行 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2024 年 11 月 12 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [投资要点： Table_Summary] 行业情况及产品价格走势初判 钢铁：考虑到后续需求或因天气走弱，叠加钢厂年末惯例检修影响，后续钢 [Table_Contactor] [Table_IndInvest] 行业评级 钢铁 中性 有色金属 看好 铁行业基本面或走弱，短期钢价或承压。 铜：11 月冶炼厂集中检修，供给或收缩；美国大选、11 月我国全国人大常委 会等重大事件结束，宏观政策暂时进入空窗期，近期铜价或主要受行业基本 面影响；目前逐渐进入需求淡季，需关注在国内存量政策对实际需求的影响 [Table_StkSuggest] 重点品种推荐 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 山东黄金 增持 和后续重要会议的影响。 铝：国内铝土矿暂无进一步复产消息，进口矿或受几内亚雨季影响供应，原 料端有望延续供应紧张；氧化铝供应受环保因素的干扰不大，短期 ...

行 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2024 年 11 月 19 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [投资要点： Table_Summary] 行业情况及产品价格走势初判 [Table_Contactor] [Table_IndInvest] 行业评级 钢铁 中性 有色金属 看好 [Table_StkSuggest] 重点品种推荐 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 山东黄金 增持 业 行业周报 研 [Table_MainInfo] 地产税收迎来优惠，锂下游需求预期乐观 究 钢铁：国内地产税收优惠政策和扩大城中村改造支持范围对下游需求有利好； 考虑到天气和钢厂年末惯例检修影响，后续钢铁行业基本面或走弱，短期钢 价或承压。 铜：11 月冶炼厂集中检修，供给或收缩；国内地产税收优惠及扩大城中村改 造支持范围等政策的推出对下游需求有利好；需求淡季内短期铜价或继续受 到强美元的压制。 铝：国家取消出口退税，或对铝材的出口有一定影响；进口矿供应受几内亚 ...

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 11 月 18 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [吨 able_Summary] 投资要点： 行业要闻 [Table_Contactor] [Table_Contactor] [Table_IndInvest] 子行业评级 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 [Table_StkSuggest] 重点品种推荐 欧派家居 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 [Table_IndInvest] 业 研 [吨 able_MainInfo] 房地产契税调降，双十一居民消费意愿回暖 究 （1）玖龙、山鹰再度涨价 纸板调价函亦纷至沓来。 （2）金价下跌，金饰跟降。 公司重要公告 （1）太平鸟：控股股东拟以 1.5-3.0 亿元增持公司股份。 （2）瑞尔特：公司拟投资建设年产 10 万套装配式智能卫浴产品项目。 行情回顾 11 ...

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行 ――金属行业 11 月月报 分析师： 张珂 SAC NO： S1150523120001 2024 年 11 月 6 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [Table_Contactor] [Tab 行业评级 le_IndInvest] 钢铁 中性 有色金属 看好 [Table_StkSuggest] 月度股票池 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 山东黄金 增持 业 行业月报 [Table_MainInfo] 缅甸稀土开采依然停滞 研 究 [Table_Summary] 投资要点： 行业数据 钢铁：11 月多地气温下降，传统需求旺季基本结束，但考虑到随着国内存量 和增量政策的进一步落实，后续需求或仍具韧性，若未来钢厂生产速度放缓， 钢价有望得到支撑。 铜：11 月步入淡季，下游开工率或回落，基本面对铜价支撑有限；需关注后 续国内存量和增量政策的影响以及海外重要消息的影响。 铝：11 月向淡季过渡，据 SMM 消息，企业在手订单减少，终端采买积极性 减弱；近期多地因环保因素限产，或对企业 ...

行 ——机械设备行业 11 月月报 分析师： 宁前羽 SAC NO： S1150522070001 2024 年 11 月 6 日 [Table_Author] 证券分析师 宁前羽 022-23839174 ningqy@bhzq.com [Table_Contactor] [Table_IndInvest] 子行业评级 通用设备 看好 专用设备 中性 交运设备 中性 工程机械 看好 自动化设备 看好 [Table_StkSuggest] 月度股票池 三一重工 增持 中联重科 增持 中国中车 增持 业 行业月报 研 [Table_MainInfo] 地产止跌回稳势头初显，关注工程机械内需改善 究 [Table_Summary] 投资要点： 行情回顾 2024 年 10 月 6 日-2024 年 11 月 5 日，沪深 300 指数上涨 0.66%，申万机 械设备行业上涨 7.76%，跑赢沪深 300 指数 7.09 个百分点，在申万所有一级 行业中位于第 9 位。 截至 2024 年 11 月 5 日，申万机械设备行业 TTM 市盈率为 26.53 倍（整体 法，剔除负值），相对于沪深 300 的估值溢价率为 ...

