Investment Rating - The industry is rated as "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [50]. Core Insights - The furniture retail sales in October (M10) increased by 7.4% year-on-year, while prices for whiteboard, boxboard, and corrugated paper showed a slight increase week-on-week [4][24]. - The light industry sector experienced a decline of 3.68% this week, with a year-to-date drop of 5.55% [10][20]. - Strong performance was noted in individual stocks, with Qiangbang New Material leading with a year-to-date increase of 423.76% [10][20]. Market Overview - The real estate market showed a contraction in October 2024, with transaction areas and units down by 6.33% and 10.53% respectively in 30 major cities, although the decline is narrowing [20][21]. - The furniture manufacturing industry reported a revenue increase of 2.50% year-on-year for the first nine months of 2024, with exports of furniture and parts up by 2.51% [24][26]. Industry Data Tracking Furniture Industry - The retail sales of furniture in October increased by 7.40% year-on-year, with social consumer goods retail sales also showing a positive trend [24][25]. - The prices of TDI and MDI were reported at 12,850 and 18,400 RMB per ton respectively, with year-on-year changes of -23.96% and +13.23% [24][25]. Paper Industry - In the paper sector, the import and export volumes of pulp and paper products saw a year-on-year decrease of 17.70% and an increase of 7.00% respectively [26][27]. - The market prices for whiteboard paper and white card paper were reported at 4,050 and 4,376.67 RMB per ton, with year-on-year declines of 10.60% and 16.53% [26][27]. Packaging Industry - The prices for polyethylene and polypropylene increased by 2.69% and decreased by 1.74% year-on-year respectively [33]. - The WTI and Brent crude oil prices decreased by 12.22% and 12.02% year-on-year, while LME aluminum prices increased by 19.77% [33][35]. Company Announcements - Reiter announced plans to invest in a project for producing 100,000 sets of smart bathroom products, with an estimated total investment of 742 million RMB [37]. - Guanhao High-tech plans to transfer 100% equity of Huaxin Color Printing, with the transaction details yet to be confirmed [37]. Investment Recommendations - The furniture industry is expected to benefit from the recovery in the real estate sector and policies promoting upgrades, suggesting a focus on resilient and undervalued leading companies [46]. - The paper industry is entering a traditional demand peak in Q4, with price increases likely to lead to profit recovery, recommending attention to integrated forest-pulp-paper leaders [47].

Investment Rating - The report assigns an "Accumulate" rating for Chongqing Bank, indicating an expected relative increase in stock price between 5% and 15% compared to the CSI 300 index over the next six months [5][6]. Core Insights - Chongqing Bank's Q3 2024 report shows a revenue of 10.634 billion yuan, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 4.428 billion yuan, also up 3.70% year-on-year [1]. - The bank's loan portfolio reached 430.492 billion yuan, reflecting a year-to-date growth of 10.33% and a quarter-on-quarter increase of 3.23% [1]. - The bank's deposit total was 451.731 billion yuan, with a year-to-date increase of 11.19% and a quarter-on-quarter increase of 2.72% [1]. - The non-performing loan ratio stood at 1.26%, with a provision coverage ratio of 250.19% and a capital adequacy ratio of 14.68% [1]. Summary by Sections Financial Performance - Revenue for Q3 2024 was 10.634 billion yuan, up 3.78% year-on-year, with a net interest margin of 1.42%, showing a slight recovery [1][2]. - The cost-to-income ratio was 24.05%, a decrease of 1.37 percentage points year-on-year [1]. Loan and Deposit Growth - Loans increased by 10.33% year-to-date, with retail loans, bills, and corporate loans comprising 22.44%, 6.14%, and 71.42% of the total loan portfolio, respectively [1]. - Deposits grew by 11.19% year-to-date, with time deposits making up 79.63% of total deposits [1]. Asset Quality and Risk Management - The non-performing loan ratio was stable at 1.26%, with a provision coverage ratio of 250.19%, indicating strong risk management [1]. - The bank's risk absorption capacity improved, with a provision-to-loan ratio of 3.15% [1]. Future Projections - Projected revenues for 2024, 2025, and 2026 are 13.544 billion, 14.070 billion, and 14.875 billion yuan, respectively, with net profits expected to be 5.145 billion, 5.481 billion, and 5.869 billion yuan [2]. - The book value per share is projected to increase from 17.59 yuan in 2024 to 21.56 yuan in 2026, with corresponding price-to-book ratios of 0.51, 0.46, and 0.42 [2].

