Overall Situation - The total issuance scale of funds in December 2024 increased, with 1,495 billion units issued, a rise of 21 billion units month-on-month. However, compared to December 2023, the issuance scale decreased by 437 billion units [2][14]. - The number of new fund products reached 111 in December 2024, an increase of 13 products month-on-month but a decrease of 41 products year-on-year [14]. Active Equity Funds - The issuance scale of active equity funds continued to improve, with 87 billion units issued in December 2024, an increase of 46 billion units month-on-month. The issuance trend has been recovering since September 2023 [25][28]. - Among the 20 new active equity funds issued in December, 16 were mixed equity funds, totaling 80 billion units, accounting for 91.7% of the issuance [28][31]. Passive Equity Funds - The issuance scale of passive equity funds decreased significantly, with 275 billion units issued in December 2024, a drop of 762 billion units month-on-month. Despite this decline, the issuance remains above the average level of the past two years [33][36]. - In December, 57 new passive equity funds were issued, with 47 being passive index funds, indicating a preference for tracking indices rather than active management [36][37]. Bond Funds - The issuance scale of bond funds saw a significant rebound, with 1,095 billion units issued in December 2024, an increase of 711 billion units month-on-month. This level is above the average of the past two years [39][41]. - Among the 35 new bond funds issued, 19 were medium- to long-term pure bond funds, totaling 523 billion units, which accounted for 48% of the issuance [41][45]. QDII Funds - The issuance scale of QDII funds slightly rebounded, with 2 billion units issued in December 2024, an increase of 2 billion units month-on-month. However, this remains at a relatively low level compared to the past two years [46][50]. FOF Funds - The issuance scale of FOF funds experienced a slight decline, with 3 billion units issued in December 2024, a decrease of 3 billion units month-on-month. The issuance remains low compared to historical levels [51].

Group 1 - The overall liquidity environment in the stock market remains relatively loose since December 2024, with a significant increase in fundraising activities in the primary market [2][13] - In December 2024, the total amount of funds raised in the primary market reached 41.8 billion yuan, a month-on-month increase of 118%, with IPOs raising 9.3 billion yuan and additional issuance raising 32.5 billion yuan [13] - The net reduction in shareholding by major shareholders in the secondary market decreased to 21.9 billion yuan in December 2024, a reduction of 6.6 billion yuan compared to the previous month [17] Group 2 - The average daily trading volume in the A-share market for December 2024 was 16,111 billion yuan, a month-on-month decrease of 18.1% but a year-on-year increase of 105.8% [3][24] - The financing and margin trading balance in the A-share market increased to 1,864.6 billion yuan, a month-on-month increase of 20.2 billion yuan, indicating a slight improvement in market activity [33] - The issuance of equity funds in December 2024 saw a significant drop, with a total of 36.9 billion units issued, a decrease of 71.8 billion units from the previous month [28]

Investment Rating - The report maintains a "Hold" rating for China General Nuclear Power Corporation (003816.SZ) [2][6] Core Views - In 2024, the company's managed nuclear power generation increased by 6.08% year-on-year, with a notable 9.4% growth in Q4 [3][4] - The total power generation for 2024 is approximately 242.18 billion kWh, with total grid-connected power reaching about 227.28 billion kWh, reflecting a 6.13% increase [3][4] - The performance of the Taishan and Fangchenggang units was particularly strong, with Taishan's generation increasing by 52.05% year-on-year [5][6] Summary by Sections Company Dynamics - The company completed 17 major repairs and initiated one annual refueling overhaul in 2024, contributing to the overall increase in power generation [4] - The Fangchenggang unit's generation increased by 18.88% due to additional operational months, while the Lingdong unit saw a decrease of 6.95% due to extended maintenance [5] Financial Forecast and Investment Recommendations - The report adjusts profit forecasts for 2024-2026, estimating net profits of 10.80 billion, 11.05 billion, and 11.22 billion yuan respectively, with corresponding P/E ratios of 17.6, 17.2, and 16.9 [6][8] - The expected decline in long-term electricity prices in Guangdong in 2025 has been factored into the revised profit estimates [6] Financial Data and Valuation - The company's revenue for 2024 is projected at 86.52 billion yuan, with a growth rate of 5% [8] - The net profit for 2023 was reported at 10.73 billion yuan, reflecting an 8% increase from the previous year [8]

