Investment Rating - The report maintains an investment rating of "Buy-A" for Kunlun Wanwei (300418.SZ) and Shanghai Film (601595.SH), and "Add-A" for Dianhun Network (603258.SH) [3] Core Insights - The media sector is expected to see marginal improvements in its fundamentals due to the catalytic effects of AI applications and favorable supply-demand dynamics [2] - The media index rose by 2.23% in 2024, ranking 19th among 31 primary sub-industries, with advertising and publishing sectors leading with increases of 7.42% and 6.68% respectively [12][13] - The overall revenue for the media industry reached 366.21 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.82%, while net profit attributable to shareholders dropped by 32.28% to 23.3 billion yuan [14] Summary by Sections 1. Industry Review - The media industry experienced fluctuating performance throughout the year, with the advertising and publishing sectors showing the most resilience [12][13] - The media sector's PE (TTM) ratio stands at 25.67x, slightly above the industry median of 21.28x, indicating potential for growth driven by AI advancements [13] 2. AI Development - The AI model landscape is rapidly evolving, with significant advancements in capabilities and applications expected to drive digital transformation across industries [19][29] - The Chinese generative AI industry is projected to exceed one trillion yuan by 2030, supported by robust infrastructure and increasing application scenarios [29][30] 3. Film Industry - The film sector faced challenges in 2024, with box office revenues declining by 22.34% year-on-year to 42.596 billion yuan, attributed to a lack of quality content [41] - The upcoming 2025 Spring Festival is anticipated to improve content supply, potentially revitalizing box office performance [4] 4. Gaming Industry - The gaming market in China is expected to continue its growth trajectory, with revenues projected at 325.783 billion yuan in 2024, a year-on-year increase of 7.53% [5] - The introduction of new game products and the expansion of overseas markets are expected to further enhance revenue growth in the gaming sector [5]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electronic industry [1][6]. Core Insights - The U.S. has upgraded its export restrictions on AI chips, impacting multiple high-tech sectors, which may create opportunities for domestic AI chip manufacturers in China [3][6]. - The electronic market has shown a strong performance recently, with significant increases in major indices and specific sectors such as semiconductor materials and discrete devices [2][10]. - The report highlights the expected growth in domestic AI chip production driven by policy support and market demand, indicating a shift towards self-sufficiency in the semiconductor industry [6]. Market Overview - The overall market performance from January 13 to January 17, 2025, saw the Shanghai Composite Index rise by 2.31%, the Shenzhen Component Index by 3.73%, and the ChiNext Index by 4.66% [2][10]. - The semiconductor sector, particularly the Philadelphia Semiconductor Index, increased by 5.40%, indicating robust market activity [2][10]. Sector Performance - The top-performing segments during the week included analog chip design (+10.26%), semiconductor materials (+8.36%), and discrete devices (+7.62%) [2][10]. - Notable individual stock performances included Jin'an Guoji (+44.71%), Yunli Wuli (+40.16%), and Qingyi Optoelectronics (+34.91%) [2][19]. Company Forecasts - Companies like Hygon Information are projected to achieve revenues between 8.72 billion to 9.53 billion yuan in 2024, reflecting a year-on-year increase of 45.04% to 58.52% [5]. - Cambricon Technologies is expected to report revenues of 1.07 billion to 1.20 billion yuan, with a year-on-year growth of 50.83% to 69.16%, although it anticipates a net loss [5]. Industry News - The U.S. Department of Defense has officially announced new export regulations on AI chips, which aim to enhance the U.S. and its allies' AI capabilities while restricting access for countries like China [3][6]. - The report notes that the U.S. has categorized countries into three tiers for implementing different AI chip export control policies, significantly affecting international trade dynamics in the semiconductor sector [3][6].

基础化工 行业周报（20250113-0119） 同步大市-A(维持) 基础化工行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600160.SH | 巨化股份 | 买入-B | | 603379.SH | 三美股份 | 买入-B | | 00297.HK | 中化化肥 | 买入-A | | 01164.HK | 中广核矿业 | 买入-B | | 601857.SH | 中国石油 | 买入-B | | 600378.SH | 昊华科技 | 买入-B | | 000830.SZ | 鲁西化工 | 买入-B | 相关报告： 【山证基础化工】美制裁升级或加剧船运市场紧缺，石油供给短 期风险显著上升-行业周报（20250106-0112） 2025.1.13 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 刘聪颖 执业登记编码：S0760524110002 邮箱：liucongying@sxzq.com 研究 ...

