Investment Rating - The investment rating for the company is "Buy" with a target price of 7.31, maintaining the previous rating of "Buy" [4]. Core Views - The company's performance in the first three quarters of 2024 was below expectations, but the growth in its new energy investment and operation business is expected to support profits. The company is anticipated to benefit from the favorable conditions in the energy and power industry, achieving sustained and stable growth [7]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 425.7 billion, a year-on-year increase of 1.20%. The net profit attributable to the parent company was 8.8 billion, a decrease of 7.21% year-on-year. The operating cash flow was -46.9 billion, compared to -35.9 billion in the same period of 2023 [12][13]. - The company’s new contract signing in the first three quarters of 2024 reached 861.1 billion, a year-on-year increase of 5.42%, with energy and power orders growing by 19.68% [12][17]. Market Position - The company is a leading player in global hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China. It also dominates the pumped storage power station market, accounting for over 50% of the global market share in large and medium-sized water conservancy and hydropower construction [12][18]. Business Segments - In the first three quarters of 2024, the new contract amounts by business segment were as follows: Energy and Power at 518.39 billion (up 19.68%), Water Resources and Environment at 111.97 billion (down 10.07%), Urban Construction and Infrastructure at 198.50 billion (down 17.16%), and Other at 32.25 billion (up 64.99%) [17].

Investment Rating - The investment rating for China Energy Engineering Corporation (601868) is "Accumulate" with a target price of 2.96 CNY, maintaining the previous target price [3][4]. Core Views - The report indicates that the net profit for the first three quarters of 2024 increased by 17.28%, aligning with expectations, and the company is expected to benefit from the growth in new orders and the implementation of renewable energy projects [4]. - The controlling shareholder plans to increase their stake by 300 to 500 million CNY, reflecting confidence in the company's investment value [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 295.139 billion CNY, a growth of 3.44% year-on-year, with net profit attributable to shareholders reaching 3.604 billion CNY, an increase of 17.28% [4]. - The operating cash flow improved, with a net cash flow of -12.5 billion CNY compared to -14.7 billion CNY in the same period of 2023 [4]. - The expense ratio for the first three quarters was 8.31%, and the net profit margin was 1.22% [4]. Order Growth and Business Segments - New signed orders increased by 5.03% year-on-year, with traditional energy orders growing by 46.38% [4]. - The total new signed contracts for the first three quarters amounted to 941.5 billion CNY, with domestic orders at 718.2 billion CNY and international orders at 233.3 billion CNY [4][14]. - The engineering construction segment saw a slight increase of 0.69%, while industrial manufacturing surged by 128.79% [14]. Future Earnings Forecast - The report maintains earnings per share (EPS) forecasts for 2024-2026 at 0.21, 0.24, and 0.28 CNY, representing growth rates of 12%, 14%, and 13% respectively [4]. - The projected revenue for 2024 is 453.229 billion CNY, with a net profit forecast of 8.96 billion CNY, reflecting a growth of 12.2% [5][12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.36 CNY, up from the previous forecast of 10.86 CNY [3][5]. Core Views - The company's supermarket operations are performing well, and it is steadily advancing its new business layout, focusing on the "big and small reform" plan for stores, which is expected to further improve profitability [4][5]. - The company has adjusted its EPS forecasts for 2024, 2025, and 2026 to 0.32, 0.34, and 0.35 CNY respectively, up from previous estimates of 0.23, 0.24, and 0.25 CNY [5]. - The company achieved a revenue of 141.2 billion CNY in the first three quarters, representing a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 1.88 billion CNY, down 12.03% [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 47.65 billion CNY, a decrease of 0.49% year-on-year, and a net profit of 0.18 billion CNY, down 33.71% [5]. - The company’s gross margin for Q3 2024 was 22.65%, slightly down by 0.1 percentage points compared to H1 2024, with the gross margin for direct stores at 19.78%, an increase of 0.18 percentage points year-on-year [5]. Business Strategy - The company is focusing on the "big and small reform" of its stores, with 13 new direct stores and 30 new franchise stores opened in Q3 2024, while 36 stores were closed due to network optimization, bringing the total number of stores to 1,103 [5]. - The company is also expanding its new business formats, with 21 new snack stores added in Q3 2024 [5]. Market Position - The company’s stock has a 52-week price range of 7.49 to 14.55 CNY, with a total market capitalization of 7,086 million CNY [7]. - The company’s net asset value per share is 3.95 CNY, with a current price-to-book ratio of 2.8 [8].

