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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the defense and military industry [1]. Core Viewpoints - The defense and military industry is expected to experience a structural reversal in demand as it approaches the end of the "14th Five-Year Plan" in 2025, with potential growth extending into 2026 [6][21]. - Recent performance indicates a decline in the defense and military index, which fell by 9.94% over the past two weeks, underperforming compared to major indices [16][23]. - The report highlights that the industry may have passed a weak phase, with a demand turning point approaching due to the execution of the "14th Five-Year Plan" [20]. Summary by Sections 1. Investment Insights - The defense and military index has underperformed, ranking 12th among 30 primary industry indices, with a decline of 9.94% in the last two weeks [16]. - Key stocks in the sector showed significant price changes, with Construction Industry rising by 26.62% while others like Aviation Power and AVIC High-Tech saw declines [16]. 2. Market Performance - The defense and military index dropped by 9.57% in the week from December 30, 2024, to January 3, 2025, and by 8.88% over the past two weeks [23]. - The index has consistently underperformed against the Shanghai Composite Index and the ChiNext Index during this period [23]. 3. Major Company Profit Forecasts and Valuations - Companies like Aviation Power and AVIC Shenfei are expected to see varying changes in sales to related parties, with some experiencing significant declines [17]. - The report notes that the overall industry demand is anticipated to grow, particularly in platform products and consumable weapons, driven by the military's centennial goals [21]. 4. Industry Dynamics - The report discusses the completion of production tasks by major companies in the industry, indicating a strong operational performance [18]. - The leadership changes within the China Shipbuilding Group and the National Defense Science and Technology Industry Administration are noted, reflecting ongoing reforms in the military sector [19][20]. 5. Recent Key Reports - The report emphasizes the importance of monitoring related transactions and suggests strategic positioning in anticipation of the structural demand reversal [6]. 6. Financing Balance - The financing balance for the military sector is reported at 965.99 billion, representing 3.95% of the sector's market value, which is higher than the overall A-share market [30]. 7. New Listings Tracking - Several new companies have entered the military sector since June 2023, with varying market performances and valuations [28].

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 ...

行业周报 | 有色金属 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 05 日 铝 ： 氧 化 铝 价 格 回 落 ， 关 注 电 解 铝 盈 利 修 复 机 会 相关研究 【 兴 证 金 属 】 有 色 金 属 ： 政 策 真 空 期 商 品 价 格 盘 整 ，关 注 后 续 政 策 情 况 -2024.12.29 【 兴 证 金 属 】 联 储 鹰 派 降 息 ， 金 属 价 格 承 压 -2024.12.23 【 兴 证 金 属 】 有 色 金 属 ： 政 策 预 期 主 导 ， 商 品 价 格 先 扬 后 抑 -2024.12.15 S0190518030002 caiyi@xyzq.com.cn S0190524070011 zhaoyuanji@xyzq.com.cn tangluyang@xyzq.com.cn 关注电解铝盈利修复机会 投资要点： 分析师：蔡屹 本 期 (2024.12.30-2025.01.03)铝 价 小 幅 上 行 ， 周 内 电 解 铝 产 能 端 四 川 及 广 西 等 有 部 分 产 能 减 产 ， 但 整 体 仍 延 续 偏 稳 运 行 ， ...

行业周报 | 银行 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 【兴证银行】理财规模回升，破净率下 降——银行理财 2024 年 11 月月报- 2024.12.30 【兴证银行】银行红利行情持续演绎， 央行发布金融稳定报告——银行业周报 （2024.12.23-2024.12.27）-2024.12.29 【兴证银行】成银转债触发强赎，浦发 银行获大股东增持——银行业周报 （2024.12.16-2024.12.20）-2024.12.22 分析师：陈绍兴 S0190517070003 chenshaox@xyzq.com.cn 分析师：王尘 S0190520060001 wangchenyjy@xyzq.com.cn 分析师：曹欣童 S0190522060001 caoxintong@xyzq.com.cn 平安举牌工商银行 H，大行中期分红陆续派发 ——银行业周报（2024.12.30-2025.1.5） 投资要点： 请阅读最后评级说明和重要声明 1/16 ⚫ 投资建议：近期政策组合拳持续超预期，稳增长、增信心信号明确，市场风格出现明 显反转。对银行的影响 ...