Investment Rating - Buy/Maintain rating for Jiangsu Financial Leasing (600901) [1] Core Views - Core business continues to expand, with stable asset quality [1][3] - Asset scale continues to grow, with adjustments in liability structure [3] - Profitability remains strong, with stable interest margins [3] - Asset quality improves steadily, with high provision coverage [3] - Convertible bonds delisted, enhancing capital adequacy ratio [3] Financial Performance - Revenue for Q3 2024: 3.959 billion CNY, up 8.76% YoY [3] - Net profit attributable to shareholders: 2.227 billion CNY, up 9.12% YoY [3] - ROE (weighted): 11.87%, down 0.4 pct YoY [3] - Total assets: 134.521 billion CNY, up 12.18% from the end of the previous year [3] - Interest-bearing liabilities: 102.199 billion CNY, up 8.07% from the end of the previous year [3] - Net interest income: 3.895 billion CNY, up 6.79% YoY [3] - Net interest margin: 3.67%, down 2 bp YoY [3] - Operating lease income: 86 million CNY, up 180.78% YoY [3] - Cost-to-income ratio: 9.66%, up 0.35 pct YoY [3] - Non-performing financing lease asset ratio: 0.92%, up 1 bp from the end of the previous year [3] - Provision coverage ratio: 426.01%, down 22.38 pct from the end of the previous year [3] - Core Tier 1 capital adequacy ratio: 17.44%, up 3.38 pct from mid-year [3] Future Projections - Expected revenue for 2024-2026: 5.259, 5.781, 6.376 billion CNY [3] - Expected net profit attributable to shareholders for 2024-2026: 2.930, 3.233, 3.602 billion CNY [3] - Expected EPS for 2024-2026: 0.51, 0.56, 0.62 CNY [3] - PE ratio as of November 11: 10.46, 9.48, 8.51 times [3] Stock Data - Total shares outstanding/circulating: 5.793/5.790 billion shares [3] - Total market capitalization/circulating: 30.646/30.629 billion CNY [3] - 12-month high/low price: 5.92/4.20 CNY [3]

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][9]. Core Insights - The pharmaceutical sector experienced a decline of 2.08% on November 15, 2024, underperforming the CSI 300 index by 0.33 percentage points, ranking 19th among 31 sub-industries in the Shenwan classification [3]. - Notable performances within the pharmaceutical sub-industries include blood products (-1.05%), in vitro diagnostics (-1.54%), and offline pharmacies (-1.89%), while hospitals (-3.21%) and vaccines (-3.19%) lagged behind [3]. - GSK's ADC drug Blenrep showed positive results in the Phase 3 clinical trial DREAMM7, achieving significant reductions in patient mortality risk compared to standard treatment [4]. Summary by Relevant Sections Market Performance - On November 15, 2024, the pharmaceutical sector's performance was -2.08%, underperforming the CSI 300 index by 0.33 percentage points, with blood products and in vitro diagnostics showing relatively better performance [3]. Industry News - GSK announced positive mid-term analysis results for its ADC drug Blenrep in a Phase 3 trial, indicating a significant reduction in mortality risk for patients [4]. - Various companies, including Huazhong Pharmaceutical and CanSino, reported advancements in clinical trials and compliance with GMP standards [4].

