Industry Rating - The industry rating for the building materials sector is **Recommended (Maintained)** [1] Core Views - The report highlights a **positive beta factor in the real estate sector**, suggesting an active layout in retail building materials as a strategic move [7] - The **cement industry** is showing signs of bottoming out, with price increases during the off-season to stabilize profits [8] - The report recommends focusing on **high-dividend stocks** for their allocation value, with a dividend yield of 43.86% in 2023 and 2.20% in 2024 [9] - The **2025 strategy** emphasizes that the profit bottom is near, and a supply-demand inflection point is approaching, with PE(TTM) at 33.82 and PB(MRQ) at 0.99 [10] Market Performance - The market performance for the period **250106-250110** shows mixed results, with some sectors experiencing declines while others show slight gains [13][18] Price Changes in Building Materials - **Cement prices** remained stable at 300 during the period 250106-250110 [16] - **Floating and photovoltaic glass prices** saw a slight increase of 0.6%, with a market share of 57.56% [18] - **Fiberglass prices** for 2400tex ranged between 3500-3600, with a price of 3730.00 and a growth rate of 18.45% [34] Regional Performance - **North China** showed an upward trend with good shipments and reduced inventory [23] - **East China** experienced narrow fluctuations, with some price adjustments due to supply constraints [23] - **Central China** remained stable, with some price adjustments to promote shipments [23] - **South China** saw stable operations with some price increases due to low inventory [23] - **Northeast China** experienced a price drop followed by an increase, with slower inventory accumulation [23] - **Southwest China** saw a slight decline in prices, with some discounts but limited price deviations [23] - **Northwest China** remained stable, with some price adjustments to stimulate shipments [23] Key Company Updates - **Ruite Technology** secured loans totaling 15 million RMB for business development [55] - **Senying Windows** plans to establish a subsidiary in Guangzhou with an investment of 1 million RMB [55] - **Tianshan Materials** saw the resignation of its chairman, with adjustments to the board's nomination committee [55] - **Kailun Holdings** announced a share transfer agreement involving 14.4852% of its total shares [55] - **Sichuan Jinding** plans to transfer 0.70% of its shares in Sichuan Kaiwu to Beijing Xinshan Digital Technology [55] - **Huali Group** appointed new executives, including a president and vice president [55] - **Gongchuang Turf** plans to use up to 1.2 billion RMB in idle funds for financial products [55] - **China Jushi** announced board nominations and a share repurchase plan [55] - **Longquan Pipe** repurchased 531,000 shares, accounting for 0.09% of its total shares [55] - **Zaisheng Technology** redeemed a structured deposit worth 50 million RMB [55] - **Sanxia New Materials** received a guarantee of up to 500 million RMB from its parent company [55] - **Hailuo New Materials** received a government subsidy of 3.5803 million RMB [55] - **Sanhe Pipe Pile** plans to increase its shareholding by 40-80 million RMB [55] - **Kesun Waterproofing** plans to use up to 1.3 billion RMB in idle funds for working capital [55] - **Guotong Pipe** announced the conclusion of a legal case with no adverse impact on profits [55] - **Hailuo Cement** provided a guarantee of 80 million RMB for its subsidiary [55] - **Wanli Stone** saw partial completion of its shareholding increase plan [55] Industry News - **Henan Province** continues to implement policies to stimulate the real estate market, including subsidies and tax incentives [58] - **State Council** issued guidelines to promote the high-quality development of government investment funds, focusing on exit strategies [58] - **Foreign Exchange Reserves** in China decreased by 63.5 billion USD in December 2024, but the overall economic situation remains stable [58] - **Zhengzhou** exceeded its target for housing replacement, with 10,816 units completed [58] - **Shanghai** saw strong real estate market performance in 2024, with new home sales reaching 540 billion RMB and second-hand home sales at 750 billion RMB [58] - **National Development and Reform Commission** and **Ministry of Finance** emphasized the importance of standard execution in the "Two New" sectors [58] - **State-owned Assets Supervision and Administration Commission** highlighted the development of AI and the need for institutional reforms to adapt to AI advancements [58] - **Fujian Province** introduced measures to support the real estate market, including housing subsidies and increased housing provident fund support [58] - **Shanghai** saw a 21% increase in second-hand home transactions in 2024, with a total of 216,000 units sold [58] - **Real Estate Industry** bond financing in 2024 decreased by 18.4% compared to the previous year, with signs of recovery since September [58] - **Puyang City** introduced 20 measures to support the real estate market, including housing replacement policies and financial support [58]

