Investment Rating - The investment rating for the company is "Buy" with a target price of 46.58 CNY, up from the previous forecast of 36.29 CNY [5][7]. Core Views - The company is a leader in the anode coating materials industry, and the exploration of silicon-based anode technology by major clients like Huawei is expected to accelerate the adoption of silicon materials, thereby increasing demand for the company's coating materials [2][5]. - The company is actively developing silicon-based anode coating technology to address issues such as volume expansion, which enhances the cycling stability of anodes [7]. - The company has maintained its earnings per share (EPS) forecasts for 2024-2026 at 0.01 CNY, 0.72 CNY, and 1.16 CNY respectively, despite current losses [7]. Summary by Sections Company Overview - The company is the only publicly listed entity in the anode coating materials sector and is positioned to benefit from the growing demand for silicon-based anodes [7]. Financial Performance - The company reported a gross margin of 8.23% in Q3 2024, showing a quarter-on-quarter improvement of 0.79 percentage points [7]. - Revenue for 2022 was 904 million CNY, with a projected increase to 1,080 million CNY in 2024, reflecting a growth rate of 13.8% [11]. - The net profit attributable to the parent company is expected to recover significantly from a loss of 98.2% in 2024 to a profit of 118 million CNY by 2026 [11]. Market Position - The company is focusing on enhancing its production processes and optimizing raw material usage to improve product quality and reduce costs [7]. - The demand for anode coating materials is expected to grow significantly due to the increasing penetration of high-performance batteries in various applications [7]. Research and Development - The company has disclosed ongoing projects related to the development of silicon-carbon anode particles and binding agents, aiming to meet future demand for silicon-based anodes [7].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5][6]. Core Viewpoints - The steel sector is currently at a bottoming phase, with expectations for demand improvement and supply restructuring, leading to enhanced competitive advantages for industry leaders [3]. - Inventory levels are on a downward trend, with total inventory at 12,037.9 thousand tons, a decrease of 15,000 tons week-on-week, maintaining historical low levels [4]. - The profitability of steel companies has decreased, with the simulated gross profit for rebar at 249.2 CNY/ton, down 49.6 CNY/ton week-on-week [4][36]. - Demand expectations are improving, with anticipated mergers and acquisitions accelerating within the industry due to prolonged losses and declining profitability since 2022 [4]. - The report highlights a series of macro policies aimed at boosting market expectations, particularly in the real estate sector, which is expected to stabilize and reduce its negative impact on steel demand [4]. Summary by Sections Steel Prices and Inventory - Rebar prices decreased by 110 CNY/ton to 3,420 CNY/ton, a drop of 3.12% [9]. - Total apparent consumption of steel was 8,765.8 thousand tons, a decrease of 0.12% week-on-week [19]. - The operating rate of blast furnaces among 247 steel mills was 82.08%, down 0.21 percentage points [25]. Raw Materials - Iron ore spot prices fell by 41 CNY/ton to 744.00 CNY/ton, a decline of 5.22% [42]. - Iron ore port inventory increased to 15,280.51 thousand tons, a rise of 0.07% [47]. Profitability and Production - The profitability of steel companies decreased, with the overall profitability rate at 57.58%, down 2.16 percentage points [25]. - Total steel production was 8,615.8 thousand tons, a slight increase of 0.09% week-on-week [30]. Recommendations - Key recommendations include companies with leading technology and product structures such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4].

