我们邀请了新业证券的国关班总来参加这次交流我们首先请班总介绍一下公司最新的三级报的经营情况有请班总好的谢谢尊敬的各位投资者朋友古今飞影大家下午好非常高兴能够有机会在此跟各位进行一个沟通交流那下面我 就为大家简要介绍一下公司近年来的一些发展战略和今年的经营概况今年来公司致力于打造一流证券金融集团然后为境内外各类客户提供全方位的综合金融服务公司是持续完善以客户为中心的财富管理与大机构业务的双轮驱动业务体系并在此基础上能强化大机构业务 与大财富业务的双向赋能推动实现专业优势与资源秉赋的深层次融通并且我们分公司也是加速推进战略转型工作持续提升区域平台的价值公司高度重视区域综合经营平台的战略重要性强调自上而下赋能分公司做大做强在合规的前提下进一步推动 业务承担职责下放分公司客户和人才等业务资源也下承分公司集团的业务协同也在逐步的进一步深化一体化性管理水平也是在全面提升公司持续强化集团协同顶层机制的建设持续营造集团内高效协同环境聚焦核心主业突出重点 不断的优化协同的标准注重协同提示增效然后整个业务层面的话咱们管理业务方面是聚焦做好数据金融的大文章推进以客户为中心平台为载体数字为引擎的数字化建设有效推进分层分类的咱们管理客 ...

＃title＃ ＃相关报告 relatedReport＃ 《渐行渐近系列报告一：居 民杠杆率不提升条件下的地 产长期复苏》2024-05-26 《渐行渐近报告二：收入和 房价关系》2024-06-25 1998 年房改至 2020 年，核心逻辑是居民杠杆率变化和房价的循环。核心逻辑要给 ＃分析师： emailAuthor＃ 王沁雯 间趋势判断会有误差。 wangqinwen@xyzq.com.cn S0190523040001 2020 年以后，核心逻辑是去杠杆。在其它因素无特别大变化情况下，非常利落实 现地产去杠杆，最终效果几乎超出所有预期。如果此期间没有认识到核心逻辑变化 阎常铭 并且给予最高判断权重，仍然牵挂一些此阶段非核心逻辑，就会有误差。 yanchangming@xyzq.com.cn S0190514110001 在每一个阶段，既要研究核心逻辑实现方式，又要研究核心逻辑实现有没有阻碍。 政策本身是结果导向的，总会以我们想象得到或者想象不到的方式实现。我们此前 渐行渐近系列报告以及此前多个行业深度报告有很多案例表明：当前微观层面感 知的一些阻碍，在未来宏观层面大概率不是阻碍，可能不会阻挡核心逻辑的 ...

Investment Rating - The report maintains a positive outlook on the cinema line sector, particularly for the 2025 film market, anticipating a historical high in box office performance during the Spring Festival period [1][14]. Core Insights - The 2024 film market is facing a decline in box office revenue due to a lack of major films, with a total domestic box office of 346.3 billion yuan from January to September, a decrease of 109.5 billion yuan year-on-year [2][14]. - The importance of the Spring Festival period has increased, with top films contributing significantly to box office revenue. In 2022, the Spring Festival box office accounted for over 20% of the annual total, while in 2023 it dropped to 12.3% [1][7]. - There is a rich reserve of quality films expected for 2025, with at least three major sequels anticipated, including "Nezha 2" and "Detective Chinatown 4," which are expected to drive a strong rebound in box office performance [7][14]. Summary by Sections 1. 2024 Film Market Overview - The 2024 film market is characterized by a scarcity of major films, with no films surpassing 4 billion yuan in box office revenue, and only three films in the 3-4 billion yuan range [2][14]. - The domestic box office for the first nine months of 2024 is reported at 346.3 billion yuan, which is only higher than the years 2020 and 2022 [2][14]. 2. 2025 Film Market Expectations - The report highlights a robust pipeline of films for 2025, with significant sequels expected to be released, which could enhance box office performance [7][14]. - Major films such as "Nezha 2" and "Detective Chinatown 4" are anticipated to contribute to a strong box office rebound [7][14]. 3. Importance of the Spring Festival - The Spring Festival period has become increasingly significant for box office performance, with top films accounting for approximately 80% of the total box office during this period from 2018 to 2023 [1][7]. - The upcoming film festivals and the introduction of consumer vouchers are expected to stimulate offline movie consumption [13][14]. 4. Investment Recommendations - The report recommends focusing on cinema line stocks such as Wanda Film and Shanghai Film, and suggests paying attention to companies with strong content reserves like Light Media and Bona Film [14].

