| --- | --- | |-----------------------------|-------| | | | | 目录 一、 行情回顾 | | | 二、 子行业新闻 … | | | （一） 半导体 | | | ( 二 ) AI、物联网、汽车电子 | | | ( 三 ) 创新电子&智能穿戴 | | | （四） 手机&5G | | | （五） LCD、LED | | | 三、 行业投资策略、周观点 | | | 四、 风险提示 | | 图 1、 本期（12.16-12.20）电子在所有板块中涨幅排名 2/31（申万分类）.3 请阅读最后评级说明和重要声明 一、行情回顾 数 据 来 源 ： ifind， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 注 ： 年 初 至 今 表 示 到 本 期 最 后 一 个 交 易 日 ， 即 12 月 20 日 请阅读最后评级说明和重要声明 3/10 （四）手机&5G 表 1、 电子行业本期（12.16-12.20 ）主要指数表现回顾 ………………………………………3 表 2、 本期（ 12.16-12.20 ）电子行业上市公司涨幅前 5 &跌幅前 5 (股价和 ...

行业周报 | 电力设备 | --- | --- | --- | --- | |----------------------------------------|------------------------------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|-------|-------|-------| | 亚士创能 | 0% | 31% | 31% | 31% | 0.0% | 0.7% | 0.5% | 2.2% | | 天山股份 | 23% | 51% | 50% | 50% | 2.2% | 3.2% | 1.7% | 2.0% | | 中国巨石 | 32% | 32% | 36% | 36% | 2.6% | 3.8% | 2.8% | 1.7% | | 长海股份 | 11% | 10% | 21% | 21% | 0.9% | 1.4% | 1.4% | 1.6% | | 三棵树 | 0% | 0% | 49% | 49% | 0.0% | 0.0% | 0.3% | 1.4% | | 凯盛科技 | 49% | 34% | 44% | 44% | 0.9% | 0.5% | 0.4% | 1.1% | | 坚朗五金 | 13% | 49 ...

Industry Rating - The industry rating for the home appliance sector is **Recommended (Maintained)** [13] Core Views - The home appliance industry is expected to benefit from both domestic and export demand, with a solid fundamental outlook and high-quality dividend assets [2] - The **white goods sector** is highlighted for its strong configuration value, with recommendations for leading companies such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - The **kitchen appliance sector** is expected to see valuation and earnings recovery driven by policy support for home appliance replacement and real estate policies, with recommendations for **Robam Appliances** and **Vatti Corporation** [15] - The **small home appliance sector** is poised to benefit from the rise of social e-commerce, particularly through WeChat Mini Stores, with companies like **Flyco**, **Buydeem**, and **Breo** expected to gain market share [9][20] - The **export market** is expected to contribute incremental growth, with companies like **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** recommended for their overseas competitiveness [51] Key Price Trends - **Copper prices** averaged 74,328 RMB/ton in week 24W51, down 1.35% week-on-week but up 7.59% year-on-year [11] - **Aluminum prices** averaged 19,842 RMB/ton in week 24W51, down 2.64% week-on-week but up 4.52% year-on-year [43] - **ABS prices** averaged 11,840 RMB/ton in week 24W51, down 0.08% week-on-week but up 12.02% year-on-year [23] - **Hot-rolled coil prices** averaged 3,745 RMB/ton in week 24W51, down 1.75% week-on-week and down 13.52% year-on-year [11] - **Panel prices** remained stable in late December 2024, with 65-inch panels priced at 172 USD/sheet, 55-inch at 124 USD/sheet, 43-inch at 63 USD/sheet, and 32-inch at 34 USD/sheet [46] - The **USD to RMB exchange rate** averaged 7.3014 in week 24W51, up 0.40% week-on-week and 2.22% year-on-year [25] - The **CCFI composite index** rose 0.35% week-on-week, the **European index** rose 1.59%, while the **US West index** fell 0.84% in week 24W51 [48] Investment Recommendations - **Investment Theme 1**: Focus on white goods leaders with strong fundamentals and high-quality dividend assets, such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - **Investment Theme 2**: Companies benefiting from domestic demand driven by replacement policies and export growth, such as **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** [51] - **Investment Theme 3**: Kitchen appliance leaders expected to benefit from policy-driven demand, such as **Robam Appliances** and **Vatti Corporation** [15] - **Investment Theme 4**: Companies with potential for a fundamental turnaround, such as **Flyco**, **XGIMI**, and **Bear** [51] Social E-commerce Opportunity - WeChat Mini Stores have launched a "Gift" feature, creating new opportunities for social e-commerce, particularly for small home appliances with strong gifting attributes [20] - Companies like **Flyco**, **Buydeem**, and **Breo** are expected to benefit from this new channel due to their brand recognition and private traffic advantages [9][20]

行业评级 推荐（维持） 铝 ： 氧 化 铝 现 货 价 格 松 动 ， 铝 价 承 压 下 行 锂 ： 碳 酸 锂 价 格 小 幅 下 滑 行业周报 | 有色金属 本期有色板块下跌 3.09%，跑输上证综指 2.39pct . 2/31 请阅读最后评级说明和重要声明 3/31 请阅读最后评级说明和重要声明 4/31 请阅读最后评级说明和重要声明 一、行情周表现回顾 数 据 来 源 ： iFinD， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 （ 分 类 采 用 中 信 三 级 行 业 指 数 ） 行业周报 | 有色金属 数 据 来 源 ： iFinD， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 请阅读最后评级说明和重要声明 7/31 图 3、本期氧化铝价格指数周环比下降 6500 5500 4500 3500 2500 1500 21/01 21/07 22/01 22/07 23/01 23/07 24/01 24/07 —SMM氧化铝指数(元/吨) 数据来源：SMM，兴业证券经济与金融研究院整理 图 6、2024 年 11 月氧化铝产量月环比上升 数据来源：SMM, 兴业证券经济 ...

表目录 行业周报 | 通信 "OpenAI 12 " OpenAI o3 o3- mini o1 SWE-Bench Verified o3 71.7% o1 48.9% Codeforces o3 2727 99.99% AIME 2024 o3 96.7% o1 13.4% 11 Epoch AI Frontier Math o3 25.2% 2% GPQA Diamond o3 87.7% o1 9.7% o3 o3-mini o3-mini o3 AI Keras ARC-AGI François Chollet o3 AI LLM " - - " o3 token CoT o3 Chollet o3 AI 请阅读最后评级说明和重要声明 3/6 中国版星链正式升空：首批发射1.3 万颗卫星 北京时间 12 月 16 日 18 时，我国在海南文昌卫星发射中心使用长征五号乙运载 火箭，以一箭 10 星方式成功将卫星互联网低轨 01 组卫星发射升空，卫星顺利进 入预定轨道，发射任务获得圆满成功。这是中国星网的"国网（gw）星座"首次 批量组网发射,也是第一次使用长征五号Ｂ执行卫星互联网发射任务。卫星互联 网 ...

| --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

表目录 可 能 带 来 短 期 业 绩 下 降 。 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|--------------------------------------------------------|----------------------------------------------------------------------------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------- ...

一、重要事件跟踪 行业周报 | 建筑装饰 2） 估 值 现 状 | --- | --- | --- | --- | --- | |---------------------------------------------------|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

涨 ； 食 品 安 全 问 题 。 | --- | --- | --- | |-------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...