Economic Growth Indicators - China's industrial added value in October increased by 5.3% year-on-year, slightly below the expected 5.6% and down from the previous value of 5.4%[4] - The total retail sales of consumer goods in October rose by 4.8% year-on-year, exceeding the expected 3.8% and up from 3.2% in the previous month[4] - Fixed asset investment from January to October grew by 3.4% year-on-year, matching the previous value and slightly below the expected 3.5%[4] Employment and Unemployment - The urban surveyed unemployment rate in October was 5.0%, down from 5.1% in the previous month[4] - The unemployment rate for local registered labor was 5.1%, while for migrant workers it was 4.8%, unchanged from the previous value[34] Consumer Spending and Retail Performance - The retail sales growth was driven by multiple favorable factors, including holiday promotions and e-commerce activities, with durable goods showing significant sales increases[11] - The "old-for-new" consumption policy significantly boosted sales in automobiles and home appliances, contributing 1.2 percentage points to the retail sales growth[15] Investment Trends - Infrastructure and manufacturing investments showed notable growth, with manufacturing investment in October increasing by 10.0% year-on-year, up from 9.7% previously[23] - Narrowly defined infrastructure investment in October rose by 5.8% year-on-year, a significant increase from 2.2% in the previous month[27] Real Estate Market - Real estate development investment in October decreased by 12.3% year-on-year, widening from a previous decline of 9.3%[31] - Despite a slight recovery in real estate sales, the investment side remains under pressure, with new construction area declines continuing[31]

Investment Rating - The report maintains a neutral rating for the real estate industry, indicating that the expected overall return will be between -5% and 5% compared to the CSI 300 index over the next six months [43]. Core Insights - The year-on-year decline in real estate sales has significantly narrowed, with October 2024 showing a 1.9% decrease in sales area compared to the previous year, a substantial improvement of 10.1 percentage points from the previous month [11]. - The cumulative sales area for the first ten months of 2024 reached 77,930 million square meters, down 15.8% year-on-year, but this is a 1.3 percentage point improvement from the first nine months [11]. - The cumulative sales amount for the same period was 76,855 billion yuan, reflecting a 20.9% year-on-year decline, which is 1.8 percentage points better than the previous nine months [11]. - The improvement in sales is attributed to the implementation of various regulatory policies, increased buyer confidence, and the traditional peak sales season in September and October [11]. Sales Summary - In October 2024, the sales area for new homes in 70 major cities decreased by 0.5% month-on-month, with first-tier cities showing a month-on-month increase of 0.4%, indicating a stabilization in prices [21][23]. - The year-on-year decline in sales area and amount has narrowed across all regions, with the central region showing the most significant improvement [17]. Price Summary - The price index for new homes in 70 major cities decreased by 0.5% month-on-month in October, with first-tier cities experiencing a smaller decline compared to second and third-tier cities [21]. - The year-on-year price decline for new homes in October was 6.2%, with first-tier cities showing a decrease of 4.6% [21]. Development Investment Summary - Cumulative development investment from January to October 2024 was 86,309 billion yuan, down 10.3% year-on-year, with a monthly investment of 7,629 billion yuan in October, reflecting a 9.2% decline [29]. - New construction area for the first ten months was 61,227 million square meters, down 22.6% year-on-year, with October's new construction area decreasing by 27.4% [34]. - The report notes that the speed of project completions has increased, with October's completion area down 19.7%, a significant narrowing of the decline compared to September [38]. Investment Recommendations - The report suggests that the recent series of supportive policies from central and local governments have led to a recovery in the market, with increased buyer interest and improved sales metrics [40]. - The report recommends monitoring related local state-owned enterprises and developers as the effects of these policies continue to unfold [40].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 55.34%. The net profit attributable to shareholders reached 143 million yuan, marking a significant turnaround from losses in the previous year [1]. - In Q3 2024, the company reported a revenue of 369 million yuan, a year-on-year decrease of 4.60% and a quarter-on-quarter decrease of 24.10%. However, the net profit for Q3 was 41 million yuan, showing a remarkable year-on-year increase of 982.08% despite a quarter-on-quarter decline of 26.25% [1]. - The gross margin for Q3 2024 was 32.63%, an increase of 13.94 percentage points year-on-year and 8.39 percentage points quarter-on-quarter, indicating a clear upward trend in profitability [1]. Financial Performance Summary - For the first three quarters of 2024, the company incurred operating expenses of 226 million yuan, with an expense ratio of 17.61%, down by 10.32 percentage points year-on-year. R&D expenses amounted to 95 million yuan, with a R&D expense ratio of 7.42%, also down by 7.52 percentage points year-on-year [1]. - The company is projected to achieve revenues of 1.690 billion yuan, 2.358 billion yuan, and 3.059 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be 204 million yuan, 358 million yuan, and 533 million yuan [4][7]. - The report highlights a significant increase in the company's international sales of high-quality conductive silicon carbide substrates, with over 50% of the world's top ten power semiconductor companies now being clients [1][4]. Industry Outlook - The report emphasizes the growth potential of the third-generation semiconductor industry, driven by trends in global energy electrification and decarbonization. The electric vehicle sector remains the largest application area for silicon carbide [1]. - The company is noted for being one of the most comprehensive and internationally advanced silicon carbide substrate manufacturers in China, with a strong competitive edge due to its high-quality products [1].

