yue 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 Research and Development Center "适度宽松"的话外之音 ——12 月政治局会议点评 [[Table_R Table_Report eportTTime ime]] 2024 年 12 月 9 日 [李一爽 Table_FirstA 固定uthor 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 国新两家央企发行的稳增长扩投资专项债可能就是相关尝试，而后续在货币 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|-------|---------------------- ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology sector is "Positive" [2]. Core Viewpoints - The report anticipates a recovery in the pharmaceutical sector's performance in 2025, driven by marginal improvements in medical insurance payments and a low base effect from 2024 [8][9]. - Key investment themes include "expanding domestic demand," "new quality productivity," and "state-owned enterprise reform," which are expected to guide stock selection [8][9]. - The CXO sector is expected to experience a valuation recovery following the exclusion of the bioterrorism bill from the NDAA [8][9]. Summary by Sections 1. Weekly Market Performance - The pharmaceutical and biotechnology sector's return for the week was +1.62%, outperforming the CSI 300 index by +0.17%, ranking 23rd among 31 primary sub-indices [6]. - The medical services sub-sector had the highest weekly increase at +4.64%, while the chemical pharmaceuticals sub-sector had the lowest at +0.61% [6][35]. 2. Sector Trends and Valuation - The pharmaceutical sector has underperformed over the past month with a -2.00% return, but it has outperformed the CSI 300 index by +2.16% [19]. - The current PE (TTM) for the pharmaceutical and biotechnology sector is 28.14 times, which is below the historical average of 31.63 times [21][22]. 3. Focus on Specific Stocks - Under "expanding domestic demand," recommended stocks include Changchun High-tech, Zhifei Biological, and Meien Health [8]. - For "new quality productivity," focus on CXO companies like WuXi AppTec and innovative drugs such as Innovent Biologics and BeiGene [9]. - In the context of "state-owned enterprise reform," companies like Sinopharm and China Resources are highlighted [10]. 4. TCE Sector Update - The TCE (T-cell engagers) sector has seen significant breakthroughs, particularly with Janux Therapeutics' promising clinical data for its drug JANX007 in treating mCRPC [13][17]. - The report suggests that TCE technology could lead to new investment opportunities, especially in the context of solid tumors and autoimmune diseases [17].

Research and Development Center 11 月开放式产品达基率提升——银行理财 月度跟踪（2024.11） [Table_Industry] 银行 [Table_ReportDate] 2024 年 12 月 9 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a positive investment rating for the machinery equipment industry [3]. Core Insights - Government procurement policies are increasingly supporting domestic products, with a proposed 20% price evaluation discount for domestic products compared to foreign ones [10]. - The manufacturing PMI for November 2024 is reported at 50.3%, indicating continued expansion, with production and new order indices showing positive month-on-month growth [10]. - Fixed asset investment in the manufacturing sector for the first ten months of 2024 has increased by 9.3% year-on-year, reflecting a recovery in growth rates [10]. Summary by Sections Section 1: Key Insights of the Week - The report highlights the impact of new government procurement policies favoring domestic products and the tightening of semiconductor export controls by the U.S. [10]. - The manufacturing PMI and fixed asset investment data suggest a positive trend in the machinery sector [10]. Section 2: Market Review - The machinery index saw a significant increase of 3.95% last week, outperforming other indices [18]. - The report notes that sub-sectors such as industrial robots and machine tools experienced substantial gains [20]. Section 3: Core Insights Update - The manufacturing PMI and fixed asset investment data indicate a robust outlook for the machinery sector, with specific attention to the engineering machinery segment [23]. Section 4: Important Announcements from Listed Companies - Several companies are highlighted for their strong performance and growth potential, including: - Bolong Technology, with a 60.2% year-on-year profit increase [11]. - Soft Control, benefiting from overseas investments by domestic tire companies [12]. - East Asia Machinery, showing strong growth in high-end products [13]. - Sande Technology, with significant growth in its unmanned intelligent equipment business [14]. - Shan Gu Power, with improved quarterly performance [15]. - Jerry Holdings, with a projected project value of approximately $9.2 billion [16].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights significant opportunities in the AI industry chain following OpenAI's recent 12 events over 12 days, emphasizing the need for continuous monitoring of the rapidly evolving AI sector [2][6] - The semiconductor sector has shown a year-to-date increase of +25.36%, while other electronic segments have also performed well, indicating a robust market environment [2][6] - OpenAI's introduction of ChatGPT Pro at a subscription price of $200 per month is expected to enhance access to advanced AI models, which may drive further innovation in the industry [2][6] Summary by Sections Market Tracking - The performance of the Shenwan Electronics Index has been mixed, with year-to-date changes as follows: Semiconductors (+25.36%), Other Electronics II (+22.52%), Components (+28.16%), Optical Electronics (+7.37%), Consumer Electronics (+15.78%), and Electronic Chemicals II (+5.82%) [6][8] - Weekly performance shows fluctuations, with semiconductors down by -0.25% and consumer electronics up by +0.41% [6] Individual Stock Performance - Notable gainers in the semiconductor sector include Dazhi Technology (+26.13%) and New Xiangwei (+19.77%), while Yuyuan New Materials saw a decline of -15.71% [13][14] - In the consumer electronics sector, Fenda Technology led with a +28.97% increase, while Beishida Ke fell by -23.71% [15] - The components sector saw Tianjin Pulin rise by +25.79%, while Fangzheng Technology dropped by -3.67% [16] - Optical electronics had Aobi Zhongguang increasing by +21.07%, while Kangguan Technology decreased by -10.75% [19] - Electronic chemicals were led by Guanghua Technology with a +30.18% rise, while Jianghua Micro fell by -7.34% [20] Important Announcements - Lingyi Zhi Manufacturing plans to issue convertible bonds to acquire a 66.46% stake in Jiangsu Keda [22] - Shengyi Electronics announced an investment of approximately 1.4 billion RMB in a smart computing center project [23] - Tianjian Electric Sound intends to invest up to 500 million RMB in a health care headquarters project [24]

