Investment Rating - The report maintains a "Strong Buy" rating for the coal industry [6] Core Views - The coal price is showing signs of stabilization, with a focus on high dividend stocks for valuation opportunities [5][30] - The coal supply is tightening due to strict capacity control and increasing mining difficulties, leading to a potential new normal of underproduction [30] - The demand for coal remains resilient, supported by continuous growth in electricity generation [30] Summary by Sections Coal Market Overview - As of December 27, 2024, the Qinhuangdao 5500K thermal coal price is 758 CNY/ton, down 9 CNY/ton (1.2%) week-on-week [5][72] - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 83.3%, down 0.4 percentage points week-on-week [58] Coking Coal - The price of Shanxi first-grade metallurgical coke is 1650 CNY/ton, down 50 CNY/ton (2.9%) week-on-week [104] - The report suggests focusing on companies with excellent resource endowments and stable operating performance, such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [5] Supply and Demand - The daily coal consumption of six major power plants is 86.2 million tons, down 0.1 million tons week-on-week [82] - The inventory of six major power plants is 1403.1 million tons, up 4.8 million tons week-on-week [60] Price Trends - The price of coking coal at the Jing Tang Port is 1520 CNY/ton, down 90 CNY/ton (5.6%) week-on-week [97] - The price of Inner Mongolia's 5500K coal is 581 CNY/ton, down 17 CNY/ton (2.8%) week-on-week [48] Key Companies - The top five companies with the highest weekly gains include Anyuan Coal Industry (+27.4%), Yunmei Energy (+7.4%), and Zhengzhou Coal Electricity (+3.29%) [18] - The report highlights companies with potential for increased production and benefiting from coal price elasticity, such as Shanxi Coal International and Yanzhou Coal Mining [5]

华福证券 北 公用事业 2024 年 12 月 29 日 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 严家源(S0210524050013) yjy30561@hfzq.com.cn 分析师： 尚硕(S0210524050023) ss30574@hfzq.com.cn 联系人： 闫燕燕(S0210123070115) yyy30238@hfzq.com.cn 相关报告 1、周报（12.16-12.20）：长协交易、海风竞配， 江苏好戏连台——2024.12.22 2、周报（12.9-12.13）：二批次农村能源革命试 点公布，分布式光伏开发有望提速，节水减排促 进降碳——2024.12.14 3、周报（12.02-06）：新型经营主体助力构建新 型 电力系统，世界在役最大火电厂致力于打造能源 超市——2024.12.08 投资要点： 行情回顾：12 月 23 日-12 月 27 日，电力板块上涨 0.38%，燃气板块上涨 1.77%，水务板块上涨 0.52%，环保板块下跌 1.58%，同期沪深 300 指数上涨 0.90%。 东南电厂电价降幅较多，北方电厂电价较为坚挺：在 24、25 ...

Industry Investment Rating - The industry is rated as "Outperform" (Stronger than the market) for the next 6-12 months, indicating that the industry's overall return is expected to be higher than the market benchmark by more than 5% [31] Core Views - Long-term optimism for tin prices due to weak supply growth and strong demand from emerging sectors such as photovoltaics, new energy vehicles, and AI [7] - Short-term support for tin prices from inventory declines and pre-holiday restocking demand [29] - Key companies to watch: Yunnan Tin, Huaxi Nonferrous Metals, and Xingye Silver-Tin [7][29] Supply and Demand Analysis Supply - Tin concentrate imports in November were 12,136 tons, down 19.2% month-on-month and 56.5% year-on-year [39] - Cumulative tin concentrate imports from January to November were 150,840 tons, down 35.1% year-on-year [39] - Refined tin production in November was 16,990 tons, up 9.2% year-on-year and 1.1% month-on-month [52] - Cumulative refined tin production from January to November was 167,644 tons, up 9.4% year-on-year [52] Demand - Apparent tin consumption in November was 19,100 tons, up 4.1% month-on-month but down 4.2% year-on-year [20] - Cumulative apparent tin consumption from January to November was 152,100 tons, down 10.8% year-on-year [20] - Strong demand from downstream sectors: - Integrated circuit production in November was 3.76 billion units, up 4.86% month-on-month and 12.37% year-on-year [27] - New energy vehicle production in November was 1.574 million units, up 10.2% month-on-month and 51.1% year-on-year [27] - Solar cell production in November was 68.14 GW, up 2.5% month-on-month and 10.9% year-on-year [27] Inventory and Price Trends - Domestic tin ingot social inventory as of December 20 was 7,805 tons, with global visible tin inventory at 12,565 tons [28] - Domestic social inventory has decreased by 54.9% since June [28] - Tin prices are supported by inventory declines and improving supply-demand dynamics [28] Key Companies and Investment Recommendations - Recommended companies: Yunnan Tin, Huaxi Nonferrous Metals, and Xingye Silver-Tin [7][29] - These companies are expected to benefit from the favorable supply-demand dynamics and rising tin prices [7][29]

