Investment Rating - The report rates the utility industry as "Overweight" for 2024, indicating a positive outlook compared to the overall market performance [3][4]. Core Insights - The report highlights that the decline in coal prices will improve profitability for thermal power companies, with an expected average price of 855 RMB/ton for 2024, down 11.4% year-on-year [4]. - Hydropower is expected to benefit from improved water conditions, with utilization hours projected to increase by 219 hours year-on-year, leading to stable growth in hydropower generation [4]. - Nuclear power is set for growth with 11 new units approved in 2024, maintaining high utilization hours and stable pricing, ensuring robust performance for nuclear companies [4]. - Renewable energy utilization rates are declining, particularly in eastern regions, but offshore wind power remains profitable due to better consumption rates [4]. - Natural gas prices are stabilizing, with a projected 8% increase in consumption, benefiting city gas companies through improved pricing mechanisms [4]. Summary by Sections Thermal Power - Coal prices are expected to decline throughout 2024, with a significant reduction during peak seasons, alleviating operational pressures on coal-fired power companies [4]. - Companies like Huaneng International and Huadian International are projected to see substantial profit growth, with Huaneng International's profit expected to increase by 30% [5]. Hydropower - The report anticipates a recovery in hydropower generation due to favorable water conditions, with major hydropower companies expected to maintain stable growth [4]. - Companies such as Yangtze Power and Guotou Power are highlighted for their growth potential, with profit increases projected [5]. Nuclear Power - The nuclear sector is expected to see a stable increase in profits due to high utilization hours and the approval of new units, with China Nuclear Power projected to maintain a strong performance [4][5]. Renewable Energy - The report notes a decrease in utilization rates for renewable energy, particularly wind and solar, but emphasizes the profitability of offshore wind projects in eastern regions [4]. Natural Gas - The natural gas market is expected to see a recovery in profitability for city gas companies, with improved pricing mechanisms and an increase in consumption projected for 2024 [4][5].

Investment Rating - The report maintains a "Positive" outlook on the coal industry for 2024, indicating an expectation for the industry to perform well relative to the overall market [2]. Core Insights - The coal price has declined, leading to a downward shift in the profit center for the industry in 2024, while companies with a high proportion of long-term contracts are expected to have relatively stable performance [2]. - Domestic coal production has seen a slight increase, while coal imports have maintained a high growth rate, with a total of 543 million tons imported in 2024, reflecting a year-on-year increase of 14.4% [3][11]. - The average price of thermal coal and coking coal at ports has decreased year-on-year, with the average price of 5500 kcal thermal coal at approximately 824 RMB/ton, down 14.11% from 2023 [17]. - Key companies in the coal sector are expected to report varying performance in their 2024 annual reports, with some exceeding expectations and others falling short [20]. Summary by Sections Supply Side - National raw coal production for 2024 is projected at 4.759 billion tons, a year-on-year increase of 1.3%. The production in Q4 is expected to be 1.279 billion tons, showing a quarter-on-quarter increase of 6.4% [4][10]. - Major producing regions show mixed results, with Shanxi's production down 6.9%, while Inner Mongolia and Xinjiang have seen increases of 5.4% and 17.5%, respectively [5][10]. Price Trends - The average price of thermal coal at ports has decreased significantly, with the 5500 kcal thermal coal price dropping to 824 RMB/ton, a decline of 14.11% year-on-year [17]. - Coking coal prices have also seen substantial declines, with the average price for Shanxi's main coking coal at 1713 RMB/ton, down 33.08% year-on-year [19]. Company Performance Forecasts - Companies expected to exceed performance expectations include China Shenhua, with an EPS of 2.92, and Electric Power Investment Energy, with an EPS of 2.51, benefiting from stable coal prices and increased electricity sales [20]. - Companies with performance in line with expectations include Shaanxi Coal and Yanzhou Coal Mining, while those expected to underperform include Shanxi Coking Coal and Shaanxi Black Cat [20].

