Investment Rating - The report maintains a "Bullish" outlook for the automotive industry, indicating a potential rise in the market index over the next six months [37]. Core Insights - The automotive sector has shown a mixed performance, with the overall automotive sector down by 2.20%, ranking 22nd among 31 industries. The retail sales of passenger vehicles from October 1-13 reached 823,000 units, a year-on-year increase of 20%, while new energy vehicles saw retail sales of 408,000 units, up 64% year-on-year [8][15][23]. - New models are being launched, such as the Xiaopeng P7+, which has received over 30,000 pre-orders within 1 hour and 48 minutes of its announcement, showcasing strong market interest [9][13]. - Leap Motor has introduced the B10 model, enhancing its global market strategy with advanced technology and features aimed at young consumers [14]. Market Performance - The Shanghai Composite Index rose by 0.98% this week, while the automotive sector experienced a decline of 2.20%. Within the automotive sub-sectors, passenger vehicles dropped by 5.01%, while commercial vehicles saw a rise of 3.80% [8][15]. - The report highlights significant movements in individual stocks, with companies like Jianbang Technology and Xingmin Zhitong seeing substantial gains of over 25% [19]. Industry Data Tracking - The report tracks weekly data from the China Passenger Car Association, noting that the wholesale volume of passenger vehicles was 713,000 units, also reflecting a 20% year-on-year increase [23]. - The report indicates that the traditional peak season for the automotive industry is contributing to the sustained high growth in vehicle sales, supported by government incentives for vehicle replacements [13]. New Model Tracking - New models launched include the Dongfeng Lantu Zhi Yin and the Jianghuai X8 E family, with various configurations and price points aimed at different market segments [28][29]. Industry Dynamics - Recent policies include the Shanghai Municipal Government's implementation of subsidies for the replacement of National IV diesel vehicles, which could impact the market positively [32]. - Companies like BYD and Geely are actively participating in international auto shows, showcasing their latest models and expanding their global presence [33][34][35].

总 量 研 究 [Table_Reportdate] 2024年10月20日 | --- | --- | --- | |-------|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年10月17日 [晨会纪要 Table_NewTitle] 20241017 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 吴康辉 wkh@longone.com.cn [table_main] 重点推荐 ➢ 1.特宝生物（688278）：乙肝临床治愈市场空间广阔，派格宾持续放量可期——公司深度 报告 ➢ 2.AMD推出新一代GPU MI325X，预计第四季度存储合约价涨幅收敛——电子行业周报 （2024/10/07-2024/10/13） 财经要闻 ➢ 1.李强总理出席中俄蒙三国总理会晤 ➢ 2.央行、科技部：扩大长三角、粤港澳大湾区等重点地区科技型企业贷款投放 ➢ 3.习近平在福建考察时强调 扭住目标不放松 一张蓝图绘到底 在中国式现代化建设中奋 勇争先 ➢ 4.日本央行审议委员安达诚司：将以非常温和的步伐加息 ➢ 5.美联储博斯蒂克：预计今年将再降息25个基点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请 ...

Economic Overview - The recent stock market rise is supported by fundamental factors, but the speed and magnitude of the increase appear disconnected from the fundamentals[2] - Since the 2008 financial crisis, aggressive fiscal and monetary policies have been implemented in the US, leading to an "unexpected" economic performance, but the negative impacts of these policies are still uncertain[2] - China's economy faced downward pressure due to insufficient domestic demand and weak real estate and stock markets, prompting the government to implement significant monetary and fiscal policies to stabilize growth[2] Market Dynamics - Improved economic conditions and increased corporate profits are expected to enhance the value of listed companies, while investor confidence and risk premiums are likely to boost company valuations[2] - The capital market is anticipated to have a long-term positive outlook, despite the recent abnormal stock market surge, with expectations of a correction followed by an overall upward trend[2] Risks and Challenges - Potential risks include domestic policies falling short of expectations, international economic conditions not meeting forecasts, and unexpected changes in the global environment[2] - The banking sector in the US has faced crises, with several banks failing in 2023, indicating underlying vulnerabilities in the financial system[10] Investment Insights - The Chinese government has announced a series of policies aimed at promoting economic growth, including measures to stabilize the real estate market and boost capital markets[2] - The manufacturing sector shows signs of recovery, with high-tech manufacturing investments outpacing overall manufacturing growth, indicating a shift towards advanced production capabilities[24]

