Investment Rating - The report maintains an "Overweight" rating for several companies including China Duty Free, Jin Jiang Hotels, Action Education, Core International, Aimeike, Proya, Betaini, Jinbo Biology, Runben Co., and others [1]. Core Insights - The report highlights a significant rebound in retail sectors related to social services, retail, and beauty care, driven by increased travel enthusiasm during the National Day holiday, surpassing last year's levels [2][3]. - The report emphasizes the potential for a major reversal in consumer spending, particularly in the discretionary consumption sector, as economic policies are expected to stimulate growth [32][33]. Summary by Sections Industry Performance - The social service index rose by 4.50% compared to the CSI 300, while the retail index fell by 0.07%, and the beauty care index increased by 0.62% [8]. - Year-to-date, the social service index has decreased by 9.07%, the retail index by 9.82%, and the beauty care index by 6.19% [8]. Sub-industry Dynamics - **Dining and Tourism**: The report notes that Sichuan is enhancing its tourism sector through IPOs and mergers to improve asset securitization [14]. - **Gold and Jewelry**: Retail sales in this sector fell by 7.8% year-on-year in September [16]. - **Comprehensive Services**: AI recruitment firm Mercor raised $30 million in Series A funding [17]. - **Retail**: Hainan's duty-free sales dropped by 38% in September, with a total of 240.06 billion yuan in sales from January to September, a decrease of 31% [19][20]. Company Updates - **China Duty Free**: Reported a revenue of 43.021 billion yuan for the first three quarters of 2024, down 15.38% year-on-year, but with a gross margin improvement [25]. - **Proya**: Opened a European innovation center in Paris, marking a significant step towards internationalization [22]. - **Aimeike**: Received approval for clinical trials for a new drug, indicating ongoing innovation in product development [29]. Market Outlook - The report suggests that the beauty care sector is expected to see marginal improvements in Q4, with a focus on new product lines for 2025 [33]. - The duty-free sector is anticipated to recover as consumer confidence improves, with potential increases in revenue and profit margins [33].

＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃ investSuggestio 增持n＃ ( ＃ investSuggestionChan 维持）ge＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-10-18 | | 收盘价（元） | 14.17 | | 总股本（百万股） | 2137.17 | | 流通股本（百万股） | 2136.40 | | 净资产（百万元） | 18445.02 | | 总资产（百万元） | 42896.38 | | 每股净资产 ( 元 ) | 8.63 | ＃相关报告 relatedReport＃ 《【兴证电新】璞泰来中报点评： 负极业务短期承压，隔膜布局成 效渐现》2024-08-26 《【兴证电新】璞泰来 2023 年年 报点评：盈利能力暂时承压，多 业并举稳健发展》2024-04-15 《【兴证电新】璞泰来三季报点 评：减值扰动短期利润，平台化 发展持续推进》2023-11-02 ＃ ...

Investment Rating - The report maintains a recommendation for the environmental protection industry [1][2] Core Insights - The environmental protection industry is experiencing a valuation shift towards "low valuation, high dividend" stocks, with a focus on companies that demonstrate strong operational capabilities and potential for excess profits [2][34] - The establishment of the China Resource Recycling Group aims to enhance resource recycling and utilization, indicating a supportive policy environment for the industry [2][31] Summary by Sections Important Data Tracking - From October 14 to October 18, 2024, the national carbon market saw a trading volume of 1.0633 million tons, an increase of 8.56% compared to the previous period [1][10] - The closing price for carbon emission allowances was 103.51 CNY/ton, reflecting a 2.54% increase from the previous period [1][10] - In August 2024, the export volume of biodiesel and its mixtures was 60,000 tons, down 62.78% year-on-year [1][16] Market Performance - During the same period, the A-share environmental protection index rose by 3.88%, with sub-sectors such as solid waste treatment and air pollution control showing significant gains [2][19] - The A-share environmental protection sector's PE (TTM) valuation stands at 18 times [2][19] Industry News - The State Council issued opinions on resolving overdue corporate payments, emphasizing the importance of a healthy business environment [2][31] - The China Resource Recycling Group was officially established to promote resource recycling and utilization [2][31] Key Company Announcements - Huanlan Environment expects a net profit of 1.385 billion CNY for the first three quarters of 2024, an increase of approximately 18.82% year-on-year [2][32] Investment Suggestions - The report suggests focusing on companies with strong operational capabilities and those that are well-positioned for growth in emerging environmental sectors [2][37] - Recommended stocks include Hongcheng Environment in the water treatment sector, and Huanlan Environment and Weiming Environmental in solid waste treatment [2][37]