Investment Rating - The report suggests a positive investment outlook for the textile machinery industry, driven by the shift of textile production to Southeast Asia and South Asia, and the recovery of overseas apparel consumption demand [1]. Core Insights - The textile industry is gradually transferring to regions like Southeast Asia and South Asia due to labor cost advantages, with countries like Vietnam and Cambodia taking on production capacity from other nations [1]. - The industrial sewing machine sector is entering an upward cycle, with improving export demand and a forecasted new growth phase in 2024 [3]. - Apparel consumption demand is stabilizing in China, while the U.S. market shows a recovering trend, with a notable increase in apparel exports from Vietnam [2]. Summary by Sections Industry Transition - The textile industry has a long history of migration from Europe and the U.S. to Asia and Latin America, with a current trend of moving from Japan and South Korea to China, and now to Southeast Asia, South Asia, and Central Asia [1]. - The shift is expected to lead to increased capital expenditure and demand for textile machinery [1]. Apparel Consumption and Exports - The U.S. apparel consumption is improving, with a year-on-year growth in sales since April 2024, while China's apparel industry is in a continuous inventory replenishment phase [2]. - Vietnam's apparel exports have shown significant growth, with a year-on-year increase of 15.86% in September 2024 [2]. Industrial Sewing Machine Sector - The industrial sewing machine industry has experienced three cycles since 2012, with the current cycle expected to be upward in 2024 [3]. - Export growth has been notable, particularly to South Asian and Southeast Asian countries, with significant year-on-year increases in exports to India (+26.4%), Vietnam (+68.3%), and Pakistan (+157.2%) for the first seven months of 2024 [3].

Investment Rating - The report suggests a positive investment outlook for domestic mining equipment companies, driven by increased overseas mining capital expenditure and the expansion of Chinese mining companies abroad [1]. Core Insights - Mining capital expenditure is entering an upward trend, with significant potential in Belt and Road Initiative countries. Major global mining companies, including BHP and Rio Tinto, have gradually increased their capital expenditures since 2018, reaching new highs in 2023. For instance, copper exploration capital expenditure grew by 12% year-on-year in 2023, totaling $3.12 billion, marking a ten-year high [1]. - Chinese mining companies are accelerating their overseas expansion, with leading firms like Zijin Mining, Minmetals, and Luoyang Aluminum actively pursuing resource expansion and strategic positioning globally. These companies are planning to increase capital expenditures to extend service life and enhance production [2]. - The global mining equipment market is projected to exceed $98 billion in 2024 and reach $135 billion by 2029, with a compound annual growth rate of approximately 5.12%. Domestic mining equipment companies are expected to accelerate their overseas market penetration, supported by government policies and technological advancements [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is focusing on its core business, optimizing product structure, and adjusting store layouts, which is expected to drive further development [2] - The company has raised its EPS forecasts for 2024, 2025, and 2026 to 0.44, 0.47, and 0.51 yuan respectively, up from previous estimates of 0.43, 0.46, and 0.50 yuan [3] - Due to short-term pressures from store adjustments and upgrades, the target price has been lowered to 6.80 yuan from 7.08 yuan, reflecting a valuation slightly below the industry average of 15.7x PE for 2024 [3] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 7.767 billion yuan, a year-on-year increase of 1.65%, and a net profit attributable to shareholders of 390 million yuan, a decrease of 4.21% [3] - In Q3 2024, revenue was 2.581 billion yuan, down 2.17%, and net profit attributable to shareholders was 123 million yuan, down 17.91% [3] - The company’s main business net profit for 2024 was 304 million yuan, representing a year-on-year growth of 1.21% [3] - The company’s total revenue projections for 2024, 2025, and 2026 are 10.568 billion yuan, 11.097 billion yuan, and 11.685 billion yuan respectively, with expected growth rates of 4.3%, 5.0%, and 5.3% [4] Strategic Developments - The company is actively adjusting its store layout based on urban planning and is focusing on optimizing its product structure and developing more proprietary products [3] - The entry of Sichuan Commerce Investment as a major shareholder is expected to enhance synergies in supply chain and product development [3] - The company is also working on integrating online and offline operations while divesting from non-performing assets, such as transferring a 20% stake in Gansu Hongqi to state-owned Limin for a symbolic price of 1 yuan [3]

Investment Rating - The report maintains a "Buy" rating for Sichuan Shuangma with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3]. Core Views - The acquisition of Shenzhen Jianyuan Medical Technology Co., Ltd. has progressed faster than expected, with the completion of the industrial and commercial change registration within 12 working days [3]. - The company aims to leverage its resources accumulated from its investments in the pharmaceutical sector to drive rapid development for Shenzhen Jianyuan, indicating promising future growth [3]. Summary by Sections Acquisition Progress - On October 21, the company announced its intention to acquire 92% of Shenzhen Jianyuan for 1.596 billion yuan, and by November 5, the registration procedures were completed [3]. - Shenzhen Jianyuan specializes in peptide raw materials and has shown significant profit growth, with operating profits of 89.99 million yuan in 2023 and 82.68 million yuan in the first half of 2024 [3]. Financial Projections - The report forecasts net profits for the parent company of 565 million yuan, 1.196 billion yuan, and 1.518 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.74, 1.57, and 1.99 yuan [3]. Market Data - The stock has a market capitalization of 13.269 billion yuan, with a 52-week price range of 10.20 to 19.98 yuan [4].

