Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific companies such as Jincheng Mining, Luoyang Molybdenum, and China Aluminum receiving "Buy" recommendations [1][2]. Core Views - The report highlights that precious and base metal prices are gradually rising, while corresponding stocks have lagged behind due to a weak overall equity market and significant doubts about mid-term commodity prices. It is expected that gold prices will continue to rise, aiding in the valuation recovery of gold stocks. For copper and aluminum, the report notes that previous recession trades and liquidity shocks led to rapid price adjustments, but with pessimism fading, commodity prices are rebounding from their lows. The report suggests focusing on companies like Luoyang Molybdenum, Jincheng Mining, and China Aluminum for potential investments [2][3]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector experienced a slight decline of 0.39%, outperforming the Shanghai Composite Index by 0.48 percentage points [6]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum: Continued Price Increase - Aluminum prices have continued to rise, with average profitability per ton reaching 1,403 RMB. Domestic electrolytic aluminum production capacity is approximately 43.42 million tons, expected to remain stable. The demand is anticipated to improve slightly as the peak season approaches, with inventory levels beginning to decrease [2][3]. 2.2 Copper: Continued Price Rebound - Copper prices have rebounded, influenced by market expectations of interest rate cuts. Domestic smelting output is facing supply concerns due to a shortage of scrap copper, while downstream demand remains stable. The report suggests that copper prices will have limited downside potential in the medium term, with companies like Luoyang Molybdenum and Jincheng Mining recommended for investment [3][14]. 2.3 Zinc: Slight Price Increase - Zinc prices have seen a slight increase, with the report indicating a stable outlook for the zinc market [44]. 2.4 Tin: Continued Price Rebound - Tin prices have also continued to rebound, reflecting positive market sentiment [44]. 3. Precious Metals Fundamentals Tracking 3.1 Gold: New Highs in Price - Gold prices have reached new historical highs, driven by expectations of interest rate cuts and macroeconomic factors. The report suggests focusing on companies like Chifeng Jilong Gold Mining and Shandong Gold for investment opportunities [3][2]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium: Slight Price Decline - The average price of lithium carbonate has slightly decreased, with production expected to decline by 5.57% week-on-week. Despite this, the report suggests monitoring companies like Yongxing Materials and Zhongmin Resources for potential investment [2][3]. 5. Industry Dynamics - The report emphasizes the importance of monitoring domestic policy guidance and changes in overseas economic expectations in the fourth quarter, as these factors will significantly impact the non-ferrous metals sector [2][3].

证券研究报告 ＃industryId＃ 传媒 行 业 研 究 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 行 业 周 报 重点公司 重点公司 评级 相关报告 ＃relatedReport＃ 《【兴证传媒】每周一报 20240818： 《黑神话：悟空》获 IGN 中国 10 分评 价，国产游戏迎来新里程碑时刻》 《【兴证传媒】每周一报 202408011： AI 应用加速涌现，关注中报超预期标 的》 《【兴证传媒】每周一报 20240804： Kimi 推出生成 PPT 服务，暑期重磅影 片密集上映》 | --- | --- | |----------|-------| | 恺英网络 | 增持 | | 上海电影 | 增持 | | 光线传媒 | 增持 | | 万达电影 | 增持 | | 恺英网络 | 增持 | | 华策影视 | 增持 | | 盛天网络 | 增持 | | 芒果超媒 | 买入 | | 中信出版 | 增持 | | 中文在线 | 增持 | | 皖新传媒 | 增持 | | 昆仑万维 | 增持 | | 三七互娱 | 增持 | | 完美世界 | ...

行 业 研 究 证券研究报告 ＃industryId＃ 医药生物 ＃ investSuggestion ＃ 推荐 ＃ investSuggestionChange ＃ （维持） 重点公司 行 业 周 报 重点公司 评级 恒瑞医药 买入 信达生物 增持 百济神州 增持 翰森制药 增持 爱博医疗 增持 恩华药业 增持 鱼跃医疗 增持 来源：兴业证券经济与金融研究院 相关报告 【兴证医药】医疗设备更新逐步进 入落地阶段，继续重点关注创新药 及医疗器械 — — 医药行业周报 2024.08.12-2024.08.16 【兴证医药】成长穿越周期，继续 关注创新+国际化——医药行业周 报 2024.08.05-2024.08.09 【兴证医药】创新药支持政策持续 推进，板块后续有望迎来触底回升 ——兴证医药 2024 年 08 月投资月 报 ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 黄翰漾 huanghanyang@xyzq.com.cn S0190519020002 ⚫ 风险提示：行业政策超预期变化，板块比较优势弱化，艾力斯、联影医 疗、 ...

