公司点评报告 | 家用电器 证券研究报告 | 报告日期 | 2025 | 年 01 月 | 21 | 日 | | | --- | --- | --- | --- | --- | --- | | 公司评级 | | 增持（维持） | | | 海信视像(600060.SH) | | 01 | 月 | 20 | 日收盘价（元） | 22.23 | 总市值（亿元） | 290.10 | | --- | --- | --- | --- | --- | --- | --- | | 总股本（亿股） | 13.05 | 来源：聚源，兴业证券经济与金融研究院整理 | | | | | 相关研究 【兴证家电】海信视像：拐点已至，价值 重归-2025.01.05 【兴证家电】海信视像 2024 年三季报点 评：Q3 外销表现亮眼，静待 Q4 经营拐点 -2024.10.30 【兴证家电】海信视像（600060.SH）2024 压力致盈利短期承压-2024.08.25 S0190521020002 yanxiaoqing@xyzq.com.cn S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S01 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the ongoing development in the environmental protection sector, with significant actions being taken by various regions to improve air quality and waste management [2][3][23][25]. - The carbon market is experiencing fluctuations, with a notable decrease in trading volumes and mixed price movements for carbon emission allowances [3][5][7][9]. - The report emphasizes the importance of traditional environmental operations and the emergence of new growth opportunities in the sector, particularly in semiconductor waste gas treatment [29]. Summary by Sections Important Data Tracking - From January 13 to January 17, the total trading volume of carbon emission allowances in the national carbon market was 49,100 tons, a decrease of 61.54% compared to the previous period [3][7]. - The closing price for carbon emission allowances was 94.95 CNY/ton, showing a slight increase of 0.51% compared to the previous period [7]. Market Performance - During the period from January 13 to January 17, the A-share environmental protection index increased by 4.39%, while the H-share environmental protection index decreased by 0.11% [18]. - The report notes that the A-share environmental protection sector's PE (TTM) valuation is currently at 17 times [18]. Industry News - Hefei is advancing its air quality improvement action plan, aiming to reduce PM2.5 levels and improve overall air quality by 2025 [23]. - Shanghai's Putuo District has set ambitious goals for sponge city construction, targeting 40% of built-up areas to meet sponge city standards by the end of 2025 [25]. Investment Recommendations - The report suggests focusing on traditional environmental operations with stable profitability and potential for revaluation, as well as new growth companies benefiting from high demand in emerging environmental sectors [29]. - Recommended companies include Hongcheng Environment, Hanlan Environment, and Weiming Environmental, with a suggestion to pay attention to Yongxing Co. and Yuhua Tian [29][30].

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report emphasizes that financial pressure is gradually being released, suggesting an increase in positions for high-quality stocks in the prosperous sectors [5][7] - The report highlights the acceleration of domestic computing power development due to increased U.S. export controls, presenting opportunities in the domestic innovation industry chain [5][7] Summary by Sections Industry Weekly Viewpoints - Financial pressure is easing, and it is recommended to increase positions in high-quality stocks within prosperous sectors. As of the report date, 79 companies in the Shenwan computer sector have disclosed performance forecasts, accounting for 23.44% of the sector. The performance pressure for 2024 is expected to stabilize with increased policy support [5][7] Domestic Supply and Demand Dynamics - Internet giants are significantly increasing capital expenditures, with total capital expenditure reaching 86.721 billion yuan in the first three quarters of 2024, a year-on-year increase of 119.80%. The report notes that the domestic computing power deployment is accelerating, with major projects and procurement activities reported [15][17] - Domestic chip manufacturers are seeing increased performance, with companies like Haiguang Information and Cambrian expected to achieve substantial revenue growth in 2024 [18][21] Key Companies in the Innovation Industry - The report identifies key companies in the innovation industry, including chip manufacturers like Haiguang Information, Longxin Zhongke, and software companies like China Software and Kingsoft [21] Market Performance Review - The report notes that from January 12 to January 18, 2025, the computer index rose by 6.65%, outperforming the ChiNext index by 1.99 percentage points and the Shanghai Composite index by 4.34 percentage points, ranking first among all industries [22][23]

