Investment Rating - The report assigns an "Accumulate" rating for the agricultural, forestry, and fishery industry [6] Core Insights - The report highlights that piglet prices have risen for two consecutive weeks, while the average price of commodity pigs has decreased [1][16] - The average price of commodity pigs fell by 2.55% week-on-week, reaching 15.68 CNY/kg as of January 10 [19] - The average price of piglets increased by 4.42% week-on-week, reaching 404.76 CNY/head, indicating a recovery in the breeding sector's sentiment [19][32] - The report suggests that companies with cost advantages and scale in pig farming will have a competitive edge as pig prices stabilize and improve [34] Summary by Sections Price Trends - The average price of commodity pigs decreased by 2.55% week-on-week, while piglet prices increased by 4.42% [19][32] - The average price of culling sows rose by 2.20% week-on-week, reaching 11.60 CNY/kg [19] Production and Slaughter Data - The average weight of commodity pigs at slaughter decreased by 0.28% week-on-week, with an average weight of 122.98 kg [29] - Daily slaughter volume has decreased by 3.39% week-on-week, although it remains higher than the same period last year [29] Profitability Insights - The average profit for self-bred pigs is 202.56 CNY/head, an increase of 33.74 CNY/head from the previous week, while losses for purchased piglets decreased to 33.62 CNY/head [32] Investment Recommendations - The report recommends focusing on leading companies in pig farming such as Muyuan Foods, Wens Foodstuff Group, and others that have scale and cost advantages [35][10] - In the poultry sector, it suggests looking at companies with proprietary breeding sources like Shennong Development and Yisheng Livestock [36] - For the animal health sector, it recommends companies benefiting from the upward pig cycle, including Biocause and other leading veterinary drug firms [37]

Group 1 - The report indicates that the market is experiencing a weak trend, with major indices showing a decline, suggesting a cautious and conservative investor sentiment [2][21]. - The five major indices tracked last week all experienced declines, with the CSI 300 down by 1.13%, the Shanghai Composite Index down by 1.34%, the Shenzhen Component Index down by 1.02%, the ChiNext Index down by 2.02%, and the CSI 500 down by 1.08% [10][21]. - Among the 31 primary industry indices, 8 showed an increase while 23 declined, with the top five performing sectors being comprehensive, home appliances, non-ferrous metals, electronics, and machinery equipment [11][21]. Group 2 - The total trading volume last week was 522.133 billion shares, with a trading value of 5.71044 trillion yuan, indicating a significant market activity [12][13]. - The number of stocks reaching historical highs was 10, while 6 stocks reached historical lows, with 98, 67, and 56 stocks hitting new highs over the past 30, 60, and 120 days respectively [15][16]. - Margin trading data shows a weekly decrease in financing balance of approximately 21.5 billion yuan, while the margin short balance increased by about 600 million yuan [16][21].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 13.60 CNY based on a 20x PE for 2025 [4][6]. Core Views - The report indicates that 2024 will be a year of bottoming out for the photovoltaic industry, with a need for breakthroughs as pessimism continues to release [1][55]. - Demand for photovoltaic power generation is expected to continue to be released due to its economic viability [1][62]. - The battery and component segments are anticipated to rebound first, with the company positioned as a leader in BC battery technology [2][3][77]. Summary by Sections 1. Photovoltaic Industry Sentiment - The report highlights a significant decline in prices for polysilicon, silicon materials, and battery cells in the first half of 2024, with stabilization expected in the second half [12][13]. - The photovoltaic battery and component sectors experienced a revenue drop of 24.9% year-on-year in the first three quarters of 2024, with a net profit loss of 103.5 billion CNY [23][24]. 2. Policy Constraints and Supply - Recent domestic policies aim to eliminate outdated production capacity and prevent disorderly expansion in supply, which may accelerate the industry's bottoming out and lead to high-quality development [59][60]. 3. Economic Viability of Photovoltaic Power - The cost of photovoltaic power generation (LCOE) has decreased significantly, making it more competitive than fossil fuels, which is expected to stimulate demand [61][62]. - Global photovoltaic installations reached 345.8 GW in 2023, a 74% increase year-on-year, indicating strong industry demand [66][67]. 4. Rebound in Battery and Component Segments - Battery prices have started to rebound, with TOPCon battery prices increasing by 1.9% and 1.1% for different models between October and December 2024 [77]. - The report emphasizes that the cost reductions in industrial silicon and polysilicon will likely enhance profit margins for silicon wafers, battery cells, and components [84].

