证券研究报告—社服行业周报 撰写日期：2024 年 11 月 19 日 社会服务行业周报（2024 年第 47 周） 摘要 社会服务行业概览：11 月 11 日到 11 月 15 日当周，沪深 300 下跌 3.29%，申万一级行业板块整体回调。社服行业-2.41%，跑赢沪深 300 约 0.88%，位列第 7 位。社服行业细分板块来看，教育周涨 4.71%，专业服务、 酒店餐饮、旅游及景区分别-2.76%、-6.26%、-6.69%。教育行业周成交额位 列第一，为 468.79 亿元，周平均换手率分位达 97.99%。 行业数据跟踪：11 月 11 日到 11 月 17 日当周，国内执行航班日均架 次为 12196 架次，环比下降 0.06%，与 2023 年同期相比上涨 6.23%。11 月 11 日到 11 月 17 日当周，海南旅游消费价格总指数为 107.49，环比上涨 13.18%，与 2023 年同期相比上涨 8.80%。 行业新闻：1. 国务院办公厅发布 2025 年节假日安排，全体公民放假 的假日增加 2 天，春节和劳动节各增加 1 天。2. 11 月 13 日，教育部召开 学习贯彻落实习近 ...

证券研究报告—电子行业周报 撰写日期：2024 年 11 月 20 日 电子行业周报(2024 年第 47 周) 市场行情 本周（2024.11.11-2024.11.15）电子行业涨跌幅为-4.1%，在申万一 级 31 个全行业中排名第 20 位；主要市场指数中，上证指数涨跌幅为-3.5%， 深证成指涨跌幅为-3.7%，沪深 300 涨跌幅为-3.3%，万得全 A 涨跌幅为3.9%。细分板块中，消费电子、元件、半导体、其他电子Ⅱ、电子化学品Ⅱ、 光学光电子行业涨跌幅分别为-2.0%、-4.2%、-4.3%、-5.2%、-5.3%、-5.5%。 行业高频数据 半导体：11 月 15 日，申万半导体指数达 4758.8，周度涨跌幅为-4.3%； 同期费城半导体指数达到 4833.6，周度涨跌幅为-8.6%；台湾半导体指数达 到 629.7，周度涨跌幅为-4.6%。9 月份全球半导体销售额 553.2 亿美元， 同比增长 23.2%。消费电子：2024 年 7、8、9 月中国市场智能手机出货量 分别达 2217、2110、2372 万部，同比变动分别为 28.3%、17.7%、-25.7%； 智能手机渗透率分别为 ...

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The report indicates that the food and beverage sector has experienced a decline, with the Shanghai Composite Index falling approximately 3.3% from November 11 to November 15, while the food and beverage sector dropped about 3.6% during the same period. Despite this, the overall valuation of the food and beverage industry has seen some recovery but remains at historically low levels [4][13][22]. Market Review - From November 11 to November 15, the Shanghai Composite Index had a decline of approximately 3.3%, with a weekly trading volume of about 27,369.6 billion yuan. The food and beverage sector's trading volume was around 2,138.7 billion yuan, reflecting a decline of about 3.6% [13]. - As of November 15, the food and beverage industry valuation has slightly recovered but is still at a historical low. The ROE percentiles for various segments are as follows: Beverage Dairy (81.0%), Baijiu II (79.3%), Non-Baijiu (70.7%), Seasoning Fermentation II (63.8%), Snack Foods (34.5%), and Food Processing (0.0%) [22]. High-Frequency Data Tracking - The retail sales of consumer goods in October showed a year-on-year increase of 4.8%, with urban retail sales up by 4.7% and rural retail sales up by 4.9% [2][26]. - The Citigroup China Economic Surprise Index rose to 20.5 on November 15, indicating a continuous recovery [2][28]. - In the liquor segment, the production of Chinese Baijiu in September was 363,000 kiloliters, down 9.9% year-on-year [2][33]. - The average price of fresh milk in major production areas was 3.12 yuan per kilogram as of November 7, down 0.01 yuan from the previous week and down 15.9% year-on-year [2][35]. - In the meat products category, beef prices fell by 13.4% year-on-year in October, while pork prices increased by 14.2% [2][36]. - The beer production in September was 2,904,000 kiloliters, showing a year-on-year increase of 1.4% [2][40]. Industry News and Company Announcements - In the first ten months of 2024, Sichuan's Baijiu production was 1,104,000 kiloliters, down 1.2% year-on-year, while beer production increased by 9.1% [3][45]. - The total retail sales of consumer goods in October reached 45,396 billion yuan, with a year-on-year increase of 4.8% [3][46]. - The Ministry of Commerce has implemented anti-dumping measures on brandy imported from the EU, effective from November 15, 2024 [3][47]. - Companies such as Qiaqia Food and Chongqing Beer have announced share buyback plans and dividend distributions, respectively [3][48].