Investment Rating - The investment rating for the communication industry is "Outperform the Market" [2] Core Insights - The communication industry has seen a decline of 1.91% from November 1 to November 29, 2024, while the overall market (CSI 300) increased by 0.66% during the same period [6][18] - The introduction of satellite direct connection technology in mobile phones is becoming widespread, which is expected to create significant market growth opportunities in the upstream supply chain [31][37] - The "Guzi Economy," driven by the rise of ACG (Anime, Comic, Game) culture, has gained traction, with a 13.96% increase in the IP economy index over the past week [5][57] Summary by Sections 1. Market Review - From November 1 to November 29, 2024, the CSI 300 index rose by 0.66%, while the communication industry fell by 1.91%. The computer and media sectors performed strongly, with increases of 4.39% and 6.65%, respectively [6][18] 2. Communication Industry 2.1 Domestic Telecom Business Volume - In October 2024, the domestic telecom business volume was 138.3 billion yuan, a year-on-year decrease of 12.29%. The cumulative telecom business revenue for the first ten months was 1,453.5 billion yuan, a year-on-year increase of 2.6% [22] 2.2 Satellite Direct Connection Technology - Satellite direct connection technology allows mobile devices to connect directly to satellites for data transmission, marking a significant advancement in communication technology. Major companies like Huawei and Apple are leading this development [31][37] 3. Computer Industry 3.1 Domestic Software Industry Revenue - In October 2024, the domestic software industry revenue reached 1,234.2 billion yuan, reflecting a year-on-year growth of 16.64% [38] 3.2 AI Agent Commercialization - The AI Agent product AutoGLM has undergone significant upgrades, enabling it to perform complex tasks and support automated operations across multiple applications [45][46] 4. Gaming Industry 4.1 Game Approval Status - In November 2024, 112 domestic online games were approved, including 104 mobile games, indicating a robust approval process for new gaming content [52] 4.2 Rise of the Guzi Economy - The Guzi Economy, which focuses on merchandise derived from ACG IPs, is rapidly growing, with a market size projected to reach 168.9 billion yuan in 2024, a year-on-year increase of 40.6% [57][65]

Investment Rating - The investment rating for the automotive industry is "Outperform" [2] Core Insights - The automotive market in China has shown continuous improvement, driven by national subsidy policies, exports, and the growth of the new energy vehicle (NEV) market, achieving both year-on-year and month-on-month growth [4][14] - In October 2024, China's total vehicle sales reached 3.053 million units, a year-on-year increase of 7% and a month-on-month increase of 8.7% [4][14] - Cumulative vehicle sales from January to October 2024 reached 24.624 million units, representing a year-on-year growth of 2.7% [4][14] - The NEV sales in China for October 2024 were 1.43 million units, marking a year-on-year increase of 49.6% [33][38] - The penetration rate of NEVs in China reached 46.84% in October 2024, with a cumulative penetration rate of 39.6% from January to October [33][38] Summary by Sections 1. Automotive Market - In October 2024, the production and sales of vehicles in China were 2.996 million and 3.053 million units respectively, with year-on-year increases of 3.6% and 7% [14][21] - Cumulative production and sales from January to October 2024 were 24.466 million and 24.624 million units, with year-on-year increases of 1.9% and 2.7% [14][21] - Passenger vehicle sales in October 2024 were 2.755 million units, up 10.7% year-on-year and 9.1% month-on-month [16][21] - Commercial vehicle sales in October 2024 were 298,000 units, down 18.3% year-on-year but up 5% month-on-month [16][21] 2. New Energy Vehicle Market - Global electric vehicle registrations reached 1.7063 million units in September 2024, with a month-on-month increase of 16.18% and a year-on-year increase of 32.16% [28][33] - In the first ten months of 2024, cumulative NEV sales in China reached 9.75 million units, a year-on-year increase of 33.9% [33][38] - NEV exports from China in October 2024 were 128,000 units, a year-on-year increase of 3.6% [38][40] 3. Lithium Battery Market - In October 2024, the total production of power and other batteries in China was 113.1 GWh, with a month-on-month increase of 1.6% and a year-on-year increase of 45.5% [51][54] - Cumulative battery production from January to October 2024 reached 847.5 GWh, with a year-on-year increase of 38.3% [51][54] - The sales volume of power batteries in October 2024 was 79.1 GWh, representing a year-on-year increase of 30.6% [54][60] 4. Industry Developments - The price of lithium carbonate has shown signs of recovery due to improved supply and demand, although overcapacity remains a concern [4] - Several intelligent driving companies are actively seeking financing to support research and development, indicating a potential acceleration in the development of the intelligent driving industry [4]

