Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Viewpoints - The company is a leading player in the domestic high-voltage switch market, with comprehensive product coverage and strong technological innovation. It is expected to benefit significantly from the new cycle of ultra-high voltage investment [4][5]. - The company is projected to achieve an EPS of 0.92, 1.11, and 1.35 yuan for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 21.3, 17.6, and 14.5 times based on the closing price on October 15, 2024 [4][5]. - The company has shown continuous improvement in profitability, with new contracts, revenue, and total profit consistently increasing. It is expanding its market presence both domestically and internationally, successfully entering high-end markets in the EU [5][6]. Financial Summary - For the fiscal year 2024E, the company is expected to generate revenue of 13,794 million yuan, reflecting a year-on-year growth of 24.5%. The net profit attributable to the parent company is projected to be 1,246 million yuan, with a remarkable year-on-year growth of 52.8% [4][6]. - The gross profit margin is expected to improve from 21.4% in 2023 to 23.8% in 2024E, indicating enhanced operational efficiency [4][6]. - The return on equity (ROE) is forecasted to rise from 8.1% in 2023 to 11.5% in 2024E, showcasing the company's increasing profitability and effective capital utilization [4][6].

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and an "Increase" rating for 信达生物, 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [2][29]. Core Views - The pharmaceutical sector is expected to perform well in Q4 2024, with anticipated improvements in fundamentals and policy support for innovative drugs and medical devices [14][23]. - The report highlights the importance of focusing on high-growth areas such as innovative drugs and medical devices, while also considering companies with strong financial metrics [21][24]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From October 7 to October 11, the pharmaceutical sector declined by 5.92%, underperforming the沪深 300 index, which fell by 3.25% [6][8]. - Year-to-date, the pharmaceutical sector has decreased by 11.10%, lagging behind the沪深 300 index by 24.39 percentage points [6]. 2. Industry Events/Policy Overview - The Nobel Prize in Physiology or Medicine was awarded for research in microRNA, highlighting its potential in disease diagnosis and treatment [13]. - The government announced a series of policies aimed at boosting economic growth, including support for local debt resolution and capital market stabilization [13]. 3. Industry Investment Strategy - The report suggests that the pharmaceutical sector is entering a recovery phase, with Q4 2024 expected to see improved performance due to favorable policy developments and a low comparative base from 2023 [14][23]. - Historical analysis indicates that the pharmaceutical sector performs well when market sentiment favors growth-oriented stocks [14]. 4. Recommended Companies - 恒瑞医药: Transitioning through innovation challenges, with several innovative drugs beginning to gain market traction [29]. - 信达生物: Entering a phase of accelerated growth, with major products expected to launch next year [29]. - 百济神州: Continued strong performance of its drug泽布替尼, with a positive outlook on various product lines [29]. - 翰森制药: A comprehensive pharmaceutical company with promising product pipelines [29]. - 爱博医疗: Growth driven by innovative R&D and new product launches [29]. - 恩华药业: Steady growth in the anesthetic sector, supported by a robust product pipeline [29]. - 鱼跃医疗: Leading domestic home medical device company with stable growth across key segments [29]. 5. Recommended Portfolio - The report includes a recommended portfolio featuring companies like 爱尔眼科, 迈瑞医疗, and 恒瑞医药, emphasizing their strong market positions and growth potential [30][31].

证券研究报告 ＃industryId＃ 银行 行 业 研 究 ＃title＃ 信贷平稳投放，静待政策成效 ——2024 年 9 月金融数据点评 ＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持） 行 业 点 评 报 告 相关报告 ＃relatedReport＃ 《政府债加速发行，支撑社融 增速——2024 年 8 月金融数据 点评》 2024.9.15 分析师：＃emailAuthor＃ 陈绍兴 SAC：S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC: S0190520060001 wangchenyjy@xyzq.com.cn ＃createTime1＃ 2024 年 10 月 15 日 投资要点 ＃⚫ summary 社融增速小幅回落至 ＃ 8.0%。2024 年 9 月社融新增 3.76 万亿元，同比少增 3722 亿 元，拆分结构来看： （1）对实体经济发放的人民币贷款+1.97 万亿元，同比少增 5639 亿元。有效需 求不足叠加政策层面强调"淡化总量、重视质效"，今年二季度以来信贷投放整体 有所放 ...