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The media industry experienced a weekly increase of 1.07%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 3.29%. The media sector ranked first among Shenwan's primary industries, with a significant trading volume of 408.746 billion yuan [10][11]. - All sub-sectors, except for television broadcasting and film theaters, saw gains, with advertising marketing, digital media, and gaming sectors increasing by 4.49%, 1.67%, and 0.72% respectively [10][12]. - The report highlights a strong trend in the gaming sector, with a notable year-on-year increase in overseas revenue from self-developed games, indicating a positive trend for international expansion [4][32]. Summary by Sections 1. Market Review - The media industry saw a weekly increase of 1.07%, with a trading volume of 408.746 billion yuan, significantly higher than previous weeks [10][11]. - The turnover rate for all sectors was above the 95th percentile since 2010, with advertising marketing and gaming sectors each exceeding 100 billion yuan in trading volume [12]. 2. Industry Data Tracking - From November 4 to November 10, the number of moviegoers reached 10.8258 million, a year-on-year increase of 14.42% [19]. - The average box office per screening was 273.72 yuan, showing a month-on-month decrease of 3.35% but a year-on-year increase of 2.80% [21]. - The popularity of short dramas remained stable at 410 million [25]. 3. Industry News Summary - A partnership was formed between COL JAPAN and Lezhin Entertainment to advance anime short drama production, leveraging AI technology for transformation [27]. - Baidu launched its first native AI glasses, marking a significant step in AI hardware development [28]. - The 2024 Golden Rooster and Hundred Flowers Film Festival facilitated 175 project signings, totaling 31.633 billion yuan, promoting international collaboration in the film industry [31]. - A report indicated that women and the post-95 generation are the primary moviegoers, with a preference for comedy and a demand for diverse content [31]. - The Chinese gaming market reported actual sales revenue of 29.083 billion yuan in October, with a year-on-year growth of 14.4% [32].

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [4]. Core Insights - The mechanical equipment industry experienced an overall decline of 4.66% during the week of November 11-15, 2024, with specialized equipment showing the smallest drop at -3.74% and general equipment the largest at -5.51% [12][15]. - Retail sales of passenger vehicles reached 567,000 units from November 1-10, 2024, marking a year-on-year increase of 29% but a month-on-month decrease of 3% [23]. - The wholesale of passenger vehicles for the same period was 667,000 units, reflecting a year-on-year growth of 41% and a month-on-month increase of 45% [23]. Summary by Sections 1. Industry Overview - The mechanical equipment industry saw a decline of 4.66% in the week of November 11-15, 2024, ranking 21st among sectors [12]. - Specialized equipment had the smallest decline at -3.74%, while general equipment faced the largest drop at -5.51% [15]. 2. Industry Data Tracking - From November 1-10, 2024, the retail of passenger cars was 567,000 units, a 29% increase year-on-year but a 3% decrease month-on-month, with cumulative retail sales for the year at 18.402 million units, up 4% year-on-year [23]. - The wholesale figure for the same period was 667,000 units, showing a 41% year-on-year increase and a 45% month-on-month increase, with cumulative wholesale for the year at 21.843 million units, up 5% year-on-year [23]. - In October 2024, China imported integrated circuits worth $34.26 billion, a month-on-month decrease of 4.8%, while exports of electromechanical products were $187.98 billion, a month-on-month increase of 1.9% [26]. 3. Industry News Announcements - In October 2024, the total retail sales of consumer goods reached 4.5396 trillion yuan, a year-on-year increase of 4.8%, with significant growth in various categories driven by the old-for-new consumption policy [32]. - The average operating rate for major engineering machinery products in October 2024 was 65.1%, with excavators at 70% and loaders at 63.9% [32].

