Investment Rating - The report rates the intelligent driving chip industry as "positive" based on its expected performance relative to market benchmarks [64]. Core Insights - The intelligent driving chip industry is poised for rapid development due to ongoing technological advancements and increasing market penetration of autonomous vehicles [7][55]. - The global penetration rate of autonomous passenger vehicles reached 69.8% in 2023, with projections indicating it will rise to 87.9% by 2028 [37]. - The Chinese automotive-grade SoC market is expected to grow from 26.7 billion RMB in 2023 to 102 billion RMB by 2028, indicating a significant growth trajectory [38]. Summary by Sections Q1: What is Intelligent Driving Chip? - Intelligent driving chips include MCU and SoC, with SoC being the mainstream due to its integration of multiple components into a single chip, enhancing performance and efficiency [6][10]. Q2: Advantages and Challenges of Intelligent Driving SoC Chips - Advantages of SoC include reduced size, lower costs, low power consumption, and enhanced system functionality [15]. - Challenges include manufacturing, packaging, and testing bottlenecks that need to be addressed for further development [16]. Q3: Trends in Intelligent Driving Chips - The transition from MCU to SoC is ongoing, with SoC expected to meet the increasing computational demands of higher levels of autonomous driving [7][24]. - The report highlights the importance of software and hardware integration for the advancement of intelligent driving systems [33]. Q4: Market Space and Competitive Landscape of Intelligent Driving Chips - The global sales of autonomous passenger vehicles are projected to reach 68.8 million units by 2028, with significant growth in China [37]. - The report notes that the domestic SoC market participants currently hold only 7.6% market share, indicating substantial room for growth in domestic production [40]. Q5: Beneficiaries of Intelligent Driving SoC Development - The production segment is expected to benefit significantly, with domestic suppliers likely to emerge as key players due to their competitive advantages [48]. - Companies such as Horizon Robotics, Black Sesame Intelligence, and others are identified as potential beneficiaries of the growth in the intelligent driving chip sector [55].

Investment Rating - The report gives a "Buy" rating for Poly Developments [1]. Core Views - Poly Developments maintains a strong position as an industry leader, focusing on a "central city + urban cluster" strategy to deepen its market presence [2][6]. - The company achieved a revenue of 346.83 billion yuan in 2023, with a year-on-year growth of 23.4%, and its real estate business generated 322.5 billion yuan, growing by 25.7% [1][16]. - In the first half of 2024, the company reported a signed sales amount of 173.34 billion yuan, although this represented a year-on-year decline of 26.8% [2][6]. Summary by Sections Company Overview - Poly Developments primarily engages in real estate investment and development, with a business model that includes property services and financial services [4][11]. - The company has maintained its status as the leading central enterprise in the real estate sector for 15 consecutive years [4]. Strategy and Management - The company adheres to a forward-looking strategic planning approach, which has guided its operations through various economic cycles [16][22]. - The strategic focus has evolved through three major phases since 2002, adapting to market conditions and opportunities [20][21]. Main Business Operations - The "central city + urban cluster" strategy has led to a significant increase in market share, with the sales market share rising from 2.94% in 2021 to 3.68% in the first half of 2024 [2][6]. - The company has effectively controlled its investment pace, with land acquisition intensity dropping to 7.3% in the first half of 2024, while focusing on high-energy cities [2][8]. Financial Overview - The forecast for net profit attributable to shareholders for 2024-2026 is 11.04 billion, 11.55 billion, and 13.17 billion yuan, respectively, with corresponding EPS of 0.92, 0.97, and 1.10 yuan [3][6]. - The company’s financial structure remains robust, with a net debt ratio of 66.0% as of the third quarter of 2024, reflecting a slight increase from the previous year [22].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][5]. Core Views - The acquisition of a 55% stake in Henan Yuexiu Pinglin Expressway Co., Ltd. for 758 million yuan is expected to significantly enhance the company's performance, with an internal rate of return of 9.2% [1][2][3]. - The Pinglin Expressway is strategically located as part of the G36 Ningluo Expressway, serving as a major logistics corridor connecting various regions [1]. - The company plans to sell a 60% stake in Tianjin Jinxiong Expressway for no less than 191 million yuan, which is expected to generate one-time gains and improve net profit in the year of sale [4]. Summary by Sections Acquisition Details - The acquisition price of 758 million yuan represents a 3.6% discount to the market valuation of 787 million yuan, indicating a reasonable purchase price [1][2]. - The Pinglin Expressway has a total length of 106.45 kilometers and a remaining toll collection period of approximately 9 years [1]. Financial Performance - The Pinglin Expressway generated revenue of 482 million yuan and a net profit of 119 million yuan from its establishment until the end of 2023, with a stable profit outlook [3]. - For the first seven months of 2024, the expressway achieved revenue of 304 million yuan and a net profit of 80 million yuan, suggesting a projected annual net profit contribution of approximately 76 million yuan to the company post-acquisition [3]. Profit Forecast and Recommendations - The company’s net profit is projected to be 656 million yuan, 738 million yuan, and 769 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.39, 0.44, and 0.46 yuan [4][7]. - The report anticipates that the completion of the acquisition will further enhance earnings in 2025 and beyond [4].

