Investment Rating - The report maintains a "Buy" rating for several companies in the communication sector, including Tianfu Communication, Hongrid, China Mobile, China Telecom, and Chunzong Technology [1][6]. Core Insights - The report highlights the frequent issuance of low-altitude economy policies, indicating a strong outlook for related industry investment opportunities. The low-altitude economy is projected to exceed 1 trillion yuan by 2026, reaching 10,644.6 million yuan [2][16]. - The official release of the native HarmonyOS marks a significant acceleration in the localization of operating systems, enhancing Huawei's competitive position against Android and iOS [3][17]. Summary by Sections 1. Industry Insights - The low-altitude economy is gaining traction with nearly 30 provinces incorporating its development into local government work reports. The Ministry of Industry and Information Technology (MIIT) is actively promoting the establishment of integrated low-altitude economic networks [2][16]. - The native HarmonyOS NEXT has been launched, achieving full self-research of the system's foundation, significantly improving performance and security features, and marking a step towards a fully controllable domestic operating system [3][17]. 2. Weekly Strategy Overview - The report emphasizes the potential of the low-altitude economy, driven by 5G-A technology upgrades that lower connection and economic costs while expanding application scenarios. The demand for flying cars and the domestic eVTOL market is expected to grow [3][26]. - The HarmonyOS NEXT integrates AI capabilities, enhancing user experience and security through a new architecture that protects user privacy [18][29]. 3. Market Dynamics - The communication sector index rose by 3.03% in the week of October 21-25, 2024, outperforming the CSI 300 index by 2.24 percentage points [11][34]. - The report suggests a focus on various companies across different segments, including telecommunications operators, main equipment manufacturers, and satellite internet providers, indicating a broad investment landscape [19][20].

Investment Rating - The report maintains a positive outlook on the semiconductor industry, emphasizing strong demand driven by AI and consumer electronics [3][5][6]. Core Insights - The semiconductor market is expected to grow significantly, with a projected year-on-year increase of 12% in 2024, driven by AI applications and consumer electronics [3][5][6]. - The report highlights a recovery in inventory levels, with a forecasted decrease in inventory days from 134 days in Q2 2024 to approximately 124 days in Q3 2024 [4][24]. - The demand for AI-related products is set to accelerate, particularly in smartphones and PCs, with significant upgrades expected in processing power and memory requirements [5][6][22]. Demand Side Summary - Global smartphone shipments are projected to increase by 4% year-on-year and 11% quarter-on-quarter in Q3 2024, driven by Apple and other major brands [3][34][47]. - The PC market is also showing signs of recovery, with a 6% quarter-on-quarter increase in shipments for Q3 2024, although year-on-year growth remains flat [38][48]. - The server market is expected to see a 10% year-on-year increase in shipments for Q3 2024, supported by rising capital expenditures from major cloud service providers [42][49]. Supply Side Summary - The utilization rate of wafer fabs is expected to rise to over 85% by the end of 2024, reflecting strong demand from advanced processes and localized production [4][51]. - The report anticipates a 5-7% increase in 300mm wafer shipments in Q3 2024, indicating a recovery in supply [4][5]. - DRAM equipment sales are projected to grow by 24% year-on-year, highlighting robust demand in the semiconductor equipment sector [4][5]. Price Trends Summary - The semiconductor price index is expected to rise by 2% quarter-on-quarter in Q3 2024, with various segments experiencing price fluctuations [5][6]. - The report notes that while DRAM prices are expected to increase, NAND contract prices may see a decline of 3-8% in Q4 2024 due to cautious customer orders [5][6]. Market Outlook Summary - The global semiconductor market is projected to reach approximately $611 billion in 2024, with significant growth in memory and AI-related sectors [29][31]. - The report emphasizes the importance of AI in driving innovation and demand across various segments, marking a pivotal moment in the semiconductor industry [21][22].

Investment Rating - The report maintains a "stronger than market" rating for the building materials sector [3] Core Insights - The recent reduction in LPR (Loan Prime Rate) will lower housing costs, with the 1-year LPR at 3.10% and the 5-year LPR at 3.60%, both down by 25 basis points [1][40] - The adjustment in existing mortgage rates is expected to save borrowers approximately 150 billion yuan in interest payments, benefiting around 50 million households [2][40] - The report highlights a significant increase in property transaction volumes in major cities, with a total transaction area of 2.3564 million square meters, up 18.02% week-on-week [2][14] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.2%, while the building materials sector increased by 4.4% [3][16] - The sub-sectors of building materials, including glass and cement, showed positive growth, with glass prices increasing by 8.5% [3][16] Key Data Tracking - National cement prices increased by 1.1% week-on-week and 12.1% month-on-month, with a year-on-year increase of 19.5% [6][21] - The average price of flat glass decreased by 1.4% week-on-week but increased by 0.9% month-on-month [27][30] Investment Recommendations - The report suggests focusing on growth-oriented consumer building material companies such as Sanke Tree, Weixing New Materials, and Dongpeng Holdings [3][8] - It also recommends monitoring leading cement companies like Conch Cement and Huaxin Cement due to regional price increases [3][8]

