Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [7]. Core Views - The report highlights that Dongfang Cable has won the EPC project for the Qingzhou 5 and 7 ±500kV DC submarine cable, with a contract value of approximately 1.514 billion yuan. This project is significant as it utilizes Dongfang Cable's independently developed DC submarine cable system, capable of transmitting 2GW of electricity in a single circuit, marking a domestic first and providing valuable experience for future deep-sea development [4][5]. Summary by Sections 1. Wind Power Sector Market Review - The electric power equipment sector experienced a decline of 0.65% in the week of November 18-22, 2024, ranking 16th among 31 first-level industries [20]. - The wind power equipment sub-sector saw a decrease of 0.66%, ranking lower in performance [22]. 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - From January to October 2024, China added 45.80GW of new wind power installations, a year-on-year increase of 22.76%. In October alone, 6.68GW was added, representing a 74.41% increase year-on-year [38]. 2.2 Wind Power Approval Data - A total of 80.04GW of wind power projects were approved in China from January to October 2024, including 64.44GW of onshore projects and 14.68GW of offshore projects [49]. 2.3 Wind Turbine Bidding Data - Eight projects initiated turbine procurement this week, totaling 1978.5MW, with one offshore project included [51]. 2.4 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3686.20 yuan/ton, down 0.56% from the previous week, while scrap steel averaged 2152.00 yuan/ton, down 1.74% [65]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the demand for offshore wind power, such as Dongfang Cable, Tiensun Wind Power, and Qifan Cable. It also highlights companies with strong overseas market expansion capabilities, like Dajin Heavy Industry and Taisheng Wind Power, as well as wind turbine manufacturers with recovering profitability, including Goldwind Technology and Mingyang Smart Energy [5].

传媒 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 杭州 IAGF 展会即将召开 "谷子经济"有望受益 ——传媒行业点评报告 ◼ 事件 据 IAGF 官网消息，11 月 29 日至 12 月 1 日，杭州国际博览中心将召 开首届 IAGF 展会。50 余家海内外展商将参加此次展会。展会现场将 会有众多热门 IP 的先行新商品、人气再贩商品及限定场贩商品更有日 本 AGF 同款商品。日本知名声优、《蓝色禁区》洁世一 CV 浦和希首 次来到中国进行线下活动嘉宾见面会&签名会。猫耳 FM 广播剧《三 嫁咸鱼》声优见面会&签名会，配音演员马正阳&陈张太康将出席舞台 现场。翻翻动漫旗下人气漫画家第年秒、米沙 Misha 、潇十里、毛啾 啾啾啾 、潇湘骨、绛梵将亲临 IAGF 展会现场进行签售。 ◼ 核心观点 二次元产业有望继续保持快速增长。据前瞻网消息，总体来看，2016- 2023 年，中国二次元产业规模从 189 亿元增长至 2219 亿元，复合年 均增长率达到 42.2%。目前，中国二次元产业正处于高速成长期，前 瞻预计 2024 年，中国二次元产业规模将突破 2700 亿元;到 2 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [5]. Core Viewpoints - The adjustment of the Anhui Province Traditional Chinese Medicine (TCM) procurement catalog has removed products such as Ganmaoling. The latest catalog has been reduced from 35 products in 18 groups to 22 products in 12 groups [17][20]. - The procurement catalog includes various OTC TCM products, with a focus on diabetes and hypertension medications. The procurement will involve public medical institutions, military medical institutions, and community medical institutions [17][20]. - The selection rules for procurement are well-defined, incorporating both price and technical indicators to calculate the comprehensive score of bidding companies [17][20]. Market Review - During the week of November 18-22, 2024, the A-share Shenwan Pharmaceutical and Biological sector fell by 2.36%, outperforming the CSI 300 index by 0.24 percentage points and the ChiNext index by 0.49 percentage points [21]. - The Hang Seng Healthcare Index decreased by 1.99%, underperforming the Hang Seng Index by 0.98 percentage points [21]. Company Dynamics - Recent announcements include: - Yifan Pharmaceutical received approval for a new drug registration certificate for Methanesulfonic Acid New Stigmine Injection [30]. - Enhua Pharmaceutical obtained approval for Mecuronium Bromide Injection [30]. - Jiuzhou Pharmaceutical received a GMP certificate from the UK Medicines and Healthcare Products Regulatory Agency [30]. Financing Dynamics - Micron Biologics plans to raise funds through a directed issuance of 9.6 million shares [31]. Unlocking Dynamics - Significant unlocking events include: - Anxu Biotech had 9,531.20 thousand shares unlocked, valued at approximately 380.96 million yuan [36]. - JianKai Technology had 3.60 thousand shares unlocked, valued at approximately 0.21 million yuan [36].