Industry Investment Rating - The report maintains a positive outlook on the banking industry [1] Core Views - The excessive competition in the deposit and loan markets is expected to ease, and the net interest margin (NIM) is projected to stabilize gradually [2] - The average interest rate for newly issued corporate loans and personal housing loans in September decreased by 12bp and 14bp to 3.51% and 3.31%, respectively, reaching historical lows [2] - The central bank believes that the NIM is a significant constraint on monetary policy space, and future policies may guide financial institutions to enhance the linkage between asset and liability interest rate adjustments to maintain a reasonable NIM level [2] - The M1 statistical caliber may be revised, and the role of monetary aggregates in indicating economic activity is declining [3] - The banking sector is in a comfortable stage for allocation, with low valuations, high and stable dividend yields, and most negative factors already priced in [3] Industry Overview - The banking industry has 48 listed companies, with a total market capitalization of 12,465.579 billion yuan, up 12.68% year-on-year [1] - The circulating market capitalization is 8,567.236 billion yuan, an increase of 10.75% year-on-year [1] - The industry's average price-to-earnings ratio is 5.94 [1] Investment Strategy - Short-term focus on cyclical and high-growth stocks, particularly leading banks in strong economic regions such as Ningbo Bank, Hangzhou Bank, Jiangsu Bank, and Changshu Bank [3] - Long-term focus on stable high-dividend stocks, especially state-owned banks, as the fiscal plan to issue special treasury bonds to supplement their core tier-1 capital will enhance the stability and sustainability of future dividends [3] Future Industry Events - Mid-November: Release of October social financing and financial data [4]

Macro Analysis - The economic fundamentals are expected to improve in stages, with consumption data likely to show improvement in Q4 due to the implementation of consumption stimulus policies [1] - Current fiscal policies focus on local government debt reduction, alleviating fiscal pressure and creating space for economic development [1] - The Minister of Finance has indicated a rapid increase in bond issuance to quickly generate physical work volume, making a GDP rebound in Q4 a high probability event [1] - The upcoming National People's Congress meeting in early November is a key date to watch for potential fiscal stimulus policies [1][21] A-Share Strategy - The A-share market is currently in the second phase of a bull market, characterized by strong fluctuations and a recovery in market confidence [2] - The market is experiencing healthy rotation among sectors, with a focus on restructuring and technology, leading to good participation and profit-making effects [2] - The upcoming U.S. election results and the National People's Congress meeting are expected to reduce market uncertainties, supporting stable industry development [2] Bond Market - The bond market is anticipated to experience range-bound fluctuations, with low interest rates required due to unstable confidence and insufficient demand [3] - Short-term opportunities are favored, particularly in interbank certificates of deposit and short-duration credit varieties [3] - The expected yield range for 10Y and 30Y government bonds is approximately 2.10%-2.20% and 2.25%-2.35% respectively [3] Airborne Imaging Industry - Airborne imaging is a non-contact imaging technology that does not require a medium for image formation, utilizing flat lenses and various advanced techniques [30] - Compared to holographic projection, airborne imaging has advantages in application principles, lack of medium, and key technologies [30][31] - The technology is expected to see growth in various applications, including home, exhibition, automotive, medical, and educational sectors [31] - The market for smart cockpit solutions incorporating airborne imaging technology is projected to reach 212.7 billion yuan by 2026, with a compound annual growth rate of approximately 17% [32] Food and Beverage Industry - The white liquor sector is facing pressure in Q3 2024, with overall performance impacted by weak demand during the Mid-Autumn Festival [26] - The industry is expected to recover in Q4, with economic stimulus policies likely to enhance consumer demand [27] - Recommendations include focusing on leading companies with increasing market share, such as Guizhou Moutai and Wuliangye [28]

