Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The annualized yield for cash management financial products over the past 7 days is 1.69%, which represents a decrease of 4 basis points from the previous week [6][8]. - The annualized yield for money market funds is 1.51%, down 3 basis points from the previous week, with the yield gap between cash management products and money market funds narrowing to 18 basis points, a reduction of 1 basis point from the prior week [6][8]. - The annualized yield for non-cash fixed income financial products over the past month is 2.20%, down 21 basis points from the previous week [2][6]. - The annualized yield for closed-end fixed income products with a maturity of 6-12 months is 3.35%, down 4 basis points from the previous week [2][6]. - The annualized yield for closed-end fixed income products with a maturity of 1-3 years is 3.77%, which has increased by 1 basis point from the previous week [2][6]. Summary by Sections 1. Cash Management Product 7-Day Annualized Yield - As of October 27, 2024, the 7-day annualized yield for cash management financial products is 1.69%, a decrease of 4 basis points from the previous week [6][8]. 2. Performance Review of Financial Products Issued by Financial Companies - The report indicates that the annualized yield for non-cash fixed income financial products over the past month is 2.20%, down 21 basis points from the previous week [2][6]. - The annualized yield for closed-end fixed income products with a maturity of 6-12 months is 3.35%, down 4 basis points from the previous week [2][6]. - The annualized yield for closed-end fixed income products with a maturity of 1-3 years is 3.77%, which has increased by 1 basis point from the previous week [2][6]. 3. Maturity and Compliance Status of Financial Products - From October 21 to October 27, 2024, the total scale of maturing products from financial companies is 258 billion, with an average compliance rate of 53%, a decrease of 5 percentage points from the previous week [2][8]. - Financial companies with a 100% compliance rate include Hengfeng Wealth Management, BlackRock Jianxin Wealth Management, and Goldman Sachs ICBC Wealth Management [2][8]. - Closed-end products show a better compliance rate, averaging 82%, which is higher than the overall compliance rate [2][8].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [3] Core Insights - The domestic automotive market is experiencing strong growth in new energy vehicles (NEVs), with production and sales in September 2024 reaching 1.307 million and 1.287 million units, respectively, marking year-on-year increases of 48.8% and 42.3% [2][39] - The first domestic all-solid-state lithium battery production line has officially commenced operations, representing a significant advancement in battery technology with higher safety and energy density compared to traditional liquid lithium batteries [2][39] Summary by Sections 1. Industry Weekly Data Tracking 1.1. Upstream Materials - The average price of industrial-grade lithium carbonate is 69,500 CNY/ton, down 1.42% from the previous week, while battery-grade lithium carbonate averages 72,500 CNY/ton, down 1.36% [9][10] - The market for lithium hydroxide is stable, with battery-grade prices ranging from 66,000 to 71,000 CNY/ton [14][15] 1.2. Midstream Materials - The price of ternary materials has decreased, with 523 single crystal materials priced at 108,500 CNY/ton, down 0.1 million CNY/ton, and 622 polycrystalline materials at 107,000 CNY/ton, down 0.2 million CNY/ton [17][18] - The negative electrode material market remains stable, with a reference price of 32,378 CNY/ton [21][23] 1.3. Downstream Cells - The average price of square power cells (ternary) is 0.46 CNY/Wh, while phosphate iron lithium cells are priced at 0.37 CNY/Wh, both remaining stable [37][38] - In September 2024, the total production of power and other batteries reached 111.3 GWh, with a year-on-year increase of 43.3% [37][38] 2. Industry Dynamics - The first all-solid-state lithium battery production line, built by Beijing Pure Lithium New Energy Technology Co., has a target capacity of 200 MWh, capable of charging 200,000 two-wheeled vehicles simultaneously [2][39][40]

