Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA.O) [1] Core Views - NVIDIA's Q3 FY2025 revenue reached $35.08 billion, a 94% YoY increase, with GAAP net income of $19.3 billion, up 109% YoY, and Non-GAAP net income of $20 billion, up 100% YoY [1] - Data center revenue grew 112% YoY to $30.8 billion, driven by strong demand for the Hopper computing platform, with cloud service providers contributing approximately 50% of data center revenue [2] - The Blackwell series, set to begin production in Q4, is expected to face supply shortages in FY2026, with a 2.2x performance improvement in LLM benchmarks [2] - Gaming and AI PC revenue grew 15% YoY to $3.3 billion, exceeding market expectations, with 20 new GeForce RTX and DLSS games launched [3] - Professional visualization revenue increased 17% YoY to $486 million, while automotive and robotics revenue grew 72% YoY and 30% QoQ to $450 million [3] - Q4 FY2025 revenue guidance is approximately $37.5 billion, representing a 69.7% YoY increase, with GAAP and Non-GAAP gross margins expected at 73% and 73.5%, respectively [3] Financial Projections - Revenue for FY2025-FY2027 is projected at $131.78 billion, $215.03 billion, and $266.35 billion, respectively, with Non-GAAP net income of $72.48 billion, $120.63 billion, and $151.07 billion [11] - The company's GAAP/Non-GAAP net income CAGR is expected to be 69.9% and 67.2% over the next three years, with P/E ratios of 48x, 29x, and 23x [11] - Data center revenue is forecasted to grow at a CAGR of 144% in FY2025, 70% in FY2026, and 25% in FY2027 [9] - Gaming revenue is expected to grow at a CAGR of 17% in FY2025 and 10% in FY2026 and FY2027 [9] - Automotive revenue is projected to grow at a CAGR of 26.5% in FY2025, 40% in FY2026, and 23.5% in FY2027 [9] Competitive Positioning - NVIDIA maintains a leading market position in AI GPUs, supported by its CUDA software ecosystem and continuous innovation [11] - The company's high-end GPU market share is expected to remain above 80% [8] - NVIDIA's Blackwell series is anticipated to drive significant growth in data center and AI-related markets [2] Industry Comparison - NVIDIA's valuation is favorable compared to peers, with a 2025E P/E of 47.97x, lower than the industry average of 42.27x [14] - Key competitors include AMD, Broadcom, and Intel, with NVIDIA's market cap significantly higher at $347.64 billion [14]

Investment Rating - Buy (Maintained) [1] Core Views - JD Group's Q3 2024 revenue reached 260.4 billion yuan (yoy +5.1%), with Non-GAAP operating profit at 13.1 billion yuan (yoy +17.9%) and Non-GAAP net profit attributable to shareholders at 13.2 billion yuan (yoy +23.9%) [1] - JD Retail's operating margin remained stable at 5.2% yoy, with a sequential improvement of 1.3 percentage points [1] - Free cash flow for the trailing twelve months (TTM) as of September 2024 was 33.6 billion yuan, a decrease of 22 billion yuan from June 2024 and 5.8 billion yuan yoy, primarily due to delayed accounts payable and inventory buildup for the trade-in program [1] - The trade-in policy drove a rebound in 3C and home appliance revenue, with 3C and home appliance sales reaching 122.6 billion yuan (yoy +2.7%), reversing the -4.6% decline in Q2 2024 [1] - JD Logistics saw a significant improvement in profitability, with operating profit surging 624% yoy to 2.09 billion yuan and operating margin increasing to 4.7% from 0.7% in Q3 2023 [1] - JD's Double 11 shopping festival in 2024 exceeded expectations, with active users growing by double digits, daily active buyers increasing by over 20%, and purchase frequency also growing by double digits [1] Business Performance by Segment JD Retail - Revenue: 225 billion yuan (yoy +6.1%) [1] - Operating profit: 11.6 billion yuan (yoy +5.5%) [1] - Operating margin: 5.2% (flat yoy) [1] JD Logistics - Revenue: 44.4 billion yuan (yoy +6.6%) [1] - Operating profit: 2.09 billion yuan (yoy +624%) [1] - Operating margin: 4.7% (up from 0.7% in Q3 2023) [1] New Businesses (Including Dada, Jingxi, Overseas, and JD Property) - Revenue: 5 billion yuan (yoy -25.7%) [1] - Operating loss: 600 million yuan [1] Key Strategies - Low-price strategy: JD has implemented a matrix of low-price activities, including the "JD Super 18" event every month, weekly "Black Friday" promotions, and daily "Midnight Sale" events [1] - Trade-in program: The policy has successfully driven growth in the 3C and home appliance categories [1] Financial Forecasts - Revenue growth for 2024-2026 is projected at 5.26%, 5.09%, and 5.00%, respectively [1] - Non-GAAP net profit attributable to shareholders is expected to be 45.7 billion yuan, 49.2 billion yuan, and 52.9 billion yuan for 2024-2026 [1] - Long-term profit margin target is set at high single digits [1] Revenue Breakdown by Category Electronics and Home Appliances - Revenue: 553.3 billion yuan (2024E), 568.3 billion yuan (2025E), 585.3 billion yuan (2026E) [6] - Growth rate: 2.7% (2024E), 2.7% (2025E), 3.0% (2026E) [6] Daily Necessities - Revenue: 360 billion yuan (2024E), 387 billion yuan (2025E), 414.1 billion yuan (2026E) [6] - Growth