Group 1: Healing Economy Market Insights - The healing economy market in China is substantial, with an estimated total market size reaching 10 trillion RMB, encompassing various sectors such as culture, tourism, and hospitality [9][11]. - In 2023, over 830 million urban residents are estimated to require healing services, with 73.6% of urban residents experiencing sub-healthy psychological states [11][9]. - The attendance at healing expos has increased, indicating a growing acceptance and interest in healing services among users, with the second expo seeing a rise in visitors to 28,701 from 19,474 in the first expo [11][39]. Group 2: Pharmaceutical Sector Performance - The pharmaceutical index showed negative returns across all six sub-sectors, indicating a general underperformance in the market [1]. - The top-performing sub-sectors in the pharmaceutical industry included blood products (+0.37%) and medical devices (-0.08%), while medical consumables saw a decline of -1.04% [14]. - The government is enhancing support for pharmaceutical innovation, with a focus on high-quality development and regulatory reforms to boost the industry [15][18]. Group 3: Policy Support for Innovation - The Chinese government is actively promoting the development of innovative drugs and medical devices, with 113 new drugs approved during the "14th Five-Year Plan" period, leading to a market size of 100 billion RMB [18]. - Recent government meetings emphasized the need for a comprehensive policy framework to support the innovation of drugs and medical devices, including expedited approval processes and financial backing [15][28]. - There is a notable trend of mergers and acquisitions in the innovative drug sector, driven by supportive government policies aimed at industry consolidation [32].

Group 1 - The report highlights a significant sell-off in the US stock market, with major indices experiencing declines, including a 1.11% drop in the S&P 500 and a 1.49% drop in the Nasdaq, which fell below 20,000 points [1][27] - The report notes that approximately $35 billion flowed out of US equities this week, marking the highest weekly outflow since December 2022 [1][27] - The 10-year Treasury yield rose by 10 basis points to 4.62%, the highest level in seven months, contributing to the pressure on the stock market [1][27] Group 2 - In terms of economic data, new home sales in November were annualized at 664,000 units, exceeding the previous value of 627,000 units [1][28] - The Conference Board's consumer confidence index for December decreased to 104.7, down from a previous value of 112.8 and below the expected 113 [1][28] - Initial jobless claims for the week ending December 21 were reported at 219,000, slightly down from the previous week's 220,000 [1][28] Group 3 - The report indicates that global major asset classes showed mixed performance, with the Nikkei 225 rising by 4.08% and the Hang Seng Index increasing by 1.87% [4][60] - In the commodities market, CBOT corn saw a rise of 1.74%, while LME three-month lead experienced a decline of 0.76% [4][45] - The report also mentions that the energy sector in the US stock market had the highest increase at 0.62%, while the communication services sector saw the largest decline at -0.50% [40]

Investment Rating - The report maintains a rating of "Outperform the Market" for the automotive industry [3] Core Insights - The automotive sector is expected to see continued growth in sales due to supportive policies, with a focus on leading domestic brands and the integration of robotics into the automotive supply chain [10][18] - The report highlights a shift in competition from electrification to intelligence in vehicles, with domestic brands expected to launch numerous high-end models [10][28] - The report emphasizes the importance of monitoring the performance of key players in the automotive sector, particularly those with strong brand momentum [10][15] Recent Market Trends - The automotive index rose by 0.7% this week, ranking 7th out of 31 sectors [2] - Retail sales of passenger vehicles reached 1.692 million units from December 1-22, a year-on-year increase of 25% [13] - The report notes that the market is currently waiting for the formal implementation of vehicle replacement policies and clearer data on price wars and sales figures [10][13] Investment Strategy - The report suggests focusing on leading vehicle manufacturers and companies involved in robotics within the automotive supply chain [5][18] - Specific companies to watch include BYD, Geely, Li Auto, and Xiaomi, which are expected to benefit from market trends and new product launches [10][15][31] - The report also indicates that the automotive parts sector may see valuation elasticity due to the emergence of new robotics applications [28] Recommendations - Key automotive stocks recommended for investment include BYD, Seres, Geely, Li Auto, and Great Wall Motors [15] - The report identifies potential investment opportunities in the domestic robotics supply chain, particularly companies like Zhongjian Technology and Sai Lisi [15][31]

Group 1 - The report highlights that China's acceleration in globalization may drive the long-term appreciation of the Renminbi, with a mid-term focus on the realization of U.S. de-globalization policies and the risk release in U.S. equities as potential windows for Renminbi appreciation [1][51]. - The report indicates that the global manufacturing recovery is hindered, with the improvement in U.S.-China relations falling short of expectations and the U.S. real estate market being unhealthy, which could pose significant risks to global manufacturing recovery [2][24]. - Industrial profits in China have shown a notable improvement, with November's industrial profit growth rate at -7.3%, up from -10% previously, indicating a recovery trend that aligns with improvements in M1 [11][40]. Group 2 - The report suggests a positive outlook for leading companies that are self-controlled, cyclical core assets, central state-owned enterprises, and AI applications in the medium term [7]. - The long-term potential of China's information technology industry is emphasized, with expectations that it will become a globally competitive industry, and technology stocks may exhibit a trend of leading companies banding together [8][45]. - The report notes that the performance of the broad market indices has diverged, with the Shanghai Composite Index rising by 2.22% and the ChiNext Index declining by 0.86%, indicating a shift in market style [14].

