Industry Investment Rating - The report maintains a **positive outlook** on the **construction industry**, specifically focusing on the leading state-owned enterprises (SOEs) in the sector [3] Core Viewpoints - The cash flow situation of leading SOEs in the construction industry has shown **signs of improvement** in 2024, particularly in the third quarter [9] - Despite the overall challenging environment, the **policy-driven recovery** in local government debt resolution and real estate policies is expected to benefit these SOEs [11] - The report highlights that **reduced capital expenditures** and **increased financing activities** have been key strategies for these companies to navigate the current industry conditions [8] Industry Overview - The construction industry has **163 listed companies** with a total market capitalization of **1905.284 billion yuan** and a circulating market capitalization of **1646.644 billion yuan** [4] - The industry's average price-to-earnings ratio is **10.6** [4] - The industry index has underperformed the CSI 300 index, with a **-29.4%** decline compared to the broader market [6] Company Performance Analysis - Among the seven major SOEs, **China Chemical** has the best cash flow performance, with a **-4.19%** ratio of operating cash flow to revenue in the first three quarters of 2024, a **1.63 percentage point** decline year-over-year [7] - Other companies like **China Railway Construction**, **China Railway Group**, and **China Metallurgical Group** have shown relatively better cash flow management due to conservative project progress [7] - Revenue changes for these companies in the first three quarters of 2024 range from **-11.71%** for **China Metallurgical Group** to **2.38%** for **China Chemical** [7] Cash Flow Trends - The ratio of cash received from sales of goods and services to revenue has improved from **86.19%** in the first half of 2024 to **95.49%** in the first three quarters, a **9.29 percentage point** increase [9] - Operating cash flow to net operating income improved by **96.92 percentage points** in the third quarter of 2024 compared to the first half [9] - Total financing cash inflows reached **1.94 trillion yuan** in the first three quarters of 2024, a **394.088 billion yuan** increase year-over-year, with **1.83 trillion yuan** coming from borrowing [8] Investment Recommendations - The report recommends **China Communications Construction** and suggests paying attention to other leading SOEs like **China State Construction**, **China Chemical**, **China Energy Engineering**, **China Railway Group**, **China Railway Construction**, **China Metallurgical Group**, and **China Power Construction** [11] - These companies are expected to benefit more from policy changes and have strong global competitiveness, particularly in overseas development [11]

Core Insights - The report highlights a decline in new orders for seven major state-owned construction companies in China, with a total of 10.27 trillion yuan signed in the first three quarters of 2024, representing a year-on-year decrease of 3.13% [2][3] - Despite the overall decline, some companies like China State Construction, China Communications Construction, China Energy Engineering, and China Electric Power Construction have shown growth in new orders, with increases of 4.68%, 9.28%, 5.42%, and 5.03% respectively [3][5] - The market share of these state-owned enterprises continues to rise, with their total orders accounting for 42.87% of the construction industry by the end of Q3 2024, up 0.42 percentage points year-on-year [4] Summary by Sections New Orders and Performance - The seven major state-owned construction companies experienced a decline in new orders, with China Railway, China Railway Construction, and China Metallurgical Corporation seeing significant drops of 15.22%, 17.51%, and 9.19% respectively [2][3] - In contrast, companies like China State Construction and China Communications Construction maintained growth in new orders, indicating a mixed performance within the sector [3] Market Share and Industry Trends - The report emphasizes the increasing concentration in the construction industry, driven by advantages in qualifications, funding, experience, and integrated operations [4] - From 2018 to 2023, the market share of the seven major state-owned construction companies has risen from 28.43% to 43.16%, indicating a trend towards greater industry consolidation [4] Investment Recommendations - The report suggests that recent government policies, including the issuance of special bonds and long-term treasury bonds, are likely to improve demand in the construction sector [5] - It recommends focusing on state-owned enterprises like China Communications Construction and suggests monitoring China State Construction, China Chemical Engineering, China Energy Engineering, and China Electric Power Construction for potential investment opportunities [5]

