Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [6][75]. Core Viewpoints - The 2025 Spring Festival film season is anticipated to be strong, with a lineup of high-quality films expected to boost box office performance. The National Film Administration has initiated a "National Film Consumption Season," investing no less than 600 million yuan in viewing subsidies from December 2024 to February 2025, which will help stimulate market enthusiasm for viewing [2][3][43]. - The film market in 2024 is under pressure due to limited new film supply and market sentiment, but the capital market has already priced in the current situation. With an increase in quality film supply in 2025, viewing demand is expected to rise, supported by national policies promoting consumption [43][44]. Market Performance Review - The social services sector (Shenwan) index saw a weekly increase of 4.09%, ranking 4th out of 31 in the Shenwan first-level industry performance. In comparison, the Shanghai Composite Index decreased by 0.36%, and the Shenzhen Component Index fell by 0.73% [2][27]. - The sub-industry performance for the week showed significant gains in hotel and catering (12.71%), tourism and scenic spots (10.62%), and sports (8.51%) [28][30]. Individual Stock Performance - The top five performing stocks in the social services sector included Fengshang Culture (28.39%), Xi'an Catering (27.28%), and Qujiang Cultural Tourism (26.32%). Conversely, the bottom five performers were Guoyi Bidding (-12.55%) and Anche Detection (-9.80%) [30][31]. Investment Themes - Investment Theme One: Focus on the 2025 Spring Festival box office, which is expected to improve due to a strong lineup of films and supportive government policies [43][44]. - Investment Theme Two: Emphasize consumption recovery and new consumption models, with a strong commitment from the government to boost consumption and enhance investment efficiency [44][45]. Industry News Dynamics - The Ministry of Education has added 40 new vocational education programs, focusing on advanced manufacturing and digital industries, which will be available for enrollment in 2025 [60]. - The 2024 China Tourism Group Top 20 has been released, highlighting that over half of the listed tourism companies have increased investments this year, indicating a shift towards innovation-driven growth in the tourism sector [64].

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [4][106]. Core Views - The securities sector experienced a decline of 2.14%, underperforming the CSI 300 index by 1.13 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.51, near the 50th percentile of 2020 [3][6]. - The merger and restructuring of Guotai Junan and Haitong Securities marks a significant event in the industry, being the largest A+H market merger in China's capital market history. The combined revenue is projected to reach approximately 60 billion yuan, with net profit exceeding 10 billion yuan, positioning the merged entity as a leading player in the industry [3][6]. - The insurance sector saw a decline of 2.65%, also underperforming the CSI 300 index by 1.65 percentage points. The total original premium income for the five major listed insurance companies reached 2.67 trillion yuan, reflecting a growth of 5.6% year-on-year [7][6]. Summary by Sections Securities - The brokerage sector is expected to see continued mergers and acquisitions, driven by regulatory encouragement and the need for external growth. This trend is anticipated to enhance industry competitiveness and resource allocation [6][3]. - The average daily trading volume in the A-share market increased by 12.08% to 19,329 billion yuan, indicating a rise in market activity [47]. - As of December 13, 2024, the total equity financing scale reached 301.83 billion yuan, with IPOs contributing 61.3 billion yuan [48]. Insurance - The total assets of insurance companies reached 34.13 trillion yuan as of August 2024, with a year-on-year increase of 16.31% [69]. - The original premium income for the insurance industry in October 2024 was 5,077.34 billion yuan, showing a year-on-year growth of 12.41% [76]. - The insurance sector is facing uncertainties primarily due to pressures on the asset side, with future valuation recovery dependent on the performance of the bond, equity, and real estate markets [7][6].

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report highlights the increasing penetration of advanced driving assistance systems (ADAS) and the potential acceleration of end-to-end technology updates driven by the latest Full Self-Driving (FSD) version from Tesla [3][9] - The report emphasizes the growth in the installation of cameras in new vehicles, with a total of 64.213 million cameras installed in the first three quarters of the year, representing a year-on-year increase of 22.6% [5] - The report suggests a focus on key sectors such as photovoltaic equipment, energy storage, and humanoid robots, with specific recommendations for leading companies in these areas [5][18] Summary by Sections Advanced Driving Assistance Systems - The report notes that the front-view camera installation penetration rate has increased from 10.6% to 23.8%, with L2.9 penetration remaining at 9.2% [5] - The latest FSD version from Tesla includes new features such as parking initiation and automatic gear shifting, which may catalyze competition in end-to-end intelligent driving [9][13] Key Recommended Companies - The report recommends companies such as Beite Technology, Zucheng Co., Sanhua Intelligent Control, and others as key investment opportunities in the advanced manufacturing sector [5] - It also highlights the importance of companies involved in the development of intelligent cockpit systems and automated driving toolchains [5] Industry Trends - The report identifies several key trends, including the acceleration of N-type penetration in photovoltaic equipment, the growth of humanoid robots with a projected demand of approximately 2 million units by 2030, and the increasing importance of energy storage in new energy grids [5][18] - The semiconductor equipment market is expected to reach $140 billion by 2030, with a focus on domestic alternatives and platform companies [20]

