Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Insights - The report highlights that thermal coal prices have bottomed out and are beginning to recover, while coking coal long-term contracts for Q1 2025 have been established [2]. Summary by Sections 1. Weekly Data Tracking - **Thermal Coal**: As of January 3, the Qinhuangdao thermal coal price is 775 CNY/ton, a week-on-week increase of 5 CNY/ton. The long-term contract price for thermal coal (Q5500) in December 2024 is 696 CNY/ton, down 0.4% month-on-month and 2.0% year-on-year [16]. - **Coking Coal and Coke**: Coking coal prices show a mixed trend, with the cost premium for coke narrowing [31]. - **Downstream Changes**: Steel prices are fluctuating at low levels, and pig iron production has slightly decreased [35]. - **Futures**: The price spread for dual coking coal futures has decreased [40]. - **Transportation**: Both sea and land transportation prices continue to decline [41]. 2. Weekly Market Review (December 30, 2024 - January 3, 2025) - The report provides a performance overview of major indices and coal-related stocks, indicating a mixed performance with some stocks showing significant gains while others have declined [43]. 3. Weekly Outlook (December 29, 2024 - January 4, 2025) - The report lists various coal companies along with their ratings, closing prices, and weekly performance, indicating a generally positive outlook for several companies despite some fluctuations [45].

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" [1]. Core Views - The report highlights that the domestic color TV market is experiencing a recovery driven by national subsidies, with Hisense maintaining its leading position in market share. The company is expected to benefit from the continuation of these subsidies and the introduction of new products under the Vidda brand [3][9]. - The penetration of Mini LED technology is accelerating, which is expected to enhance profit margins. Hisense is actively expanding its Mini LED product offerings, leading to a significant increase in sales and market share [3][13]. - The report anticipates a positive trend in both domestic and international sales, with a focus on high-end product upgrades and channel expansion, particularly in emerging markets [21][27]. Summary by Sections 1. National Subsidies and Product Completeness - The national subsidy policy has significantly boosted domestic color TV sales, with online and offline sales increasing by 18% and 38% respectively in Q4 2024. Hisense's market share has improved, with online and offline sales share reaching 30.1% and 34.2% respectively [9][10]. - The introduction of new Vidda products has expanded the brand's price range and improved market share, particularly in the Mini LED segment [17][19]. 2. Global Channel Upgrades - The global TV market remains stable, with overseas markets growing faster than domestic ones. Hisense is narrowing the gap with leading competitors like Samsung, with a 4 percentage point difference in global shipment share [21][23]. - The upcoming CES 2025 will showcase Hisense's new AI picture quality chip, aimed at enhancing product performance and increasing brand visibility in international markets [21][27]. 3. Panel Price Stability - The report notes a decline in LCD panel prices in Q4 2024, which is expected to alleviate cost pressures for Hisense. Prices for various sizes of panels have decreased by 4.2% to 2.1% year-on-year [25][26]. 4. Profit Forecast and Rating - Hisense is projected to see continued growth in domestic sales and improved profitability due to the ongoing national subsidies and product enhancements. The EPS forecasts for 2024-2026 are adjusted to 1.46, 1.74, and 1.97 yuan respectively, with a dynamic PE of 13.5x, 11.3x, and 9.9x [27][28].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights a recovery in the paper industry due to multiple regions implementing national subsidy policies for home improvement, which is expected to boost demand [2] - The report emphasizes the importance of focusing on domestic demand recovery and suggests investing in quality stocks in the export sector [2] - The report indicates that the home furnishing sector is experiencing a seasonal peak in demand, with significant increases in new and second-hand housing transactions in major cities [4] Summary by Sections 1. Market Review - The light industry sector underperformed the market, with a decline of 6.46% compared to a 5.17% drop in the CSI 300 index, resulting in a relative underperformance of 1.29 percentage points [12] - The home furnishing, paper, packaging, and entertainment sectors experienced varying declines, with home furnishing down 5.54% and paper down 7.68% [12] 2. Paper Sector Tracking - The average price of corrugated paper is 2938 CNY/ton, up 0.4% week-on-week, while boxboard is at 3774 CNY/ton, up 0.3% [36] - The average price of imported needle pulp is 795 USD/ton, up 1.3% week-on-week, and imported broadleaf pulp is 570 USD/ton, up 3.6% [24][31] - The report recommends industry leaders such as Sun Paper and suggests monitoring companies like Bohui Paper and Shanying International as the industry enters a recovery phase [4] 3. Home Furnishing Sector Tracking - In December, major cities saw a 51.18% week-on-week increase in new home transactions, totaling 15488 units, while second-hand home transactions are expected to reach 2490 million square meters, up 46% year-on-year [46][4] - The report suggests focusing on leading companies in the home furnishing sector that are likely to benefit from national subsidy policies, including Gujia Home, Mousse, and Oppein [4] 4. Other Sector Insights - The report notes that the outdoor products sector has resumed normal order levels after inventory adjustments, with companies like Zhejiang Natural launching stock incentive plans [4] - It highlights the potential growth in AI glasses and suggests monitoring companies involved in this segment, such as Mingyue Lenses and Kangnait Optical [4]

