Investment Rating - The report maintains an "Overweight" rating for the communication industry, with specific companies recommended for "Buy" or "Hold" ratings [2][10]. Core Insights - The report highlights the investment opportunities in AI toys, particularly in the context of AI terminal applications, with companies like 乐鑫科技 (Espressif Technology) expected to benefit from this trend. The AI toy market is projected to reach a size of $36.377 billion by 2030, driven by increasing consumer willingness to spend on intelligent toys [8][11]. Summary by Sections Weekly Investment Overview - The report emphasizes that AI toys are leading the way in AI terminal applications, with 乐鑫科技 positioned to benefit due to its leadership in Wi-Fi SoC technology. The supply side is seeing a significant reduction in the costs of large model APIs, while the demand side is characterized by a broad children's toy market. The integration of AI into toys is expected to enhance consumer spending intentions, driving rapid growth in the AI companion toy market [8]. Industry Dynamics - Microsoft plans to deploy 15,000 kilometers of hollow core fiber in the next 24 months to enhance data transmission capabilities. This development is crucial for inter-data center connectivity [11]. - Beijing Unicom and Huawei have launched the world's first 5G-A scale smart network, achieving continuous coverage in key urban areas, which supports advanced applications like immersive video and cloud gaming [11]. - China Mobile, in collaboration with industry partners, has released the first fully scheduled Ethernet DPU chip, enhancing network capabilities [11]. Major Events - The report lists significant upcoming events for communication industry companies, including shareholder meetings and earnings releases scheduled from November 25 to December 1 [12].

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, particularly focusing on core assets and new material growth opportunities [1]. Core Insights - The Xinjiang coal chemical industry is rapidly developing, presenting opportunities for the entire industrial chain. The region's coal resources are substantial, accounting for 40.6% of the national total, with a production increase of 10.7% year-on-year in 2023 [1]. - The report highlights the importance of several companies, including Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical, which are expected to benefit from the growth in the Xinjiang coal chemical sector [1]. - The report also emphasizes the potential for growth in new materials, particularly in OLED and semiconductor materials, driven by domestic demand and technological advancements [5]. Summary by Sections Key Companies - Wanhua Chemical: Buy - Hualu Hengsheng: Buy - Yangnong Chemical: Buy - China National Chemical: Increase holding - Satellite Chemical: Increase holding - PetroChina: Increase holding - Sinopec: Increase holding - Baofeng Energy: Buy - Huafeng Chemical: Increase holding [1]. Market Trends - The report notes a significant increase in industrial output value in Xinjiang, reaching 633.81 billion yuan, with a year-on-year growth of 7.25% [1]. - The coal production in Xinjiang for 2023 is reported at 457 million tons, with a new approved coal mine capacity of 47.3 million tons per year [1]. Price Trends - The report indicates that the price of vitamin B9 (folic acid) has increased by 66.7% to 325 yuan per kilogram, while vitamin B1 and B6 have also seen price increases of 9.3% and 3.0%, respectively [9]. - The price of butyl chloride has risen by 4.0% to 26,000 yuan per ton, driven by tight supply conditions [10]. Oil and Gas Sector - International oil prices have risen due to geopolitical tensions and supply disruptions, with WTI and Brent crude prices increasing by 3.7% and 3.6%, respectively [11]. - The report suggests that oil and gas extraction companies are likely to maintain substantial dividends due to ongoing efficiency improvements and favorable market conditions [7].

