Domestic Liquidity - The yield on 2-year and 10-year government bonds continued to decline, with the yield spread increasing to 0.6312%[11] - The central bank's net withdrawal from the open market was 430.2 billion yuan, and the MLF net withdrawal was 1.45 trillion yuan[35] Fundraising and Market Activity - In December, 8 companies conducted IPOs, raising approximately 4.4 billion yuan[73] - A total of 64 new funds were established in December, with 23 being equity funds, raising a total of 9.6 billion yuan[72] ETF Market - The number of newly established ETFs in 2024 remained the same as in 2023, with 157 ETFs launched, including 9 equity ETFs in December, which issued 3.03 billion shares[19] - The total scale of ETF equity funds was 2.9168 trillion yuan, with a trading volume accounting for 15.5% of the total scale, down by 3.4 percentage points[20] Southbound Capital - Southbound capital saw a net inflow of 243 billion yuan last week, with a total net inflow of 715.6 billion yuan for the year, marking a historical high[46] - The banking sector had the largest net inflow of 7.61 billion yuan, followed by telecommunications and retail, while media and consumer services saw significant outflows[23] Margin Financing - Margin financing buy-in amounts decreased, accounting for a lower proportion of A-share trading volume, with an average buy-in of 135.4 billion yuan, down 24.3% week-on-week[32] - The total margin financing balance was approximately 1.89 trillion yuan, showing a slight increase of 0.04%[60]

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Investment Rating - The report gives a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% [44][61]. Core Viewpoints - The company is a leading player in the heavy truck industry, with a market share of 27.50% as of August 2024, significantly ahead of its closest competitor [8][52]. - The heavy truck market is closely tied to the national economy, and recent government policies, such as the vehicle replacement program, are expected to stimulate demand [52][13]. - The company has shown strong sales performance, achieving a 15.78% year-on-year increase in heavy truck sales, totaling 70,537 units in the first half of 2024 [7][52]. - The partnership with Weichai Power has enhanced the company's product offerings, leading to improved vehicle performance and competitiveness [18][52]. Summary by Sections Company Overview - The company primarily develops, manufactures, and sells various types of heavy-duty trucks and components, with significant brands including Huanghe and Howo [52]. - It operates under a highly oligopolistic market structure, with five major players controlling over 80% of the market share [8][52]. Financial Performance - In the first half of 2024, the company reported sales revenue of 24.401 billion yuan, a 20.87% increase year-on-year, and a net profit attributable to shareholders of 619 million yuan, up 24.68% [52]. - The report forecasts sales revenues of 48.907 billion yuan, 54.673 billion yuan, and 60.130 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.347 billion yuan, 1.565 billion yuan, and 1.862 billion yuan [61][62]. Market Position - The company has maintained its position as the market leader in the heavy truck sector, with a significant lead over competitors [8][52]. - The heavy truck market is expected to benefit from ongoing economic recovery and increased demand for logistics and construction vehicles [7][52]. Strategic Partnerships - The collaboration with international partners like MAN has allowed the company to enhance its technological capabilities and product offerings [18][52]. - The strategic procurement agreement with Weichai Power is expected to further strengthen the company's supply chain and product performance [39][52].

