Investment Rating - The report maintains a rating of "Follow the Market" for the steel industry [40]. Core Insights - In November, domestic iron ore production decreased by 6.1% month-on-month and 9.3% year-on-year, while cumulative production from January to November increased by 1.9% year-on-year [39]. - Iron ore imports in November were 10.186 million tons, down 1.9% month-on-month and 0.9% year-on-year, with cumulative imports from January to November rising by 4.3% year-on-year [39]. - The report indicates a contraction in iron ore supply, with both domestic production and imports declining, while coal production has increased, maintaining a loose supply of coking coal [51]. - Steel production has slowed, with crude steel output decreasing by 4.3% month-on-month but increasing by 2.5% year-on-year [56]. - The report anticipates that while short-term demand may weaken entering the off-season, inventory levels remain reasonable, providing support for steel prices [51]. Summary by Sections 1. Investment Recommendations - The steel sector shows potential for upward rebound due to non-existent supply-demand conflicts and supportive incremental policies [52]. - Five main investment lines are suggested, focusing on companies with strong dividend yields, technical barriers, and those positioned for recovery [52]. 2. Raw Materials 2.1 Iron Ore - November iron ore production was 8.115 million tons, with a cumulative total of 95.226 million tons from January to November [39]. - Port inventories of iron ore stood at 14.974 million tons as of December 20, with a daily discharge rate of 3.24 million tons [39]. 2.2 Coking Coal - November coking coal imports reached 1.2295 million tons, a year-on-year increase of 24.02%, with cumulative imports from January to November rising by 23.32% [39]. 3. Steel 3.1 Crude Steel - Crude steel production in November was 7.84 million tons, with a cumulative total of 92.919 million tons from January to November, reflecting a year-on-year decrease of 2.7% [56]. 3.2 Steel Products - Steel production in November was 11.881 million tons, with a cumulative total of 128.304 million tons from January to November, showing a year-on-year increase of 0.9% [69]. - Steel exports in November were 928 thousand tons, down 17.0% month-on-month but up 15.9% year-on-year, with cumulative exports from January to November increasing by 22.6% [80]. 4. Demand 4.1 Construction Industry - As of the end of November, cumulative funds for real estate development were 9.66 trillion yuan, down 18.0% year-on-year [88]. 4.2 Manufacturing Industry - The report highlights the manufacturing sector's performance, including automotive and machinery production, indicating a mixed outlook [112]. 4.3 Indirect Exports - The report discusses the impact of trade dynamics on steel exports, emphasizing the need to monitor potential trade friction [51].

司 研 华福证券 普洛药业（000739.SZ） 原料药-CDMO-制剂三维共振，业绩有望提速 投资要点： 原料药行业周期底部向上，多重催化下长期成长空间有望开启 2023 年国内原料药产业受 22 年疫情相关订单导致的高基数以及 下游制剂厂商消化疫情期间的库存影响，包括公司在内的多家原料药 企业业绩出现短期波动。当前原料药产量单月同比增长明显，24H1 国 内原料药产量同比回正，出口量持续增长，或意味着原料药去库存已 接近尾声，需求端有望提振。同时考虑到海外专利悬崖下仿制药原料 药及制剂出海空间巨大，原料药-制剂一体化企业有望充分受益。 原料药业务为基石，人用及兽用药双轮驱动 公司深耕原料药领域 30 余载，原料药、中间体业务近年来产销率 水平高，表现出良好的经营韧性。2024H1 公司该业务营收入达 47.0 亿元，同比增长 11.9%。公司产品品类丰富，领域涵盖人用、兽用药 物原料药和中间体，并陆续推出原料药新品种，2024H1 有 2 个 API 品种注册获批，20 个原料药品种新递交国内外 DMF。公司原料药产 品目前获美国DMF认证的原料药25个品种，目前处于有效期内的 CEP 证书 10 个，有 ...