Investment Rating - The report maintains a "Recommended" investment rating for the transportation industry [2] Core Insights - The report highlights that the oil tanker sector is experiencing favorable supply and demand dynamics due to the effectiveness of U.S. sanctions against certain countries [4][9] - The express delivery industry is projected to see significant growth, with a year-on-year increase in business volume of 21.6% expected for December 2024 [5][19] - The report emphasizes the recovery of domestic air travel, with passenger numbers and flight frequencies showing positive trends compared to previous years [11][12] Summary by Sections Weekly Focus (2025.01.12-2025.01.18) - U.S. sanctions have significantly impacted the oil tanker sector, with a notable increase in the number of sanctioned vessels leading to a tighter supply of compliant oil transport options [9][10] - The demand for compliant oil has surged, resulting in a substantial increase in VLCC-TCE rates, which reached $50,850 per day, a 132% increase from the previous week [10][59] Industry Data Tracking (2025.01.12-2025.01.18) Air Transportation - Domestic flight numbers reached 94,951 during the week, with an average of 13,564 flights per day, reflecting an 8.67% increase week-on-week and a 6.78% increase year-on-year [11][12] - Domestic passenger volume was 12.76 million, up 8.96% from the previous week and 7.16% year-on-year [12][17] - The average ticket price for domestic flights increased by 13.88% week-on-week, while the average base fare rose by 15.48% [12][13] Express Delivery - Weekly average collection volume was approximately 622 million packages, with a week-on-week increase of 10.34% [16] - Monthly average collection volume for January 2025 is projected at 598 million packages, reflecting a year-on-year increase of 48.01% [18] - The express delivery industry is expected to generate revenues of 134.54 billion yuan in December 2024, a year-on-year increase of 18.1% [19][20] Shipping - The BDI index for dry bulk shipping was reported at 987 points, a 6% decrease week-on-week [58][61] - The CCFI index for container shipping decreased by 1%, while the SCFI index fell by 7% [58][61] - The VLCC-TCE rate for oil shipping saw a significant increase, reflecting the tightening of supply due to sanctions [59][61] Recent Key Reports - The report lists several recent industry strategy reports focusing on various sectors within transportation, including express delivery and air travel, indicating ongoing research and analysis in these areas [63]

Industry Investment Rating - The report maintains a "Recommended" rating for the overseas consumer discretionary sector [1][2] Core Views - The logistics and express delivery industry is undergoing a transformation driven by technological innovation, with digitalization and automation being key to cost reduction and efficiency improvement [3] - Companies like ZTO Express, JD Logistics, and SF City are expected to benefit from cost control measures, potentially unlocking shareholder return opportunities [5] - The industry's shift towards refined operations and profit release is expected to enhance shareholder returns, with a focus on companies that excel in cost management [5] Key Company Summaries ZTO Express - ZTO Express has significantly reduced costs through automation, with 464 automated sorting devices in 2023, leading to a decrease in per-parcel sorting costs [3] - The company's dividend payout ratio reached 41.2% in 2023, with expectations of maintaining at least 40% in 2024, potentially increasing the dividend yield to around 4.5% [3] - ZTO's market share increased to 20.0% by Q3 2024, with a projected parcel volume of 337-339 billion for the year [69] JD Logistics - JD Logistics achieved a gross margin of 11.7% in Q3 2024, up 3.8 percentage points year-over-year, driven by automation and route optimization [3] - The company is expected to generate adjusted net profits of 72.6 billion, 79.5 billion, and 87.9 billion yuan for 2024-2026, with adjusted net profit margins of 4.0%, 4.1%, and 4.2% respectively [74] SF City - SF City's gross margin improved to 6.9% in H1 2024, with net profit increasing by 105.1% year-over-year [77] - The company's revenue is expected to grow to 149 billion, 176 billion, and 203 billion yuan for 2024-2026, with adjusted net profits of 1.36 billion, 2.11 billion, and 3.40 billion yuan respectively [77] Industry Trends and Data - The express delivery industry's cost structure is heavily influenced by sorting and transportation, which account for 80% of total costs [15] - Automation and digitalization have led to significant cost savings, with ZTO Express saving approximately 2.8 billion yuan in labor costs through automated sorting devices [31] - The industry's capital expenditure