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [6]. Core Insights - Pinduoduo's revenue growth slowed in Q3 2024, with a strong policy of 100 billion yuan in subsidies exceeding expectations. The company's revenue reached 99.35 billion yuan, a year-on-year increase of 44% [4]. - The adjusted net profit for Pinduoduo was 27.46 billion yuan, up 61% year-on-year. The online marketing revenue was 49.35 billion yuan, growing 24% year-on-year, while transaction service commission revenue was 50 billion yuan, increasing 72% year-on-year [4]. - The report highlights the ongoing investment in the merchant ecosystem, including the implementation of various support measures for quality merchants, which may continue to impact future profit margins [4]. - The gold and jewelry sector is expected to maintain high prosperity due to investor demand for safe-haven assets, despite a 3% year-on-year decline in retail sales of gold and silver jewelry from January to October 2024 [5]. - The report suggests that the domestic consumption recovery is likely to be supported by policies aimed at expanding domestic demand, with a focus on offline sales recovery [11]. Summary by Sections 1. Market Review - The retail index rose by 3.33% during the week of November 18-22, 2024, outperforming the CSI 300 index by 5.92 percentage points [8]. - The retail sector ranked first among 30 major industries during this period, with significant gains in the medical beauty sector, which rose by 15.73% [8]. 2. Industry Dynamics - Traditional retail updates include the establishment of Walmart's Kunming department store and the entry of Hema's founder into the pet food sector [9]. - In e-commerce, JD.com launched a flagship store for 100 major brands, and Temu adjusted its pricing rules for the Chinese mainland and Hong Kong [9][33]. - The report notes that geopolitical tensions, such as the Russia-Ukraine conflict, have driven up gold prices, with spot gold closing at 623.91 yuan/g on November 22, 2024 [10][34]. 3. Investment Recommendations - The report suggests focusing on companies with strong performance and dividend capabilities, such as Zhou Daxing, Lao Fengxiang, and Chao Hongji in the gold and jewelry sector [11]. - It also recommends attention to major retail players like Yonghui Supermarket, Miniso, and High Xin Retail as offline sales are expected to recover gradually [11].

Investment Rating - The industry investment rating is maintained as "Overweight" [4]. Core Viewpoints - SK Hynix has announced the mass production of 321-layer NAND flash memory, which is expected to start supplying in the first half of 2025. This new product shows improvements in data transfer speed and read performance by 12% and 13% respectively, with over 10% enhancement in data read efficiency compared to the previous generation [4][21]. - The DRAM market size increased by 10.4% quarter-on-quarter to reach $25.85 billion in Q3 2024, driven by sustained demand from AI and server sectors, while other segments like mobile and consumer electronics showed weaker demand [4][24]. - The global storage market size reached $44.871 billion in Q3 2024, with a year-on-year growth of 96.8% for the first three quarters, although the growth rate is slowing down [4][28]. Summary by Sections 1. Weekly Price Tracking of Storage Chips - The average price fluctuation for NAND particles ranged from -2.35% to 3.33%, with an average change of 0.10% [4]. - The DRAM market saw a price fluctuation range of -1.61% to 0.00%, with an average decline of 0.63% [4]. 2. Industry News - The storage market atmosphere has turned slightly negative, with most SSD and memory prices experiencing minor declines. However, some PC customers have placed additional orders, stabilizing SSD and memory prices [21]. - SK Hynix's new 321-layer NAND flash is set to address the growing demand for AI applications, positioning the company favorably in the market [21]. - The introduction of the new JEDEC NAND flash interface interoperability standard supports interface speeds up to 4800MT/s, paving the way for higher performance NAND products [25][28]. 3. Company Dynamics - Deep Technology is focusing on storage semiconductors, high-end manufacturing, and intelligent terminal measurement as part of its strategic development [31]. - Zhaoyi Innovation's NOR Flash products are widely used across various sectors, including industrial and automotive applications [32]. - Jiangbolong has made significant progress in self-developed chips and high-end storage products, indicating strong growth potential in the global storage market [32]. 4. Company Announcements - Zhaoyi Innovation completed a share buyback, acquiring 1,748,100 shares at a total cost of approximately RMB 154.55 million [35]. - The company Huahai Chengke announced a suspension of trading due to ongoing acquisition plans [37].

