行业周报 | 电力设备 | --- | --- | --- | --- | |----------------------------------------|------------------------------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|-------|-------|-------| | 亚士创能 | 0% | 31% | 31% | 31% | 0.0% | 0.7% | 0.5% | 2.2% | | 天山股份 | 23% | 51% | 50% | 50% | 2.2% | 3.2% | 1.7% | 2.0% | | 中国巨石 | 32% | 32% | 36% | 36% | 2.6% | 3.8% | 2.8% | 1.7% | | 长海股份 | 11% | 10% | 21% | 21% | 0.9% | 1.4% | 1.4% | 1.6% | | 三棵树 | 0% | 0% | 49% | 49% | 0.0% | 0.0% | 0.3% | 1.4% | | 凯盛科技 | 49% | 34% | 44% | 44% | 0.9% | 0.5% | 0.4% | 1.1% | | 坚朗五金 | 13% | 49 ...

Industry Rating - The industry rating for the home appliance sector is **Recommended (Maintained)** [13] Core Views - The home appliance industry is expected to benefit from both domestic and export demand, with a solid fundamental outlook and high-quality dividend assets [2] - The **white goods sector** is highlighted for its strong configuration value, with recommendations for leading companies such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - The **kitchen appliance sector** is expected to see valuation and earnings recovery driven by policy support for home appliance replacement and real estate policies, with recommendations for **Robam Appliances** and **Vatti Corporation** [15] - The **small home appliance sector** is poised to benefit from the rise of social e-commerce, particularly through WeChat Mini Stores, with companies like **Flyco**, **Buydeem**, and **Breo** expected to gain market share [9][20] - The **export market** is expected to contribute incremental growth, with companies like **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** recommended for their overseas competitiveness [51] Key Price Trends - **Copper prices** averaged 74,328 RMB/ton in week 24W51, down 1.35% week-on-week but up 7.59% year-on-year [11] - **Aluminum prices** averaged 19,842 RMB/ton in week 24W51, down 2.64% week-on-week but up 4.52% year-on-year [43] - **ABS prices** averaged 11,840 RMB/ton in week 24W51, down 0.08% week-on-week but up 12.02% year-on-year [23] - **Hot-rolled coil prices** averaged 3,745 RMB/ton in week 24W51, down 1.75% week-on-week and down 13.52% year-on-year [11] - **Panel prices** remained stable in late December 2024, with 65-inch panels priced at 172 USD/sheet, 55-inch at 124 USD/sheet, 43-inch at 63 USD/sheet, and 32-inch at 34 USD/sheet [46] - The **USD to RMB exchange rate** averaged 7.3014 in week 24W51, up 0.40% week-on-week and 2.22% year-on-year [25] - The **CCFI composite index** rose 0.35% week-on-week, the **European index** rose 1.59%, while the **US West index** fell 0.84% in week 24W51 [48] Investment Recommendations - **Investment Theme 1**: Focus on white goods leaders with strong fundamentals and high-quality dividend assets, such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - **Investment Theme 2**: Companies benefiting from domestic demand driven by replacement policies and export growth, such as **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** [51] - **Investment Theme 3**: Kitchen appliance leaders expected to benefit from policy-driven demand, such as **Robam Appliances** and **Vatti Corporation** [15] - **Investment Theme 4**: Companies with potential for a fundamental turnaround, such as **Flyco**, **XGIMI**, and **Bear** [51] Social E-commerce Opportunity - WeChat Mini Stores have launched a "Gift" feature, creating new opportunities for social e-commerce, particularly for small home appliances with strong gifting attributes [20] - Companies like **Flyco**, **Buydeem**, and **Breo** are expected to benefit from this new channel due to their brand recognition and private traffic advantages [9][20]

