Investment Rating - The report initiates coverage on Pop Mart with a "Buy" rating, citing its strong IP operational capabilities and overseas expansion as key drivers for future growth [10] Core Views - Pop Mart is the leading player in China's trendy toy market, with significant growth potential in overseas markets [1] - The company's IP ecosystem, covering blind boxes, theme parks, and games, is expected to drive long-term growth [10] - Pop Mart's revenue is projected to grow from RMB 12.687 billion in 2024E to RMB 20.430 billion in 2026E, with adjusted net profit increasing from RMB 2.935 billion to RMB 4.783 billion over the same period [10] Industry Overview - The global trendy toy retail market is expected to grow from USD 19.8 billion in 2019 to USD 41.8 billion in 2024, with a CAGR of 16.1% [11] - China's trendy toy retail market is projected to expand from RMB 207 billion in 2019 to RMB 763 billion in 2024, with a CAGR of 29.8% [1] - Pop Mart holds a 13.6% market share in China's trendy toy retail market, ranking first in 2021 [1] IP Operations - Pop Mart's IP ecosystem includes four major IPs (MOLLY, SKULLPANDA, DIMOO, THE MONSTERS), which accounted for 50% of total revenue in 2023, down from 58.1% in 2019 [1] - The company has diversified its product offerings, including MEGA high-end products, POP BEAN, and plush toys, to extend the lifecycle of its IPs [1] - Pop Mart's internal design team (PDC) has successfully launched new IPs such as Xiao Ye and Xiao Tian Dou, contributing to revenue growth [82] Domestic Market Performance - Pop Mart's domestic revenue grew from RMB 16.57 billion in 2019 to RMB 52.35 billion in 2023, with online and offline channels contributing 33% and 58% respectively in 2023 [1] - The company's retail store count increased from 114 in 2019 to 363 in 2023, with a potential ceiling of 434 stores in China [1] Overseas Expansion - Pop Mart's overseas revenue increased from 2% in 2019 to 17% in 2023, with 80 stores opened globally by the end of 2023 [1] - The company is rapidly expanding in markets like Thailand and the US, with 28 new stores added globally from January to July 2024 [1] - Overseas markets offer higher pricing and profitability compared to the domestic market, with online and offline channels contributing 15% and 60% respectively in 2023 [1] Financial Projections - Revenue is expected to grow from RMB 12.687 billion in 2024E to RMB 20.430 billion in 2026E, with a CAGR of 34% from 2024E to 2025E and 20% from 2025E to 2026E [10] - Adjusted net profit is projected to increase from RMB 2.935 billion in 2024E to RMB 4.783 billion in 2026E, with a CAGR of 33% from 2024E to 2025E and 22% from 2025E to 2026E [10] Competitive Landscape - Pop Mart's market share in China's trendy toy retail market increased from 8.5% in 2019 to 13.6% in 2021, solidifying its leading position [1] - The company faces competition from brands like TOP TOY, 52 toys, and Cool Play, but its full-chain coverage and strong IP ecosystem give it a competitive edge [62]

2024 年 11 月 19 日 收益表现 % 1M 3M 1Y 相对 23.13 43.41 -2.01 绝对 26.91 67.63 12.76 资料来源：Wind 公司研究 Starlink 用户突破 400 万，公司受益海外卫星加速渗透 ——信维通信（300136.SZ）跟踪报告之十 买入（维持） 当前价：26.04 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 市场数据 总股本(亿股) 9.68 总市值(亿元)： 252.07 一年最低/最高(元)： 14.37/31.41 近 3 月换手率： 266.57% 股价相对走势 -42% -27% -13% 2% 17% 11/23 01/24 05/24 08/24 信维通信 沪深300 要点 一、公司受益海外卫星加速渗透 公司主营业务包括天线及模组、无线充电及模组、EMI\EMC 器件、高精密连接器、 汽车互联产品、被动元件等，主营业务所属行业为计算机、通信和其他电子设备制 造业。公司客户主要为全球知名科技企业，包括消费电子、物联网/智能家居、商业 卫星通讯、智能汽车等 ...