Investment Rating - The industry rating is "Outperform the Market" [26] Core Insights - Antimony ore imports in November reached 5,723 tons, a month-on-month increase of 3,108 tons (+118.8%) and a year-on-year increase of 4,500 tons (+368%). Cumulatively, from January to November, imports totaled 49,117 tons, up 16,455 tons (+50.4%) year-on-year [21][22] - The production of antimony ingots in November was 6,775 tons, a month-on-month increase of 4.59% but a year-on-year decrease of 2.5%. Cumulative production from January to November was 70,969 tons, down 9.3% year-on-year [22] - The export of antimony ingots in November was 0 tons, marking a year-on-year decrease of 100%. Cumulatively, from January to November, exports totaled 3,834 tons, down 1,027 tons (-21.1%) year-on-year [11][22] - The production of antimony oxide in November was 9,350 tons, a month-on-month decrease of 0.3% and a year-on-year decrease of 3%. Cumulative production from January to November was 96,735 tons, down 6.5% year-on-year [18][22] - The report highlights a strong supply of antimony ore, with significant increases in imports from Russia and Tajikistan, while domestic production of antimony ingots continues to decline due to earlier export demand being met [23] Summary by Sections 1. Upstream Antimony Ore - November imports of antimony ore were 5,723 tons, with a significant increase from previous months [21] - Cumulative imports from January to November reached 49,117 tons, reflecting a strong demand [21] 2. Midstream Antimony Ingots - November production of antimony ingots was 6,775 tons, showing a slight increase month-on-month but a decrease year-on-year [22] - Exports of antimony ingots were non-existent in November, indicating a significant drop in international demand [11][22] 3. Midstream Antimony Oxide - Antimony oxide production in November was stable at 9,350 tons, with a slight decrease compared to previous periods [18] - The cumulative production from January to November was 96,735 tons, indicating a downward trend [18] 4. Downstream Demand - The report notes a decline in production for downstream products such as sodium antimonate and photovoltaic glass, reflecting weaker demand in the market [23] 5. Supply and Price - The supply of antimony ore remains robust, with increased imports from various countries, while domestic production is under pressure [23] - The overall market sentiment is weak due to lower demand and export restrictions, leading to cautious procurement strategies [23] 6. Investment Recommendations - The report suggests focusing on companies benefiting from dual drivers in antimony, such as Hunan Gold and Huaxi Nonferrous Metals, as well as those with increasing production capacity like Huayu Mining [24][62]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry, indicating that the overall return of the industry is expected to exceed the market benchmark by more than 5% over the next six months [1][33]. Core Insights - The automotive industry is witnessing a significant influx of companies entering the field of embodied intelligence, which is expected to become a major growth area [13][34]. - The overall PE-TTM for the automotive industry is reported at 26.02 times, with a historical percentile of 62.71%, indicating a relatively high valuation compared to historical averages [5][16]. - The report highlights a strong performance in retail sales for passenger vehicles, with a year-on-year increase of 25% in December [11][18]. - The report notes that the penetration rate of new energy vehicles reached 45.6% in November, reflecting a growing trend in the market [98]. Summary by Sections 1. Weekly Topic: Companies Entering Embodied Intelligence - The report discusses the trend of automotive companies, including Tesla, BYD, and others, investing in the development of humanoid robots and embodied intelligence technologies [41][60][67]. 2. Market Performance - The automotive sector's performance from December 23 to December 27 showed a 0.7% increase, underperforming the CSI 300 index, which rose by 1.4% [69][70]. - Year-to-date, the automotive sector has increased by 18.8%, ranking 6th among 31 sectors [44][69]. 3. Key Industry Data - Passenger vehicle retail sales from December 1 to 22 reached 1.692 million units, a 25% increase year-on-year [11][18]. - The wholesale of passenger vehicles during the same period was 1.77 million units, reflecting a 30% year-on-year growth [51]. - The report indicates that the overall automotive sales for November were 3.316 million units, with a year-on-year increase of 11.7% [78]. 4. Industry News - Honda and Nissan announced a memorandum of understanding to merge their operations into a holding company by August 2026, which will become the third-largest automotive manufacturer globally [23][28]. - BYD has launched promotional activities for its new models, offering significant discounts [92]. 5. Inventory and Export Situation - The report notes that the inventory coefficient for automotive dealers was 1.11 in November, indicating a slight increase but still below warning levels [53]. - In November, automotive exports totaled 490,000 units, showing a 9.5% decrease month-on-month but a 1.6% increase year-on-year [97].

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 ...