Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [9][33] - The report recommends "Increase" ratings for specific companies: Oppein Home, Sophia, Good Wife, Pathfinder, and Semir Apparel [9][33] Core Insights - The report highlights a significant increase in packaging paper prices, with major paper companies implementing price hikes between 30 to 50 CNY per ton, and some companies raising prices by up to 100 CNY per ton due to rising raw material costs [11] - LVMH Group reported a third-quarter revenue of 19.08 billion euros, which was below market expectations, indicating potential challenges in the luxury goods sector [11] - The upcoming "Double Eleven" shopping festival is expected to boost consumer demand in home and apparel categories, contributing to marginal improvements in the market [33] Summary by Sections Industry News - The report notes the concentrated price increases in packaging paper and the overall positive market sentiment as companies adjust prices [11] - LVMH's disappointing sales figures in the fashion and wine sectors suggest challenges in the luxury market [11] High-Frequency Data - TDI and MDI prices have increased, with TDI averaging 13,000 CNY per ton and MDI at 18,300 CNY per ton as of October 18 [11] Company Announcements - Shanying International has secured a 200 million CNY special loan for share repurchase [25] - Linuo Glass has obtained a 100 million CNY loan for share buyback purposes [26] - Pathfinder expects a year-on-year profit increase of 107.23% to 133.27% for the first three quarters of 2024 [26] Market Review - From October 14 to 18, the light industry manufacturing sector underperformed the CSI 300 index by 0.16 percentage points, while the textile and apparel sector lagged by 0.01 percentage points [27][32] - The report identifies the top-performing stocks in the light industry and textile sectors, highlighting significant gains for companies like Songfa and Risheng [31][32] Weekly Strategy - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, which are expected to support demand in the home and apparel sectors [33]

Industry Ratings - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The report maintains a neutral rating for the steel industry and a positive outlook for the non-ferrous metals sector, suggesting potential investment opportunities in the latter [3]. - Key recommended stocks include: - Bo Wei Alloy: Increase [1] - Luoyang Molybdenum: Increase [1] - Zhongjin Gold: Increase [1] - Xiyang Co.: Increase [1] - Zijin Mining: Increase [1] - Shandong Gold: Increase [1] Industry News - The People's Bank of China has lowered the one-year and five-year Loan Prime Rate (LPR) by 25 basis points, which is expected to support metal prices [10]. - Indonesia plans to export electric vehicle battery precursors to the U.S. next month, aiming to manage nickel ore supply to support prices [10]. - The recent orange alert for heavy pollution in Jiaozuo City may restrict alumina production capacity, potentially supporting aluminum prices [2][10]. Industry Data Steel - As of October 18, the total steel inventory (social + factory) was 12.70 million tons, down 2.84% from the previous week and down 17.26% year-on-year [15]. - The average profit margins for hot-rolled, cold-rolled, rebar, and medium-thick plates were -639, -940, -521, and -806 yuan per ton, respectively, indicating a decline in profitability [24]. - The steel price index for the week was 3,743.49 yuan per ton, down 3.26% from the previous week and down 11.96% year-on-year [24]. Copper - Global refined copper supply was short by 64,400 tons in August 2024, with domestic inventory rising and demand remaining moderate [25]. - The copper smelting fees increased by 43.82% compared to the previous week, indicating a tightening supply situation [27]. Aluminum - The domestic aluminum processing industry is operating steadily, with tight alumina supply expected to support aluminum prices [30]. - As of October 18, the average price of alumina was 4,606 yuan per ton, up 8.25% from the previous week [31]. Lithium - The lithium industry is facing oversupply pressure, with battery-grade lithium carbonate prices at 74,000 yuan per ton, down 5.01% from the previous week [40].

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 10 月 14 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 行业周报 [吨 able_MainInfo] 政策驱动加力，短期调整不改估值修复持续 研 究 1）多地上调纸板价格，涨幅 3%-5%。 2）TikTok Shop 美区跨境商家门槛放宽，支持 9 家电商平台。 公司重要公告 1）山鹰国际：SVP 拟以 33.45 亿瑞典克朗的对价要约收购北欧纸业。 2）齐峰新材：前三季度公司 ...

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行 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2024 年 10 月 15 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [投资要点： Table_Summary] [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 研 行业周报 [Table_MainInfo] 政策密集出台，期待实施效果 究 行业情况及产品价格走势初判 钢铁：在旺季驱动下，需求仍有改善空间；国内利好政策提振市场信心，需 关注后续政策实施效果。 铜：目前海外降息以及国内刺激政策均利好铜价，矿端干扰仍存，铜价或维 持强势。 铝：国内利好政策提振市场情绪，旺季预期下基本面有望持续改善，铝价或 偏强运行。 锂：旺季下虽短期需求有改善预期，但当前锂行业供给过剩压力仍大，预计 短期锂价维持震荡。 本周策略 （1）铜：矿端干扰不断，铜精矿供应偏 ...

