Investment Rating - The report maintains a positive outlook on the IP derivative industry, particularly for the company Bluko, which is set to go public on January 10, 2025 [1]. Core Insights - Bluko is positioned as a leading player in the domestic role-playing building block toy market, targeting youth aged 6-16 with high-cost performance products [2][3]. - The company's revenue has seen explosive growth since its transition to role-playing building block toys, driven by popular IPs like Ultraman, which accounted for 57.4% of total revenue in the first half of 2024 [2][3]. - Future growth drivers are identified as IP expansion, product diversification, and channel development, with a focus on reaching broader market segments [2][3]. Summary by Sections Company Overview - Bluko was established in 2014 and initially focused on building blocks, transitioning to role-playing toys in 2022. The company has a significant market share of 30.3% in the role-playing building block segment and 7.4% in the overall building block market [3][4]. Business Model - The business model is similar to that of card game companies, relying on licensed IPs and a vast distribution network. Bluko's revenue from licensed IPs is substantial, with 81.4% of revenue coming from external IPs in the first half of 2024 [2][10][21]. User Demographics - The user base is segmented into three age groups: under 6 years, 6-16 years, and over 16 years. The core products are designed for the 6-16 age group, with a focus on popular IPs like Ultraman and Transformers [6][17]. Revenue Growth - Bluko's revenue grew from 1.18 billion RMB in January 2022 to 7.69 billion RMB in 2023, with a projected revenue of 10.46 billion RMB in the first half of 2024, reflecting a year-on-year growth of 238% [2][41]. Market Trends - The report highlights a shift in consumer preferences towards physical entertainment due to regulatory changes affecting online gaming for minors, benefiting the toy industry [43]. Future Outlook - The company plans to expand its IP portfolio, enhance product offerings, and broaden distribution channels to capture a larger market share. The IP library has grown from 7 to 12 licensed IPs since 2021, with ongoing efforts to monetize existing IPs [52][53].

Investment Rating - The report maintains a positive outlook on the e-commerce sector, particularly highlighting the potential of WeChat's new gifting feature to drive growth during the upcoming Spring Festival [3][38]. Core Insights - The WeChat Store has launched a "gift-giving" feature, expanding its product categories and enhancing social interaction among users, which is expected to stimulate sales during the festive season [3][6][11]. - The social commerce model of WeChat Store is evolving, allowing merchants to connect with users across various WeChat platforms, thereby increasing visibility and sales opportunities [6][7]. - The report emphasizes the potential for social viral growth through the WeChat "blue envelope" feature, which could replicate the success of WeChat red envelopes and further penetrate the social e-commerce market [11][18]. Summary by Sections Industry Overview - The social service index decreased by 8.60%, while the retail index fell by 5.66% during the period from December 30, 2024, to January 3, 2025, ranking 25th and 11th respectively among the Shenwan first-level industries [3][19]. WeChat Store Developments - The WeChat Store's "gift-giving" feature was officially launched on December 19, 2024, initially supporting products priced under 10,000 yuan, with further expansions planned [6][7]. - The WeChat Store has integrated various WeChat ecosystem features, allowing merchants to leverage their existing traffic from public accounts and video accounts to drive sales [6][7]. Market Performance - The report highlights significant individual stock movements within the retail sector, with East Hundred Group rising by 46.54% and Gao Xin Retail falling by 29.02% during the observed period [22][26]. - The report suggests that the upcoming Spring Festival will create a surge in demand for gifting, positioning WeChat Store to capitalize on this trend [18][38]. Investment Recommendations - The report recommends focusing on e-commerce stocks such as Alibaba, JD.com, Pinduoduo, and Tencent Holdings, as well as jewelry brands like Zhou Daxing, Lao Fengxiang, and Chao Hongji that are well-suited for gifting during the Spring Festival [3][38].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 01 月 05 日 平安人寿举牌工商银行（H），低利 率环境下险资举牌频度或将保持较 高水平 看好 ——非银金融行业周报（2024/12/30-2025/1/5） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 | 1．市场回顾 | | --- | | 1.1 市场表现 . | | 1.2 非银行业重要数据 | | ２．非银行业资讯及个股重点公告…………………………………………………………… 6 | | 2.1 非银行业资讯 . | | 2.2 个股重点公告 ………………………………… ...

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 2025 年 01 月 05 日 部分煤矿减产、产地发运倒挂，节 前补库需求下，煤价有望持续上涨 看好 ——煤炭行业周报（2024.12.30-2025.1.3） 本期投资提示： ⚫ 动力煤方面，截至 1 月 3 日，据中国煤炭市场网，秦皇岛港口动力煤现货价收报 767 元 /吨，环比上周四涨 9 元/吨，同比跌 161 元/吨。供给端，为保安全、部分煤矿减产， 产地降温、产地煤价较坚挺，发运到港口成本倒挂下，导致港口调入量环比持续下降， 根据中国煤炭市场网统计的环渤海四港区数据，截至 1 月 3 日，当周日均调入量 147.23 万吨，环比上周下降 16.74 万吨，降幅 10.21%，同比下降 12.60%。需求端， 下游电厂库存去化缓慢、进口煤供给充裕，对市场煤采购需求不足。截至 1 月 3 日，根 据中国煤炭市场网统计的环渤海四港区数据，当周日均调出量 153.23 万吨，环比上周 下降 28.85 万吨，降幅 13.47%，同比下降 10.46%。高库存压力下，部分贸易商出货 意愿提高，港口库存持续去化，据中国煤炭市场网统计的 ...