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [1] Core Insights - The cumulative sales amount of the top 100 real estate companies from January to November 2024 decreased by 32.9% year-on-year, with a slight narrowing of the decline compared to the previous month [2][5] - Among the top 10 companies, the overall sales decline was the smallest, indicating stronger resilience among state-owned enterprises compared to mixed ownership and private enterprises [2][10] - The median year-on-year sales growth rate for 35 tracked key real estate companies was -40.1%, with state-owned enterprises showing a median decline of -23.4% compared to -42.8% for mixed ownership and private enterprises [2][11] Summary by Sections Sales Performance - The total sales amount for the top 100 real estate companies reached 37,122.6 billion yuan, with the top 10 companies contributing 17,801.6 billion yuan [5] - The sales growth rates for different segments from January to November 2024 were as follows: - Top 10: -27.0% - Top 11-20: -39.4% - Top 21-30: -37.5% - Top 31-50: -34.4% - Top 51-100: -37.7% [6] Key Company Insights - The report recommends investing in companies like Poly Developments, which focus on core city markets, as well as China Merchants Shekou, China Resources Land, and Greentown China, which are expected to benefit from increased market support and recovery [2][10]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The construction industry is experiencing a continuous decline in new orders, with a year-on-year decrease of 4.74% as of September 30, 2024, totaling 22.32 trillion yuan [7] - The decline in new orders is attributed to the ongoing downturn in the real estate sector and slow progress on related projects by local governments [7] - The market share of the seven major state-owned enterprises (SOEs) in the construction sector continues to rise, reaching 42.87% by the end of Q3 2024, an increase of 0.42 percentage points year-on-year [9] - Despite the overall decline in new orders, some leading SOEs like China State Construction and China Communications Construction have shown growth in new orders, with increases of 4.68% and 9.28% respectively [8] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 1,905.28 billion yuan, reflecting a 2.01% increase [3] - The average price-to-earnings ratio for the industry stands at 10.6 [5] Performance of Major SOEs - The total new orders for the seven major SOEs amounted to 10.27 trillion yuan in the first three quarters of 2024, a year-on-year decline of 3.13%, which is less than the overall industry decline [8] - Specific companies like China Railway, China Railway Construction, and China Metallurgical Group have seen significant declines in new orders, with decreases of 15.22%, 17.51%, and 9.19% respectively [8] Future Outlook - The report suggests that the construction industry may see improvements in demand due to the issuance of special bonds by local governments and ongoing real estate policy adjustments [12] - Recommendations include focusing on leading SOEs such as China Communications Construction, China State Construction, China Chemical Engineering, and China Electric Power Construction [12]

Investment Rating - The report maintains a "positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [5]. Core Insights - The report highlights a continuous recovery in sales, with November new home sales growth outpacing that of second-hand homes. The sales area for new homes in 21 cities reached 5.6 million square meters during the week of November 24-30, compared to 2.9 million square meters in the previous week [2]. - Year-to-date cumulative sales area for new homes from January 1 to November 30 shows a year-on-year decline of 13.08%, an improvement from the previous decline of 14.96%. The monthly cumulative sales area for November shows a year-on-year increase of 33.54%, up from 11.39% in the previous month [2]. - The report notes that second-hand home sales also saw an increase, with a cumulative year-on-year growth of 5.46% for the same period, and a monthly increase of 24.30% in November compared to 20.08% in October [2][3]. Summary by Sections Sales Performance - New home sales in 21 cities for the week of November 24-30 totaled 5.6 million square meters, a significant increase from the previous week's 2.9 million square meters [2]. - The cumulative year-on-year growth for new home sales from January 1 to November 30 is -13.08%, improving from -14.96% previously, with November showing a monthly growth of 33.54% [2][3]. - Second-hand home sales in 12 cities for the same week reached 207.4 million square meters, up from 187.7 million square meters the previous week [2]. Policy Developments - The report discusses various policy changes aimed at boosting housing demand, including adjustments to housing provident fund policies in cities like Guangzhou and Hainan, which are expected to support the market [4]. - The Ministry of Natural Resources reported that 65 cities are accelerating the implementation of affordable housing projects, with a total of 14.93 million units planned in 35 pilot cities [4]. Investment Recommendations - The report recommends investing in quality real estate companies that are well-positioned in core cities, such as Poly Developments, China Merchants Shekou, and China Resources Land, which are expected to benefit from the market recovery [4].

