Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - In October, the shipment volume of mobile camera lenses from Sunny Optical decreased by 1.9% year-on-year, totaling 116 million units, with a month-on-month decline of 2.6% [3][9] - The shipment volume of mobile camera modules from Sunny Optical saw a significant decline of 37.5% year-on-year, amounting to 33.78 million units, with an 8.1% decrease month-on-month [4][11] - The electronic sector outperformed the broader market, with the Shanghai Composite Index rising by 5.51% from November 4 to November 8, while the CITIC Electronics sector increased by 9.01% [5][14] - The semiconductor equipment, semiconductor, display components, semiconductor materials, and integrated circuits sectors showed notable gains, with increases of 16.97%, 11.94%, 11.78%, 11.59%, and 11.08% respectively [6][18] - The report recommends focusing on semiconductor trends driven by computational power, despite short-term pressures on mobile shipment volumes [8][23] Summary by Sections Shipment Data - Sunny Optical's mobile lens shipments in October were 116 million units, down 1.9% year-on-year and 2.6% month-on-month [3][9] - The glass spherical lens shipments increased by 7.1% year-on-year but decreased by 9.6% month-on-month, totaling 2.47 million units [3] - Vehicle-mounted lens shipments rose by 11.5% year-on-year, totaling 8.71 million units, with a month-on-month decline of 6.5% [3] Market Performance - From November 4 to November 8, the CITIC Electronics sector outperformed the Shanghai Composite Index, with year-to-date increases of 22.18% for the electronics sector compared to 16.05% for the index [5][14] - The top ten performing stocks in the electronics sector during this period included Liwang Co., Galaxy Magnet, and Weimao Electronics, with increases ranging from 34.5% to 65.0% [7][20] Investment Recommendations - The report suggests that while short-term mobile market shipment growth may be under pressure, the maturation of AI smartphones could present new opportunities [8][23]

Investment Rating - The report gives an investment rating of "Positive" for the building materials industry [1]. Core Viewpoints - The building materials industry index performed well, with the Shanghai Composite Index closing at 3452.30, a weekly increase of 5.51%, and the Shenzhen Component Index at 11161.70, up 6.75% [1][2]. - The cement industry outlook is stable in the short term, with the national average cement price at 366 RMB per ton, showing no change week-on-week [1][8]. - The glass market is expected to remain stable and positive, with the average price of flat glass at 1393 RMB per ton, an increase of 57 RMB per ton, or approximately 4.27% [1][17]. - The report suggests that the real estate, infrastructure, and new energy markets are still in a state of adjustment, with policies gradually strengthening to guide the development of the building materials industry [1]. Summary by Sections 1. Weekly Stock Review - The building materials sector saw 67 out of 76 listed companies with positive price changes, with notable gains from companies like Keshine New Materials and Nanchuan Co [4][5]. - The report highlights the performance of various indices, with the building materials index ranking 25th among 31 primary industry indices [2][3]. 2. Cement Industry Data Tracking - The national average cement price remained stable at 366 RMB per ton, with a balanced demand and a slight decrease in supply [8][9]. - The report indicates that the overall demand is stable, with some regions experiencing increased demand due to construction needs [8]. 3. Glass Industry Data Tracking - The flat glass market showed a positive trend, with prices increasing and good transaction volumes reported [17][21]. - The report emphasizes the importance of policy impacts on the real estate sector, which will influence future demand for glass products [17]. 4. Key Companies and Stock Performance - The report lists key companies in the building materials sector, including Conch Cement and China National Building Material, highlighting their stock performance and market activities [1][34].

[Table_Title] 商社周报：物价表现仍承压 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.11.12 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 10-Nov 21-Jan 2-Apr13-Jun 24-Aug 4-Nov 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 潜在关税影响深远，关注内需的结构 性机会 商社周报：京东双十一营销活动引争 议 商社周报：CPI 较弱静待政策出台， 2024 双十一开启 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.11.4-2024.11.8）多数宽基指数上涨。上证综 指数上涨 5.51%，深证成指上涨 6.75%，创业板指上涨 9.32%。本周 （2024.11.4-2024.11.8）商贸零售（申万）上涨、社会服务（申万） 指数 ...