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [1][24]. Core Insights - The home appliance retail sales in September 2024 reached 84.1 billion yuan, showing a year-on-year increase of 20.5%, significantly higher than the overall retail sales growth of 3.2% [6][24]. - The "trade-in" policy is expected to further stimulate demand, with a strong acceleration in sales anticipated for October due to expanded subsidy coverage and the upcoming Double Eleven shopping festival [6][24]. - The report highlights the significant growth in sales of various appliance categories, particularly vacuum cleaners and black appliances, which have shown remarkable elasticity in response to subsidies [6][24]. Summary by Sections 1. Terminal Sales Performance - The home appliance retail sales in September 2024 were 84.1 billion yuan, with a year-on-year growth of 20.5% and a month-on-month increase of 17.1 percentage points [6][24]. - The cumulative retail sales for the first nine months of 2024 reached 683.9 billion yuan, with a year-on-year increase of 4.4% [6][24]. - The report notes that the sales growth for various categories, including air conditioners, refrigerators, and vacuum cleaners, has accelerated significantly in the last week [6][24]. 2. Price Tracking - The average price of copper in the week 42 of 2024 was 77,066 yuan per ton, down 0.88% month-on-month but up 15.69% year-on-year [12]. - The average price of aluminum was 20,700 yuan per ton, up 0.57% month-on-month and 8.64% year-on-year [12]. - The average price of ABS remained stable at 12,000 yuan per ton, with a year-on-year increase of 15.27% [12]. 3. Investment Recommendations - The report recommends continued investment in leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances [24]. - It also expresses optimism for companies like Ecovacs and Roborock, which are expected to benefit from subsidy elasticity [24]. - Attention is drawn to kitchen appliance leaders such as Boss Electric and Vatti [24].

Investment Rating - The report maintains an "Overweight" rating for major state-owned construction enterprises, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China National Chemical Corporation, China National Materials, and Honglu Steel Structure [1][2][3]. Core Viewpoints - The implementation of policies to address overdue corporate payments is expected to improve cash flow and accounts receivable for major construction state-owned enterprises [3][4]. - The construction sector has shown positive performance, with the construction engineering sector (SW) rising by 3.57% from October 14 to October 18, 2024, outperforming the overall A-share index [11][12]. - The report highlights the ongoing high demand for infrastructure investment, with fixed asset investment reaching 378,978 billion yuan in the first nine months of 2024, a year-on-year increase of 3.4% [2][10]. Summary by Sections Important Events Tracking - The report notes significant events, including the approval of loans for "whitelist" real estate projects, which are expected to double by the end of 2024, and the issuance of policies to support overdue corporate payments [10][11]. Market Performance Tracking - The construction engineering sector has outperformed the overall A-share market, with specific sub-sectors like housing construction and engineering consulting showing notable gains [11][12]. - Individual stocks such as Chengdu Road and Bridge and Chongqing Construction have seen substantial increases in their stock prices [13]. Industry Data Tracking - The report tracks financing data, noting that new special bonds issued from October 12 to October 18, 2024, amounted to 83.50 billion yuan, with a cumulative issuance of 36,243.59 billion yuan for the year, representing 92.93% of the annual plan [18][21]. - The report also highlights the distribution of special bond funds, primarily directed towards municipal and industrial park infrastructure projects [22][23].