行 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [吨 able_Summary] 投资要点： 行业要闻 [Table_Contactor] [Table_Contactor] [Table_IndInvest] 子行业评级 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 [Table_StkSuggest] 重点品种推荐 欧派家居 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 [Table_IndInvest] 业 行业周报 [吨 able_MainInfo] 10 月商品房销售边际改善，政策显效可期待 研 究 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 11 月 4 日 1）俄罗斯木材运输与交易量显著增长。 2）Prada 集团前三季度销售额同比增长 18％。 证 公司重要公告 1）比音勒芬：前三季度公司业绩同比增长 0.55%。 2）公牛集团：前三季度公司业绩同比增长 16.00%。 行情回顾 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown resilience despite operational fluctuations, supported by policies that aid long-term industry development [2] - In the third quarter, the company faced operational pressure with a revenue decline of 5.05% year-on-year, resulting in a net profit decrease of 9.02% [3] - The overall cash flow situation remains strong, with net cash flow from operating activities increasing by 14.36% year-on-year [3] - Recent government policies are expected to enhance market demand stability and promote product innovation, benefiting leading companies in the electric bicycle sector [4] Summary by Relevant Sections Financial Performance - For the first three quarters, the company achieved revenue of 17.464 billion yuan, a slight increase of 0.05% year-on-year, while net profit was 1.554 billion yuan, down 0.25% year-on-year [2] - The comprehensive gross margin for the first three quarters was 17.42%, up 1.62 percentage points year-on-year, with a net margin of 9.02%, up 0.05 percentage points [3] - In Q3, revenue was 6.873 billion yuan, down 5.05% year-on-year, and net profit was 603 million yuan, down 9.02% year-on-year [3] Industry Development - New policies from the Ministry of Commerce and the Ministry of Industry and Information Technology aim to promote the replacement of old electric bicycles, enhancing safety standards and market demand [4] - The introduction of new safety technical specifications for electric bicycles is expected to drive product quality improvements and innovation [4] Earnings Forecast - The EPS forecast for 2024-2026 has been adjusted to 2.34 yuan, 2.72 yuan, and 3.18 yuan respectively, with a corresponding PE of 15 times for 2024 [5]

Investment Rating - The industry is rated as "Positive" for general equipment and engineering machinery, while "Neutral" for specialized equipment and transportation equipment [1][1][1]. Core Viewpoints - The construction machinery operating rate in China for Q3 2024 is reported at 50.27%, showing a steady improvement [7]. - The operating hours for Komatsu excavators in China reached 95.3 hours in September, marking a year-on-year increase of 6.9% [7]. - The urban rail completed passenger volume in September was 2.58 billion trips, reflecting a 4% year-on-year growth [8]. - The overall working hours for construction machinery have increased for four consecutive months from June to September, with a cumulative growth of 7.52% [7]. - The report indicates a positive outlook for the real estate market, with recent policies aimed at stabilizing the sector, which is expected to enhance domestic demand for construction machinery [20]. Summary by Sections Industry News - The national construction machinery operating rate for Q3 2024 is 50.27% [7]. - In September, the operating hours for Komatsu excavators in China were 95.3 hours, up 6.9% year-on-year [7]. - Urban rail passenger volume in September reached 2.58 billion, a 4% increase year-on-year [8]. Company Announcements - Hangcha Group reported a revenue of 4.179 billion yuan for Q3 2024, a decrease of 2.65% year-on-year, but a net profit increase of 9.07% [12]. - In Q3 2024, Huichuan Technology forecasted a revenue growth of 20%-30% year-on-year [13]. Market Review - From October 16 to October 22, 2024, the CSI 300 index rose by 2.64%, while the machinery equipment sector increased by 5.32%, outperforming the CSI 300 by 2.68 percentage points [14]. - The price-to-earnings ratio for the machinery equipment sector as of October 22, 2024, is 25.88 times, with a premium of 109.19% compared to the CSI 300 [15]. Weekly Insights - The report highlights that excavator sales in September met expectations, driven by large-scale equipment renewal policies, with domestic sales growth exceeding CME expectations [20]. - The report maintains a "Positive" rating for the industry and recommends "Increase" ratings for SANY Heavy Industry, China CRRC, and Zoomlion [20].