2024年12月07日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第四十二期） : 券商并购重组持续升温 市场表现: 本期(2024.12.2-2024.12.6)非银(申万)指数+2.86%,行业排 14/31, 券商 II 指数+2.37%,保险Ⅱ指数+4.10%; 上证综指+2.33%，深证成指+1.69%，创业板指+1.94%。 个股涨跌幅排名前五位：天茂集团（+17.18%）、香溢融通（+10.79%）、华金 资本（+10.55%）、哈投股份（+9.23%）、新华保险（+8.13%）； 个股涨跌幅排名后五位:锦龙股份（-16.94%）、浙江东方（-3.00%）、永安期货 (-2.16%）、拉卡拉（-1.34%）、第一创业（-0.34%）。 (注:去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨2.37%,跑赢沪深300指数 0.93pct,跑赢上证综 指数 0.04pct。当前券商板块 PB 估值为 1.51 倍，位于 2020年 50 分位点附近。 本周，12月 3日"浙商证券+国都证券"整合迎来实质性进展,证监会核准浙商证 券成为国都证券主要 ...

2024年12月07日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第四十二期） : 券商并购重组持续升温 市场表现: 本期（2024.12.2-2024.12.6）非银(申万)指数+2.86%,行业排 14/31,券商 II 指数+2.37%，保险Ⅱ指数+4.10%； 上证综指+2.33%，深证成指+1.69%，创业板指+1.94%。 个股涨跌幅排名前五位:天茂集团(+17.18%)、香溢融通(+10.79%)、华金 资本（+10.55%）、哈投股份（+9.23%）、新华保险（+8.13%）； 个股涨跌幅排名后五位:锦龙股份（-16.94%）、浙江东方（-3.00%）、永安期货 (-2.16%）、拉卡拉（-1.34%）、第一创业（-0.34%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨2.37%,跑赢沪深 300 指数 0.93pct,跑赢上证综 指数 0.04pct。当前券商板块 PB 估值为 1.51 倍，位于 2020 年 50 分位点附近。 本周，12 月 3 日"浙商证券+国都证券"整合迎来实质性进展，证监会核准浙商证 券成为国都 ...

Economic Outlook - The central government has significant room to increase its deficit and is planning to implement new incremental policies[22] - The upcoming Central Economic Work Conference is expected to boost market confidence and alleviate concerns about external shocks[22] Market Trends - Historically, A-shares show a "spring excitement" phenomenon from the Lunar New Year to the Two Sessions, with average gains significantly higher during this period[14] - From 2013 to 2023, A-shares averaged positive returns before the Central Economic Work Conference and the Two Sessions, while adjustments occurred afterward[15] Financial Data - As of November, the official manufacturing PMI was at 50.3%, indicating continued expansion in production activities[22] - A-shares saw a net inflow of funds reaching a new high in 2023, providing ample liquidity support for the market[22] Investment Recommendations - Focus on undervalued dividend assets for valuation recovery, especially after the policy shifts from the 924 and 926 meetings[40] - Monitor the direction of incremental fiscal spending, particularly in areas benefiting people's livelihoods and expanding domestic demand[40] Risk Factors - Potential delays in domestic policy implementation could impact market performance[41] - Geopolitical events may exceed expectations, affecting market stability[41]