证 券 研 究 报 告 行 业 周 报 ◼ 市场行情回顾 本周（20241216-20241220）中信石油石化板块下滑约 1.37%，上证综 合指数下滑约 0.70%，同上证综合指数相比，石油石化板块落后约 0.66 个百分点。子板块方面，石油石化子板块涨跌互现，其中油品销售及 仓储、油田服务等子板块跌幅居前。 本周（20241216-20241220）石油石化板块领涨个股包括宇新股份、蒙 泰高新、广聚能源、沈阳化工、中国海油等；领跌个股包括国际实业、 统一股份、水发燃气、准油股份、和顺石油等。其中民营大炼化公司 周度涨跌幅如下：恒力石化（-0.78%）、新凤鸣（-2.08%）、恒逸石化（- 2.42%）、桐昆股份（-2.89%）、荣盛石化（-4.21%）、东方盛虹（-7.67%） 等。 上游板块方面，上周国际油价有所下跌。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望维持在相对高位，持续利好上游油气公司。油服方面，北美 活跃钻机数周环比持平，但是同比减少较为明显。全球的钻井平台数 量今年三季度环比增长，利好油服公司的业务拓展。中游炼化板块方 面，新加 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [7] Core Insights - The economic recovery is slower than expected, leading to increased competition in the industry and slower-than-expected store expansion and transformation into new business models [8] - The WeChat Mini Store has launched a "gift-giving" feature, which is expected to enhance social demand during the holiday season, potentially accelerating the growth of the WeChat ecosystem [2][6] - The retail sector's performance is under pressure, with the CITIC retail index declining by 4.69%, underperforming the CSI 300 index by 4.55 percentage points [12] Industry Data Tracking - In November, the total retail sales amounted to 4.38 trillion yuan, with a year-on-year growth of 3.0%, while retail sales excluding automobiles reached 3.90 trillion yuan, growing by 2.5% [36] - The online retail sales for the first eleven months reached 14.03 trillion yuan, with a year-on-year increase of 7.4%, and physical goods online retail sales accounted for 26.7% of total retail sales [17][36] - The retail sales of essential goods such as grain and oil grew rapidly, while discretionary consumption showed mixed performance, with home appliances and furniture performing well [40] Industry Dynamics and Major Events - The first JD MALL in Taiyuan has opened, marking a significant expansion in offline retail [48] - Costco reported a net sales figure of 60.99 billion USD for Q1 of fiscal year 2025, reflecting a year-on-year growth of 7.5% [80] - The report highlights the performance of major retail companies, with 15 out of 101 listed companies in the retail sector seeing stock price increases, while 86 experienced declines [14]

行 业 研 究 微信小店是微信电商的核心平台。据财联社消息，微信小店作为微信 电商生态的核心平台，自今年初起，微信小商店、视频号小店等微信 生态内的电商渠道已全面升级为微信小店，其主要通过视频号、小程 序、搜索功能等多种渠道，为微信小店引入微信生态内的全面流量， 推动微信电商业务的整合与成长。 此次微信小店开启"送礼物"功能是微信发力社交电商的开始。据金 融界报道，根据微信官方公告，除了珠宝首饰、教育培训类目以及原 价高于 1 万元的商品外，其他类目的微信小店都将默认支持"送礼物" 功能。这意味着大部分商品都可以作为礼物被轻松地送给朋友。具体 操作上，只要用户在商品页面点击"送给朋友"，即可选择商品款式、 赠送对象并完成支付后将该商品通过一对一聊天场景赠送给朋友。接 收方收到礼物消息后，只需轻触打开礼物链接，填写收货地址并确认 "收下礼物"，就算正式收到了这份心意。据新华财经客户端报道，"送 礼物"功能的诞生，一方面将全面放大微信公私两域流量的商业价值， 促进微信电商的快速发展，进一步提高微信支付的市场占有率，扩大 微信广告营销的应用场景和市场占有率；另一方面还将持续增强微信 用户之间的互动性和亲密度，巩固微 ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [9]. Core Viewpoints - The report highlights the growth potential of offshore wind power, with various provinces initiating competitive allocation for offshore wind projects, indicating a positive outlook for the sector [9][68]. - It suggests focusing on companies benefiting from the demand for offshore wind power, those expanding into overseas markets, and wind turbine manufacturers with recovering profitability [4][69]. Summary by Sections 1. Market Performance Review - The electric power equipment sector experienced a decline of 2.25% from December 16 to December 20, 2024, ranking 7th among 31 sectors [18]. - Year-to-date, the sector has seen a growth of 2.56%, ranking 25th among the same sectors [20]. - The wind power equipment sub-sector declined by 4.59% during the same week and has a year-to-date decline of 4.27% [20][21]. 2. Wind Power Installation Data - In the first 11 months of 2024, China added 51.75 GW of new wind power installations, a year-on-year increase of 25.03% [38]. - In November 2024 alone, 5.95 GW of new installations were added, marking a 45.83% year-on-year increase [38]. 3. Wind Power Approval Data - A total of 89.39 GW of wind power projects were approved in China from January to November 2024, including 73.49 GW of onshore projects and 14.89 GW of offshore projects [44]. 4. Wind Power Equipment Bidding Data - Six wind power projects initiated bidding this week, totaling 735 MW [46]. - The average winning bid for onshore wind projects (including towers) was 1900 CNY/kW, while for projects excluding towers, it was 1600 CNY/kW [58]. 5. Investment Recommendations - The report recommends focusing on companies that will benefit from the offshore wind demand, such as Dongfang Cable, Haili Wind Power, and Qifan Cable [4][69]. - It also highlights companies with strong overseas market expansion capabilities, such as Dajin Heavy Industry and Taisheng Wind Power [4][69]. - Wind turbine manufacturers with recovering profitability, including Mingyang Smart Energy and Goldwind Technology, are also recommended [4][69].

