Group 1: Inflation Data Overview - China's December CPI increased by 0.1% year-on-year, matching market expectations and down from 0.2% in the previous month[4] - December PPI decreased by 2.3% year-on-year, in line with expectations and a slight improvement from a 2.5% decline in November[4] Group 2: CPI Analysis - Food prices continued to underperform seasonally, contributing to a flat month-on-month CPI, which contrasts with a 0.6% decline in the previous month[7] - The structural change in CPI was due to food prices declining by 0.6%, while non-food prices turned positive, offsetting each other[7] - Core CPI showed an upward trend, supported by rising service prices and durable goods, with household appliance prices increasing by 0.4%[24] Group 3: PPI Insights - December PPI's year-on-year decline narrowed by 0.2 percentage points due to a lower base effect from the previous year[27] - Production materials prices remained flat, while living materials prices decreased by 0.1% month-on-month, indicating a mixed performance across sectors[31] - The coal mining and washing industry saw a significant price drop of 1.9% month-on-month, reflecting supply-demand dynamics[31]

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - The refrigerant industry is expected to maintain a high level of prosperity due to the significant reduction in the production quota for second-generation refrigerants and a slight increase for third-generation refrigerants in 2025 [5] - The price of caustic soda has risen due to tight supply, with a notable increase in profit margins for caustic soda producers [4] Summary by Sections 1. Key Industry and Product Tracking - The profit margins for third-generation refrigerants continue to improve, with production quotas for second-generation refrigerants reduced by 49,600 tons year-on-year, while third-generation quotas increased by 43,400 tons [3][5] - As of January 12, 2025, the profit margins for various refrigerants are as follows: R22 at 21,495.78 CNY/ton (down 32 CNY), R142b at 1,666.78 CNY/ton (up 594 CNY), R125 at 23,062.75 CNY/ton (up 165 CNY), R32 at 26,941.13 CNY/ton (up 499 CNY), and R134a at 26,242 CNY/ton (up 403 CNY) [3][27] - The price of solid caustic soda in China reached 3,859 CNY/ton as of January 9, 2025, an increase of 154 CNY (4.33%) from January 2, 2025 [4] 2. Detailed Product Price Tracking - Among 58 monitored products, notable price increases were observed for butadiene (9.89%), solid caustic soda (4.33%), and R134a (3.53%) [13] - The price of TDI increased slightly, while MDI prices remained stable due to maintenance shutdowns at major production facilities [16] 3. Chemical Raw Materials - The price of phosphoric acid and diammonium phosphate showed slight declines, with diammonium phosphate priced at 3,530 CNY/ton, down 11 CNY from the previous week [20] - The price of urea decreased to 1,639 CNY/ton, down 39 CNY from the previous week, while potassium chloride prices increased slightly to 2,521 CNY/ton [21]