Group 1: Federal Reserve and Economic Indicators - The probability of a 25 basis point rate cut by the Federal Reserve in December is 86%, up from the previous week[1] - Non-farm payrolls in November increased by 227,000, exceeding expectations of 220,000, with an unemployment rate of 4.2%[1] - The overall economic conditions support a cautious approach to rate cuts, as indicated by various Federal Reserve officials[1] Group 2: Currency and Bond Market Trends - The US dollar index closed at 105.97 on December 6, up 0.18% from the previous Friday[1] - The Chinese yuan depreciated to 7.2582 against the US dollar, a decline of 250 basis points from the previous week[1] - China's 10-year government bond yield fell to 1.95%, down 7 basis points, marking a significant decline in long-term interest rates[4] Group 3: Monetary Policy and Liquidity - The People's Bank of China (PBOC) has maintained a loose liquidity stance, with the 7-day reverse repo rate at 1.50%[1] - The PBOC's liquidity injection through various tools totaled approximately 1 trillion yuan in November, despite a net withdrawal of 550 billion yuan from MLF[4] - The 1-year interbank certificate of deposit rate decreased to 1.75%, down 5 basis points from the previous week[1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - OpenAI has launched a series of new products, including a more accurate and versatile reasoning model, which is expected to enhance productivity in programming, research, and education [19][21] - The generative AI market is compared to the early days of electricity and computers, indicating that while costs are currently high, there is potential for widespread industrial adoption [34][37] - The report suggests focusing on AI tools and applications, highlighting specific companies in the internet, smart cloud, and AI terminal sectors [40] Market Review - The electronic sector index increased by 1.6% this week, ranking 24th among the Shenwan first-level industry indices [46] - The top-performing stocks in the electronic sector this week included Chengdu Huamei (+46.99%) and Guanghua Technology (+30.18%), while the worst performers included Bestar Tech (-23.71%) and Lianyun Technology (-19.14%) [49][60] Industry Data Tracking - The DRAM price index decreased by 0.47% to 484.19, while the NAND price index remained stable at 622.15 [67] - In October 2024, China's integrated circuit imports totaled $34.3 billion, a year-on-year increase of 10%, while exports reached $13.2 billion, up 18% [88] Overseas Industry News - The U.S. government has invested $75 million to support the development of glass substrates for AI chip packaging [103] - New U.S. export controls have been implemented to restrict China's access to advanced AI chips and manufacturing capabilities [104] Domestic Industry News - Multiple industry associations in China have called for cautious procurement of U.S. chips due to ongoing trade tensions [109] - The Ministry of Industry and Information Technology reported that China has built over 4.1 million 5G base stations, marking significant progress in 5G deployment [112]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The report emphasizes the support for "true innovation" in the pharmaceutical sector, particularly in the context of recent adjustments to the national medical insurance drug list, which will take effect on January 1, 2025 [4][52]. - A total of 91 new drugs have been added to the medical insurance list, including 26 cancer drugs and 15 chronic disease medications, significantly enhancing coverage for critical areas [52]. - The report highlights the increasing proportion of innovative drugs in hospital drug expenses, which reached 15.1% in 2023, reflecting a growing trend towards innovation in the industry [59]. Summary by Sections Market Performance Review (2024.11.23-2024.12.07) - The Shanghai Composite Index closed at 3404.08, up 4.19%, while the Shenzhen 300 Index rose 2.78% to 3973.14. The pharmaceutical industry index increased by 4.62%, ranking 17th among 31 primary industry indices [28][30]. - Weekly performance of various sectors within the pharmaceutical industry included: Traditional Chinese Medicine (2.96%), Pharmaceutical Commerce (3.57%), Chemical Preparations (5.69%), Biological Products (3.17%), Medical Services (7.61%), Raw Materials (4.67%), and Medical Devices (3.74%) [28][29]. Medical Insurance Directory Adjustment Results - The National Medical Insurance Bureau announced the results of the 2024 drug directory adjustment, which continues the trend of optimizing the structure of the medical insurance list [52]. - The total number of drugs in the national medical insurance directory will reach 3159, with Western medicine accounting for 55.9% and Traditional Chinese Medicine for 44.1% [52]. Important News in the Industry - Merus's HER3-targeted drug Zenocutuzumab received FDA accelerated approval for treating specific types of cancer [1]. - AstraZeneca's PD-L1 inhibitor Imfinzi was approved by the FDA for treating limited-stage small cell lung cancer [2]. - The National Health Commission is guiding enterprises to focus on major national needs in new drug development [2]. Key Observations - The report notes that the success rate for negotiations in the recent medical insurance adjustments was 76%, with an average price reduction of 63% for the drugs involved [5][53]. - The support for innovative drugs has increased, with 90 out of the 91 new drugs being introduced in the last five years, and 38 classified as "global new" innovations [6][59]. - The report indicates that the number of clinical trial applications has significantly increased, with the number of IND applications rising from 483 in 2017 to 2255 in 2023, positioning China as the second-largest region for clinical trials globally [59]. Short-term and Long-term Investment Focus - Short-term focus includes innovative drugs and their supply chains, retail pharmacies, and medical services, with specific companies highlighted for potential growth [12]. - Long-term strategies should revolve around innovative drugs, high-end medical devices, and healthcare consumption sectors, with recommendations for companies like 恒瑞医药 (Hengrui Medicine) and 迈瑞医疗 (Mindray) [12][17].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - OpenAI is set to continuously launch new products, catalyzing AI applications. The upcoming 12 live broadcasts will showcase new products, including the long-awaited text-to-video tool Sora and a new reasoning model [29][30] - The ice and snow tourism market is gaining momentum, with unique services driving winter tourism consumption upgrades. Recent data shows a nearly 20% year-on-year increase in ski ticket bookings, indicating a strong recovery in the ice and snow tourism market [42][43] Market Performance Review 1. Market Overview (2024.12.02-2024.12.06) - The social services sector index rose by 4.50%, ranking 6th among 31 first-level industries [20][22] - The performance of various benchmark indices for the week includes: Social Services (4.50%), Shanghai Composite Index (2.33%), ChiNext Index (1.94%), Shenzhen Component Index (1.69%), and CSI 300 (1.44%) [22][23] 2. Sub-industry Performance - The sub-industry performance rankings for the week are as follows: Education (7.65%), Hotel and Catering (6.08%), Tourism and Scenic Spots (4.99%), Professional Services (4.38%), and Sports II (3.06%) [24] 3. Individual Stock Performance - The top five performing stocks in the social services sector are: Zhonggong Education (28.08%), Dalian Shengya (27.70%), Changbaishan (15.89%), Qinsong Shares (15.79%), and Quanjude (15.31%) [24]