rate: 8.3% (2024E), 7.5% (2025E), 7.0% (2026E) [6] Platform and Advertising Services - Revenue: 88 billion yuan (2024E), 91.6 billion yuan (2025E), 95.2 billion yuan (2026E) [6] - Growth rate: 3.9% (2024E), 4.0% (2025E), 4.0% (2026E) [6] Logistics and Other Services - Revenue: 140.3 billion yuan (2024E), 152.9 billion yuan (2025E), 165.2 billion yuan (2026E) [6] - Growth rate: 9.0% (2024E), 9.0% (2025E), 8.0% (2026E) [6] Key Assumptions - Electronics and home appliances: Continued growth driven by trade-in policies and government subsidies, with 3C and home appliance revenue expected to increase in Q4 2024 [5] - Daily necessities: Lower shipping thresholds and optimized platform rules are expected to sustain a 7%+ GMV growth rate for 2025-2026 [5]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company is initiating a restricted stock incentive plan, granting 12.34 million shares at a price of HKD 6.65 per share, reflecting confidence in its development [1][2]. - The performance targets for the incentive plan are ambitious, with revenue goals set at HKD 1.5 billion, HKD 1.75 billion, and HKD 2 billion for the years 2025-2028, indicating a projected growth rate of 50% to 100% [2]. - Strong sales growth of the drug Acalbrutinib, with Q3 sales reaching HKD 276 million, a 75.5% increase year-over-year, and total sales for the first three quarters at HKD 693 million, a 45% increase [3]. - The company is advancing its pipeline with two TYK2 inhibitors, with ongoing clinical trials showing promising results [3]. Summary by Sections Financial Performance - The company expects revenues of HKD 1.01 billion, HKD 1.54 billion, and HKD 2.09 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 37.08%, 52.53%, and 35.54% [5][10]. - The net profit attributable to the parent company is projected to improve from a loss of HKD 631.26 million in 2024 to a profit of HKD 232.04 million in 2026, indicating a significant turnaround [5][10]. Product Pipeline - Acalbrutinib is the first and only BTK inhibitor approved for MZL in China, with ongoing clinical trials for various indications, including PPMS and ITP [3]. - The company is in the first tier of domestic development for TYK2 inhibitors, with two products making significant progress in clinical trials [3]. Market Position - The report highlights the company's strong market position in the hematology field and its potential to lead in the treatment of autoimmune diseases [3][9].

Group 1 - The overall performance of the Beijing Stock Exchange (BSE) was strong during the week, with the BSE 50 index increasing by 21.5% from the opening on November 4, 2024, and closing at 1391.4 points on November 8, 2024 [1][2][28] - Among the 256 stocks listed on the BSE, 247 stocks rose, 1 stock remained flat, and 8 stocks declined, indicating a diverse performance among individual stocks [1][28] - The average market capitalization of BSE component stocks is 26.6 billion yuan, which is significantly lower than the average market capitalization of 98.8 billion yuan for the ChiNext and 121.8 billion yuan for the Sci-Tech Innovation Board [2][19] Group 2 - No new stocks were listed on the BSE this week, but two companies, Juxing Technology and Wanyuantong, are updating their IPO dynamics [3][23] - Juxing Technology, which specializes in electric contact products, reported a revenue of 600 million yuan and a net profit of 76.8 million yuan for 2023, with an IPO price of 6.3 yuan per share and a post-issue P/E ratio of 12.7 times [23][26] - Wanyuantong, engaged in the research, production, and sales of printed circuit boards, reported a revenue of 980 million yuan and a net profit of 118.1 million yuan for 2023, with an IPO price of 11.2 yuan per share and a post-issue P/E ratio of 14.9 times [26][27] Group 3 - The BSE's trading volume for the week was 2491.3 billion yuan, with an average weekly trading amount of 9.7 billion yuan and a turnover rate of 82.7%, indicating improved liquidity compared to the previous week [2][19] - The P/E ratio (TTM, median) for the BSE is 42.2 times, which has increased by 7.4 times compared to the previous week, reflecting a rise in valuation [2][19] Group 4 - The BSE's thematic funds and index funds performed strongly this week, with the E Fund BSE Selected Mixed Fund C showing a growth of approximately 14.5%, outperforming the overall fund performance by about 8.9 percentage points [39][40] - The Southern BSE 50 Index Fund A and C also performed well, with a growth of about 13.8% [39][40]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY over the next six months [1][13]. Core Insights - The company's revenue showed a quarter-on-quarter improvement, with expectations for growth in the breeding sector. The report highlights that the demand for animal health products is influenced by the cyclical nature of the breeding industry, particularly the changes in livestock inventory [2][4]. - The company has increased its R&D investment, which is crucial for enhancing its core competitiveness. The R&D expenditure reached 20.79 million CNY in Q3 2024, accounting for 