Investment Rating - The report maintains a "Recommend" rating for the media industry, focusing on AI applications, cinema chains, and card games [1]. Core Viewpoints - The report highlights three main investment themes: cinema chains, IP card games, and AI applications, indicating a positive outlook for the media sector [21][22]. Summary by Sections Industry Performance Review - From November 18 to November 22, 2024, the Shenwan Media sector experienced a decline of 2.06%, outperforming the CSI 300 by 0.53 percentage points and the ChiNext Index by 0.97 percentage points [10][11]. Key Investment Themes 1. **Cinema Chains**: The report is optimistic about the 2025 film market, particularly the Spring Festival box office, with several major films scheduled for release, potentially leading to record-breaking box office performance [21]. 2. **IP Card Games**: The domestic IP card game sector is expected to maintain rapid growth, benefiting from the trend of increasing domestic demand [21]. 3. **AI Applications**: The report emphasizes the ongoing advancements in AI applications, predicting the emergence of more successful AI products that will drive growth in the media sector [20][21]. Important Data Tracking - The report tracks significant data in the media sector, including the performance of various media companies and the release of new game licenses, with 112 new games receiving licenses in November 2024 [23][35]. Notable Companies and Recommendations - Recommended companies in the cinema chain sector include Wanda Film, Hengdian Film, and Shanghai Film, while in the IP card game sector, Yaoji Technology is highlighted [21][31]. - In the AI application space, companies such as Kylin Network and Shanghai Film are recommended for their potential in multi-modal AI applications [22]. Market Trends - The report notes a significant increase in the number of active users for AI-native applications, indicating a growing market for AI technologies [20]. Conclusion - The media industry is positioned for growth, driven by advancements in technology and favorable market conditions, with specific recommendations for investment in cinema chains, IP card games, and AI applications [21][22].

Investment Rating - The report maintains a "Buy" rating for companies such as Lixun Precision, and "Overweight" for companies like Huadian Technology and Blackwell [2][31]. Core Insights - The report highlights the potential of edge AI hardware, particularly with the launch of Rokid Glasses, which integrates advanced AI functionalities and is expected to drive user penetration in the AI market [1][25]. - Nvidia's revenue surged by 94% to $35.1 billion in Q3 2024, driven by the demand for AI products, with the Blackwell product line now in full production [1][26]. - The semiconductor market reached $166 billion in Q3 2024, marking a 10.7% increase from the previous quarter, with a year-on-year growth of 23.2% [14][28]. Summary by Sections 1. Market Review - The overall market saw a decline, with the semiconductor sector underperforming, dropping 3.29% during the period from November 18 to November 22 [8][9]. 2. Sub-industry News 2.1 Semiconductor - The semiconductor market experienced significant growth, with Nvidia leading in revenue at $35.1 billion, followed by Samsung and Broadcom [14][19]. - China's semiconductor industry is expanding, with a notable increase in exports of blank masks from South Korea [14]. 2.2 AI, IoT, and Automotive Electronics - Nvidia launched new AI hardware, including the H200 NVL PCIe GPU, aimed at enhancing AI computing capabilities [17][19]. 2.3 Innovative Electronics & Wearables - Rokid introduced the Rokid Glasses, showcasing a lightweight design and advanced AI features, indicating a strong market potential for wearable AI devices [1][25]. 2.4 Mobile & 5G - OPPO expanded its manufacturing capacity in Indonesia, aiming for a monthly production of 2 million smartphones [22]. 2.5 LCD & LED - Liyad launched a new high-end MIP production line, enhancing its capabilities in Micro LED technology [23]. 3. Industry Investment Strategy - The report emphasizes the importance of edge AI devices and suggests focusing on companies involved in AI hardware and semiconductor manufacturing, highlighting the growth potential in these sectors [1][25][28].

Investment Rating - The report maintains a "Recommended" investment rating for the luxury goods industry, specifically for LVMH [1]. Core Insights - In Q3 2024, LVMH reported a revenue of €19 billion, with an organic revenue decrease of 3% year-on-year, primarily due to a slowdown in revenue growth in Japan attributed to the strengthening of the yen [5][6]. - The breakdown of revenue by category in Q3 2024 shows: - Wines and Spirits: €1.386 billion, organic decline of 7% - Fashion and Leather Goods: €9.151 billion, organic decline of 5% - Perfumes and Cosmetics: €2.012 billion, organic growth of 3% - Watches and Jewelry: €2.386 billion, organic decline of 4% - Retail: €3.927 billion, organic growth of 2% [5][6]. Summary by Sections Revenue Performance - Q3 2024 revenue by region shows: - USA: 0% year-on-year change - Japan: +20% - Asia (excluding Japan): -16% - Europe: +2% [6]. Market Dynamics - The Chinese market experienced a slight decline in demand in Q3 2024, influenced by consumer confidence and discretionary spending, along with increased tariffs on certain European goods [2][6]. - LVMH is exiting unofficial channels for perfumes and cosmetics in China, with a 5% organic growth in this segment from January to September 2024, driven by strong performances from brands like Christian Dior and Fenty Beauty [3][6]. Future Outlook - LVMH remains optimistic about the long-term prospects of the Chinese luxury market, viewing the current slowdown as cyclical rather than structural, anticipating a rebound in demand once consumer confidence is restored [3][7].