Investment Rating - The report maintains a "Buy" rating for the transportation industry, specifically highlighting companies such as Spring Airlines, Juneyao Airlines, Air China, China Southern Airlines, and China Eastern Airlines as part of the recommended portfolio [1][5]. Core Insights - SF Express announced a special cash dividend of 10 CNY per 10 shares, totaling approximately 4.8 billion CNY, alongside a mid-year dividend of 4 CNY per 10 shares, amounting to about 1.92 billion CNY, which represents 40% of the net profit for the first half of 2024 [5]. - The report anticipates a steady increase in dividend payouts, projecting a dividend yield of approximately 4.4% for the current year, considering the special dividend [5]. - The express delivery sector shows robust growth, with a year-on-year increase in business volume of 22.5% and revenue growth of 14.7% for the first eight months of 2024 [9][11]. Summary by Sections Weekly Focus (10.06-10.12) - SF Express plans to enhance its dividend frequency and has outlined a shareholder return plan for 2024-2028, indicating a commitment to improving shareholder returns [5]. - The company reported operational cash flow of approximately 13.7 billion CNY for the first half of 2024, with a free cash flow of about 8.2 billion CNY, suggesting strong financial health [5]. Industry Data Tracking (10.06-10.12) Aviation Data - Domestic flight volume reached 96,879 flights during the week, averaging 13,840 flights per day, which is 113.34% of the same period in 2019 [6][7]. - The domestic passenger volume was approximately 14.06 million, representing 128.86% of the 2019 levels [6][7]. Express Delivery Data - The average daily collection volume for the week was about 447 million packages, reflecting a decrease of 13.74% from the previous week but a year-on-year increase of 23.64% [9][11]. - For the year-to-date, the average daily collection volume stands at approximately 443 million packages, with a year-on-year growth of 26.05% [9][11]. Recent Key Reports - The report emphasizes the importance of operational efficiency and governance improvements within the industry, particularly for SF Express, which is expected to enhance its dividend payout capacity over time [5]. - The express delivery sector is projected to maintain strong revenue growth, supported by increasing e-commerce penetration and consumer demand [11][19].

Investment Rating - The industry maintains a "Buy" rating for key companies including Huali Group, Weixing Co., and Biyinlefen [2]. Core Insights - The report highlights that the Chinese government is increasing fiscal policy support to stimulate domestic demand, which is expected to benefit brand apparel companies. The valuation of these companies is anticipated to rise ahead of performance recovery, with the earliest performance rebound expected in Q4 2024 [7][11]. - The National Day holiday showed strong consumer activity, with daily sales in consumption-related sectors increasing by 25.1% year-on-year. Retail sales overall grew by 9%, with department stores and supermarkets seeing significant increases [8][11]. - Taiwanese shoe manufacturers reported strong export performance, with companies like Yuanyuan and Laiyi showing revenue growth of 26.7% and over 30% respectively, indicating robust overseas demand [12][16]. Summary by Sections 1. Key Views and Investment Recommendations - The Ministry of Finance announced measures to enhance counter-cyclical adjustments, focusing on stabilizing growth and expanding domestic demand. This includes increasing government investment and supporting consumer spending [7]. - The National Day holiday saw a significant increase in consumer spending, with major shopping districts in Shanghai reporting a 9.8% increase in foot traffic [8]. 2. Market Review - The textile and apparel index fell by 6.7%, outpacing the 3.3% decline of the Shanghai and Shenzhen 300 index. Notable stock movements included a 17.4% drop in Hailan Home [18]. 3. Key Raw Material Trends - The report does not provide specific details on raw material trends. 4. Export Data Tracking - Taiwanese shoe manufacturers reported a recovery in sales, with significant year-on-year revenue increases for major companies [12][14]. 5. Domestic and Overseas Apparel Consumption Tracking - The report indicates a positive trend in domestic consumption, supported by local government initiatives to stimulate spending [11]. 6. Important Announcements and Industry News - The report includes various announcements regarding fiscal policies and consumer incentives aimed at boosting the apparel sector [7][11]. 7. Risk Alerts - The report does not include specific risk alerts.

