Investment Rating - The report provides a "Buy" rating for the banking sector, indicating a positive outlook for the industry based on expected performance relative to market indices [28]. Core Insights - The banking sector has seen a significant rebound in wealth management scale, reaching a five-year high of CNY 29.95 trillion by the end of 2024, representing a year-on-year growth of 11.8% [5][6]. - The shift in deposit trends, driven by multiple reductions in deposit rates and regulatory changes, has led to a diversion of funds from deposits to wealth management products [5][6]. - The average yield of wealth management products in 2024 was 2.65%, down by 0.29 percentage points from the previous year, generating a total return of CNY 709.9 billion for investors [21][22]. Summary by Sections Wealth Management Scale - The wealth management scale has rebounded to CNY 29.95 trillion, marking an 11.8% increase year-on-year, driven by a decline in deposit rates and regulatory changes [5][6]. - The proportion of fixed-income wealth management products has increased to 97.3%, while mixed and equity products have seen a decline [7][8]. Asset Allocation - As of the end of 2024, the total investment assets of wealth management products reached CNY 32.13 trillion, with bond assets accounting for 57.8% [14][17]. - The share of cash and bank deposits decreased to 23.9%, influenced by the cessation of high-interest deposit practices and regulatory scrutiny [14][15]. Product Performance - The average yield of wealth management products was 2.65%, with a total return of CNY 709.9 billion generated for investors [21][22]. - The net value of wealth management products saw a decrease in the number of products breaking net value, dropping to 1.47% by the end of December 2024 [21][22]. Market Share and Company Dynamics - Wealth management companies have increased their market share to over 85%, with a total of 32 established companies by the end of 2024 [9][10]. - The number of distribution channels for wealth management products has expanded, with 562 institutions involved in the distribution by the end of 2024 [11][13].

行业周报 | 电力设备 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 19 日 相关研究 【兴证电新】AIDC 建设景气无虞，关注 电源设备需求增长-2025.01.16 【兴证电新】科技公司竞相投建数据中 心，AIDC 电气设备景气无虞-2025.01.11 【兴证电新】AIDC 建设带动电源设备需 求提升，排产景气再验锂电需求景气度- 2025.01.05 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：余静文 S0190523020004 yujingwen@xyzq.com.cn 华为发布会再谈数据中心能源，宁德时代成为 全球首个 24/7 光储项目 BESS 供应商 投资要点： 行业策略 | 光伏 | 看好新技术变革及产业链盈利改善预期带来的结构性机会 | | --- | --- | | 锂电 | 看好锂电池龙头长期价值，关注后续产业链供需修复带来的机遇 | | 风电 | 江苏、广东海风开工进度有望推进，海外风电放量在即，推荐塔筒+海缆组合 | | 氢能 | 政策边际持续改善，海外规划愿景宏大，推荐绿氢产业链，重点关注氢电 ...

行业周报 | 非银金融 证券研究报告 | All 2 T MA | 16 11 1 | | --- | --- | | INDUSTRIAL SECURITIES | | | 行业评级 | | 推荐（维持） | | --- | --- | --- | | 报告日期 | 2025 | 01 19 | 相关研究 250106- 250110 -2025.01.12 241230- 250103 -2025.01.04 2024 11 + -2024.12.30 分析师：徐一洲 S0190521060001 xuyizhou@xyzq.com.cn 非银周报（250113-250117）： IPO 收费新规出台，助力投行高质量发展 投资要点： ⚫ 请阅读最后评级说明和重要声明 1/13 一、指数与板块表现 二、保险周度数据跟踪 1 10 | 10 年期 | 国债 | 政策性金融 债（进出口 | 政策性金融 债（国开 | 商业银行债 | 企业债 | 中短期票据 | 公司债 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （AA） | （AA） ...