东兴证券研究报告 首席周观点：2024年第45周 P1 首席周观点：2024 年第 45 周2024 年 11 月 8 日 首席观点 周度观点 康明怡 | 东兴证券宏观分析师 S1480519090001，021-25102911，kangmy@dxzq.net.cn 宏观：特朗普回归，美国通胀路径并不明确 特朗普再次当选表明美国社会对通胀和移民容忍度降低。通胀是民主党在选情中最大的软肋， 实际生活成本的通胀压力可能并不与宏观数据一致。在没有出现失业率攀升经济衰退的背景 下，当权党派输掉竞选的情况比较少见。特朗普再次当选，传统蓝州民主党得票率也不及传 统红州共和党得票率，形成"红潮"，共和党取得参议院主导地位，这反映了美国社会生态变 化，促使美国从自由主义再次转向保守，回归"常识"。 特朗普政策推行阻力较小。由于共和党赢得参议院，特朗普政策落地概率提高，如对外关税、 对内减税、减少监管等会进一步加强。马斯克的加入可能对联邦政府改革带来新的变数，政 策可能更加务实，注重效果。但在特朗普第一任期内，不乏有企业界的高管加入，也不乏有 短期内离职的情况。 货币政策取决于通胀，但未来通胀压力并不明确。尽管市场认为特朗普 ...

宏 观 研 究 2024 年 11 月 8 日 宏观经济 事件点评 分析师 康明怡 电话：021-25102911 邮箱：kangmy@dxzq.net.cn 执业证书编号：S1480519090001 未来通胀路径并不一定上行，降息并未结 束 ——11 月美国 FOMC 点评 事件： 美联储降息 25bp，联邦利率从 4.75%~5%降至 4. 5%~4.75%。 主要观点： 1、 鲍威尔认为当前美国经济和就业处于刚刚好的位置，加息没有进入视野，政策利率水平仍处于限制区域。 2、 未来通胀路径并不一定上行，政策利率最终仍有可能降至 4%，但不排除节奏上有所调整。 3、 美国十年期国债利率维持上限 4.6~4.85%，模型不支持突破 5%，期限利差倒挂有望完全修复。 4、 维持美股中性略偏积极，即长线仓位不变，大选后短线仓位可以尝试。 鲍威尔认为美国当前经济和就业处于刚刚好的位置，加息没有进入视野，政策利率仍处于限制区域。记者会聚焦 12 月是否 继续降息，以及明年加息的可能。鲍威尔表示未来的降息节奏将保持灵活，不想太快也不想太慢。他看到经济下行的风险有 所降低，虽然近期 CPI 数据略高于预期，但整体尚可。 ...

Industry Overview - Air imaging is an advanced optical imaging technology that forms real images without the need for a medium, utilizing principles such as inverse reflection, AI panels, light integration, and computational light fields [3][7] - The core product enabling air imaging is the flat lens, which can be made of glass or resin, with glass lenses offering superior imaging quality while resin lenses are more cost-effective [8][20] - Air imaging differs from holographic projection in application principles, medium requirements, and key technologies, with air imaging not requiring a medium and enabling human-machine interaction [12][13] Technical Advantages and Applications - Air imaging offers three main advantages: non-contact interaction, novelty, and privacy protection, with applications in home, exhibition, automotive, medical, public facilities, education, and government services [4][16] - The technology faces barriers in precision, particularly in lens processing and interactive accuracy, which are crucial for image clarity and user experience [16] - Specific applications include non-contact medical kiosks, air teleprompters, non-contact surgical image viewers, and high-repetition-rate nanosecond lasers [17] Industry Players and Market Dynamics - Key players in the air imaging industry include ASKA3D (Japan), Dongchao Technology, Prism Holography, Xianghang Technology, and Yanshi Technology, with ASKA3D being a global leader [4][19][21] - The smart cockpit market in China is expected to grow from 1127 billion yuan in 2022 to 2127 billion yuan by 2026, with a CAGR of 17%, driven by the adoption of air imaging technology in automotive applications [28][29] - Major automotive manufacturers such as Huawei, BMW, Toyota, and Geely have already adopted air imaging technology, with Huawei's next-generation AITO models set to feature this technology [28][30] Investment Recommendations - The air imaging industry is poised for growth, with the ecosystem gradually maturing through collaboration among content creators, equipment manufacturers, and technical support providers [5][33] - Recommended investment targets include Weishi Electronics, Yidao Information, Shikong Technology, Zhongguang Optics, and Kaisheng Technology, with Weishi Electronics being the top pick [5][33]