电子 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 21/17/15 for 2024-2026 [3][6] Core Viewpoints - The company has a strong presence in the power and energy storage battery markets, with competitive advantages in the consumer battery sector [3] - The company's revenue and net profit have shown consistent growth, with 2023 revenue reaching 48.78 billion yuan, a 34% YoY increase, and net profit reaching 4.05 billion yuan, a 15% YoY increase [2] - The company has a solid technological foundation, with significant R&D investment of 2.87 billion yuan in 2023, accounting for 5.88% of revenue, and a global business layout with 5 R&D centers, 8 sales offices, and 14 production bases [2][3] Industry Overview - The global new energy vehicle market is expected to grow, with sales projected to reach 18.3 million units in 2024, a 25% YoY increase [2] - The energy storage market is experiencing rapid growth, with China's new energy storage installation expected to grow at a CAGR of 45% from 2024 to 2028, reaching 220.9GW by 2028 [2] - The consumer battery market is expected to grow moderately, with global market size projected to reach $15.45 billion in 2024 and $22.15 billion by 2029, with a CAGR of 7.47% [2] Company Highlights - The company has a strong technological barrier, with 76 industry standards participated in, including 8 national standards, and a significant R&D team of 5,291 people, accounting for 19.35% of the total workforce [2] - The company's global business strategy includes global manufacturing, delivery, and service, with a presence in multiple regions including Europe, Southeast Asia, and North America [2][25] - The company's revenue is diversified across power batteries (49%), energy storage batteries (33%), and consumer batteries (17%), with gross margins of 14%, 17%, and 24% respectively [31][35] Financial Projections - The company's revenue is projected to grow to 55.1/64.3/75.3 billion yuan in 2024-2026, with net profit expected to reach 4.7/5.7/6.7 billion yuan, representing a growth rate of 13%/17%/17% [3][93] - The company's gross margin is expected to remain stable at around 18% for 2024-2026, with a net margin of 9.3%/9.7%/9.8% [93][97]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][7]. Core Insights - The company reported a stable revenue of approximately 16.3 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 1.58%. The net profit attributable to the parent company was about 3.45 billion yuan, up 8.5% year-on-year [3]. - The growth in surgical volume outpaced revenue growth, with outpatient visits increasing by 9.23% and surgical procedures by 6.92% in the first half of 2024. However, the average price per service declined year-on-year [3]. - The company is expanding its network of county hospitals and continuing its internationalization strategy, having acquired 87 medical institutions and 100% of the UK-based Optimax Group [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's gross margin was 51.0%, with a net profit margin of 21.2%. The gross margin for Q3 2024 was reported at 53.9%, showing a decline of 2.4 percentage points year-on-year [3]. - The company expects revenues of approximately 21.14 billion yuan in 2024, with net profits projected at 3.68 billion yuan, reflecting a price-to-earnings (PE) ratio of about 35.8x [4][6]. Growth Projections - Revenue growth is forecasted at 3.8% for 2024, with further increases to 8.8% in 2025 and 5.2% in 2026. Net profit is expected to grow by 9.6% in 2025 and 7.6% in 2026 [6][4]. - The company is anticipated to benefit from a recovering macroeconomic environment, particularly in its domestic business [3]. Strategic Developments - The company is enhancing its county hospital network and pursuing international expansion, which is expected to increase its patient coverage and operational advantages [3]. - The acquisition of Optimax Group is a significant step in entering the UK ophthalmology market, indicating a strong commitment to international growth [3].