Investment Rating - The report maintains a positive outlook on the real estate and property management sectors, recommending specific companies within these categories [3][5]. Core Insights - The Hong Kong local stock market saw significant short-selling activity, with the top three companies being Sino Land, Wharf Holdings, and MTR Corporation, with short-selling ratios of 29.0%, 28.0%, and 27.8% respectively [16]. - The Hang Seng Property Index increased by 1.3% this week, while the overall Hang Seng Index decreased by 0.4% [6][7]. - Notable performers in the real estate sector included Sunac China (+20.6%), CIFI Holdings (+14.5%), and China Jinmao (+13.2%) [9][10]. - The report highlights the resilience of companies with stable earnings and dividends, suggesting a focus on these attributes for investment [2]. Market Performance - The Hang Seng Property Index closed at 58,925.59, reflecting a year-to-date decline of 3.0% [6][7]. - The top-performing companies in the Hong Kong local stock market this week were Wharf Holdings (+3.2%), Hang Lung Properties (+2.9%), and Swire Properties A (+1.8%) [8][9]. Short Selling Activity - The report details the short-selling activity in the property management sector, with the top three companies being Beike, China Resources Land, and Greentown Management, with short-selling ratios of 25.6%, 20.4%, and 20.3% respectively [15]. - The report also notes that the highest ratios of outstanding short positions relative to total shares were for Vanke Enterprises (29.4%), China Jinmao (13.3%), and Yuexiu Property (12.9%) [15][16]. Stock Connect Holdings - The report indicates an increase in the Stock Connect holdings for Greentown China, Country Garden Services, and China Overseas Property, with increases of 0.66, 0.23, and 0.15 percentage points respectively [12]. - As of the end of the week, the Stock Connect holdings for Poly Property, Vanke Enterprises, and Sunac China were 52.7%, 50.6%, and 35.0% respectively [12].

Investment Rating - The report maintains an "Overweight" rating for the home furnishing and paper manufacturing sectors, with specific recommendations to "Increase" positions in key companies such as Oppein Home, Kuka Home, and Sun Paper [1][2]. Core Insights - The home furnishing sector is experiencing pressure on performance due to a weakening industry environment, but there are signs of recovery driven by favorable policies and a stabilization in the real estate market, with expectations for marginal improvement in Q4 2024 [2]. - The paper manufacturing sector is facing profit pressure due to high pulp prices, but a seasonal recovery in paper prices is anticipated in Q4 2024, which may improve overall profitability [3]. - The export sector shows varied performance, with some leading companies still achieving excess profits despite challenges from currency fluctuations and declining overseas demand [4]. Summary by Sections Home Furnishing Sector - Q3 performance was generally under pressure, with companies facing intense competition and limited improvement in earnings despite cost-cutting efforts [2]. - The new housing supply in 30 key cities fell by nearly 40% in October, but transactions showed a U-shaped recovery, with a 44% month-on-month increase in October [2]. - Recommendations include focusing on leading brands in customized furniture and soft furnishings, such as Oppein Home and Kuka Home [2]. Paper Manufacturing Sector - Q3 saw paper prices under pressure while pulp prices remained high, leading to significant profit pressure, with revenue growth primarily from new capacity [3]. - Price increases for various paper products were announced, with cultural paper and white card paper seeing price hikes of 200-300 yuan per ton [3]. - The report suggests focusing on leading companies in the paper sector, particularly Sun Paper [3]. Export Sector - Q3 performance varied significantly, with overall profits under pressure due to exchange rates and shipping costs, but some niche leaders like Jiayi Co. and Craft Home still managed to achieve excess profits [4]. - The upcoming U.S. election results are expected to influence market sentiment and stock prices in the export sector [4]. Other Sectors - The personal care sector continues to see performance differentiation among companies, with a focus on enhancing online channel strategies [4].

