Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - The report emphasizes the importance of domestic computing power chains, predicting that 2025 will be a pivotal year for the domestic large model computing power arms race, with major capital expenditures expected to exceed forecasts [10][23]. Summary by Sections Industry Dynamics - In the first eleven months of 2024, China's telecom business revenue reached 1,594.7 billion yuan, a year-on-year increase of 2.6% [15]. - In Q3 2024, cloud infrastructure service spending in mainland China reached 10.2 billion USD, growing by 11% year-on-year, with Alibaba Cloud, Huawei Cloud, and Tencent Cloud maintaining a combined market share of 70% [15]. - The report highlights the successful pilot of a multi-core fiber solution by Changfei Fiber and Tianjin Mobile [15]. Investment Highlights - ByteDance's MAU rapidly surpassed competitors, with a projected capital expenditure of 80 billion yuan in 2024, expected to double to 160 billion in 2025, focusing heavily on AI computing power [23]. - The DeepSeek-V3 model was launched with 671 billion parameters and a training cost of only 5.58 million USD, outperforming several leading models [24]. - The report recommends focusing on domestic supply chains for optical modules, IDC, copper cables, and connectors due to the increasing demand for self-controlled computing power [23]. Key Recommendations - The report suggests paying attention to companies such as DingTong Technology, XinYiSheng, and ZhongJi XuChuang for potential investment opportunities [25].

Investment Rating - The report maintains a "Recommended" rating for the coal industry [33] Core Insights - The coal market is experiencing a downward trend, with domestic and international prices declining. However, the price of thermal coal is stabilizing in the range of 760-770 CNY/ton. The supply-demand fundamentals are expected to improve as domestic coal prices have dropped significantly, and the volume of imported coal is likely to decrease [109] - The report highlights that the focus should be on companies with stable performance and high return on equity (ROE), as well as those with growth in coal production and improving corporate governance. Recommended stocks include China Shenhua, Zhongmei Energy, Jinkong Coal, Shanxi Coal International, and others [92] Summary by Sections Weekly Data Tracking - Thermal coal prices are declining due to weak demand and import impacts, with the average daily consumption in coastal provinces increasing to 220.3 thousand tons, up by 3.8 thousand tons week-on-week [22] - As of December 27, the inventory of thermal coal in northern ports is 26.48 million tons, a decrease of 960 thousand tons week-on-week [22] Market Review (12.23-12.27) - The overall coal market is showing a downward trend, with thermal coal prices stabilizing after a decline. The report notes that coal mines that have completed their annual production and sales tasks are gradually reducing or halting production [109] Weekly Outlook (12.22-12.28) - The report emphasizes the importance of selecting stocks based on stable performance and high dividend yields, as well as those with growth potential in coal production. The recommended stocks include China Shenhua, Zhongmei Energy, and others [92]

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The reduction of ethane import tariffs is expected to enhance the profitability of related companies [2] - The report highlights the growth potential of domestic OLED and semiconductor material industries, driven by the increasing demand from new smartphone releases [4] - The report suggests focusing on companies involved in the production of core materials, particularly in the OLED and semiconductor sectors [4] Summary by Sections Industry Overview - The report emphasizes the importance of new materials as the foundation of advanced manufacturing, aligning with the direction of new productive forces [4] - The domestic market is witnessing a surge in demand for OLED and semiconductor materials due to the release of new smartphone models [4] Policy Impact - The report notes that supply constraints due to policy restrictions are likely to sustain the long-term price stability of refrigerants [5] - It suggests monitoring companies like Juhua Co. and Sanmei Co. for potential investment opportunities in the refrigerant sector [5] Price Trends - Methanol prices have continued to rise, with the domestic operating rate at 85.01%, reflecting a 0.71 percentage point decrease [16] - The price of propylene acid has also increased, with the domestic industry operating rate at 66.32%, down by 2.50 percentage points [18] Recommendations - The report recommends focusing on leading companies in the domestic ethylene production sector, such as Wanhua Chemical and Longbai Group, as they are expected to benefit from the stabilization of the real estate market [13] - It also highlights the potential of companies involved in the production of OLED materials and semiconductor materials, such as New Zobang and Ruifeng New Materials [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's performance is driven by rapid growth in its high-speed rail information technology business, with a significant increase in revenue and a strong order backlog [1][13] - The company is making strides in the computing power service sector, with several projects secured, indicating a positive outlook for future growth in this area [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 267 million yuan, representing a year-on-year increase of 19.10%, and a net profit attributable to shareholders of 23.05 million yuan, up 35.39% year-on-year [13] - In Q3 2024, the company reported a single-quarter revenue of 94.15 million yuan, a year-on-year increase of 16.10%, with a gross margin of 24.47% [1] - The company’s order backlog reached 993 million yuan by the end of September 2024, marking a 47.88% increase from the previous year [1] Business Segment Performance - The high-speed rail information technology business accounted for 27.54% of total revenue as of September 2024, showing a significant increase from the end of 2023 [1] - The computing power service business is gaining traction, with multiple projects awarded, including collaborations with universities and telecom companies [2]