行业周报 | 房地产 证券研究报告 | 行业评级 | 中性 (维持) | | --- | --- | | 报告日期 | 2025 年 01 月 12 日 | 相关研究 【兴证房地产】新房二手房周报：国常会 研究推进城市更新工作，央行提择机降准 降息-2025.01.05 【兴证房地产】新房二手房周报：持续用 力推动房地产市场止跌回稳，明年要实施 更加积极的财政政策-2024.12.29 【兴证房地产】新房二手房周报：全国新 建商品房成交规模单月同比转正，国常会 再提专项债收储-2024.12.22 S0190520080003 jinluyu@xyzq.com.cn S0190523040002 hongbo@xyzq.com.cn 行业评级 中性（维持） 报告日期 2025 年 01 月 12 日 新房二手房周报：抓紧明确收储作保障房相关 政策，财政有充足的政策空间和工具 投资要点： 风险提示：政策落地不及预期，基本面恢复不及预期，风险化解不及预期。 请阅读最后评级说明和重要声明 1/14 分析师：靳璐瑜 分析师：洪波 周专题：2022 年以来四大 AMC 纾困地产情况究竟如何？本周信达地产公告与中国信 达 ...

2025 -2025.01.08 -2025.01.06 行业周报 | 汽车 证券研究报告 | 报告日期 | 2025 | 01 | 12 | | --- | --- | --- | --- | | 行业评级 | | 推荐（维持） | | 相关研究 500 Hi4-Z 12 -2025.01.06 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 S0190524030006 yupengliang@xyzq.com.cn 分析师：刘馨遥 S0190524070005 liuxinyao@xyzq.com.cn 研究助理：刘思仪 liusiyi23@xyzq.com.cn 投资要点： 1 | 指数 | 周涨跌幅 | 周成交额(亿元) | 年初至今涨跌幅 | | --- | --- | --- | --- | | 上证综指 | -1.3% | 22891 | -2.9% | | 创业板指 | -2.0% | 14377 | -4.1% | | SW 汽车 | +1 ...

行业周报 | 电子 证券研究报告 报告日期 2025 年 01 月 12 日 相关研究 【兴证电子】手机专题：手机国补正式 落地，看好国内手机产业链-2025.01.04 【兴证电子】未来 AI 功能在智能眼镜市 场渗透率超六成，看好端侧 AI 硬件创新 浪潮-2024.12.29 【兴证电子】周报：闪极科技发布 AI 眼 镜，看好端侧 AI 硬件创新浪潮- 2024.12.22 分析师：姚康 S0190520080007 yaokang@xyzq.com.cn 分析师：仇文妍 S0190520050001 qiuwenyan@xyzq.com.cn 分析师：张元默 | | | S0190523020002 zhangyuanmo@xyzq.com.cn 分析师：王恬恬 S0190524040002 wangtiantian22@xyzq.com.cn AI 眼镜在 CES 百花齐放，看好端侧 AI 硬件 创新浪潮和算力架构创新 投资要点： 请阅读最后评级说明和重要声明 1/11 ⚫ 2024 年以来，华为、小米、百度、魅族、苹果、三星、谷歌等大厂纷纷布局 AI 眼镜赛 道。据 VR 陀螺初步统计，今年 CE ...