Investment Rating - The report maintains a "Buy" recommendation for the luxury goods industry, specifically for Hermès [1]. Core Insights - The demand for high-end consumer goods continues to be strong across various regions, with Hermès reporting total sales of €3.7 billion in Q3 2024, reflecting an 11% year-over-year growth at constant exchange rates. For the first nine months of 2024, revenue reached €11.2 billion, marking a 14% increase year-over-year at constant exchange rates [1][5]. - Revenue growth by region for the first nine months of 2024 includes: 1. Asia (excluding Japan) +7% (H1 2024: +10%) 2. Japan +23% (H1 2024: +22%) 3. Americas +13% (H1 2024: +13%) 4. Europe (excluding France) +18% (H1 2024: +18%) 5. France +14% (H1 2024: +15%) [1][5]. Summary by Category - **Sales Performance by Category**: - Leather and equestrian goods +17% (H1 2024: +19%) - Ready-to-wear and accessories +15% (H1 2024: +15%) - Silk and textiles +2% (H1 2024: +1%) - Perfume and beauty +7% (H1 2024: +5%) - Watches -6% (H1 2024: 0%) due to high base effects from exclusive events last year - Other categories, including jewelry and home goods, +17% (H1 2024: +19%) [2][6]. - **Company Outlook**: - Despite a complex economic and geopolitical environment, the company benefits from a highly integrated artisanal model, balanced distribution network, creativity, and customer loyalty. The company is expected to achieve year-over-year revenue growth at constant exchange rates in the medium term [3][6].

Investment Rating - The report maintains an "Overweight" rating for the home furnishing sector and the paper industry, with specific recommendations for key companies [4][5][6]. Core Insights - The real estate chain policy effects are continuing to unfold, with leading paper companies issuing price increase notices. The home furnishing sector is experiencing a recovery in market sentiment due to supportive policies [6][7]. - In the home furnishing sector, cities like Shanghai, Beijing, Shenzhen, and Guangzhou have announced the cancellation of residential standards, leading to improved transaction volumes for new and second-hand homes [6]. - The report highlights the importance of leading companies in the home furnishing market, suggesting that their market sensitivity and organizational management capabilities will allow them to seize opportunities in a rapidly changing market environment [6]. Summary by Sections Home Furnishing Sector - The report notes that the home furnishing subsidy policy in Guizhou province has been implemented, covering various categories with a subsidy of 20% of the product invoice amount [6]. - Investment suggestions include focusing on custom home furnishing companies like Oppein, Sophia, and Zhibang, as well as soft furniture companies like Kuka and Mousse [6]. Paper Industry - Leading paper companies have announced price increases, with cultural paper prices rising by 300 CNY/ton and white card paper prices increasing by 200 CNY/ton [7]. - The report mentions that Chenming Paper has halted production across multiple lines, affecting a total capacity of 7.03 million tons, which represents 71.7% of its total capacity [7]. - The report suggests that the recovery in domestic demand and the downward trend in pulp prices create a favorable environment for leading companies like Sun Paper [7]. Export Sector - The report indicates a rebound in export values across various categories due to the release of backlogged orders following the end of extreme weather conditions [8]. - Investment suggestions include focusing on companies with established overseas production capacities and those in the home furnishing export sector [8]. Personal Care Sector - The report highlights a 14% year-on-year increase in GMV for the sanitary napkin industry during the Double 11 shopping festival, suggesting a positive outlook for companies with strong e-commerce channels [8].

