Investment Rating - The report maintains an "Overweight" rating for major construction state-owned enterprises including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China Chemical, China National Materials, China Steel International, and Honglu Steel Structure [1]. Core Insights - The issuance of special refinancing bonds exceeding 1 trillion yuan is accelerating, which is expected to improve the fundamentals of large construction state-owned enterprises [2][3]. - The Ministry of Finance has allocated a debt limit of 6 trillion yuan to local governments, facilitating the issuance of refinancing bonds to replace hidden debts, thereby supporting infrastructure projects [3][4]. - The construction sector is anticipated to see a rebound in performance due to the rapid pace of debt reduction and the increased use of new special bonds [4][7]. Summary by Sections 1. Important Events Tracking - The Ministry of Finance has approved a debt limit of 6 trillion yuan for local governments, with plans for early allocation of 2025's new special bond limits [22]. - Various provinces, including Zhejiang and Liaoning, are set to issue refinancing special bonds to replace hidden debts, with amounts reaching 676 billion yuan and 467 billion yuan respectively [22]. 2. Market Performance Tracking - From November 18 to November 22, 2024, the construction engineering sector (SW) declined by 1.61%, while the overall A-share index fell by 2.08%, resulting in an excess return of 0.46 percentage points for the construction sector [23]. - Sub-sectors such as housing construction and water and electricity experienced varying degrees of decline, with housing construction down by 0.29% and water and electricity down by 3.32% [23]. 3. Industry Data Tracking - Fixed asset investment reached 4,232.22 billion yuan from January to October 2024, showing a year-on-year increase [2]. - Infrastructure investment (excluding electricity) totaled 14,923.9 billion yuan, with a year-on-year growth of 4.3% [6]. - The construction sector's PE (TTM) is reported at 9.94, with a historical percentile of 17.58%, indicating a relatively low valuation [27]. 4. Financing Data Tracking - From November 16 to November 22, 2024, new special bonds issued amounted to 40.12 billion yuan, with a cumulative issuance of 39,417.06 billion yuan for the year, exceeding the planned quota [5][32]. - The report highlights a net financing deficit in urban investment bonds during the same period, indicating challenges in the financing landscape [32].

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and "Hold" ratings for 信达生物, 百济神州, 翰森制药, 爱博医疗, and 恩华药业 [1]. Core Insights - The report emphasizes continued focus on innovative drugs and the innovation drug supply chain, while gradually paying attention to consumer healthcare sectors [1][3]. - The pharmaceutical sector has shown a steady trend, with a focus on innovation and internationalization as core themes [1][3]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From November 18 to November 22, the pharmaceutical sector outperformed the CSI 300 index, with a decline of 2.36% compared to a 2.60% drop in the index [17]. - Year-to-date, the pharmaceutical sector has underperformed, with a decline of 10.38%, lagging behind the CSI 300 by 23.04 percentage points [17]. 2. Industry Events and Policy Overview - On November 20, the National Healthcare Security Administration issued guidelines for pricing projects related to radiological examinations, which will help standardize pricing across provinces [27]. - On November 22, multiple government departments released opinions to enhance the management of drug linkage at the grassroots level, expanding the types of drugs available for chronic and common diseases [27]. 3. Industry Investment Strategy - The report highlights the importance of focusing on sectors with good growth potential and industrial logic, with innovation and internationalization as key themes [29][30]. - The report suggests that the pharmaceutical sector's fundamentals are expected to improve marginally, with Q4 likely to see policy and overseas developments materialize [30]. 4. Recommended Companies - Recommended companies include: - 恒瑞医药: Transitioning through innovation pain points, with several innovative drugs starting to gain traction [44]. - 信达生物: Entering an accelerated growth phase with major products expected to launch next year [44]. - 百济神州: Showing strong performance with its product pipeline [44]. - 翰森制药: A quality comprehensive pharmaceutical company with expanding international opportunities [44]. - 爱博医疗: Growth driven by innovative R&D and new product launches [44]. - 恩华药业: Steady growth in the psychiatric anesthesia sector with a robust product pipeline [44].

