Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive sector is expected to see an upward trend in fundamentals supported by policies, with recommendations to increase allocation in automotive stocks [13]. - The recent "old-for-new" policy has shown significant stimulating effects, leading to increased retail sales across various brands, especially in the fourth quarter [13]. - The report anticipates a slowdown in price wars among luxury and joint venture brands in the second half of 2024, indicating improved pricing stability [13]. Weekly Dynamics - Xiaomi's automotive division has integrated the VLM visual language model into its systems, enhancing the vehicle's ability to recognize complex road environments [11]. - NIO has announced organizational adjustments in its smart driving department to strengthen delivery capabilities, with a focus on end-to-end delivery [12]. - The automotive sector's performance from December 23 to December 27, 2024, showed a 0.7% increase, underperforming the broader market indices [39]. Sector Performance and Valuation - The automotive sector's PE-TTM (unadjusted) stands at 29.7, with a historical valuation percentile of 73.1% [41]. - Sub-sectors such as passenger vehicles and commercial vehicles have PE-TTM values of 30.5 and 34.4, respectively, with historical valuation percentiles of 97.5% and 63.3% [41]. Recommendations - Recommended stocks in the automotive sector include BYD, Great Wall Motors, Changan Automobile, and Li Auto for the complete vehicle segment, while recommending Fuyao Glass and Top Group for the parts segment due to their strong performance and dividend yields [13].

Investment Rating - The report provides a positive investment rating for the industry, highlighting significant growth potential in the near to mid-term [43]. Core Insights - The "Red Packet" gifting market is projected to grow substantially, with estimates indicating a market size of approximately 2340.4 billion in 2023, with a growth rate of 73% [12][67]. - The integration of WeChat's ecosystem with social commerce is emphasized, suggesting that the "Red Packet" gifting mechanism will drive traffic to WeChat stores, enhancing overall sales [43]. - The report identifies investment opportunities in agency operations and retail, particularly in beauty and personal care companies, which are expected to benefit from the evolving gifting landscape [43]. Summary by Sections Market Size and Growth - The gifting economy market size is expected to reach 2340.4 billion by 2023, with a year-on-year growth rate of 73% [12][67]. - The report forecasts a significant increase in the market size, with projections ranging from 138.2 billion to 829.2 billion in the coming years [53][67]. WeChat Ecosystem - The WeChat platform is positioned as a key player in the social commerce space, with the "Red Packet" feature serving as a catalyst for driving sales to WeChat stores [43]. - The report notes that the integration of gifting within the WeChat ecosystem is expected to enhance user engagement and increase transaction volumes [43]. Investment Opportunities - The report highlights the potential for investment in agency operations and retail sectors, particularly in beauty and personal care companies, which are poised to capitalize on the gifting trend [43]. - The analysis suggests that companies focusing on innovative gifting solutions and leveraging social media platforms will likely see substantial growth [43].

Investment Rating - The industry rating is "Recommended (Maintain)" [33] Core Insights - As of the end of November 2024, the total scale of the bank wealth management market reached 29.75 trillion yuan, an increase of 419.8 billion yuan from the previous month, primarily due to deposits flowing into wealth management products following a decline in deposit rates [8][39] - The structure of existing wealth management products shows that cash management products account for 25.7%, fixed income products for 72.0%, mixed products for 2.0%, equity products for 0.1%, and commodity and financial derivatives for 0.04% [8] - The top three institutions by the scale of existing wealth management products are: China Merchants Bank Wealth Management (2.41 trillion yuan), Industrial Bank Wealth Management (2.14 trillion yuan), and Agricultural Bank Wealth Management (1.98 trillion yuan) [8] Summary by Sections 1. Existing Wealth Management Market Overview - The existing wealth management market scale as of November 2024 is 29.75 trillion yuan, with a month-on-month increase of 419.8 billion yuan [8] - The product type distribution includes cash management (7.64 trillion yuan), fixed income (21.42 trillion yuan), mixed (585 billion yuan), equity (262 million yuan), and commodity/financial derivatives (122 million yuan) [8] 2. Wealth Management Product Issuance Market Overview - In November 2024, the issuance scale of bank wealth management products was 495.3 billion yuan, an increase of 15.6 billion yuan from the previous month [41] - The issuance structure shows that closed-end net value products accounted for 91.5% of the total, while open-end net value products accounted for 8.5% [44] - The issuance scale by product type indicates that fixed income products dominate, with a scale of 4824 billion yuan, accounting for 97.4% [60] 3. Wealth Management Product Net Value Tracking - As of November 2024, the number of wealth management products with a unit net value below par was 2244, accounting for 3.42% of the total, with a cumulative net value below par of 1624, accounting for 2.67% [51] 4. Industry Dynamics - The report highlights a self-regulatory initiative to optimize the management of non-bank interbank deposit rates, aiming to align with central bank policy rate changes [54]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - The report emphasizes the importance of domestic computing power chains, predicting that 2025 will be a pivotal year for the domestic large model computing power arms race, with major capital expenditures expected to exceed forecasts [10][23]. Summary by Sections Industry Dynamics - In the first eleven months of 2024, China's telecom business revenue reached 1,594.7 billion yuan, a year-on-year increase of 2.6% [15]. - In Q3 2024, cloud infrastructure service spending in mainland China reached 10.2 billion USD, growing by 11% year-on-year, with Alibaba Cloud, Huawei Cloud, and Tencent Cloud maintaining a combined market share of 70% [15]. - The report highlights the successful pilot of a multi-core fiber solution by Changfei Fiber and Tianjin Mobile [15]. Investment Highlights - ByteDance's MAU rapidly surpassed competitors, with a projected capital expenditure of 80 billion yuan in 2024, expected to double to 160 billion in 2025, focusing heavily on AI computing power [23]. - The DeepSeek-V3 model was launched with 671 billion parameters and a training cost of only 5.58 million USD, outperforming several leading models [24]. - The report recommends focusing on domestic supply chains for optical modules, IDC, copper cables, and connectors due to the increasing demand for self-controlled computing power [23]. Key Recommendations - The report suggests paying attention to companies such as DingTong Technology, XinYiSheng, and ZhongJi XuChuang for potential investment opportunities [25].