Investment Rating - The industry investment rating for the food and beverage sector is "Positive" [1] Core Insights - The white liquor sector's performance in Q3 2024 has been under pressure due to weakened demand during the Mid-Autumn Festival, with revenue and profit growth rates declining compared to the previous quarter. High-end liquor remains stable, while mid-range and real estate liquor show increasing performance divergence. The recovery trend in the white liquor industry is expected to be validated during the upcoming Spring Festival [2][9] - Economic stimulus policies are anticipated to lead to a turning point for the food and beverage industry, with demand expected to improve in the coming months. The Spring Festival is seen as a critical period for verifying changes in industry prosperity [3][10] - Companies with increasing market share, such as Kweichow Moutai and Wuliangye, are recommended for investment as demand improves and valuations recover [3][10] Summary by Sections Industry Overview - The food and beverage industry consists of 126 listed companies, with a total market capitalization of approximately 48,728.19 billion yuan and a circulating market capitalization of about 47,283.13 billion yuan. The average price-to-earnings ratio for the industry is 21.84 [1] Market Performance - Weekly performance across sub-sectors shows: Other Foods +5.50%, Dairy +4.05%, Seasoning and Fermented Products +3.97%, White Liquor -0.05%, Meat Products -0.31%, Beer -0.49%, Yellow Wine (Yangtze) -1.16%, Soft Drinks -2.51%, Other Alcoholic Beverages -3.20% [4][11] - In the liquor sector, the top five performing companies were: Lanzhou Yellow River +16.84%, Huangtai Liquor +15.06%, Shui Jing Fang +9.10%, Hainan Coconut Island +8.49%, Shanxi Fenjiu +7.06%. The bottom five were: Weilang Co. -9.84%, Yingjia Gongjiu -7.84%, Kouzi Jiu -7.38%, Yanghe Co. -6.74%, Qingdao Beer -6.27% [4][12] Company Performance - Notable company earnings reports include: - Anqi Yeast: Revenue of 10.912 billion yuan, up 13.05% YoY [17] - Hengshun Vinegar: Revenue of 1.531 billion yuan, down 6.51% YoY [18] - Water Well Square: Revenue of 3.788 billion yuan, up 5.56% YoY [19] - Shanxi Fenjiu: Revenue of 31.358 billion yuan, up 17.25% YoY [19] - Yili Group: Revenue of 89.039 billion yuan, down 8.59% YoY [21] Upcoming Events - Key upcoming events include shareholder meetings and stock issuance for various companies, which may impact market dynamics [6][24]

行 业 研 究 分析师：刘嘉玮 010-66554043 liujw_yjs@dxzq.net.cn 执业证书编号： S1480519050001 非银行金融行业：上交所 10 月新开 户数创年内新高，增量资金有望持 续进场 事件：近日，上交所披露 2024 年 1-10 月 A 股、B 股和基金的开户情况。其中， 10 月单月 A 股开户数达到 684.68 万户，B 股开户数为 0.07 万户，基金开户 数为 54.65 万户。 点评： 从 10 月单月数据看，投资者开户数达到年内高点。上交所 10 月单月 A 股开 户数达到 684.68 万户，环比增长 275%；B 股开户数为 0.07 万户，环比增长 133%；基金开户数为 54.65 万户，环比增长 139%。各统计项的增速均较 9 月进一步上升。从细分数据看，10 月新开户数主要由个人投资者贡献，其中 机构投资者开立股票账户总量和开立 A 股账户数量环比增长约 25%，均远低 于个人投资者股票和 A 股账户开户数增速（275%）。此外，10 月机构投资者 开立股票和 A 股账户数量均低于 1 月和 3 月水平，而个人投资者开立股票和 A 股账户 ...