汽车 2024 年 12 月 30 日 1、近期行情： 本周申万汽车指数上涨 0.7%、申万一级行业排名 7/31 位。 强于大市（维持评级） | --- | --- | |---------------------------------------------------------|------------------------| | | | | 分析师： 卢宇峰 lyf30531@hfzq.com.cn | (S0210524050001) | | 相关报告 | | | 1 、周观点（ 1216-1220 值关注整车—— 2024.12.22 | ）：弹性关注机器人，价 | | 2 、宁德时代启动巧克力换电生态 Day 2024 —— 2024.12.22 | 蔚来举办 NIO | | 3 、周观点（ 1209-1213 | ）：低空板块技术面调整 | 行业定期报告 | 汽车 4、投资策略： 优选整车龙头和布局机器人的汽零标的。 1、近期行情： 1）12 月 23 日，宇树发布 B2-W 机器狗最新视频，已经能够在野外山坡、 森林、水里面行走、弹跳自如，且能承载成年男子体重，引起国内外广泛 关注。 ...

投资要点： 3、中国加速全球化或推动人民币长期进入升值趋势，中期关注美 国逆全球化政策兑现和美股风险释放加速人民币升值的时间窗口。 证 券 研 究 报 告 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 请务必阅读报告末页的声明 图表 1:11月工业企业利润增速延续修复 分产业链来看,下游消费利润改善较为明显。继中游利润改善后，11月下游利 润改善明显。工业企业利润增速改善较为明显的行业集中在下游消费，农副产品、 食品制造、纺织量增价稳;上游原材料加工多数行业价格增速改善;中游制造业多 数行业价稳量增。 工业增加值(吉月网比,8) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|---------------------------------|---------|---------|--------|-------|--------------------------------------------------------------- ...

11月,我国进口锑矿 5,723吨,环比+3,108吨/+118.8%,同比+4,500吨/+368%。 1-11月，我国累计进口锑矿 49,117吨，同比+16,455吨/+50.4%。 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|--------------------------|-------| | 图表 1: 鲜矿进口情况 | | | | | | 图表 2: 鲜矿进口价格情况 | | | 60,000 | | 200% | | 8,000 | | | 200% | | 50,000 | | | | 7,000 | | | 150% | | | | 150% | | 6,000 | | | | | 40,000 | | 100% | | 5,000 | | | 100% | | 30,000 | | | | 4,000 | | | 50% | | 20,000 | | 50% | | 3,000 | | | 0% | | ...

汽车 车企纷纷入局具身智能 强于大市（维持评级） 行业定期报告 | 汽车 | --- | --- | |----------|--------------------------------------------------------------------------------------------------------------------------------------------| | | | | 图表 1: | 各板块周涨跌幅对比. | | 图表 2: | 各板块年涨跌幅对比. | | 图表 3: | 子板块周涨跌幅对比… | | 图表 4: | 子板块年涨跌幅对比… | | 图表 5: | 汽车行业 PE-TTM | | 图表 6: | 汽车行业 PB | | 图表 7: | PE-TTM、PB 当周估值及十年历史分位 | | 图表 8: | 行业涨跌幅前十名个股 | | 图表 9: | 行业涨跌幅后十名个股 | | | | | 图表 10: | 乘用车主要厂商 12 月周度日均零售数（单位： 辆）和增速 ...................... 6 | | 图表 11: | ...

华福证券 电子 2024 年 12 月 30 日 CES 2025 启幕在即，AI 浪潮涌动 一年内行业相对大盘走势 投资要点： AI 终端落地将成为核心主题，创新产品将密集推出。人工智能在 CES 2025 展会中将继续扮演着至关重要的角色，今年将围绕 AI 底层技术革新 的加速及 AI 应用落地场景深度探讨。本次大会众多科技硬件、智能出行等 品牌将带来 AI 加持下的创新产品，AI 手机、AIAR、AI 眼镜、AIAIoT 等 AI+产品的亮相将掀起创新浪潮，三星、LG 等品牌都已为本次展会制定了 以 AI 为中心的议程。 PC：联想将发布搭载 14 英寸"卷轴屏"的 ThinkBook Plus Gen 6 Rollable 等多款新品，华硕、ROG 等 PC 品牌也将推出新品。 汽车：围绕智能化与电动化的智能产品和全新操作系统将密集亮 相。宝马、本田、铃木汽车等公司将在现场发布智能座舱、自动驾 驶等技术和产品。其中，宝马将首发新世代超感智能座舱，涵盖了 视平线全景显示、3D 抬头显示、超感智控方向盘和向心中控四项 新技术；大陆集团将展示一款具有生物识别交互功能的智能产品。 证 券 研 究 报 告 面板 ...

Investment Rating - The industry rating is "Outperform the Market" [27] Core Viewpoints - The titanium dioxide (TiO2) price has stabilized after a decline, but the industry remains in a low cycle [26] - Demand from developing countries is expected to continue driving exports, with November exports increasing by 19.5% year-on-year [26][70] - The real estate market is anticipated to stabilize, which will boost demand for coatings, while other downstream sectors like plastics, paper, and automotive are showing steady growth [3] Summary by Sections 1. Titanium Dioxide and Raw Material Price Review - As of December 27, the average price of titanium dioxide in December was 14,250 CNY/ton, a decrease of 198 CNY/ton from November [26] - The average price of titanium ore decreased by 4.7% to 1,960 CNY/ton in December [38] 2. Titanium Dioxide Production Situation - November production of titanium dioxide was 275,000 tons, down 8.8% year-on-year and 5.2% month-on-month [19] - The operating rate as of December 26 was 65.45%, an increase of 1.87 percentage points from the end of November [19] 3. Import and Export Situation - November exports of titanium dioxide reached 149,000 tons, a year-on-year increase of 19.5%, with cumulative exports from January to November at 1.743 million tons, up 16.3% year-on-year [70] - Major export markets in November included India (20%), Vietnam (5%), Turkey (5%), UAE (5%), and South Korea (5%) [2][75] 4. Downstream Demand Tracking - The downstream demand for titanium dioxide is primarily from coatings (58%), plastics (22%), paper (7%), and inks (4%) [3] - The real estate sector's recovery is expected to enhance demand for coatings, while other sectors like plastics and automotive are also showing stable growth [3] 5. Titanium Dioxide Sector and Key Company Trends - The report suggests focusing on leading companies with titanium ore advantages, particularly Longbai Group, which has a total titanium dioxide production capacity of 850,000 tons/year using the sulfate process and 660,000 tons/year using the chloride process [26][59] - Longbai Group is expanding its upstream resources and aims to achieve an annual titanium ore production capacity of 2.48 million tons by the end of 2025 [59]