Investment Rating - The report maintains an "Overweight" rating for the shipping industry, consistent with the previous rating [1]. Core Insights - The oil shipping sector experienced a pressure test in Q3 2024, with A-share oil shipping companies performing slightly better than expected. The container shipping sector saw a decline in freight rates during the traditional peak season, yet still managed to achieve significant profitability [3][4]. Summary by Relevant Sections Oil Shipping - In Q3 2024, the oil shipping industry faced challenges, with a year-on-year decline of 2% in estimated crude oil shipping volume. The average TCE for VLCC routes from the Middle East to China dropped significantly to $28,000 per day, which is below the breakeven point. However, leading companies managed to secure better rates than the market indices, with 中远海能's performance declining by 11% year-on-year, while 招商轮船's performance decreased by 12% [5][6][7]. Product Oil Shipping - The product oil shipping segment maintained stable earnings in Q3 2024, with a slight year-on-year increase in shipping volume. The average TCE for MR routes from Singapore to Australia remained stable at $24,000 per day. 招商南油 reported a 21% year-on-year increase in performance, exceeding market expectations [5][6][7]. Container Shipping - The container shipping sector saw a loosening of load factors during the traditional peak season, leading to a significant drop in freight rates. Despite this, the average freight rates remained significantly higher than previous periods, resulting in substantial profitability for the industry. 中远海控 reported a remarkable increase in net profit for Q3 2024, reaching 21.3 billion yuan [5][6][7]. Future Outlook - The report emphasizes that the oil shipping market's short-term challenges do not undermine the resilience of traditional energy and the ongoing trend of refinery relocations. It anticipates continued demand growth driven by production increases, suggesting a positive outlook for the oil shipping sector. The report advises focusing on opportunities for reverse positioning in the market [5][6][7].

Investment Rating - The report maintains an "Accumulate" rating for Postal Savings Bank [2][3]. Core Views - Postal Savings Bank's Q3 2024 performance met expectations, with both revenue and net profit growth turning positive. The bank continues to benefit from its liability advantages and maintains superior asset quality compared to peers [2][8]. - The target price has been adjusted to 6.51 RMB, reflecting a valuation of 0.77 times PB for 2024, up from the previous target of 6.31 RMB [3][8]. Financial Performance Summary - For Q3 2024, the bank's revenue growth was 0.5% year-on-year, and net profit growth was 3.5%, both showing improvement from Q2. Net interest income grew by 0.7%, while net fee and commission income increased by 0.8%, marking the first positive growth since Q2 2023 [8][9]. - The bank's total assets reached 15,726,631 million RMB, with total loans at 8,148,893 million RMB and total deposits at 13,955,963 million RMB. The core Tier 1 capital adequacy ratio stood at 11.19% [5][9]. Asset Quality and Liabilities - As of Q3 2024, the non-performing loan (NPL) ratio was 0.86%, with a slight increase in the attention loan ratio to 0.91%. The bank's provision coverage ratio was 302%, indicating strong risk mitigation capabilities despite slight pressures on asset quality [8][9]. - The bank's liabilities grew by 9.1% year-on-year, with deposits increasing by 11.2%, significantly outperforming peers. The cost of interest-bearing liabilities decreased to 1.49%, down 2 basis points from the previous half-year [8][9].

Investment Rating - The report rates the construction materials industry as "Overweight" [5] Core Views - The report emphasizes that the cyclical recovery is approaching a key point, with the third quarter reports alleviating pessimistic expectations. It recommends leading companies in the building materials sector, particularly in cement [3][7] - The cement market has seen a significant price increase of 1.4% week-on-week, with regional variations in price adjustments. Despite a temporary decrease in demand due to adverse weather conditions, the overall price trend is expected to continue upward [4][9][22] - The glass and fiberglass sectors are highlighted for their strong demand resilience and competitive advantages, with recommendations for leading companies in these segments [8][23] Summary by Sections 1. Construction Materials Investment Strategy - The report indicates that the new policies for cement supply are expected to improve the fundamentals in Q4, with a strong likelihood of enhanced profitability. Leading companies such as Conch Cement and Huaxin Cement are recommended [7][8] 2. Cement Industry - National cement prices have increased significantly, with specific regions experiencing price hikes of 30-100 CNY/ton. However, some areas have seen price declines due to reduced demand [9][10] - The report notes that the cement industry is entering a seasonal production adjustment phase, with many companies planning to implement winter production restrictions starting November 1 [18][30] 3. Glass Industry - The average price of float glass has risen to 1328.63 CNY/ton, with a week-on-week increase of 75.70 CNY/ton. The report highlights the active trading atmosphere and regional price variations [22][24] - Recommendations include leading companies like Fuyao Glass and Xinyi Glass, which are expected to benefit from high dividends and global market expansion [22][24] 4. Fiberglass Industry - Fiberglass prices are currently weak, with electronic yarn markets showing stable sales. The report notes an increase in supply due to the resumption of production lines, which may pressure prices [23] - The report suggests that demand for high-end fiberglass products is expected to grow, benefiting companies like China Jushi and China National Materials [23]