证券研究报告 ＃industryId＃ 家用电器 以旧换新加速落地，看好家电龙头估值业绩齐修复 推荐 ( 维持 ） ＃createTime1＃ 2024 年 08 月 25 日 重点公司 投资要点 ＃summary＃ 本周天津、吉林、海南、宁夏、重庆五地新一轮家电以旧换新实施方案密集出台，以 中央文件为基准，补贴范围扩大、补贴标准提升，补贴力度超预期持续加码。展望后 续，各省市继续跟进政策落地，政策托底有望拉动国内家电更新需求加速释放，继续 看好家电板块估值及基本面修复。 重点公司 评级 美的集团 增持 海尔智家 买入 1） 多地补贴品类进一步扩充，较中央政策，补贴范围更广泛。天津市方案补贴品类 海信视像 增持 为中央政策明确规定的冰箱、洗衣机、电视、空调、电脑、热水器、家用灶具、 新宝股份 增持 吸油烟机 8 类家电产品。在中央政策基础之上，吉林省方案新增智能家电购新活 动，补贴品类覆盖洗碗机、净水机、扫（拖）地机、微波炉（含一体机）、电烤 箱（含电蒸箱）、电饭煲、智能门锁、空气净化器 8 类家电产品；海南省方案新 增洗碗机、空气净化器、吸尘器、微波炉（含一体机）、电磁炉、电饭煲、电风 扇（含空调扇）和净水 ...

行 业 研 究 证券研究报告 ＃industryId＃ 建筑材料 ＃ investSuggest ion＃ 推荐 （维持） 重点公司 ＃相关报告 relatedReport＃ 《【兴证建材】周观点：地产政 策持续改善，继续关注建材底部 机会》2024-01-21 《【兴证建材】周观点：政策推 动地产资金改善，行业有望逐渐 走出底部》2024-01-14 《【兴证建材】周观点：地产政 策再度加码，布局建材底部机 会》2024-01-07 ＃ emailAuthor＃ | --- | --- | |----------|-------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 森鹰窗业 | 增持 | | 伟星新材 | 增持 | | 科顺股份 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | | | | 分析师： 黄杨 huangyang@xyzq.com.cn S0190518070004 季贤东 jixiandong@xyzq.com.cn S0190522100003 行 业 周 报 关注玻 ...

证券研究报告 ＃industryId＃ 环保 ＃title＃ wangyuxuan@xyzq.com.cn S0190523070002 shiyisu@xyzq.com.cn S0190523110001 zhulixian@xyzq.com.cn 青海推动环境基础设施提标改造，广西提出制造业绿色化 升级提升 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 8 月 25 日 ＃相关rel报ate告dReport＃ ＃重s要um数ma据ry跟＃ 踪：（1）碳市场：2024 年 8 月 19 日至 8 月 23 日，全国碳市场碳排放 配额（CEA）挂牌协议成交量 56.00 万吨，上期（8.12-8.16）成交量为 18.08 万吨， 期间上涨 37.92 万吨，与上期相比+209.75%；2024 年 8 月 23 日碳排放配额（CEA） 收盘价为 89.60 元/吨，日环比+0.43%，与上期相比-1.85%。2024 年 8 月 12 日至 8 月 16 日，国内 8 个试点城市碳排放配额总成交量 ...

行 业 研 究 证券研究报告 ＃industryId＃ 食品饮料 ＃title＃ 周专题：对比国产白兰地，发展初期的威士忌具备成 长空间 维持 ） ＃investSuggestion 推荐 ＃ (＃ investS uggesti | --- | --- | --- | |---------------------------------------------------------------------------------------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃ 除 ＃assAuthor＃ 证券研究报告 行 业 研 究 ＃非银industryId＃ ＃title＃ 兴证非银周报（240819-240823）： 推荐 investSuggesti （维onChange 持）＃ ） 券商整合再下一城，关注并购主线投资机会 ＃createTime1＃ 2024 年 8 月 25 日 投资要点 行 业 周 报 重点公司 重点公司 评级 南华期货 增持 中国太保 买入 中国平安 增持 新华保险 增持 中国人寿 增持 江苏金租 增持 东方财富 增持 中信证券 增持 瑞达期货 增持 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《 兴 证 非 银 周 报 （ 240812- 240816）：险企保费延续正增，科 创板新股配售迎新规》2024-08-18 《 兴 证 非 银 周 报 （ 240805- 240809）：券商分类评价结果公 布，引导行业高质量发展》2024- 08-11 ＃分析师： emailAuthor＃ 孙寅 S0190521060002 周安桐 S0190523050006 周度回顾： 本周保险Ⅱ(申万)上涨 3.97%，跑赢沪深 ...