Investment Rating - The report maintains a "Recommended" rating for the coal industry [33] Core Insights - The coal market is experiencing a downward trend, with domestic and international prices declining. However, the price of thermal coal is stabilizing in the range of 760-770 CNY/ton. The supply-demand fundamentals are expected to improve as domestic coal prices have dropped significantly, and the volume of imported coal is likely to decrease [109] - The report highlights that the focus should be on companies with stable performance and high return on equity (ROE), as well as those with growth in coal production and improving corporate governance. Recommended stocks include China Shenhua, Zhongmei Energy, Jinkong Coal, Shanxi Coal International, and others [92] Summary by Sections Weekly Data Tracking - Thermal coal prices are declining due to weak demand and import impacts, with the average daily consumption in coastal provinces increasing to 220.3 thousand tons, up by 3.8 thousand tons week-on-week [22] - As of December 27, the inventory of thermal coal in northern ports is 26.48 million tons, a decrease of 960 thousand tons week-on-week [22] Market Review (12.23-12.27) - The overall coal market is showing a downward trend, with thermal coal prices stabilizing after a decline. The report notes that coal mines that have completed their annual production and sales tasks are gradually reducing or halting production [109] Weekly Outlook (12.22-12.28) - The report emphasizes the importance of selecting stocks based on stable performance and high dividend yields, as well as those with growth potential in coal production. The recommended stocks include China Shenhua, Zhongmei Energy, and others [92]

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The reduction of ethane import tariffs is expected to enhance the profitability of related companies [2] - The report highlights the growth potential of domestic OLED and semiconductor material industries, driven by the increasing demand from new smartphone releases [4] - The report suggests focusing on companies involved in the production of core materials, particularly in the OLED and semiconductor sectors [4] Summary by Sections Industry Overview - The report emphasizes the importance of new materials as the foundation of advanced manufacturing, aligning with the direction of new productive forces [4] - The domestic market is witnessing a surge in demand for OLED and semiconductor materials due to the release of new smartphone models [4] Policy Impact - The report notes that supply constraints due to policy restrictions are likely to sustain the long-term price stability of refrigerants [5] - It suggests monitoring companies like Juhua Co. and Sanmei Co. for potential investment opportunities in the refrigerant sector [5] Price Trends - Methanol prices have continued to rise, with the domestic operating rate at 85.01%, reflecting a 0.71 percentage point decrease [16] - The price of propylene acid has also increased, with the domestic industry operating rate at 66.32%, down by 2.50 percentage points [18] Recommendations - The report recommends focusing on leading companies in the domestic ethylene production sector, such as Wanhua Chemical and Longbai Group, as they are expected to benefit from the stabilization of the real estate market [13] - It also highlights the potential of companies involved in the production of OLED materials and semiconductor materials, such as New Zobang and Ruifeng New Materials [4]

Investment Rating - The industry rating is "Recommended (Maintain)" [12] Core Viewpoints - The report highlights a recovery in industry prosperity, with multiple regions releasing positive consumption subsidy policies for the upcoming year [12] - The focus is on the domestic demand recovery and cyclical opportunities, with an emphasis on the home furnishing sector and paper industry [12] Summary by Sections Market Review - The light industry manufacturing index underperformed the CSI 300 index by 3.82 percentage points this week [59] - The home furnishing sector saw a decline of 1.76%, while the paper sector experienced a slight decrease of 0.16% [59] Key Price Trends - The average price of corrugated paper is 2928 yuan/ton, with a week-on-week increase of 0.4% [39] - The average price of boxboard is 3763 yuan/ton, also up by 0.4% week-on-week [39] - The average price of white card paper is 4276 yuan/ton, reflecting a week-on-week increase of 0.8% [41] - The average price of double glue paper is 5375 yuan/ton, with a week-on-week increase of 0.2% [43] Home Furnishing Sector Tracking - The report notes that several provinces have announced continued implementation of consumption subsidy policies, which are expected to boost demand in the home furnishing sector [12] - Recommended stocks in the home furnishing sector include leading companies such as Oppein Home, Sophia, and Zhijia Home [12] Paper Industry Insights - The report indicates an improvement in supply and demand dynamics within the paper industry, with a focus on profit recovery opportunities [12] - The average price of copper plate paper is 5512 yuan/ton, with a week-on-week increase of 0.4% [4] - The report suggests that the industry is experiencing upward price adjustments, particularly in cultural paper and packaging paper [12]

