| --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3351.26 | -0.5 | | 深证成指 | 10537.4 | -1.03 | | 中小 100 | 6424.94 | -1.19 | | 创业板指 | 2187.94 | -0.98 | | 沪深 300 | 3933.57 | 0.15 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42906.95 | 0.16 | | 纳斯达克 | 19764.89 | 0.98 | | 标普 500 | 5974.07 | 0.73 | | 英国富时 100 | 8102.72 | 0.22 | | 日经 225 | 39167.69 | 0.02 | | 恒生指数 | 19883.13 | 0.82 | COMEX 白银 30.225 0.12 1、市场综述 盘面上，大金融等蓝筹板块相对偏强，题材板块普跌。从板块来看，银 行股逆势走强，中、农、工、建 ...

美元离岸人民币 7.3091 0.03 | --- | --- | --- | |------------|----------|-----------| | | | | | | 期货市场 | | | | 收盘(点) | 涨跌幅(%) | | NYMEX 原油 | 70.17 | 1.34 | | COMEX 黄金 | 2633.5 | 0.2 | | 综合铜 03 | 8967 | 0.62 | | | | | 一、市场分析 指数强势，个股修复较弱，关注量能 周二市场全天震荡反弹，三大指数均涨超 1%。沪深两市全天成交额 1.31 万亿，较上个交易日缩量 2232 亿。 从板块来看，大金融股震荡走强带动指数上涨，中、农、工、建四大行 盘中均续创历史新高。微信小店概念股午后集体大涨，线上线下等涨停。 货币市场 铜缆高速连接概念股反复活跃，机器人概念股展开反弹。 欧元兑美元 1.0405 0.03 下跌方面，算力概念股展开调整。板块方面，铜缆高速连接、轨交设备、 美元兑日元 157.0915 -0.04 微信小店、人形机器人等板块涨幅居前，足球概念、脑机接口、算力租 赁、ST 等板块跌幅居前。 〖资料来源：财联 ...

Investment Rating - The investment rating for Changan Automobile is maintained as "Buy" [2][5]. Core Viewpoints - Changan Automobile has signed a strategic cooperation agreement with EHang Intelligent to develop flying cars, planning to invest over 20 billion yuan in the low-altitude economy over the next five years [3][12]. - The company aims to invest over 100 billion yuan in exploring multi-dimensional transportation solutions over the next decade [3]. - The company is optimistic about its dual-line growth strategy focusing on new energy transformation and global expansion, with significant product reserves in its three new energy brands [3][15]. - The company’s monthly sales have shown a positive trend, transitioning from a decline to an increase year-on-year [2]. Financial Summary - The projected revenue for Changan Automobile is expected to grow from 151.3 billion yuan in 2023 to 234.9 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.2% [18]. - The net profit attributable to the parent company is forecasted to be 61.72 billion yuan in 2024, 81.09 billion yuan in 2025, and 109.77 billion yuan in 2026, indicating a recovery and growth trajectory [15][18]. - The company’s price-to-earnings (P/E) ratio is projected to be 22.4 in 2024, 17.0 in 2025, and 12.6 in 2026, which is below the average P/E of comparable companies [15][18].

请认真阅读文后免责条款 （603993.SH）、西部矿业（601168.SH），美联储降息或有变动， 但不影响黄金价格中枢向上长期趋势，建议关注：山东黄金 （600547.SH）、赤峰黄金（600988.SH）。 行业研究报告 期） 内容目录 | --- | --- | --- | |--------|-------|--------------------------------------------------------------------------------------------------------------------------| | | | | | 图 1: | | 申万一级行业周涨跌幅 . | | 图 2: | | 有色金属各子行业周涨跌幅与主要指数对比 | | 图 3: | | 有色个股周涨幅前五 | | 图 4: | | 有色个股周跌幅前五 | | 图 5: | | 美国 CPI 变动情况 | | 图 6: | | 美国 PPI 变动情况 | | 图 7: | | 美国失业率及非农薪酬变动情况 . | | 图 8: | | 美国 ISM 制造业 PMI 变动 | | 图 ...