Investment Rating - The report maintains an "Outperform the Market" rating for the pharmaceutical industry [4]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 3.9% during the week of November 11-15, 2024, ranking 18th among 31 sectors in the Shenwan classification [12][14]. - The overall scale of Beijing's pharmaceutical and health industry reached 976.1 billion RMB in 2023, laying a solid foundation for achieving a trillion-level leap [20]. - A significant strategic cooperation agreement worth 3.3 billion USD was signed between Merck Sharp & Dohme (MSD) and Chinese company Lixin Pharmaceutical Technology [25]. Summary by Sections 1. Pharmaceutical Industry Overview - The pharmaceutical sector's trading volume for the week was 624.336 billion RMB, with the chemical pharmaceutical industry having the highest trading volume at 180.94 billion RMB [12][18]. - The sector's performance was weaker than major market indices, with the Shanghai Composite Index down 3.5% and the Shenzhen Component Index down 3.7% [12]. 2. Industry News and Important Announcements 2.1 Industry News - The Beijing pharmaceutical health industry is attracting foreign investment, with several multinational companies establishing R&D centers in the city [20]. - The National Healthcare Security Administration announced improvements to the prepayment management system for medical insurance funds to alleviate financial pressure on medical institutions [23]. - A second batch of medical service price governance was announced, targeting specific tumor marker tests for price adjustments [24]. 2.2 Important Announcements - Huadong Medicine received approval for the first domestically approved biosimilar injection of Ustekinumab [26]. - Beijing Jiukang Biotechnology obtained a patent for a preparation method of a coupling agent, enhancing its competitive edge [29]. - Hai Zheng Pharmaceutical's two veterinary drugs have met the conditions for market sales [30]. - Chengda Pharmaceutical's Dapagliflozin raw material drug has passed the CDE approval [31]. - China Pharmaceutical's subsidiary has passed the consistency evaluation for a generic drug, which will enhance its market share [32].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3] Core Insights - The electronic industry experienced a weekly increase of 9.4%, ranking 5th among 31 sectors in the Shenwan classification [6][8] - The semiconductor sector showed significant growth, with a weekly increase of 12.0%, while electronic chemicals II also performed well with an 11.9% increase [8][10] - Global semiconductor sales reached $55.32 billion in September 2024, marking a year-on-year growth of 23.2% [18] - The smartphone market saw a slight increase in shipments, with a total of 307 million units shipped globally in Q3 2024, a 2% year-on-year increase [30] Market Overview - The electronic industry saw a weekly increase of 9.4%, outperforming major indices such as the Shanghai Composite Index, which rose by 5.5% [6] - The semiconductor and electronic chemicals II sectors led the gains with increases of 12.0% and 11.9%, respectively [8][10] - The overall market sentiment remains positive, with significant trading volumes in the semiconductor sector [10] High-Frequency Data Tracking Semiconductor Industry - The Shenwan Semiconductor Index reached 4974.6 on November 8, 2024, with a weekly increase of 12.0% [15] - The Philadelphia Semiconductor Index also showed a year-on-year increase of 50.6% as of September 30, 2024 [15][18] - Major chip prices have seen slight declines, with DDR4 (16Gb) priced at $3.18, down 0.04 from the previous week [20] Consumer Electronics Industry - Smartphone shipments in China for July, August, and September 2024 were 22.17 million, 21.10 million, and 23.72 million units, respectively, with a notable decline in September [24] - The average selling price of smartphones has increased, contributing to a 10% year-on-year growth in global smartphone revenue [30] - Prices for LCD TV panels remained stable or declined slightly in October 2024, indicating a competitive market environment [26] Industry News and Important Announcements - Xiaomi's 15 series achieved over 1 million units sold shortly after launch, indicating strong market demand and acceptance of higher-priced models [28] - Apple's iOS 18.1 update introduced new AI features, enhancing user experience and showcasing the company's commitment to innovation [29] - Counterpoint Research reported that the global smartphone market reached record highs in revenue and average selling price in Q3 2024 [30]

Investment Rating - The report maintains an "Outperform the Market" rating for the social service industry [4]. Core Insights - The social service sector outperformed the Shanghai Composite Index by approximately 0.71 percentage points, with a weekly increase of 6.21% compared to the index's 5.50% rise [7][8]. - The education sector experienced a slight decline of 0.45%, while the hotel and catering, tourism and scenic spots, and professional services sectors saw increases of 9.46%, 8.93%, and 7.65% respectively [8][10]. - The report highlights the upcoming ice and snow season, with government initiatives aimed at boosting the ice and snow economy, targeting a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [19]. - The issuance of "Lanmei Visa" for business personnel from the Mekong River countries is expected to enhance regional cooperation and stimulate tourism [20]. - Shanghai's Pudong New District government has allocated 100 million yuan in consumption vouchers to promote offline dining and increase consumer activity [21]. Industry Performance Analysis - From November 4 to November 8, the social service industry ranked 16th among various sectors, with a weekly trading