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, suggesting an increase in allocation to automotive stocks [5]. Core Views - The automotive sector is expected to benefit from the continuation of the vehicle replacement policy next year, with significant growth in the sales of new energy heavy trucks in October [4][15]. - The report indicates that the automotive sector's fundamentals are improving, with a recommendation to increase exposure to automotive stocks due to positive market dynamics and government policies [17]. Summary by Sections 1. Current Dynamics - The vehicle replacement policy is likely to continue next year, with over 400,000 applications for vehicle scrapping and replacement already submitted, leading to a more than 50% year-on-year increase in scrapped vehicle recovery from January to October [15]. - In October, sales of new energy heavy trucks reached a record high of 8,247 units, marking a 141% year-on-year increase [16]. 2. Sector Performance and Valuation - For the week of November 16-22, 2024, the automotive sector underperformed the broader market, with the automotive index declining by 2.2% compared to a 1.9% drop in the Shanghai Composite Index [19]. - The automotive sector's PE-TTM (unadjusted) stands at 28.7, with a historical valuation percentile of 59.5%. The sub-sectors' PE-TTM values are 29.4 for passenger cars, 38.7 for commercial vehicles, 26.2 for auto parts, and 329.3 for automotive services, with historical percentiles of 93.8%, 82.6%, 45.9%, and 72.3% respectively [25]. 3. Stock Performance - The top-performing stocks for the week include Dongfang Precision (+123.7%) and Lihua Co. (+100.4%), while Yutong Bus (-16.4%) and Weichai Power (-14.9%) were among the worst performers [28]. 4. Important News and Announcements - The report highlights significant industry news, including the launch of new models and sales forecasts, indicating a positive outlook for the automotive market in November [39][42].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong market position and expected growth in adjusted net profit for 2024/2025/2026 [3][6] Core Views - The company benefits from favorable real estate policies, which are expected to drive market recovery and enhance its market share [6] - The company's new home GTV monetization rate reached a historical high in 2024Q3, with a GTV of 227.6 billion yuan, up 18.5% YoY, outperforming the industry [5] - The company's rental service business revenue grew 118% YoY in 2024Q3, driven by the rapid expansion of its "Worry-Free Rent" managed properties [6] - The company has consistently delivered on its shareholder return commitments, with $5.8 billion used for share repurchases in the first three quarters of 2024 [6] Financial Performance - The company's revenue for 2024Q3 was 22.6 billion yuan, up 26.8% YoY, with a gross margin of 22.7%, down 5.2 percentage points QoQ due to increased fixed costs [7] - Adjusted net profit for 2024Q3 was 1.78 billion yuan, down 17.5% YoY, but exceeded Bloomberg consensus expectations [7] - The company's existing home GTV in 2024Q3 was 477.8 billion yuan, up 8.8% YoY, with expectations of significant YoY and QoQ growth in Q4 due to policy tailwinds [7] Business Segments - The home decoration and furnishing segment saw a GTV of 4.1 billion yuan in 2024Q3, up 24.6% YoY, with a contribution margin increase of 2.1 percentage points to 31% [9] - The rental service business contributed a profit margin of 4.4% in 2024Q3, down 1.4 percentage points QoQ due to seasonal cost increases [6] Market Data - The company's closing price was $19.98 per ADS, with a total market capitalization of $24.1 billion and total assets of 1,227.96 billion yuan as of November 21, 2024 [1] - The company's net assets were 707.75 billion yuan, with a net asset per share of 19.5 yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.86 RMB as of November 22, 2024 [2][22] Core Views - The company is a global leader in specialized integrated circuits, sensing chips, and AI intelligent products, with applications in night vision, AI, satellite communication, autonomous driving, and more [4][7] - Revenue and net profit showed steady growth in the first three quarters of 2024, with revenue reaching 3.15 billion RMB (up 18.31% YoY) and net profit reaching 483 million RMB (up 24.94% YoY) [4][8] - R&D investment has grown steadily, with R&D expenses increasing from 111 million RMB in 2019 to 683 million RMB in 2023, at a CAGR of 57.49% [4][16] - Profitability continues to improve, with gross margin reaching 51.13% in the first three quarters of 2024, up 0.76 pct YoY [4][11] Financial Performance - Revenue for 2024E is projected at 4.32 billion RMB, with a YoY growth of 21.4%, and net profit is expected to reach 689 million RMB, up 38.9% YoY [3][22] - Gross margin is expected to remain stable at around 49% from 2024E to 2026E [3][22] - ROE is forecasted to increase from 12.9% in 2024E to 16.3% in 2026E [3][22] Quarterly Performance - Q3 2024 revenue reached 1.128 billion RMB, up 28.46% YoY and 11.16% QoQ, while net profit surged 100.35% YoY to 259 million RMB [8][11] - Gross margin in Q3 2024 was 54.11%, up 2.58 pct YoY and 1.86 pct QoQ [11] - Net profit margin in Q3 2024 was 22.96%, up 8.24 pct YoY and 13.53 pct QoQ [11] R&D and Innovation - R&D expenses in the first three quarters of 2024 were 575 million RMB, accounting for 18.26% of revenue, up 0.91 pct YoY [14] - The company continues to focus on technological innovation, particularly in infrared, microwave, and laser sensing fields [4][16] Corporate Governance - The company's chairman, Ma Hong, resumed his duties on September 19, 2024, after the lifting of detention measures by the National Supervisory Commission [4][20] Valuation - The company's PE ratio is projected to decrease from 29.9x in 2024E to 17.4x in 2026E, reflecting strong earnings growth [3][22] - EPS is expected to grow from 1.54 RMB in 2024E to 2.63 RMB in 2026E [3][22]