上 市 公 司 买入（上调） | 市场数据： | 2025 年 02 月 13 日 | | --- | --- | | 收盘价（元） | 11.34 | | 一年内最高/最低（元） | 13.13/8.13 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 5.29 | | 流通 A 股市值（百万元） | 7,503 | | 上证指数/深证成指 | 3,332.48/10,626.62 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.32 | | 资产负债率% | 43.97 | | 总股本/流通 A 股（百万） | 744/662 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-19 03-19 04-19 05-19 06-19 07-19 08-19 09-19 10-19 11-19 12-19 01-19 -50% 0% 50% 万和电气 沪深300指数 (收益率) 相关研究 家用电器 2025 年 02 月 14 日 万和电气 (00 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Buy" rating for key players in the sector [3][4]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a 0.2% increase in the sector index while the CSI 300 rose by 1.2% [4][5]. - The report highlights significant growth in sales during the Spring Festival, with over 310 billion RMB in sales from old-for-new exchanges across various categories, including home appliances and mobile phones, reflecting a year-on-year increase of approximately 166% for home appliances [11][65]. - The expansion of the old-for-new subsidy program in multiple regions is expected to stimulate demand, with new categories added to the subsidy list, including smart home devices and health care products [9][10][64]. Summary by Sections Industry Dynamics - The report notes that several regions, including Liaoning and Shandong, have expanded the categories eligible for old-for-new subsidies, increasing the total to 20 categories [9][10][64]. - During the Spring Festival period, the total sales volume reached 860 million units, with significant increases in sales revenue for home appliances and mobile phones [11][65]. Sales Data Observations - In January 2025, sales of cleaning appliances like robotic vacuums and floor washers saw a year-on-year increase of 37.16% and 23.89%, respectively, although their average prices decreased significantly [28][30]. - Conversely, personal care appliances such as hair dryers and electric shavers experienced a decline in sales volume, with hair dryers down 4.64% and shavers down 7.12%, while their average prices increased [32][38]. Investment Highlights - The report identifies three main investment themes: 1. White goods, benefiting from favorable real estate policies and the old-for-new program, with recommended stocks including Hisense, Midea, and Gree [4]. 2. Export-oriented companies like Ousheng Electric and Dechang Shares, which are expected to see revenue growth from large customer orders [4]. 3. Core components suppliers such as Huaxiang and Shun'an Environment, which are positioned to benefit from increased demand in the white goods sector [4].

Investment Rating - The report assigns an "Overweight" rating to the internet media sector, indicating a positive outlook for the industry compared to the overall market performance [2][10]. Core Insights - The report highlights that the current market rally in Hong Kong and A-share media sectors is driven by undervaluation and improving fundamentals, alongside a revaluation of domestic AI and IP [2]. - It emphasizes the potential of AI to drive cloud computing demand and the undervalued AI applications in gaming, community, education, and healthcare sectors [2]. - The report also notes the increasing global influence of domestic IP, particularly following the success of "Nezha 2," which showcases the potential for IP derivatives and overseas box office performance [2]. Summary by Relevant Sections Cloud Computing and Internet Giants - The report discusses how low-cost, open-source AI solutions like Deepseek are expected to enhance AI penetration and reignite cloud demand, benefiting cloud providers through scale effects and improved ROI [2]. - Recommended companies include Alibaba, Tencent, Kingsoft Cloud, and Xiaomi, highlighting their strengths in AI and cloud services [2]. AI Gaming - The report mentions the success of Minimax's Talkie in overseas markets, validating the potential of AI in role-playing games [2]. - It identifies key players such as Giant Network, Ke Ying Network, and NetEase as top recommendations in this space [2]. AI Community - AI tools are enhancing product experiences and advertising efficiency, with significant growth seen in platforms like Meta and Pinterest [2]. - Recommended domestic platforms include Kuaishou and Bilibili, which are leveraging AI for video content [2]. AI Education and Healthcare - The report highlights the role of AI in education through companies like Vision Source and in healthcare through advancements in drug discovery and diagnostics [2]. - Recommended companies in healthcare include Jingdong Health and Alibaba Health, which are positioned to benefit from AI integration [2]. Domestic IP Industry - The report emphasizes the revaluation of the domestic IP value chain, particularly in light of successful projects like "Nezha 2" and the global impact of Chinese culture [2]. - Investment opportunities are identified in both upstream IP (e.g., Mango Media, Light Media) and downstream IP derivatives (e.g., Pop Mart, Alibaba Pictures) [2].

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 张慧 A0230524100001 zhanghui@swsresearch.com 研究支持 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王易 A0230123050001 wangyi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 王晨鉴 A0230123030001 wangcj@swsresearch.com 范晨轩 A0230123070006 fancx@swsresearch.com 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 范晨轩 (8621)23297818× fancx@swsresearc ...