Investment Rating - The investment rating for the iron ore industry is "Recommended (Maintained)" [4] Core Viewpoints - The report indicates that both supply and demand for iron ore have increased, with iron ore prices experiencing fluctuations downward due to supply growth outpacing demand growth [3][4] - The average iron ore price index (62% Fe: CFR: Qingdao Port) for the week was $100 per ton, a decrease of $3.61 per ton or 3.48% compared to the previous week [3][6] - Steel mills are maintaining low inventory levels while port inventories are at a high level, indicating a potential supply pressure in the market [4][6] Supply Summary - For the week of October 19-25, 2024, iron ore supply from Australia and Brazil increased by 2.01% and 3.4% respectively, with total shipments to China reaching 19.268 million tons, a 5.83% increase [1][6] - The total port inventory of imported iron ore across 45 ports was 153 million tons, a 0.29% increase week-on-week and a 35.8% increase year-on-year [4][6] Demand Summary - The average daily consumption of imported iron ore by 247 steel enterprises was 2.9084 million tons, a 0.66% increase week-on-week, while the average daily pig iron production rose to 2.3569 million tons, marking the eighth consecutive week of growth [2][6] - The capacity utilization rate of blast furnaces was 88.48%, up by 0.49 percentage points, and the operating rate was 82.14%, an increase of 0.46 percentage points [2][6] Price and Profitability Summary - The report notes that despite the increase in production and consumption, the profitability of steel enterprises has declined to 64.94%, a decrease of 9.52 percentage points [2][6] - The high port inventories and the ongoing supply pressure are expected to limit the upward movement of iron ore prices, with macroeconomic sentiment likely to play a significant role in price fluctuations [3][4]

Investment Rating - The investment rating for the steel industry is "Recommended (Maintain)" [3] Core Viewpoints - The steel industry is experiencing a slowdown in inventory destocking, with a slight increase in plate consumption by 0.5% week-on-week [1] - The overall supply of steel is expanding, while demand is decreasing, leading to a downward trend in steel prices and a rapid decline in profitability for steel companies [5] - The report highlights that the production of long products is increasing at a higher rate than that of flat products, indicating a shift in production focus [1][3] Summary by Sections Supply - The average daily pig iron output increased to 2.3569 million tons, a week-on-week rise of 0.57% [1] - The operating rate of blast furnaces rose to 82.14%, up by 0.46 percentage points [1] - Total production of the five major steel products reached 8.8058 million tons, with long products increasing by 1.7% and flat products by 0.3% [1] Consumption - Apparent consumption of the five major steel products decreased by 1.9%, primarily driven by a decline in long products [2] - Apparent consumption of long products totaled 3.3706 million tons, down 5.6%, while plate consumption increased slightly by 0.5% to 5.5674 million tons [2] Prices and Profitability - The comprehensive steel price index fell to 98.57 points, a decrease of 3.53 points week-on-week [2] - The profitability of steel companies dropped to 64.94%, a decline of 9.52 percentage points [2] - The profit margins for rebar turned negative, while hot-rolled products saw an expanded loss, and cold-rolled products remained profitable [4][5] Inventory - Total steel inventory (including social and factory inventory) was 12.5932 million tons, with a week-on-week decrease of 1% [3] - Factory inventory increased by 3.7%, while social inventory decreased by 3.2%, indicating a mixed inventory trend [3] Industry News and Company Dynamics - Notable company reports include Nanjing Steel's revenue of 49.291 billion yuan and net profit of 1.753 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 5.31% [21] - Shagang Group reported a total revenue of 10.807 billion yuan, a year-on-year decline of 6.29% [22]

2024 年 10 月 27 日 证券研究报告 | 策略周报 政策继续发力，市场活力进一步释放 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 1、《震荡整固之后，双创再度大幅拉升 —策略周报》2024-10-20 2、《财政部传递"渐进式"加码信号， 夯实中长期慢牛基础—策略周报》 2024-10-13 3、《长假期间国内外大事速递—策略周 报》2024-10-07 4、《美联储降息落地，市场情绪边际改 善—策略周报》2024-09-22 5、《节前情绪低迷，量价再临冰点 —策 略周报》2024-09-17 投资要点 基本面回顾与资产配置展望：本周特朗普民调支持率上升，"特朗普交易"明显 升温，美元走强，美债收益率上行。不过当前美国多数关键摇摆州的支持率差距保 持在 2%以内，美国大选结果仍然具有不确定性。10 月 21 日 1 年期 LPR 和 5 年期以 上 LPR 报价均下调了 25 个基点。9 月以来政策发力仍在持续，此次降幅超出预 期，将对居民信贷和消费领域形成积极影响，年内 LPR 继续下 ...

