Investment Rating - The report rates the computer industry as "Recommended" [2] Core Insights - The global data element industry is receiving clear support for internationalization, with the initiative emphasizing the importance of data security and proposing a framework for cross-border data flow [2] - Increased international cooperation projects are expected to create new growth opportunities for the data element industry, fostering a collaborative environment for digital economy development [3] - Innovative technology applications are anticipated to unlock the potential of the data element industry, with advancements in digital technology enhancing data flow security and efficiency [4] Summary by Sections Event Overview - On November 20, 2024, the National Internet Information Office released the "Global Data Cross-Border Flow Cooperation Initiative," highlighting the significance of data security and proposing a series of cooperation principles and action plans to establish a fair, transparent, and secure data flow environment globally [1] Industry Growth Opportunities - The initiative calls for active international cooperation in the field of cross-border data flow, aiming to create an open, inclusive, secure, and cooperative data circulation environment, which will promote the healthy development of the digital economy [3] Technological Innovation - The initiative encourages the use of digital technologies to promote innovative applications of cross-border data flow, enhancing the technical capabilities for secure and efficient data movement [4] Investment Recommendations - Beneficiary companies identified include Xiaogoods City, Guotou Intelligent, COSCO Shipping Technology, Capital Online, Aofei Data, and Dongfang Jiasheng [5]

Investment Rating - Industry Rating: Recommended [3] Core Views - The solid-state battery technology aligns with the high energy density and long endurance requirements of eVTOL, which is expected to accelerate commercialization in this field and open up future applications in consumer electronics and power batteries [25][24] - The domestic production and sales of new energy vehicles (NEVs) have shown significant month-on-month growth, driven by increased quality supply and supportive policies, indicating a deepening electrification rate and potential for continued growth in penetration rates [26][27] - The recent bidding results for photovoltaic components by China Huaneng indicate a significant premium for BC components, reflecting downstream recognition of their economic value, which is expected to benefit companies with leading technology in this area [38][41] Summary by Sections 1. New Energy Vehicles - EHang completed the world's first eVTOL flight test using solid-state batteries, achieving a flight duration of 48 minutes and 10 seconds, with a significant increase in endurance of 60%-90% [24][25] - In October 2024, domestic NEV production reached 1.463 million units, a year-on-year increase of 33.0%, while sales reached 1.43 million units, reflecting a penetration rate of 46.84% [26][27] 2. New Energy - The bidding for 15GW of photovoltaic components by China Huaneng revealed that N-type TOPCon components averaged 0.707 yuan/W, while BC components reached 0.845 yuan/W, indicating a premium of 19.5% for BC components [41][38] - The solid-state battery's compatibility with high-capacity electrode materials positions early movers in the solid-state battery supply chain to benefit from accelerated industrialization [25][24] 3. Wind Power - China Electric Power Construction has initiated a tender for 25GW of wind power equipment, with expectations for strong installation momentum in 2025, projecting over 90GW for onshore wind and 12-15GW for offshore wind [42][45] - The average bidding price for onshore wind turbines has shown a decline, with a recovery in the overall market price expected as demand increases [58][67]

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - The Bougouni lithium project is on track to commence production in Q1 2025, with construction activities progressing smoothly after an unusually long rainy season [1][2] - Five batches of materials have arrived in West Africa, with additional critical shipments expected soon, including generator sets that will mitigate delays in commissioning [1] - Mining activities are advancing well, with 59,500 tons of ore extracted at an average grade of 1.20% Li2O, sufficient for the commissioning phase [3] - A binding memorandum of understanding was signed in early November 2024, transferring the mining license of the Bougouni lithium project to a Mali-registered mining company, Les Mines de Lithium de Bougouni SA [4][7] Project Construction Progress - Construction is ongoing at maximum speed, with all structural steel, mechanical, electrical, and piping materials arriving on site [2] - The installation of the screening building, DMS plant, and downstream filtration circuit is proceeding simultaneously, with conveyor assembly also in progress [2] Mining Activities - Open-pit mining has developed to primarily extract hard rock ore and waste, with blasting operations continuing to meet overall mining plans [3] - High-grade and low-grade ores are being stored separately for commissioning, with low-grade ore to be used first during the initial commissioning phase [3] License Transfer Details - The mining license transfer includes provisions for customs exemptions on necessary equipment and materials for the construction phase [7] - Mali's government and domestic investors will hold 35% equity in the new operating company, with specific terms for equity acquisition and board representation [7]