Investment Rating - The report maintains an "Add" rating for China Telecom [1][2] Core Views - The company reported a revenue of 391.97 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.85%, and a net profit attributable to shareholders of 29.30 billion yuan, up 8.11% year-on-year [2] - The traditional business's ARPU remains stable, while the smart home business shows significant growth, driven by the dual engines of traditional and digital business [2] - The company is focused on cost reduction and efficiency improvement, with a target to increase the dividend payout ratio to over 75% within three years, highlighting its long-term value [2] Financial Summary - For Q3 2024, the company achieved a revenue of 125.99 billion yuan, a year-on-year increase of 2.92%, and a net profit of 7.49 billion yuan, up 7.76% year-on-year [2] - The mobile user base increased by 14.90 million to 423 million, with 5G users growing by 26.40 million to 345 million, achieving a penetration rate of 81.6% [2] - The fixed broadband user base increased by 6.10 million to 196 million, with a stable ARPU of 47.8 yuan [2] - The company forecasts net profits of 33.02 billion, 35.78 billion, and 38.85 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.3, 16.9, and 15.5 based on the closing price on October 23 [2][4]

Investment Rating - The report maintains an "Accumulate" rating for China Mobile [1][3] Core Views - The company has achieved stable growth in its traditional business, although ARPU (Average Revenue Per User) is under short-term pressure [3] - The company continues to optimize its revenue structure and promote digital transformation, with a focus on enhancing productivity [3] - The capital expenditure (CAPEX) for the year is planned to be no more than 173 billion yuan, aiming for steady revenue growth and cost reduction [3] Financial Summary - For the first three quarters of 2024, the company reported operating revenue of approximately 791.46 billion yuan, a year-on-year increase of 2.05%, and a net profit attributable to shareholders of 110.88 billion yuan, up 5.09% year-on-year [3] - In Q3 2024, the operating revenue was 244.71 billion yuan, a slight decrease of 0.05% year-on-year, and a significant decrease of 39.36% quarter-on-quarter [3] - The company aims to maintain a stable mobile ARPU value, which has decreased by 1.7 yuan to 49.5 yuan year-on-year [3] Customer and Business Growth - The mobile customer base increased by 3.72 million in Q3, reaching a total of 1.004 billion, with 5G network customers increasing by 25.21 million to 539 million, achieving a penetration rate of 53.7% [3] - The number of broadband customers increased by 4.43 million in Q3, reaching 314 million, with a family customer ARPU increasing by 1.1 yuan to 43.2 yuan [3] - The company is advancing integrated construction in key areas such as "network + cloud + DICT," maintaining good growth in its enterprise business [3] Earnings Forecast - The profit forecast has been adjusted, with expected net profits for 2024-2026 at 139.04 billion, 146.49 billion, and 154.68 billion yuan respectively [3] - Based on the closing price on October 22, the corresponding price-to-earnings (PE) ratios are 16.1, 15.3, and 14.5 [3]