Industry Investment Rating - The report maintains a **Buy** rating for the electronics industry, specifically focusing on AI glasses as a key application for AI at the edge [1] Core Viewpoints - AI glasses are identified as one of the best scenarios for AI at the edge, with significant market potential driven by the integration of AI technology into everyday eyewear [1] - The success of Ray-Ban Meta smart glasses, with over 1 million units shipped by Q2 2024, validates the product logic and market demand for AI glasses [3] - Major tech companies, including Meta, Apple, Google, Samsung, and Amazon, are actively investing in AI glasses, indicating strong industry momentum [6] - The global eyewear market, including both prescription and sunglasses, is projected to grow steadily, with AI glasses expected to penetrate this market significantly by 2035 [7][10][13] - Collaboration between traditional eyewear manufacturers and tech companies is accelerating the development and adoption of AI glasses [18][19] - The technology for AI glasses is relatively mature, with a well-established supply chain, particularly in China [21][23][24] - The report forecasts that AI glasses will see rapid growth, with annual sales potentially reaching 550 million units by 2029 and 1.4 billion units by 2035 [33] Market and Product Analysis - Ray-Ban Meta smart glasses have seen strong sales, with 360,000 units shipped in Q4 2023 and 100,000 units in Q1 2024, surpassing expectations [3] - The global prescription eyewear market is stable at around 700-800 million units annually, with a market size of $80-90 billion [7] - The global sunglasses market is slightly larger, with 800 million units sold in 2023 and a projected growth to 1.04 billion units by 2035, with a market size of approximately $25 billion [10] - The combined global eyewear market is estimated at 1.56 billion units in 2023, with a market size of $150 billion, expected to grow to 2 billion units and $200 billion by 2035 [13] Key Collaborations and Innovations - Meta and Ray-Ban's collaboration has been highly successful, with the second-generation Ray-Ban Meta glasses achieving significant market traction [3] - Thunderbird Innovation and Boshi Glasses have formed a joint venture to develop next-generation AI glasses, with the first product expected by the end of 2024 [18] - Rokid has partnered with BOLON to launch new AI glasses, aiming to expand the market for AR glasses [19] - Looktech has introduced AI glasses with integrated AI assistant Memo, offering features like real-time translation, health management, and more [37][39] Technology and Supply Chain - AI glasses technology is relatively mature, with a well-established supply chain in China, covering hardware components like optical modules, display modules, and sensors [21][23][24] - The supply chain is divided into upstream (hardware components), midstream (ODM/OEM and software solutions), and downstream (sales and distribution) [24] - Three main technical solutions for AI glasses are identified: system-level SOC, MCU-level SOC+ISP, and SOC+MCU, each with different levels of integration and power consumption [27][28][29] Future Outlook and Product Launches - The report predicts that AI glasses will see rapid growth, with annual sales potentially reaching 550 million units by 2029 and 1.4 billion units by 2035 [33] - Several new AI glasses products were launched in late 2024, including Baidu's XiaoDu AI glasses, Looktech's AI glasses, and Rokid's new AR glasses [34][37][43] - INMO is set to release new AR glasses, INMO Air 3 and INMO Go 2, further expanding the market for AI and AR glasses [45]

2024 年 11 月 18 日 行业研究 网络交换是 AI 集群互联核心，盛科通信交换芯片国内领先 ——半导体行业跟踪报告之二十四 电子行业 买入（维持） 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：孙啸 执业证书编号：S0930524030002 021-52523587 sunxiao@ebscn.com 要点 一、InfiniBand 与以太网是 AI 大模型训练集群的主要互联 技术 AI模型参数规模不断扩大，对大模型训练网络提出更高要求。随着以 GPT3.0 为 代表的大模型展现出令人惊艳的能力后，智算业务往海量参数的大模型方向发 展已经成为一个主流技术演进路径。以自然语言处理（NLP）为例，模型参数 已经达到了千亿级别。计算机视觉（CV）、广告推荐、智能风控等领域的模型 参数规模也在不断的扩大，正在往百亿和千亿规模参数的方向发展。 大模型训练中大规模的参数对算力和显存提出了更高的要求，千亿参数模型需 要 2TB 显存，当前的单卡显存容量不够。即便出现了大容量的显存，如果用单 行业与沪深 300 指数对比图 | ...

2024 年 11 月 18 日 公司研究 订阅用户稳健增长，SVIP 推动 ARPPU 增长 ——腾讯音乐（TME.N）24Q3 业绩点评 要点 事件：公司 3Q24 实现营收 70.2 亿元人民币（yoy+6.8%，vs 彭博一致预 期 70.0 亿元）；实现毛利润 29.9 亿元，同比提升 27.7%，对应毛利率为 42.6%（yoy+7.0pct，vs 彭博一致预期 42.4%），主要得益于音乐订阅收 入强劲增长，包括自制内容的播放增长以及广告收入的快速增长。实现经 调整净利润 19.4 亿元（yoy+29.1%，vs 彭博一致预期 19.2 亿元），经调 整归母净利润 18.1 亿元（yoy+28.8%）。截止至 2024 年 9 月 30 日，公 司以约 3.355 亿美元现金从公开市场回购 4210 万股美国存托股份。 点评：在线音乐业务稳健增长，社交娱乐业务降幅收窄。在线音乐收入 54.8 亿元（yoy+20.4%），占总收入比例同比提升 8.8pct 至 78.1%。1）会员 订阅收入 38.4 亿元（yoy+20.3%），截至 3Q24 末订阅付费用户数达 1.19 亿人，环比 6 月底净 ...