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong shareholder return focus and long-term investment value [1][8] Core Views - The company's share buyback and cancellation plan enhances long-term investment value by increasing EPS [3] - Stable dividend policy with semi-annual cash dividends since 2023 demonstrates commitment to shareholder returns [3] - Management's continuous share purchases signal confidence in future development [3] - Rich game pipeline with multiple new releases expected to drive future growth [4] - Breakthroughs in self-developed AI models and expansion into AI emotional companionship sector [5] Financial Performance - Revenue forecast for 2024-2026: 5.385B, 6.314B, 7.200B yuan with growth rates of 25.37%, 17.25%, 14.03% respectively [8] - Net profit forecast for 2024-2026: 1.735B, 2.064B, 2.322B yuan with growth rates of 18.72%, 18.95%, 12.51% respectively [8] - Diluted EPS projected to increase from 0.81 yuan in 2024 to 1.08 yuan in 2026 [8] - PE ratio expected to decline from 16 in 2024 to 12 in 2026 [8] Game Pipeline - Over ten games in pipeline, including "Tomb Raider: Departure" with 806k official channel reservations [4] - "Douluo Continent: Legend of Punishment" scheduled for testing in Jan 2025 with 280k TapTap reservations [4] - "Dragon Nest World" 3D MMORPG mobile game to launch in Feb 2025 [4] - 13 games obtained licenses in H2 2024, including "Primitive Awakening" and "Eternal Dragon" [4] AI Development - Self-developed Xingyi AI model achieves breakthroughs in animation and scene production [5] - Zhimeng AI model obtained generative AI service filing in Dec 2024, featuring dialogue and role-playing functions [5] - Strategic investment in 3D AI virtual companion application "EVE" targeting male users with emotional companionship features [5] Shareholder Returns - Completed share buyback of 16.07M shares (0.75% of total shares) for 200M yuan [3] - Semi-annual cash dividend of 0.1 yuan per share in 2024, totaling 213M yuan [3] - Management committed to using after-tax dividends for continuous share purchases over next five years [3]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 98.5 HKD per share based on a 2.3x PS valuation for 2025 [6]. Core Insights - The company, as the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, is entering a rapid store expansion phase with expected profitability improvements. In 2023, the company achieved a revenue of 3.05 billion CNY, with a CAGR of 38.2% from 2019 to 2023. By the end of 2024, the company is projected to have over 1,000 stores, significantly up from 100+ in 2017 [4][6]. - The domestic pizza industry is in a growth phase, with a market size of 37.5 billion CNY in 2022 and a CAGR of 7.8% from 2017 to 2022. The penetration rate in lower-tier markets remains low, indicating substantial expansion potential [4][6]. - The report highlights the successful growth strategies of Domino's in the U.S. and draws parallels to the company's potential in China, emphasizing the importance of operational efficiency, digital innovation, and a strong franchisee management system [4][6]. Summary by Sections 1. Company Overview - The company is the exclusive franchisee of Domino's Pizza in China, having undergone significant management changes and expansion since 2017. It has rapidly increased its store count from 268 in 2019 to 914 in the first half of 2024 [15][20]. 2. Market Potential - The Chinese pizza market is expected to grow significantly, with projections indicating a market size of 45.8 billion CNY in 2023 and 77.1 billion CNY by 2027, reflecting a CAGR of 15.5% [48]. 3. Financial Performance - The company has shown strong revenue growth, with a 2023 revenue of 3.05 billion CNY, and is expected to reach 4.26 billion CNY in 2024, representing a 39.6% year-on-year increase. The net profit is projected to turn positive in 2024, with a net profit margin of 2.5% in the first half of 2024 [6][35]. 4. Competitive Advantages - The company maintains a competitive edge through its commitment to service efficiency, with a 30-minute delivery guarantee, a high-quality product offering, and a robust supply chain management system [4][6]. 5. Management and Governance - The management team, led by CEO Wang Yi, has extensive experience in the fast-food industry, contributing to the company's strategic direction and operational efficiency [20][22]. 6. Future Outlook - The company is expected to double its store count in the next three years, with a revenue CAGR of over 30%. The anticipated financial performance includes revenues of 4.26 billion CNY in 2024, 5.22 billion CNY in 2025, and 6.37 billion CNY in 2026 [6][35].

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Views - TCL Electronics has launched the AI shooting glasses V3 under its Thunder brand, priced at 1799 yuan, which is positioned as a more cost-effective alternative to Meta's products [1][6]. - The global TV market shows strong demand for high-end large-screen products, and TCL is expected to benefit from this trend, alongside rapid growth in industries such as photovoltaics and AR/XR [9]. - The company is improving internal efficiency and increasing its market share in mid-to-high-end large-screen products, while its internet business remains profitable [9]. Summary by Sections Product Launch - The Thunder V3 features a 12-megapixel Sony IMX681 sensor, ultra-wide angle, and a large aperture, optimized for over 20 scenes through a proprietary imaging system [4]. - The glasses weigh only 39 grams, enhancing user comfort, and include AI noise reduction and a custom speaker for sound quality [4][5]. - The product supports various charging methods, including a "use while charging" mode, with a battery life of 7 hours after a 40-minute fast charge [5]. Financial Projections - The report forecasts TCL's net profit for 2024, 2025, and 2026 to be 1.415 billion, 1.611 billion, and 1.952 billion HKD respectively, with corresponding EPS of 0.56, 0.64, and 0.77 HKD [9][10]. - Revenue is expected to grow from 78.986 billion HKD in 2023 to 140.273 billion HKD by 2026, reflecting a compound annual growth rate [10]. Market Position - TCL is positioned as a leader in the global TV industry, with a focus on expanding its smart glasses product line, which is anticipated to enhance its performance and brand recognition [9][6]. - The competitive pricing of the Thunder V3 compared to Meta's offerings is highlighted as a significant advantage, potentially driving market share growth [6].

