美国银行分析师Vivek Arya及其团队针对美光股价发表了观点。该团队将美光2026、2027、2028三个财 年的备考每股收益预期分别上调62%、80%、42%，调整后数值分别为31.84美元、38.85美元和29.15美 元。 分析师指出，美光股价的主要风险包括：人工智能领域需求波动、传统存储产品定价变化、行业 新增产能释放，以及当前68%的毛利率和60%的营业利润率或已接近峰值水平。Arya表示，尽管人工智 能需求或存在一定波动，但2026全年的高带宽内存（HBM）产品已再度售罄，且客户签订了多年期供 货协议。相较于以往的行业周期，这或将推动美光迎来一轮更具持续性的上行周期。基于对美光2027日 历年市净率2.3倍的估值（处于美光0.8倍至3.1倍的长期市净率区间中高位），将美光股票评级从"中 性"上调至"买入"，目标价从250美元上调至300美元。 来源：科创板日报 ...

Core Viewpoint - The coal market is experiencing a slight decline in prices, with expectations for gradual recovery to a reasonable price level of 750 RMB/ton, influenced by supply constraints and increased demand due to seasonal factors [1][2]. Group 1: Coal Price Trends - As of December 19, the Qinhuangdao Q5500 thermal coal price is 703 RMB/ton, down 50 RMB/ton from the previous period, while the Guangzhou port price is 780 RMB/ton, having reached the estimated target price range of 800-860 RMB/ton [1][2]. - The current price has fallen below the coal-electricity profit-sharing level of 750 RMB/ton, indicating potential for price recovery [2]. Group 2: Supply and Demand Dynamics - The decline in coal prices is attributed to ongoing supply tightening due to regulatory actions against overproduction and safety inspections, alongside rising demand as the energy consumption season begins [2]. - The demand surge is driven by early heating needs in northern regions due to cold weather and increased industrial production as the year-end approaches [2]. Group 3: Policy Impact - The release of the "Key Areas for Clean and Efficient Utilization of Coal" policy emphasizes the shift towards higher value coal products and indicates that coal investment logic is increasingly driven by policy rather than just fundamental factors [3]. Group 4: Investment Logic - The price recovery process for thermal coal is expected to follow four stages, including the restoration of long-term contracts and reaching the profit-sharing level for coal and power companies [4]. - The target price for coking coal is influenced by its price ratio to thermal coal, with specific target prices set based on this relationship [4]. Group 5: Investment Recommendations - The coal sector presents dual investment logic: cyclical elasticity due to low historical prices and stable dividends from companies maintaining high dividend payouts [5]. - Key stocks to consider include those benefiting from cyclical recovery (e.g., Jinko Coal, Yanzhou Coal) and those with strong dividend potential (e.g., China Shenhua, Zhongmei Energy) [5].

国内动态：西物院签订ITER第一壁合同，BEST核心部件订单陆续释放12月10日，核聚变中心与西物院 在京签订ITER第一壁批量制造合同；12月15日，由西物院牵头组成的中方联合体成功中标ITER边缘局 域模电源系统。近期等离子体所、聚变新能发布/更新多项采购，前期招标的氚工厂、低温系统等核心 部件已陆续开标并公示中标情况。中国工程物理研究院（原简称"九院"）材料研究所中标等离子所氚增 殖系统全部4个项目合计约11.4亿元。合肥物质科学研究院预中标低温系统关键部件（预算7.28亿元）； 合肥物质科学研究院等联合体获BEST装置TF磁体项目8.885亿元；西部超导、上海超导获千万级订单。 海外动态：特朗普媒体与科技集团收购TAE打造全球首家商业聚变上市公司12月18日，特朗普媒体与科 技集团（TMTG）官宣将与聚变能源公司TAETechnologies合并，价值超过60亿美元，预计2026年年中 完成交割，旨在打造全球首批可控核聚变上市公司。合并后的公司计划于2026年开工建设全球首座公用 事业规模的聚变电站（50MW）；此外，公司还计划建设其他聚变电站，预计装机容量为350-500MW。 TMTG同意在签约时 ...