选股方面看好两条主线：一是估值具备扩张机会的公司，推荐 B 端 iFinD 业务渗 透率提升的【同花顺】、风险资本指标优化下估值空间打开的【华泰证券】和【中 信证券 】 二是长期具备盈利增长的公司，推荐有望通过并购重组提升综合竞争力 的【 浙商证券】【 国联证券 】 行业周报 | 非银金融 信息披露 特别声明 15/15 | --- | --- | --- | --- | --- | --- | --- | --- | |------------|--------|----------------------------|--------------------------|---------------------|-----------------|---------------------|----------------| | 10 年期 | 国债 | 政策性金融 债（进出口 债） | 政策性金融 债（国开 债） | 商业银行债 （ AA ） | 企业债 （ AA ） | 中短期票据 （ AA ） | 公司债 （ A ） | | 2024/11/29 | -6.19 | -6.75 | -3.46 | ...

请阅读最后评级说明和重要声明 1/16 | --- | --- | --- | --- | --- | |-------|-----------|-------------------------|-------|-------| | 1 | | (2024.12.23-2024.12.29) | | | | | 52,607.55 | 2.4 | -2.9 | -13.4 | | | 20,090.46 | 1.9 | 3.4 | 17.9 | | | 7,305.36 | 2.3 | 5.2 | 26.6 | | | 42,992.21 | 0.4 | -4.3 | 14.1 | | | 19,722.03 | 0.8 | 2.6 | 31.4 | | | 5,970.84 | 0.7 | -1.0 | 25.2 | | | 3,175.21 | -2.5 | -9.9 | -12.8 | | | 3,400.14 | 1.0 | 2.2 | 14.3 | | | 10,659.98 | 0.1 | 0.5 | 11.9 | | | 2,204.90 | -0.2 | -0.9 | 16.6 | | -- ...

Company Rating - No rating is assigned to the company [2] Core Views - The company reported a significant revenue growth of 60.69% YoY to RMB 1.191 billion in the first three quarters of 2024, but still recorded a net loss of RMB -6.87 million, which improved by 82.08% YoY [4] - The company's net loss after deducting non-recurring gains and losses was RMB -7.54 million, an improvement of 81.42% YoY [4] - The company's revenue growth is attributed to the release of demand from home appliance replacement policies, with Q3 revenue reaching RMB 379 million, up 33.59% YoY [15] - The company's gross margin in Q3 was 5.90%, up 4.07 percentage points YoY but down 0.98 percentage points QoQ [15] - The company's net loss in Q3 was RMB -6.36 million, a significant improvement from the loss of RMB -16.25 million in the same period last year [15] Financial Performance - The company's sales expenses in the first three quarters were RMB 13.45 million, up 13.9% YoY [12] - Management expenses were RMB 18.99 million, down 3.9% YoY [12] - R&D expenses increased by 52.9% YoY to RMB 42.13 million, driven by increased investment in innovation [12] - The company recorded other income of RMB 7.58 million, mainly due to VAT deductions for advanced manufacturing enterprises [12] - Asset impairment losses were RMB -13.71 million, an increase of RMB 10.15 million YoY, due to additional provisions for inventory depreciation [12] Industry and Competitive Landscape - The home appliance shell market is highly competitive, leading to challenges in cost pass-through and low gross margins [5] - The company is focusing on improving product qualification rates and gross margins through enhanced internal management and cost reduction [5] - The company's subsidiary, Wuhu Shibibai, was recently recognized as a high-tech enterprise [5] Historical Financial Data - The company's total revenue in 2020 was RMB 1.135 billion, growing to RMB 1.416 billion in 2021, then declining to RMB 1.012 billion in 2022, and recovering to RMB 1.136 billion in 2023 [20] - Net profit attributable to shareholders was RMB 55 million in 2020, RMB 65 million in 2021, RMB 13 million in 2022, and RMB -40 million in 2023 [20] - Gross margin declined from 13.5% in 2020 to 3.1% in 2023 [20] - ROE dropped from 15.7% in 2020 to -5.8% in 2023 [20] - Earnings per share were RMB 0.78 in 2020, RMB 0.59 in 2021, RMB 0.12 in 2022, and RMB -0.36 in 2023 [20] Market Data - The company's closing price on December 27 was RMB 7.60 [22] - The total market capitalization is RMB 843 million [22] - The total number of shares outstanding is 111 million [22]