Investment Rating - The industry investment rating is "Positive," with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [7]. Core Insights - As of January 8, 2025, the pharmaceutical sector experienced a decline of 0.64%, underperforming the CSI 300 Index by 0.46 percentage points, ranking 26th among 31 sub-industries in the Shenwan classification [3]. - The approval of new indications for Merck's Gardasil vaccine for male HPV prevention marks it as the first and only HPV vaccine approved for males in China [4]. - Notable stock performances included Innovation Medical (+10.01%), Lianhuan Pharmaceutical (+9.96%), and Hualan Biological (+9.34%), while declines were seen in Leksin Medical (-7.13%), Guilin Sanjin (-6.57%), and Rongchang Biological (-6.19%) [3]. Summary by Sections Market Performance - The pharmaceutical sector's performance on January 8, 2025, was a decline of 0.64%, with sub-sectors such as offline pharmacies (-0.17%), vaccines (-0.37%), and medical consumables (-0.38%) performing better, while blood products (-1.31%), medical R&D outsourcing (-1.29%), and in vitro diagnostics (-1.04%) lagged behind [3]. Industry News - Merck announced that its Gardasil vaccine has received approval for multiple new indications from the National Medical Products Administration, specifically for males aged 9-26 [4]. Company News - Tigermed announced a loan commitment of up to 700 million yuan for stock repurchase [4]. - Jingxin Pharmaceutical plans to repurchase shares worth 200-400 million yuan at a price not exceeding 14.8 yuan per share [4]. - Shanghai RAAS reported a share increase by its controlling shareholder, with plans for further share purchases totaling 250-500 million yuan [5]. - Maiwei Biotech's innovative drug was included in the list of breakthrough therapies by the National Medical Products Administration [5].

Investment Rating - The report maintains a positive outlook on the energy storage industry, highlighting significant growth potential in both domestic and international markets [3][4][5]. Core Insights - The Chinese energy storage market is experiencing high demand, with a notable increase in bidding and project approvals, indicating a robust growth trajectory [3][4]. - The U.S. market is expected to see accelerated demand for large-scale and residential storage solutions, driven by favorable policies and declining installation costs [4][5]. - The European market is transitioning from a phase of inventory reduction to growth, particularly in large-scale and commercial storage [4][5]. - Emerging markets, such as Pakistan and the Middle East, are identified as having substantial growth potential, with multiple points of expansion expected [5]. Summary by Sections 1. China Market - The bidding environment remains strong, with a total of 53.1GW/140.6GWh of projects awarded from January to November 2024, representing year-on-year increases of 55.7% and 88% respectively [3]. - The average price for a 2-hour energy storage system was reported at 0.62 CNY/Wh in November 2024, indicating a stable pricing environment [3][16]. - Forecasts suggest that new installations in China will reach 101.6GWh, 145.7GWh, and 197.7GWh in 2024, 2025, and 2026, with year-on-year growth rates of 109.5%, 43.4%, and 35.7% respectively [3][44]. 2. U.S. Market - The U.S. is expected to see a surge in energy storage demand, with 8.09GW of large-scale storage installed from January to November 2024, a 62.2% increase year-on-year [4][61]. - The residential storage market is also growing, with installations reaching 346MWh in Q3 2024, a 64% increase compared to the previous year [4][61]. - Projections indicate that the U.S. will add 38GWh, 55.9GWh, and 81.3GWh of new storage capacity in 2024, 2025, and 2026, with growth rates of 67.5%, 47.4%, and 47.3% respectively [4][65]. 3. European Market - The European residential storage market is expected to recover, with a projected installation of 28.7GWh in 2025, reflecting a year-on-year growth of 28% [4][78]. - The commercial and industrial storage sectors are also anticipated to grow significantly, driven by increased self-purchase and participation in ancillary services [4][73]. - The overall energy storage installation in Europe is expected to rebound, with large-scale storage installations increasing from 3.6GWh in 2023 to 11GWh in 2024 [4][73]. 4. Emerging Markets - Emerging markets, particularly in regions like Pakistan and the Middle East, are expected to see continued growth and multiple expansion opportunities [5]. 5. Industry Chain - The competitive landscape in the PCS segment remains relatively stable, with various new technologies emerging across different segments of the energy storage industry [5]. 6. Investment Recommendations - The report recommends focusing on three key areas: inverter manufacturers with stable growth, system integrators with strong capabilities, and core manufacturers in the direct current segment [5].