Core Viewpoint - The coal industry is currently in the early stages of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector at lower prices [5] Price Trends - The price of thermal coal at Qinhuangdao Port (Q5500) is reported at 711 RMB/ton, a decrease of 42 RMB/ton week-on-week [2] - The price of coking coal at Jingtang Port is 1700 RMB/ton, an increase of 50 RMB/ton week-on-week [3] - International thermal coal prices have also seen declines, with Newcastle NEWC5500 at 75.0 USD/ton, down 2.0 USD/ton week-on-week [2] Supply and Demand Dynamics - The utilization rate of thermal coal mines is at 90.4%, down 2.1 percentage points week-on-week, while the utilization rate for coking coal mines is at 86.62%, up 1.3 percentage points [3] - Daily coal consumption in inland provinces has decreased by 16.60 thousand tons/day (-4.23%), while consumption in coastal provinces has increased by 4.70 thousand tons/day (+2.35%) [5] - Chemical coal consumption has increased by 2.58 thousand tons/day (+0.35%) [4] Inventory and Utilization Rates - Coastal provinces have seen a decrease in coal inventory by 21.80 thousand tons, a 0.63% drop week-on-week, while inland provinces' inventory has decreased by 64.20 thousand tons, a 0.64% drop [4] - The clinker utilization rate in the cement industry is reported at 37.7%, down 1.3 percentage points week-on-week [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a strong long-term outlook due to supply constraints and rising costs [7] - The current market conditions present a high investment value in coal assets, with a focus on companies with stable operations and strong earnings [6][7] - Recommended companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others, highlighting their strong fundamentals and growth potential [7]

Group 1 - The average prices for pure MDI, polymer MDI, and TDI are 19186, 14721, and 14693 CNY/ton respectively, with week-on-week changes of -293, +93, and +234 CNY/ton [1] - The gross margins for pure MDI, polymer MDI, and TDI are 6149, 2684, and 2769 CNY/ton respectively, with week-on-week changes of -240, +145, and +3 CNY/ton [1] Group 2 - The average prices for ethane, propane, thermal coal, and naphtha are 1324, 4166, 522, and 3790 CNY/ton respectively, with week-on-week changes of -102, -122, -8, and -166 CNY/ton [2] - The average price for polyethylene is 6933 CNY/ton, with a week-on-week decrease of 113 CNY/ton, while the theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene are 625, 1291, and -132 CNY/ton respectively, with week-on-week changes of +41, -44, and +104 CNY/ton [2] - The average price for polypropylene is 6000 CNY/ton, with a week-on-week decrease of 70 CNY/ton, and the theoretical profits for PDH, CTO, and naphtha cracking for polypropylene are -758, 861, and -393 CNY/ton respectively, with week-on-week changes of +65, -25, and +120 CNY/ton [2] Group 3 - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2346, 1702, 3739, and 2422 CNY/ton respectively, with week-on-week changes of +29, -3, -75, and +15 CNY/ton [2] - The gross margins for synthetic ammonia, urea, DMF, and acetic acid are 331, 33, -396, and 225 CNY/ton respectively, with week-on-week changes of +53, +10, -49, and -2 CNY/ton [2] Group 4 - Related listed companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Andisu [3]

Core Viewpoint - The automotive sector shows mixed performance with the overall market declining, while certain segments like automotive parts exhibit growth, indicating potential investment opportunities in specific companies and technologies [1][2]. Industry Key News - China's first batch of L3 autonomous driving models, including Deep Blue SL03 and Arcfox Alpha S, has received approval for pilot testing in Beijing and Chongqing [1]. - Changan Automobile's annual sales of new energy vehicles have surpassed one million, with a target of five million by 2030 [1]. - Lantu Motors and CATL have signed a ten-year deepening cooperation agreement to prioritize advanced battery technology [1]. - Ford has terminated a battery supply agreement worth 9.6 trillion KRW with LG Energy Solution, indicating a contraction in its electrification business [1]. - The domestically produced Tesla Model Y L has received EU certification and is expected to enter the international market in 2026 [1]. - Xiaomi has invested over 100 million yuan to subsidize dealers, accelerating its nationwide channel layout [1]. - BYD is leveraging its cloud system as a core competitive advantage in the robotics sector [1]. Market Review - The CSI 300 index fell by 0.28% this week, while the automotive sector rose by 0.13%, ranking 19th among A-share primary industries [2]. - The passenger vehicle index decreased by 1.64%, with BAIC BluePark and Xpeng Motors leading the gains [2]. - The commercial vehicle index fell by 0.43%, with Shuguang Co. and Foton Motor leading the gains [2]. - The automotive parts index increased by 1.12%, with Zhejiang Shibao and Haon Automotive Electric leading the gains [2]. Investment Recommendations - In the passenger vehicle segment, the demand for domestic high-end luxury cars is exceeding expectations, with a favorable competitive landscape. Companies recommended include JAC Motors and Seres, with Geely Automotive as a beneficiary [3]. - In the parts sector, the profitability is expected to improve against a backdrop of reduced competition, with growth potential remaining high. Recommended companies include Desay SV, Zhejiang Xiantong, and Meili Technology, with beneficiaries including Weichai Power and Huayu Automotive [3].