Investment Rating - Industry rating: Recommended [6] Core Viewpoints - The home appliance sector experienced a weekly decline of 1.95% from November 11 to November 15, 2024, with cumulative growth of 30.48% year-to-date [27][28] - Key players in the home appliance market, such as Midea Group, Haier Smart Home, and Hisense, are expected to benefit from the "old-for-new" policy as the white goods industry matures [5][26] Summary by Sections Investment Recommendations - Focus on three areas: 1) Domestic "old-for-new" policy implementation, benefiting stable cash flow companies like Midea Group and Haier Smart Home [5][26] 2) Export chain, particularly for high-demand products like robotic vacuums from Stone Technology, which has seen significant overseas growth [5][26] 3) Tool sector, anticipating a recovery in demand as inventory levels normalize and U.S. interest rates drop, with companies like Juxing Technology and Quanfeng Holdings poised for growth [5][26] Market Data - Home appliance sector weekly performance: - White goods: -1.00% - Black goods: -4.14% - Small appliances: -2.70% - Kitchen appliances: -0.59% - Year-to-date performance: - White goods: +40.34% - Black goods: +49.60% - Small appliances: +0.72% - Kitchen appliances: +15.32% [27][28] Key Developments - Stone Technology achieved top rankings in both cleaning appliances and washing machines during the Double Eleven sales event, with significant sales growth across various platforms [3][56] - XGIMI reported over 210,000 units sold and a GMV exceeding 700 million during the same sales period, leading the home projector category [4][61]

证券研究报告 | 宏观点评报告 2024 年 11 月 08 日 去通胀信心有所动摇 ――11月美联储议息会议点评 事件概述 北京时间 11 月 08 日凌晨 2 时，美联储公布 2024 年 11 月 FOMC 会议声明。相关点评如下: 主要观点 > 美联储操作:11月如期降息25bp，编表按原计划推进 美联储如期降息 25BP。美联储 11 月议息会议宣布，将联邦基金利率目标区间下调至 4.50%至 4.75%之间（下调 25bp)，符合 CME 期货价格隐含的市场预期。 缩表按原计划推进。此次 FOMC 会议仍表明会继续按今年 5 月份议息会议决定的计划实施缩表，每月缩减规模 600 亿美元，其中包括 250 亿美元国债和 350 亿美元 MBS。 > 议息会议声明:美联储对未来去遍账的信心有所减弱 议息会议对于当前经济、就业和通胀的表述基本延续了此前的提法：经济活动持续参步增长。劳动力市场状况 总体有所缓解,失业率上升但仍处于低位。通胀率已向 2%目标迈进,但仍略高于目标。 美联储对去遗账的信心有所减弱：在 11 月议息会议声明中，删除了"对通胀率持续向 2%迈进的信心增强"的 表述。虽然在之后的新闻 ...

Automotive Market Trends - The average selling price of passenger cars in China has risen from 168,900 yuan in 2016 to 224,500 yuan in 2024, reflecting a trend of consumption upgrading[8] - 80% of car replacement users prefer consumption upgrades, driving the proportion of high-value models and increasing transaction prices[3] - The replacement demand for cars is significant, with an estimated backlog of over 50 million replacement vehicles[10] Autonomous Brands and Market Share - Autonomous brands hold a 66.2% market share in the sub-200,000 yuan segment and a 33% share in the above-200,000 yuan segment, with significant growth potential in the high-end market[16] - In the new energy vehicle segment, autonomous brands dominate with a 72.4% market share in the above-200,000 yuan category[16] Key Automotive Companies - Li Auto has successfully tapped into the large six-seater market, with monthly sales consistently exceeding 5,000 units, benefiting from the expanding replacement market[22] - Great Wall Motors' Tank and Wey brands are targeting the above-200,000 yuan replacement market, with strong sales performance and growth potential[22] - BYD leverages its full-cost advantage, with its main brand achieving sales of nearly 240,000 units in April 2024, and its luxury brand Denza maintaining steady sales[27] Incremental Components and Market Opportunities - The penetration rate of air suspension is expected to reach 15% by 2025, with a market size of approximately 26.68 billion yuan, driven by domestic supplier advantages[39] - The market for intelligent driving components, including air suspension, seats, and intelligent driving systems, is expanding, with significant opportunities for domestic suppliers[30] Intelligent Driving and Technology Trends - The penetration rate of L2+ intelligent driving is expected to increase, with high-speed and urban NOA penetration rates projected to rise to 8% and 0.5% respectively by 2024[57] - Tesla leads in the adoption of end-to-end AI models for intelligent driving, with domestic companies like Huawei, Li Auto, and XPeng accelerating their deployment[54]

