Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The electronic industry experienced a weekly increase of 2.4%, ranking 16th among 31 sectors in the Shenwan classification [16][19] - The semiconductor sector showed the highest weekly increase of 3.2%, followed by electronic chemicals II at 2.8% and components at 2.3% [19] - The semiconductor index reached 4772.6 on November 29, with a weekly increase of 3.2%, outperforming the Philadelphia and Taiwan semiconductor indices [31] - Global semiconductor sales in September 2024 were $55.32 billion, a year-on-year increase of 23.2% [37] Market Overview - The electronic industry saw a weekly increase of 2.4%, with major indices like the Shanghai Composite Index increasing by 1.8% and the Shenzhen Component Index by 1.7% [16] - The semiconductor sector had a weekly transaction volume of 422.58 billion yuan, ranking first among Shenwan electronic sub-sectors [24] High-Frequency Data Tracking - The average price of DDR4 (16Gb) chips was $3.09, showing a slight decrease of $0.01 week-on-week [39] - In the smartphone market, China saw shipments of 21.1 million, 23.72 million, and 27.88 million units in August, September, and October 2024, respectively [46] Industry News - Huawei officially launched the Mate 70 series on November 26, 2024, with prices starting from 5499 yuan [55] - According to Counterpoint Research, global foldable smartphone shipments decreased by 1% year-on-year, marking the first decline in this market's history [56]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [3][41]. Core Insights - The social services industry saw a weekly increase of 4.51%, outperforming the Shanghai Composite Index by approximately 3.19%, ranking it 4th among sectors [8][10]. - The tourism and scenic spots sector led the gains with a rise of 6.49%, followed by hotel and catering at 6.39%, education at 3.89%, and professional services at 2.13% [10][11]. - The education sector recorded the highest weekly transaction volume at 30.46 billion yuan, with an average turnover rate of 94.02%, and a price-to-earnings ratio of 113 times [15][16]. Industry Weekly Performance - From November 25 to November 29, the Shanghai Composite Index rose by 1.32%, while the social services sector increased by 4.51% [8]. - The breakdown of weekly performance shows tourism and scenic spots at 6.49%, hotel and catering at 6.39%, education at 3.89%, and professional services at 2.13% [10][11]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from November 25 to December 1 was 12,076, a decrease of 1.81% from the previous week but an increase of 2.28% compared to the same period in 2023 [20]. - The total tourism consumption price index in Hainan for the same week was 105.48, down 0.40% from the previous week but up 2.55% year-on-year [23]. - In October 2024, the duty-free sales improved by 27.90% month-on-month, totaling 2.144 billion yuan, although it represented a year-on-year decline of 35.40% [30]. Industry News and Company Announcements - The 2024 China International Tourism Trade Fair was held in Shanghai, themed "Hello! China," attracting numerous international exhibitors and travel agents [33]. - Starting November 30, 2024, China implemented visa-free policies for citizens from nine countries, including Japan and several Eastern European nations, enhancing international travel [34]. - The "Poetic Zhejiang·Cultural Tourism Benefit Card" was launched to promote tourism in Zhejiang, allowing access to 112 quality scenic spots at a promotional price [37].

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The short video industry in China has established a robust user base with 1.053 billion users, representing 74% of the population and 96% of mobile internet users, with an average viewing time of 2.8 hours per day [1][60]. - The report highlights the saturation of the domestic market and the expansion of diverse monetization models, including online marketing, live e-commerce, and short dramas [1][60]. - Global demand for short videos is still growing, with significant opportunities in regions like Southeast Asia and Latin America, where user penetration and engagement are increasing [2][3]. Summary by Sections Short Video Industry Overview - The short video platform wave is reshaping content creation and consumption, with a shift towards user-generated content (UGC) and a focus on the "prosumer" economy [46][47]. - The rise of mobile internet and advancements in technology have facilitated the transition from text and images to video content [47][50]. Market Dynamics in China - The short video market in China reached a scale of 300 billion yuan in 2022, with a user penetration rate of 96.4% among mobile internet users [60]. - The growth of the short video user base is driven by its appeal across all age groups, with a notable increase in users aged 50 and above [73][60]. - The short video sector contributed significantly to the overall internet application landscape, surpassing instant messaging in user