Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to benefit from recent real estate policies in Chengdu, with new projects anticipated to enhance revenue and profits, indicating a positive long-term outlook [2][5] - The company has maintained a target price of 14.96 CNY, unchanged from the previous forecast, while the current price is 12.96 CNY [3][5] Financial Summary - For the first three quarters, the company reported revenue of 1.079 billion CNY, a decrease of 6.81%, and a net profit attributable to shareholders of 546 million CNY, down 11.4% [5] - In Q3 alone, revenue was 346 million CNY, down 10.1%, while net profit increased by 10% to 206 million CNY [5] - The company has adjusted its EPS forecasts for 2024-2026 to 1.02, 1.11, and 1.27 CNY respectively, reflecting growth rates of -6%, 9%, and 15% [5] Operational Insights - The company’s gross margin for the first three quarters was 68.1%, down 2 percentage points, and the net profit margin was 51.9%, down 3.1 percentage points [5] - Operating cash flow for the first three quarters was 883 million CNY, an increase of 19.8% [5] - The company is focusing on the Tianfu project, which aims to create a hub for live streaming and digital economy, and is actively working on project recruitment and industry integration [5] Dividend Policy - The company has maintained a high dividend policy, with an average dividend of 808 million CNY for 2022-2023, and a dividend payout ratio exceeding 100% [5]

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331) [2] Core Views - Q3 sales met expectations, with healthy discount inventory and strong National Day sales performance [2] - Q4 sales are expected to improve significantly due to a low base effect [2] - Long-term growth is supported by brand strength, product innovation, and refined operations [2] - Overseas business is promising with the establishment of a joint venture with Sequoia [2] Financial Performance - Q3 total channel sales declined by mid-single digits year-over-year, with offline sales down by high single digits and online sales up by mid-single digits [2] - Terminal discounts deepened, with offline discounts increasing by low single digits year-over-year [2] - Inventory-to-sales ratio was approximately 5 months as of September, with a healthy inventory age structure [2] - National Day sales showed improvement both online and offline, with positive sales growth since October [2] - Full-year 2024 revenue growth is expected to be low single digits, with a low double-digit profit margin [2] Joint Venture and Overseas Expansion - Li Ning established a joint venture with Sequoia to develop and operate the Li Ning brand outside mainland China [2] - The listed company and Mr Li Ning hold a combined 55% stake in the joint venture, with an investment of approximately HKD 58 million [2] - The joint venture is expected to accelerate the brand's internationalization with Sequoia's resources and expertise [2] - The listed company has the right to reclaim partial equity after 4 years and full equity after 8 years, ensuring control over overseas operations [2] Financial Forecasts - Net profit forecasts for 2024-2026 are maintained at RMB 3 20 billion, RMB 3 62 billion, and RMB 3 88 billion, respectively [2] - Corresponding P/E ratios are 12x, 11x, and 10x for 2024-2026 [2] Market Data - Current stock price: HKD 15 28 [2] - 52-week price range: HKD 12 92 - HKD 30 20 [3] - Current market capitalization: HKD 39 491 million [3] Peer Comparison - Li Ning's 2024E P/E ratio is 13x, compared to the peer average of 12x [6] - 2024E EPS is HKD 1 14, with 2025E and 2026E EPS at HKD 1 29 and HKD 1 39, respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has shown a continuous good performance in revenue and sales, with a significant improvement in gross profit margin and expansion of gross profit per unit [2][3]. - The company is expected to benefit from policy support that boosts consumer recovery, leading to valuation recovery [3]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 4.887 billion yuan, a year-on-year increase of 7.37%, and a net profit attributable to shareholders of 808 million yuan, up 25.35% year-on-year [3]. - In Q3 2024 alone, the company reported revenue of 1.901 billion yuan, a year-on-year increase of 6.89%, and a net profit of 307 million yuan, up 10.60% year-on-year [3]. - The company’s beer sales reached 480,000 tons in Q3 2024, a year-on-year increase of 4.7%, with revenue per ton at 3,932 yuan, up 2.0% year-on-year [3]. Earnings Forecast - The EPS forecast for 2024-2026 is maintained at 0.36, 0.41, and 0.45 yuan respectively, with a target price raised to 11.20 yuan based on a 27X PE for 2025 [3][4]. Cost and Margin Analysis - The company’s operating cost per ton in Q3 2024 was 1,975 yuan, down 5.5% year-on-year, contributing to a gross profit margin increase of 4.0 percentage points to 49.8% [3]. - The gross profit per unit has expanded by 1.9 percentage points year-on-year, with a net profit margin of 16.1% in Q3 2024, up 0.5 percentage points year-on-year [3]. Market Position - The company maintains a relative advantage in the market, particularly with its premium beer products benefiting from a high proportion of on-premise consumption channels [3].