Policy Implementation Challenges - Trump's ability to implement policies depends on congressional cooperation, with trade, foreign affairs, and environmental policies being easier to enact than tax cuts and immigration reform, which require new legislation[2][17]. - Executive orders can be issued without congressional approval, but they may face judicial challenges if deemed unconstitutional[3][18]. - Budget reconciliation allows for fiscal legislation to pass with a simple majority in the Senate, but it must comply with the "Byrd Rule," which prohibits increasing the deficit beyond ten years[4][22][23]. Historical Context - After Trump's 2016 election, many of his campaign promises were successfully implemented, such as tax cuts and withdrawal from international agreements, but some legislative initiatives faced significant obstacles[6][27]. - The Republican Party's control of both houses of Congress facilitated the passage of several key policies, but the 2018 midterm elections shifted power dynamics, complicating future legislative efforts[27][28]. Market Impact - Trump's election is expected to have short-term effects on asset prices, with potential increases in tariffs negatively impacting export-oriented sectors and possibly leading to inflationary pressures[10][29]. - The anticipated expansion of fiscal policies may lead to increased volatility in asset prices, benefiting gold prices amid rising inflation risks[10][29]. Legislative Process Overview - The U.S. legislative process involves multiple steps, including committee approval and votes in both the House and Senate, with the possibility of executive orders bypassing Congress for specific policies[30][32]. - The Senate's filibuster rules require 60 votes to end debate on most legislation, complicating the passage of contentious bills, particularly in a divided Congress[24][34].

Industry Overview - The sector has underperformed the broader market since the beginning of the year, with significant divergence among sub-sectors [3] - Travel demand remains strong, with scenic spots and OTAs showing better performance [3] - New business models and channels are driving transformation in traditional industries [3] - Cost-effective and interest-driven consumption trends continue [3] - AI applications are rapidly penetrating the industry [4] Industry Review - From the beginning of the year to October 29th, the Shenwan Social Services and Shenwan Retail sectors fell by 3.1% and 1.4% respectively, underperforming the CSI 300 [12] - Professional chains, tourism complexes, supermarkets, and natural scenic spots achieved positive returns [12] - OTA companies like Ctrip and Tongcheng Travel performed well in Hong Kong, benefiting from the increasing online penetration of post-pandemic tourism [12] - Domestic tourism during holidays in 2023 remained high, exceeding 2019 levels, but per capita spending during holidays in 2024 has not fully recovered to pre-pandemic levels [14] - Non-holiday travel demand has rebounded, with civil aviation passenger traffic in 2024 mostly exceeding 2023 levels [14] - Natural scenic spots with strong resource endowments saw significant visitor growth, with Jiuhua Mountain and Changbai Mountain experiencing year-on-year increases of 15% and 48% respectively [16] - OTA platforms like Ctrip and Tongcheng Travel saw revenue growth of 21% and 49% respectively in the first half of 2024, driven by increased online penetration and the popularity of tourism in lower-tier cities [18] - Hotel occupancy rates have not yet recovered to 2019 levels, with Huazhu showing better recovery rates compared to Jinjiang and BTG [20] Industry Outlook - Consumption promotion policies are expected to continue, with a focus on boosting domestic demand through service consumption [6] - The "price power" advantage will be strengthened, with attention on the expansion of new business models and profit margin improvements [6] - Quality and interest-driven consumption will be key, with offline retail expected to reach a turning point [6] - AI applications will catalyze industry growth, with significant penetration in trade, education, and exhibition sectors [89] Investment Recommendations - Focus on three main investment themes: cost-effective retail and services, outbound chains, and scenic tourism [6] - Key beneficiaries include companies like Tuhu, Miniso, Haidilao, and Ctrip [6] - Outbound chains are expected to remain highly prosperous, with companies like Mio Exhibition and Anker Innovation benefiting from strong export demand [163] - Scenic tourism will benefit from improved transportation and project upgrades, with companies like Jiuhua Tourism and Changbai Mountain expected to see increased visitor numbers [163] Company Highlights - Miniso: The company has over 7,000 global stores, with a focus on cost-effective and interest-driven products. It plans to double its store network by 2028 and achieve a revenue CAGR of at least 20% [165] - Tuhu: The company has a strong position in the IAM market, with significant growth potential in market share and chain rate. Its proprietary and exclusive brands contribute to higher profit margins [168] - Mio Exhibition: The company saw a 42.29% increase in revenue and a 395.58% increase in net profit in Q3 2024, driven by strong demand for overseas exhibitions [170] - Small Commodities City: The company plans to invest 8.3 billion yuan to build a global digital trade center, aiming to transform into a comprehensive international trade service provider [175] - Focus Technology: The company's AI product, AI Mike, has seen steady growth, with 4,641 paying members as of March 2024 [176] - Ctrip and Tongcheng Travel: Both companies have seen strong recovery in revenue, driven by increased online penetration and the popularity of tourism in lower-tier markets [177][178] - Jiuhua Tourism and Changbai Mountain: These companies are expected to benefit from improved transportation and new projects, with Jiuhua Mountain seeing a 13% and 16% increase in visitors in July and August 2024 respectively [180] - Haidilao and Yum China: Both companies are focusing on expanding their store networks and improving operational efficiency, with Haidilao opening its first camping hotpot and campus hotpot stores in 2023 [219][220]