numbers [60]. Global Market Opportunities - The global average penetration rate for short videos is 42.43%, with regions like Southeast Asia and Latin America showing rapid growth [2][3]. - Countries like Indonesia and Argentina are leading in user growth and engagement, with Indonesia's penetration rate at 87.41% [2][3]. Monetization Strategies - Short videos are becoming a primary medium for advertising, with significant growth in marketing budgets allocated to this format [3][80]. - The transition from live streaming to interest-based e-commerce is evident, with platforms like Douyin and Kuaishou leading in user engagement and e-commerce integration [87][88]. - The report notes that short video platforms have a high overlap with mobile gaming users, making them crucial for game marketing [83][80].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The media sector outperformed the Shanghai and Shenzhen 300 index with a weekly increase of 4.48%, ranking fifth among Shenwan's primary industries. The total trading volume reached 442.75 billion yuan [2][10] - All six Shenwan secondary sub-sectors experienced gains, with notable increases in the film and television sector (6.59%), digital media (6.38%), and gaming II (5.22%) [13][16] - The domestic 3A game "Black Myth: Wukong" has gained significant influence, being nominated for multiple awards in the 2024 Game Top Ten list, which boosts the export of domestic games and culture [4][31] Summary by Sections Market Review - The media industry saw a weekly increase of 4.48%, outperforming the Shanghai and Shenzhen 300 index's 1.32% [10] - The total trading volume for the week was 442.75 billion yuan, with all six secondary sub-sectors rising [2][10] Industry Data Tracking - From November 18 to November 24, the number of moviegoers was 10.6681 million, a year-on-year decrease of 7.74% but a week-on-week increase of 23.56% [23] - The average box office per screening increased by 24.36% week-on-week to 290.88 yuan, although it was down 15.87% year-on-year [25] - The popularity of short dramas remained at 410 million, indicating stable interest in this content format [29] Industry News Summary - The launch of the short drama application UniReel by Chinese Online's Japanese subsidiary COL JAPAN reached second place on the iOS entertainment chart in Japan, expanding the influence of Chinese short dramas internationally [31] - The Kimi creative space allows users to easily create personalized music videos, showcasing advancements in generative AI within the industry [31] - The total box office for the 2024 New Year season has surpassed 600 million yuan as of December 1 [32]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating a projected increase of over 5% relative to the benchmark index in the next six months [4]. Core Insights - The electronic industry experienced a decline of 3.3% in the week of November 18-22, 2024, ranking 27th among 31 sectors in the Shenwan classification [16][19]. - The semiconductor sector showed a weekly decline of 2.9%, with the semiconductor index at 4622.6 on November 22, 2024 [31]. - Global semiconductor sales reached $55.32 billion in September 2024, marking a year-on-year growth of 23.2% [37]. - Smartphone shipments in China for July, August, and September 2024 were 22.17 million, 21.10 million, and 23.72 million units, with year-on-year changes of 28.3%, 17.7%, and -25.7% respectively [39][45]. Market Overview - The electronic industry saw a weekly decline of 3.3%, with major indices like the Shanghai Composite Index and Shenzhen Component Index also experiencing declines of -1.9% and -2.9% respectively [16]. - Within the electronic sector, sub-sectors such as electronic chemicals II, semiconductors, and consumer electronics reported declines of -2.7%, -2.9%, and -4.1% respectively [19][24]. High-Frequency Data Tracking Semiconductor Industry - The semiconductor index's performance was weaker compared to the Philadelphia and Taiwan semiconductor indices, which increased by 2.5% and 0.6% respectively [31]. - The Philadelphia semiconductor index reached 5173.1, reflecting a year-on-year increase of 50.6% as of September 30, 2024 [32][37]. - Key chip prices showed slight declines, with DDR4 (16Gb) priced at $3.10, down $0.02 week-on-week [39][43]. Consumer Electronics Industry - Smartphone penetration rates remained stable, with September 2024 showing a penetration rate of 93.5% despite a decline in shipments [45]. - Prices for LCD TV panels and notebook panels remained stable or decreased slightly, indicating a competitive pricing environment [48]. Industry News and Important Announcements - The African smartphone market grew by 3% year-on-year in Q3 2024, with Transsion leading with a 50% market share [50]. - Huawei's Mate 70 series is set to launch on November 26, 2024, featuring significant AI upgrades [54].