Investment Rating - The report maintains an "Overweight" investment rating for the company [3][8]. Core Views - The company specializes in adsorption separation materials and related systems, positioning itself as a leading comprehensive solution provider in China, with products used in various fields such as lithium extraction, life sciences, and water treatment [3][4]. - The company has achieved a production capacity of 50,000 tons per year for adsorption separation materials and 70,000 liters per year for chromatography media, with new capacities ramping up as it expands its customer base in downstream sectors [3][4]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 1.83, 2.27, and 2.80 yuan, respectively [3][4]. Financial Performance Summary - For the third quarter of 2024, the company reported revenue of 1.892 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million yuan, up 15.1% year-on-year [5]. - The gross profit margin for the first three quarters of 2024 was 48.65%, reflecting a year-on-year increase of 0.20 percentage points, while the net profit margin was 31.84%, down 1.21 percentage points year-on-year [4][5]. - The company’s revenue projections for 2024, 2025, and 2026 are 2.885 billion, 3.447 billion, and 4.086 billion yuan, respectively, with corresponding year-on-year growth rates of 15.9%, 19.5%, and 18.5% [2][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - The company reported a revenue of 17.048 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders increased by 35.69% to 1.535 billion yuan [5]. - The three main business segments showed resilience, with significant growth in energy services and specialty gases [5]. - The report highlights the impact of exchange rate fluctuations on profit, noting that excluding these effects, the net profit for Q3 would have increased by 22.35% year-on-year [5]. - The controlling shareholders have committed not to reduce their holdings for 12 months after the shares are listed, which is expected to boost market confidence [5]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 1.7 billion yuan, 1.75 billion yuan, and 2.038 billion yuan respectively, reflecting year-on-year growth rates of 30.2%, 3.0%, and 16.4% [5]. Financial Summary - For 2024E, the company is projected to have a revenue of 25.868 billion yuan, with a year-on-year growth rate of -2.6% [4][8]. - The gross profit margin is expected to improve from 7.8% in 2023A to 8.3% in 2024E [4][8]. - The return on equity (ROE) is forecasted to increase from 16.8% in 2023A to 18.4% in 2024E [4][8]. - Earnings per share (EPS) is projected to rise from 2.04 yuan in 2023A to 2.66 yuan in 2024E [4][8]. Market Data - As of October 21, 2024, the closing price of the company's stock was 27.35 yuan, with a total share capital of 638.77 million shares [3].

Investment Rating - Maintain "Overweight" rating for the company [1] Core Views - The company's Q3 2024 net profit surged by +151.3% YoY, driven by strong performance in non-banking interest income (+258% YoY to 90.53 billion CNY) and investment income [1] - Operating profit (OPAT) turned positive, with life and health insurance OPAT growing by +3% YoY and property insurance OPAT increasing by +39.7% YoY [1] - New business value (NBV) grew by +34.1% YoY (non-retrospective basis: +4.7%), exceeding expectations due to improvements in both new premiums and value rate [1] - The company's agent force increased by +4.3% to 362,000, reversing the previous trend of shrinkage, with per-agent NBV rising by +54.7% YoY [1] - Property insurance premiums grew by +5.9% YoY, with combined ratio (COR) improving by -1.5pct to 97.8%, driven by better underwriting quality [1] - Investment performance was strong, with OCI (other comprehensive income) increasing by +10.9% YoY, supported by equity market recovery and bond price appreciation [1] Financial Performance - Q3 2024 net profit reached 119.2 billion CNY, up +36.1% YoY, driven by investment income and fair value changes [1] - Life and health insurance premiums grew by +5.5% YoY, while property insurance premiums increased by +5.9% YoY [1] - The company's annualized net investment yield (NII) was 3.8%, with OCI (excluding bond floating profits) rising by +2.76pct YoY to 5% [1] - EPS forecasts for 2024, 2025, and 2026 are 7.24, 8.55, and 10.47 CNY, respectively [1] Strategic Highlights - The company is focusing on optimizing its agent force, with the "You+" segment accounting for +4pct more of the total agent force [1] - Bancassurance channel NBV grew by +68.5% YoY, with external channel productivity increasing by +77% YoY [1] - The company is leveraging its integrated financial services to drive long-term growth and maintain a competitive edge in the insurance sector [1] Valuation - The company's PEV (price-to-embedded value) ratio is 0.69x, indicating potential for further valuation recovery [1] - The stock is trading at a discount compared to its historical valuation levels, with room for re-rating as core valuation pressures, such as real estate risks, ease [1]