华西证券股份有限公司 HUAXI SECURITIES CO.,LTD. 证券研究报告 | 行业研究报告 2024 年 11 月 5 日 Eldorado Gold 2024Q3 黄金产量同比增加 3% 至 3.89 吨，归属于股东的持续经营净利润为 1.01 亿 美元 有色金属-海外季报 季报重点内容: ▶ 生产经营情况 1）产量：2024Q3 黄金产量为 125,195 盎司（3.89 吨），同比 增加 3%，其中 Olympias 的黄金产量因加工的黄金品位提高而 增加了 13%，Kisladag 的黄金产量因堆浸库存减少而增加了 10%。 2）销量：2024Q3 黄金销量为 123,828 盎司（3.85 吨），同比 增加 4%，主要原因是 Olympias 和 Kisladag 的产量增加。 3）售价: 2024Q3 平均已售黄金价格为 2,492 美元/盎司（569 元/克），同比增长 613 美元/盎司（140 元/克）或者 32.62%, 环比增长 156 美元/盎司（36 元/克）或者 6.68%。 4) 单位总现金成本:2024Q3 单位黄金销售的总现金成本为 953 美元/盎司，同比增长 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is experiencing short-term pressure on performance, with expectations for demand to be stimulated by national subsidies for replacing old products [4][8] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, primarily due to a slow recovery in post-real estate consumption and temporary rent reductions [3][4] Revenue Summary - The company achieved revenue of 6.105 billion yuan in the first three quarters of 2024, a year-on-year decline of 29.62% [3] - The rental income and management fee income have seen a temporary decline due to increased discounts and reduced project numbers [4] - The company is actively participating in the government's "old-for-new" policy, which has shown early positive results in regions like Shanghai [4] Profitability Summary - The gross profit margin for the first three quarters of 2024 was 59.42%, an increase of 1.62 percentage points year-on-year, while the net profit margin was -32.84%, a decrease of 25.67 percentage points [5] - The company continues to face losses, with a net loss of 1.887 billion yuan attributable to shareholders in the first three quarters of 2024 [3][5] Strategic Initiatives - The company is focusing on high-end appliances and has launched a new "3+Star Ecosystem" strategy to enhance its market position [7] - It is also expanding its high-end home design services through the establishment of design centers, aiming to create a new ecosystem for high-end home decoration [7] - The company is promoting multi-business collaboration to enhance operational quality and expand growth opportunities [7] Financial Forecast - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 8.651 billion yuan, 9.069 billion yuan, and 9.365 billion yuan respectively, reflecting a downward revision from previous estimates [8] - The expected earnings per share (EPS) for the same period are projected to be -0.56 yuan, 0.03 yuan, and 0.11 yuan respectively [8]