| 行业评级 | 中性(维持) | | --- | --- | | 报告日期 | 2025 年 01 月 05 日 | 相关研究 【兴证房地产】新房二手房周报：持续用 力推动房地产市场止跌回稳，明年要实施 更加积极的财政政策-2024.12.29 【兴证房地产】新房二手房周报：全国新 建商品房成交规模单月同比转正，国常会 再提专项债收储-2024.12.22 【兴证地产】2025 年房地产行业年度策 略报告： "止跌回稳"，拐点渐近 -2024.12.16 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 01 月 05 日 新房二手房周报：国常会研究推进城市更新工 作，央行提择机降准降息 投资要点： 行业周报 | 房地产 证券研究报告 请阅读最后评级说明和重要声明 1/15 分析师：靳璐瑜 周专题：上海徐汇地块溢价率 40%，是回暖还是分化？本周上海完成新一轮土拍， 其中徐汇地块溢价率 40%，该幅地块位于上海内环外，直线距离滨江 1.3 公里，规划 建面 3 ...

行业周报 | 国防军工 证券研究报告 | 推荐（维持） | 行业评级 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告日期 | 2025 | 年 | 01 | 月 | 06 | 日 | 12 月 30 日，中国船舶集团有限公司官网更新信息显示，徐鹏现已担任中国船舶集团有限公司党组书记、董 事长；胡贤甫任职党组成员、副总经理。据新华社 12 月 25 日电，全国人民代表大会常务委员会公告，因涉 嫌严重违纪违法，陆军召开军人代表大会决定罢免尤海涛的第十四届全国人民代表大会代表职务；海军召开 军人代表大会决定罢免李鹏程的第十四届全国人民代表大会代表职务。据国家国防科技工业局官网，2024 年 12 月 26 日下午，中央组织部有关负责同志出席国家国防科技工业局领导干部会议，宣布中央决定：单忠 德同志任国家国防科技工业局党组书记，免去张克俭同志的国家国防科技工业局党组书记职务。 相关研究 【兴证军工】需求结构性反转可待，无人 装备主题活跃-2024.12.23 【兴证军工】军工行业 2025 年投资策略： "十四五"收官之年，结构性反转可待 -2 ...

行业周报 | 基础化工 证券研究报告 报告日期 2025 年 1 月 5 日 相关研究 【 兴 证 化 工 】 化 工 行 业 周 报 ———乙 烷 进 口 关 税 下 调 ，光 刻 胶 企 业 恒 坤 新 材 IPO 获 受 理 ， 继 续 关 注 化 工 核 心 资 产 及 新 材 料 成 长 （ 20241223-20241227） -2024.12.30 【 兴 证 化 工 】 化 工 行 业 周 报 ———OLED 发 光 材 料 采 购 量 创 新 高 ， 继 续 重 点 关 注 化 工 核 心 资 产 及 新 材 料 成 长 （ 20241216-20241220） -2024.12.22 议 积 极 定 调 ， 关 注 化 工 核 心 资 产 估 值 修 复 以 及 光 刻 胶 、 OLED 产 业 链 自 主 可 控 （ 20241209-20241213） -2024.12.15 S0190523070006 liuzihan@xyzq.com.cn 投资要点： 中 长 期 投 资 推 荐 ： 价 值 类 ： 具 备 业 绩 安 全 边 际 的 龙 头 白 马 价 值 凸 显 。 化 工 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights a continuous decline in cotton prices and a decrease in chick prices, indicating potential challenges in the agricultural sector [2] Summary by Sections 1. Market Review - The industry index showed a decline of 5.17% during the period from December 30, 2024, to January 3, 2025 [13] - Individual stock performance varied, with notable declines in several companies within the livestock and poultry sectors [17] 2. Livestock and Poultry Prices - The price of live pigs is reported at 16.24 yuan/kg, reflecting an increase of 2.85% [26] - The price of chicks has decreased by 25%, now at 3.00 yuan [26] 3. Grain Prices - Domestic corn prices are at 2037.14 yuan/ton, with a slight increase of 0.35% [25] - The price of domestic wheat is reported at 2396.50 yuan/ton, showing a decrease of 0.70% [25] 4. Oil and Fat Prices - The price of soybean oil is at 7956.00 yuan/ton, down by 1.49% [25] - Palm oil prices have decreased by 3.42%, now at 1130.00 yuan/ton [25] 5. Sugar, Cotton, and Rubber Prices - Domestic cotton prices are at 14727.00 yuan/ton, with a marginal increase of 0.01% [25] - The price of domestic sugar is reported at 6110.00 yuan/ton, reflecting a slight increase of 0.33% [25] 6. Aquaculture Prices - The price of shrimp is trending upwards, while other aquatic products like abalone and scallops are also monitored for price changes [29]

