东兴证券：东兴晨报-20250120

Group 1: Real Estate Sector - In December, new home sales amount continued to grow year-on-year, with the average sales price increasing year-on-year [2] - For the year 2024, the cumulative sales area of commercial housing decreased by 12.9% year-on-year, while the cumulative sales amount decreased by 17.1% year-on-year [2] - The new construction area and completion area in December saw a narrowing decline, with cumulative new construction area down 23.0% year-on-year and cumulative completion area down 27.7% year-on-year [3] - The total funds received by real estate developers decreased year-on-year by 17.0%, with December's single-month funds down 7.1% year-on-year [4] - The current policy direction is clear, with the central government showing a willingness to maintain stability and recovery in the real estate market, suggesting continued positive policies [4] Group 2: Communication Industry - The mobile communication base project by Xinke Mobile has completed the main structure topping out, indicating progress in infrastructure development [11] - Tianfu Communication is expected to see a net profit growth of 72% to 92% in 2024, reflecting strong performance in the sector [12] - The integration of 5G and satellite technology is a key development goal, with Xinke Mobile ranking fifth in the number of 5G non-terrestrial network patents [6][9] - The communication index rose by 6.13% in the week of January 13-17, 2025, outperforming other indices [10] Group 3: Housing Price Trends - In December, the new residential price index for 70 large and medium-sized cities showed a year-on-year decrease of 5.7%, with first-tier cities experiencing a smaller decline of 3.8% [26][27] - The second-hand residential price index for 70 cities decreased by 8.1% year-on-year, with first-tier cities showing a decline of 6.7% [29] - The overall trend indicates that while prices are still declining, the rate of decline is slowing, particularly in first-tier cities [26][27][29] Group 4: LED Chip Market - The company Juzan Optoelectronics is expected to see a net profit increase of 60.95% to 77.46% in 2024, driven by strong market demand [31][32] - The MiniLED market is projected to grow significantly, with a compound annual growth rate (CAGR) of 84% from 2023 to 2028 [33] - The company is transitioning to a full-color LED chip supplier, which is expected to enhance its market position and revenue [35]