主动权益产品成长属性加强，深证 100ETF 迎集中申报 —— 量化市场追踪周报（2024W48） [Table_ReportTime] 2024 年 12 月 8 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2024W48)：主动权益产品成长 属性加强，深证 100ETF 迎集中申报 [Table_Repor ...

Group 1 - The core conclusion indicates that since September, the market style has rapidly shifted towards small-cap stocks, raising the question of whether this bull market will predominantly favor small-cap stocks. Historically, bull markets without earnings realization tend to favor small-cap stocks, while those with earnings realization lean towards large-cap stocks [9][10][12]. - The primary factor influencing the small and large-cap style is the change in investor structure. In markets where institutional investors (foreign capital, insurance, public mutual funds, etc.) are increasing, the market style tends to favor large-cap stocks. Conversely, in markets where institutional investors are decreasing, the style leans towards small-cap stocks [9][10][14]. - During fast bull markets, the style between small and large-cap stocks tends to rotate significantly. Historical data shows that in fast bull markets, there are substantial style shifts every 1-2 quarters, leading to high volatility [9][15][20]. Group 2 - The report suggests that the market style may shift back towards large-cap stocks in December and January, based on historical patterns. If the index breaks upward quickly, it is likely that after a period favoring small-cap stocks, the style will revert to large-cap stocks [23]. - The report highlights that the current bull market is likely to continue, but the speed may not match previous rapid increases due to slower inflow of retail investor funds compared to past bull markets [25]. - The suggested allocation order includes financials and real estate as the most beneficial sectors, followed by media, internet, and consumer electronics, indicating a strategic focus on sectors that are expected to benefit from policy changes and market dynamics [25][27].

Investment Rating - The report gives a "Positive" investment rating for the industry [2]. Core Insights - The approval of Bloks Group Limited's overseas listing by the China Securities Regulatory Commission (CSRC) indicates that the company is set to list on the Hong Kong Stock Exchange, which is expected to boost industry valuations [2][3]. - Bloks has established itself as a significant player in the global building block toy market, ranking as the largest in China with a GMV exceeding 1.8 billion, reflecting a year-on-year growth of over 170% and a market share of 30.3% [8][10]. - The "谷子经济" (Goods Economy) is characterized by consumption primarily among the youth, focusing on secondary cultural products, including anime, games, and related merchandise, which are seen as resilient to economic downturns [25][29]. Company Overview - Bloks was founded in 2014 and is headquartered in Shanghai, specializing in the design, research, and sales of building block toys [8]. - The company holds over 470 patents and collaborates with more than 30 well-known IPs, including Ultraman and Transformers [10]. Business Model - The business model is based on developing building block toys using proprietary and licensed IPs, with production outsourced to third-party factories [10]. Financial Data - In Q1 2024, Bloks reported a revenue increase of 223.8% to 466 million, with gross profit rising 310.7% to 242 million, resulting in a gross margin of 52.0% [16][12]. - From 2021 to 2023, Bloks' revenue grew from 330 million to 877 million, with a compound annual growth rate (CAGR) of 63% [12]. Market Potential - The overall market for the "谷子经济" has surpassed 220 billion in 2023, with the IP peripheral products market experiencing explosive growth, projected to reach 590 billion by 2029 [29][30]. - The report identifies several related stocks that may benefit from the "谷子经济," including companies like Shifeng Culture and AoFei Entertainment [33][36].