行业深度报告 | 非银金融 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 21 日 相关研究 【兴证非银】交易所全球图鉴系列一： 纳斯达克，从交易所到金融科技领军的 行业破局者-2024.03.12 分析师：徐一洲 S0190521060001 xuyizhou@xyzq.com.cn 分析师：开妍 S0190524070004 kaiyan@xyzq.com.cn 交易所全球图鉴系列二：日本交易所集团，如 何有效建立市值管理机制？ 投资要点： 请阅读最后评级说明和重要声明 1/42 ⚫ 日本交易所随时代变迁几度沉浮，破旧立新走向成熟。日交所集团是全球总市值第四大 证券交易所（截至 2024 年 11 月底）。其前身于 1878 年成立，经历了解散、战后重组、 资产泡沫破灭等，于 2013 年由东京证券交易所和大阪证券交易所合并成为日交所集 团，成为提供证券、商品等多元产品从上市交易到清结算一站式服务的综合交易所，并 于当年度完成上市。自 2013 年上市 2024 年 12 月底，日交所截8697.T）总市值从 5147 亿日元上涨 1.85 万亿日元，CAGR 约 11.2%。其 ...

公司点评报告 | 家用电器 证券研究报告 | 报告日期 | 2025 | 年 01 月 | 21 | 日 | | | --- | --- | --- | --- | --- | --- | | 公司评级 | | 增持（维持） | | | 海信视像(600060.SH) | | 01 | 月 | 20 | 日收盘价（元） | 22.23 | 总市值（亿元） | 290.10 | | --- | --- | --- | --- | --- | --- | --- | | 总股本（亿股） | 13.05 | 来源：聚源，兴业证券经济与金融研究院整理 | | | | | 相关研究 【兴证家电】海信视像：拐点已至，价值 重归-2025.01.05 【兴证家电】海信视像 2024 年三季报点 评：Q3 外销表现亮眼，静待 Q4 经营拐点 -2024.10.30 【兴证家电】海信视像（600060.SH）2024 压力致盈利短期承压-2024.08.25 S0190521020002 yanxiaoqing@xyzq.com.cn S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S01 ...

行业周报 | 环保 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 01 月 19 日 | 相关研究 【兴证环保】环保周报：西安扩大垃圾 焚烧电厂余热应用，江西推进空气质量 持续改善行动-2025.01.12 【兴证环保】环保周报：六部门印发 《赤泥综合利用行动方案》，到 2030 年 新增赤泥综合利用率达 25%-2025.01.05 【兴证环保】环保周报：广东发布 《2024-2025 年节能降碳行动方案》, 《美丽吉林建设行动方案》发布- 2024.12.29 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 请阅读最后评级说明和重要声明 1/10 ⚫ 重要数据跟踪：（ 1）碳市场：1 月 13 日至 1 月 17 日，全国碳市场碳排放配额 CEA） 挂牌协议成交量 4.91 万吨，上期 1.6-1.10）成交量为 12.77 万吨，期间减少 7.86 万 吨，与上期相比-61.54%；2025 年 1 月 17 日碳排放配额 CEA）收盘价为 94.95 元/ 吨，日环比持平，与上期相比+0.5 ...

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 19 日 相关研究 【兴证计算机】一文看懂 CES 2025 大 会亮点 AI-2025.01.12 【兴证计算机】AI 眼镜：加速进化的端 侧 AI 入口-2025.01.05 【兴证计算机】eCall 产业跟踪：国标 AECS 有序推进，市场潜力巨大- 2024.12.29 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn 分析师：陈鑫 S0190522030001 chenxin21@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 信创：地缘环境再迎变局，产业发展有望加 速 （01.12-01.18） 投资要点： ⚫ 建议关注 1）国产化：金山办公、海光信息、中国软件、达梦数据、太极股份、中孚信息、 华东重机、神州数码、紫 ...