2024 年 11 月 14 日 行业周报 看好/维持 有色金属 有色金属 海内外政策持续发力，金价高位震荡（20241104-20241108） | --- | --- | --- | --- | |--------------------|------------------------------------------------------------------------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [15]. Core Insights - The air conditioning sector is anticipated to see export growth as the main driver in Q4 2024, with a projected increase of 17% in exports due to overseas shopping events like Black Friday. Domestic sales are expected to benefit from national subsidy policies and the Double Eleven shopping festival, leading to an 11% increase [4]. - The household refrigeration demand is expected to rise, driven by domestic consumption incentives and the Double Eleven event, with a projected growth of 9% in Q4 2024 [5]. - The air source heat pump industry may face pressure with a forecasted decline of 9% in demand, while exports are expected to remain stable due to a low base effect [5]. Summary by Category Air Conditioning Industry - Household air conditioning sales are projected to reach 3,813 million units in Q4 2024, with domestic sales at 1,813 million units (up 11%) and exports at 2,000 million units (up 17%) [11]. - The central air conditioning segment is expected to see a decline in domestic sales by 8%, while exports may grow by 25% [11]. - Large chiller units are forecasted to experience a 10% decline in domestic sales, but exports are expected to grow by 43% [11]. Refrigeration Industry - Household refrigeration sales are expected to reach 3,216 million units in Q4 2024, with domestic sales increasing by 9% [11]. - Light commercial refrigeration is projected to decline by 2%, while industrial refrigeration may see a 5% decrease [11]. Electrical Appliances Industry - The washing machine segment is expected to see a 5% increase in domestic sales, while exports may also grow by 5% [5]. - The dishwasher segment is projected to grow by 11% in domestic sales, with exports expected to increase by 5% [5]. - Kitchen appliances are anticipated to see a slight decline in domestic sales by 2%, but exports may continue to rise by 6% [5].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, specifically highlighting the potential of PD-(L)1/VEGF bispecific antibodies in the market [1]. Core Insights - Multiple PD-(L)1/VEGF bispecific antibodies are emerging in the global market, leading a new wave of drug development in this category. As of November 2024, four domestic PD-(L)1/VEGF bispecific antibodies have been launched internationally, marking a significant trend in the industry [1][16]. - The report emphasizes that innovation remains a crucial investment theme in the pharmaceutical sector, with a focus on overseas expansion, single product innovation, and policy catalysts [5][47]. Summary by Sections Section 1: PD-(L)1/VEGF Bispecific Antibodies - BioNTech announced an acquisition of Promis Bio for $800 million upfront and $150 million in milestone payments to accelerate the global clinical development of its PD-L1/VEGF bispecific antibody BNT327/PM8002 [16]. - Merck acquired global rights to the PD-1/VEGF bispecific antibody LM-299 from Lixin Pharmaceutical for an upfront payment of $588 million and potential milestone payments of $2.7 billion [16]. - The report notes that the first domestic PD-1/VEGF bispecific antibody was launched internationally in December 2022, and since then, there has been a surge in similar products entering the market [16]. Section 2: Industry Outlook and Investment Recommendations - The report suggests focusing on "key players" in the industry, particularly those involved in overseas expansion and innovative single products. Notable companies include WuXi AppTec, Lepu Biopharma, and Instil Bio [5][47]. - It highlights the potential of CNS series products and innovative medical devices as areas of growth, with companies like Enhua Pharmaceutical and Lijun Group being key players [48]. - The report also mentions that the medical equipment sector is expected to see a revival due to ongoing updates and approvals across various provinces [49]. Section 3: Market Performance - The biopharmaceutical sector experienced a decline of 3.92% during the week of November 11-15, 2024, underperforming compared to the CSI 300 index [4][52]. - Among the sub-sectors, traditional Chinese medicine saw the largest drop, falling by 7.32% [52]. - The overall valuation of the pharmaceutical sector increased, with a premium rate of 131.38% relative to the CSI 300, indicating a rise of 2.06 percentage points from the previous week [59].