Investment Rating - The report maintains a "Recommended" investment rating for the magnesium industry [2]. Core Insights - The magnesium industry is experiencing a significant recovery in downstream demand, with the production of magnesium alloy ingots showing a notable increase. The average magnesium ingot price has risen to 19,577.89 yuan/ton, reflecting a 0.95% increase month-on-month [1][2]. - The production of magnesium powder has increased by 6.08% to 8,212 tons, while the export price of magnesium powder has risen by 2.36% to 2,804.74 USD/ton [2]. - The automotive sector is driving demand, with national automobile production reaching 2,796,283 units in September, a 12.2% increase from the previous month [2][5]. Summary by Sections 1. Monthly Data Changes in the Magnesium Industry - The average price of raw coal in Shaanxi increased by 1.05% to 932.38 yuan/ton, while the operating rate decreased by 8.63% to 51.14% [5]. - The production cost of raw coal decreased by 1.57% to 1,302.85 yuan/ton [5]. - The production of primary magnesium increased by 0.74% to 76,920 tons, with a corresponding increase in average magnesium ingot prices [5]. 2. Monthly Data Trends in the Magnesium Industry - The report highlights a significant increase in imports and exports of magnesium products, with imports rising by 155.56% to 20.47 tons and exports increasing by 21.55% to 307.57 tons [5]. - The production of aluminum alloy ingots increased by 7.96% to 131,500 tons, indicating a recovery in demand from the automotive sector [5]. 3. Industry Outlook - The establishment of the largest rare earth production base in Baotou is expected to enhance resource recycling, including magnesium, carbon dioxide, and water, which may positively impact the magnesium industry [1]. - The report suggests focusing on magnesium production segments with low-carbon smelting technology and high-end magnesium alloy research advantages, particularly in the automotive and 3C markets [1].

Investment Rating - Investment rating: "Recommended" (maintained) [3] Core Viewpoints - Steel supply continued to decline in September, with demand showing a "peak season not booming" situation, leading to a slow recovery in steel production [8][19] - Despite a slight improvement in steel enterprise profitability, the overall profit margin remains below 10%, suppressing production enthusiasm among steel mills [2][3] - The macroeconomic policies introduced in late September are expected to gradually improve terminal demand for steel, providing upward momentum for steel prices [2][3] Summary by Sections 1. September Steel Supply and Demand - In September, crude steel production was 77.07 million tons, down 6.1% year-on-year, while steel product output was 117.31 million tons, down 0.4% year-on-year [8][11] - The average weekly apparent consumption of five major steel products was 8.76 million tons, down 7.5% year-on-year [12][13] - Inventory levels for various steel products decreased significantly, with rebar inventory down 30.3% compared to the end of August [10][11] 2. October Macroeconomic Policies - The introduction of favorable policies related to real estate is expected to stabilize the construction industry gradually [19][21] - Infrastructure investment growth remains relatively stable, with 2.3 trillion yuan in special bond funds available for use in the next three months [25][26] 3. Steel Mill Production and Raw Material Prices - Steel mills are experiencing slow recovery in production, with raw material prices showing a downward trend [3][4] - The average profit margin for steel mills improved slightly to 9.74% in September, but profitability remains a concern [2][3] 4. Improvement in Profitability - The average profit for rebar, hot-rolled, and cold-rolled steel products showed signs of narrowing losses, with rebar profit improving by over 200 yuan per ton [2][3] - As of October 18, the profitability of steel enterprises rebounded to 74.46%, indicating a potential increase in production enthusiasm [2][3] 5. Steel Price Trends - The steel price index for September was 91.26, down 2.6% month-on-month and down 16.3% year-on-year, indicating a slight decline in prices [14][15] - Prices for long products showed better performance compared to flat products, with rebar prices increasing by 2.2% month-on-month [15][16]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The adjustment in deposit rates by major banks is aimed at stabilizing net interest margins while responding to market conditions [5][6] - The performance of wealth management products is stabilizing as the impact of bond market adjustments diminishes [2][11] Summary by Sections 1. Deposit Rate Adjustment - On October 18, major state-owned banks announced a reduction in RMB deposit rates, with the interest rate for demand deposits dropping from 0.15% to 0.1% and term deposit rates decreasing by 25 basis points [5][6] - This marks the fifth reduction in deposit rates by major banks in 2023, with significant cuts in long-term deposit rates, totaling a cumulative reduction of 110 basis points for 3-year and 5-year deposits [5][6] 2. Cash Management Product 7-Day Annualized Yield - As of October 20, 2024, the 7-day