Investment Rating - The report maintains a "Buy" rating for the company [6][20]. Core Insights - The company reported a revenue of 259.04 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.1%, while net profit attributable to shareholders increased by 15.6% to 36 billion yuan [6][8]. - The gross margin improved to 28.2%, up 6.3 percentage points year-on-year, indicating stable profitability despite revenue decline [6][8]. - In Q3 2024, the company achieved a revenue of 92.28 billion yuan, down 12.5% year-on-year, but net profit attributable to shareholders rose by 26.0% to 13.14 billion yuan [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 28.2% and a net profit margin of 13.9%, reflecting a year-on-year increase of 6.3 percentage points and 3.3 percentage points, respectively [6][8]. - In Q3 2024, the gross margin reached 31.2%, up 8.7 percentage points year-on-year, driven by an increase in the shipment of fast-charging new products [11][13]. Research and Development - The company maintained high R&D investment, with quarterly R&D expenses reaching 4.48 billion yuan, while other expense ratios remained stable [6][13]. Market Position - The company held a global market share of 37.1% from January to August 2024, an increase of 1.6 percentage points year-on-year, maintaining its leading position [17][18]. - In the overseas market, the company’s market share was 26.3%, a slight decrease of 1.1 percentage points year-on-year, but still leading [19][18]. Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 50.565 billion yuan, 61.535 billion yuan, and 71.272 billion yuan, respectively, with corresponding PE ratios of 21.8, 17.9, and 15.4 [20][6].

Investment Rating - The report maintains an "Overweight" rating for key companies in the building materials sector, including Dongfang Yuhong, Sankeshu, Senying Windows, Weixing New Materials, Keshun Co., Jianlang Hardware, Tubao, China Jushi, and Beixin Building Materials [1]. Core Insights - The report highlights a positive shift in the real estate beta factors, suggesting a strategic focus on retail building materials. The ongoing relaxation of real estate policies indicates a turning point for the building materials sector, with short-term consumption at a low point but long-term growth potential driven by improved operational quality and a focus on the consumer end [2][8]. - The cement industry is showing signs of bottoming out, with seasonal price increases expected to stabilize profits. The report anticipates a recovery in cement prices and profitability in the latter half of 2024, supported by increased infrastructure investment and improved production discipline among leading companies [11][12]. - The report emphasizes the value of high dividend yield stocks within the building materials sector, noting a cash dividend ratio of 44.0% and a 12-month dividend yield of 2.46% for the sector [13]. Summary by Sections 1. Industry Views and Investment Recommendations - The report suggests that the real estate sector's easing policies are crucial for the building materials industry's performance, with a recommendation to actively position in retail building materials [2][8]. - It identifies a potential recovery in the cement sector, with price increases expected to support profitability in the second half of 2024 [11][12]. - The report recommends focusing on high dividend yield stocks, highlighting companies like Tubao, Dongfang Yuhong, and Weixing New Materials as key players [13]. 2. Market Performance (October 14-18) - The building materials index increased by 2.85%, with specific sectors such as pipe materials and cement manufacturing showing positive performance [19]. 3. Price Changes in Building Materials - Cement prices saw a significant increase of 1.6% during the reporting period, with the average price in September 2024 at 383.91 yuan per ton, reflecting a year-on-year increase [21]. - The average price of float glass rose to 1228 yuan per ton, with a notable increase in production rates [25].