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The media sector experienced a slight decline, outperforming the Shanghai and Shenzhen 300 index. The National Internet Information Office is implementing a special action to regulate platform algorithms, focusing on improving content quality and industry standards. Global AI Chat applications are seeing increased traffic, indicating a growing release of application scenarios [4][27]. Summary by Sections Market Review - During the week of November 18-22, 2024, the media industry fell by 2.06%, outperforming the Shanghai and Shenzhen 300 index's decline of 2.6%. The sector ranked 18th among Shenwan's primary industries, with a weekly trading volume of 376.771 billion yuan, showing a slight decrease. All six Shenwan secondary sub-sectors experienced a pullback, with declines of -0.21% for digital media, -1.17% for advertising, -1.81% for film and television, -2.69% for gaming II, -2.82% for television broadcasting II, and -3.04% for publishing [10][12]. Industry Data Tracking - From November 11-17, 2024, the number of moviegoers reached 8.6338 million, a year-on-year increase of 8.03%, although it has not returned to 2021 levels, with a week-on-week decrease of 20.25% [19]. - During the same period, the number of movie screenings was 1.4322 million, with average ticket revenue decreasing by 14.54% to 233.91 yuan, a year-on-year decline of 3.92% [21]. - The popularity of short dramas remained at 410 million, based on promotional and advertising data [25]. Industry News Summary - Douyin is advancing a project called "V," aimed at expanding the boundaries of live streaming and interaction, allowing creators to develop AI avatars based on their characteristics [27]. - The National Press and Publication Administration approved 112 domestic and 7 imported game licenses on November 20 [28]. - A report indicated that global AI application traffic increased by 13.64% in October, with Chat assistant products seeing significant growth [28]. - The National Internet Information Office announced a special action to address algorithm-related issues starting February 14, 2025, focusing on improving algorithm safety and user experience [31].

Investment Rating - The report maintains an "Outperform" rating for the social service industry [4]. Core Insights - The social service sector experienced a decline of 5.24% from November 18 to November 22, 2024, underperforming the Shanghai and Shenzhen 300 index by approximately 2.64% [9][11]. - The report highlights that the education sector's profitability aligns well with its valuation levels, as indicated by the PB-ROE analysis [15]. Industry Weekly Performance - The Shanghai and Shenzhen 300 index fell by 2.6%, while the social service industry dropped by 5.24%, ranking 31st among sectors [9]. - Sub-sectors such as tourism and scenic spots, professional services, hotel and catering, and education saw declines of -2.79%, -2.81%, -3.65%, and -11.83%, respectively [11]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from November 18 to November 24 was 12,299, reflecting a week-on-week increase of 0.84% and a year-on-year increase of 4.54% [20]. - The total tourism consumption price index in Hainan was 105.90, showing a week-on-week decrease of 1.48% but a year-on-year increase of 1.93% [22]. - In October 2024, the duty-free sales improved by 27.90% month-on-month, totaling 2.144 billion yuan, although it represented a year-on-year decline of 35.40%. Cumulatively, from January to October 2024, the duty-free sales reached 26.15 billion yuan, down 31.60% compared to 2023 [32]. Industry News and Company Announcements - The World Vocational Education Development Alliance, led by China, was established on November 21, 2024, with 89 institutions from 43 countries and regions as its first members [34]. - The Ministry of Foreign Affairs introduced measures to facilitate visa processes for foreign personnel, enhancing the ease of travel to China [35]. - The Ministry of Education released guidelines to strengthen food safety and dietary fund management in primary and secondary schools [36]. - Ctrip's "Old Friends Club" was launched at the 10th China International Aging Industry Expo, targeting the silver-haired tourism market [39]. - Tencent and Wanda Hotels announced a new esports hotel brand aimed at the mid-to-high-end market [40].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [4]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% during the week of November 18-22, 2024, ranking 22nd among 31 sectors in the Shenwan classification, outperforming the Shenzhen Composite Index and the CSI 300 but underperforming the Shanghai Composite Index and the Wind All A Index [1][10]. - The total transaction volume for the pharmaceutical sector during this week was 423.16 billion yuan [10]. Summary by Sections Industry Overview - The pharmaceutical sector's performance was characterized by a 2.4% decline, with the chemical pharmaceutical sub-sector showing a smaller drop of 1.2%. Other sub-sectors such as pharmaceutical commerce, medical devices, biological products, traditional Chinese medicine II, and medical