Group 1: Market Overview - The price of praseodymium and neodymium oxide decreased by 0.88% this week, with expectations of a 20-25% reduction in monthly output due to stricter environmental inspections in December [5] - LME copper price increased by 2.75% to $11,870.5 per ton, while domestic copper price decreased by 0.96% to ¥93,200 per ton [2] - LME aluminum price rose by 2.80% to $2,955.50 per ton, and domestic aluminum price increased slightly by 0.07% to ¥22,200 per ton [3] - COMEX gold price increased by 0.79% to $4,368.7 per ounce, influenced by geopolitical risks [4] Group 2: Supply and Demand Dynamics - Domestic copper inventory saw a slight increase of 0.79% week-on-week, with expectations of reduced imports and stable domestic supply [2] - Domestic aluminum production capacity remains high, with an operating rate of 79.85%, but inventory pressures are evident as production continues to accumulate [3] - The supply of antimony is expected to decline due to reduced overseas production, while demand remains stable, indicating a potential upward trend in global antimony prices [5] - Lithium carbonate price increased by 3.66% to ¥96,700 per ton, while hydroxide lithium price decreased by 0.25% to ¥87,000 per ton [6] Group 3: Export and Future Outlook - China's magnetic material exports in October increased by 16% year-on-year but decreased by 5% month-on-month, with a more optimistic outlook for future demand due to expected easing in export restrictions [5] - The overall sentiment in the aluminum processing sector remains weak, with a decrease in operating rates among major processing enterprises [3] - The market for tin is expected to remain strong due to low inventory levels and supply disruptions in key overseas mining regions [5]

东吴证券近日发布大炼化周报：国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。本周PX均价为838.6美 元/吨，环比+1.7美元/吨，较原油价差为400.0美元/吨，环比+15.7美元/吨，PX开工率为89.2%，环比 +0.0pct。 以下为研究报告摘要： 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、恒逸石化、桐昆股份、新凤鸣。 投资要点 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风 险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。（东吴证券 陈淑 娴,周少玟） 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为 ...

Core Viewpoint - Zhejiang Energy Port Company has successfully achieved its annual import target of 15 million tons of coal, marking a new high since its opening, which reflects the improvement in operational efficiency and service level of the company [1]. Group 1: Operational Achievements - The completion of the unloading of the "Ocean Queen" vessel signifies the achievement of the 15 million tons annual import target [1]. - From January to November this year, the coal import volume at Zhejiang Energy Port exceeded 9.3 million tons, representing a year-on-year increase of 10.9% [4]. Group 2: Technological Advancements - The company has focused on key areas such as coal unloading and transportation, enhancing operational efficiency through technological upgrades [6]. - The implementation of an unmanned operation for the bucket wheel and a smart yard operation system has significantly reduced labor costs and improved fault location accuracy [6]. Group 3: Environmental Initiatives - The port has adapted its shore power system to meet the electricity needs of various vessels, greatly reducing emissions from ships [6]. - The simultaneous launch of photovoltaic projects has enabled the port to achieve self-sufficiency in green energy, contributing to the construction of a "green and beautiful port" [6]. Group 4: Strategic Collaborations - Zhejiang Energy Port has optimized customs clearance processes and adopted a "hot berthing" model to reduce vessel waiting times [7]. - The company has expanded resource channels through long-term collaborations, contributing positively to lowering energy costs in the province [7]. Group 5: Future Directions - The company aims to continue its core responsibility of ensuring coal supply, deepen technological transformation, and enhance energy security reserves [7]. - Leveraging its geographical advantages, Zhejiang Energy Port plans to integrate further into the group’s industrial layout to support local economic development [7].

一直以来，国网江苏省电力有限公司党委上下一心、紧跟党的步伐，将党的理论武装作为首要政治任 务，以"第一议题"学习习近平总书记近期重要讲话和重要贺信精神，并结合实际抓好贯彻落实，确保公 司发展始终沿着正确的政治方向前进。公司上下深入学习领会习近平总书记。在统筹协调方面，牢固树 立总体国家安全观，推动安全和发展良性互动，正确处理好安全和发展的关系强化体系化防控与精益化 管理，全面提升风险防范能力，特别是在防台防汛等关键时期，扎实做好保障工作，为公司的稳定发展 筑牢安全防线；在协同攻坚上，持续深化改革创新，扎实开展国企改革深化提升行动，服务全国统一大 市场建设，重视新能源上网电价市场化改革和科研体系改革，促进科技创新和产业创新深度融合，能够 让公司在市场竞争中占据优势地位，实现高质量发展；在队伍建设上，通过坚持党建带团建，加大团组 织建设力度，加强青年人才队伍建设，深入实施"青马工程"和青年精神素养提升工程，用好红色资源、 讲好红色故事，引导青年赓续红色血脉、凝聚奋进力量，为公司注入源源不断的青春活力；在作风建设 上，组织开展学习教育"回头看"，梳理盘点整改整治成效，通报问题整治情况，总结学习教育成果和经 验，能够 ...