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][13]. Core Insights - The retail market for passenger vehicles is projected to reach approximately 2.4 million units in November 2024, reflecting a year-on-year increase of 15.4% and a month-on-month increase of 6.1% [43]. - The report highlights a robust growth in demand for electric vehicles, with a market share of about 46.8% in October 2024 [14][44]. - The report suggests focusing on companies that lead in smart technology and are aligned with the technology and model cycles, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [13][14]. Market Review - In the week from November 18 to November 22, 2024, the automotive sector experienced a decline of 2.17%, ranking 20th among all primary industries [15][20]. - The smallest decline was observed in the automotive services sector, while the largest was in the passenger vehicle segment, which fell by 3.61% [20] [21]. Industry Data Tracking Monthly Sales - In October 2024, total automotive sales were approximately 3.053 million units, with a month-on-month increase of 8.7% and a year-on-year increase of 7% [32][34]. - Passenger vehicle sales for the same month were about 2.755 million units, reflecting a month-on-month increase of 9.1% and a year-on-year increase of 10.7% [34]. Weekly Sales - From November 1 to November 17, 2024, retail sales in the passenger vehicle market reached 1.106 million units, marking a year-on-year increase of 30% and a month-on-month increase of 3% [42]. Outlook - The report anticipates that the passenger vehicle retail market will reach around 2.4 million units in November 2024, with electric vehicle sales expected to hit 1.28 million units, achieving a penetration rate of approximately 53.3% [43]. Raw Material Price Tracking - As of November 22, 2024, the price of battery-grade lithium carbonate was approximately 79,100 CNY per ton, reflecting a 1% increase from November 15, 2024 [44]. - The price of copper was about 74,030 CNY per ton, unchanged from the previous week [44]. Industry Dynamics - Notable developments include the anticipated production start of BYD and BMW's factory in Hungary in the second half of 2025 [51]. - The report mentions significant collaborations, such as the partnership between Zhiji and NVIDIA for advanced driving solutions [51]. New Vehicle Launches - New models launched include Chery's Fengyun T9, FAW-Volkswagen's Audi A6L, and GAC's Trumpchi GS8, with respective launch dates in November 2024 [54]. Company Announcements - Tiancheng Control announced plans to invest up to 400 million CNY in establishing a production base in Thailand [56]. - Multiple companies, including Doli Technology and Huapai Power, have made significant announcements regarding new projects and investments [56].

Investment Rating - The automotive industry maintains an "Overweight" rating [7][9]. Core Insights - The automotive market showed strong retail performance in November, with a year-on-year increase of 30% in retail sales for passenger vehicles from November 1-17, totaling 1.106 million units [4][19]. - The new energy vehicle (NEV) segment experienced significant growth, with retail sales increasing by 66% year-on-year during the same period, reaching 581,000 units [4][19]. - The overall market sentiment is improving, driven by favorable policies such as trade-in subsidies, which are expected to continue until the end of the year [5][21]. Summary by Sections 1. Market Tracking - The automotive sector index decreased by 2.45% in the week, while the passenger vehicle index increased by 0.55% [17]. - Year-to-date, the automotive index has risen by 17.77%, outperforming the broader market indices [17][18]. 2. High-Frequency Data Tracking - From November 1-17, the wholesale of passenger vehicles reached 1.271 million units, a 37% increase year-on-year [4][19]. - Cumulatively, retail sales for the year reached 18.942 million units, reflecting a 5% year-on-year growth [4][19]. 3. Industry Dynamics - The number of applications for vehicle trade-in subsidies exceeded 4 million, indicating strong consumer interest [28]. - The introduction of new policies and incentives is expected to stimulate demand, particularly for NEVs [21][31]. 4. Investment Recommendations - The report suggests focusing on leading companies in the smart and technology-driven vehicle sector, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [7][33]. - For the parts sector, it recommends companies involved in electric and intelligent components, highlighting firms like Huguang Co., Wuxi Zhenhua, and Baolong Technology [7][33].