7.85% of revenue, indicating a focus on innovation [3][4]. - The report anticipates a recovery in pig supply and prices in Q4 2024, which is expected to boost the demand for animal health products, particularly vaccines [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 666 million CNY, a year-on-year decrease of 19.57%. The net profit attributable to the parent company was 261 million CNY, down 27.09% year-on-year. In Q3 2024, revenue was 265 million CNY, a year-on-year decline of 10.35% but a quarter-on-quarter increase of 35.2% [1][2]. Market Dynamics - The report notes a decrease in the number of breeding pigs, which has led to reduced demand for vaccines and other animal health products. However, it also points out that the demand for vaccines is expected to rise as the breeding industry recovers [2][4]. R&D and Innovation - The company has made significant strides in R&D, obtaining 49 new veterinary drug registration certificates. The focus on developing new vaccine platforms is expected to enhance its product offerings and market position [3][4]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 0.83 CNY, 1.04 CNY, and 1.28 CNY, respectively. The report suggests a dynamic price-to-earnings (PE) ratio of 18, 15, and 12 for these years [4][10].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 18.76 yuan over the next six months, based on a current price of 15.27 yuan [1][42]. Core Insights - The company has shown steady growth in its main business due to the implementation of operational reforms and competitive bidding mechanisms, leading to an increase in land leasing income [2][25]. - The company is positioned as a leading agricultural enterprise in China, benefiting from rich land resources and a favorable geographical location in the world's major black soil belts, which enhances the quality and competitiveness of its agricultural products [2][32]. - The company plans to produce approximately 12 billion jin of high-quality crops, including rice, corn, and soybeans, in 2024, continuing to explore potential in green and organic products [2][32]. Summary by Sections Company Overview - The company, formerly known as Heilongjiang Provincial Agricultural Reclamation Bureau, was restructured in December 2020 and operates in a region with a total land area of 53,600 square kilometers, making it a significant grain production base in China [17][19]. Company Analysis - The company has a total land area of 12.96 million acres, with 11.58 million acres of arable land, and operates 16 agricultural subsidiaries focused on producing major crops [2][32]. - Land rental prices have been increasing in line with rising grain prices, which has positively impacted the company's land leasing business [2][30]. Profit Forecast and Valuation - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.62 yuan, 0.67 yuan, and 0.72 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 23, and 21 [3][42]. - The company is expected to maintain stable growth in land leasing and agricultural material sales, with projected revenue growth rates of 8% for land leasing and 5% for agricultural materials from 2024 to 2026 [37][41].

Summary of Key Points Core Viewpoints - The latest allocation strategy includes sectors such as banking, pharmaceuticals, petrochemicals, transportation, basic chemicals, and computers. The monthly return for the portfolio in November 2024 was 1.19%, underperforming the industry benchmark by 0.12% [1]. - The report highlights a marginal change in the industry rotation model, with a focus on non-bank financials, banking, automobiles, non-ferrous metals, agriculture, forestry, animal husbandry, and communications. The portfolio's monthly return for November 2024 was 0.58%, underperforming the industry benchmark by 0.73% [1]. - The ETF portfolio is constructed with allocations to banking, non-bank financials, computers, automobiles, and non-ferrous metals [1]. Sector Allocation Performance - In November 2024, the recommended sectors based on the similar expected difference model included banking, pharmaceuticals, petrochemicals, transportation, basic chemicals, and computers, with a portfolio return of 1.19% [41]. - The previous months' performance showed varying returns, with notable returns in September 2024 at 20.06% for banking and non-ferrous metals, while August 2024 saw a decline of -5.84% in real estate and steel [41]. Model Insights - The similar expected difference factor model demonstrated a strong industry selection capability, with an average Information Coefficient (IC) of 0.11 and a success rate of 63.16% over the sample period from December 2016 to November 2024 [31]. - The dynamic analyst expectation factor also showed significant industry selection ability, with an average IC of 0.06 and a success rate of 58.95% during the same period [45]. ETF Portfolio Construction - The ETF portfolio includes various funds such as the Southern CSI Bank ETF with a share of 7.68 billion, and the Huatai CSI Bank ETF with 30.44 billion shares, among others in the banking and non-bank financial sectors [62].

