Investment Rating - The report maintains a "Recommended" investment rating for the luxury goods industry, specifically for Kering Group [2]. Core Insights - In Q3 2024, Kering Group reported a revenue of €3.786 billion, reflecting a 15% year-over-year decline. Retail revenue accounted for 75% of total revenue, down 17% year-over-year, while wholesale and other revenues made up 25% of total revenue, decreasing by 12% year-over-year [4][5]. - Gucci's revenue fell by 26% to €1.641 billion, primarily due to weak demand in the Asia-Pacific region. The brand's wholesale revenue dropped by 38% as it selectively provided new products to its retail network [5]. - Bottega Veneta showed a 4% revenue increase to €397 million, attributed to successful branding strategies and product advantages [5]. - The report indicates that luxury consumption in China and the U.S. remains weak, with the Japanese yen's strength negatively impacting revenue growth in Japan [6]. - Despite challenges in the Chinese market, Kering Group remains optimistic about the recovery of luxury demand once consumer confidence is restored, projecting an annual recurring operating profit of approximately €2.5 billion for 2024, down from €4.7 billion in 2023 [7]. Summary by Sections Revenue Breakdown - Q3 2024 total revenue was €3.786 billion, down 15% year-over-year. Retail revenue decreased by 17%, while wholesale and other revenues fell by 12% [4]. Brand Performance - Gucci: Revenue of €1.641 billion, down 26% [5]. - Yves Saint Laurent: Revenue of €670 million, down 13% [5]. - Bottega Veneta: Revenue of €397 million, up 4% [5]. - Other brands: Revenue of €686 million, down 15% [5]. - Kering Eyewear and other revenues: €440 million, up 32% [5]. Regional Insights - Revenue distribution in Q3 2024: Western Europe (32%), North America (23%), Asia-Pacific (29%), Japan (8%), and other regions (8%). Year-over-year changes were -11%, -15%, -30%, +3%, and +2% respectively [6]. - The report highlights a recovery in tourism spending in China but notes overall weak luxury consumption [6].

Investment Rating - The report maintains a "Buy" rating for the defense and military industry, suggesting to follow market fluctuations and accumulate positions on dips [2]. Core Insights - The defense and military industry index (CITIC) experienced a decline of 11.82% from November 11 to November 22, 2024, ranking second in terms of decline among 30 primary industry indices, underperforming the Shanghai Composite Index by 6.46 percentage points and the CSI 300 Index by 6.01 percentage points [10]. - Key companies in the sector, such as Jieqiang Equipment and Zhenxin Technology, showed positive performance with increases of 11.02% and 7.60%, respectively, during the same period [10]. - A significant contract worth 285.6 billion yuan was signed at the recent China Airshow, involving 1,195 aircraft, marking a new high in aircraft numbers [11]. - The report anticipates a structural reversal in industry demand by 2025, with over 80% of equipment categories expected to maintain stable growth, particularly in military electronic components [14]. Summary by Sections 1. Investment View - The defense and military sector is currently in a weak phase, but the report indicates that the worst is over, with a demand turning point approaching as the "14th Five-Year Plan" enters a critical delivery phase [13][14]. 2. Market Performance - The CITIC defense and military index fell by 11.21% over the two weeks leading to November 22, 2024, underperforming compared to other indices [15]. - Year-to-date, the CITIC defense and military index has risen by 9.32%, slightly lagging behind the Shanghai Composite Index [15]. 3. Major Company Earnings Forecast and Valuation - The report highlights several companies with strong growth potential, including Jieqiang Equipment and Zhenxin Technology, which are positioned well in the nuclear protection and satellite internet sectors [10]. 4. Military Fund Review - The report does not provide specific details in this section. 5. Industry Dynamics - Recent events in the defense sector have been catalysts for market interest, including missile launches and military exercises, which have drawn attention amid changing geopolitical landscapes [12]. 6. Listed Company Dynamics - The report tracks new listings in the military sector, noting companies like Aerospace Hanyu and Guoke Military Industry, which have shown varying performance since their IPOs [22]. 7. Recent Key Reports - The report does not provide specific details in this section. 8. Financing Balance - The financing balance for the military sector has increased, with a current balance of 96.83 billion yuan, representing 3.63% of the sector's market value, which is higher than the overall A-share market [25].