相关研究 《从 Deepseek 看阿里 AI 进展，全体系布 局再提速——商贸零售行业周报（2.3- 2.9）》 2025/02/09 行 业 及 产 业 社会服务 2025 年 02 月 15 日 AI+服务业：全场景服务新生态 看好 ——社会服务行业周报（2.10-2.14） 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 行 证 券 研 究 报 告 ⚫ 米奥会展与李未可科技携手，共同开启 AI 眼镜赋能国际展会的新篇章。在以"AI 与出 海"为主题的发布会上，米奥会展正式推出自研的"AI 慧展 1.0"，其中 AI 智能眼镜备 受瞩目，它优化了近 100 种语言的实时翻译功能，让国际交流更加顺畅,实时语音转文字 记录功能可自动记录展会现场的交流内容，生成沟通纪要并实时同步至国内团队，为后续 合作提供有力的数据支撑。为了更好地服务参展商，根据公司公众号，米奥会展以 1 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, indicating a "Look Favorably" investment rating [4]. Core Insights - The overall market activity post-Spring Festival has increased, with a rise in risk appetite and improved valuations for leading technology and manufacturing companies. The dividend yield for major liquor and food companies is above 4%, suggesting potential for valuation recovery [4][8]. - The report emphasizes the need for patience regarding the recovery of consumer demand during the Spring Festival, as the basic consumption recovery remains unclear [4][8]. - The report suggests that if economic conditions improve in the second half of 2025, the industry fundamentals may reach a bottom, leading to a potential price recovery for stocks [4][8]. Summary by Sections Food and Beverage Weekly Insights - The food and beverage sector saw a 2.34% increase last week, with liquor stocks rising by 3.13%, outperforming the Shanghai Composite Index by 1.04 percentage points [7]. - The report ranks the food and beverage sector 8th among 31 sub-industries in terms of performance [7]. Liquor Sector Analysis - The liquor sector shows signs of bottoming out post-Spring Festival, but further validation is needed. The focus is on the volume and price performance in the off-season [9]. - Key prices include Moutai at 2,230 RMB per bottle, stable week-on-week, and Wuliangye at approximately 930 RMB, also stable [9]. Consumer Goods Sector Analysis - During the Spring Festival, domestic travel reached 501 million trips, a 5.9% increase year-on-year, with total spending of 6,770 billion RMB, up 7% [10]. - The report anticipates stable demand for food and beverage products, particularly in the context of cautious inventory management following last year's demand drop [10]. Key Company Recommendations - Recommended stocks include Shanxi Fenjiu, Wuliangye, and Guizhou Moutai for liquor, and Yili, Qingdao Beer, and Mengniu Dairy for consumer goods [4][8].

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [3]. Core Insights - The report highlights the deployment of large models in both public and private cloud environments, detailing the characteristics and competitive advantages of various AI public cloud providers [6][7]. - There is a significant focus on AI in the healthcare sector, with both domestic and international markets emphasizing AI applications in medicine [6][27]. - Key companies such as Deepin Technology, Saiyi Information, and Tax Friend are noted for their advancements in AI and cloud services [6][39]. Summary by Sections 1. Deployment of Large Models - Large model deployment can be categorized into public cloud and local deployment, with public cloud being the more flexible and mainstream option [8][10]. - Public cloud deployment allows users to avoid initial hardware investments and provides elastic computing resources, making it an economical choice for many [10][11]. - Local deployment focuses on data privacy and low latency, suitable for industries with high compliance requirements [20][23]. 2. AI in Healthcare - The report identifies a surge in AI applications in healthcare, with companies like Tempus AI and Doximity gaining traction in the market [27][28]. - AI capabilities are expected to enhance drug discovery, disease diagnosis, and clinical treatment, leading to innovations in medical information systems and AI pharmaceuticals [27][34]. - Key investment targets in the AI healthcare space include companies involved in AI-assisted diagnostics and pharmaceutical applications [37]. 3. Key Company Updates - Deepin Technology is recognized for its AI-first strategy and potential revaluation of its cloud and security business [39][41]. - Saiyi Information is highlighted for integrating AI agents into industrial applications, enhancing operational efficiency [42][45]. - Tax Friend is noted for its AI model tailored for financial and tax processing, indicating a strong market position due to its data and knowledge barriers [46][48].

Investment Rating - The report maintains a positive outlook on the precious metals sector, suggesting active attention to gold and copper due to favorable market conditions [3]. Core Insights - The report forecasts a year-on-year profit growth of over 50% for several key companies in Q4 2024, driven by rising metal prices and increased production [1]. - The overall performance of the precious metals sector is expected to benefit from central bank gold purchases and a low gold reserve ratio, indicating a sustained upward trend in gold prices [3]. - The copper and aluminum sectors are anticipated to see stable demand from the new energy sector, with a potential recovery in inventory levels as global manufacturing rebounds [3]. Summary by Sections Q4 2024 Performance Forecast - Companies such as Shengda Resources, Hunan Gold, and Zijin Mining are projected to have significant profit increases, with Shengda Resources expected to see a staggering 1152% year-on-year growth [1][5]. - The report highlights that the performance growth is primarily attributed to the rise in metal prices and production volume increases [1]. Price Trends of Major Metals - LME Copper is forecasted at $9,340 per ton, showing a 13% year-on-year increase, while COMEX Gold is expected to reach $2,503 per ounce, reflecting a 34.6% increase [4]. - Other metals like LME Aluminum and LME Zinc are also projected to see price increases, indicating a positive market trend for the sector [4]. Company Valuation Insights - The report provides a detailed valuation of key companies, with Zijin Mining's PE ratio projected to decrease from 21 in 2023 to 11 in 2026, indicating potential for valuation recovery [7]. - Companies like Shengda Resources and Hunan Gold are highlighted for their significant profit growth potential, with EPS forecasts showing promising trends [7].