Investment Rating - The report maintains a "Hold" investment rating for the utility sector [1]. Core Insights - The total electricity consumption in China increased by 4.3% in October 2024, with a cumulative growth of 7.6% from January to October 2024 [1][55]. - The report highlights the introduction of the 2025 electricity market trading document by Guangdong province, which is expected to impact market dynamics [1]. - The A-share electricity index decreased by 0.68% as of November 22, 2024, with a TTM PE ratio of 17.2x [1]. Summary by Sections 1. Electricity Sector Data Tracking - **Thermal Power**: The domestic thermal coal spot price decreased by 1.76% week-on-week, with the Qinhuangdao port coal price at 835 RMB/ton as of November 22, 2024 [13]. The coal inventory at Qinhuangdao port was 6.98 million tons, up 0.4% from the previous week [13]. - **Hydropower**: As of October 2024, the cumulative hydropower installed capacity in China reached 430.88 GW, with an increase of 8.87 GW from January to October 2024 [30][32]. The hydropower generation from January to October 2024 was 1,110.1 billion kWh, reflecting a year-on-year increase of 12.2% [36]. - **Green Energy**: The report noted that from January to October 2024, new wind and solar power installations were 45.80 GW and 181.30 GW, respectively [42]. The total installed capacity for wind and solar energy reached 486.17 GW and 793.11 GW by the end of October 2024 [42]. 2. Natural Gas Key Data Tracking - The average ex-factory price of domestic gas increased by 3.34% as of November 22, 2024, while the import gas price rose by 0.65% [61]. The LNG ex-factory price nationwide was 4,536 RMB/ton, reflecting a 0.62% increase from the previous week [61]. 3. Industry News - The report emphasizes the cumulative electricity consumption in China from January to October 2024, which reached 81,836 billion kWh, marking a year-on-year growth of 7.6% [55]. The introduction of the 2025 electricity market trading document by Guangdong province is also highlighted as a significant development [1]. 4. Investment Recommendations - For the electricity sector, the report recommends focusing on stable-performing local thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng Shares, as well as major state-owned enterprises like Guodian Power and Huaneng International [1]. In the hydropower sector, recommended companies include Guotou Power and Chuan Investment Energy [1]. For the gas sector, the report suggests investing in companies like Xin'ao Shares and Jiufeng Energy [1].

Investment Rating - The report maintains a "Buy" rating for the transportation industry, specifically highlighting companies such as Spring Airlines, Juneyao Airlines, Air China, Southern Airlines, and China Eastern Airlines as part of the recommended portfolio [3][8]. Core Insights - SF Express plans to conduct a secondary listing in Hong Kong on November 27, 2024, with a global offering of 170 million H shares, aiming to raise approximately HKD 58.31 billion [8][9]. - The report indicates a positive trend in the express delivery sector, with a year-on-year increase in business volume and revenue, reflecting a robust recovery in logistics and transportation services [21][24]. Summary by Sections Weekly Focus (11.17-11.23) - SF Express is set to launch a secondary listing in Hong Kong, with a price range of HKD 32.3-36.3 per share, and the offering is expected to enhance its international logistics capabilities [8][9]. Industry Data Tracking (11.17-11.23) - Domestic flight volume reached 86,137 flights, averaging 12,305 flights per day, which is a 0.88% increase from the previous week and 105.43% of the same period in 2019 [10][11]. - The average ticket price for domestic flights increased by 2.96% compared to the previous week, while the passenger load factor was reported at 80.85% [10][11]. Express Delivery Data - The average daily collection volume for express delivery was approximately 580 million pieces, with a week-on-week increase of 2.19% [21]. - Year-to-date, the average daily collection volume is about 458 million pieces, reflecting a year-on-year increase of 26.71% [21][24]. Key Company Performance - SF Express reported a total revenue of CNY 240.96 billion, with a year-on-year growth of 16.2%, and a business volume of 1.207 billion pieces, marking a 26.9% increase [36][37]. - The report highlights the performance of major express companies, with YTO Express, Yunda Express, and Shentong Express also showing significant revenue growth [36][37].