Investment Rating - The report maintains an "Overweight" rating for NVIDIA (NVDA) [1] Core Views - NVIDIA's FY25Q3 revenue of $35.082 billion exceeded consensus estimates, with a YoY growth of 94% and QoQ growth of 17% [1] - Non-GAAP net income for FY25Q3 was $20.010 billion, surpassing consensus estimates by 8% YoY and 18% QoQ [1] - FY25Q4 revenue guidance is revised upwards, with a midpoint of $367.5-382.5 billion, indicating a 6.9% QoQ growth [1] - The Blackwell series, set to ship in FY25Q4, is expected to contribute significantly to revenue, with data center computing products growing 132% YoY [1] - Management anticipates gross margin improvement in FY26H2, despite a slight decline in FY25Q3 due to increased product complexity [1] Financial Projections - Revenue projections for FY25-FY27 are $1,294 billion, $1,957 billion, and $2,363 billion respectively [1] - Non-GAAP net income is forecasted to be $737 billion, $1,110 billion, and $1,361 billion for FY25-FY27 [1] - Gross margins are expected to rise from 75% in FY25 to 77% in FY27 [1] Industry Trends - Major tech companies like Meta, Google, Microsoft, and Amazon continue to increase AI-related capital expenditures, supporting NVIDIA's growth [1] - Sovereign AI and enterprise AI demand are emerging as significant drivers, alongside long-term growth in autonomous driving and robotics [1] Financial Metrics - FY25Q3 data center computing revenue reached $27.644 billion, a 132% YoY increase [1] - Network product revenue for FY25Q3 was $3.127 billion, with a 20% YoY growth but a 15% QoQ decline [1] - Non-GAAP gross margin for FY25Q3 stood at 75%, slightly down by 0.7 percentage points QoQ [1] Valuation - The stock's PE ratio is projected to be 46x in FY25, decreasing to 24x by FY27 [1] - Non-GAAP EPS is expected to grow from $2.97 in FY25 to $5.56 in FY27 [1]

Investment Rating - The report maintains an "Add" rating for the company [1][3]. Core Insights - The company achieved a quarter-on-quarter delivery growth of 50%, indicating a positive trend towards profitability for the full year [1]. - The total shipment of LiDAR units reached a record high of 134,208 units in Q3 2024, representing a significant year-on-year increase of 182.9% [3]. - The financial performance showed a quarterly revenue of 539.4 million RMB, a year-on-year growth of 21.1%, with a gross margin increase to 47.7% from 30.6% in the same period last year [3]. - The company provided optimistic guidance for Q4 2024, projecting revenue of 100 million USD and a net profit of 20 million USD on a GAAP basis [3]. Summary by Relevant Sections Delivery and Revenue - The company’s total LiDAR shipments for the first nine months of 2024 reached 279,835 units, a year-on-year increase of 108.2%, with ADAS product deliveries at 263,148 units, up 129.9% [3]. - The gross margin improved significantly to 47.7%, attributed to cost management and scale optimization [3]. Market Expansion and Customer Collaborations - The company deepened its domestic market collaborations, becoming a strategic supplier for SAIC Volkswagen and securing exclusive orders from emerging EV manufacturers [3]. - Internationally, the company successfully delivered prototypes for a global automotive manufacturer and signed two proof-of-concept projects with a top Japanese automaker [3]. Financial Projections - For Q4 2024, the company expects to deliver approximately 201,000 LiDAR units, with total shipments for the year projected at 480,000 units, leading to an anticipated revenue growth of 11% to 2.083 billion RMB [3]. - The forecast for 2025 indicates a potential 100.3% increase in LiDAR deliveries to 962,000 units, with revenue expected to grow by 33.5% to 2.781 billion RMB [3].