Investment Rating - The report rates the communication industry as "Outperform" [1] Core Insights - The communication industry maintained stable growth in Q3 2024, with significant performance from the optical module sector driven by strong AI computing demand [3][16] - The satellite internet sector faced challenges with slower project delivery and declining downstream demand, leading to revenue declines for many companies [21] - Major telecom operators like China Mobile, China Telecom, and China Unicom made notable progress in AI computing and digital transformation, contributing to steady performance in the sector [23] Summary by Sections Communication Industry - In Q3 2024, the communication industry achieved a total revenue of 612.25 billion yuan, a year-on-year increase of 2.9%, but a quarter-on-quarter decrease of 8.1% [16] - The optical module sector reported revenue of 52.69 billion yuan, up 29.3% year-on-year, and a net profit of 5 billion yuan, up 72.9% [16][19] - The satellite internet sector's revenue was 53.79 billion yuan, down 11% year-on-year, with a net profit of 3.33 billion yuan, down 21.66% [21] Computer Industry - The computer industry showed a mixed performance in Q3 2024, with total revenue of 296.34 billion yuan, a year-on-year increase of 4% but a net profit decline of 5.3% [29] - The computing power sector thrived, achieving revenue of 141.18 billion yuan, up 17.4% year-on-year, and a net profit of 1.18 billion yuan, up 656% [29] - The software sector's revenue was 1,278.9 billion yuan in September, a year-on-year increase of 2.81%, while profits fell by 4.58% [25] Gaming Industry - The gaming industry showed signs of recovery in Q3 2024, supported by government policies aimed at promoting healthy development [4] - However, leading gaming companies faced challenges as older games' profitability declined while new games were still in the promotion phase, leading to overall profit decreases [4]

Investment Rating - The investment rating for the power new energy sector is "Neutral" [51] Core Insights - The report highlights that the investment in power grid construction remains robust, with a total investment of 398.2 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 21.14% [7][9] - The total installed capacity for wind power reached 39.12 GW in the first nine months of 2024, marking a year-on-year increase of 16.85% [21] - The solar power sector saw a significant increase in installed capacity, with 160.88 GW added in the same period, representing a year-on-year growth of 24.77% [34] Summary by Sections 1. Power Grid and Power Source Information - The total investment in power grid construction for the first nine months of 2024 was 398.2 billion yuan, with a monthly investment of 65.2 billion yuan in September, showing a month-on-month increase of 70.23% [7][9] - The total investment in power sources reached 595.9 billion yuan, with a cumulative growth rate of 7.6% [7] - The total electricity consumption in the first three quarters was 7.41 trillion kWh, with a growth rate of 7.9% [9][10] 2. Wind Power - New wind power installations in the first nine months of 2024 totaled 39.12 GW, with a cumulative installed capacity of 479.55 GW, accounting for 15.16% of total power generation capacity [21] - In September alone, 5.51 GW of new installations were added, representing a year-on-year increase of 20.83% and a month-on-month increase of 48.92% [21] 3. Solar Power - The solar power sector added 160.88 GW of new installations in the first nine months of 2024, with a cumulative installed capacity of 772.92 GW, making up 24.46% of total power generation capacity [34] - In September, 20.89 GW of new installations were added, showing a year-on-year growth of 32.38% and a month-on-month increase of 26.91% [34] - Solar cell exports in September 2023 amounted to 2.014 billion USD, reflecting a year-on-year decline of 40.2% [34]

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1]. Core Insights - The report highlights that the food and beverage industry has shown resilience, with key players like Guizhou Moutai reporting steady revenue growth. Moutai's revenue for the first three quarters of 2024 reached 120.776 billion yuan, a year-on-year increase of 16.95%, while net profit grew by 15.04% to 60.828 billion yuan [2][12]. - The report notes a positive trend in the snack sector, with leading companies such as Three Squirrels and Jinzai Foods performing well due to growth in bulk snack channels and improved supply chain efficiencies [2][16]. - The beer production in China saw a slight increase in September 2024, with a production volume of 2.904 million kiloliters, marking a year-on-year growth of 1.4% [20]. - The dairy sector experienced a production increase of 2.1% in September 2024, with total production reaching 2.746 million tons [23]. - The cosmetics sector showed mixed results, with a decline in retail sales for cosmetics in September 2024, down 4.5% year-on-year, which lagged behind the overall retail growth [25]. Summary by Sections 1. Market Review - In September 2024, the food and beverage industry rose by 24.65%, outperforming the CSI 300 index by 3.68 percentage points [8]. 2. Key Developments in Food and Beverage and Beauty Care 2.1 Guizhou Moutai's Q3 Performance - Moutai's Q3 revenue was 38.845 billion yuan, a 15.29% increase year-on-year, with net profit rising by 13.23% to 19.132 billion yuan [12]. 2.2 Tmall Double Eleven Sales - Tmall's pre-sale and early purchase rankings for beauty products showed that domestic brands like Proya maintained strong positions [13][15]. 2.3 Snack Companies' Performance - Major snack companies reported strong Q3 results, driven by favorable market conditions and cost efficiencies [16]. 3. Industry Data Tracking 3.1 Baijiu - Baijiu production in September 2024 was 363,000 kiloliters, a 9.9% decrease year-on-year [17]. 3.2 Beer - The average import price of barley decreased by 16.9% to 249.71 USD per ton [20]. 3.3 Dairy Products - The average price of fresh milk was 3.13 yuan per kilogram, down 16.1% year-on-year [23]. 3.4 Cosmetics - The retail sales of cosmetics in September 2024 were 32.9 billion yuan, reflecting a year-on-year decline [25].