证券研究报告|行业投资策略 2025年1月7日 计算机 强于大市 （维持评级） 把握2025年两大核心主线 ——计算机行业2025年投资策略 证券分析师： 钱劲宇 执业证书编号：S0210524040006 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 ➢ 2024年计算机行业复盘 整体市场表现上，截至2024年12月23日，中信计算机指数累计上涨17.82%，在所有行业中排名第九。2024年全年计算机行业波动较大，9月底，国 新办发布一揽子金融政策，计算机板块快速反弹，以金融IT、信创自主可控为代表的公司股价实现快速增长。 ➢ 量子产业 产业正迎来政策与技术共振：政策上，美国通过多项法案和战略报告，推动量子技术应用；中国将量子科技写入中央文件，定位为关键核心技术、 前沿颠覆技术和未来产业。技术上，海外以谷歌发布的量子芯片Willow为标志，全球量子技术在量子纠错上实现质的进步。中国研制的"祖冲之 三号"超导量子计算机发布，性能指标与谷歌Willow相当，巩固了国际领先地位。 量子通信：国内布局成熟。中国已实现4600公里量子通信长距离传输。据IT时报转引，中国电信预计年底超过10个头部城市完成 ...

Investment Rating - The report maintains a "Hold" rating for Huaneng Hydropower [7][9]. Core Views - The company achieved a total power generation of 112.01 billion kWh in 2024, representing a year-on-year increase of 4.62%, with grid-connected power generation at 111.02 billion kWh, up 4.51% year-on-year [3][5]. - The increase in power generation is attributed to abundant water flow in the Lancang River basin, with a 0.5% year-on-year increase in water inflow, and a rise in electricity demand within Yunnan province [5][6]. - The company's new photovoltaic projects significantly boosted renewable energy output, with a total generation of 3.54 billion kWh in 2024, marking a substantial year-on-year increase of 177.07% [6]. Financial Projections - The adjusted revenue forecasts for 2024-2026 are 247.14 billion, 271.69 billion, and 284.70 billion yuan respectively, with net profits projected at 81.90 billion, 89.36 billion, and 92.84 billion yuan [7][8]. - Earnings per share (EPS) are expected to be 0.45, 0.50, and 0.52 yuan for the years 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 20.3, 18.6, and 17.9 [7][8].

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The building block toy industry, particularly the segment of character building toys, is the fastest-growing category in the global toy market, with a projected market size of RMB 40.4 billion by 2024 and a CAGR of 29% from 2023 to 2028 [3][10] - The domestic market for character building toys is expected to grow from RMB 5.8 billion in 2023 to RMB 32.5 billion by 2028, with a CAGR of 41.2%, significantly outpacing the overall toy industry growth [3][13] - The leading company in this sector, Blokko, holds a 39% market share in China, surpassing competitors from Japan and Denmark [3][30] Summary by Sections Industry Overview - Character building toys are the largest segment in the toy market, with a market size of RMB 345.8 billion in 2023, accounting for 44.7% of the global toy market [10] - The global market for building block toys reached RMB 176.5 billion in 2023, with a projected CAGR of 15% from 2023 to 2028 [10] Market Dynamics - The growth of the character building toy market is driven by the combination of popular IP characters and engaging gameplay, which enhances emotional investment and user experience [10][14] - There is a significant demand for high-quality, licensed products, but the supply remains scarce, creating opportunities for companies like Blokko [3][27] Competitive Landscape - The global market is highly concentrated, with the top five companies holding 87.1% of the market share, including a 45% share for a Japanese company and a 41% share for a Danish company [30] - In China, the top five players account for 76.9% of the market, with Blokko leading at 39% [30] Company Profile: Blokko - Blokko has established itself as a leader in the character building toy market, leveraging a diverse range of IP partnerships and innovative product offerings [3][30] - The company plans to go public on January 10, 2025, with an estimated market capitalization of approximately HKD 13.4-14.6 billion [3][37] - Blokko's product strategy includes a wide price range, with main products priced between RMB 19.9 and RMB 399, ensuring high value for consumers [3][44] Investment Recommendations - Investors are encouraged to pay attention to Blokko as it is well-positioned to capitalize on the growing demand for character building toys, with plans for significant expansion in product offerings and market reach [3][37]