Investment Rating - The report maintains a positive investment recommendation for the banking sector, indicating a favorable outlook for the industry [1][2]. Core Insights - On October 18, 2024, major banks announced a reduction in deposit rates, with the most significant cuts in recent years, including a 5 basis point decrease in the demand deposit rate to 0.10% and a 25 basis point decrease across various fixed-term deposit rates [1][4]. - The Loan Prime Rate (LPR) was also reduced by 25 basis points, with the one-year LPR now at 3.10% and the five-year LPR at 3.60%, marking the largest single reduction since the LPR reform in 2019 [1][4]. - The adjustments in deposit rates and LPR are aligned with government policies aimed at supporting economic growth and are expected to positively impact the banking sector [2][5]. Summary by Sections Deposit Rate Changes - The report details the specific reductions in deposit rates, with the one-year and five-year fixed deposit rates now at 1.10% and 1.55%, respectively, reflecting a 25 basis point cut [1][4]. Impact on Net Interest Margin - The estimated one-time comprehensive impact on listed banks' net interest margin is approximately -3.1 basis points due to the reduction in deposit rates and LPR [2][6]. - Some banks may experience a positive impact on their net interest margin, particularly those with a higher proportion of fixed-term deposits [2][6]. Investment Recommendations - The report suggests focusing on banks that are expected to benefit from improved debt resolution expectations, such as Chongqing Rural Commercial Bank and Qilu Bank [2][8]. - It also highlights banks that are positioned well within the cyclical recovery, including Ningbo Bank and Hangzhou Bank [2][8]. - Additionally, banks with long-term dividend strategies, such as Agricultural Bank of China and Postal Savings Bank, are recommended for sustained investment [2][8].

Investment Rating - The report maintains a neutral investment rating for the banking wealth management industry [2][33]. Core Insights - As of September 2024, the total scale of the banking wealth management market decreased to 28.94 trillion yuan, a reduction of 664.8 billion yuan from the previous month, attributed to seasonal declines and a shift of funds to the stock market [2][8]. - The issuance scale of banking wealth management products increased to 481.4 billion yuan in September, up by 125 billion yuan from the previous month, with a notable rise in the issuance of products with a maturity of 3-12 months [2][14]. - The annualized yield for mixed wealth management products surged to 10.94%, reflecting a significant increase of 129.8 basis points, primarily due to the recovery in the equity market [3][24]. Summary by Sections 1. Existing Wealth Management Market Overview - The total scale of existing banking wealth management products as of September 2024 was 28.94 trillion yuan, with cash management products accounting for 25.2%, fixed income products 72.3%, mixed products 2.0%, and equity products 0.1% [2][8]. 2. Wealth Management Product Issuance Overview - In September, the issuance scale of wealth management products reached 481.4 billion yuan, with the majority being fixed income products, which constituted 97.4% of the total issuance [14][20]. - The performance benchmark for newly issued products showed a decline for 1-3 month and 3-6 month products, while the 6-12 month products saw a slight increase [16][24]. 3. Wealth Management Product Net Value Tracking - The annualized yield for fixed income products was 2.10%, an increase of 82 basis points from the previous month, while cash management products yielded 1.71%, a decrease of 2 basis points [3][25]. - The number of wealth management products with a net value below par slightly increased, with 5.47% of products breaking the net value as of September 2024 [3][28]. 4. Industry Dynamics - Several banks have tightened their "spare change combination" services, with limits on daily withdrawals and transfers being reduced, reflecting a trend of tightening liquidity management across the sector [4][32].