Investment Rating - The industry rating is "Outperform the Market" [58] Core Viewpoints - The report highlights that major manufacturers of Vitamin E have announced maintenance plans, which are expected to keep prices stable at high levels [58] - The report suggests focusing on companies that will benefit from the price increases of Vitamin A and E, specifically Zhejiang Medicine and Xinhecheng, as well as Garden Bio benefiting from the price increase of Vitamin D3, and Shengda Bio and Tianxin Pharmaceutical benefiting from the price increase of folic acid [58] Summary by Sections 1. Vitamin and Raw Material Price Overview - Vitamin A price as of December 27 is 137.5 CNY/kg, down 14.6% from 161 CNY/kg at the end of last month [3][58] - Vitamin E price as of December 27 is 142.5 CNY/kg, down 3.4% from 147.5 CNY/kg at the end of last month [58] - Vitamin D3 price as of December 27 is 265 CNY/kg, up 1.9% from 260 CNY/kg at the end of last month [13][58] - Folic acid price as of December 27 is 352.5 CNY/kg, up 2.2% from 345 CNY/kg at the end of last month [95] 2. Export Situation of Various Vitamins - Vitamin A export volume in November was 531.06 tons, a year-on-year increase of 13.8%, with a cumulative year-on-year increase of 29.3% from January to November [24] - Vitamin B3 or B5 export volume in November was 2,308.34 tons, a year-on-year increase of 33.0%, with a cumulative year-on-year increase of 21.5% from January to October [25] - Vitamin C export volume in November was 19,516.64 tons, a year-on-year increase of 23.4%, with a cumulative year-on-year increase of 3.1% from January to November [26] 3. Production Facility Status - Xinhecheng's Vitamin A production is operating normally with no maintenance plans [11] - Zhejiang Medicine's Changhai Biological subsidiary plans to conduct maintenance from mid-January 2025 for 4-5 weeks [45][90] - DSM-Firmenich announced that its joint venture with China Energy will undergo temporary maintenance from January to February 2025, with another closure planned for June 2025, each lasting about 2 weeks [2][90] 4. Downstream Demand Tracking - As of December 27, the average price of white feather broilers in major production areas is 7.61 CNY/kg, down 0.09 CNY/kg from the end of last month, with breeding profits at -1.22 CNY per bird, an increase of 0.36 CNY per bird from the end of last month [68]

日 强于大市(维持评级) 3,000 5,000 7,000 9,000 2022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-12 有色金属（申万) 沪深300 【华福有色】20241222 周报：美 12 月点阵图中值 显示降息或放缓，多家矿企确定 2025 年铜精矿长 单 TC 【华福有色】20241215 周报：美 11 月通胀符合预 期增加降息概率，欧洲央行降息 25 个基点 【华福有色】20241201 周报：宏观扰动加剧波 动，供需紧缺支撑氧化铝价格 【华福有色】20241124 周报：地缘局势再度紧 张，周内金价明显走强 【华福有色】20241111 周报：美通胀符合市场预 期，降息交易提振价格走强 【华福有色】20241104 周报：美大选前市场预期 摇摆，货币宽松下长期向上趋势不改 行业定期研究|有色金属 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 24: 金属&材料价格跟踪（截至周五中午 12点） . 行业定期研究|有色金属 行业：美国十年 TIPS 国债+2.2 ...

华福证券 投资要点： 截至 12 月 27 日，京唐港主焦煤库提价 1520 元/吨，环比-90 元/ 吨（-5.6%），产地价格相对平稳。当前处开工淡季，铁水产量环比微 跌，样本钢厂煤焦库存小涨，随着一揽子政策陆续落地，焦煤价格无 需悲观。本周焦炭价格小跌、螺纹钢价格持平，截至 12 月 27 日，山 西临汾一级冶金焦出厂价 1650 元/吨，环比-50 元/吨（-2.9%），螺纹 钢现货价格 3350 元，环比持平，焦炭第五轮提降落地，大型焦化开工 率微涨，截至 12 月 27 日，焦化厂产能（＞200 万吨）开工率 78.1%， 周环比+0.4pct。 核心观点 风险提示 一年内行业相对大盘走势 正文目录 煤炭 煤价阶段性企稳，关注高股息标的提估值机会 截至 2024 年 12 月 27 日，秦港 5500K 动力末煤平仓价 758 元/吨， 周环比-9 元/吨（-1.2%），连续三天报价持平，已现企稳迹象。产地价 格小跌，晋陕蒙三省煤矿开工率为 83.3%，周环比-0.4pct。本周电厂日 耗微跌，电厂库存微涨、港口库存小跌、煤企库存小涨；非电方面， 甲醇、尿素开工率小跌，仍处于历史同期偏高水平，截至 ...

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 ...