农林牧渔 2025 年 01 月 05 日 旺季猪价止跌小涨，聚焦粮食安全与宠物经济 看好 ——农林牧渔周观点（2024.12.30 -2025.01.05） 本期投资提示： 评 证 券 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 朱珺逸 A0230521080004 zhujy@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 (8621)23297818× zhujy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 业 研 究 / 行 业 点 研 究 图 1：本周申万一级行业周行情一览 -6.74% -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 煤 炭 石 油 石 化 银 行 有 色 金 属 家 用 电 器 纺 织 服 饰 食 品 饮 料 交 通 运 输 公 用 事 业 医 药 生 物 商 贸 零 ...

行 业 及 产 业 基础化工 2025 年 01 月 05 日 25Q1 制冷剂长协落地，新年高景 气依旧，重点关注低估值高成长标 的 看好 ——《化工周报 24/12/30-25/1/3》 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 行 业 点 评 相关研究 - ⚫ 当前时点的 ...

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 证券分析师 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 2025 年 01 月 05 日 贵金属配置价值凸显，建议积极关 注 看好 ——金属&新材料行业周报 20241230-20250103 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 一周行情回顾：据 ifind，环比上周，1）上证指数下跌 5.55%，深证成指下跌 7.16%， 沪深 300 下跌 5.17%，有色金属（申万）指数下跌 3.01%，跑赢沪深 300 指数 2.16 个 百分点。2）分子板块看，环比上周，贵金属上涨 2.25%，铝下跌 1.22%，能源 ...

Investment Rating - The report gives an "Overweight" rating for the electronic industry, indicating that it is expected to outperform the overall market [24]. Core Insights - The CES 2025 event, scheduled from January 7 to January 10, will showcase advancements in AI chips, smart glasses, automotive technology, and robotics, with a significant focus on AI glasses as a highlight [3][7][9]. - Major companies like NVIDIA, AMD, and Intel are set to unveil new products at CES 2025, including NVIDIA's RTX 50 series graphics cards and AMD's Strix Halo APU, which is expected to match mainstream graphics performance [13][18]. - The report emphasizes the importance of the AI glasses supply chain, highlighting companies such as Goertek and Aojie Technology as key players [3][9]. Weekly Market Review - From December 30, 2024, to January 3, 2025, the A-share electronic index showed weak performance, with the Shanghai Composite Index down by 5.55% and the Shenzhen Composite Index down by 7.87% [4][5]. - Notable stock performances included Huazhan Optoelectronics, which rose by 18.48%, and Runxin Technology, which increased by 7.19% [4][5]. CES 2025 Highlights - CES 2025 will feature 323 Fortune 500 companies and will cover various sectors, including wearable devices and AI hardware solutions [7]. - AI glasses will be prominently featured, with multiple companies, including Thunderbird Innovation and Dapeng VR, showcasing their latest products [9][13]. Investment Analysis - The report suggests focusing on several thematic catalysts within the electronic sector, including domestic substitution of semiconductor equipment and components, the AI glasses industry chain, and the Huawei Mate 70 and Mate X6 supply chain [3][18]. - Key companies to watch include Northern Huachuang, Zhongwei Company, and Xiaomi Group, among others [3][18].

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 01 月 05 日 CES 再燃科技热情，政策预期再起 支撑行业需求 看好 ——2024/12/30-2024/01/03 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 1.1 新势力月度销量更新 2024 年 12 月，新能源车企交付量同环比增加，同比+53%，环比+6%。具体 来看，2024 年 12 月比亚迪销量 51.48 万辆，同比+51%；理想销量 5.85 万辆，同 比+16%；鸿蒙智行销量 4.95 万辆，同比+96%；埃安销量 4.69 万辆，同比+2%； 零跑销量 4.25 万辆，同比+128%；小鹏销量 3.67 万辆，同比+82%；深蓝销量 3.66 万辆，同比+99%；蔚来销量 3.11 万辆，同比 ...

发改委强调更大力度支持两重建设，投资有望复苏 行 业 及 产 业 建筑装饰 2025 年 01 月 05 日 看好 ——申万宏源建筑周报（20241230-20250103） 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本期投资提示： 业 研 究 / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-7.98%，沪深 300 指数 -5.17%，相对收益为-2.81pct，在 31 个板块排名中排第 22 位。周涨幅最 大的三个子行业分别为家装（-4.11%）、专业工程（-6.69%）、基建央企（- 6.80% ） ， 对 应 行 业 内 三 个 公 司 ： 东 易 日 盛 （ +2.94% ） ...