Investment Rating - No rating provided for the company [5] Core Views - The company's profitability has improved significantly, with Q3 performance exceeding expectations [6] - In 2024 Q1-Q3, the company achieved revenue of 4,381.47 million yuan, a year-on-year increase of 0.38%, and net profit attributable to the parent company of 459.88 million yuan, a year-on-year increase of 4.92% [1] - In 2024 Q3, the company achieved revenue of 1,569.54 million yuan, a year-on-year increase of 48.01%, and net profit attributable to the parent company of 163.12 million yuan, a year-on-year increase of 56.43% [1] - The gross profit margin for 2024 Q1-Q3 was 22.92%, a year-on-year increase of 3.62 percentage points, and the net profit margin attributable to the parent company was 10.50%, a year-on-year increase of 0.37 percentage points [1] - The gross profit margin for 2024 Q3 was 22.82%, a year-on-year increase of 3.48 percentage points, and the net profit margin attributable to the parent company was 10.39%, a year-on-year increase of 0.33 percentage points [1] Financial Performance - From 2020 to 2023, the company's revenue grew from 2,737.45 million yuan to 5,860.35 million yuan, with year-on-year growth rates of 7.84%, 49.57%, 27.04%, and 12.67% respectively [3] - Net profit attributable to the parent company grew from 333.85 million yuan in 2020 to 614.67 million yuan in 2023, with year-on-year growth rates of 38.47%, 10.75%, 26.12%, and 31.82% respectively [3] - The gross profit margin fluctuated between 18.21% and 23.58% from 2020 to 2023, with the highest in 2020 and the lowest in 2021 [3] - ROE decreased from 36.50% in 2020 to 27.37% in 2023, with a slight recovery in 2023 [3] - Earnings per share increased from 0.83 yuan in 2020 to 1.39 yuan in 2023 [3] Company Overview - The company is an engineering machinery manufacturer specializing in the development, design, production, and sales of non-road wide-body dump trucks, mining dump trucks, and tunnel vehicles for mining and large-scale engineering material transportation [2] - Main products include TL87, TL88, TL89 series non-road wide-body dump trucks, TLD series mining dump trucks, TLK series tunnel vehicles, TLS series non-road water trucks, and TLQ series bridge transport vehicles [2] - The company has expanded its product line to include new energy vehicles such as pure electric, hybrid, hydrogen fuel, and methanol fuel models, as well as intelligent driving chassis [2] - Products are used in industries such as open-pit coal mining, iron ore, non-ferrous metal mining, cement, and large-scale engineering projects, covering all provinces in China and exported to countries including Pakistan, Indonesia, Malaysia, Mongolia, Tajikistan, India, and the Democratic Republic of Congo [2] - As of November 25, 2024, the company's market capitalization was 6.703 billion yuan, with a PE (TTM) of 10.54x [2] Operational Metrics - The company's operating cash flow for 2024 Q1-Q3 was 823.81 million yuan, a year-on-year increase of 685.10% [6] - The total asset turnover rate was 0.69, slightly lower than the previous year [6] - Sales expense ratio was 6.25%, a year-on-year increase of 1.57 percentage points, management expense ratio was 1.50%, a year-on-year increase of 0.21 percentage points, R&D expense ratio was 2.78%, a year-on-year increase of 1.39 percentage points, and financial expense ratio was 0.03%, a year-on-year increase of 0.04 percentage points [6]

Investment Rating - No rating provided for the company [4] Core Views - The company achieved a revenue of 443.21 million yuan in 2024Q1-Q3, a year-on-year decrease of 15.44%, while net profit attributable to the parent company increased by 30.71% to 75.55 million yuan [1] - Gross margin for 2024Q1-Q3 was 27.12%, an increase of 6.13 percentage points year-on-year, and net profit margin attributable to the parent company was 17.05%, an increase of 6.02 percentage points [1] - In 2024Q3, the company achieved a revenue of 138.73 million yuan, a year-on-year decrease of 22.60%, while net profit attributable to the parent company increased by 27.12% to 27.57 million yuan [1] - Gross margin for 2024Q3 was 28.93%, an increase of 8.13 percentage points year-on-year, and net profit margin attributable to the parent company was 19.88%, an increase of 7.77 percentage points [1] - The company's high-margin products and overseas revenue contributed to a 30.71% increase in profit for the first three quarters of 2024 [4] Financial Performance - Revenue for 2020-2023 was 317.89 million yuan, 335.63 million yuan, 504.72 million yuan, and 668.54 million yuan, respectively, with year-on-year growth rates of 1.34%, 5.58%, 50.38%, and 