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [5] Core Insights - Electrolytic aluminum prices surged, while copper concentrate TC prices remained stable [1] - Lithium carbonate prices rebounded, with continuous inventory reduction [2] - Magnesium prices slightly declined, with weak demand recovery [3] - Gold prices fell and may face short-term pressure [4] Summary by Sections 1. Non-Ferrous Sector Overview - The overall market index increased by 5.51%, with the non-ferrous metals sector rising by 3.36%, underperforming the market by 2.15% [10] - Nickel, cobalt, tin, and other rare metals saw significant increases, with nickel-cobalt-tin rising by 8.36% [10] 2. Industry News and Announcements 2.1 Key Industry News - Significant copper mineralization was found at the Rogozna project in Serbia [15] - Ecuador is set to restart and upgrade its mining rights system for the first time in six years [15] - Codelco seeks environmental permits for a $650 million sustainable water project at the Andina mine [16] 2.2 Key Industry Announcements - Ganfeng Lithium provided guarantees for its subsidiaries, totaling up to 1.5 billion yuan [17] - Zijin Mining announced plans to acquire 100% of the La Arena gold mine in Peru for $245 million [19] 3. Non-Ferrous Metals Database - LME copper decreased by 1.11% to $9,433 per ton, while SHFE copper increased by 0.76% to 77,100 yuan per ton [22] - LME aluminum rose by 0.92% to $2,627 per ton, with SHFE aluminum increasing by 4.3% to 21,690 yuan per ton [22] - Battery-grade lithium carbonate prices increased by 2.03% to 75,400 yuan per ton [2]

Investment Rating - The industry investment rating is "Positive" [3][27] Core Insights - In the pig farming sector, the average price of live pigs in China as of November 8, 2024, is 16.81 yuan/kg, which has decreased by 4.5 yuan/kg from the peak in mid-August. Prices in South China remain relatively stable, while most other regions have fallen below 17 yuan/kg. Supply from large-scale farms is active, but demand is weak, leading to a bearish market outlook for pig prices in the short term. Recommended stocks include Muyuan Foods, Shennong Group, and Juxing Agriculture, which have strong fundamentals and low valuations [3][4]. - For broiler chickens, the average price of broiler chicks is 4.08 yuan/chick, down 0.24% week-on-week, while the average price of broiler meat is 7.76 yuan/kg, up 0.52% week-on-week. The market is experiencing slow sales, and there is pressure on inventory for slaughterhouses. Recommended stocks in this sector include Yisheng, Minhe, Xiantan, Shengnong, and Lihua [4]. Summary by Sections 1. Important Information Updates - The agricultural and fishery sector increased by 6.04% last week, outperforming the Shanghai Composite Index by 0.53 percentage points. The top five performing sectors were aquaculture (18.85%), agricultural processing (7.63%), feed (7.44%), animal health (7.11%), and planting (5.38%) [7][8]. 2. Industry Data Tracking 2.1 Agricultural & Vegetable Price Index - As of November 8, 2024, the agricultural wholesale price index decreased by 0.19% to 124.16, with a monthly decline of 7.11% and a year-on-year increase of 7.71%. Vegetable prices increased by 9.75% year-on-year [9]. 2.2 Pig and Pork Prices & Breeding Sow Inventory - In September 2024, the pig inventory increased by 2.80% month-on-month but decreased by 3.50% year-on-year. The breeding sow inventory increased by 0.60% month-on-month but decreased by 4.20% year-on-year [10]. 2.3 Broiler & Chick Prices - As of November 8, 2024, the price of broiler meat rose to 7.64 yuan/kg, and the price of chicks rose to 4.17 yuan/chick [12]. 2.4 Aquaculture Market - As of November 8, 2024, sea cucumber prices remained at 130 yuan/kg, scallop prices decreased to 8 yuan/kg, and abalone prices remained at 70 yuan/kg [14]. 2.5 Corn and Soybean Market - The global corn consumption is projected to rise to 1,229.48 million tons, with ending stocks decreasing to 304.14 million tons, maintaining a stock-to-use ratio of 25%. For soybeans, consumption is projected to decrease to 402.28 million tons, with ending stocks at 131.74 million tons, maintaining a stock-to-use ratio of 33% [15][16]. 2.6 Feed Market - As of November 8, 2024, the price of pig feed decreased to 3.38 yuan/kg, and the price of broiler feed decreased to 3.45 yuan/kg [17]. 3. Industry Information and Important Company Announcements 3.1 Important Company Announcements - Yisheng reported that in October 2024, it sold 53.14 million broiler chicks, generating revenue of 258.44 million yuan, with year-on-year changes of 2.06% and 48.82%, respectively. The company also sold 6,358 breeding pigs, generating revenue of 15.28 million yuan, with year-on-year changes of 567.86% and 422.54% [19]. - Tangrenshen reported a pig sales volume of 497,400 heads in October 2024, a year-on-year increase of 29.50%, with total sales revenue of 1,008.65 million yuan, up 58.46% year-on-year [20].