行业评级 推荐（维持） 铝 ： 氧 化 铝 现 货 价 格 松 动 ， 铝 价 承 压 下 行 锂 ： 碳 酸 锂 价 格 小 幅 下 滑 行业周报 | 有色金属 本期有色板块下跌 3.09%，跑输上证综指 2.39pct . 2/31 请阅读最后评级说明和重要声明 3/31 请阅读最后评级说明和重要声明 4/31 请阅读最后评级说明和重要声明 一、行情周表现回顾 数 据 来 源 ： iFinD， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 （ 分 类 采 用 中 信 三 级 行 业 指 数 ） 行业周报 | 有色金属 数 据 来 源 ： iFinD， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 请阅读最后评级说明和重要声明 7/31 图 3、本期氧化铝价格指数周环比下降 6500 5500 4500 3500 2500 1500 21/01 21/07 22/01 22/07 23/01 23/07 24/01 24/07 —SMM氧化铝指数(元/吨) 数据来源：SMM，兴业证券经济与金融研究院整理 图 6、2024 年 11 月氧化铝产量月环比上升 数据来源：SMM, 兴业证券经济 ...

表目录 行业周报 | 通信 "OpenAI 12 " OpenAI o3 o3- mini o1 SWE-Bench Verified o3 71.7% o1 48.9% Codeforces o3 2727 99.99% AIME 2024 o3 96.7% o1 13.4% 11 Epoch AI Frontier Math o3 25.2% 2% GPQA Diamond o3 87.7% o1 9.7% o3 o3-mini o3-mini o3 AI Keras ARC-AGI François Chollet o3 AI LLM " - - " o3 token CoT o3 Chollet o3 AI 请阅读最后评级说明和重要声明 3/6 中国版星链正式升空：首批发射1.3 万颗卫星 北京时间 12 月 16 日 18 时，我国在海南文昌卫星发射中心使用长征五号乙运载 火箭，以一箭 10 星方式成功将卫星互联网低轨 01 组卫星发射升空，卫星顺利进 入预定轨道，发射任务获得圆满成功。这是中国星网的"国网（gw）星座"首次 批量组网发射,也是第一次使用长征五号Ｂ执行卫星互联网发射任务。卫星互联 网 ...

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一、重要事件跟踪 行业周报 | 建筑装饰 2） 估 值 现 状 | --- | --- | --- | --- | --- | |---------------------------------------------------|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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Investment Rating - The industry investment rating is "Recommended (Maintained)" [50]. Core Viewpoints - Recent policy combinations have exceeded expectations, signaling clear support for growth and confidence, leading to a notable market style reversal. The impact on banks includes improved asset quality expectations due to supportive policies for local bonds and the real estate market, as well as optimized policies for small and micro loans [5][57]. - The net interest margin is expected to face narrowing pressure, but the downward slope will significantly ease. The state plans to supplement the core Tier 1 capital of six major banks, enhancing their operational stability and dividend consistency [5][57]. - The report maintains a positive overall impact on the banking sector, recommending a focus on several main lines: (1) cyclical stocks, with key recommendations including China Merchants Bank, Ningbo Bank, Changshu Bank, Hangzhou Bank, and Chengdu Bank; (2) benefiting from bond replacement, with key recommendations including Chongqing Rural Commercial Bank, Changsha Bank, and Qilu Bank; (3) dividend strategy, with key recommendations including Agricultural Bank of China, Hu'nan Rural Commercial Bank, and Shanghai Bank [5][57]. Industry Dynamics - As of the end of the third quarter, the total assets of financial institutions in China reached 489.15 trillion yuan, with the banking sector's total assets at 439.52 trillion yuan, reflecting a year-on-year growth of 7.3% [13][58]. - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy, utilizing various monetary policy tools to maintain ample liquidity and align social financing growth with economic growth and price level expectations [57]. Company Dynamics - Qilu Bank plans to distribute a cash dividend of 1.27 yuan per 10 shares, totaling 614 million yuan, which accounts for 27.57% of the net profit attributable to ordinary shareholders for the first half of 2024, slightly up from 26.73% in 2023 [2]. - Chengdu Bank's convertible bonds have triggered a conditional redemption clause, and the company has decided to exercise this right [9]. - Shanghai Pudong Development Bank's largest shareholder plans to increase its stake by purchasing 7.5755 million shares, representing 0.03% of the total share capital, with plans to further increase its holdings by no less than 47 million shares and no more than 94 million shares within the next six months [3][5].