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]

Investment Rating - The industry rating is "Outperform the Market" [4][23]. Core Insights - The mechanical equipment industry experienced an overall increase of 7.89% from November 4 to November 8, 2024, with automation equipment showing the highest growth at 15.11% [7][8]. - The passenger car market saw a daily average retail of 137,000 units in the fifth week of October, marking a year-on-year increase of 51% and a month-on-month increase of 27% [16]. - In October 2024, China imported integrated circuits worth $34.26 billion, a month-on-month decrease of 4.8%, while exports of electromechanical products reached $187.98 billion, an increase of 1.9% [17]. Summary by Sections Mechanical Equipment Industry Overview - From November 4 to November 8, the mechanical equipment industry overall rose by 7.89%, ranking sixth among sectors [7]. - The highest increase was in automation equipment at 15.11%, followed by general equipment (7.86%), specialized equipment (7.29%), and rail transit equipment II (4.81%). The smallest increase was in engineering machinery at 1.55% [8]. Industry Data Tracking - In October, the retail of passenger cars totaled 2.361 million units, a year-on-year increase of 16% and a month-on-month increase of 12%. Cumulatively, 17.936 million units were sold this year, reflecting a 4% year-on-year growth [16]. - The import of integrated circuits in October was $34.26 billion, down 4.8% month-on-month, while electromechanical product exports were $187.98 billion, up 1.9% month-on-month [17]. Industry News Announcements - The manufacturing Purchasing Managers' Index (PMI) for October was reported at 50.1%, indicating a slight recovery in manufacturing sentiment [19]. - The "14th Five-Year Plan" for intelligent manufacturing aims to significantly enhance the technology level and market competitiveness of intelligent manufacturing equipment and industrial software by 2025 [19]. - Recent quarterly reports from companies like Huichuan Technology and CRRC showed revenue growth, with Huichuan's revenue at 9.214 billion yuan, up 20.13%, and CRRC's revenue at 152.583 billion yuan, up 6.67% [20].

Investment Rating - The report rates the industry as "Outperforming the Market" for the first time [3][21]. Core Insights - The pharmaceutical and biotechnology sector experienced a strong market performance with a weekly increase of 6.4%, ranking 14th among 31 sectors [6][10]. - The total transaction volume for the pharmaceutical sector reached 603.67 billion yuan during the week [6]. - Notable advancements include the launch of the world's first weekly insulin formulation, Novo Nordisk's NovoPen® for type 2 diabetes, expected to be commercially available in China by the end of November 2024 [12]. - GE Healthcare introduced a large language model product, "Tech Easy Answer," aimed at enhancing user experience with medical devices [13]. - The sales of traditional Chinese medicine in public medical institutions reached 136.3 billion yuan in the first half of 2024, showing a slight year-on-year decline of 2.86% [14]. - The new national medical insurance drug list is set to be released at the end of November 2024, with implementation starting January 1, 2025 [15]. Summary by Sections Industry Overview - The pharmaceutical sector's weekly performance was strong, with a 6.4% increase, outperforming the Shanghai Composite Index and CSI 300 [6][10]. - The chemical pharmaceutical industry had the highest transaction volume at 181.04 billion yuan, while the pharmaceutical commercial sector had the lowest at 50.72 billion yuan [10]. Industry News and Important Announcements - Novo Nordisk's weekly insulin formulation will be launched in China, marking a significant innovation in diabetes treatment [12]. - GE Healthcare's new AI product aims to assist healthcare professionals by providing quick multimedia answers to their queries [13]. - The sales of traditional Chinese medicine showed positive growth in several categories, despite an overall slight decline [14]. - The new medical insurance drug list is expected to expand and will be implemented starting January 1, 2025 [15]. Important Announcements - Heng Rui Medicine received approval for clinical trials for several new drugs [16]. - Kang Yuan Pharmaceutical received FDA approval for clinical trials of a new injection for psoriasis [17]. - Tonghua Dongbao completed a key phase I clinical trial for a new insulin product, showing promising results [18].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3]. Core Insights - The electronic industry experienced a decline of 2.2% in the week of October 28 to November 1, 2024, ranking 24th among 31 sectors in the Shenwan classification [6][8]. - The semiconductor sector saw a significant drop, with the semiconductor index down 4.3% and global semiconductor sales in September 2024 reaching $55.32 billion, a year-on-year increase of 23.2% [15][18]. - The smartphone market in China showed mixed results, with shipments in July, August, and September 2024 at 22.17 million, 21.10 million, and 23.72 million units respectively, reflecting a year-on-year change of 28.3%, 17.7%, and -25.7% [23]. Market Overview - The electronic industry overall declined by 2.2% during the reporting week, with major indices such as the Shanghai Composite Index down 0.8% and the Shenzhen Component Index down 1.5% [6]. - Within the electronic sector, the optical and optoelectronic industry had the highest weekly gain of 4.1%, while the semiconductor sector faced the largest decline at 4.3% [8][10]. High-Frequency Data Tracking Semiconductor Industry - As of November 1, 2024, the Shenwan semiconductor index was at 4442.4, down 4.3% for the week, while the Philadelphia semiconductor index was at 5001.4, down 4.1% [13]. - Global semiconductor sales for September 2024 were $55.32 billion, marking a 23.2% year-on-year increase [18]. 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, with a year-on-year change of 28.3%, 17.7%, and -25.7% respectively [23]. - Prices for LCD TV panels remained stable or decreased in October 2024, with various sizes holding steady [25]. Industry News and Announcements - Infineon has launched the world's thinnest silicon power wafer, reducing thickness to 20 micrometers and increasing diameter to 300 millimeters, enhancing power conversion efficiency [28]. - Gartner predicts that AI PCs will account for 43% of total PC shipments by 2025, up from 17% in 2024, indicating a significant shift towards AI-integrated devices [29]. - The global AMOLED smartphone panel market saw a robust growth of 25.3% year-on-year in Q3 2024, with Samsung holding a 45.2% market share [30].