Investment Rating - The report assigns a "Bullish" rating for the market index, indicating an expected increase of 20% or more in the CSI 300 index over the next six months [24]. Core Insights - The report highlights the acceleration of monetary policy implementation since September 24, with expectations for continued support to achieve economic goals and stabilize prices [7]. - It emphasizes the importance of balancing economic growth quality and speed, internal and external factors, and investment versus consumption in future monetary policy [7]. - The introduction of innovative monetary policy tools aims to facilitate long-term capital market stability and improve investor confidence [8][9]. Summary by Sections Monetary Policy Implementation - A comprehensive set of monetary policies has been rolled out, including a reduction in reserve requirements and interest rates, with further room for adjustments expected [7]. - The People's Bank of China (PBOC) aims to support structural transformation while maintaining reasonable economic growth rates [7]. Capital Market Stability - The launch of the Securities, Fund, and Insurance Company Swap Facility (SFISF) is expected to enhance market liquidity and investor confidence [8]. - The establishment of stock repurchase and increase loan programs is anticipated to stabilize the capital market and improve corporate buyback capabilities [9]. Long-term Investment Strategies - Regulatory measures are being implemented to encourage long-term capital inflows, including reforms in public fund fee structures and support for insurance institutions to establish private equity funds [9]. - The focus is on enhancing corporate governance and market transparency to improve company valuations and attract long-term investments [9]. Real Estate Sector Support - Increased credit support for the real estate sector is part of the broader policy framework aimed at stabilizing the market and improving credit demand [11]. - Recent measures include the cancellation of purchase restrictions and the reduction of down payment ratios, which are expected to positively impact the real estate market [23].

Investment Rating - The report maintains an "Increase" rating for the company [4] Core Views - The report highlights significant changes in the interest rate environment, leading to a passive adjustment of savings agency rates, resulting in a notable decrease in comprehensive rates [6][8] - The adjustment of agency rates aims to balance maintaining core deposit positions while incentivizing the absorption of low-cost deposits, with a comprehensive rate decrease of approximately 16% compared to the last adjustment [6][8] - The report anticipates that the new deposit rate cuts will effectively counterbalance the downward pressure from existing housing loan rates and LPR [6][8] Summary by Sections Financial Performance - The report projects revenue for 2024-2026 to be 3477, 3625, and 3883 billion yuan respectively, with corresponding net profits of 878, 918, and 951 billion yuan [8][14] - The expected year-on-year growth rates for net profit are 1.83%, 4.49%, and 3.62% for the years 2024, 2025, and 2026 [8][14] Rate Adjustments - The agency savings rates have been adjusted downwards by 8 to 33.8 basis points across different terms, with the comprehensive rate now at 1.08%, down from 1.29% [10][11] - The report indicates that the adjustments will lead to a reduction in total agency fees from 1156.23 billion yuan to 1005.65 billion yuan, a decrease of 150.58 billion yuan or 13% [8][14] Risk Management - The report suggests that the adjustments will provide greater flexibility to manage rising credit risk pressures and enhance performance elasticity [8][14] - The optimization of the passive adjustment mechanism aims to improve responsiveness to changes in interest rates, shortening the reference period for adjustments to five years [6][8] Market Outlook - The report indicates that the company is well-positioned to benefit from the adjustments in agency fees and deposit rates, which will alleviate pressure on both the expense and income sides [8][14] - The anticipated increase in net interest margin due to the new deposit rate cuts is estimated to be around 20 basis points [6][8]

Investment Rating - The industry rating is "Overweight" indicating a positive outlook for the sector in the next six months [24] Core Insights - The report highlights that the life insurance sector is experiencing a transformation in liabilities, with a notable improvement in productivity despite a marginal decline in workforce size. This trend is expected to continue as demand is activated by increased awareness of insurance needs [6] - The property insurance sector shows a solid growth in both quantity and quality, with non-auto insurance demonstrating strong growth potential. The report reaffirms the investment opportunities in property insurance [6] - The investment outlook is optimistic due to the "National Nine Articles" policy, which signals a new starting point for the capital market. Long-term interest rates are at historically low levels, and a reduction in the preset interest rate is expected to alleviate risks associated with interest rate spreads [6] Summary by Sections Life Insurance - The cumulative premium growth rates for major life insurance companies for the first nine months are as follows: Ping An Life (+10.2%), PICC Life (+5.9%), China Life (+5.1%), Taikang Life (+2.4%), and New China Life (+1.9%) [6][8] - The monthly premium growth rates for September show Ping An Life at +22.5%, PICC Life at +8.8%, and China Life at -4.0% compared to August [8] Property Insurance - The cumulative premium growth for property insurance in the first nine months is +4.6%, with September showing a monthly growth of +6.7% [9] - The growth rates for auto insurance and non-auto insurance in September are +5.3% and +8.5% respectively, indicating a stable growth in auto insurance and a narrowing growth in non-auto insurance [6] Investment Opportunities - The report emphasizes the importance of focusing on large listed insurance companies with a significant competitive advantage, as the sector is currently undervalued [6]