to depreciation and amortization ratio has been declining, indicating a more conservative investment strategy [32] Investment Strategy - The report recommends focusing on companies with high dividend yields and those that can release profits through cost reductions, such as ZTO Express, JD Logistics, and SF City [64] - The industry's digital transformation and automation upgrades are expected to drive high-quality development, improving operational efficiency and profitability [64]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report highlights significant growth in various segments, with projections indicating a year-over-year increase of 39%-41% for certain metrics in Q4 2024, and substantial growth rates for AI-related technologies [5][6] - Key companies in the sector are expected to hold shareholder meetings, indicating active corporate governance and potential strategic developments [7] Summary by Sections Investment Overview - The report notes a growth of 5.73% to 8.48% in the communication sector during the period from January 13 to January 19, 2025 [2] - Specific growth metrics include a 300% increase in certain areas, with a 2.14% rise in another key performance indicator [2] Industry Dynamics - The report discusses advancements in AI technologies, particularly those related to Microsoft 365 and OpenAI, which are expected to drive further growth in the communication industry [6] - The introduction of new AI tools and applications is anticipated to enhance operational efficiencies and customer engagement [6] Major Events Reminder - A series of shareholder meetings are scheduled for various companies in the communication sector, including China Unicom and other key players, which may influence market dynamics and investor sentiment [7]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The express delivery industry is expected to see a volume of 17.21 billion pieces in December 2024, reflecting a year-on-year growth of 21.6% [7][10] - The e-commerce express delivery segment shows strong performance, with major companies like YTO, Yunda, and Shentong reporting revenue growth rates of 16.8%, 7.4%, and 22.1% respectively [3] - SF Express has demonstrated robust revenue growth, with total revenue reaching 26.437 billion yuan, a year-on-year increase of 12.3% [4] Summary by Sections Express Delivery Industry - The total express delivery volume for December 2024 is projected at 17.21 billion pieces, with a year-on-year increase of 21.6% [10] - The industry revenue is expected to reach 134.54 billion yuan, reflecting an 18.1% year-on-year growth [10] - The average price per piece is estimated at 7.82 yuan, down 2.9% year-on-year [10] Major Companies Performance - YTO Express: Revenue of 6.044 billion yuan, with a growth rate of 16.8% and a volume of 2.645 billion pieces, growing by 23.5% [3] - Yunda Express: Revenue of 4.696 billion yuan, with a growth rate of 7.4% and a volume of 2.319 billion pieces, growing by 18.9% [3] - Shentong Express: Revenue of 4.551 billion yuan, with a growth rate of 22.1% and a volume of 2.252 billion pieces, growing by 31.7% [3] - SF Express: Total revenue of 26.437 billion yuan, with a growth rate of 12.3% and a volume of 1.35 billion pieces, growing by 19.5% [4] Market Outlook - The demand for express delivery is expected to remain strong in 2025, supported by policy benefits and increasing demand for small items and returns [5] - The competitive landscape is anticipated to be stronger than in 2024, but less intense than in 2020, with a focus on healthy price competition [5] - Long-term investment potential is seen in the positive externalities of express delivery and the favorable market structure [5]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The macro sentiment has improved, leading to a rebound in steel prices, and there are ongoing opportunities for valuation recovery in steel stocks [2][3] - The current industry profitability is at a low point, with expectations of more macro policy measures gradually emerging, indicating potential upward space for the sector's prosperity [3] Summary by Relevant Sections Market Performance Review - The steel sector increased by 3.34%, outperforming the Shanghai Composite Index by 1.02 percentage points [10] - National average steel prices showed a strong trend, with rebar prices in Beijing, Shanghai, and Guangzhou at 3,256, 3,354, and 3,568 yuan per ton respectively, reflecting increases of 34, 24, and 18 yuan [11] Fundamental Tracking - Steel prices are generally strong, while iron ore inventories have risen [12] - The average daily transaction volume of construction steel was 66,300 tons, a decrease of 1,900 tons week-on-week [5] - The national high furnace operating rate remained stable at 77.18%, with total weekly output of five major steel products at 8.2406 million tons, an increase of 156,400 tons week-on-week [5][28] Industry Dynamics - The report highlights that the steel industry is experiencing a rebound in prices, driven by improved macroeconomic data and increased market sentiment [2][3] - The report suggests focusing on specific steel stocks such as Baosteel, Nanjing Steel, and Hualing Steel for potential valuation recovery opportunities [3]