2024 年 12 月 30 日 大盘平均市盈率 -20% -10% 0% 10% 20% 30% 2024-01 2024-04 2024-06 2024-09 2024-12 上证指数 沪深300 1、《谨防高位波动 注意仓位控制：申港证 券策略周报》2024-12-24 2、《短期或高位整理：申港证券策略周报》 2024-12-19 3、《短期或高位整理 提防波幅加大：申港 证券策略周报》2024-12-12 4、《短期市场或高位整理：申港证券策略 周报》2024-12-04 5、《谨慎心态占据上风：申港证券策略周 报》2024-11-26 上周申万 31 个一级行业中，10 个一级行业指数上涨，21 个一级行业指数 下跌。涨跌幅排名前五的行业分别是银行、石油石化、公用事业、交通运输、 家用电器。涨跌幅排名后五的行业分别是传媒、社会服务、计算机、纺织服 饰、房地产。 风险提示：市场波动风险、政策风险。 内容目录 2 / 7 上周各主要指数表现分别为：沪深300涨跌幅为1.36%，上证指数涨跌幅为0.95%， 深证成指涨跌幅为 0.13%，创业板涨跌幅为-0.22%，中证 500 涨跌幅为-0.30%。 ...

行业平均市盈率 29.13 或有分化 投资摘要： 每周一谈 市场回顾： 上周证券行业指数涨跌幅落后于沪深 300 指数，行业内个股多数上涨，但也有三 分之一左右个股出现下跌，显示行业内部的分化特征。我们认为证券行业依然存 在着调整的压力和分化的可能性。 2024 年 12 月 30 日 行业基本资料 资料来源：wind，申港证券研究所 2、《短期或维持高位震荡：证券行业周 报》2024-12-18 敬请参阅最后一页免责声明 证券研究报告 1. 每周一谈 1—11 月份，全国规模以上工业企业实现利润总额 66674.8 亿元，同比下降 4.7% （按可比口径计算，详见附注二）。 1—11 月份，主要行业利润情况如下：有色金属冶炼和压延加工业利润同比增 长 20.2%，电力、热力生产和供应业增长 13.5%，纺织业增长 4.6%，计算机、通信 和其他电子设备制造业增长 2.9%，农副食品加工业增长 0.5%，通用设备制造业下 降 0.1%，专用设备制造业下降 0.9%，电气机械和器材制造业下降 3.1%，石油和天 然气开采业下降 4.4%，汽车制造业下降 7.3%，化学原料和化学制品制造业下降 9.3%， 煤炭开 ...

Investment Rating - The report maintains a rating of "Increase" for the industry [5] Core Insights - The semiconductor industry is experiencing a significant increase in demand driven by advancements in AI applications and hardware integration, particularly in edge devices [33][59] - The report highlights the strong performance of the semiconductor sector, with the Shenwan Electronics Industry Index rising 3.55% in the last week, outperforming the CSI 300 Index by 3.69% [20][26] - The report emphasizes the importance of domestic substitution and AI-driven demand in shaping investment opportunities within semiconductor equipment and materials companies [33] Market Review - The Shenwan Electronics Industry Index increased by 5.45% from December 1 to December 20, ranking second among 31 industries [20] - Year-to-date, the index has risen by 24.38%, outperforming the CSI 300 Index by 9.91% [20] - Key sub-sectors such as digital chip design, printed circuit boards, and integrated circuit packaging have shown strong performance, with respective outperformance against the CSI 300 Index of 9.26%, 6.27%, and 4.41% [26] AI Model Developments - ByteDance's release of the Doubao visual understanding model has significantly increased the usage of AI in smart terminals, with a daily token usage exceeding 4 trillion, a 33-fold increase since May [30] - OpenAI's o3 model has demonstrated enhanced reasoning capabilities, achieving scores of 87.5% and 75.7% in high and low computational settings, respectively [32] - The report notes that the integration of AI models with various smart devices is expected to drive the popularity of AI applications in consumer electronics [33] Investment Strategy - The report suggests focusing on semiconductor equipment and materials companies that benefit from domestic substitution and AI demand, including North China Huachuang, Zhongwei Company, and Huahai Qingke [33] - It also highlights investment opportunities in consumer electronics and AI-related supply chains, such as Luxshare Precision and Lens Technology [33]