今天我就简单的介绍一下我们的本地下面就是由我们的行业局员介绍这个12份的金股我们首先请我们的交易首席监理员曹一峰介绍一下承诺好的各位演讲下午好我是交易分析师曹一峰今天给各位推荐的个股是中通快递 中方其实是之前就推荐过因为它是快递行业的绝对龙头这个公司的逻辑其实没有太多的变化公司刚发了三级报所以这次主要是就着三级报讲一下公司的近况以及我对公司三级报的一些看法 公司的话三季度单季是完成了业务量87.2亿元2亿件同比增长了大概16%不到点然后市场份额是从20.7%下降到了20%同比下降了0.7个百分点单季度的公司的调整后净利润是23.87亿元同比增长了2% 首先我们来看见量的 三季度的话 公司的见量增速是有所回升的因为一二季度的时候只有大概10%左右的增长 三季度其实相比一二季度还是有明显回升的但是它依旧是略低于行业的这么一个增速中通今年份额的下降 其实它确实导致部分投资者对于投资中通产生了一些顾虑 中通三级道理其实也坦言,低价值电商包裹比例的不断上升,对于公司实现服务质量、业务量和利润持续同步增长的整体战略带来了一定的挑战,公司也在进行调整,重新平衡资源配置以及网络定价策略。 目前来看的话中通其实他并没有急于在四 ...

Core Insights - The report highlights the emerging technology of aerial imaging, which utilizes flat lens technology to create real images without the need for a medium, distinguishing it from holographic projection [1][2] - Aerial imaging is characterized by its non-contact nature, novelty, and anti-peeping capabilities, with applications across various sectors including home, exhibitions, automotive, medical, and education [2][3] Technology and Applications - Aerial imaging technology is based on light field reconstruction principles, utilizing negative refractive flat lenses to precisely control light for image formation [1][2] - The technology's main advantages over holographic projection include the absence of a medium, and the ability to provide clearer images through advanced light manipulation techniques [1][2] Market Participation - Key players in the aerial imaging sector include ASKA3D from Japan's Asukanet, and several domestic companies such as Dongchao Technology, Prism Holography, Xianghang Technology, Yanshi Technology, and Kaisheng Technology [2][3] Future Outlook - The report notes significant developments in the industry, particularly with Huawei's launch of a new smart automotive solution that integrates aerial imaging technology, enhancing the technological appeal of traditional vehicles [2][3] - The smart cockpit market in China is projected to reach 212.7 billion yuan by 2026, with a compound annual growth rate of approximately 17%, indicating strong growth potential for aerial imaging applications [2][3] Investment Recommendations - The report suggests that the aerial imaging industry is poised for growth, with various segments of the value chain, including content creation, equipment manufacturing, and technical support, increasingly collaborating [3] - Recommended stocks include Weishi Electronics, with other beneficiaries identified as Yidao Information, Shikong Technology, Zhongguangxue, Kaisheng Technology, and Obimicrolight [3]