services saw declines ranging from 2.2% to 4.5% [12][16]. Industry News and Important Announcements - The National Healthcare Security Administration issued a guideline for the pricing of radiological examination services, consolidating existing price projects into 26 items for provincial healthcare bureaus to reference [18]. - A new policy aims to expand the types of medications available in grassroots healthcare institutions to better meet public demand for chronic and common disease treatments [19]. - The integration of artificial intelligence in diagnostic services has been officially recognized, allowing hospitals to choose between training medical staff or utilizing AI without incurring additional charges [23]. - The first IDH dual-target inhibitor, Vorasidenib, has been introduced in China, marking a significant advancement in treatment options for patients with specific types of tumors [24]. - The first HIF-2α inhibitor, Belzutifan, has been approved for use in China, providing new treatment options for patients with Von Hippel-Lindau disease-related cancers [25]. Important Announcements - Heng Rui Medicine received approval to conduct clinical trials for HRS-6208 capsules, a new selective small molecule inhibitor [28]. - Tian Tan Biology completed phase III clinical trials for a subcutaneous immunoglobulin product, showing effectiveness in maintaining stable IgG levels [29]. - Life Science Pharmaceuticals received approval for the market entry of arginine perindopril, a drug used for hypertension and heart failure [30]. - Boji Medicine obtained two invention patents related to cardiovascular disease treatments and non-small cell lung cancer models [31]. - Meikang Biology received a medical device registration certificate for diagnostic test kits, enhancing its product line in the in vitro diagnostic sector [32].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report indicates that the food and beverage sector has experienced a decline, with the Shanghai Composite Index falling approximately 2.6% and the food and beverage sector declining about 4.1% during the week of November 18 to November 22, 2024. Despite this, the overall valuation of the food and beverage industry has shown some recovery but remains at historically low levels [3][13][21]. Market Review - From November 18 to November 22, the Shanghai Composite Index decreased by approximately 2.6%, with a weekly trading volume of about 19,444 billion yuan. The food and beverage sector's trading volume was around 1,498.1 billion yuan, reflecting a decline of about 4.1% [3][13]. - As of November 22, the food and beverage industry valuation has slightly recovered but is still at historically low levels. The ROE percentiles for various segments are as follows: beverage dairy (81.0%), liquor II (79.3%), non-liquor (70.7%), seasoning and fermentation II (63.8%), leisure food (34.5%), and food processing (0.0%) [21]. Industry 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][25]. - The Citigroup China Economic Surprise Index was reported at 20.3 on November 22, slightly down from the previous week, indicating a slight decline after a period of recovery [2][27]. - In October, the production of Chinese liquor reached 340,000 kiloliters, a year-on-year decrease of 12.1%, while the cumulative production from January to October was 3.32 million kiloliters, reflecting a year-on-year increase of 0.9% [2][32]. - The average price of fresh milk in major production areas was 3.12 yuan per kilogram as of November 13, remaining stable from the previous week but down 15.7% year-on-year [2][35]. - In October, beef prices decreased by 13.4% year-on-year, while pork prices increased by 14.2% [2][40]. - The beer production in October was 1.807 million kiloliters, down 2.3% year-on-year, with a cumulative production of 31.08 million kiloliters from January to October, down 1.8% [2][42]. Industry News and Company Announcements - On November 20, Taobao announced adjustments to the guarantee deposit policy for the liquor category, increasing the deposit for merchants with transaction amounts below 100,000 yuan from 5,000 yuan to 10,000 yuan [3][46]. - The launch of new products by Jiugui Liquor and Jinshiyuan was highlighted, with Jiugui Liquor focusing on the Zhejiang market and introducing new products priced between 168 yuan and 3,499 yuan per bottle [3][47]. - Lihai Food announced a cash dividend plan of 2 yuan per 10 shares, totaling approximately 33.51 million yuan [3][48].

证券研究报告—机械设备行业周报 撰写日期：2024 年 11 月 26 日 机械设备行业周报(2024 年第 48 周) 机械设备行业概览： 11 月 18 日-11 月 22 日，机械设备行业涨跌互现，其中通用设备涨幅 最多，为 0.71%；专用设备、自动化设备、工程机械涨跌幅分别为 0.62%、 -0.65%、-2.01%；轨交设备Ⅱ跌幅最大，为-2.41%。 行业数据跟踪： 11 月 1-10 日，乘用车市场零售 56.7 万辆，同比去年 11 月同期增长 29%，较上月同期下降 3%，今年以来累计零售 1,840.2 万辆，同比增长 4%。 11 月 1-10 日,全国乘用车厂商批发 66.7 万辆，同比去年 11 月同期增长 41%，较上月同期增长 45%，今年以来累计批发 2,184.3 万辆，同比增长 5%。 2024 年 10 月，中国进口集成电路 342.6 亿美元，环比-4.8%；出口机 电产品 1879.8 亿美元，环比+1.9%。这也符合我们在此前的报告中提示， 今年以来，机电产品出口额持续改善，而机电出口略滞后于集成电路进口， 10 月机电出口有所回升。 行业新闻公告： CME 预估 ...