【兴证家电】石头科技（688169）2024 年一季报点评：Q1 业绩超预期，看好新 品放量 -2024.04.29 公司跟踪报告 | 家用电器 证券研究报告 | 公司评级 | 增持（维持） | | --- | --- | | 报告日期 | 2025 年 01 月 10 日 | 基础数据 | 01 月 09 日收盘价（元） | 235.28 | | --- | --- | | 总市值（亿元） | 434.62 | | 总股本（亿股） | 1.85 | 来源：携宁，兴业证券经济与金融研究院整理 相关研究 【兴证家电】石头科技（688169）2024 年三季报点评：加速全球扩张，Q3 业绩 承压-2024.11.01 【兴证家电】石头科技（688169）2024 年中报点评：Q2 外销延续快增，业绩符 合预期-2024.08.31 分析师：颜晓晴 S0190521020002 yanxiaoqing@xyzq.com.cn 分析师：苏子杰 S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S0190523070007 wangyuqing@xyzq.com.cn 研究助理：周庆 ...

Investment Rating - The report maintains an "Overweight" rating for Postal Savings Bank of China (601658.SH) [2] Core Views - The unique "self-operated + agency" business model enables rapid expansion of service outlets, resulting in a strong retail customer base and excellent deposit-raising capabilities [4][35] - The bank's focus on "agriculture, rural areas, and farmers" (三农) and small and micro enterprises positions it favorably in the retail banking sector, with retail loans accounting for 54% of total loans, significantly higher than the industry average of 33% [6][31] - The bank's asset quality remains robust, with non-performing loan ratios stable between 0.82% and 0.88% since 2018, and a provisioning coverage ratio of 302% as of Q3 2024, indicating strong risk management practices [7] Summary by Sections Company Overview - Postal Savings Bank has a long history, originating from postal savings services established in 1919, and has evolved into a major state-owned commercial bank since its establishment in 2007 [20][22] Business Model - The "self-operated + agency" model allows the bank to leverage a vast network of nearly 40,000 outlets, with 80.5% being agency outlets, enhancing its reach in rural and underserved areas [35][39] - The bank serves approximately 665 million personal customers, covering nearly half of the national population, with personal deposits making up about 90% of total deposits [4][46] Financial Performance - The bank's revenue structure is primarily driven by net interest income, which accounted for 83% of total revenue in the first three quarters of 2024, outperforming other major state-owned banks [53] - The bank's retail business contributes over 70% of its revenue, with personal banking income representing 72% of total income, although profit contribution from personal banking remains at 31% [54] Strategic Focus - The bank emphasizes a differentiated retail banking strategy, focusing on underserved markets and sectors, particularly in rural finance, with a framework established to enhance its service capabilities in these areas [6][31] - The "十大缝隙" (Ten Gaps) strategy targets new market opportunities across various sectors, aiming to enhance competitive advantages [29][31]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights the optimization of costs in pig and chicken production, with a steady expansion of production capacity [2] - The financial projections indicate a revenue increase from 89.92 billion in 2023 to 107.87 billion in 2024, representing a growth rate of 20% [3] - The report anticipates a decline in revenue to 102.88 billion in 2025, followed by a recovery to 116.90 billion in 2026, with respective growth rates of -4.6% and 13.6% [3] Financial Summary - The company is projected to have a net profit of -6.39 billion in 2023, with a turnaround to 9.29 billion in 2024 and further to 4.24 billion in 2025, reaching 10.90 billion in 2026 [3][5] - The return on equity (ROE) is expected to improve from -19.3% in 2023 to 22.8% in 2024, then stabilize at 9.5% in 2025 and rise to 20.1% in 2026 [3][5] - The gross margin is projected to increase from 0.8% in 2023 to 16.2% in 2024, followed by 11.3% in 2025 and 16.7% in 2026 [5] Key Financial Ratios - The company's debt-to-equity ratio is expected to decrease from 61.4% in 2023 to 46.8% in 2026, indicating improved financial stability [5] - The current ratio is projected to improve from 1.07 in 2023 to 1.68 in 2026, reflecting better liquidity [5] - The earnings per share (EPS) is forecasted to recover from -0.96 in 2023 to 1.40 in 2024, then to 0.64 in 2025 and 1.64 in 2026 [3][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company is a leading player in the fintech industry, with a long-term stable performance and a strong market position in financial technology solutions [5][30] - The company has a high market share in the securities IT sector, with ongoing iterations of its products to adapt to the evolving market needs [30][41] - The company is well-positioned in the asset management IT sector, leveraging AI to drive technological transformation [30][40] - The earnings forecast has been adjusted, with expected net profits for 2024-2026 at 14.43 billion, 16.39 billion, and 19.30 billion respectively, reflecting growth rates of 1.3%, 13.6%, and 17.7% [3][4] Summary by Sections 1. Fintech Industry Leader with Long-Term Stability - The company has been deeply engaged in the fintech sector for nearly three decades, achieving a leading position in the Asian market according to IDC rankings [5] - The company has maintained a compound annual growth rate (CAGR) of 19.25% in revenue and 20.14% in net profit from 2003 to 2023 [3][5] - The company’s software product sales accounted for 98.39%, 97.84%, and 99.86% of revenue from 2021 to 2023, with gross margins of 72.99%, 73.56%, and 74.84% respectively [3][5] 2. High Market Share in Securities IT with Continuous Product Iteration - The company holds approximately 50% market share in core trading systems for securities firms, benefiting from industry consolidation and product innovation [30][34] - The company has a strong presence among mid to large-sized securities firms, with 71% of major mergers involving the company as a core system supplier [36][37] - The company has launched the UF3.0 system, which is fully compatible with new technology requirements, and has successfully implemented it in several major firms [30][34] 3. Strong Position in Asset Management IT with AI-Driven Innovation - The company leads in the fund investment management system market, with a high client retention rate [30] - The company has developed the O45 system, which is fully compatible with new technology standards and has established partnerships with over 100 asset management institutions [30] - The company has introduced its AI model, LightGPT, to enhance its product offerings in the financial sector [30][40] 4. Earnings Forecast and Investment Recommendations - The company’s net profit forecasts for 2024, 2025, and 2026 are 14.43 billion, 16.39 billion, and 19.30 billion respectively, with corresponding price-to-earnings ratios of 32.7, 28.8, and 24.4 [3][4] - The report maintains an "Accumulate" rating based on the company's strong market position and growth potential [1][4]