Investment Ratings - Key companies in the insurance sector have been rated as follows: China Pacific Insurance (Buy), Ping An Insurance (Hold), New China Life Insurance (Hold), China Life Insurance (Hold), Jiangsu Jinzheng (Hold), Dongfang Caifu (Hold), CITIC Securities (Hold), Ruida Futures (Hold), Zheshang Securities (Hold), and Guolian Securities (Hold) [2] Core Insights - The insurance sector has shown a rebound in premium income, with life insurance maintaining high growth and property insurance recovering, although cost pressures are rising. The investment side has significantly improved, leading to notable net profit growth [3][21] - The overall premium income for the insurance industry reached CNY 47,945.35 billion, with a year-on-year increase of 12.74%. Life insurance income was CNY 37,100.65 billion, up 15.52%, while property insurance income was CNY 10,844.70 billion, up 4.16% [24] - The report recommends continued investment in the insurance sector, highlighting the potential for value growth in listed insurance companies due to favorable policies and market conditions [3][21] Summary by Sections Insurance Sector Performance - The insurance sector's valuation has adjusted following the release of Q3 earnings, with a decrease of 3.03% in the insurance index, underperforming the CSI 300 index by 1.35 percentage points [3] - The net investment yield for major insurers improved significantly, with New China Life at 6.80%, China Pacific at 6.27%, and China Life at 5.38% [3][21] Key Company Performance - China Life Insurance reported a net profit increase of 173.9% year-on-year, while New China Life and PICC Life reported increases of 116.7% and 77.2%, respectively [3] - The premium income growth for life insurance companies in the first nine months of 2024 was led by Ping An (+10.2%), followed by PICC Life (+5.9%) and China Life (+5.1%) [21][23] Securities Sector Performance - The securities sector saw a 0.52% increase in the securities index, outperforming the CSI 300 index by 2.20 percentage points. The total operating income for 43 listed securities firms was CNY 3,714.28 billion, with a net profit of CNY 1,034.49 billion [3][10] - The report emphasizes the importance of selecting stocks with expansion opportunities and long-term growth potential, recommending companies like Tonghuashun and Huatai Securities [3][21]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [4][6]. Core Viewpoints - The electronic industry shows steady growth with a total revenue of 24,329 billion and a net profit of 1,035 billion for the first three quarters of 2024, representing year-on-year increases of 18.09% and 36.56% respectively [4][17]. - The semiconductor sector is experiencing a healthy inventory level, with significant growth expected in Q4 due to the traditional peak season for consumer electronics and recovery in downstream storage factory expansions [4][23]. - The report emphasizes the importance of domestic self-sufficiency in semiconductor equipment and components, with a positive outlook for the sector driven by robust order backlogs and improved capacity utilization in wafer fabs [4][24]. Summary by Sections 1. Overall Performance of the Electronic Industry - Demand continues to recover, with steady operational improvements noted [17]. - For Q3 2024, the industry maintained stable profitability, with gross and net profit margins of 15.75% and 4.15% respectively [19]. 2. Subsector Analysis 2.1 Semiconductor - The semiconductor sector's total revenue reached 378.11 billion, up 22.81% year-on-year, with a net profit of 25.75 billion, up 41.92% [23]. - Equipment and component sectors are benefiting from increased orders and production capacity, with a focus on self-sufficiency [28][29]. 2.2 Passive Components - The passive components sector is entering a traditional peak season, with improved utilization rates and potential demand boosts from new product launches [7]. 2.3 Consumer Electronics - The consumer electronics sector is poised for a hardware innovation wave driven by advancements in edge AI, with significant growth expected in related supply chains [9]. 2.4 Panels - The panel sector is stabilizing prices through production control strategies, with expectations for price stabilization in Q4 [9]. 2.5 LED - The LED sector is experiencing rapid growth in overseas markets, indicating a positive trend for future performance [9].

Investment Rating - The report maintains a "Buy" recommendation for the power sector and gas industry, highlighting stable performance and growth potential [3]. Core Insights - The power and heat industry saw a profit increase of 13.8% year-on-year in the first nine months of 2024, indicating strong sector performance [3][29]. - The total electricity consumption in China for January to September 2024 was 740.94 billion kWh, reflecting a year-on-year growth of 7.9% [29][32]. - The report emphasizes the importance of long-term contracts in stabilizing returns on equity (ROE) for thermal power companies, suggesting a favorable outlook for companies like Zhejiang Energy and Anhui Energy [29]. Summary by Sections 1. Power Sector Data Tracking - As of November 1, 2024, the market price for thermal coal (Q5500) was 865 CNY/ton, unchanged from October 25, 2024 [8]. - The inventory of thermal coal at Qinhuangdao Port was 5.97 million tons, showing a week-on-week increase of 4.6% [8]. - The average utilization hours for thermal power equipment in the first nine months of 2024 were 3,305 hours, a decrease of 39 hours compared to the previous year [16]. 2. Gas Sector Data Tracking - As of November 1, 2024, the average ex-factory price for domestic gas was 4,474 CNY/ton, down 4.54% from October 25, 2024 [32]. - The average ex-factory price for imported LNG was 5,257 CNY/ton, reflecting a decrease of 2.61% [32]. 3. Industry News - The Shanghai government has initiated a demonstration project for deep-sea offshore wind power with a capacity of one million kilowatts [3]. - The report notes that the utilization rate for wind power in September 2024 was 96.8%, a slight decrease of 0.5 percentage points year-on-year [3]. 4. Company Announcements - Huadian International reported a year-on-year increase of 14.63% in net profit attributable to shareholders for the first three quarters of 2024 [4]. - Sheneng Co. also reported a significant profit increase of 31.05% year-on-year for the same period [4].