Investment Rating - The report maintains a recommendation for the home furnishing sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report emphasizes that marginal policy changes are the core reason for the cyclical formation in the home furnishing and real estate sectors, suggesting that recent policy adjustments may initiate a new upward cycle for these industries [3][11]. - It highlights the strong correlation between the performance of the home furnishing sector and the real estate sector, particularly during periods of policy easing [14][20]. - The report identifies that the home furnishing sector is currently at a valuation bottom, with potential for valuation recovery driven by ongoing policy support [3][24]. Summary by Sections 1. Fundamental Review - The home furnishing industry is influenced by real estate growth and consumer purchasing power, with new and second-hand housing sales significantly impacting demand [7]. - Historical analysis shows four major down cycles in the home furnishing and real estate sectors since 2011, with recent policy-driven up cycles observed in late 2021 and early 2022 [8][11]. 2. Valuation Review - The home furnishing sector has shown a high correlation with the real estate sector from 2012 to 2024, with significant performance differences noted during various policy phases [14][20]. - The report outlines that the home furnishing sector's valuation typically remains higher than that of the real estate sector, with slower downward adjustments during tightening periods [20][24]. 3. Recent Policy Review - The report details two significant rounds of policy easing in the past year, occurring in July-August 2023 and April-May 2024, aimed at stabilizing the real estate market [3][40]. - It anticipates further policy measures in October 2024, which may continue to support the recovery of the real estate and home furnishing sectors [3][40]. 4. Investment Logic and Key Recommendations - The report suggests that ongoing policy support is likely to boost confidence in the home furnishing sector, recommending leading companies such as Oppein Home, Sophia, and ZB Home for investment due to their higher revenue elasticity in favorable policy environments [3][24].

Investment Rating - The report maintains a positive investment suggestion for the power and gas sectors, highlighting specific companies for investment [2][5]. Core Insights - The report indicates that the A-share power index decreased by 4.90% and the gas sector index decreased by 3.54% as of October 11, 2024. The TTM PE ratios for the power and gas sectors are 21.4x and 13.3x, respectively [2][5]. - The report emphasizes the importance of the electricity auxiliary service market, which is essential for maintaining the stability and quality of electricity supply. It outlines the roles of various energy sources in providing these services [2][5][49]. Summary by Sections 1. Power Sector Data Tracking - The domestic thermal coal market price remained stable at 875 RMB/ton as of October 11, 2024, with a 4.6% decrease in inventory at Qinhuangdao Port [9][22]. - The Three Gorges Reservoir's inflow and outflow rates on October 11, 2024, showed significant year-on-year decreases of 47.50% and 50.55%, respectively [22][28]. - The total electricity consumption in China from January to August 2024 was 65,619 billion kWh, reflecting a year-on-year increase of 7.9% [40]. 2. Gas Sector Key Data Tracking - As of October 11, 2024, the average ex-factory price of domestic gas increased by 1.00% to 4,951 RMB/ton, while the average ex-factory price of imported LNG rose by 0.57% to 5,650 RMB/ton [44][42]. - The report notes a decrease in the LNG import price to 13.00 USD/million BTU, which is a 15.35% year-on-year decline [42][44]. 3. Industry News - The National Energy Administration has released a draft for public consultation on the basic rules for the electricity auxiliary service market, which aims to enhance the stability and quality of electricity supply [49]. - The report mentions adjustments to the residential pipeline natural gas prices in Zhengzhou, with the first-tier price set at 2.94 RMB/cubic meter [44][49]. 4. Investment Recommendations - For the power sector, the report recommends focusing on thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng Co., as well as major state-owned enterprises like Guodian Power and Huaneng International [2][5]. - In the gas sector, the report suggests investing in companies like Xin'ao Co. and Jiufeng Energy [2][5].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating that the expected performance of related securities will exceed the benchmark index by more than 15% [4]. Core Insights - The launch of Tesla's CyberCab marks a significant milestone for the Robotaxi sector, with expectations for mass production starting in 2026 and operational costs projected to decrease from approximately $1 per mile to about $0.2 per mile [1][2]. - The report highlights the potential for rapid commercialization of Robotaxi services in China, driven by supportive policies and the entry of multiple domestic companies into the market, including Baidu Apollo, Pony.ai, Didi, and others [1][2]. - The demand for autonomous driving solutions is anticipated to grow significantly, with the report drawing parallels between Full Self-Driving (FSD) technology and large language models like GPT, suggesting a broad commercial outlook for the sector [2]. Summary by Sections Industry Overview - The report discusses the unveiling of Tesla's CyberCab and Robovan, emphasizing their innovative features such as the absence of a steering wheel and the use of inductive charging [1]. - It notes that the operational costs of CyberCab are currently high but are expected to decrease significantly, enhancing its competitive edge against traditional taxis [1]. Market Dynamics - The report indicates that the Robotaxi technology is gaining traction in China, with various companies making strides in this field, positioning them to potentially surpass their international counterparts [1]. - It emphasizes the importance of regulatory approvals for the rollout of fully autonomous driving features in vehicles like the Model 3/Y, which are expected to lead the way in the U.S. market [1]. Investment Opportunities - The report suggests focusing on investment opportunities within the intelligent driving sector, recommending companies such as Zhongke Chuangda, Wanjike Technology, and others as potential beneficiaries of the growing market [2].