行业周报 | 公用事业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 12 日 相关研究 【兴证公用】陕西、安徽电力现货市场 25 年起连续结算试运行，关注板块调整 后配置价值-2025.01.05 【兴证公用】11 月天然气表观消费量同 比-0.5%，各省长协电价逐一落地- 2024.12.29 【兴证公用】11 月全社会用电量同比 +2.8%，江苏 25 年电力年度交易结果落 地-2024.12.23 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 S0190522120001 lijingyun@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn 研究助理：朱理显 zhulixian@xyzq.com.cn 欧洲天然气去库加快，两部委提出未来三年年 增 2 亿千瓦以上绿电消纳 投资要点： 请阅读最后评级说明和重要声明 1/25 ⚫ 20250106-20250110，本期 A 股电力指数-2.95%，截至 1 月 10 日 PE（TTM）估值 16.5x；A 股燃气板块指数 ...

行业周报 | 非银金融 证券研究报告 | 报告日期 | 2025 年 01 月 12 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 分析师：徐一洲 S0190521060001 xuyizhou@xyzq.com.cn 研究助理：李思倩 lisiqian@xyzq.com.cn 非银周报（250106-250110）： 预定利率动态调整机制建立，负债成本有望加速优化 投资要点： ⚫ 重点公司公告&行业新闻： 【兴证非银】非银周报（241230- 250103）：互换便利二期落地，坚定看好 贝塔行情-2025.01.04 【兴证非银】公募基金市场月度跟踪 （2024 年 11 月）："固收+"会迎来新一 轮扩容周期吗？-2024.12.30 【兴证非银】兴证非银周报（241223- 241227）：关注开门红新单销售，继续推 荐非银板块配置-2024.12.29 请阅读最后评级说明和重要声明 1/12 ⚫ 周度回顾：本周保险Ⅱ(申万)下跌 2.76%，跑输沪深 300 指数 1.63pct；10 年期国债 到期收益率上行 3.16BP 至 1.63%。本周保险估值在权益市场回 ...