Investment Rating - The report maintains a rating of "Buy" for the company [3][6]. Core Views - The company is expected to benefit from policy catalysts in the low-altitude economy sector, leveraging its rich experience and technological accumulation to drive future revenue and profit growth [3]. - Due to the cyclical downturn in the infrastructure and engineering design sectors, the earnings per share (EPS) forecasts for 2024-2026 have been revised downwards to 0.93, 1.01, and 1.09 yuan, respectively, reflecting a growth rate of -9%, 9%, and 8% [3]. - The target price has been adjusted to 12.20 yuan, corresponding to a price-to-earnings (PE) ratio of 13.1 times for 2024 [3]. Financial Summary - Revenue for 2022 was 5,839 million yuan, with a forecasted decline to 5,353 million yuan in 2023, followed by a slight recovery to 5,419 million yuan in 2024 [2]. - Net profit attributable to the parent company was 684 million yuan in 2022, with a slight increase to 698 million yuan in 2023, but expected to decrease to 634 million yuan in 2024 [2]. - The earnings per share (EPS) for 2022 was 1.00 yuan, projected to be 1.02 yuan in 2023, and then decrease to 0.93 yuan in 2024 [2]. - The return on equity (ROE) is expected to decline from 15.6% in 2022 to 11.4% in 2024 [2]. - The current PE ratio is 8.62, with projections of 9.29 for 2024 and decreasing to 7.93 by 2026 [2]. Strategic Developments - The company has formed a strategic partnership with WoFei ChangKong to develop comprehensive solutions for low-altitude flight commercialization and a new integrated transportation network [3]. - The company successfully won the bid for the "Guan-Yue Canal Project Pre-Feasibility Study," which spans approximately 316 km [3]. - The low-altitude economy is recognized as a new productive force, with nearly 30 provinces incorporating its development into local government work reports or related policies [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Yingshi Network (688475), and sets a target price of 46.52 CNY [2][3]. Core Insights - Yingshi Network is positioned as a leader in the smart home industry, leveraging a dual business model of hardware products and cloud services. The short-term outlook is supported by sustainable expansion of smart home hardware categories, while the long-term perspective focuses on continuous cash flow from cloud services [3][8]. Summary by Sections 1. Investment Story - Yingshi Network, spun off from Hikvision, focuses on consumer-end security hardware, primarily smart home cameras, and is expanding into smart locks and other hardware categories. The company aims to evolve into a platform-based business with a strong foundation in visual technology [19]. 2. Business Overview - The company employs a "2+5+N" strategy, where "2" refers to AI technology and Yingshi Cloud, "5" represents five major self-developed hardware categories, and "N" symbolizes the interconnected ecosystem of smart devices [8]. 3. Financial Performance - Revenue for 2024-2026 is projected to grow from 55.07 billion CNY to 72.16 billion CNY, with a year-on-year growth of 13.79%, 14.43%, and 14.51% respectively. Net profit attributable to shareholders is expected to increase from 5.64 billion CNY to 9.03 billion CNY during the same period [29][30]. 4. Short-term and Long-term Outlook - In the short term, the company anticipates a network effect from the expansion of new hardware categories, while the long-term focus is on establishing a sustainable cash flow through cloud services, which currently account for 20% of total revenue [8][27]. 5. Market Position and Competitive Advantage - Yingshi Network benefits from a well-established offline channel and after-sales service system, which enhances its ability to respond to fragmented market demands. The company is also making strides in overseas markets, particularly in Europe and Southeast Asia [8][19]. 6. Financial Projections - The report forecasts earnings per share (EPS) of 0.72 CNY, 0.89 CNY, and 1.15 CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 0.1%, 24.9%, and 28.2% [29][30].

股 票 研 究 证 券 研 究 报 告 次新板块回调，市场交易活跃度分化 本周新股发行信息 ——次新市场周报（ 年 月第 周） | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|-------------------------------| | | [table_Authors] 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 2024 11 2 \n王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 11 月第 2 周，次新板块随大盘回调，新股指数和近端次新股指数当周分别下跌 4.38% 和 1.89 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, consistent with the previous rating [6]. Core Viewpoints - Following the full implementation of policies in December, market investment strategies are expected to gradually focus on certainty, potentially leading to renewed investment opportunities in stable dividend leaders within the coal sector [6]. - The report highlights that after nearly two months of selling pressure on coal dividend leaders since the end of September, the current valuation and dividend yield of these leaders are becoming increasingly attractive [6]. - The report recommends key players such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, as well as integrated coal and electricity companies like Xinji Energy, which will benefit from Shaanxi's energy policies [6]. Summary by Sections 1. Thermal Coal Data Tracking: Price Decline and Inventory Increase - As of November 15, 2024, the price of Q5500 thermal coal at Huanghua Port is 847 CNY/ton, down 10 CNY/ton (-1.2%) from the previous week [14]. - The overall daily consumption of coal has increased as northern regions enter the heating season, with expectations of a peak demand period [6][14]. - Inventory levels at Qinhuangdao Port have risen to 6.93 million tons, an increase of 340,000 tons (5.2%) [37]. 2. Coking Coal Data Tracking: Domestic and Overseas Price Declines - The price of main coking coal at Jingtang Port remains stable at 1,640 CNY/ton as of November 15, 2024 [51]. - Domestic coking coal prices have generally decreased, with the price of Inner Mongolia's main coking coal dropping by 70 CNY/ton (-4.5%) [57]. - The Australian coking coal price has decreased to 220 USD/ton, down 1 USD/ton (-0.2%) [62]. 3. Market Overview - The report notes that the coal sector has outperformed the broader market recently, indicating a positive trend for coal stocks [8]. - The anticipated policy adjustments and economic recovery are expected to be gradual, with significant reliance on the effectiveness of policy implementation [6]. - The report emphasizes the importance of maintaining a neutral stance on policies while gradually considering investment certainties [6].