Investment Rating - The report indicates a positive outlook for the construction and decoration industry, highlighting potential investment opportunities in state-owned enterprises due to favorable fiscal policies and market conditions [4][9]. Core Insights - The construction industry is expected to benefit from a clear trend of fiscal expansion, with infrastructure investment remaining a key driver of economic growth [2][3]. - The report emphasizes the recovery of the construction industry, with a projected increase in physical workload in 2025, supported by improved project funding and management efficiency [4][7]. - The "Belt and Road" initiative is anticipated to accelerate, providing opportunities for international engineering companies, particularly in Southeast Asia and the Middle East [8][9]. Summary by Sections Investment Strategy - The report recommends focusing on high-dividend, low-valuation state-owned construction enterprises, as they are expected to provide stable returns and have significant room for dividend increases [9]. - It highlights the potential for improved operational quality among state-owned enterprises due to ongoing debt reduction efforts and increased project funding [7][9]. Market Performance Tracking - The construction engineering sector (SW) saw a rise of 2.95% from January 13 to January 17, 2025, while the overall A-share index increased by 3.61% [16]. - Specific sub-sectors such as international engineering and materials leasing showed notable growth, with increases of 5.29% and 5.49% respectively [17]. Industry Data Tracking - Fixed asset investment in 2024 reached 514,374 billion yuan, growing by 3.2% year-on-year, with infrastructure investment (excluding electricity) increasing by 4.4% [2][3]. - The report notes that the issuance of special bonds reached 338.24 billion yuan during the period from January 11 to January 17, 2025, indicating ongoing financial support for infrastructure projects [6][25].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector outperformed the CSI 300 index, with a weekly increase of 2.58% compared to the index's 2.14% [4][6] - The National Medical Insurance Administration is set to release the first version of the Class B drug list in 2025, which will enhance the accessibility of innovative drugs [4][16] - The JPMorgan Healthcare Conference showcased positive developments from companies like BeiGene and Innovent, indicating a stable performance trend for the sector [4][17] - The report emphasizes the importance of innovation and internationalization in the pharmaceutical industry, suggesting a focus on innovative drugs and improving fundamentals in the supply chain [4][18] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical sector's performance from January 13 to January 17, 2025, showed a 2.58% increase, outperforming the CSI 300 index [4][6] - Year-to-date, the pharmaceutical sector has declined by 16.26%, underperforming the CSI 300 index by 27.37 percentage points [6] 2. Valuation Level Changes - As of January 17, 2025, the pharmaceutical sector's valuation stands at 24.88 times PE, with a premium of 110.26% over the CSI 300 index [7] 3. Industry Events and Policy Overview - The National Medical Insurance Administration's upcoming Class B drug list aims to support innovative drugs and enhance their accessibility through commercial health insurance [4][16] - The report highlights the ongoing recovery in the innovative drug supply chain, with expectations for improved performance in 2025 [22] 4. Investment Strategy - The report suggests focusing on sectors with strong growth potential and favorable industry logic, particularly innovative drugs and medical devices [18][24] - It recommends companies with differentiated innovation capabilities and global potential, such as BeiGene and Hengrui Medicine [21][27] 5. Recommended Companies - Recommended companies include BeiGene, Hengrui Medicine, and Innovent, which are expected to benefit from their innovative drug pipelines and international expansion [27][28][29]