华泰证券今日早参-20260121

Group 1: Electric Equipment and New Energy - The German government announced a €3 billion subsidy for families purchasing electric vehicles, providing up to €6,000 per household, aimed at boosting the electric vehicle industry and supporting lithium battery demand [2] - The report recommends companies in the lithium battery supply chain, including CATL, Yiwei Lithium Energy, and others, due to expected performance growth driven by increased lithium battery demand [2] Group 2: Automotive Industry - Key changes in the automotive industry include rising costs from storage chips and copper, Bosch's performance challenges reflecting European supply chain transitions, and Canada's reduction of tariffs on Chinese electric vehicles to 6.1%, creating opportunities for Chinese automakers in North America [3] - The report suggests focusing on automakers with comprehensive industry chain advantages and global expansion strategies [3] Group 3: Basic Chemicals - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and new energy materials, with high sulfur prices enhancing the competitiveness of thermal phosphoric acid [4] - Domestic production capacity for yellow phosphorus is strictly controlled, leading to a favorable supply-demand dynamic that may benefit integrated companies in the phosphorus industry [4] Group 4: Consumer Sector - In December, China's retail sales increased by 0.9% year-on-year to CNY 4.5 trillion, with a focus on durable goods like automobiles and home appliances [6] - The report highlights structural opportunities in high-growth sectors, recommending investments in domestic brands, technology consumption, and high-dividend stocks [6] Group 5: Fixed Income - The ABS market is expected to recover in 2026, with a shift in supply structure and increased activity in consumer finance and real estate ABS [7] - The report anticipates a gradual recovery in financing demand, although total ABS issuance may not see significant growth [7] Group 6: Utilities - China's electricity prices have been declining, while the U.S. faces electricity shortages, leading to a divergence in electricity stock valuations between the two countries [8] - The report recommends undervalued power operators, as stable coal prices could support electricity prices and valuations in the sector [8] Group 7: Key Companies - TCL Electronics announced a strategic partnership with Sony to enhance its global leadership in home entertainment, projecting a 45%-60% increase in adjusted net profit for 2025 [10] - Yanjing Beer expects a 50%-65% increase in net profit for 2025, driven by operational improvements and market strategies [11] - Sony's strategic partnership with TCL aims to streamline its home entertainment business, focusing on high-growth areas and enhancing operational efficiency [12] - Xingyu Co. is advancing its Micro-LED technology through a strategic partnership, aiming to accelerate the commercialization of this technology [13] - China Duty Free Group plans to acquire DFS assets to strengthen its position in the Hong Kong and Macau markets, enhancing its competitive edge [15]