Investment Rating - The report rates the food and beverage industry as "Overweight" [2] Core Insights - The Double Eleven sales exceeded expectations, with a total online sales of 1,441.8 billion RMB, a year-on-year increase of 26.6%. The retail sales of consumer goods in October reached 4,539.6 billion RMB, growing by 4.8% year-on-year, indicating a recovery in consumer demand [3][8] - The report highlights that while the liquor sector is experiencing a downward trend, expectations have been sufficiently reflected in the market, showcasing a valuation advantage for certain stocks [4][11] - The snack, seasoning, and dairy product sectors are showing marginal improvements, with significant performance noted during the Double Eleven sales [4][19] Summary by Sections 1. Double Eleven Exceeds Expectations and October Retail Improvement - The total online sales during Double Eleven reached 1,441.8 billion RMB, a 26.6% increase year-on-year. The retail sales of consumer goods in October were 4,539.6 billion RMB, with a year-on-year growth of 4.8% [8] - Food categories saw a 10.1% increase, while beverage sales slightly declined by 0.9% [8] 2. Liquor: Gradual Adjustment with Sufficient Expectations - The liquor industry is focusing on stabilizing prices and reducing inventory. Major brands like Moutai and Wuliangye are adjusting their channel strategies to optimize market conditions [9][10] - The report anticipates that the liquor sector will continue to adjust through 2025, with a focus on maintaining market share and improving product structures [10][11] 3. Consumer Goods: Snack and Dairy Product Marginal Improvements - The snack sector is expected to see improved performance, with brands like Three Squirrels and Qiaqia Foods highlighted as key players [4][19] - Dairy product leaders such as Yili and Mengniu are showing signs of recovery, with inventory levels improving significantly [19] 4. Investment Recommendations - The report suggests focusing on undervalued growth stocks in the liquor sector, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao. For snacks, Three Squirrels and Qiaqia Foods are recommended, while for seasonings, Hai Tian and Zhongju High-tech are advised for increased holdings [4][23]

Industry Investment Rating - The report maintains an **Overweight** rating for the construction engineering industry, consistent with the previous rating [2] Core Views - The report highlights the importance of **state-owned enterprise (SOE) reforms** and **Belt and Road initiatives**, recommending key companies such as China Communications Construction, China Energy Engineering, and China Railway Construction [2] - The **market value management** of SOEs is emphasized, with specific focus on improving operational efficiency and profitability through mergers, equity incentives, and share buybacks [3] - The **Belt and Road initiative** continues to drive infrastructure projects globally, with significant progress in Latin America and Europe, particularly through projects like the Qiankai Port in Peru and the China-Europe Railway Express [5] - The **real estate market** is showing signs of stabilization, with policies aimed at reducing taxes and expanding urban renewal projects to nearly 300 cities [6] Key Company Recommendations State-Owned Enterprises (SOEs) - **China Communications Construction (CCC)**: Recommended for its strong performance in infrastructure projects, with a dividend yield of 2.67% and a PB ratio of 0.63 [8] - **China Railway Construction (CRCC)**: Highlighted for its high dividend yield of 3.74% and a PB ratio of 0.49, making it a key player in the infrastructure sector [8] - **China State Construction Engineering (CSCEC)**: Noted for its robust order book, with a dividend yield of 4.49% and a PB ratio of 0.56, particularly strong in real estate development [8] Belt and Road Initiative - **China Railway Group (CREC)**: Actively involved in Belt and Road projects, including the Qiankai Tunnel in Peru, with a dividend yield of 3.20% and a PB ratio of 0.55 [5] - **China Energy Engineering (CEE)**: Recommended for its role in energy and infrastructure projects under the Belt and Road initiative, with a dividend yield of 1.08% and a PB ratio of 0.97 [8] Real Estate and Urban Renewal - **Anhui Construction Engineering Group**: Highlighted for its high dividend yield of 5.30% and involvement in urban renewal projects [6] - **Jiangsu Provincial Construction Group**: Recommended for its strong performance in real estate development, with a dividend yield of 6.00% [6] Sector-Specific Recommendations Infrastructure and Energy - **China Power Construction (PowerChina)**: Recommended for its dominant position in hydropower and pumped storage projects, with a dividend yield of 2.35% and a PB ratio of 0.74 [8] - **China Metallurgical Group (MCC)**: Noted for its involvement in mining and infrastructure projects, with a dividend