Investment Rating - The industry investment rating is "Positive/Maintain" for non-ferrous metals [1][73]. Core Viewpoints - Demand is weakening towards the end of the year, and the market is awaiting the implementation of tariff expectations [1][10]. - The report highlights that the macroeconomic environment is affecting metal prices, with a strong US dollar and seasonal demand fluctuations [5][31]. Summary by Sections Non-Ferrous Metal Sector Performance - The SW non-ferrous metal industry index decreased by 3.01% this week, ranking 5th among A-share industries [4][20]. - The weekly performance of sub-sectors includes precious metals (+2%), industrial metals (-1%), minor metals (-6%), energy metals (-7%), and new metal materials (-9%) [20][25]. Basic Metals - Copper prices fell by 0.98% to $8,894 per ton, with domestic copper prices down by 1.31% to ¥73,270 per ton [31][28]. - The average price of copper concentrate (TC) was $5.85 per ton, down by $1.06 from the previous week [31]. - Aluminum prices decreased by 2.46% to $2,494 per ton, while domestic aluminum prices increased by 0.54% to ¥19,867 per ton [34]. - Zinc prices fell by 4.88% to $2,892 per ton, with domestic zinc prices down by 2.53% to ¥25,226 per ton [38]. Precious Metals - Comex gold prices increased by 1.70% to $2,919 per ounce, while domestic gold prices rose by 0.37% to ¥621 per gram [54]. - The report maintains a bullish outlook on gold prices in the long term due to factors such as weakening US dollar credit and geopolitical tensions [54]. Energy Metals - Battery-grade lithium carbonate prices decreased by 0.86% to ¥74,900 per ton, while battery-grade lithium hydroxide prices increased by 0.43% to ¥70,098 per ton [59]. - The industry is currently in a bottoming phase, with prices remaining volatile due to seasonal demand weakening [59]. Recommended Companies - The report recommends several companies with a "Buy" rating, including Zijin Mining, Luoyang Molybdenum, Yun Aluminum, Chihong Zinc & Germanium, and Yunnan Tin [3][68].

2025 年 01 月 08 日 行业周报 看好/维持 家电 家电 送礼物功能注入新活力，期待微信小店引领家电线上渠道变革 ◼ 走势比较 (10%) 2% 14% 26% 38% 50% 24/1/8 24/3/21 24/6/2 24/8/14 24/10/26 25/1/7 ◼ 推荐公司及评级 | 苏泊尔 | 买入 | | --- | --- | | 新宝股份 | 买入 | | 九阳股份 | 买入 | | 北鼎股份 | 买入 | | 飞科电器 | 买入 | 相关研究报告 <<飞科电器：24Q3 盈利能力环比修 复，期待博锐+微信小店赋能>>-- 2025-01-07 <<新宝股份：2024Q3 外销拉动收入双 位数增长，利润端表现稳健>>-- 2025-01-07 <<家电 2025 年策略:政策支持+出口 蓝海,关注 AI+和微信小店机会>>-- 2024-12-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助 ...

Investment Rating - The report maintains a "Buy" rating for Kevin Education, indicating a positive outlook for the company's stock performance in the near term [1][89]. Core Insights - Kevin Education focuses on a diversified educational layout, emphasizing international education, quality education, and vocational training, which positions the company favorably in the competitive education sector [4][5]. - The company has undergone significant changes in its shareholding structure, with strong backing from its major shareholder, Haiguotou, which enhances its operational support and strategic direction [20][21]. - The vocational education segment is identified as a new growth driver, with plans to expand its market coverage and develop a comprehensive vocational education ecosystem [5][28]. - Financial forecasts suggest a gradual improvement in profitability, with expectations of narrowing losses and a potential turning point in earnings [6][89]. Summary by Sections Company Overview - Kevin Education, controlled by Haidian State-owned Assets Supervision and Administration Commission, has diversified its business model to adapt to market changes and enhance its educational offerings [15][18]. - The company operates two K12 international schools, which have received recognition for their educational quality and have established a strong brand presence [22][60]. Financial Performance - The company reported a revenue of 253.89 million yuan in 2023, with a year-on-year growth of 47.78%. Projections for 2024-2026 indicate continued revenue growth, reaching 434.12 million yuan by 2026 [8][88]. - The net profit is expected to improve significantly, with forecasts of -0.05 million yuan in 2024, 0.15 million yuan in 2025, and 0.36 million yuan in 2026, reflecting a positive trend in profitability [6][89]. Market Position and Strategy - The report highlights the competitive landscape of the education sector in Beijing, noting the increasing demand for quality education and the company's strategic initiatives to capture market share [38][51]. - Kevin Education's vocational training initiatives are aligned with national policies promoting vocational education, enhancing its relevance and appeal in the current educational landscape [54][56]. Future Outlook - The company is expected to benefit from its diversified business model, which includes K12 education, vocational training, and quality education services, positioning it as a key player in the education sector [89]. - The anticipated growth in student enrollment and the expansion of educational services are expected to drive revenue and improve financial stability in the coming years [85][89].