风险提示：宏观经济波动风险；政策变动风险；原材料价格波动 风险；地缘政治风险；重点上市车型销量不及预期；智能驾驶算 法迭代不及预期；第三方数据的误差风险；重点关注公司业绩不 及预期。 请认真阅读文后免责条款 车&重卡龙头宇通客车，潍柴动力等。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|------------|-------------------------|-------|---------------|----------------|-------|-------|-------|--------------|-----------|---------------| | 股票代码 | 股票简称 | 2024/12/20 \n股价（元） | 2023A | EPS \n 2024E | （元） \n2025E | 2026E | 2023A | 2024E | PE \n 2025E | \n 2026E | 投资 \n 评级 | | 002594.SZ | 比亚迪 | 2 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|------------------------------------|-------|-------|-------|-------|---------------------------------|-------|------------------------------------------|-------|-----------------| | | =发电量当月值(亿千瓦时) -- YoY(右) | | | | | | | ■全社会用电量当月值(亿千瓦时) -- YoY(右) | | | | 16, 000 | | | | 20% | | 18, 000 | | | | 14% 12% | | 14, 000 | | | | | | 16, 000 | | | | | | 12, 000 | | | | | | 14, 000 | | | | 10% | | 10, 000 | | | | 10% | ...

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资料来源：Wind，华龙证券研究所 资料来源：Wind，华龙证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------------------------|-------|---------------|----------------|-------|-------|--------------|-------|-----------|---------------| | 股票代码 | 股票简称 | 2024/12/20 \n股价（元） | 2023A | EPS \n 2024E | （元） \n2025E | 2026E | 2023A | PE \n 2024E | 2025E | \n 2026E | 投资 \n 评级 | | 002129.SZ | TCL 中环 | 9.36 | 0.85 | -1.43 | 0.45 | 0.69 | 11.0 | - | 20.8 | 13.5 | 未评级 | | 300274.SZ | 阳光电源 ...

Investment Rating - The report maintains a "Recommended" rating for the building materials industry, indicating potential recovery in industry valuation due to favorable policies in real estate and infrastructure [1][22]. Core Insights - The cement industry is experiencing a decline in demand, with a year-on-year decrease of approximately 10.1% in cumulative production from January to November 2024, totaling 1.671 billion tons [6][22]. - The average price of cement in November was 425.23 yuan per ton, reflecting a month-on-month increase of 17.83 yuan per ton, supported by peak production adjustments and industry self-discipline measures [26][42]. - The glass industry is facing a potential downturn as demand is expected to shrink due to seasonal factors, with manufacturers likely to reduce prices to alleviate inventory pressure [58][66]. - The fiberglass sector is seeing price stabilization and potential profitability improvements due to recent price adjustments by leading companies, with a focus on high-end applications driving demand growth [38][60]. Cement Industry Summary - The cement market is under pressure with a 4% month-on-month decline in average shipment rates in November, and a year-on-year decrease of 7% [26][42]. - Regional demand varies, with the North experiencing instability due to environmental regulations, while the South remains relatively stable [26][42]. - Key companies to watch include Shangfeng Cement, Huaxin Cement, and Conch Cement, which are expected to benefit from the anticipated recovery in industry valuation [26][42]. Glass Industry Summary - The glass market is expected to face challenges as demand weakens, particularly in northern regions due to weather conditions and operational halts [58][66]. - The inventory of float glass is projected to increase, leading to price competition among regions [58][66]. - Key players in the glass sector include Qibin Group and Jinjing Technology, which may present short-term opportunities [58][66]. Fiberglass Industry Summary - The fiberglass industry is experiencing a slight increase in market conditions, with price adjustments expected to enhance profitability [38][60]. - Demand from the automotive sector, particularly for new energy vehicles, is robust, with production reaching 1.574 million units in November, a year-on-year increase of 51.1% [60][62]. - Key companies to monitor include China Jushi and Zhongcai Technology, which are positioned to capitalize on market trends [38][60]. Consumer Building Materials Summary - Companies in the consumer building materials sector are actively pursuing channel transformations and exploring overseas markets for growth [63][80]. - Recent favorable policies are anticipated to boost industry valuations, with recommended stocks including Weixing New Materials, Beixin Building Materials, and Sankeshu [63][80].

请认真阅读文后免责条款 不下；美联储降息进一步放缓；地缘政治风险；数据引用风险。 表：重点关注公司及盈利预测 请认真阅读文后免责条款 2 分析师声明： 投资评级说明： 免责声明： 版权声明： 华龙证券研究所 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------- ...