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook based on recent financial and fiscal policy measures [1]. Core Insights - Recent financial and fiscal policy measures have exceeded expectations, signaling a clear intent to stabilize growth and boost confidence, leading to a notable market style reversal [8]. - The impact on banks is generally favorable, with policies supporting local debt, stabilizing the real estate market, and optimizing small and micro financing policies, which are expected to improve asset quality [8]. - Although there is still pressure on net interest margins due to interest rate cuts, the rate of decline is expected to slow down significantly [8]. - The government plans to supplement core Tier 1 capital for six major banks, enhancing their operational stability and dividend sustainability [8]. Summary by Sections 1. Investment Highlights - The CITIC Bank Index rose by 2.61% during the week, outperforming the CSI 300 Index by 1.63 percentage points, with notable performances from Chongqing Bank (+13.00%), Jiangsu Bank (+7.54%), and Changsha Bank (+7.50%) [4]. - The "Four Four Two" policy package was introduced to promote a stable and healthy real estate market, which includes four cancellations of restrictions and four reductions in loan rates and down payment ratios [4][10]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The government has empowered local authorities to adjust or eliminate various housing purchase restrictions, which is expected to positively impact the banking sector [10]. - The People's Bank of China has initiated measures to support capital market stability, including the launch of securities, fund, and insurance company swap facilities [11][12]. 2.2 Company Dynamics - Ping An Bank reported a net profit of 39.73 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.24%, while revenue decreased by 12.58% [17]. - CITIC Bank announced a cash dividend distribution based on its preferred shares, amounting to 1.428 billion yuan [17]. 3. Recent Market Review - The report highlights the performance of various banks, with Chongqing Bank showing a significant increase of 13.00% in stock price, while the overall banking sector index has seen a year-to-date increase of 37.74% [18].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2] Core Insights - The media sector has experienced three rounds of bottoming since 2018, currently in the early stage of the third round of recovery. Recent breakout events and the ongoing AI revolution are expected to drive a sustained rebound in the media sector [8][14] - The report highlights three main investment themes: 1) Gaming sector, driven by the success of "Black Myth: Wukong," which has set a new record for domestic 3A game revenue; 2) IP development, which is expected to stimulate the creation of high-quality games and cultural products; 3) AI applications across various sectors [15][16] Summary by Sections 1. Industry Performance Review - From October 14 to October 18, 2024, the Shenwan Media sector rose by 7.25%, outperforming the CSI 300 by 6.27 percentage points and the ChiNext by 2.77 percentage points [6][7] 2. Investment Views 2.1 Core Insights - The media sector's valuation and fund holdings have returned to historical lows, with recent events increasing market attention on gaming, IP development, and cultural exports [8][11] - The report notes that the gaming market is expected to recover rapidly, benefiting from the "he economy" trend, with recommendations for companies like Kayi Network and Yaoji Technology [17] 2.2 Key Sub-sectors and Companies - **Gaming Sector**: In September, 109 new games received approval, with significant titles like Tencent's "Hunting" and 37 Interactive's "Douluo Dalu" leading the way. The gaming market is projected to accelerate recovery [17][20] - **Publishing Sector**: Traditional cultural IP development is highlighted as a strong growth area, with recommendations for companies like Guomai Culture and Shanghai Film [18] - **Film and Long Video Sector**: AI is enhancing production efficiency, and the film market is expected to rebound with a rich supply of films in the upcoming seasons [19] 3. Important Data Tracking 3.1 Gaming Approval and Performance - In September, 109 games were approved, with a total of 1,034 approvals for the year [20] - The gaming market revenue reached 91.77 billion yuan in Q3 2024, marking a historical high for the quarter [17] 3.2 Variety Show Data - As of October 18, Mango TV led with 7 exclusive shows in the Top 20, followed by Tencent Video with 6 [30] 3.3 Series Data - Tencent Video had 8 exclusive series in the Top 20, leading the market, while Mango TV's co-broadcast "Jinxiu Anning" ranked first in overall popularity [32]

Investment Rating - The report maintains a positive investment suggestion for the real estate industry, indicating a potential stabilization in the market due to recent policy measures [1][2]. Core Insights - The report highlights a combination of policies aimed at stabilizing the real estate market, including the cancellation of purchase restrictions and the reduction of loan rates [2][3]. - New housing sales in September showed a narrowing decline, with a reported sales area of 0.97 billion square meters, down 11.0% year-on-year, compared to a 12.6% decline in August [2][3]. - The overall transaction area for new and second-hand homes in 12 tracked cities increased by 130.4% month-on-month and 17.9% year-on-year for the week ending October 17, 2024 [2]. Summary by Sections Market Overview - The report notes that the sales area for new and second-hand homes in the first nine months of 2024 totaled 7.03 billion square meters, reflecting a year-on-year decline of 17.1% [2]. - The cumulative sales amount for the same period reached 6.89 trillion yuan, down 22.7% year-on-year [2]. Policy Measures - A "combination punch" of policies was introduced, including four cancellations (purchase limits, sales restrictions, price limits, and classification standards) and four reductions (lowering loan rates and down payment ratios) [2][3]. - The report emphasizes the importance of these measures in addressing the challenges faced by the real estate market and supporting the recovery of housing transactions [2]. Company Announcements - Companies such as China Merchants Shekou and China Merchants Jinling announced share buybacks, indicating confidence in their stock performance and future prospects [3]. - The report mentions that the political bureau meeting on September 26 signaled a shift towards promoting stability in the real estate market, which has led to the implementation of supportive policies [3].