[Table_ReportDate] 2024 年 10 月 31 日 [Table_ReportIndustryName] 电力新能源 [Table_ReportName] 证券研究报告 —行业定期报告 [Table_IndustryRank] 投资评级：中性 相对指数表现 [Table_Chart] -0.75 -0.46 -0.17 0.11 0.40 0.69 电力设备 沪深300 [Table_ReportAuthors] 智能制造组 ybjieshou@eastmoney.com 分析师：王雪萌（分析师） 联系方式：0871-63577003 邮箱地址：wangxm@hongtastock.com 资格证书：S1200520120003 分析师：陈梦瑶（分析师） 邮箱地址：chenmy@hongtastock.com 资格证书：S1200521120002 [电网投资景气依旧 Table_Title] 风光水新增装机环比改善 报告摘要 [Table_Summary] 电网及电源设备：2024 年前三季度电网基本建设投资额为 3982 亿 元，同比增速为 21.14%；电源基本建设投资额达到 595 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The automotive market in China is experiencing a recovery, with September sales reaching 2.809 million units, a month-on-month increase of 14.5% and a year-on-year decrease of 1.7% [4][11] - New energy vehicle (NEV) sales in China for September reached 1.287 million units, representing a year-on-year growth of 42.3% [4][32] - The cumulative sales of NEVs in China from January to September amounted to 8.32 million units, with a year-on-year increase of 32.5% [4][33] - The penetration rate of NEVs in China reached 45.8% in September, with a cumulative penetration rate of 38.6% from January to September [4][32] Summary by Sections 1. Automotive Market - In September, the automotive market entered a traditional peak season, with a continuation of the national vehicle scrappage subsidy and competitive new product launches by automakers [4][11] - Cumulative automotive sales from January to September reached 21.571 million units, a year-on-year increase of 2.4% [4][11] - Exports of automobiles in September were 539,000 units, a year-on-year increase of 21.4% [4][15] 2. New Energy Vehicle Market - Global electric vehicle registrations reached 146.49 million units in August 2024, with a month-on-month increase of 9% and a year-on-year increase of 19% [4][24] - In Europe, NEV sales in August were 184,800 units, while in the U.S., NEV sales were 148,000 units, accounting for 10.1% of global NEV sales [4][26][28] - The sales structure of NEVs in China for September included 775,000 pure electric vehicles and 511,000 plug-in hybrid vehicles, with respective year-on-year growth rates of 23.8% and 84.2% [4][31] 3. Lithium Battery Market - In September, the production of power and other batteries in China reached 111.3 GWh, with a month-on-month increase of 9.9% and a year-on-year increase of 43.3% [4][43] - Cumulative production from January to September was 734.4 GWh, with a year-on-year increase of 37.3% [4][43] - Exports of power and other batteries in September totaled 20.2 GWh, with a year-on-year increase of 37.8% [4][49] 4. Industry Developments - The EU has approved a final anti-subsidy tax on electric vehicles originating from China, which is expected to impose tariffs of up to 45% [4][56] - The U.S. is proposing regulations to prohibit the sale or import of connected vehicles that integrate specific hardware and software from China or Russia [4][56]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is Neutral [2][30]. Core Insights - As of the end of Q3 2024, the pharmaceutical and biotechnology industry valuation remains at a near ten-year low, with a strong positive correlation between the industry's prosperity and national fiscal policies. The implementation of the national "package" incremental policies is expected to lead to valuation recovery in Q4 [2][25]. - Key segments to focus on include innovative drugs, blood products, and medical device equipment [2][25]. Summary by Sections 1. Industry Market Review - The pharmaceutical and biotechnology industry has seen an overall decline of 2.5% year-to-date, underperforming the CSI 300 index, which has increased by 27.3% [9]. - Among sub-sectors, raw materials (+26.9%), chemical pharmaceuticals (+9.8%), and pharmaceutical distribution (+5.5%) showed the highest gains, while other medical services (-39.8%), offline pharmacies (-33.9%), and diagnostic services (-24.8%) faced the largest declines [11]. 2. Key Events and Policy Commentary - On October 16, 2024, the Shanxi Provincial Drug and Medical Device Centralized Procurement Center announced the 10th batch of national centralized procurement, including 62 varieties and 263 specifications, with a total terminal sales scale exceeding 55 billion [18]. - The procurement list includes a significant number of injection products, indicating a focus on essential medications [18]. 3. Industry Investment Strategy - The report emphasizes the importance of focusing on innovative drugs, blood products, and medical device equipment due to the current market conditions and policy directions [25][27]. - For innovative drugs, the industry is facing challenges such as crowded pipelines and uncertainties from medical reform policies, leading to a historical low in valuations. The report suggests monitoring large pharmaceutical companies with strong cash flow and R&D capabilities, such as Hengrui Medicine, BeiGene, and Kelun Pharmaceutical [25][27]. - In the blood products sector, the report highlights the supply constraints due to the reliance on human plasma and suggests focusing on leading companies like TianTan Biological and Boya Bio-Pharmaceuticals [27]. - The medical device sector is expected to recover due to recent fiscal policies, with a recommendation to focus on domestic leading companies like Mindray Medical, United Imaging, and Aohua Endoscopy [27].