annualized yield for cash management products was 1.73%, a decrease of 2 basis points from the previous week [8] - The yield for money market funds remained stable at 1.54%, resulting in a narrowing yield gap of 19 basis points between cash management products and money market funds [8] 3. Wealth Management Product Performance Review - As of October 20, 2024, the annualized yield for daily open fixed-income non-cash wealth management products was 2.41%, an increase of 24 basis points from the previous week [10] - The annualized yield for closed 6-12 month fixed-income wealth management products was 3.39%, up 14 basis points, while the yield for closed 1-3 year fixed-income products was 3.76%, an increase of 7 basis points [10] 4. Wealth Management Product Expiry and Compliance Rates - From October 14 to October 20, 2024, the scale of expired products from wealth management companies was 260.1 billion, with an average compliance rate of 58%, up 13 percentage points from the previous week [11][12] - The compliance rate for closed products was notably higher at 79%, outperforming the overall compliance rate [11][12]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The adjustment in deposit rates by major state-owned banks is the fifth reduction in 2023, with significant cuts in long-term deposit rates, particularly a cumulative reduction of 110 basis points for 3-year and 5-year deposits [5][6] - The recent decline in deposit rates is part of a broader strategy to stabilize net interest margins for commercial banks, following a reduction in the central bank's policy rates [5][6] - The performance of wealth management products is stabilizing, with an increase in the average compliance rate of maturing products to 58%, up 13 percentage points from the previous week [11] Summary by Sections 1. Deposit Rate Adjustment - On October 18, major state-owned banks announced a reduction in RMB deposit rates, affecting both demand and time deposits, with the one-year deposit rate adjusted to 1.10% [5][6] - Following the state-owned banks, several joint-stock banks also lowered their deposit rates, aligning closely with the reductions made by state-owned banks [5][6] 2. Cash Management Product Yield - As of October 20, 2024, the annualized yield for cash management products over the past 7 days was 1.73%, a decrease of 2 basis points from the previous week [8] - The yield for money market funds remained stable at 1.54%, resulting in a narrowing yield gap of 19 basis points between cash management products and money market funds [8] 3. Wealth Management Product Performance Review - The annualized yield for daily open fixed-income non-cash wealth management products over the past month was 2.41%, an increase of 24 basis points from the previous week [10] - The annualized yield for closed 6-12 month fixed-income wealth management products was 3.39%, up 14 basis points, while the yield for closed 1-3 year fixed-income products was 3.76%, an increase of 7 basis points [10] 4. Maturity and Compliance Status - From October 14 to October 20, the scale of maturing products from wealth management companies was 260.1 billion, with an average compliance rate of 58% [11] - Closed-end products showed a higher average compliance rate of 79%, outperforming the overall compliance rate [11]

Investment Rating - The investment rating for the hydrogen energy industry is "Recommended (Maintain)" [2] Core Viewpoints - The introduction of hydrogen energy policies in Hubei Province and Handan City is expected to radiate to surrounding areas, driving the development of the hydrogen energy industry in the central and eastern regions of China [2][14] - The "Hubei Province Action Plan for Accelerating the Development of the Hydrogen Energy Industry (2024-2027)" aims to establish Hubei as a significant hydrogen energy hub by 2030, with a total industrial output value of 100 billion yuan, including 30 billion yuan from hydrogen production [7][8] - Handan City plans to construct a hydrogen energy industry layout characterized by "one core, two wings, two corridors, and multiple points," focusing on enhancing innovation capabilities and expanding application scenarios [4][5] Summary by Sections Handan City Hydrogen Energy Development Plan - Handan City aims to promote 300 fuel cell vehicles and build 5 hydrogen refueling stations by 2024, with plans to increase to 2,000 fuel cell vehicles and 33 hydrogen stations by 2030, achieving an annual green hydrogen production capacity of 600 tons [4][5][7] Hubei Province Hydrogen Energy Action Plan - The action plan targets the establishment of a hydrogen energy industrial layout centered around Wuhan by 2027, with a total industrial output value of 100 billion yuan, including 30 billion yuan from hydrogen production and 40 billion yuan from hydrogen energy equipment and components [8][9] Central Region Hydrogen Energy Development - The central region's hydrogen energy industry is expected to accelerate due to the gradual rollout of policies and completion of supporting infrastructure, with Handan City likely to collaborate with the Beijing-Tianjin-Hebei region and Inner Mongolia to develop the hydrogen energy industry [10][12][14]