202X`4[Table_ReportInfo] 年 11 月 30 日 证券研究报告•市场周评 北交所周报（11.25-11.29） 五新隧装拉开北交所定增并购序幕， 胜业电气上市首日涨超 4 倍 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较强：北证 50指数较周一（11月 25日）开 盘市值下降 1.0%，周成交额为 1640.8 亿元，低于上周水平。本周内北交所 259 只个股中有 137股票上涨，2只股票持平，120只股票下跌。其中，胜业 电气区间内上涨 405.9%，派诺科技区间内下跌 18.1%。本周北交所主题基金 产品与北交所指数基金产品整体表现均较弱。本周，共 7 家企业更新发行上 市项目审核动态，1家企业上市委会议通过，3家企业已问询，1家企业注册， 2 家企业已终止。11月 29日，北交所网站发布消息，为落实证监会《上市公 司监管指引第 10号—市值管理》《上市公司监管指引第 3号—上市公司现金 分红》《上市公司股份回购规则》相关要求，本所制定、修订了估值提升计 划、现金分红、股份回购相关公告格式模板。北交所作为服务创新型中小企 业的重要平台， ...

Economic Growth and Policy Outlook - China's GDP growth target for 2025 is around 5%, driven by policy support and domestic demand, with potential external shocks from Trump's policies[7] - Manufacturing investment is expected to grow by 8% in 2025, supported by domestic and international restocking and policy incentives[20] - Infrastructure investment is projected to grow by 9% in 2025, fueled by increased issuance of special bonds and local government bonds[31] Real Estate and Investment Trends - Real estate investment growth is expected to converge to -3% in 2025, with policy support reducing its drag on economic growth[44] - Land transaction activity has increased significantly since September 2024, with land premium rates around 4%[43] Consumption and Inflation - Social retail sales growth is expected to rebound to 5% in 2025, driven by policy support for consumption and service sectors[55] - CPI growth is forecasted to rise to 1-1.5% in 2025, with food prices stabilizing and non-food prices remaining weak[72] Trade and External Factors - Export growth is expected to be around 3% in 2025, with a potential boost from preemptive exports before new tariffs take effect[82] - Import growth is projected to reach 2% in 2025, supported by domestic demand recovery and lower base effects[85] Industrial and Technological Shifts - The shift of industries to western China is accelerating, with a focus on strategic emerging industries like new energy and electronics[4] - New infrastructure investment, particularly in digital and AI sectors, is expected to grow significantly in 2025[35]

Investment Rating - The report maintains a "Buy" rating for several companies, including Sainuo Medical, Enhua Pharmaceutical, and Shanghai Laishi, among others [5][24]. Core Insights - The new medical insurance directory has been released, adding 91 new drugs with an average price reduction of 63%. A total of 117 drugs participated in the negotiation, with a success rate of 76% [2][18]. - The pharmaceutical industry index rose by 2.95% this week, outperforming the CSI 300 index by 1.63 percentage points. However, the industry has declined by 9.29% year-to-date, underperforming the CSI 300 by 23.43 percentage points [1][41]. - The valuation level of the pharmaceutical industry (PE-TTM) is currently at 27.24 times, with a premium of 82% relative to the entire A-share market [1][17]. Summary by Sections 1. Investment Strategy and Key Stocks - The report highlights the performance of key stocks, with Sainuo Medical showing expected results and awaiting new product launches. Enhua Pharmaceutical is noted for steady growth and accelerated innovation [25][27]. - The recommended stock combinations include Sainuo Medical, Enhua Pharmaceutical, Shanghai Laishi, and others, with a focus on their growth potential and market performance [20][24]. 2. Pharmaceutical Industry Secondary Market Performance - The pharmaceutical index's performance is detailed, showing a weekly increase and a year-to-date decline, indicating a challenging market environment [41][41]. 3. Latest News and Policies - The report discusses the new medical insurance directory and its implications for innovation support, emphasizing the high success rate of new drug negotiations [2][18]. - It also covers the gradual easing of procurement rules for high-value medical consumables, indicating a potential for increased market access for domestic manufacturers [3][19]. 4. Recommended Combinations - The report lists various stock combinations, including a robust mix of companies across different segments, such as Sainuo Medical and Enhua Pharmaceutical, which are expected to perform well in the current market [5][20][24].