32.46% [3] - Net profit attributable to the parent company for 2020-2023 was 60.41 million yuan, 42.66 million yuan, 63.34 million yuan, and 79.35 million yuan, respectively, with year-on-year growth rates of 47.88%, -29.39%, 48.47%, and 25.28% [3] - Gross margin for 2020-2023 was 30.27%, 26.14%, 21.80%, and 21.89%, respectively [3] - ROE for 2020-2023 was 18.96%, 10.49%, 14.48%, and 16.23%, respectively [3] - Earnings per share for 2020-2023 were 0.97 yuan, 0.36 yuan, 0.55 yuan, and 0.68 yuan, respectively [3] - P/E ratio for 2020-2023 was 16.47, 26.92, 12.40, and 18.71, respectively [3] Market Data - Closing price on 2024/11/22 was 20.93 yuan [2] - Total share capital was 119.22 million shares, with 65.09 million shares in circulation [2] - Net assets were 550.46 million yuan, and total assets were 723.44 million yuan [2] - Net assets per share were 4.62 yuan [2] Company Overview - The company is engaged in the R&D, production, and sales of hydraulic products, including dump truck cylinders, machinery cylinders, and air springs [4] - The company has developed core technologies and holds a series of independent intellectual property rights, making it a professional supplier of medium and high-pressure cylinders in China [4] - The company's products are widely used in automotive, energy mining equipment, construction machinery, and military equipment [4] - As of November 22, 2024, the company's market capitalization was 2.495 billion yuan, with a P/E (TTM) of 25.70 times [4]

Investment Rating - No rating provided for the company [4] Core Views - The company experienced a significant loss in Q3 2024, with revenue of 1,448.57 million yuan, a year-on-year increase of 0.57%, but a net profit attributable to the parent company of -118.79 million yuan, a year-on-year decrease of 3,624.60% [1] - The company's gross margin for the first three quarters of 2024 was 11.44%, a year-on-year decrease of 6.41 percentage points, and the net profit margin attributable to the parent company was -4.70%, a year-on-year decrease of 8.03 percentage points [1] - The company's operating cash flow for the first three quarters of 2024 was -46.06 million yuan, a year-on-year increase of 28.24% [5] Financial Performance - Revenue for 2023 was 5,868.31 million yuan, a year-on-year decrease of 28.09% [4] - Net profit attributable to the parent company for 2023 was 95.68 million yuan, a year-on-year decrease of 90.95% [4] - Gross margin for 2023 was 17.12%, a significant decrease from 26.04% in 2022 [4] - ROE for 2023 was 1.64%, a sharp decline from 19.66% in 2022 [4] Company Overview - The company is a provider of agrochemical products, focusing on pesticide intermediates, active ingredients, and formulations, with a business model that integrates R&D, production, and sales [2] - The company has a comprehensive product portfolio, including herbicides, fungicides, and insecticides, with 424 domestic pesticide registrations and 1,269 international registrations as of December 31, 2023 [2] - The company serves major international and domestic agrochemical companies such as ADAMA, CORTEVA, SYNGENTA, NUFARM, and LANXESS [2] Market Data - As of November 22, 2024, the company's market capitalization was 5.124 billion yuan [2] - The company's closing price on November 22, 2024, was 4.18 yuan per share [2] - Total equity was 1,225.80 million shares, with 1,208.07 million shares in circulation [2] - Net assets were 5,402.66 million yuan, and total assets were 12,393.73 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [5][9]. Core Views - The report highlights the successful showcasing of advanced radar systems at the 15th China International Aviation and Aerospace Exhibition, emphasizing the company's strong position in the defense and aerospace sectors [3][4]. - The YLC-2E radar, which features advanced anti-stealth capabilities, was publicly unveiled at the exhibition, marking a significant innovation in radar technology [3]. - The company is expected to see accelerated growth in military trade, supported by the successful exhibition and the introduction of new products [3][4]. Financial Summary - The company’s projected revenues for 2024-2026 are estimated at 3,594 million, 4,025 million, and 4,629 million respectively, reflecting a growth rate of 9.5%, 12.0%, and 15.0% year-on-year [4]. - The net profit attributable to the parent company is forecasted to be 659 million, 794 million, and 962 million for the same period, with year-on-year growth rates of 10.0%, 20.5%, and 21.3% [4]. - The report projects earnings per share (EPS) of 0.53, 0.64, and 0.77 for 2024-2026, with corresponding price-to-earnings (PE) ratios of 36.8, 30.5, and 25.2 [4].