资料来源：Wind，申港证券研究所 电池订阅服务：宁德时代在发布会上公布了"磷酸铁锂版"换电电池租赁价格， 并与 30 家企业签订了 10.75 万块电池订阅服务。 电动化和智能化的优质赛道核心标的，如华阳集团、德赛西威、瑞可达、科博达、 伯特利等； 汽车行业周涨幅前五个股分别为：上海凤凰、科博达、华懋科技、祥鑫科技、浙江 黎明。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|--------|----------|-------|----------|----------|-------|-------|-------|-------|--------|----------|--------|----------|----------|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Group 1 - The report indicates that among the 31 primary industry indices tracked, 3 indices increased while 28 indices decreased last week. The top five performing industries were communication, electronics, banking, computer, and public utilities. The bottom five were light industry manufacturing, real estate, building materials, commercial retail, and social services [3][34]. - The major indices showed a decline last week, with the CSI 300 down by 0.14%, the Shanghai Composite down by 0.70%, the Shenzhen Component down by 0.62%, the ChiNext down by 1.15%, and the CSI 500 down by 1.19% [5][13][34]. - The total trading volume was approximately 6,770.70 billion shares, with a trading value of about 76,148.69 billion yuan. There were 1,209 stocks that increased in price while 4,126 stocks decreased [17][35]. Group 2 - The report notes that the number of stocks reaching historical highs was 21, while 6 stocks reached historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 323, 201, and 163 respectively. Conversely, the number of stocks reaching new lows over the same periods were 108, 60, and 12 [6][38][50]. - Margin trading data indicates that the weekly margin balance increased by approximately 1.1 billion yuan, while the short selling balance decreased by about 0.3 billion yuan [4][49]. Group 3 - The market is currently experiencing a cooling trend, characterized by a significant reduction in trading volume and a decrease in the number of stocks that increased in price compared to the previous week. The report suggests that the market is in a high-level consolidation phase, with potential for increased volatility in certain stocks [7][53][61].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The report highlights that the central economic work conference has prioritized boosting consumption as a key focus for economic development in the coming year, which is expected to improve the demand fundamentals across various sub-sectors of the food and beverage industry [17][25] - The food and beverage index rose by 2.01% in the week of December 9-13, outperforming the CSI 300 index by 3.02%, ranking 7th among 31 industries [9][14] - The report suggests that the upcoming festive season will likely drive sales in specific segments, particularly in leisure foods and the restaurant supply chain [25][26] Market Review - The food and beverage index increased by 2.01% last week, with sub-sectors such as pre-processed foods, soft drinks, baked goods, snacks, and beer outperforming the CSI 300 index by 13.04%, 12.69%, 11.94%, 11.84%, and 7.69% respectively [14][9] - Year-to-date, the food and beverage index has decreased by 4.84%, ranking 29th among 31 industries, underperforming the CSI 300 index by 19.48% [8][9] Investment Strategy - The report recommends identifying investment opportunities in high-end liquor brands such as Kweichow Moutai and Wuliangye, as well as in beer companies like Yanjing Beer that are expected to benefit from operational improvements and cost reductions [26] - It also suggests focusing on resilient condiment companies like Haitian Flavoring and Angel Yeast, and on food supply chain companies such as Anjuke Food and Qianwei Central Kitchen for potential recovery opportunities [26][25]

行 业 研 究 短期或维持高位震荡 ——证券行业周报 投资摘要： 每周一谈 评级 增持（维持） 2024 年 12 月 16 日 2024 年 11 月份居民消费价格同比上涨 0.2% 其中，城市上涨 0.1%，农村上涨 0.2%；食品价格上涨 1.0%，非食品价格持平；消费品价格持平，服务价格上涨 0.4%。1—11 月平均，全国居民消费价格比上年同期上涨 0.3%。 11 月份，全国 居民消费价格环比下降 0.6%。其中，城市下降 0.6%，农村下降 0.6%；食品价 格下降 2.7%，非食品价格下降 0.1%；消费品价格下降 0.7%，服务价格下降 0.3%。 市场回顾： 上周（12.9-12.13）沪深 300 指数的涨跌幅为-1.01%，申万二级行业指数证券行 业涨跌幅为-2.14%。板块内 11 家个股上涨，39 家个股下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：国盛金控、国联证券、第一创业、哈投股份、南京证券。 股价涨跌幅后五名为：东方财富、光大证券、华林证券、中原证券、中国银河。 本周投资策略： 上周证券行业指数涨幅落后于沪深 300 指数，板块弹性表现的较为明显，板块的 高位震荡符合 ...