jiefang (21.1%), Dongfeng (18.0%), and others, with slight changes compared to the previous year [3] - For exports, Jiefang held a market share of 21.2%, showing an increase compared to the previous year [3] - Weichai maintained the highest market share in the engine segment at 17.4%, despite a decline compared to the previous year [4] - In November, Weichai's terminal matching volume was 13,000 units, reflecting a year-on-year increase of 11.8% [4]

商用车增量来自于出口，AI数据中心拉动柴发需求 重卡国内需求仍面临一定压力，随着对俄罗斯出口销量压力的释放，2026年重卡出口销量有望恢复增 长;中大客车的出口有望维持快速增长，盈利弹性主要看欧洲市场，随着欧洲新能源车大巴的渗透率提 升，对欧洲中大客出口仍有空间;AI数据中心的快速增长为柴油发动机等领域带来了增量需求。 财通证券主要观点如下： 乘用车整体需求稳定，高端化+出口带来边际增量 2026年乘用车总量需求维持相对稳定，预计以旧换新等补贴政策仍将延续。自主品牌市占率、新能源车 渗透率趋于平缓，自主品牌和合资品牌、燃油车和新能源车之间逐步趋于动态平衡。乘用车的结构性增 长主要来自于两个方面，一是中高端市场，预计15万元+的占比将逐步提升，中高端市场的国产替代仍 在继续进行;二是随着海外设厂以及本土化车型研发，出口销量仍将保持快速增长。 科技属性不断提升，智驾+机器人带动产业升级 2026年智能驾驶有望进入新一轮中美共振周期，中国市场L2级智驾标准、L3级智驾试点有望逐步落 地，无人配送车迎来爆发期;在特斯拉推动下，美国市场Robotaxi有望迎来爆发式增长。汽车产业链与机 器人产业链存在较强的技术及客户协 ...

Core Viewpoint - The report from CITIC Securities indicates that after a significant rise, US and Chinese tech stocks have experienced a pullback, leading to notable market divergence. The firm believes that the current phase is still early in AI application development, and even without achieving AGI, AI will unlock the data dividends accumulated over 30 years of the internet, enhancing efficiency and productivity. They project that global AI Capex could increase 5-7 times by 2030 from 2025 levels, with China's AI Capex potentially rising 7-9 times, suggesting that AI investment has not peaked yet [1][2][11]. Market Performance - AI-driven US stock market has seen a bull run, with the Nasdaq rising up to 140% since the end of 2022, and Nvidia's stock soaring up to 14 times. The Philadelphia Semiconductor Index (SOX) increased by 39% from early 2025 to November 27 [2]. - In China, AI assets have also appreciated, with the A-share market seeing light module and PCB stocks rise by 137% and 65% respectively from the beginning of the year to November 27. Notable stocks like Cambricon and Semiconductor Manufacturing International Corporation (SMIC) have seen increases of 119%, 58%, and 37% respectively from July 25 to November 27 [2]. AI Capex Projections - CITIC Securities anticipates that the combined Capex of the four major US cloud service providers (CSPs) will reach $406 billion by 2025, a 61% increase year-on-year. This Capex level is projected to exceed the net profits of these companies but remain below their operating cash flows, raising concerns about whether global Capex has peaked [3]. AI Token Consumption and Chip Market - The firm has developed a comprehensive framework for estimating AI token consumption and related metrics. By 2030, global token consumption is expected to increase by 100-340 times compared to 2025. Consequently, the scale of inference computing power is projected to grow by 65-220 times, with the AI chip market potentially expanding to over $1 trillion by 2030, which aligns with projections from major tech companies like Nvidia [6][7]. Domestic AI Chip Market - China's AI chip market is expected to grow from $35-40 billion in 2025 to 7-9 times that amount by 2030, outpacing global growth. The domestic AI chip localization rate is projected to rise from 30-40% in 2025 to 60-70% by 2030. This growth is driven by increased investment from Chinese internet companies and advancements in domestic AI capabilities [11]. Opportunities in the AI Supply Chain - The domestic AI chip sector still lags behind Nvidia, creating opportunities in cooling solutions, AI power supplies, and other related fields. Key areas of focus include: - Liquid cooling technology, which is becoming mainstream due to its efficiency in data centers, with a projected market size of approximately $85.8 billion by 2027 [14]. - AI power supplies, which are expected to see significant growth due to rising power density requirements, with market sizes projected at $58.5 billion and $95.7 billion for 2026 and 2027 respectively [14]. - High Voltage Direct Current (HVDC) solutions, which are anticipated to gain traction, with a market size expected to reach $43.15 billion by 2028 [14]. - Optical communication modules, driven by increasing demand for high-speed, low-power solutions, with a projected compound annual growth rate of 22% over the next five years [14].

Group 1: Market Overview - On November 28, US stock indices opened higher, with the Dow Jones up 0.16%, Nasdaq up 0.33%, and S&P 500 up 0.17% [1] - Google shares rose nearly 1% as CEO Sundar Pichai expressed hopes to send TPU to space by 2027 [1] - Oracle shares fell over 3% as multiple banks are negotiating to provide $38 billion in loans to Oracle and data center builder VANTAGE [1][2] - Storage stocks collectively increased, with SanDisk up over 4%, Micron Technology up 2.8%, and Western Digital up 2%, driven by a worsening global shortage of storage chips, with prices expected to rise by 50% [1] Group 2: Company News - Oracle and Vantage are in talks for a $38 billion loan to expand data centers for OpenAI [2] - Apple notified the EU Commission that its advertising and mapping services meet the thresholds of the Digital Markets Act, which could lead to it being designated as a gatekeeper [3] - MAN Truck & Bus, a subsidiary of Volkswagen, announced plans to cut 2,300 jobs in Germany, representing about 20% of its workforce, due to high energy and labor costs and competition from Asian rivals [4] - S&P Global completed the acquisition of With Intelligence for a total of $1.8 billion, led by a consortium of major investors [5] - Global DRAM sales surged by 30% quarter-on-quarter in Q3, with SK Hynix maintaining its position as the top seller for three consecutive quarters [6]

值得一提的是，大众集团此前已宣布到 2030 年前在德国裁减 3.5 万个工作岗位的计划，其中约 2 万名员工已签署自愿离职协议。 德国汽车行业面临多重挑战，包括高昂的劳动力成本（德国生产一辆新车的平均劳动力成本高达 3300 美元，是中国的近 6 倍）、市场需求疲软以及来自中 国竞争对手的激烈竞争。 IT之家 11 月 28 日消息，据央视财经报道，德国大众集团旗下的商用车制造子公司曼恩当地时间 11 月 27 日该公司宣布，在德国汽车业陷入困境之际，将在 本国裁员 2300 人以削减经营成本。 据IT之家了解，曼恩主要生产卡车、客车以及柴油发动机。该公司表示，高昂的电力和劳动力成本以及来自亚洲竞争对手的压力，令公司负担沉重。到 2030 年公司将裁员 2300 人，约占其德国员工总数的 20%。不过公司不会强制裁员，而是让员工选择提前退休等自愿措施。 ...