Key Recommendations - AMD has launched the new generation GPU MI325X, which is expected to impact NVIDIA's dominance in the AI market as it begins production in Q4 2024 and deliveries to customers in Q1 2025 [6][7] - The demand for consumer terminals remains weak, with AI servers becoming the main support for storage demand, leading to a narrowing of the expected price increase for general DRAM contracts to 0-5% in Q4 [8][9] Industry Insights Electronics Sector - The introduction of AMD's MI325X GPU, which boasts a peak AI computing power of 1.3 PFLOPS and utilizes advanced HBM3E memory technology, is set to challenge NVIDIA's H200 GPU [7] - The overall demand in the electronics sector is in a phase of moderate recovery, with four main investment themes identified: AIOT, AI-driven technologies, equipment materials, and consumer electronics [9] Food and Beverage Sector - The food and beverage sector saw a decline of 7.47% last week, underperforming the CSI 300 index by 4.21 percentage points, with only the soft drink sub-sector showing a slight increase [11] - In the liquor market, the sales performance during the recent holidays was mixed, with high-end products facing pressure while mid-range products showed better performance [11][12] - The beer industry is expected to benefit from cost reductions in raw materials and a potential recovery in consumption scenarios, with a focus on high-end products like Qingdao Beer [12] Market Data - As of October 17, 2024, the Shanghai Composite Index closed at 3169.38 points, down 1.05%, indicating a cautious market sentiment [19] - The financing balance in the market reached 158.19 billion yuan, reflecting a slight increase [19]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年10月16日 [晨会纪要 Table_NewTitle] 20241016 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 吴康辉 wkh@longone.com.cn [table_main] 重点推荐 ➢ 1.特宝生物（688278）：乙肝临床治愈市场空间广阔，派格宾持续放量可期 ➢ 2.政策预期向好，关注内需改善——食品饮料行业周报（2024/10/7-2024/10/13） 财经要闻 ➢ 1.《国家空间科学中长期发展规划（2024—2050年）》正式发布 ➢ 2.三部门：12月1日起全面实施水资源费改税试点 水资源税收入全部归属地方 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 5. A 股市场评述 正文目录 1. 重点推荐 1.1. 特宝生物 ( 688278 ): 乙肝临床治愈市场空间广阔，派格宾持续放量可期.. 3 2.1. 政策预期向好，关注内需改善——食品饮料 ...

Key Recommendations - Limited incremental information from September financial data, with government bond financing remaining the main support. Key changes may be reflected in the deposit side, influenced by a strong stock market and fiscal efforts, leading to a recovery in M2 growth compared to previous values. However, the demand for real economy financing remains relatively weak, with a slight positive note on short-term loans for residents showing improvement compared to August. Future policies may alleviate local financial constraints and restore market confidence, potentially leading to a recovery in real financing demand [6][7]. - Non-bank deposits saw a significant increase of CNY 910 billion in September, a year-on-year increase of CNY 1.58 billion, attributed to the strong performance of the equity market. This was partly due to a decrease in resident deposits (down CNY 331.6 billion year-on-year) and also influenced by the redemption of wealth management products, which contributed to the recovery of M2 growth [6]. - Government bond financing increased by CNY 1.5353 trillion in September, a year-on-year increase of CNY 543.3 billion, indicating continued support for social financing [7]. Economic Data Observations - September export growth declined due to elevated base effects and short-term factors such as weather. Exports to the US, EU, and Japan all saw varying degrees of decline, although sectors like shipbuilding, automotive, and steel exports remained relatively strong. The export scale in September was over USD 300 billion, maintaining a high level for five consecutive months [9][10]. - Import growth also saw a slight decline, with September imports amounting to USD 222 billion, marking the highest level since January. The year-on-year decline improved from -7.2% to -6.3%, but the data did not yet reflect significant improvements in domestic demand [10]. Financial News - The State Administration for Market Regulation announced four key measures to enhance the vitality of business entities, including guiding platform enterprises to support merchants, promoting quality reputation as a basis for financing, providing targeted assistance to individual businesses, and accelerating the revision of standards for equipment updates and consumer goods replacement [12][13]. - The Ministry of Industry and Information Technology emphasized the development of new fields such as humanoid robots, brain-computer interfaces, and 6G technology, aiming to foster new economic growth engines [12].