Investment Rating - The investment rating for the industry is "Neutral," indicating that the industry index is expected to fluctuate between a 10% gain and a 10% loss relative to the broader market over the next six months [47]. Core Insights - The report highlights a significant rebound in the A-share market, with the Shanghai and Shenzhen 300 Index rising by 20.97% from September 1 to September 30, 2024. The communication sector saw a 24.6% increase, while the computer sector rose by 34.93% [11][14]. - The report notes that the domestic telecom business volume decreased by 8.24% in August 2024, but the cumulative revenue for the first eight months grew by 2.7% year-on-year [15]. - In the optical cable sector, the concentration of suppliers has increased due to a reduction in the number of winning bids in 2024, which is expected to accelerate industry consolidation and benefit leading companies [20][27]. Summary by Sections 1. Market Review - The A-share market experienced a broad rally, with all sectors showing gains, particularly the communication and computer sectors [11][14]. 2. Communication Industry - The domestic telecom business volume was 137.8 billion yuan in August 2024, reflecting an 8.24% year-on-year decline. However, the cumulative revenue for the first eight months reached 1,173.2 billion yuan, marking a 2.7% increase [15]. - The optical cable market is undergoing consolidation, with a decrease in the number of suppliers winning bids, which is expected to enhance the market position of leading firms [20][27]. 3. Computer Industry - The domestic software industry generated revenue of 1,206.3 billion yuan in August 2024, representing a year-on-year growth of 13.72% [28]. - The HarmonyOS NEXT system by Huawei was launched for public testing, with over 1 million applications already available, indicating a significant upgrade in performance and capabilities [32][35]. 4. Gaming Industry - In September 2024, 109 domestic online games received approval, with a notable increase in the number of game licenses issued compared to the previous year [36]. - The gaming market in China saw sales revenue of 33.64 billion yuan in August 2024, reflecting a 21.01% month-on-month increase and a 15.10% year-on-year increase [37]. - The overseas revenue from Chinese self-developed games reached 8.554 billion USD in the first half of 2024, showing a year-on-year growth of 4.24% [39][41].

2024-09-14 未经红塔证券许可 [Table_ReportDate] 2024 年 09 月 14 日 [Table_ReportName] 证券研究报告 —策略深度报告 宏观总量组 [Table_ReportAuthors] 分析师：杨欣（分析师） 联系方式：0871-63577091 邮箱地址：yangxin@hongtastock.com 资格证书：S1200522090001 [Table_Title] 8 月经济指标凸显需求有待提振 报告摘要 [Table_Summary] 2024 年 8 月份的经济数据相较于 7 月份显示出一定的疲软迹象。 其中，经济增长的主要支撑点在于出口的强劲表现、政策推动的设备更 新与消费品以旧换新，以及中央政府项目投资的稳步推进。这些领域的 发展在一定程度上缓解了经济增长的压力。 然而，消费市场疲软、房地产市场持续低迷以及地方基建投资承压 的结构性问题依旧存在。 此外，城镇调查失业率出现了超季节性的小幅上升，这一信号值得 关注。当前，居民对未来收入和就业的信心比较低迷。为防止失业率的 上升进一步制约消费和投资，以及为了及时打破"居民有效需求不足-企业降本增效-居 ...