行 ＃title＃ 北 行 बार 周报 | --- | --- | |----------|-------| | 相关公司 | | | 相关公司 | 评级 | | 宝钢股份 | 增持 | | 华菱钢铁 | 增持 | | 南钢股份 | 增持 | | 河钢资源 | 增持 | | 久立特材 | 增持 | | | | | 甬金股份 | 增持 | 证券研究报告 ＃industryId＃ 钢铁 laifuyang@xyzq.com.cn （1）铁矿石：铁矿石方面，全球铁矿石发货量 3010.9 万吨，周环比下降 9.8 万吨。日均铁 水产量 235.8 万吨，环比下降 0.14 万吨。基本面上，本期铁矿石供强需弱，受前期发运量 节奏的影响，铁矿石到港量增多，港口疏港量平稳，但港口库延续累库。目前终端市场需 求相对平淡，近期整体铁水产量小幅反弹。冬季逐步临近，随着需求季节性走弱，预计铁 水产量反弹高度有限，但临近冬储阶段，铁矿在宏观政策带动下或维持较强态势。（2）焦 炭：本期焦炭价格偏弱运行，第三轮提降落地，当前价格仍有向下压力，产业上下游将持 续博弈，焦炭价格预计维持偏弱运行。 板块重点数据跟踪 需求偏弱：本期（11. ...

＃ 除 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 ＃非银industryId 金融 ＃ | --- | --- | |---------------------|-------| | 重点公司 \n重点公司 | 评级 | | 中国太保 | 买入 | | 中国平安 | 增持 | | 新华保险 | 增持 | | 中国人寿 | 增持 | | 江苏金租 | 增持 | | 东方财富 | 增持 | | 中信证券 | 增持 | | 瑞达期货 | 增持 | | 浙商证券 | 增持 | | 国联证券 | 增持 | | | | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 《 兴 证 非 银 周 报 （ 241111- 241115）：市值管理指引落地，助 力资本市场高质量发展》2024-11- 17 《 兴 证 非 银 周 报 （ 241104- 241108）：权益市场热度延续，政 策及市场表现利好非银》2024-11- 10 S0190521060001 研究助理： lisiqian@xyzq.com.cn 徐一洲 李思倩 推荐 ...

Industry Investment Rating - The report maintains a positive outlook on the home appliance industry, with key companies such as **Midea Group** (增持), **Haier Smart Home** (买入), **Roborock** (增持), **Hisense Visual** (增持), and **Xinbao Electric** (增持) receiving favorable ratings [2] Core Views - **Strong Export Growth**: In October 2024, China's home appliance exports reached 390 million units, a year-on-year increase of 24.9%, with export value in USD terms rising by 23.2% to $8.58 billion [11] - **Regional Performance**: Emerging markets outperformed developed markets, with Latin America showing better growth than Southeast Asia and Africa, and Europe outperforming North America [18] - **Category Performance**: Air conditioner exports saw the highest monthly growth in three years, with significant improvements in exports of refrigerators, washing machines, TVs, and vacuum cleaners [14] - **Price Trends**: Copper and aluminum prices declined in week 47 of 2024, while ABS prices remained flat, and panel prices stayed unchanged [41][48] Key Price Tracking - **Copper and Aluminum**: Copper prices averaged 74,368 yuan/ton, down 0.95% week-on-week, while aluminum prices averaged 20,618 yuan/ton, down 1.76% week-on-week [41] - **Panel Prices**: Global panel prices for 65", 55", 43", and 32" sizes remained flat at $171, $124, $63, and $34 per piece, respectively [48] - **Shipping Indices**: The CCFI composite index and Europe index rose by 2.01% and 3.42% respectively, while the US West index fell by 5.16% in week 47 of 2024 [50] Investment Recommendations - **White Goods Leaders**: Continued recommendation of leading white goods companies such as **Gree Electric**, **Midea Group**, **Haier Smart Home**, and **Hisense Household Appliances** [54] - **Subsidy-Driven Growth**: Positive outlook on **Hisense Visual**, **TCL Electronics**, and **Ecovacs** due to potential subsidy-driven performance elasticity [54] - **Kitchen Appliances**: Focus on kitchen appliance leaders like **Fotile** and **Vatti** [54]