volume of 524.67 billion yuan for the education sector, which had a turnover rate of 98.66% [10]. - The average daily number of domestic flights was 12,203, reflecting a week-on-week increase of 1.43% and a year-on-year increase of 4.72% [13]. - The total tourism consumption price index in Hainan was reported at 94.97, showing a week-on-week decrease of 7.10% and a year-on-year decrease of 4.68% [15]. Industry News and Company Announcements - The report discusses the strategic cooperation memorandum signed between Trip.com Group and Standard Chartered China, aimed at enhancing cross-border travel services [22]. - Zhongtong Express and China Duty Free Group have established a partnership to facilitate the delivery of duty-free products [23]. - The report also mentions the restructuring progress of Doushen Education, which is undergoing a court-approved restructuring plan [24].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The media industry experienced a weekly increase of 7.25%, outperforming the Shanghai and Shenzhen 300 index, which rose by 5.50%. The industry ranked 9th among Shenwan's primary sectors, with a weekly trading volume of 308.03 billion yuan, showing a slight decrease [8][10] - All six Shenwan secondary sub-sectors saw gains, with the film and television sector leading at 8.73%, followed by digital media at 8.65% and game II at 8.25% [10][12] - The overall valuation of the media industry is relatively high, with digital media's valuation aligning well with its performance. Other sectors have a price-to-book (PB) ratio above 50% [12][13] Summary by Sections Market Review - During the week of November 4-8, 2024, the media industry rose by 7.25%, outperforming the Shanghai and Shenzhen 300 index's 5.50% increase, ranking 9th among Shenwan's primary sectors. The total trading volume was 308.03 billion yuan, indicating a slight decrease [8][10] - All six Shenwan secondary sub-sectors increased, with the following weekly gains: film and television at 8.73%, digital media at 8.65%, game II at 8.25%, advertising and marketing at 6.90%, publishing at 5.89%, and television broadcasting II at 3.49% [10][12] Industry Data Tracking - From October 28 to November 3, 2024, the number of moviegoers reached 12.12 million, a year-on-year increase of 19.46% but a week-on-week decrease of 20.74% [15] - During the same period, the number of movie screenings was 1.7019 million, with an average box office of 283.21 yuan, reflecting a year-on-year decline of 8.42% and a week-on-week decline of 25.53% [17] - The popularity of short dramas slightly decreased to 410 million [19] Industry News Summary - On November 4, 2024, the Game IP Ecosystem Conference was held, revealing that the sales revenue of China's game IP market in the first three quarters of 2024 reached 196.06 billion yuan, accounting for 82% of the actual revenue of the game market [20] - The game "Black Myth: Wukong" received a nomination for the 2024 Golden Joystick Awards for Game of the Year [21] - The China Network Audio-Visual Association released the "2024 White Paper on the Development of the Micro Short Drama Industry," indicating that the user base for micro short dramas reached 576 million by June 2024, representing 52.4% of the total internet users [21] - On November 8, 2024, Visual China and People's Creative Investment launched "AiPPT Government Edition," focusing on content review and data security [22] - On the same day, Zhihui introduced its AI video generation model "New Qingying," which can generate sound effects that match the visuals, marking a transition to the "talkie" era [22]

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The food and beverage sector has shown a recovery in valuation but remains at historically low levels as of November 8, 2024 [14] - The recent performance of the Shanghai Composite Index and the food and beverage sector indicates a positive trend, with the latter rising approximately 7.1% during the week of November 4 to November 8, 2024 [10][4] Market Review - From November 4 to November 8, the Shanghai Composite Index experienced a fluctuation of about 5.5%, with a total weekly trading volume of approximately 29,477.4 billion yuan. The food and beverage sector's trading volume was around 3,033.7 billion yuan [10] - The food and beverage sub-sectors showed varied performance, with leisure foods and non-baijiu leading the gains, recording increases of 10.7% and 9.2% respectively [10][11] Industry High-Frequency Data Tracking - Retail sales in September showed a year-on-year increase of 3.2%, with urban retail sales up 3.1% and rural retail sales up 3.9% [2] - The Citigroup China Economic Surprise Index rose to 11.8 on November 8, indicating a continued recovery [2][19] - In September, the production of Chinese baijiu was 363,000 kiloliters, down 9.9% year-on-year [22] - The average price of fresh milk in major production areas was 3.13 yuan per kilogram as of October 31, 2024, reflecting a 15.9% year-on-year decline [24] - In October, beef prices decreased by 13.4% year-on-year, while pork prices increased by 14.2% [28] Industry News and Company Announcements - The launch of a new product by JiuGui Jiu, a 52-degree 500ml inner wine priced at 328 yuan per bottle, aims to enhance its product line and cater to festive occasions [32] - The successful hosting of the 2024 Fenjiu High-Quality Development Summit highlighted the importance of quality and innovation in the baijiu industry [33] - SheDe's expansion project, with a total investment of 12 billion yuan, aims to increase production capacity by 60,000 tons annually and enhance storage capabilities [34] - Guizhou Moutai announced a cash dividend of 23.882 yuan per share, totaling approximately 30 billion yuan [35]