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Investment Rating - The report assigns a "Hold" rating for the company, indicating a neutral outlook for the stock over the next 6 to 12 months [3][106]. Core Insights - The company has established itself as a leader in the smart display industry over nearly 30 years, with a focus on smart TVs and interactive display products [14][42]. - The report highlights the potential for growth in the overseas education interactive flat panel market, which remains significantly underpenetrated compared to domestic markets [65][71]. - The company is expected to achieve net profits of 860 million, 1.125 billion, and 1.351 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting a projected growth trajectory despite a decline in 2024 [103][106]. Summary by Sections Company Overview - The company has evolved from producing CRT displays to becoming a prominent player in smart TVs and interactive displays, with a commitment to innovation in AR, VR, and AI technologies [14][35]. - The main business segments include smart interactive display products, innovative display products, and smart TVs, with a focus on customized solutions for international brands [15][44]. Financial Performance - The company's revenue has shown a consistent upward trend, growing from 6.85 billion yuan in 2018 to 13.45 billion yuan in 2023, with a notable increase of 33% year-on-year in the first three quarters of 2024 [46][103]. - The net profit has experienced fluctuations, with a decline expected in 2024, followed by recovery in subsequent years [46][103]. Business Segments - Smart TVs remain the largest revenue contributor, accounting for 58% of total revenue, followed by smart interactive display products at 28% and innovative display products at 10% [23][46]. - The company has developed a strong manufacturing capability, enabling it to serve small-batch, multi-model orders effectively, particularly in emerging markets [7][60]. Market Outlook - The report anticipates that the smart TV market in emerging regions will continue to grow, driven by increasing penetration rates and consumer demand for larger screens [54][56]. - The education interactive flat panel market is viewed as a long-term growth opportunity, with significant potential for expansion in overseas markets [65][71]. Profitability and Valuation - The company is projected to maintain a gross margin of 14.3% in 2024, with expectations for gradual improvement in subsequent years as cost pressures ease [103][106]. - The report utilizes a comparable company valuation method, indicating a potential valuation premium for the company due to its growth prospects in smart TVs and interactive displays [106].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [48][58]. Core Viewpoints - The company is positioned as a leading brand in the mid-to-high-end mattress market, with a strong brand presence and a comprehensive sales network [42][45]. - The mattress industry in China has significant room for growth in penetration rates, replacement frequency, and market concentration, which are expected to drive demand [27][36]. - The company has implemented operational reforms that have begun to show results, leading to stable profitability despite challenges in the market [49][47]. Financial Performance Summary - From 2018 to 2023, the company's revenue and net profit grew at compound annual growth rates of 11.8% and 30%, respectively. In 2023, the company achieved revenue of 5.58 billion yuan, a 4% decline year-on-year, while net profit reached 800 million yuan, a 13.2% increase [4]. - For 2024-2026, the company is projected to generate revenues of 5.74 billion yuan, 6.24 billion yuan, and 6.79 billion yuan, with growth rates of 2.9%, 8.7%, and 8.9%, respectively. Net profits are expected to be 800 million yuan, 880 million yuan, and 960 million yuan, with growth rates of 0.2%, 9.6%, and 9.3% [11][58]. Market Dynamics - The mattress replacement cycle in China is longer than in developed countries, with about 50% of respondents using mattresses for over five years, compared to 70% in the U.S. This indicates potential for increased replacement demand as consumer awareness of health and sleep quality rises [27][45]. - The market concentration in China's mattress retail sector is low, with CR2 and CR5 at 12% and 18%, respectively, compared to 43% and 60% in the U.S. This suggests opportunities for leading brands to capture more market share [29][45]. Business Strategy - The company has diversified its product offerings and strengthened its e-commerce presence, with online sales accounting for 18.5% of revenue in 2023, up 4.8 percentage points year-on-year [49][58]. - The company is focusing on enhancing customer reach through package sales and increasing the rate of product bundling, which is expected to broaden its customer base [46][49].

华福证券 投资要点： 英特尔新款游戏显卡卖爆，未来 24G 大显存版瞄准"生产力市场"。 近日，英特尔 Arc B580 显卡因其性价比够高而广受好评，供不应求。2025 年，英特尔准备推出更大显存版本显卡来应对 AI 推理市场需求的不断扩 张。 团队成员 分析师： 陈海进(S0210524060003) chj30590@hfzq.com.cn 分析师： 徐巡(S0210524060004) xx30511@hfzq.com.cn 联系人： 李雅文(S0210124040076) lyw30508@hfzq.com.cn 相关报告 1、20241222 周报：苹果生态与国产大模型合作 进展加速，助力 AI 手机落地——2024.12.23 2、豆包家族更新升级，半导体产业链持续受益- 半导体周跟踪——2024.12.22 3、美光乐观展望远期 HBM 市场；重视字节算力 硬 件产 业链 投 资机 遇-海 外科 技周 跟 踪— — 2024.12.22 GPT-5 年内不会发布，但已进行大规模训练。GPT-5 被认为能够解锁 新的科学发现，同时能完成诸如门诊预约、订机票等日常任务，将比当前 模型更加智能。12 ...

