[CSI Headlines].

Drive the upgrading of the industrial chain and enhance the right to speak in the field of global ultra-high-definition display

Recently, the first meeting of the ultra-high-definition display working group of the World Ultra-high-definition Video Industry Alliance (UWA Alliance) and the inaugural meeting of the working group were held in Nanjing. China Central Radio and Television, Shicheng Laboratory, SID China, Film Science Research Institute, Fourth Academy of Electronics and many other units attended the meeting. The establishment of the ultra-high-definition display working group of the World UHD Video Industry Alliance is of great significance to enhance China's voice and industrial competitiveness in the field of global ultra-high-definition display.

Comments: Ultra-high-definition is a new round of major technological changes in the display industry after digitalization and high-definition. Accelerating the development of the ultra-high-definition video industry can directly drive the overall replacement of the industrial chain such as production and broadcasting equipment, terminal products, display panels, and chips. At present, driven by the rapid development of new displays, consumer electronics products and radio and television applications, China's ultra-high-definition video industry is in a critical period of large-scale development by relying on the advantages of China's super-large-scale market. In the context of the integrated development of 5G and ultra-high-definition, the demand for downstream applications is expected to explode, and the prospect of the ultra-high-definition video industry is considerable.

◆Among the A-share companies, Skyworth Digital (000810) 4K set-top box market share ranks first, and Skyworth RGB has become the exclusive partner of CCTV 4K channel. At present, Digital Video (300079) has formed a complete set of mature radio and television 4K industry chain solutions. New technologies and products such as 4K/8K ultra-high-definition video and artificial intelligence, which have been researched and developed for many years, have begun to be integrated and applied in the fields of radio and television, communications, etc.

[CSI Focus].

New policies have been intensively introduced, and new infrastructure investment is expected to speed up and increase efficiency

Recently, the central and local governments have intensively introduced policies to support the development of new infrastructure, mainly involving 5G, new energy, transportation, big data, artificial intelligence and other fields. The Ministry of Industry and Information Technology recently issued the "Implementation Plan for the Digital Transformation of the Power Equipment Manufacturing Industry", proposing that the power equipment manufacturing industry should accelerate the digital transformation of key links, consolidate the foundation of digital transformation, and build a digital collaborative transformation ecology. The Ministry of Housing and Urban-Rural Development recently issued the "Urban Digital Public Infrastructure Standard System", which proposes to connect "new urban construction" with "new infrastructure", clarify the framework of the urban digital public infrastructure standard system, accelerate the construction of urban digital public infrastructure in China, continue to improve the modernization level of urban governance system and governance capacity, and comprehensively promote the construction of a new pattern of urban development.

Comments: New infrastructure has huge investment space, especially with the wide application of big data and artificial intelligence, the demand for computing power has increased significantly, and a new round of computing power construction boom has been set off across the country; The network effect of new infrastructure will bring exponential growth, bringing a large number of unpredictable high-growth new business formats. With the new infrastructure becomes a reality, not only the original digital industry will be more vigorous development, many traditional service industries and manufacturing industries will also become online industries, China's industrial digitalization level and Internet technology level will also be further improved, followed by the overall economic operation of more transparent information transmission, fewer intermediate links and more efficient resource organization, new infrastructure will be the key to support the new momentum of economic development.

◆Among the A-share companies, Wangsu Technology (300017) mainly provides MSP services, edge computing, security, computing cloud and IDC+ liquid cooling energy-saving solutions. Zhongbei Communication (603220) provides customers with 5G new infrastructure, smart city and 5G industry application services.

【Selected News】

○ According to central bank data, RMB deposits increased by 17.22 trillion yuan in the first ten months. Among them, household deposits increased by 11.28 trillion yuan, and deposits of non-financial enterprises decreased by 2.84 trillion yuan, and the stock of social financing scale at the end of October 2024 was 403.45 trillion yuan, a year-on-year increase of 7.8%; In the first 10 months, RMB loans increased by 16.52 trillion yuan, and the balance of broad money (M2) at the end of October was 309.71 trillion yuan, up 7.5% year-on-year. In the first ten months of 2024, the cumulative increase in the scale of social financing will be 27.06 trillion yuan.

○According to data released by the China Association of Automobile Manufacturers, in October, the production and sales of new energy vehicles reached 1.463 million units and 1.43 million units, up 48% and 49.6% year-on-year, respectively, and new energy vehicle sales accounted for 46.8% of the total new vehicle sales. Overall vehicle exports in October totaled 542,000 units, reflecting an 11.1% y/y increase.