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook based on recent financial and fiscal policy measures [1][14]. Core Insights - Recent financial and fiscal policies have exceeded expectations, signaling growth stabilization and increased market confidence. This has led to a notable reversal in market trends [1][14]. - The impact on banks includes improved asset quality expectations due to supportive policies for local debt resolution and the real estate market. However, net interest margins are expected to continue narrowing, albeit at a slower rate [1][14]. - The government plans to supplement core Tier 1 capital for six major banks, enhancing their operational stability and dividend consistency [1][14]. Summary by Sections Investment Highlights - The CITIC Bank Index fell by 1.12%, outperforming the CSI 300 Index by 1.48 percentage points. Notable performers included Minsheng Bank (+2.65%), Everbright Bank (+2.03%), and Shanghai Bank (+1.65%) [10]. - The LPR remained unchanged at 3.1% for the one-year term and 3.6% for the five-year term as of November 20, 2024, aligning with market expectations [10][16]. - The average interest rates for new corporate loans and personal housing loans were at historical lows of approximately 3.5% and 3.15%, respectively [10][16]. Industry and Company Dynamics - The National Financial Regulatory Administration reported a 0.5% year-on-year increase in net profit for commercial banks in the first three quarters of 2024, with large banks experiencing a decline of 1.3% [11][17]. - Total assets of commercial banks grew by 8.0% year-on-year, with large banks showing a 9.2% increase [11][17]. - The net interest margin for commercial banks was reported at 1.53%, a slight decrease from the previous half-year [11][17]. Recent Market Review - The report includes a detailed performance review of various banks, highlighting their stock price changes and year-to-date performance [23][25]. - The banking sector's overall performance reflects a mix of gains and losses, with specific banks like Minsheng Bank and Everbright Bank showing significant increases [23][25]. Funding Price Review - The report provides insights into public market operations, including reverse repos and MLF operations, indicating a net injection of liquidity into the market [31].

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 建筑材料 行 业 周 报 ＃ investSuggest ion＃ 推荐 （维持） | --- | --- | |----------|--------------------------------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 华新水泥 | 增持 | | 伟星新材 | 增持 | | 海螺水泥 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | | | 来源：兴业证券经济与金融研究院 | ＃相关报告 relatedReport ＃ 《【兴证建材】周观点：水泥 价格延续上行，关注产能置换 新规与供给出清空间》2024- 11-03 《【兴证建材】周观点：多地 水泥延续涨势，关注建材龙头 业绩改善》2024-10-27 《【兴证建材】周观点：水泥 价格延续涨势，政策再加码利 好建材基本面修复》2024-10- 20 分析师： 季贤东 jixiandong@xyzq.com.cn S0190522100003 地产 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific companies such as Jincheng Mining, Luoyang Molybdenum, and China Aluminum receiving "Buy" ratings [1]. Core Views - The report highlights that geopolitical risks are driving gold prices upward, with gold reaching $2,700 per ounce. The future price movements will depend on inflation, geopolitical risks, and central bank gold purchases [4]. - Lithium carbonate prices have shown slight increases, with production expected to rise by 0.87% week-on-week. Despite short-term price fluctuations, the report suggests that lithium stocks like Yongxing Materials and Zhongkuang Resources are worth monitoring due to their low valuations [3][4]. - The aluminum market is under pressure from a strong dollar, leading to price declines. However, high alumina costs and inventory reductions provide some support for aluminum prices [5]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector declined by 0.31%, outperforming the Shanghai Composite Index by 1.60 percentage points [21]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum: Strong Dollar Pressures Aluminum Prices - Aluminum prices have decreased due to a strong dollar, with the average price of A00 aluminum ingots falling [5][29]. - The alumina price index has increased week-on-week, indicating rising costs in the supply chain [29]. 2.2 Copper: Fluctuating Prices - Copper prices have been volatile, with domestic supply remaining tight and demand recovering. The report suggests limited downside for copper prices due to supply-demand dynamics [5][27]. 3. Precious Metals Fundamentals Tracking 3.1 Gold: Price Rebound - Gold prices have rebounded due to increased geopolitical tensions, with a focus on the potential for continued liquidity support from central banks [4][5]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium: Slight Price Increase - The average price of lithium carbonate has risen slightly, with production expected to increase. The report suggests that lithium stocks are currently undervalued [3][4]. 5. Industry Dynamics - The report emphasizes the importance of monitoring geopolitical developments and macroeconomic indicators, as they significantly impact commodity prices and investment opportunities in the non-ferrous metals sector [4][5].