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, particularly benefiting from the development of commercial insurance annuities [4]. Core Insights - The issuance of the "Notice on Vigorously Developing Commercial Insurance Annuities" by the Financial Regulatory Bureau aims to enhance the multi-tiered pension security system in response to the aging population [3]. - The report highlights that commercial insurance products, due to their capital preservation and longevity risk mitigation features, are crucial components of the third pillar of pension security [3]. - As of the end of 2023, the number of exclusive commercial pension insurance policies reached 740,000, with accumulated pension reserves exceeding 10 billion [3]. - The report anticipates that the new notice will accelerate the development of the third pillar, encouraging insurance companies to leverage their actuarial expertise and long-term product development capabilities [3]. - The report suggests that large insurance companies with a mature "product + service" system will have a competitive advantage in product innovation and pension planning management [3]. Summary by Sections Regulatory Developments - The Financial Regulatory Bureau's notice encourages insurance companies to actively develop products that meet pension needs, expanding the scope of commercial pension business trials [3]. Market Opportunities - The report indicates that the notice will stimulate demand for pension security and wealth management, benefiting large insurance companies that can provide diverse pension protection and financial planning services [3]. Investment Recommendations - The report recommends overweighting companies that are early participants in the business trials and are actively developing pension and long-term wealth management services, specifically mentioning China Life Insurance [3].

Investment Rating - The report maintains an "Overweight" rating for the PCB copper foil and CCL industry, consistent with the previous rating [2]. Core Viewpoints - The demand for PCB copper foil and CCL is expected to experience a turning point due to the recovery of the consumer electronics industry and rapid development in AI, automotive electronics, and communication sectors [3][2]. - Leading companies that focus on improving product structure and actively engage in high-performance product segments are likely to benefit significantly, with expected high growth in performance [3]. - The copper foil industry is stabilizing at the bottom, with room for domestic substitution in high-performance PCB copper foil [3]. Summary by Sections 1. Key Industry Insights - The PCB copper foil and CCL are critical components in the PCB supply chain, primarily used in consumer electronics and computers [6]. - The global electronic circuit copper foil capacity is approximately 830,500 tons in 2023, with China accounting for about 61% of this capacity [3][13]. 2. PCB Copper Foil Stabilization and High-End Product Development - The PCB copper foil market is stabilizing, with high-performance products like RTF and HVLP having high technical barriers [8][13]. - China's PCB copper foil production capacity ranks first globally, with a utilization rate above 68% despite a decline in shipment volumes in recent years [13][14]. 3. Demand Surge in CCL Industry - The CCL market is projected to grow significantly, driven by the recovery in consumer electronics and advancements in AI and automotive electronics [3][25]. - The global CCL market size is expected to increase from $21.014 billion in 2023 to $28.145 billion by 2030, with a CAGR of 4.26% [3]. 4. Long-Term Copper Price Trends - The long-term trend for copper prices is upward, providing support for CCL prices [3]. - The cost structure of CCL indicates that copper foil constitutes about 42% of the total cost, with resin and fiberglass accounting for 26% and 19%, respectively [3]. 5. Domestic Substitution Opportunities - China is currently a net importer of copper foil, with a net import volume of approximately 45,000 tons in 2023 [19]. - The domestic market for high-end PCB copper foil is expected to grow as local manufacturers enhance their production capabilities [20][19]. 6. Major Companies and Market Position - Key players in the domestic copper foil market include Tongguan Copper Foil, Longdian Huaxin, and Jiang Copper Foil, with significant production capacities [15][16]. - Companies like Tongguan Copper Foil are actively developing high-end products to maintain their market position and meet the growing demand from leading clients [15][22].