yield of 2.13% and a PB ratio of 0.69 [10] Urban Development and Smart Cities - **Tunnel Co Ltd**: Recommended for its expertise in urban infrastructure and smart city projects, with a dividend yield of 4.80% and a PB ratio of 0.73 [8] - **Huashi Group**: Highlighted for its role in smart city and AI-driven infrastructure projects, with a dividend yield of 3.57% and a PB ratio of 1.19 [8] Financial Metrics and Valuation - The report provides detailed financial metrics for key companies, including **dividend yields**, **PB ratios**, and **PE ratios**, with a focus on companies with low PB ratios and high dividend yields, such as **China Railway Construction (PB 0.49)** and **China State Construction Engineering (PB 0.56)** [8][10] - Companies like **China Communications Construction** and **China Railway Group** are highlighted for their strong order books and potential for valuation re-rating due to improved cash flows and asset quality [8][10]

Investment Rating - The report maintains an "Overweight" rating for the investment banking and brokerage industry [1] Core Insights - The release of the new market value management guidelines by the China Securities Regulatory Commission (CSRC) is expected to enhance market liquidity and investor expectations regarding share buybacks by listed companies [4][5] - The guidelines optimize the scope, requirements, and penalties for companies engaged in market value management, removing the mandatory nature of share buyback mechanisms [5] Summary by Sections New Guidelines Overview - On November 15, the CSRC published the "Guidelines for Market Value Management of Listed Companies" to implement the new "National Nine Articles" [5] - The guidelines have been refined based on feedback since the draft was released, focusing on responsibilities of directors and executives, disclosure requirements, and execution of valuation enhancement plans [5] Key Changes in Guidelines - The scope of companies subject to market value management has been expanded to include companies in the CSI A500 and the mid-cap 200 index of the ChiNext, with less stringent disclosure requirements [5][9] - Long-term undervalued companies are now defined as those whose stock prices are below their audited net asset value for 12 consecutive months, with specific disclosure requirements for those with a price-to-book ratio below the industry average [5][12] - The guidelines encourage, rather than mandate, the establishment of share buyback mechanisms in company charters or internal documents [5][9] Market Impact - The new regulations are anticipated to boost investor confidence in share buybacks, leading to an increase in the number of companies implementing such measures [5] - The brokerage sector is expected to benefit from improved market liquidity, with specific stock recommendations including China Galaxy and CITIC Securities [5][14] Valuation Metrics - As of November 15, the brokerage sector's price-to-book (PB) ratio stands at 101%, indicating potential for growth compared to historical highs of 125% in 2020 and 217% in 2014 [5][11]

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil transportation sectors [5]. Core Insights - The aviation sector is expected to see significant reduction in losses during Q4 due to falling oil prices and rising ticket prices, with a recovery in supply and demand anticipated to drive profitability upwards [6]. - The oil transportation sector is influenced by trade rhythms affecting short-term freight rates, with a positive outlook on supply and demand dynamics [6]. Summary by Relevant Sections Aviation - Recent declines in oil prices and increases in ticket prices are projected to lead to a substantial reduction in losses during Q4 compared to the previous year. The international flight capacity is being increased to absorb demand, and domestic business travel is showing signs of improvement [6]. - The Q3 earnings of the aviation sector exceeded 2019 levels, with a 14% year-on-year decline in net profit for A-share airlines, yet still surpassing Q3 2019 figures. Revenue grew by 5% year-on-year, indicating sustained demand for air travel [6][20]. - Major airlines such as Air China, Juneyao Airlines, and China Southern Airlines are recommended for "Overweight" ratings due to their expected performance in the upcoming quarters [6]. Oil Transportation - The oil transportation market is experiencing short-term fluctuations in freight rates driven by trade patterns. The report suggests monitoring for opportunities to invest against the trend [6]. - The report highlights that the supply of oil tankers remains rigid, with new orders being limited, which is expected to support steady growth in oil transportation demand [6]. - Companies like China Merchants Energy, COSCO Shipping Energy, and China Merchants Industry are also rated as "Overweight" due to their favorable positioning in the market [6].