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Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][73]. Core Insights - The report suggests focusing on the following investment themes: 1) In the vehicle segment, prioritize companies leading in intelligence and benefiting from the resonance of technology and model cycles, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor. 2) In the parts segment, favor electric and intelligent growth areas, with a focus on export and new force supply chains, recommending companies like Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [5][73]. Industry Data Tracking - According to data from the China Association of Automobile Manufacturers (CAAM), in November 2024, total vehicle sales were approximately 3.316 million units, with a month-on-month increase of 8.6% and a year-on-year increase of 11.7% [18][83]. - In November 2024, the sales of new energy vehicles (NEVs) reached about 1.512 million units, representing a month-on-month increase of 5.8% and a year-on-year increase of 47.4%. The market share of NEVs was approximately 45.6% [22][75]. - For the first half of December 2024, retail sales in the passenger car market were about 1.083 million units, showing a year-on-year growth of 34% and a month-on-month growth of 14% [23][67]. Market Review - In the week from December 16 to December 20, 2024, the automotive sector experienced a decline of 1.05%, ranking 8th among all first-level industries in terms of performance [76][73]. - The valuation levels for various automotive segments as of December 20, 2024, were as follows: passenger cars at 26.1, commercial vehicles at 30.79, auto parts at 21.27, automotive services at 42.39, and motorcycles and others at 28.8 [55][78]. Industry Dynamics - Significant developments include the establishment of the Zun Jie Super Factory by Jiangqi Group and Huawei, expected to generate an annual output value exceeding 100 billion yuan [38]. - Avita successfully completed a C round financing exceeding 11 billion yuan and is preparing for an IPO in 2026 [38]. - New models launched include the GL8 ES from SAIC-GM and the Chery Automobile's Zhi Jie R7 [70].

Investment Rating - The industry investment rating is "Maintain Buy" [21] Core Viewpoints - The report identifies four main investment themes in the petrochemical sector amid high international oil prices: 1) State-owned energy enterprises are actively promoting oil and gas exploration and production, suggesting a focus on companies like China Petroleum and China National Offshore Oil Corporation. 2) Global upstream capital expenditure is increasing, benefiting the oil service sector, with recommendations to pay attention to companies like China Oilfield Services and CNOOC Engineering. 3) The filament industry is experiencing a slowdown in capacity growth, which may improve supply-demand dynamics, with a focus on companies like Xinfengming and Tongkun. 4) Refining companies are actively planning new capacities and accelerating new material project layouts, recommending attention to companies like Satellite Chemical and Hengli Petrochemical [2][45]. Summary by Sections 1. Market Performance - The petrochemical sector saw a decline of approximately 0.67% during the week of December 9-13, 2024, while the Shanghai Composite Index fell by about 0.36%, indicating a lag of 0.31 percentage points for the petrochemical sector compared to the index [43][65]. 2. Oil & Gas Sector - International oil prices increased, with Brent crude futures settling at approximately $74.49 per barrel, reflecting a weekly increase of about 4.74%. WTI crude futures settled at approximately $71.29 per barrel, with a weekly increase of about 6.09% [68]. 3. Oil Service Sector - The number of active drilling rigs in North America remained stable week-on-week but decreased by 34 rigs year-on-year. Global drilling platform activity has increased, benefiting oil service companies [32]. 4. Midstream Refining Sector - Domestic refined oil prices saw a slight increase, with Shandong gasoline (92) priced at approximately 7801 CNY/ton, up about 243 CNY/ton week-on-week. The diesel price (0) was approximately 6873 CNY/ton, up about 12 CNY/ton [37]. 5. Terminal Polyester Sector - As of December 8, the POY price spread was approximately 1006 CNY/ton, with inventory days for FDY/DTY/POY in Jiangsu and Zhejiang showing a decrease of approximately -1.2/-1.4/-2.3 days, indicating overall inventory reduction [9][44]. 6. C3 Sector - The acrylic acid market price in Shandong was approximately 6800 CNY/ton, with a weekly increase of about 4.21%. The price spread between acrylic acid and propane was approximately 2398 CNY/ton, with a weekly increase of about 11.63% [17].