epyTtropeR_elbaT|tsriF_elbaT 电力设备及新能源行业周报 ➢ 锂电板块核心观点：海外国内竞速固态电池开发，锂电1月淡季不淡 维持高景气。1）海外国内固态电池量产竞速；2）宁德时代发布磐石底 盘，安全性能大幅提升；3）锂电排产淡季不淡，行业景气度维持高水 平。 Tabl e_First|Tabl e_R eportD ate 电力设备及新能源 2024 年 12 月 29 日 风电实施"单 30 " ➢ 光伏板块核心观点：硅料龙头齐发减产公告，硅料/硅片/电池片周价 格小幅上涨。12月24日，硅料两大龙头通威股份/大全能源均公告对高纯 多晶硅产线进行阶段性有序减产控产，表明执行行业自律的决心。我们认 ➢ 风电板块核心观点：海风"单30"政策正式落地，建议重视当下的布 Tabl e_First|Tabl e_C hart 一年内行业相对大盘走势 执业证书编号：S0210522050005 邮箱： dw3787@hfzq.com.cn ➢ 储能板块核心观点：国内11月储能装机同环比高增，11月美国大储新 增装机1.61GWh。1）国内储能装机：国内11月新增新型储能项目规模 8.82GWh ...

华福证券 投资要点： 强于大市（维持评级） 华福证券 行业定期报告 | 基础化工 风险提示 正文目录 试信专业 发现价值 整体市场行情回顾 नी 国家发改委，成立低空经济发展司。12 月 27 日，记者从国家发展改革 委官网获悉，机关司局栏目设立了低空司，全称为低空经济发展司。国家 发展改革委官网显示，低空经济发展司是负责拟订并组织实施低空经济发 展战略、中长期发展规划，提出有关政策建议，协调有关重大问题等的职 能司局。12 月 27 日，国家发展改革委官网发布了两个消息，分别是低空 经济发展司在近日开展的两项重要工作。一是低空经济发展司负责同志与 通信、导航方面有关专家进行座谈，就低空智能网联系统建设进行交流。 二是低空经济发展司负责同志与自然资源部、生态环境部等部委和有关中 央企业进行座谈，了解相关领域低空经济典型场景应用和相关基础设施建 设发展情况，并就推动低空基础设施有序规划建设进行交流。（资料来源： DT 新材料） 团队成员 分析师： 孙范彦卿(S0210524050021) sfyq30569@hfzq.com.cn 相关报告 诚信专业 发现价值 2 请务必阅读报告末页的重要声明 图表目录 3 图 ...

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电子 2024 年 12 月 29 日 投资要点： 周一美股三大指数盘初齐跌，随后由于科技股、芯片股持续走强， 力撑美股转涨并收于日高附近，纳指涨近 1%，芯片指数收涨 3.1%。 周五 10 年期美债收益率涨超 4 个基点压低股市，科技股、芯片股、 AI 概念股集体走低，拖累美股三大指数盘中齐跌超 1%，纳指跌幅最 深超 2.3%。具体来看，半导体板块中，博通周涨幅 9.49%，超微半导 体周涨幅 5.02%，英特尔周涨幅 4.00%；互联网板块中，Meta 周涨幅 2.49%，阿里巴巴周涨幅 3.38%，Carvana 周跌幅 4.17%；软件板块中， Snowflake 周跌幅 4.59%，CrowdStrike 周跌幅 2.01%，Datadog 周跌幅 2.32%。 近日光通信市场研究机构 LightCounting 对 2029 年之前的高速线 缆、CPO 市场进行了展望。高速线缆方面，预计未来 5 年销售额将增 长两倍多，到 2029 年达到 67 亿美元。并且在人工智能集群需求的推 动下，有源电缆（AEC）和有源铜缆（ACC）的市场份额将逐渐超过 无源直连铜缆（DAC）。与 DAC 相比，AE ...