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific recommendations to increase allocation in automotive stocks [1][9]. Core Insights - The automotive sector is expected to experience upward momentum, driven by policies promoting vehicle trade-ins and new car launches, which are anticipated to boost retail sales [9][10]. - The report highlights significant sales growth among major electric vehicle manufacturers, with BYD achieving over 503,000 units sold in October, marking a year-on-year increase of 66.52% [7][27]. - The report suggests that the price war among luxury and joint venture brands is likely to slow down, indicating a stabilization in pricing strategies [9]. Summary by Sections Recent Developments - Major domestic electric vehicle manufacturers reported October sales, with BYD leading at 503,000 units, followed by significant growth from other brands like Seres and Xiaomi [7][27]. - Xiaomi introduced its city NOA feature and showcased the SU7 Ultra, which aims to be the fastest four-door production car [8][28]. Market Performance - The automotive sector outperformed the broader market during the period from October 25 to November 1, with the automotive index declining by only 0.4% compared to a 0.8% drop in the Shanghai Composite Index [10]. - The report notes a weekly trading volume increase in the automotive sector, indicating heightened investor interest [10]. Valuation Metrics - As of the reporting period, the automotive sector's PE-TTM (unadjusted) stands at 27.9, with historical valuation percentiles indicating a relatively high valuation compared to historical averages [10][14]. - Sub-sectors such as passenger vehicles and commercial vehicles have PE-TTM values of 28.4 and 38.7, respectively, with varying historical valuation percentiles [10][14]. Stock Recommendations - The report recommends specific stocks for investment, including BYD, Great Wall Motors, and Li Auto in the vehicle segment, and Fuyao Glass and Kobot in the parts segment, citing strong performance and growth potential [9][10].

行 业 研 究 证券研究报告 ＃industryId＃ 交通运输 行 业 周 报 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------- ...

Investment Ratings - Shaanxi Coal Industry: Buy [1] - China Shenhua: Overweight [1] - Yancoal Energy: Overweight [1] - Huaibei Mining: Overweight [1] - Lu'an Environmental Energy: Overweight [1] - Jinkong Coal Industry: Overweight [1] - Shanxi Coking Coal: Overweight [1] - Electric Power Investment Energy: Overweight [1] - Huayang Co., Ltd.: Overweight [1] - Pingmei Shenma Group: Overweight [1] - China Coal Energy: Overweight [1] - Shanxi Coal International: Overweight [1] Core Insights - The coal market is experiencing a slight decline in prices, with thermal coal prices stabilizing in a weak manner during the off-season, while attention is drawn to the strength of fiscal policies [2][3] - As of November 1, the Qinhuangdao thermal coal price was 860 CNY/ton, a decrease of 3 CNY/ton week-on-week; the long-term contract price for November 2024 was 699 CNY/ton, unchanged month-on-month but down 2.0% year-on-year [2][6] - The total coal production in the Shanxi, Shaanxi, and Inner Mongolia regions reached 28.04 million tons for the week ending October 27, an increase of 170,000 tons week-on-week [20] Summary by Sections 1. Thermal Coal - The port price of thermal coal decreased slightly, with daily consumption maintaining levels similar to previous years [2][6] - The inventory at northern ports increased to 25.28 million tons, up 1.14 million tons week-on-week [8] - Coastal provinces' terminal user inventory was 34.39 million tons, down 644,000 tons week-on-week, with a usable days increase to 19.0 days [8][9] 2. Coking Coal and Coke - Coking coal prices are stable but slightly weak, with the price for Shanxi coking coal at 1,760 CNY/ton, down 20 CNY/ton week-on-week [21][24] - The coke price index was 1,715 CNY/ton, an increase of 11 CNY/ton week-on-week, while the cost index was 1,829 CNY/ton, down 27 CNY/ton [24] 3. Downstream Changes - Steel prices are experiencing slight fluctuations, with independent coking plants' inventory levels being monitored [25] 4. Futures Market - The price gap between coking coal and coke futures has narrowed, indicating market adjustments [29] 5. Transportation - The transportation costs for coal are on the rise, with both sea and land freight rates increasing [30]

行 ＃title＃ 北 行 बार 据 周 | --- | --- | --- | |----------|--------------------------------|-------| | | | | | 重点公司 | | 评级 | | 金诚信 | | 增持 | | 洛阳钼业 | | 增持 | | 铜陵有色 | | 增持 | | 中国铝业 | | 增持 | | 神火股份 | | 增持 | | 天山铝业 | | 增持 | | 驰宏锌锗 | | 增持 | | 锡业股份 | | 增持 | | 山金国际 | | 增持 | | 山东黄金 | | 增持 | | 赤峰黄金 | | 增持 | | 中矿资源 | | 增持 | | 天齐锂业 | | 增持 | | 永兴材料 | | 增持 | | 博威合金 | | 增持 | | | 来源：兴业证券经济与金融研究院 | | 证券研究报告 ＃industryId＃ 有色金属 ＃相关re报la告tedReport＃ 《【兴证金属】有色金属：金价 延续上行，锂矿股强势反弹》 2024-10-27 《【兴证金属】有色金属：金价 再次新高，关注黄金股修复机 会》2024-10-20 《【 ...

证券研究报告 行 业 研 究 通信 行 业 周 报 | --- | --- | --- | --- | |---------------------------------------------|---------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...