非银行金融 行业周报（20241230-20250105） 领先大市-A(维持) 互换便利扩容，并购重组再加速 2025 年 1 月 7 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 首选股票 评级 相关报告： 【山证非银行金融】互认基金规定修订， 融 券 " T+0 " 交 易 受 限 - 行 业 周 报 （20241216-20241222）： 2024.12.24 【山证非银行金融】中央经济工作会议 首提股市，个人养老金产品扩容-行业周 报（20241209-20241215）： 2024.12.17 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 电话：19141933093 增量资金有望持续入市。前期证监会会同央行开展首批 SFISF 互换便利操作，操作金额 500 亿元，20 家证券公司和基金公司参与 投标，实际投放超过 90%。上周在首批 20 家 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8]. Core Insights - The company is set to acquire a 47% stake in Dongguan Hongais for 70.5 million yuan, which is expected to enhance its position within the Ericsson supply chain [2][3]. - The acquisition is anticipated to optimize the company's customer structure, product layout, and sales network, leveraging Hongais' experience in communication technology and system integration solutions [4]. - The company has shown strong growth in overseas revenue, with a 36.6% increase in 2023, and is expected to benefit from the ongoing global 5G network construction [5]. Financial Projections - The company forecasts a net profit of -0.06 million yuan in 2024, followed by 0.32 million yuan in 2025 and 0.51 million yuan in 2026, reflecting significant growth rates of -109.9%, 630.6%, and 59.5% respectively [8]. - The expected earnings per share (EPS) are projected to be -0.03 yuan in 2024, 0.16 yuan in 2025, and 0.26 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of -577.0, 108.7, and 68.2 [8][10]. - The company's revenue is expected to recover from 304 million yuan in 2024 to 375 million yuan in 2025 and further to 497 million yuan in 2026, indicating a growth trajectory [10][12]. Market Performance - As of January 6, 2025, the company's closing price was 17.86 yuan, with a total market capitalization of 2.349 billion yuan [6]. - The company has a total share capital of 1.93 billion shares, with 1.32 billion shares in circulation [6]. Strategic Developments - The acquisition of Dongguan Hongais is expected to create strategic synergies, allowing the company to enter new markets and enhance its competitive edge in the telecommunications sector [4][5]. - The company has established relationships with major clients such as Nokia and other international firms, which contribute to its long-term revenue stability [5].

动方案出台，凯赛生物强化生物基聚酰 胺布局-新材料周报（241216-1220） 2024.12.25 资料来源：最闻 【山证新材料】广东发布节能降碳行动 方案，礼来减肥药替尔泊肽正式上架销 售 - 新 材 料 周 报 （ 241223-1227 ） 2024.12.31 化学原料行业近一年市场表现 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（241230-250103） 领先大市-B(维持) 国家发改委成立低空经济发展司，泰和新材对位芳纶项目延期 2025 年 1 月 7 日 行业研究/行业周报 摘要 二级市场表现 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 8.36%，跑赢创业板 指 0.41%。近五个交易日，合成生物指数下跌 4.26%，半导体材料下跌 9.64%， 电子化学品下跌 9.80%，可降解塑料下跌 5.23%，工业气体下跌 7.70%，电池化 学品下跌 9.10%。 产业链周度价格跟踪（括号为周环 ...

资料来源：最闻，山西证券研究所 | 首选股票 | | 评级 | | --- | --- | --- | | 300979.SZ | 华利集团 | 买入-A | | 02313.HK | 申洲国际 | 买入-A | | 00551.HK | 裕元集团 | 买入-B | | 002003.SZ | 伟星股份 | 买入-B | | 02020.HK | 安踏体育 | 买入-A | | 01361.HK | 361 度 | 买入-B | | 06181.HK | 老铺黄金 | 增持-A | 【山证纺织服装】耐克公布 FY2025Q2 季度业绩，大中华区降幅有所扩大-【山 证纺服】行业周报 2024.12.23 【山证纺织服装】11 月国内社零同比增 长 3.0%，10 月消费者信心指数止跌回升 - 【 山 证 纺 服 】 11 月 社 零 数 据 点 评 2024.12.17 请务必阅读最后股票评级说明和免责声明 1 纺织服装板块近一年市场表现 行业研究/行业年度策略 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 纺织服装 ...