3.2 国家医保局要求排查虚开发票"一药双价"等问题 函件要求，案件查处地医保局代表有关药品挂网省份，及时与相关部门沟通，详 细了解具体案情，掌握"一药双价"问题线索，尽快依规约谈督促涉事医药企业规范 价格行为。对既不反映医药生产企业实际收入，又额外增加患者费用负担的代理商加 价部分，要坚决挤出药品虚高价格水分。根据案件查实的虚开发票、行贿等违法行为， 严格执行医药价格和招采信用评价制度，给予相关企业失信评级和相"处置措施。 4 风险提示 诚信专业 发现价值 6 请务必阅读报告末页的声明 分析师声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|----------------------------|-------------------------------------------------------|----------------------------------|-------------------------------- ...

Group 1 - The core viewpoint of the report indicates that the stock-bond yield spread has risen to 1.5%, positioned between +1 and +2 standard deviations, with a decrease in the valuation differentiation coefficient [1][58]. - Market sentiment is converging, with a decline in industry rotation intensity, and the market is currently favoring large-cap stocks over micro-cap stocks [1][59]. - The market structure shows a decrease in trading volume, with leading sectors being communication, electronics, and banking, while potential alpha opportunities exist within beauty care, social services, and retail [1][61]. Group 2 - The report highlights that the average daily trading amount of the Stock Connect has decreased by 50.6 billion yuan compared to the previous week, with a drop of 2.02 million in the average daily trading volume [1][96]. - The top three stocks in terms of Stock Connect trading volume are Ningde Times, North Huachuang, and Kweichow Moutai, with recent five-day price changes of -1.6%, 7.2%, and 1.8% respectively [1][96]. - Net inflow of leveraged funds is 0.1 billion yuan, primarily flowing into the electronics, communication, and pharmaceutical sectors [1][96]. Group 3 - Industry hotspots include the launch of the "Gift" feature in WeChat Mini Stores, which is expected to enhance user engagement and drive e-commerce growth [1][70]. - Jiangsu Province has initiated competitive allocation for offshore wind power projects for 2024, indicating ongoing progress in the offshore wind sector [1][71]. - The report notes the official release of the Doubao visual understanding model, which accelerates the commercialization of large models and opens up investment opportunities in AI applications [1][72]. Group 4 - The report suggests focusing on the cross-year market direction, with expectations for a continuation of the technology sector's performance, particularly in Doubao and WeChat's "Gift" feature [1][74]. - It emphasizes the importance of mergers and acquisitions, debt reduction, sustained demand growth, and certainty in growth as key investment directions for the medium to long term [1][80].

Investment Rating - The report maintains a "Strongly Outperform" rating for the industry, indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next six months [41]. Core Insights - The report highlights the acceleration of domestic semiconductor material localization, with rapid expansion in downstream wafer factories, suggesting that leading companies will maximize their industry dividend advantages [19]. - The Ministry of Industry and Information Technology has set a target to establish over 100 new material standards by 2027, aiming for a more optimized standard system and significantly enhanced standard supply capabilities [60][81]. - The report notes that the price of gallium surged by 17% within a week following China's strengthened export controls, reaching $595 per kilogram, the highest price since 2011 [83]. Summary by Sections Overall Market Review - The Wind New Materials Index closed at 3614.66 points, down 1.71% week-on-week. Among six sub-industries, the semiconductor materials index fell to 6458.15 points, down 0.94% [18][26]. Key Company Weekly Performance - The top five gainers this week included Lianrui New Materials (20.36%), Huitian New Materials (11.06%), and Puyang Huicheng (9.4%) [57][36]. - The top five decliners were Changyang Technology (-12.54%), Jinbo Shares (-9.01%), and Aoke Shares (-8.34%) [58][80]. Recent Industry Hotspots - The report discusses the investment of approximately 1 billion yuan by Shanghai Jinhua Adhesive New Materials Co., Ltd. to expand its production capacity for new adhesive materials, including electronic and automotive adhesives [41][83]. - The report emphasizes the importance of the electronic glue sector, which is expected to see significant growth due to increased production capacity [41]. Related Data Tracking - In November, China's integrated circuit export value reached $13.755 billion, a year-on-year increase of 11%, while imports amounted to $33.864 billion, a year-on-year increase of 3.68% [86].