Investment Rating - The report maintains an "A" rating for the mechanical equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The mechanical equipment sector is expected to experience a dual trend of cyclical recovery and growth in 2024, with capital expenditures in various downstream industries remaining robust [2][3]. - The report categorizes the mechanical sub-sectors into mature and growth markets, emphasizing the importance of competitive landscape and structural opportunities in mature markets, while focusing on new technologies and products in growth markets [2][3]. Summary by Sections 1. Mechanical Equipment Industry Logic and 2024 Market Review - The mechanical equipment sector showed a cyclical and growth-oriented performance, with significant recovery in the latter part of 2024 [21][22]. - The sector's performance was notably influenced by the recovery of the macroeconomic environment and capital expenditures in downstream industries [2][3]. 2. Railway Equipment - National railway investment is projected to increase due to improved profitability and supportive policies, with a total revenue of 9901.8 billion yuan in 2024, marking a 2.7% increase from 2023 [54][56]. - The report highlights key companies such as China CRRC, Times Electric, and Times New Materials as primary investment recommendations [3]. 3. Engineering Machinery - The industry is shifting towards green and intelligent trends, with domestic manufacturers expected to leverage their advanced electric vehicle supply chains for competitive advantages [3]. 4. Instruments and Sensors - The report anticipates a 15% CAGR for the sensor market over the next three years, driven by new applications in 5G and IoT [4]. - Recommended companies include Yulide, Puyuan Precision, and Dingyang Technology [4]. 5. Industrial Mother Machines - The report emphasizes the importance of high-end equipment and global market expansion, with a projected CAGR of approximately 17% for high-end five-axis machine tools from 2021 to 2027 [12]. - Key recommendations include Kede CNC and Huazhong CNC [4]. 6. Data Centers and Auxiliary Equipment - The report notes a rapid growth in the data center market, with a projected market size of 304.8 billion yuan in China by 2024 [5][6]. - Companies such as Weichai Power and Invek are highlighted for their potential in this sector [5]. 7. Humanoid Robots - The humanoid robot industry is expected to grow significantly, with increased interest from automotive companies and a focus on cost-effectiveness and safety [6]. - Recommended companies include Best and Wuzhou Xinchun [6]. 8. 3D Printing - The report identifies potential applications in low-altitude vehicles and humanoid robots, suggesting a focus on companies involved in 3D printing technology [6].

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown an increase, with the new materials index rising by 4.46%, slightly underperforming compared to the ChiNext index by 0.20%. Over the past five trading days, various sub-sectors have experienced growth, including semiconductor materials (up 6.45%) and electronic chemicals (up 4.02%) [2][14]. - The biodegradable plastics market is expected to grow significantly, driven by policy changes and increasing environmental awareness. The global market size for biodegradable materials was approximately $5.732 billion in 2023, projected to reach about $27.703 billion by 2030, with a compound annual growth rate (CAGR) of 21.73% [4]. Summary by Sections Market Performance - The new materials sector has outperformed the broader market indices, with specific sub-sectors like semiconductor materials and electronic chemicals showing notable gains [2][14]. - The biodegradable plastics segment is highlighted as a key growth area, supported by regulatory changes and increasing market penetration [4]. Price Tracking - Prices for various amino acids and biodegradable plastics have remained stable, with slight fluctuations noted in specific products such as methionine (up 2.55%) and vitamins (with vitamin A down 4.08%) [3][4]. Investment Recommendations - The report suggests focusing on companies involved in the production of biodegradable plastics, as the market is expected to expand due to regulatory support and environmental initiatives [4].