Investment Rating - The industry rating is "Recommended (Maintain)" [12] Core Viewpoints - The report highlights a recovery in industry prosperity, with multiple regions releasing positive consumption subsidy policies for the upcoming year [12] - The focus is on the domestic demand recovery and cyclical opportunities, with an emphasis on the home furnishing sector and paper industry [12] Summary by Sections Market Review - The light industry manufacturing index underperformed the CSI 300 index by 3.82 percentage points this week [59] - The home furnishing sector saw a decline of 1.76%, while the paper sector experienced a slight decrease of 0.16% [59] Key Price Trends - The average price of corrugated paper is 2928 yuan/ton, with a week-on-week increase of 0.4% [39] - The average price of boxboard is 3763 yuan/ton, also up by 0.4% week-on-week [39] - The average price of white card paper is 4276 yuan/ton, reflecting a week-on-week increase of 0.8% [41] - The average price of double glue paper is 5375 yuan/ton, with a week-on-week increase of 0.2% [43] Home Furnishing Sector Tracking - The report notes that several provinces have announced continued implementation of consumption subsidy policies, which are expected to boost demand in the home furnishing sector [12] - Recommended stocks in the home furnishing sector include leading companies such as Oppein Home, Sophia, and Zhijia Home [12] Paper Industry Insights - The report indicates an improvement in supply and demand dynamics within the paper industry, with a focus on profit recovery opportunities [12] - The average price of copper plate paper is 5512 yuan/ton, with a week-on-week increase of 0.4% [4] - The report suggests that the industry is experiencing upward price adjustments, particularly in cultural paper and packaging paper [12]

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选股方面看好两条主线：一是估值具备扩张机会的公司，推荐 B 端 iFinD 业务渗 透率提升的【同花顺】、风险资本指标优化下估值空间打开的【华泰证券】和【中 信证券 】 二是长期具备盈利增长的公司，推荐有望通过并购重组提升综合竞争力 的【 浙商证券】【 国联证券 】 行业周报 | 非银金融 信息披露 特别声明 15/15 | --- | --- | --- | --- | --- | --- | --- | --- | |------------|--------|----------------------------|--------------------------|---------------------|-----------------|---------------------|----------------| | 10 年期 | 国债 | 政策性金融 债（进出口 债） | 政策性金融 债（国开 债） | 商业银行债 （ AA ） | 企业债 （ AA ） | 中短期票据 （ AA ） | 公司债 （ A ） | | 2024/11/29 | -6.19 | -6.75 | -3.46 | ...

请阅读最后评级说明和重要声明 1/16 | --- | --- | --- | --- | --- | |-------|-----------|-------------------------|-------|-------| | 1 | | (2024.12.23-2024.12.29) | | | | | 52,607.55 | 2.4 | -2.9 | -13.4 | | | 20,090.46 | 1.9 | 3.4 | 17.9 | | | 7,305.36 | 2.3 | 5.2 | 26.6 | | | 42,992.21 | 0.4 | -4.3 | 14.1 | | | 19,722.03 | 0.8 | 2.6 | 31.4 | | | 5,970.84 | 0.7 | -1.0 | 25.2 | | | 3,175.21 | -2.5 | -9.9 | -12.8 | | | 3,400.14 | 1.0 | 2.2 | 14.3 | | | 10,659.98 | 0.1 | 0.5 | 11.9 | | | 2,204.90 | -0.2 | -0.9 | 16.6 | | -- ...

Company Rating - No rating is assigned to the company [2] Core Views - The company reported a significant revenue growth of 60.69% YoY to RMB 1.191 billion in the first three quarters of 2024, but still recorded a net loss of RMB -6.87 million, which improved by 82.08% YoY [4] - The company's net loss after deducting non-recurring gains and losses was RMB -7.54 million, an improvement of 81.42% YoY [4] - The company's revenue growth is attributed to the release of demand from home appliance replacement policies, with Q3 revenue reaching RMB 379 million, up 33.59% YoY [15] - The company's gross margin in Q3 was 5.90%, up 4.07 percentage points YoY but down 0.98 percentage points QoQ [15] - The company's net loss in Q3 was RMB -6.36 million, a significant improvement from the loss of RMB -16.25 million in the same period last year [15] Financial Performance - The company's sales expenses in the first three quarters were RMB 13.45 million, up 13.9% YoY [12] - Management expenses were RMB 18.99 million, down 3.9% YoY [12] - R&D expenses increased by 52.9% YoY to RMB 42.13 million, driven by increased investment in innovation [12] - The company recorded other income of RMB 7.58 million, mainly due to VAT deductions for advanced manufacturing enterprises [12] - Asset impairment losses were RMB -13.71 million, an increase of RMB 10.15 million YoY, due to additional provisions for inventory depreciation [12] Industry and Competitive Landscape - The home appliance shell market is highly competitive, leading to challenges in cost pass-through and low gross margins [5] - The company is focusing on improving product qualification rates and gross margins through enhanced internal management and cost reduction [5] - The company's subsidiary, Wuhu Shibibai, was recently recognized as a high-tech enterprise [5] Historical Financial Data - The company's total revenue in 2020 was RMB 1.135 billion, growing to RMB 1.416 billion in 2021, then declining to RMB 1.012 billion in 2022, and recovering to RMB 1.136 billion in 2023 [20] - Net profit attributable to shareholders was RMB 55 million in 2020, RMB 65 million in 2021, RMB 13 million in 2022, and RMB -40 million in 2023 [20] - Gross margin declined from 13.5% in 2020 to 3.1% in 2023 [20] - ROE dropped from 15.7% in 2020 to -5.8% in 2023 [20] - Earnings per share were RMB 0.78 in 2020, RMB 0.59 in 2021, RMB 0.12 in 2022, and RMB -0.36 in 2023 [20] Market Data - The company's closing price on December 27 was RMB 7.60 [22] - The total market capitalization is RMB 843 million [22] - The total number of shares outstanding is 111 million [22]