S0190514070002 zhangxiaoyun@xyzq.com.cn 行业周报 | 交通运输 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 19 日 相关研究 【兴证交运】交通运输行业周报 （2025.01.05-2025.01.11）——2024 年 快递行业件量同比增长 21%，预计 2025 年同比增长 8%-2025.01.13 【兴证交运】油轮板块点评 （2025.01.09）——油轮运价触底，制 裁活动加速运力出清-2025.01.09 【兴证交运】交通运输行业周报 （2024.12.29-2025.01.04）——2025 年 民航客运量预计超 9000 万人次春运期间 全国日均航班计划约 18500 班- 2025.01.05 分析师：张晓云 分析师：王凯 S0190521090002 wangkai21@xyzq.com.cn 分析师：袁浩然 S0190523070003 yuanhaoran@xyzq.com.cn 分析师：陈尔冬 S0190524080005 chenerdong@xyzq.com.cn 分析师：郭军 S0190524110002 gu ...

Industry Investment Rating - The report maintains a "Recommended" rating for the overseas consumer discretionary sector [1][2] Core Views - The logistics and express delivery industry is undergoing a transformation driven by technological innovation, with digitalization and automation being key to cost reduction and efficiency improvement [3] - Companies like ZTO Express, JD Logistics, and SF City are expected to benefit from cost control measures, potentially unlocking shareholder return opportunities [5] - The industry's shift towards refined operations and profit release is expected to enhance shareholder returns, with a focus on companies that excel in cost management [5] Key Company Summaries ZTO Express - ZTO Express has significantly reduced costs through automation, with 464 automated sorting devices in 2023, leading to a decrease in per-parcel sorting costs [3] - The company's dividend payout ratio reached 41.2% in 2023, with expectations of maintaining at least 40% in 2024, potentially increasing the dividend yield to around 4.5% [3] - ZTO's market share increased to 20.0% by Q3 2024, with a projected parcel volume of 337-339 billion for the year [69] JD Logistics - JD Logistics achieved a gross margin of 11.7% in Q3 2024, up 3.8 percentage points year-over-year, driven by automation and route optimization [3] - The company is expected to generate adjusted net profits of 72.6 billion, 79.5 billion, and 87.9 billion yuan for 2024-2026, with adjusted net profit margins of 4.0%, 4.1%, and 4.2% respectively [74] SF City - SF City's gross margin improved to 6.9% in H1 2024, with net profit increasing by 105.1% year-over-year [77] - The company's revenue is expected to grow to 149 billion, 176 billion, and 203 billion yuan for 2024-2026, with adjusted net profits of 1.36 billion, 2.11 billion, and 3.40 billion yuan respectively [77] Industry Trends and Data - The express delivery industry's cost structure is heavily influenced by sorting and transportation, which account for 80% of total costs [15] - Automation and digitalization have led to significant cost savings, with ZTO Express saving approximately 2.8 billion yuan in labor costs through automated sorting devices [31] - The industry's capital expenditure to depreciation and amortization ratio has been declining, indicating a more conservative investment strategy [32] Investment Strategy - The report recommends focusing on companies with high dividend yields and those that can release profits through cost reductions, such as ZTO Express, JD Logistics, and SF City [64] - The industry's digital transformation and automation upgrades are expected to drive high-quality development, improving operational efficiency and profitability [64]

行业周报 | 通信 证券研究报告 | 行业评级 | | 推荐（维持） | | --- | --- | --- | | 报告日期 | 2025 | 01 20 | 相关研究 -2025.1.13 -2025.01.05 - 2024.12.30 分析师：章林 S0190520070002 zhanglin20@xyzq.com.cn 研究助理：王灵境 wanglingjing@xyzq.com.cn 【兴证通信】通信行业周报（01.13-01.19）： 黄仁勋近日访谈如何看？ 投资要点： ⚫ 01.13-01.19 5.73% 7.52% 8.48% 0.22% 300 2.14% 3.16% 4.66% 请阅读最后评级说明和重要声明 1/6 分析师：代小笛 S0190521090001 daixiaodi@xyzq.com.cn 分析师：仇新宇 S0190523070005 qiuxinyu@xyzq.com.cn 分析师：朱锟旭 S0190524040001 zhukunxu@xyzq.com.cn 分析师：许梓豪 S0190524070002 xuzihao@xyzq.com.cn ⚫ CPO/OIO C ...