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 受益于家电以旧换新等一系列消费政策的支持，国内消费逐渐恢复，其中餐 饮消费呈现平稳增长。我们判断随着国家系列经济刺激政策的落地，消费复 苏将是明年的确定性趋势，特别是餐饮产业链的复苏是明年食品饮料投资的 重要主线，建议重点关注调味品板块。 据国家统计数据，10 月份，我国社会消费品零售总额 45396 亿元，同比增长 4.8%，增速比上月加快 1.6 个百分点。10 月份社会消费品零售总额同比增速 创今年下半年以来的新高，并已连续两个月保持加快增长的态势。其中 10 月餐饮行业收入总额 4952 亿元，同比增长 3.2%，比上月加快 0.1 个百分点， 虽然月增速慢于年初，但是餐饮消费整体仍处于平稳增长。预期在各地消费 券刺激下，餐饮消费将有进一步的复苏空间。 我们认为随着餐饮消费的复苏，围绕餐饮产业的上下游需求都将有所恢复， 白酒、调味品、啤酒等行业整体需求处于逐步恢复当中。特别是调味品行业， 推测中秋后行业整体在去库存过程中，随着元旦、春节旺季消费的到来，旺 季备货期有望开启，预期 Q4 主流调味品企业实现稳健增长可期。当 ...

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 受益于家电以旧换新等一系列消费政策的支持，国内消费逐渐恢复，其中餐 饮消费呈现平稳增长。我们判断随着国家系列经济刺激政策的落地，消费复 苏将是明年的确定性趋势，特别是餐饮产业链的复苏是明年食品饮料投资的 重要主线，建议重点关注调味品板块。 据国家统计数据，10 月份，我国社会消费品零售总额 45396 亿元，同比增长 4.8%，增速比上月加快 1.6 个百分点。10 月份社会消费品零售总额同比增速 创今年下半年以来的新高，并已连续两个月保持加快增长的态势。其中 10 月餐饮行业收入总额 4952 亿元，同比增长 3.2%，比上月加快 0.1 个百分点， 虽然月增速慢于年初，但是餐饮消费整体仍处于平稳增长。预期在各地消费 券刺激下，餐饮消费将有进一步的复苏空间。 我们认为随着餐饮消费的复苏，围绕餐饮产业的上下游需求都将有所恢复， 白酒、调味品、啤酒等行业整体需求处于逐步恢复当中。特别是调味品行业， 推测中秋后行业整体在去库存过程中，随着元旦、春节旺季消费的到来，旺 季备货期有望开启，预期 Q4 主流调味品企业实现稳健增长可期。当 ...

Core Viewpoints - The national liquor price index in mid-November 2024 showed a slight decline of 0.04%, with local liquor prices performing more steadily compared to famous brands [3][4] - Local leading liquor companies, especially those in the 100-300 price range, demonstrated stronger demand and price stability, suggesting a focus on these companies for potential recovery [4] - The liquor industry is expected to benefit from macroeconomic recovery and economic stimulus policies, with leading companies like Kweichow Moutai recommended for attention [4] Market Performance - In the food and beverage sector, the liquor sub-sector experienced a weekly decline of 5.11%, with notable underperformers including Shanxi Xinghuacun Fen Wine (-8.03%) and BaiRun Co (-10.44%) [5] - In the Hong Kong market, the consumer staples index fell by 1.40%, with key companies like China Feihe (-4.11%) and Budweiser APAC (-4.44%) showing declines [5] Real Estate Market - New home sales in 29 cities for the week of November 18-24 reached 3.768 million square meters, with a year-to-date cumulative sales area decline of 16.02% [19] - Second-hand home sales in 12 cities for the same week totaled 1.324 million square meters, with a year-to-date cumulative sales area increase of 5.79% [20] - Major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have abolished the distinction between ordinary and non-ordinary housing standards, effective December 1 [22] Livestock Industry - In October 2024, pig prices fluctuated, with live pig and pork prices averaging 18.25 yuan/kg and 29.85 yuan/kg, respectively, showing a month-on-month decline of 7.39% and 4.98% [24] - The pig farming industry is expected to maintain reasonable profitability in 2025, with leading companies like Muyuan Foods and Wen's Foodstuff Group showing strong performance [25][26] Economic News - National policies are supporting strategic emerging industries, advanced manufacturing, and new infrastructure, with insurance funds being directed towards these sectors [12][14] - The national housing provident fund loan limit in Guangzhou has been adjusted to 800,000 yuan for individual applicants, with additional benefits for families with multiple children [15]