山西证券：研究早观点-20250116

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,240.94, up by 2.54% [2] - The Shenzhen Component Index increased by 3.77%, closing at 10,165.17, while the ChiNext Index rose by 4.71% to 2,075.76 [2] New Stock Market Insights - The new stock market activity has increased, with 21 stocks (47.73% of new listings) recording positive gains over the past week, a significant rise from the previous 13.64% [5] - The STAR Market saw a remarkable debut with a stock gaining 551.62% on its first day, with a valuation of 159.39 times earnings [5] - The ChiNext also had notable performances, with a stock gaining 294.33% on its debut and a valuation of 93.17 times earnings [5] Pet Food Industry Analysis - The online sales data for pet food in December 2024 showed a mixed performance, with Tmall's GMV at 1.241 billion yuan, down 17.77% month-on-month but up 24.29% year-on-year [8] - JD's GMV for pet food reached 582 million yuan, down 8.88% month-on-month but up 34.94% year-on-year [8] - Douyin's GMV for pet food was 542 million yuan, showing a month-on-month increase of 3.31% and a year-on-year increase of 8.10% [9] Key Companies in Pet Food - The leading brand, Mai Fudi, achieved a GMV of 171 million yuan in December, with a year-on-year growth of 30.62% [10] - The brand Friega experienced a significant year-on-year growth of 240.83%, with a GMV of 67.05 million yuan in December [10] - The brand Wanpi reported a GMV of 21.17 million yuan in December, with a year-on-year growth of 14.75% [10] Chemical Raw Materials Industry Insights - The new materials sector saw a slight increase, with the new materials index rising by 0.15%, outperforming the ChiNext index by 2.17% [13] - The report highlighted the launch of major projects in Shandong Province, including significant wind power projects, which are expected to drive growth in the wind energy sector [13] - The prices of various chemical raw materials showed stability, with amino acids and biodegradable materials maintaining their prices [13] Investment Recommendations - The report suggests focusing on leading domestic pet food brands that maintain strong sales performance and brand recognition, such as Guibao Pet Food and Zhongchong Co., Ltd [10] - In the new materials sector, attention is drawn to companies involved in wind energy projects, which are expected to benefit from government policies promoting green energy [13]