Investment Rating - The report maintains a positive investment rating for the oil processing industry [2]. Core Views - The report emphasizes that the current oil price cycle is fundamentally driven by supply-side factors, with OPEC+ extending production cuts to support oil prices [2][13][15]. - It highlights that despite concerns over oil demand, the supply constraints and geopolitical tensions continue to support high oil prices in the medium to long term [15][17]. Summary by Sections Oil Price Review - As of December 6, 2024, Brent and WTI crude oil prices were $71.12 and $67.20 per barrel, respectively, reflecting a decrease of 1.00% and 1.18% from the previous week [2][22]. Oil Price Outlook - The report suggests that the U.S. shale oil production faces limitations due to resource degradation and rising costs, while OPEC+ maintains a strong commitment to controlling prices through production cuts [14][15]. - It predicts that global oil demand will continue to grow from 2024 to 2026, leading to sustained high oil prices due to supply constraints [14][15]. Oil Supply - U.S. crude oil production was reported at 13.51 million barrels per day as of November 29, 2024, with an increase of 20,000 barrels per day from the previous week [2][3]. - The report notes that the number of active drilling rigs in the U.S. increased to 482, indicating ongoing production activity [3]. Oil Demand - U.S. refinery crude oil processing reached 16.91 million barrels per day, with a utilization rate of 93.30%, reflecting a rise of 2.8 percentage points from the previous week [3]. Oil Inventory - As of November 29, 2024, total U.S. crude oil inventories decreased by 3.628 million barrels to 815 million barrels, a decline of 0.44% [3]. Performance of Oil and Petrochemical Sector - The oil and petrochemical sector saw a 2.02% increase as of December 6, 2024, outperforming the broader market [17]. - The oil service engineering sector rose by 3.92%, while the oil and gas extraction sector increased by 3.53% [17]. Price Changes of Different Crude Oil Varieties - Brent crude oil price decreased by 1.00% over the past week, while WTI and Urals crude oil prices fell by 1.18% and 1.90%, respectively [24].

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry Core Insights - USTMA has raised its forecast for U.S. tire shipments in 2024 to 338.9 million units, a year-on-year increase of 2.1%, up from the previous estimate of 1.7% [2][17] - The report highlights key companies in the tire sector: Sailun Tire, Xuchang Rubber, and General Tire [2] - The basic chemical sector showed a positive market performance with a 1.94% increase during the week [6][8] Market Overview - The Shanghai Composite Index rose by 2.33% to 3404.08 points, while the Shenzhen Component Index increased by 1.69% to 10791.34 points during the week of November 29 to December 6, 2024 [6] - The basic chemical sector's performance was driven by sub-sectors such as chemical fibers (+4.55%), non-metallic materials II (+4.18%), and rubber (+3.37%) [8][6] Industry Fundamentals - As of December 6, 2024, WTI crude oil prices were $68.3 per barrel, down 0.61% week-on-week, while LNG prices rose by 2.66% to 4599 yuan per ton [11] - The report notes a slight decrease in coal prices, with thermal coal at 702 yuan per ton, down 0.85% week-on-week [11] - The tire raw material price index increased to 164.02, reflecting a week-on-week rise of 0.77% and a year-on-year increase of 26.63% [17] Key Industry Tracking - The natural rubber market price averaged 17883 yuan per ton, up 3.37% week-on-week and 42.78% year-on-year [17] - The report indicates that the operating rate for full steel tires was 58.85%, down 1.1 percentage points from the previous week, while the semi-steel tire operating rate was 79.02%, down 0.05 percentage points [19] Chemical Product Price Movements - Among the monitored chemical products, PVDF powder saw the highest increase at 8.33%, while liquid chlorine experienced the largest decrease at -7.87% [15][14] - The report lists the top ten products by price increase and decrease, indicating significant fluctuations in the chemical market [15] Agricultural Chemical Sector - The potassium chloride market price slightly decreased to 2572 yuan per ton, with a year-on-year decline of 11.22% [26] - Urea prices showed a slight decline to 1825 yuan per ton, reflecting ongoing supply-demand imbalances [26] Fine Chemical Sector - The report notes stability in the sucralose market, with prices maintained at 240,000 yuan per ton despite rising raw material costs [38] - The aspartame market showed slight fluctuations, with prices ranging between 35,000 to 37,000 yuan per ton [38]