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai and Wuliangye, and an "Increase" rating for several other companies including Jiansi Yuan, Shanxi Fenjiu, and Luzhou Laojiao [2]. Core Insights - The report emphasizes a clear positive fiscal attitude from the government, aiming to strengthen confidence and stabilize expectations. It highlights four incremental policies related to debt resolution, bank capital injection, real estate support, and increased social welfare [9][10]. - The food and beverage sector is expected to undergo a two-step recovery process, with the current phase focusing on short-term valuation repair, followed by medium-term fundamental improvement [9][10]. - The report anticipates a slowdown in the sales of liquor in Q3 2024, while the snack sector continues to show high growth potential [10]. Summary by Sections 1. Weekly Topic: Positive Fiscal Attitude - The Central Political Bureau meeting on September 26 conveyed a strong positive signal regarding fiscal policy, with plans for debt resolution and support for various sectors [9]. - The food and beverage sector is currently in a phase of short-term valuation repair, with a focus on companies with high earnings certainty [9][10]. 2. Key Recommendations - The report recommends focusing on industry leaders with strong earnings certainty and increasing dividend rates, particularly in the liquor sector [11]. - Specific recommendations include Guizhou Moutai and Wuliangye for their strong brand power, and other companies like Jiansi Yuan and Shanxi Fenjiu for their market share growth potential [11]. 3. Market Review and Valuation Tracking - The food and beverage index has decreased by 7.10% year-to-date, underperforming the CSI 300 index by 20.40 percentage points [13]. - The report notes that the beverage sector, particularly soft drinks, has shown some resilience with an 18.68% increase year-to-date, while other segments have declined [13]. 4. Macro and Industry Key Data Tracking - In September 2024, the CPI rose by 0.4%, with food and beverage prices increasing by 2.3% [21]. - The report highlights that urban residents' disposable income and consumption expenditure have shown positive growth, indicating potential for future consumption recovery [21].

Investment Rating - The report maintains an "Overweight" rating for major state-owned construction companies, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China National Chemical Corporation, China National Materials, China Steel International, and Honglu Steel Structure [1][2][3]. Core Viewpoints - The report emphasizes that fiscal policies are continuously being implemented, leading to an improved outlook for the construction industry, particularly for large state-owned enterprises [3]. - It highlights that the National Development and Reform Commission and the Ministry of Finance are pushing for a series of incremental policies to support local governments in resolving hidden debt risks, which is expected to enhance infrastructure investment [3]. - The construction sector's performance is anticipated to improve due to increased support from special bonds and monetary easing measures, which will alleviate cash flow pressures [3][4]. - The report notes that the valuation of the construction sector remains low, with a PE (TTM) of 8.86 and a PB of 0.73 as of October 11, 2024, indicating potential for upward adjustment [3][11]. Summary by Sections 1. Important Events Tracking - The report details significant events, including the inclusion of urban renewal projects in the scope of local government special bond support and the promotion of private capital participation in major infrastructure projects [10]. 2. Market Performance Tracking - The construction engineering sector (SW) experienced a decline of 2.36% from October 8 to October 11, 2024, while the overall A-share index fell by 4.04%, resulting in an excess return of 1.68 percentage points for the construction sector [11]. - Sub-sectors such as road and bridge engineering showed positive performance, while others like steel structure and material leasing faced declines [11][12]. 3. Industry Data Tracking - Fixed asset investment reached 329,385 billion yuan in the first eight months of 2024, with a year-on-year growth of 3.4% [4]. - Special bonds issued from October 5 to October 11, 2024, totaled 16.663 billion yuan, with cumulative issuance reaching 36,160.09 billion yuan, accounting for 92.72% of the annual plan [19][22].