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The biodegradable plastics industry is expected to see an increase in penetration rates due to policy drivers, including the establishment of carbon footprint evaluation standards and various plastic bans in multiple provinces [4]. - The global biodegradable materials market was approximately $5.732 billion in 2023 and is projected to grow to about $27.703 billion by 2030, with a compound annual growth rate (CAGR) of 21.73% [4]. Market Performance - The new materials index increased by 4.46%, slightly underperforming compared to the ChiNext index, which rose by 4.66% [2][14]. - Over the past five trading days, various sectors within new materials showed positive performance: - Semiconductor materials up 6.45% - Electronic chemicals up 4.02% - Degradable plastics up 1.21% - Industrial gases up 2.76% [2][14]. Price Tracking - Amino acids prices remained stable for several products, while methionine saw a slight increase of 2.55% [3]. - Prices for biodegradable materials such as PLA remained unchanged, indicating stability in this segment [3]. Industry Developments - The establishment of standards for the carbon footprint of bio-based plastics is expected to guide the industry's development and promote the healthy growth of biodegradable plastics [4]. - Internationally, the EU has approved regulations to accelerate the transition towards a circular economy, further supporting the shift from traditional plastics to biodegradable alternatives [4].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry is expected to benefit from the recent regulatory changes and policy enhancements, which aim to stabilize the stock market and improve the quality of listed companies [4][9]. - Major securities firms have reported positive earnings forecasts for 2024, indicating a potential growth trajectory driven by increased trading activity in the equity and bond markets [5][10]. - The report highlights a significant increase in A-share trading volume, with a total turnover of 6 trillion yuan and an average daily turnover of 1.2 trillion yuan, reflecting a 5.14% week-on-week growth [11][12]. Summary by Sections Investment Recommendations - The report emphasizes the importance of the "1+N" policy framework in enhancing the performance of the capital market and the role of intermediary institutions [9]. - It suggests that investors should continue to monitor the investment value of the sector as the effects of policy implementation become more apparent [10]. Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 2.31% and the ChiNext Index increasing by 4.66% [11]. - The non-bank financial index saw a growth of 3.32%, ranking 18th among 31 primary industry indices [11]. Key Industry Data Tracking 1) Market Performance and Scale: - The report notes a significant increase in trading activity, with the A-share market achieving a turnover of 6 trillion yuan [12]. 2) Credit Business: - As of January 17, the market had 3,213.14 billion shares pledged, accounting for 3.98% of the total share capital, with a margin balance of 1.82 trillion yuan [15]. 3) Fund Issuance: - In December 2024, new fund issuance reached 1,495.14 billion units, with a notable decline in equity fund issuance [15]. 4) Investment Banking: - The report indicates that the equity underwriting scale in December 2024 was 452.36 billion yuan, with IPOs contributing 93.05 billion yuan [15]. 5) Bond Market: - The 10-year government bond yield was reported at 1.66%, reflecting a year-to-date increase of 5.16 basis points [15]. Regulatory Policies and Industry Dynamics - The report discusses the recent regulatory meetings and the emphasis on risk prevention and high-quality development in the capital market [18]. - It highlights the introduction of new regulations governing intermediary service fees, which aim to standardize practices and enhance transparency [19]. Key Announcements from Listed Companies - Major securities firms such as CITIC Securities and招商证券 have released earnings forecasts indicating significant year-on-year growth in net profits for 2024 [20][21].

Group 1: Market Trends - The domestic market indices showed slight fluctuations, with the Shanghai Composite Index closing at 3,244.38, up by 0.08% [4] - The ChiNext Index experienced a notable increase, closing at 2,104.73, up by 1.81% [4] Group 2: New Stock Market Activity - The new stock market activity has increased, with 32 stocks recording positive gains, representing 69.57% of new listings in the past six months [8] - The first-day listing gain for the Sci-Tech Innovation Board's SiKang Technology was 213.81%, with an opening valuation of 58.47 times earnings [8] - The ChiNext Board's HuiTong Technology saw a first-day gain of 366.95%, with an opening valuation of 65.85 times earnings [8] Group 3: Economic Data Insights - The GDP growth for 2024 is projected at 5.0%, with a "U" shaped recovery pattern observed throughout the year [9] - Consumer spending remains a key driver of economic growth, although overall price declines indicate supply-demand imbalances [9] - The fourth quarter saw a slight recovery in the GDP deflator index, but it remains significantly lower than the 2016-2019 average [9] Group 4: AI Chip Industry Developments - The U.S. government has implemented new export controls on advanced AI chips, which may accelerate the domestic AI chip market in China [13][15] - The new regulations create a demand market for domestic AI chips, with leading manufacturers like Huawei and Cambricon expected to benefit [15] - The release of the "Artificial Intelligence Diffusion Framework" is anticipated to enhance the domestic AI chip procurement ratio [15] Group 5: Agriculture Sector Insights - The