Investment Rating - The report assigns an investment rating of "Positive" for the industry [1]. Core Viewpoints - The National Development and Reform Commission emphasizes the importance of tackling key core technologies and overcoming critical "bottleneck" technologies to enhance self-reliance and competitiveness in the new development pattern [1]. - The report highlights the need to improve the resilience and security of the industrial and supply chains, advocating for a self-controlled and reliable supply chain [1]. - The report notes that external restrictions on China's technology sector may stimulate domestic innovation capabilities, pushing the semiconductor industry towards self-innovation [1]. - Investment recommendations focus on the semiconductor industry's bottleneck segments and leading companies in niche areas [1]. Summary by Sections - **Government Initiatives**: The report discusses the government's call to strengthen core technology development and enhance the resilience of supply chains, positioning these as critical for national security and competitiveness [1]. - **Market Dynamics**: It mentions the U.S. semiconductor industry's efforts to remove Chinese suppliers from their supply chains due to increasing restrictions, which may impact global supply dynamics [1]. - **Regulatory Changes**: The report references new regulations from the U.S. Department of Commerce aimed at tightening export controls on advanced semiconductor technologies [1]. - **Innovation Drive**: It argues that external pressures will likely catalyze China's internal drive for technological innovation, particularly in the semiconductor sector [1]. - **Investment Focus**: The report suggests investors pay attention to critical segments within the semiconductor industry and leading firms in specialized fields [1].

Investment Rating - The industry investment rating is "Positive" [2][10]. Core Insights - In October 2024, domestic excavator sales grew by 21.6% year-on-year, with total sales reaching 16,791 units, a 15.1% increase compared to the previous year. Cumulative sales from January to October 2024 amounted to 164,200 units, reflecting a 0.47% year-on-year growth [2][4]. - Loader sales in October 2024 showed a significant increase in exports, with a total of 8,355 units sold, marking an 11.1% year-on-year growth. However, domestic sales faced short-term pressure, declining by 7.1% [3][4]. - The implementation of debt reduction policies is expected to improve demand for construction machinery. The government plans to allocate 800 billion yuan annually from new local government bonds for five years, which could replace hidden debts totaling 4 trillion yuan [4]. Summary by Sections Excavator Market - October 2024 excavator sales reached 16,791 units, with domestic sales at 8,266 units, up 21.6% year-on-year. Exports totaled 8,525 units, a 9.46% increase [2][4]. - Cumulative excavator sales from January to October 2024 were 164,200 units, with domestic sales at 82,200 units (up 9.8%) and exports at 82,000 units (down 7.41%) [2][4]. Loader Market - In October 2024, loader sales totaled 8,355 units, with domestic sales at 4,032 units (down 7.1%) and exports at 4,323 units (up 36%) [3][4]. - Cumulative loader sales from January to October 2024 were 90,200 units, with domestic sales at 45,400 units (down 0.68%) and exports at 44,700 units (up 12.1%) [3][4]. Policy Impact - The government's debt reduction policies are expected to alleviate local fiscal pressures, potentially boosting construction machinery demand as funds become available for infrastructure projects [4]. - Investment recommendations include focusing on companies like Sany Heavy Industry, XCMG, Hengli Hydraulic, and Changling Hydraulic, as domestic manufacturers enhance their competitiveness in overseas markets [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 23,665.41 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.19%, and a net profit attributable to shareholders of 442.47 billion yuan, down 16.46% year-on-year [2] - The company continues to achieve stable growth in oil and gas production, with a total production of 386.06 million barrels, a year-on-year increase of 2.6% [2] - The company effectively coordinated its product structure, maintaining growth in refined oil sales despite challenges from declining diesel consumption and increasing electric vehicle penetration [2] - The chemical segment faces pressure, but capital expenditures reached 86.35 billion yuan, reinforcing the company's resource advantages [2] - The company is expected