2024 年 11 月 18 日 公司研究 订阅用户稳健增长，SVIP 推动 ARPPU 增长 ——腾讯音乐（TME.N）24Q3 业绩点评 要点 事件：公司 3Q24 实现营收 70.2 亿元人民币（yoy+6.8%，vs 彭博一致预 期 70.0 亿元）；实现毛利润 29.9 亿元，同比提升 27.7%，对应毛利率为 42.6%（yoy+7.0pct，vs 彭博一致预期 42.4%），主要得益于音乐订阅收 入强劲增长，包括自制内容的播放增长以及广告收入的快速增长。实现经 调整净利润 19.4 亿元（yoy+29.1%，vs 彭博一致预期 19.2 亿元），经调 整归母净利润 18.1 亿元（yoy+28.8%）。截止至 2024 年 9 月 30 日，公 司以约 3.355 亿美元现金从公开市场回购 4210 万股美国存托股份。 点评：在线音乐业务稳健增长，社交娱乐业务降幅收窄。在线音乐收入 54.8 亿元（yoy+20.4%），占总收入比例同比提升 8.8pct 至 78.1%。1）会员 订阅收入 38.4 亿元（yoy+20.3%），截至 3Q24 末订阅付费用户数达 1.19 亿人，环比 6 月底净 ...

2024 年 11 月 18 日 行业研究 铜价进入底部区间，国内铜社库连续四周下降 ——铜行业周报（20241111-20241115） 要点 本周小结：宏观交易进入尾声。截至 2024 年 11 月 15 日，SHFE 铜价 73860 元 /吨，环比上周-4.2%；LME 铜价 8971 美元/吨，环比上周-4.9%。（1）宏观： 11 月 5 日-15 日铜价最大跌幅 9%，最低 8867 美元/吨，接近前低 8714 美元/ 吨；而 2018 年美国对中国加征关税时铜价最大跌幅 21%，当前中国出口美国产 品比例已明显下降，若加征关税影响有限，铜价已进入底部区间。（2）供需： 电解铜产量增速放缓正在兑现；本周线缆企业开工率继续回升、国内铜社库延续 下降。我们认为后续宏观因素将减弱，供需基本面将支持 2024Q4 铜价上行。 库存：本周国内铜社库环比-14.6%，LME 铜库存环比-0.2%。（1）国内港口铜 精矿库存：截至 2024 年 11 月 15 日，国内主流港口铜精矿库存为 111.3 万吨 （近 3 年同期高位），环比上周+2.7%。（2）全球铜库存：截至 11 月 8 日， 全球三大交易 ...

2024 年 11 月 18 日 行业研究 新乳业强化优势增厚盈利，巴比单店收入有望企稳 ——光大证券食品饮料行业周报（20241111-20241117） 要点 新乳业：核心业务构建竞争壁垒，管理能力助力利润提升。本周我们重新梳理新 乳业战略布局，公司 2023 年发布的五年战略规划为"做大做强核心业务，提升 企业价值，五年实现净利率倍增"。具体拆解来看，核心业务更多依托于：1） 品类端的低温鲜奶和低温特色酸奶。低温业务仍处于发展阶段，且受产品保质期 及冷链物流制约，运输半径有限，经营难度更大，但也更易形成竞争壁垒。2） 渠道端的D2C渠道，送奶上户/会员系统等私域流量可帮助强化与消费者的联系， 更高的打造难度同样也可帮助建立竞争壁垒。企业价值和净利率的提升更多依 托：1）结构优化带来毛利率提升，低温鲜奶/低温特色酸奶的毛利率相对更高， 低温业务及新品占比提升可拉高毛利率。2）规模提升+内部效率提升带来管理 费用/财务费用的优化。公司所选择的核心业务更多为高毛利高壁垒细分，且对 管理方面提出更高要求，因此对公司背后能力的拆解分析更为关键：1）整合并 购及投后管理能力：新乳业整合并购起家，经前期 10 年的摸 ...

2024 年 11 月 18 日 行业研究 新乳业强化优势增厚盈利，巴比单店收入有望企稳 ——光大证券食品饮料行业周报（20241111-20241117） 要点 新乳业：核心业务构建竞争壁垒，管理能力助力利润提升。本周我们重新梳理新 乳业战略布局，公司 2023 年发布的五年战略规划为"做大做强核心业务，提升 企业价值，五年实现净利率倍增"。具体拆解来看，核心业务更多依托于：1） 品类端的低温鲜奶和低温特色酸奶。低温业务仍处于发展阶段，且受产品保质期 及冷链物流制约，运输半径有限，经营难度更大，但也更易形成竞争壁垒。2） 渠道端的D2C渠道，送奶上户/会员系统等私域流量可帮助强化与消费者的联系， 更高的打造难度同样也可帮助建立竞争壁垒。企业价值和净利率的提升更多依 托：1）结构优化带来毛利率提升，低温鲜奶/低温特色酸奶的毛利率相对更高， 低温业务及新品占比提升可拉高毛利率。2）规模提升+内部效率提升带来管理 费用/财务费用的优化。公司所选择的核心业务更多为高毛利高壁垒细分，且对 管理方面提出更高要求，因此对公司背后能力的拆解分析更为关键：1）整合并 购及投后管理能力：新乳业整合并购起家，经前期 10 年的摸 ...

2024 年 11 月 18 日 行业研究 出口退税取消政策对中长期铝材出口量影响或有限 ——金属周期品高频数据周报（2024.11.11-11.17） | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------- ...