○ The Ministry of Finance recently issued a notice to release the 2025 subsidy budget of 56.6 billion yuan for some urban affordable housing projects of the central government.

○According to data from the China Automotive Power Battery Industry Innovation Alliance, in October, China's power and other battery sales were 110.3GWh, an increase of 6.2% month-on-month and 47.4% year-on-year. The installed capacity of power batteries was 59.2GWh, a year-on-year increase of 51%.

○ According to AITO's official WeChat news, the M9 has been on the market for more than 10 months, and the cumulative number of units has exceeded 170,000 units.

[Sankei perspective].

Domestic GPU unicorn Moore Threads will sprint to IPO The founder is a former executive of NVIDIA

Moore Threads, a domestic GPU unicorn, has completed the shareholding system transformation and is preparing to go public, and will start listing counseling in the near future, with the preferred target being the Science and Technology Innovation Board. Moore Threads focuses on the R&D and design of full-featured GPU chips and related products, supporting a variety of combined workloads such as AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding and decoding, physical simulation and scientific computing. Since its establishment, Moore Threads has experienced a total of 6 rounds of financing, with a cumulative financing amount of billions of yuan, and investors include Shenzhen Capital Group, Sequoia China, ByteDance, Tencent Investment, etc. A-share related concept stocks mainly include Capital Online (300846), Sinnet (300383), etc.

[Company News].

○ Jiabiyou (688089) intends to purchase 65% of the equity of Shanghai Ouyi Biomedical Technology Co., Ltd. by issuing shares and paying cash. Through this transaction, the main business of the listed company will be further extended to the field of scientific research and technical services. The company's shares will resume trading from the opening of the market on November 12.

○ ENPOWER (300681) and EHang signed a strategic cooperation agreement to jointly develop the R&D and industrialization of eVTOL product power systems in the low-altitude economy of Urban Air Mobility. At the same time, the company received a product technology development notice letter from EHang, and the company will provide power motors and controllers for the customer's unmanned eVTOL (electric vertical take-off and landing aircraft) product development.

○ Recently, the Provincial Guang Group (002400) has successfully become one of the service providers of the "Star Wide Liantou" of the huge star map.

○ Huading Co., Ltd. (601113) plans to raise no more than 708 million yuan from the controlling shareholder for an annual output of 65,000 tons of high-quality differentiated nylon PA6 filament project.

○ A wholly-owned subsidiary of Sinoma Energy Conservation (603126) won the bid for a procurement project of 384 million yuan.

○ The holding subsidiary of Truide (300001) signed a sales and service contract for charging stations of 528 million yuan.

○ Pudong Jinqiao (600639) plans to repurchase the company's shares for 125 million yuan to 250 million yuan.

○ The chairman of Kingerobot (688455) proposed to repurchase the company's shares with 150 million yuan to 300 million yuan.

○ The controlling shareholder of Jinkai New Energy (600821) plans to increase its holdings of 100 million yuan to 200 million yuan of the company's shares.

○ Shunluo Electronics (002138) plans to repurchase shares with 200 million yuan to 400 million yuan.

○ Sailun Tire (601058) Ruiyuan Dingshi plans to increase its shareholding in the company by 500 million yuan to 1 billion yuan.

[Capital Tide View].

○ On November 11, the net outflow of main funds in Shanghai and Shenzhen was 19.546 billion yuan. The top three sectors with a net inflow of main funds were automobiles, semiconductors and cultural media, with net inflows of 3.581 billion yuan, 3.154 billion yuan and 2.180 billion yuan respectively. The top three stocks with net inflows of main funds are Changan Automobile, ZTE and Tongfu Microelectronics, with net inflows of 2.253 billion yuan, 1.717 billion yuan and 1.461 billion yuan respectively.

○ ZTE (000063) November 11 daily limit. According to the data of the Dragon and Tiger List, the special seats for Shenzhen-Hong Kong Stock Connect bought 419 million yuan and sold 635 million yuan at the same time. The second buying seat is the securities business department of SDIC Securities Xi'an Qujiang Chi South Road, with a purchase of 200 million yuan. The net sales of the special seats of the three institutions were 50.3336 million yuan, 79.4445 million yuan and 83.3536 million yuan.

○ Changan Automobile (000625) November 11 daily limit. According to the data of the Dragon and Tiger List, the special seats for Shenzhen-Hong Kong Stock Connect bought 427 million yuan and sold 333 million yuan at the same time. The second largest buying seat, CITIC Securities, Xi'an Zhuque Street Securities Business Department, bought 254 million yuan, and a special seat for an institution bought 159 million yuan.