海外行业周报 | 地产建筑业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 01 05 相关研究 2024.12.23-2024.12.29 -2024.12.29 2024.12.16-2024.12.20 LPR -2024.12.21 2025 - 2024.12.16 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 分析师：严宁馨 S0190521010001 : 请阅读最后评级说明和重要声明 1/16 ⚫ 2024.12.30-2025.01.05 1 +1.9% +0.6% -0.1% 2 +2.2% -0.8% -1.3% 3 +3.5% +1.2% +0.5% ⚫ 1.01 0.69 0.14 49.6% 48.2% 36.2% ⚫ A 0.26 0.15 0.14 6.3% 6.3% 4.2% ⚫ / 34.5% 31.2% 26.5% / 26.1% 13.7% 10.7% ⚫ / 34.5% 32.8% 27.7% / 9.8% 6.0% 5.7% ⚫ ⚫ 1 2 3 ⚫ 1 2 3 4 ⚫ 海外行业周报 | 地产建筑业 一 ...

行业周报 | 通信 证券研究报告 | 行业评级 | | 推荐（维持） | | --- | --- | --- | | 报告日期 | 2025 01 | 05 | 相关研究 - 2024.12.30 o3 - 2024.12.22 -2024.12.15 分析师：章林 S0190520070002 zhanglin20@xyzq.com.cn 分析师：代小笛 S0190521090001 daixiaodi@xyzq.com.cn 分析师：仇新宇 S0190523070005 qiuxinyu@xyzq.com.cn 分析师：朱锟旭 S0190524040001 zhukunxu@xyzq.com.cn 分析师：许梓豪 S0190524070002 xuzihao@xyzq.com.cn 研究助理：王灵境 wanglingjing@xyzq.com.cn 【兴证通信】通信行业周报（12.30-01.05）： 大跌后通信如何配置？ 投资要点： ⚫ 12.30-01.05 9.78% 11.54% 11.08% 3.18% 300 5.17% 6.79% 8.57% 请阅读最后评级说明和重要声明 1/6 请阅读最后 ...

行业周报 | 建筑材料 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 05 日 相关研究 【 兴 证 建 材 】 周 观 点 ： 淡 季 需 求 转 弱 ， 关 注 玻 璃 左 侧 机 会 -2024.12.29 【 兴 证 建 材 】周 观 点 ：淡 季 静 待 政 策 发 酵 ， 关 注 行 业 底 部 机 遇 -2024.12.24 【 兴 证 建 材 】 周 观 点 ： 地 产 利 好 政 策 持 续 发 力 ， 关 注 玻 璃 底 部 机 会 -2024.12.15 分析师：季贤东 S0190522100003 投资要点： 风 险 提 示 ： 基 建 投 资 不 及 预 期 ； 信 用 趋 紧 的 风 险 ； 原 油 价 格 继 续 上 涨 的 风 险 。 请阅读最后评级说明和重要声明 1/25 jixiandong@xyzq.com.cn 百强房企销售环比改善，关注行业底部机会 地 产 贝 塔 因 素 更 为 积 极 ，积 极 布 局 零 售 建 材 先 手 。我 们 认 为 ，随 着 新 一 轮 地 产 利 好 政 策 持 续 加 码 ，对 建 材 业 绩 至 关 重 ...