to achieve net profits of 597.34 billion yuan, 630.88 billion yuan, and 671.63 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.49, 0.52, and 0.55 yuan [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7,904.10 billion yuan, a year-on-year decrease of 9.80%, but a quarter-on-quarter increase of 0.54% [2] - The net profit for Q3 2024 was 85.44 billion yuan, down 52.15% year-on-year and down 50.86% quarter-on-quarter [2] Production and Sales - The company’s oil processing volume for the first three quarters of 2024 was 190 million tons, a decrease of 1.6% year-on-year, while refined oil production was 117 million tons, down 0.8% year-on-year [2] - Refined oil sales volume was 18,167 million tons, an increase of 0.6% year-on-year [2] Capital Expenditure and Resource Management - Capital expenditures for the first three quarters of 2024 reached 86.35 billion yuan, with significant investment in exploration and development [2] Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 31,846.10 billion yuan, 33,318.44 billion yuan, and 34,822.86 billion yuan respectively, with corresponding net profit forecasts of 597.34 billion yuan, 630.88 billion yuan, and 671.63 billion yuan [3]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The export of disposable gloves to the US is under pressure due to increased tariffs, but there are opportunities for market expansion in other regions. The US plans to raise tariffs on medical rubber gloves imported from China from 7.5% to 25% in May 2024, with further increases planned by 2026. Despite this, the domestic nitrile glove industry has shown a trend of increasing volume and price since 2024, indicating a recovery in demand after a prolonged downturn. The reliance on the US market has decreased from 55.98% in 2017 to 38.33% in 2023, suggesting that domestic companies can compensate for lost orders by expanding into European and other non-US markets [2][4][5] - The long-term demand for pharmaceuticals remains strong, driven by the US government's ongoing efforts to control healthcare costs. The Inflation Reduction Act (IRA) passed in August 2022 includes provisions for price negotiations on certain long-standing innovative drugs, which will create a sustained demand for high-quality, cost-effective pharmaceuticals from domestic companies looking to expand internationally [2][7] - Investment recommendations include focusing on leading domestic disposable glove manufacturers such as Yingke Medical, Zhonghong Medical, and Lanfang Medical, as well as pharmaceutical companies like Kelun Pharmaceutical, Kangfang Biotech, Baotai, Tonghua Dongbao, and Ganli Pharmaceutical that are expanding overseas [2][6]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The impact of the 2024 US election on the automotive industry primarily involves policy formulation and international trade [1] - Environmental protection policies significantly affect the development of new energy vehicles, with predictions indicating that by 2032, manufacturers may need to increase the sales of pure electric vehicles to 56% [1] - Trade policies will influence import tariffs on the automotive industry, with potential high tariffs on imported goods, particularly from China and Mexico [1] - Regardless of the election outcome, the globalization of the Chinese automotive industry will face new challenges and opportunities, with domestic companies showing strong competitiveness in the new wave of intelligent electrification [1] - Investment recommendations include focusing on companies such as BYD, Great Wall Motors, and others in the automotive sector, as well as companies involved in intelligent driving and the Tesla supply chain [1] Summary by Sections Impact of US Election - The election will affect policies related to environmental regulations and international trade, which are crucial for the automotive industry [1] Environmental Policies - Trump's administration previously rolled back many environmental regulations, while Harris may continue Biden's policies, impacting the sales requirements for electric vehicles [1] Trade Policies - High tariffs on imports, especially from China and Mexico, are anticipated, which could affect the automotive supply chain [1] Globalization of Chinese Automotive Industry - The long-term trend indicates that the globalization of the Chinese automotive industry will continue, despite facing new challenges [1] Investment Suggestions - Recommended companies for investment include BYD, Great Wall Motors, and others in the automotive and intelligent driving sectors [1]