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's self-developed new-generation medium stealth multirole fighter, J-35A, made its debut at the 15th China International Aviation & Aerospace Exhibition [3][8] - The company's Q3 2024 revenue and profits declined year-on-year and quarter-on-quarter due to delays in contract signings [9][10] - The company aims to achieve annual revenue of 51.026 billion yuan and net profit of 3.762 billion yuan, requiring significant growth in Q4 2024 [24] Financial Analysis - In Q3 2024, the company's revenue was 3.673 billion yuan, down 68.01% YoY and 69.73% QoQ [10] - Net profit attributable to shareholders in Q3 2024 was 199 million yuan, down 77.11% YoY and 77.90% QoQ [10] - The company's gross margin for the first three quarters of 2024 was 12.48%, up 1.63 percentage points YoY [16] - The company's inventory at the end of Q3 2024 was 11.489 billion yuan, down 1.38% from the beginning of the year but up 21.72% YoY [21] Profit Forecast - The company's net profit attributable to shareholders is expected to be 3.765 billion yuan in 2024, 4.527 billion yuan in 2025, and 5.407 billion yuan in 2026 [25] - The EPS is forecasted to be 1.37 yuan in 2024, 1.64 yuan in 2025, and 1.96 yuan in 2026 [25] Industry and Product Development - The J-35A fighter is designed for air superiority missions, capable of engaging 3rd/4th generation enemy fighters, ground/sea-based air defense systems, and intercepting enemy aircraft, bombers, and cruise missiles [8]

Investment Rating - The report maintains a positive investment rating for the real estate sector, indicating a "stop falling and stabilize" logic as the core rationale for investment [1]. Core Insights - The report highlights that the overall transaction area for new and second-hand homes has shown a significant month-on-month increase of 48.2% since November 1, 2024, despite a year-to-date decline of 14.2% [1]. - The report emphasizes the ongoing policy adjustments in major cities, including the complete cancellation of ordinary and non-ordinary residential standards in first-tier cities [1]. - The report suggests that the real estate sector's fundamentals are expected to undergo a long-term recovery, presenting investment opportunities in the sector [1]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in the week ending November 21, 2024, was 3.108 million square meters, reflecting a week-on-week decrease of 7.9% but a year-on-year increase of 9.7% [1]. - The cumulative transaction area for new and second-hand homes in 2024 is projected to increase by 21.9% year-on-year [1]. Key Company Announcements - China Merchants Shekou announced a share buyback of 4.43 million shares, accounting for 0.05% of the total share capital, with a total payment of 47.61 million yuan [1]. - Huafa Group plans to repurchase shares with a budget of up to 600 million yuan at a maximum price of 9.83 yuan per share [1]. - Binjiang Group acquired a land parcel with a total area of 30,000 square meters for 395 million yuan [1]. Transaction Data - In the week of November 15-21, 2024, the new home transaction volume in first-tier cities increased by 9% month-on-month and 37% year-on-year, while the cumulative year-on-year decline stands at 17% [1]. - The second-hand home transaction volume in the same period was 19,057 units, with a week-on-week decrease of 10% but a year-on-year increase of 23% [1]. Regional Insights - Guangzhou has initiated a program to acquire existing residential properties for use as affordable housing, reflecting a shift in policy to address housing needs [1]. - The report notes that various cities are implementing measures to enhance the real estate market, including adjustments to down payment ratios and loan limits for housing funds [1].