Investment Rating - The industry is rated as "Outperforming the Market" [4] Core Insights - The social service industry outperformed the Shanghai Composite Index by approximately 4.33 percentage points, with a weekly increase of 2.65% [7][8] - The education sector saw a significant weekly increase of 17.72%, while the hotel and catering, tourism and scenic spots, and professional services sectors experienced declines of -0.54%, -1.52%, and -3.23% respectively [8][9] - Domestic travel demand is stabilizing, with a year-on-year and quarter-on-quarter increase in business travel orders of 20.72% and 5.6% respectively [22] Industry Weekly Performance - From October 28 to November 1, the Shanghai Composite Index fell by -1.68%, while the social service industry rose by 2.65%, ranking fourth among the primary industry sectors [7] - The education sector led the weekly performance with a transaction volume of 578.77 billion yuan and an average turnover rate of 99.66% [10] Industry High-Frequency Data Tracking - The average daily number of domestic flights from October 28 to November 3 was 12,031, a decrease of 5.00% from the previous week and a decrease of 1.01% compared to the same period in 2023 [14] - The Hainan tourism consumption price index was 102.23, reflecting a week-on-week increase of 0.94% and a year-on-year increase of 1.92% [16] - In September 2024, the duty-free sales amounted to 1.676 billion yuan, a month-on-month decrease of 23.71% and a year-on-year decrease of 38.40% [18] Industry News and Company Announcements - The State Council issued measures to accelerate the improvement of the fertility support policy system, aiming to create a fertility-friendly society [19] - Starting November 8, 2024, China will implement visa-free entry for citizens from nine countries, which is expected to create new development opportunities for related service industries [20]

证券研究报告—食品饮料行业周报 撰写日期：2024 年 11 月 05 日 食品饮料行业周报(2024 年第 45 周) 摘要 市场行情回顾： 10 月 28 日至 11 月 1 日，沪深 300 涨跌幅约-1.7%， 大盘有所回落；沪深 300 周成交额约 21970.9 亿元。食品饮料板块涨幅约0.4%；成交额约 2136.7 亿元。截止 11 月 1 日, 食品饮料行业估值有所修 复但整体仍处于历史估值低位。 行业高频数据跟踪：1）9 月社零同比+3.2%，总体呈现增长趋势；其中 城镇消费品零售额同比+3.1%，乡村消费品零售额同比+3.9%。2）11 月 1 日， 花旗中国经济意外指数为 0.1，较 10 月 25 日（上一周）上升 7.7，花旗中 国经济意外指数连续回升。3）白酒：9 月中国白酒当月产量达 36.3 万千 升，同比-9.9%。4）乳制品：10 月 24 日，中国主产区生鲜乳平均价为 3.13 元/公斤，与上周持平，同比-15.9%，我国生鲜乳价格保持稳定下降趋势。 5）肉制品：10 月，中国牛肉价格当月同比-13.3%，呈现下降趋势；猪肉价 格同比+16.3%，有所上升。6）啤酒：9 ...