Investment Rating - Maintains an "Overweight" rating with a target price of 5.75 RMB [2] - Current price is 4.22 RMB, indicating potential upside [2] Core Views - 3Q24 performance meets expectations with revenue of 228.9 billion RMB, up 11.3% YoY, and net profit of 28.7 billion RMB, up 4.9% YoY [8] - Controlled grid-connected electricity in 3Q24 reached 48.3 billion kWh, up 15.2% YoY, driven by new capacity and the restart of Taishan Nuclear Power [8] - Operating profit in 3Q24 was 5.64 billion RMB, up 6.0% YoY, with slower profit growth due to increased costs and R&D expenses [8] - The company has a robust pipeline of nuclear power projects, with 16 units under construction or in preparation, totaling 19.4 GW [8] Financial Summary - 1~3Q24 revenue reached 622.7 billion RMB, up 4.1% YoY, with net profit of 99.8 billion RMB, up 2.9% YoY [8] - 2024E revenue is projected at 865.79 billion RMB, up 4.9% YoY, with net profit of 114.05 billion RMB, up 6.3% YoY [9] - EPS for 2024E is forecasted at 0.23 RMB, with ROE expected to remain stable at 9.5% [9] Market Data - 52-week stock price range is 2.92-5.21 RMB [3] - Market capitalization stands at 213.104 billion RMB [3] - P/E ratio for 2024E is 18.68x, with a P/B ratio of 1.78x [9] Industry and Growth Prospects - The company benefits from China's push for clean energy, with 6 new nuclear units approved in 2024, the highest in recent years [8] - The company manages 16 nuclear units under construction or in preparation, with 7 units already under construction totaling 8.4 GW [8] - Future growth is supported by a strong pipeline of projects, including 9 units in preparation with a total capacity of 11.0 GW [8] Financial Ratios and Projections - 2024E gross margin is projected at 34.8%, with EBIT margin at 31.3% [10] - ROIC for 2024E is expected to improve to 6.1%, up from 5.7% in 2023A [10] - Capital expenditure is forecasted to increase to 15.878 billion RMB in 2024E, up from 14.232 billion RMB in 2023A [10] Peer Comparison - The company's 2024E P/E ratio of 19x is slightly higher than the peer average of 18x [11] - The company's 2024E P/B ratio of 1.78x is lower than the peer average of 2.34x [12]

Investment Rating - The investment rating for the company is "Accumulate" [2][12] Core Views - The company's performance is in line with expectations, with core product Yisaipu showing gradual impacts from centralized procurement, while Saiputing and Jianipai continue to achieve high growth. The clinical pipeline is progressing steadily, with the IL-17 monoclonal antibody expected to submit its NDA in Q4 2024 [3][9] Financial Summary - For the first three quarters of 2024, the company reported revenue of 939 million yuan (+28.6%) and a net profit attributable to shareholders of 233 million yuan (+42.2%). In Q3 alone, revenue was 343 million yuan (+35.6%) and net profit was 104 million yuan (+49.7%) [9][10] - The revenue from core products for Q1-Q3 2024 was 778 million yuan (+19.3%), with Yisaipu revenue at 480 million yuan (+5.9%), Saiputing at 260 million yuan (+53.5%), and Jianipai at 40 million yuan (+30.2%) [9][10] - The sales expense ratio decreased significantly to 16.4% in Q3 2024, while R&D investment increased by 54.1% year-on-year to 350 million yuan [9][10] Clinical Pipeline - The clinical progress of the core pipeline is advancing faster than expected, with the IL-17 monoclonal antibody (608) completing its Phase III trial for psoriasis and expected to submit its NDA in Q4 2024. Other candidates are also progressing through various clinical phases [9][10] Valuation - The absolute valuation of the company indicates a reasonable equity value of 19.023 billion yuan, corresponding to a target price of 30.84 yuan per share [12][14]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 280.57 CNY, adjusted from a previous forecast of 129.50 CNY [4][10]. Core Views - The company's revenue showed positive growth in the third quarter, primarily driven by active trading, leading to an increase in C-end business. The report expresses optimism about the company's performance explosion due to sustained high trading volumes [2][10]. - The third quarter revenue increased by 4.81%, attributed to market recovery, with the overall A-share index rising by 17.68% in Q3 2024. The report highlights a significant increase in new account openings during this period [10]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 7.47% year-on-year, mainly due to rising costs in various expense categories [10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 2.335 billion CNY, down 1.59% year-on-year, and a net profit of 651 million CNY, down 15.53% year-on-year [10]. - The report projects future earnings per share (EPS) for 2024, 2025, and 2026 to be 3.00 CNY, 4.67 CNY, and 6.59 CNY respectively, reflecting adjustments from previous estimates [10]. Market Activity - The report notes that the capital market remains active, with average daily stock trading volume reaching 20.667 billion CNY from October 8 to October 22, 2024, which is expected to significantly boost the company's C-end value-added telecommunications and advertising business revenues [10]. - The report emphasizes the potential for rapid growth in the intelligent investment advisory and research market, driven by the company's AI capabilities and increased customer willingness to pay [10]. Cost and Expenses - The report details that the increase in operating costs, sales expenses, management expenses, and R&D expenses were 59.8%, 13.2%, -18.71%, and -5.65% respectively, indicating a focus on enhancing data quality and expanding B-end business [10].

Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power (1816) [3] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 62.27 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.9% year-on-year [3] - The company has a robust pipeline of projects under construction and reserves, indicating significant growth potential in the long term [2][3] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 22.89 billion yuan, a year-on-year increase of 11.3%, and a net profit of 2.87 billion yuan, up 4.9% year-on-year [3] - The total controllable power generation in Q3 2024 was 48.3 billion kWh, representing a year-on-year increase of 15.2%, primarily due to the commissioning of the Fangchenggang Unit 4 and the restart of the Taishan Nuclear Power Plant [3] Project Development - As of the end of Q3 2024, the company manages 16 approved nuclear power units under construction or awaiting final construction decision (FCD), with 7 units already under construction (total capacity of 8.4 GW) and 9 units in the FCD preparation stage (total capacity of 11.0 GW) [3] - The approval of 6 new nuclear power units in August 2024 marks the highest number of approvals in recent years, indicating strong governmental support for nuclear energy development [3] Market Position - The current stock price is 2.92 HKD, with a market capitalization of 147.456 billion HKD [4] - The company is positioned favorably compared to peers, with a projected EPS of 0.23/0.25/0.26 HKD for 2024-2026 and a target price of 3.90 HKD [3][7]

Investment Rating - Maintains "Overweight" rating with a target price of 31.94 yuan [3] Core Views - Strong channel control and brand power support stable pricing and highlight operational resilience [3] - New customer and product collaborations are promising [2] - Performance meets expectations with 2024-2026 EPS forecasted at 0.90/1.16/1.41 yuan [3] - 2024 PE ratio set at 35.5x, reflecting brand momentum and channel advantages [3] Financial Performance - Q3 2024 revenue for lens business reached 167 million yuan, up 3.9% YoY excluding exports [3] - PMC Ultra-Bright series revenue increased by 50.62% YoY in the first three quarters [3] - Easy Control product revenue grew by 2.4% YoY in Q3 2024, with a 34.2% increase excluding recall impact [3] - Gross profit margin and net profit margin for Q3 2024 were 59.1% and 26.7%, respectively [3] - Sales/management/R&D/financial expense ratios improved YoY, with sales expense ratio down 4.4 pct [3] Product and Market Strategy - Focus on large-item strategy with significant results from PMC Ultra-Bright and 1.71 series [3] - Expansion into medical channels with over 700 ophthalmology institutions covered [3] - Strengthened offline retail channels through targeted brand marketing and customer service [3] - New product launches and Leica collaboration expected to drive growth, with 30-40 authorized stores by end of 2024 [3] Financial Forecasts - 2024-2026 revenue forecasted at 767/908/1,090 million yuan, with YoY growth of 2.5%/18.3%/20.1% [4] - Net profit (attributable to parent) expected to be 181/234/284 million yuan, with YoY growth of 15.1%/29.2%/21.2% [4] - ROE projected to increase from 10.8% in 2024 to 13.9% in 2026 [4] Valuation and Market Data - Current PE ratio (2024E) at 29.65x, with PB ratio at 3.19x [4] - 52-week stock price range: 20.18-41.86 yuan [5] - Market cap and share structure data not provided [5]