研究早观点 2025 年 1 月 7 日 星期二 市场走势 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证新股】新股周报（2025.01.06-2025.01.10）-新股市场活跃度下降， 1 月份创业板/主板新股开板估值走势分化 【山证纺服】纺织服饰 2025 年度策略-优选份额提升、拓客户、扩品 类纺织制造商，政策助力服饰需求复苏 资料来源：最闻 国内市场主要指数 【山证纺服】行业周报-浙江自然推出 2024 年限制性股票激励计划（草 案），彰显发展信心 【山证农业】农业行业周报（2024.12.30-2025.01.05）-生猪价格继续维 持在良好的盈利水平 【山证煤炭】行业周报（20241230-20250105）：-煤价获得支撑，板块 红利价值待显 【公司评论】【山证新材料】海利得拟回购 1.5-3 亿，彰显发展信心 研究早观点 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,206.92 | -0.14 | | 深证成指 | | 9,885.65 | -0.12 | | ...

Investment Rating - The textile and apparel industry maintains an investment rating of "A" [1] Core Insights - Zhejiang Natural has launched a draft for a 2024 restricted stock incentive plan, reflecting confidence in its development [1][2] - The company plans to grant 1,284,560 restricted shares at a price of 10.62 CNY per share, which represents approximately 0.907% of the total share capital at the time of the announcement [2][3] - The incentive plan includes performance assessments based on net profit and operating revenue for the years 2025 and 2026, with specific targets set for both years [3][4] Market Performance - The textile and apparel sector outperformed the market, with a decline of 4.09% compared to a 5.17% drop in the Shanghai and Shenzhen 300 index [21] - The sector's performance was better than the light industry manufacturing sector, which fell by 6.46% [21] - The price-to-earnings (PE) ratios for various sub-sectors indicate that textile manufacturing is at 20.72 times, apparel and home textiles at 17.77 times, and accessories at 15.41 times, reflecting their respective positions in the market [29] Industry Dynamics - Li Ning has initiated a strategic collaboration with the Palace Museum to promote Chinese cultural heritage through a special exhibition showcasing a co-branded collection [56][57] - Alibaba has sold its entire stake in Gao Xin Retail for approximately 13.138 billion HKD, indicating a strategic shift back to its core business [63][64] - Barbour reported a revenue decline of 6.2% to 321.9 million GBP, while achieving a 15.8% increase in gross profit, attributed to effective cost-saving measures [66] Company Performance - The top five gainers in the textile and apparel sector this week included Dream Jie's shares, which rose by 32.46%, and Meibang Apparel, which increased by 15.49% [32] - Conversely, the top five decliners included Harsen's shares, which fell by 19.81%, and Wanlima, which dropped by 14.93% [32] Industry Data Tracking - In November 2024, the total retail sales in China reached 4.38 trillion CNY, showing a year-on-year growth of 3.0% [49] - The export value of textiles and clothing from January to November 2024 was 128.837 billion USD and 142.223 billion USD, respectively, with a year-on-year growth of 4.6% and a slight decline of 0.2% [46] - The price index for cotton in China was reported at 14,727 CNY per ton, reflecting a 0.1% increase [36]

农林牧渔 农业行业周报 同步大市-A(维持)) 农林牧渔行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 002567.SZ | 唐人神 | 增持-B | | 001201.SZ | 东瑞股份 | 增持-B | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | | 000876.SZ | 新希望 | 增持-B | 相关报告： 【山证农林牧渔】4 季度生猪养殖板块 有望继续保持良好盈利-【山证农业】农 业行业周报（2024.12.16-2024.12.22） 2024.12.25 【山证农林牧渔】4 季度生猪养殖板块 有望继续保持良好盈利-【山证农业】农 业行业周报（2024.12.09-2024.12.15） 2 ...

市场走势 资料来源：最闻 【今日要点】 研究早观点 2025 年 1 月 6 日 星期一 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,211.43 | -1.57 | | 深证成指 | | 9,897.12 | -1.89 | | 沪深 | 300 | 3,775.16 | -1.18 | | 中小板指 | | 6,075.61 | -1.52 | | 创业板指 | | 2,015.97 | -2.16 | | 科创 | 50 | 941.82 | -1.41 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证煤炭公用】电力月报-11 月用电量增速回落，看好后续需求修复 【固定收益】债市开门红，缘何大涨？ 【今日要点】 【山证煤炭公用】电力月报-11 月用电量增速回落，看好后续需求修复 胡博 hubo1@sxzq.com 【投 ...

研究早观点 2025 年 1 月 3 日 星期五 市场走势 整，降低乙烷等税率 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：AEC 处于短距 AI 应 用"甜蜜期"，国内 AIDC 建设持续加码 【行业评论】基础化工：行业周报（20241223-1229）-化工进口关税调 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,262.56 | -2.66 | | 深证成指 | | 10,088.06 | -3.14 | | 沪深 | 300 | 3,820.40 | -2.91 | | 中小板指 | | 6,169.08 | -3.34 | | 创业板指 | | 2,060.44 | -3.79 | | 科创 | 50 | 955.33 | -3.40 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 资料来源：最闻 研究早观点 ...