Investment Rating - The report maintains a "Strong Buy" rating for the defense and military industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The defense and military sector is expected to benefit from the demand transmission, with the industry fundamentals nearing a turning point. The report suggests that the next phase of investment logic will return to fundamental drivers, supported by new orders and equipment unveilings [3][4]. - The military index has shown a relative underperformance compared to the broader market, but recent events such as the unveiling of new equipment and the establishment of a low-altitude economic development department have catalyzed interest in the sector [3][9]. - The report highlights a significant contract signed by a subsidiary of Guangwei Composite, worth 3.664 billion yuan, which is expected to drive growth in the aviation and engine equipment supply chain [1][3]. Summary by Sections Market Review - The military index increased by 0.33% during the week of December 23-27, while the CSI 300 index rose by 1.36%, resulting in a relative underperformance of -1.03 percentage points. However, the military index has outperformed the broader market since May 2024, with a gain of 20.03% compared to 10.45% for the CSI 300 [9][20]. - The report notes a divergence in performance among sub-sectors, with the aviation and engine segments outperforming due to the unveiling of new equipment like the "Sichuan Ship" [9][26]. Investment Highlights - The report emphasizes the importance of traditional main battle equipment and engine sectors, as well as high-elasticity directions that can transcend the "14th Five-Year Plan" cycle. Specific companies to watch include AVIC Shenyang Aircraft, Aero Engine Corporation of China, and others [3][8]. - The report indicates that passive funds have shown consistent net inflows into military ETFs, reflecting strong confidence in the sector. The total net inflow for military ETFs reached 154 million yuan, marking a significant increase [32][36]. Valuation Insights - As of December 27, the military sector's price-to-earnings ratio (TTM) stands at 61.27, placing it in the 79.92 percentile historically. This valuation is slightly lower than the previous week, indicating a potential buying opportunity as the sector approaches a recovery phase [2][38]. - The report suggests that most companies within the military sector are expected to have valuations below 30 times earnings by 2025, supporting the view that the sector remains attractive for long-term investment [39][41].

华福证券 分析师声明 华福证券有限责任公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。本报告仅供本公司的客户使用。本 公司不会因接收人收到本报告而视其为客户。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任 何责任。 本报告的信息均来源于本公司认为可信的公开资料，该等公开资料的准确性及完整性由其发布者负责，本公司及其研究人员对该等 信息不作任何保证。本报告中的资料、意见及预测仅反映本公司于发布本报告当日的判断，之后可能会随情况的变化而调整。在不 同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，对本 报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。 在任何情况下，本报告所载的信息或所做出的任何建议、意见及推测并不构成所述证券买卖的出价或询价，也不构成对所述金融产 品、产品发行或管理人作出任何形式的保证。在任何情况下，本公司仅承诺以勤勉的职业态度，独立、客观地出具本报告以供投资 者参考，但不就本报告中的任何内容对任何投资做出任何形式的承诺或担保。投资者应自行决策，自担投资风险 ...

上 【周研究】本周发布报告《慕思股份（001323.SZ）：赛道优品牌好，改 革效能释放正当时》，目前公司股价对应 24 年、25 年 PE 为 18X、17X， 高于可比公司平均值，考虑到公司作为国内中高端床垫龙头品牌优、渠道 强，且具备品类连带、客群拓宽的良好基础，行业下行时期仍保持较强的 盈利能力稳定性，享有一定品牌溢价。若 Q4 及后续地产进一步企稳、家 居国补政策延续，或带动估值及业绩上修，首次覆盖给予"买入"评级。 团队成员 分析师： 李宏鹏(S0210524050017) lhp30568@hfzq.com.cn 分析师： 汪浚哲(S0210524050024) wjz30579@hfzq.com.cn 分析师： 李含稚(S0210524060005) lhz30597@hfzq.com.cn 相关报告 1、轻工纺服行业周报：11 月家具社零亮眼，文化 纸迎 25 年涨价函——2024.12.22 2、轻工纺服行业周报：政策强调促消费，看好内 需子板块复苏——2024.12.15 3、轻工纺服行业周报：纸价略涨盈利将迎修复， 关注性价比跨境电商——2024.12.08 3）必选：随着国内消费环境 ...