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 10 月 8 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [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] 政策组合拳出台，看好估值修复持续性 研 究 [吨 able_Summary] 投资要点： 行业要闻 1）Arauco 宣布巴西新浆厂产能增至 350 万吨 预计 2027 年投产。 2）向电商平台寻求流量 快时尚品牌 H&M 入驻拼多多、抖音。 公司重要公告 1）嘉益股份：公司拟向 234 名员工授予 119.37 万股。 2）松发股份 ...

行业月报 ――金属行业 10 月月报 分析师： 张珂 SAC NO： S1150523120001 2024 年 10 月 8 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [Table_Contactor] [Table_IndInvest] 行业评级 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 行 业 研 [Table_MainInfo] 政策提振信心，金属价格普涨 究 [Table_Summary] 投资要点： 行业数据 钢铁：9 月钢铁行业景气度回升，需求端有所回暖；钢铁需求回升带动钢厂 生产积极性释放，国内利好政策提振钢价。展望未来，当前行业基本面好转， 政策提振市场信心，10 月仍为消费旺季，钢价有望得到支撑。 铜：9 月美国宣布首次降息，国内释放利好政策提振市场信心，刺激铜价上 涨。展望未来，旺季预期下，需求或持续改善，开工率有望向好，需关注下 游需求持续性，短期铜价有望走强。 铝：受电网和工业型材等需 ...

行 ――轻工制造&纺织服饰行业 10 月月报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 9 月 27 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com -30% -25% -20% -15% -10% -5% 0% 5% 10% [Table_Doc] 业 行业月报 研 [Table_MainInfo] 政策端全面发力，看好两大行业估值修复 究 [Table_Summary] 投资要点： 行业发展情况 1-8 月，社会消费品零售总额家具类为 979.20 亿元，同比增长 1.30%。 1-8 月，社会消费品零售总额服装、鞋帽、针纺织品类为 9,046.40 亿元，同比 增长 0.30%。 行情回顾 8 月 27 日至 9 月 26 日，轻工制造行业跑赢沪深 300 指数 3.55 个百分点：SW 轻工制造（10.20%）VS 沪深 300（6.65%）；纺织服饰行业跑赢沪深 300 指数 1.38 个百分点：SW 纺织服饰（8.03%）VS 沪深 300（6.65%）。 本月策略 政策端全面发力，推动资本市场估值 ...

Investment Rating - The report assigns an "Overweight" rating to the company [2] Core Views - The company is a leading domestic gold enterprise with rapid growth in performance, achieving significant increases in revenue and net profit in H1 2024 [3] - The company has substantial potential for asset injection and is actively expanding its production capacity and reserves through both internal and external projects [5] - The gold price is expected to be supported by multiple factors, including the US interest rate cut cycle, geopolitical risks, and central bank gold purchases [4][6] Company Overview - The company is a national leader in the gold industry, with four mines that have each produced over 100 tons of gold, and it has expanded its operations both domestically and internationally [14] - The company is controlled by the Shandong State-owned Assets Supervision and Administration Commission, with Shandong Gold Group as its largest shareholder [15] - The company is strategically located in the Jiaodong region, which is rich in gold resources, and aims to become a world-class gold resource industrial base [16] Financial Performance - In H1 2024, the company's revenue and net profit attributable to the parent company were 45.773 billion yuan and 1.383 billion yuan, respectively, representing year-on-year growth of 66.90% and 57.24% [3] - The company's profitability has been improving, with gross and net profit margins increasing in H1 2024 [46][48] - The company's gold business contributes over 80% of its total gross profit, and the gross profit margin for gold products reached 50.69% in H1 2024 [48] Gold Market Outlook - The US interest rate cut cycle is expected to reduce the pressure on gold prices, while geopolitical risks and the US election are likely to stimulate demand for gold as a safe-haven asset [4][45] - Long-term factors such as high US debt and deficit levels, as well as gold purchases by emerging economies and developing countries, are expected to support the upward trend in gold prices [4][36] Asset Injection and Expansion - The company has significant potential for asset injection from its parent company, Shandong Gold Group, which has substantial gold resources in China [52][53] - The company is actively expanding its production capacity and reserves through internal integration and external development of high-quality mines, both domestically and internationally [5] - The Xiling Gold Mine, one of the largest single gold deposits in China, was successfully injected into the company in H1 2024 and is expected to contribute significantly to future gold production [59] Industry Position - The company is a leader in the domestic gold industry, with its gold resource volume and production volume ranking at the top among domestic gold companies [60] - The company is accelerating the construction of a world-class gold base in the Jiaodong region, leveraging its rich gold resources and strategic location [60]

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 9 月 23 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [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 -16.00% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% [Table_IndInvest] 业 行业周报 [吨 able_MainInfo] 美联储降息落地，电动两轮车行业迎新政 研 究 [吨 able_Summary] 投资要点： 行业要闻 1）2024 年国产纸浆预计新增产能 620 万吨。 2）特百惠申请破产保护。 证 公司重要 ...