证券研究报告 ＃industryId＃ 汽车 周动态：阿维塔入股华为引望，腾势 Z9/Z9GT 开始预售 维持 ） ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ | --- | --- | |----------|-------| | 重点公司 | | | 重点公司 | 评级 | ＃createTime1＃ 2024 年 08 月 25 日 指数 周涨跌幅（%） 周成交额（亿元） 年初至今涨跌幅（%） ＃summary＃ 本期板块： 本期涨跌幅（2024.8.19-2024.8.23）：本周汽车板块跑输大盘。本周涨跌幅：上证综指 -0.9%，创业板指-2.8%，汽车板块指数-2.2%，其中乘用车/商用车/零部件/汽车服务 涨跌幅分别为-1.1%/-3.0%/-2.8%/-4.2%。汽车板块周度成交额环比下降。 周度板块估值（2024.8.19-2024.8.23）: 汽车板块 PE-TTM(不调整)为 23.4，1 年历史估 值分位为 17.6%。本期乘用车/商用车/汽车零部件/汽车服务子板块本期 PE-TTM(不调 整)分别为 24.6/35.1/2 ...

Industry Investment Rating - The report maintains a "Recommended" rating for the medical and biological industry, specifically focusing on the home medical equipment (HME) sector [1] Core Viewpoints - The home medical equipment market is experiencing significant growth, driven by manufacturing advantages, product quality, and channel strategies, with Chinese companies well-positioned to expand globally [1] - North America dominates the global HME market, accounting for 42% of total revenue in 2021, while the Asia-Pacific region is expected to grow at a CAGR of over 8% from 2023 to 2032 [1] - Key barriers for Chinese companies entering the global market include stricter FDA approvals, patent risks, and challenges in accessing DME channels and insurance coverage [1] Market Overview - The global HME market is vast, with North America leading in revenue and the Asia-Pacific region showing the fastest growth potential [7][8] - Treatment-oriented devices dominate the HME market, holding 43% of the global market share in 2021, while diagnostic devices are emerging as a high-potential segment [6] - The U.S. DME market is supported by robust insurance coverage, with health insurance accounting for 56.6% of DME expenditures in 2022, up from 24.2% in 1980 [9][11] Market Access and Sales - U.S. FDA certification is challenging, with stricter effectiveness standards compared to CE certification, particularly for Class II and III devices [18] - European CE certification is becoming more stringent under the new MDR regulations, which require enhanced clinical evidence and post-market surveillance [19][20] - In the U.S., DME distribution channels are fragmented, with DME suppliers and pharmacies being the primary sales channels, while Europe relies on a mix of direct sales and distributors [26][28] Pricing Advantages - Chinese HME manufacturers benefit from significant cost advantages, with overseas prices averaging 70% higher than domestic prices, offering substantial profit margins [31][32] - For example, the domestic price of the Sannuo iCan i3 glucose monitor ranges from 119-251 RMB, while its overseas price is approximately 455 RMB, 1.8-3.8 times higher [31] Globalization Trends - The HME market is increasingly globalized, with companies like Abbott, Omron, and Dexcom seeing significant growth in overseas revenue, which now accounts for over 50% of their total revenue [33][34] - Chinese companies are exploring various globalization strategies, including OEM/ODM, self-built teams, and acquisitions of overseas brands, to establish a global presence [35][36] Key Companies - **Yuwell Medical (鱼跃医疗)**: Focused on respiratory therapy and home electronic testing products, with significant revenue from Southeast Asia, South America, and Africa [39] - **Sannuo Biosciences (三诺生物)**: A leader in glucose monitoring, with a strong presence in North America and Southeast Asia, achieving 42.16% of its revenue from overseas markets in 2023 [39] - **iHealth (九安医疗)**: Primarily operates in the U.S. market through its iHealth brand, with overseas revenue accounting for 92.28% of total revenue in 2023 [39] - **BMC Medical (怡和嘉业)**: A leading domestic respiratory equipment manufacturer, with 65.31% of its revenue coming from overseas markets in 2023, primarily through its partnership with React Health in the U.S. [39] Blood Glucose Monitoring (BGM) and Continuous Glucose Monitoring (CGM) - The global blood glucose monitoring market is expected to grow from $26.8 billion in 2020 to $73.8 billion by 2030, driven by the rising prevalence of diabetes and advancements in CGM technology [41][42] - CGM devices, which offer continuous glucose monitoring without frequent finger pricks, are gaining traction, with their market share expected to increase from 21.4% in 2020 to 49.4% by 2030 [46] - Chinese companies are accelerating their entry into the CGM market, with firms like Sannuo Biosciences and Yuwell Medical focusing on product registration and channel development in Europe and the U.S. [41][46] Non-Invasive Ventilators - The global non-invasive ventilator market is projected to grow from $2.66 billion in 2022 to $4.85 billion by 2032, driven by the increasing prevalence of COPD and OSA [1] - Chinese companies like BMC Medical are benefiting from the reshuffling of the global competitive landscape, with BMC's market share in home non-invasive ventilators rising from 4.5% in 2020 to 17.7% in 2022 [1]