策 略 研 究 市场热点探析 策略定期研究 2025 年 01 月 06 日 利率大幅下行对股市有何影响 ➢ 摘要 近期国内长短期国债利率大幅下行，双双处于2010年来历史低位。从具体 数据看，截至1月3日，10年期国债利率为1.60%，相比去年10月初的阶段 性高点大幅下降59bp，1年期国债利率为1.0%，相比去年10月初下降 37bp。 就权益市场影响来看，我们认为国内利率持续下行往往会通过以下三个维 度对市场产生影响： 第一，从资产比价角度看，伴随利率下行，A股市场股权风险溢价再度处 于历史高位。历史经验显示，股权风险溢价均值回归特征显著，在其从高 点往下收敛过程中市场表现往往有所改善。以wind全A指数为例，截至1月 3日，wind全A指数市盈率为17.7，以10年期国债利率为基准计算出的股权 风险溢价为4.0%，处于2010年以来自下而上90.6%分位数，表明当前股市 相对来说具备较高性价比。2010年以来wind全A股权风险溢价一共有11次 处于阶段性高位，在股权风险溢价达到高点后5、10、20、30和60个交易 日内wind全A累计涨幅中位数分别为3.6%、6.6%、5.6%、11.8%和17 ...

基础化工 2025 年 01 月 07 日 行 业 研 究 基础化工 新材料周报：德邦科技再出手又一半导体材料企 业，2025 半导体销售将两位数增长 投资要点： 行 业 定 期 报 告 本周行情回顾。本周（2024/12/30-2025/1/3），Wind 新材料指数收报 3273.53 点，环比下跌 8.55%。其中，涨跌幅前五的有三祥新材(1.33%)、金丹科技(0.11%)、 凯赛生物(0.05%)、仙鹤股份(-1.11%)、利安隆(-3.31%)；涨跌幅后五的有新亚 强(-19.04%)、晨光新材(-13.88%)、江化微(-13.43%)、润阳科技(-13.23%)、晶 瑞股份(-12.89%)。六个子行业中，申万三级行业半导体材料指数收报 5627.32 点，环比下跌 10.71%；申万三级行业显示器件材料指数收报 1078.83 点，环比 下跌 6.5%；中信三级行业有机硅材料指数收报 5686.46 点，环比下跌 9.12%； 中信三级行业碳纤维指数收报 1016.91 点，环比下跌 9.33%；中信三级行业锂 电指数收报 1766.37 点，环比下跌 9.47%；Wind 概念可降解塑料指 ...

华福证券 2025 年 01 月 05 日 策 略 研 究 策 略 定 期 报 强预期正在修正，市场和经济运行有望走向正反 馈——产业经济周观点 投资要点： 近期观点 1、股票市场和经济行为在修正 9 月政治局会议以来的强预期，经 济复苏的迹象依旧持续，政策持续落地对经济的正向驱动还在延续， 供需节奏的错配在未来有望继续修复。 2、中国出口的风险更多集中在美国新总统上台之后的政策变化， 但是预期风险有限。 告 3、中国 AI 应用叠加先进半导体的后发优势，有望使得信息技术 产业长期发展成为全球竞争优势产业。产业趋势形成共识过程，科技 股将呈现龙头抱团特征。 4、中期看好先进半导体龙头，顺周期核心资产央国企和 ai 应用。 5、长期看好央国企，一带一路，新消费及港股恒生科技,先进半导 体龙头，军工，传统制造业龙头。 风险提示 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 证 券 研 究 报 告 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1 ...

策 略 研 究 华福证券 策略定期研究 2025 年 1 月 5 日 如何看待 2025 开年走势？ 投资要点： 本周市场大幅调整，全 A 收跌-7.00%。从指数情况看，各主要指数全 线收跌，中证红利、上证 50 较为抗跌，中证 1000、微盘股受挫较重。从 风格情况看，消费、周期受挫较小，先进制造、科技领跌。本周 31 个申万 行业均收跌，其中煤炭、石油石化、银行较为抗跌，通信、国防军工、计 算机领跌。 策 略 定 期 报 告 市场观察：市场情绪走低，行业轮动强度下降。（1）市场估值：股债 收益差上升至 1.8%，位于+1 标准差、+2 标准差之间。估值分化系数有所 下降。（2）市场情绪：市场情绪走低，行业轮动强度下降。市场大盘风格 占优，微盘股指数跑输市场，主题热度主要聚集在宠物经济、央企煤炭、 饲料精选。（3）市场结构：市场量能环比下降，商贸零售、煤炭、纺织服 饰多头个股占比居前，通信、美容护理、传媒内部或存在α机会。（4）市 场资金：本周陆股通周内日平均成交金额较上周上升 320 亿元，本周陆股 通周内日平均成交笔数较上周上升 170 万笔。陆股通成交额排名前三的标 的为宁德时代、中兴通讯、东方财富 ...