livestock farming sector is expected to see improved performance in 2024, with a focus on pig farming profitability [16] - Recent data indicates fluctuations in pig prices, with an average price of 22.85 yuan/kg, reflecting a 1.02% increase week-on-week [16] - The overall financial situation in the livestock sector is under pressure, necessitating a recovery cycle to restore balance sheets [16][38] Group 6: Data Annotation Industry Growth - The newly released national policy aims to significantly enhance the data annotation industry, targeting a compound annual growth rate of over 20% by 2027 [20] - The policy emphasizes the need for high-quality data to support the domestic AI industry, addressing the shortage of quality Chinese language data [20] - The fragmented nature of the data annotation market is expected to consolidate, leading to the emergence of industry leaders [20] Group 7: Coal Industry Overview - The metallurgical coal market is stabilizing, with prices supported by improved demand expectations from downstream industries [22][23] - The overall coal market is experiencing weak supply and demand dynamics, with prices expected to remain stable in the near term [25][26] - The coal sector is projected to benefit from macroeconomic policies aimed at stabilizing the economy, with a focus on high-dividend stocks [29]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the computer industry, indicating an expected price increase exceeding the benchmark index by more than 10% [11]. Core Insights - The recent release of the "Artificial Intelligence Diffusion Framework" by the Biden administration introduces new export controls on advanced computing integrated circuits and closed AI models, effective immediately and formally implemented in 120 days [3][5]. - The new regulations categorize countries into three tiers based on their importance and risk level, affecting the export of AI chips and models, which is expected to create a new demand market for domestic AI chips in China [5][6]. - Domestic internet giants are accelerating the construction of AI data centers overseas, but the new regulations will limit their procurement of AI chips, particularly from NVIDIA, thereby boosting the domestic chip manufacturing process [6]. Summary by Sections Industry Performance - The computer industry has shown strong market performance over the past year, with significant developments in AI chip manufacturing and deployment [1]. Regulatory Impact - The new export controls are expected to accelerate the domestic replacement process of AI chips, with leading domestic manufacturers like Huawei, Haiguang Information, and Cambricon Technologies poised to benefit from the increased demand for local alternatives to NVIDIA's products [5][6]. Investment Recommendations - The report recommends investing in leading domestic AI chip manufacturers, particularly Haiguang Information, while also monitoring companies like Cambricon and Jingjia Micro for potential growth opportunities [6].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, while recommending "Hold-A" for Guobao Pet and Zhongchong Shares [8]. Core Insights - The agricultural sector has shown a positive performance with a 3.89% increase in the Agricultural and Forestry sector compared to the 2.14% increase in the CSI 300 index during the week of January 13-19 [2][16]. - The report highlights that the pig farming industry is expected to see improved profitability in 2024 due to a combination of rising pig prices and declining raw material costs, which could exceed market pessimism [4]. - The report suggests that the worst period for Haida Group may have passed, with potential growth from its overseas feed business and current valuation at historical lows [4]. - The cyclical relationship between pig and chicken farming stocks is emphasized, with Shengnong Development positioned at the bottom of both performance and valuation cycles, indicating potential for investment [4]. Summary by Sections Pig Farming - As of January 17, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 15.69, 16.04, and 15.77 yuan/kg respectively, with an average pork price of 22.85 yuan/kg, reflecting a 1.02% increase week-on-week [3][24]. - The self-breeding profit was reported at 157.32 yuan/head, while the profit from purchasing piglets was -43.65 yuan/head [24][28]. Poultry Farming - The weekly price for white feather broilers was 7.34 yuan/kg, down 2.13% from the previous week, while egg prices rose by 4.17% to 10.00 yuan/kg [32][34]. Feed Processing - In November 2024, national feed production decreased by 1.2% month-on-month to 27.1 million tons, with a year-on-year decline of 2.7% [36]. Aquaculture - As of January 17, sea cucumber prices rose by 5.88% to 180.00 yuan/kg, while the price for bass increased by 40.00% to 56.00 yuan/kg [38][40]. Crop and Oilseed Processing - As of January 17, soybean prices were stable at 3962.05 yuan/ton, while corn and wheat prices increased by 1.35% and 0.33% respectively [43][44].