证券研究报告 | 公司动态点评 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------|-----------|-------|-------|----------|-------------------------------------------|-----------| | | | | | | | | | | 兆易创新（ 24Q3 | 扣非归母净利润环比 | 603986.SH | +5% | ） | ，利基型 | DRAM 业务加速成长 | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 8,130 | 5,761 | 7,435 | 9,333 | 11,062 | | | | 增长率 yoy （ % ） | -4.5 | -29.1 | 29.1 | 25.5 | 18.5 | 股票信息 | | | 归母净利润（百万元） | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [9]. Core Views - The company demonstrated strong earnings resilience in Q3 2024, with revenue reaching 9.225 billion and a year-on-year growth of 27.5%. The net profit attributable to shareholders was 977 million, up 25.0% year-on-year [1]. - The report highlights the optimization of customer structure and the ramp-up of new projects as key drivers for future growth [1]. Financial Performance Summary - **Revenue**: The company achieved revenue of 35.09 billion in Q3 2024, with a year-on-year increase of 24.8% and a quarter-on-quarter increase of 6.2% [1]. - **Net Profit**: The net profit for Q3 2024 was 383 million, reflecting a year-on-year growth of 21.6% and a quarter-on-quarter growth of 9.0% [1]. - **Profit Margins**: The gross margin for Q3 2024 was 19.9%, with a slight decline compared to previous periods, while the net profit margin was 10.9% [1]. Future Projections - The company is projected to achieve revenues of 131.7 billion, 162.9 billion, and 197.2 billion for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 14.2 billion, 17.9 billion, and 22.6 billion [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 29.8 in 2024 to 18.7 in 2026, indicating improving valuation metrics [1]. Strategic Developments - The company is expanding its global customer base, transitioning from traditional automakers to new energy vehicle manufacturers and global car companies, with several projects set to launch from 2024 to 2026 [1]. - New product developments in smart automotive lighting and electronic technologies are underway, including innovations based on Micro LED and DMD technologies [1].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Medicine, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company achieved record high performance in Q3 2024, with total revenue reaching 7.113 billion yuan, a year-on-year increase of 21.04%, and net profit attributable to shareholders at 850 million yuan, up 181.96% [1][2]. - The growth momentum from Q2 2024 continues, driven by strong performance in the vitamin E and A segments, with both volume and price increases contributing to the results [2][4]. - The approval of the "Segmented Production Pilot Work Plan for Biological Products" by the National Medical Products Administration is expected to facilitate the approval process for the company's innovative drug ARX788, potentially driving long-term growth [6][7]. Financial Summary - For the first three quarters of 2024, the company reported a gross profit margin of 40.05%, an increase of 6.48 percentage points year-on-year [2]. - The net profit margin for the same period was 10.66%, up 7.58 percentage points from the previous year, primarily due to rising prices of vitamin E and A [2]. - The company’s cash flow from operating activities increased by 68.51% year-on-year, reaching 692 million yuan [3]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 10.213 billion yuan, 11.074 billion yuan, and 11.861 billion yuan, respectively, with corresponding net profits of 1.573 billion yuan, 1.705 billion yuan, and 1.770 billion yuan [7]. - The expected EPS for the same years is 1.63 yuan, 1.77 yuan, and 1.83 yuan, with current P/E ratios of 5.8X, 5.4X, and 5.2X [7]. Market Conditions - The vitamin E and A prices are expected to remain strong, with the domestic market prices for vitamin A and E significantly higher than the average prices in 2023 [4]. - The report highlights that there are no new players or production capacity expected in the short term, which is favorable for the company's performance in the vitamin segment [7].

Investment Rating - The overall investment rating for the automotive sector is "Outperform" [2] Core Insights - The automotive sector experienced a weekly increase of 2.42%, outperforming the CSI 300 index by 2.33 percentage points during the week of October 21-25 [8] - The retail sales of passenger vehicles in October are expected to reach 2.2 million units, reflecting a year-on-year growth of 8.2% and a month-on-month increase of 4.3% [5] - The price-to-earnings ratio (PE-TTM) for the automotive industry is 24.45, which has increased by 0.84 compared to the previous week [3][9] Summary by Sections Market Review - The automotive sector's performance included a 1.96% increase in the passenger vehicle segment, a 0.82% increase in the commercial vehicle segment, and a 2.43% increase in the automotive parts segment [8] - The overall performance of the automotive sector was better than the CSI 300 index, with significant gains in automotive services, which rose by 4.36% [8] Company and Industry Major Events - The report highlights significant quarterly earnings from various companies, including: - Precision Technology reported a revenue of 460 million yuan, down 17.52% year-on-year [21] - Shanghai Yanpu reported a revenue of 511 million yuan, up 28.28% year-on-year [22] - FAW Jiefang is planning to transfer its stake in FAW Finance to China First Automobile Group [21] New Vehicle Launches - The report includes a section on new vehicle launches, indicating ongoing innovation and product development within the automotive sector [6] Investment Recommendations - The report maintains a positive outlook on the automotive sector, suggesting continued investment opportunities in the context of rising sales and improving market conditions [6]

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for other companies like China Minmetals Energy and Sichuan Investment Energy [1][2]. Core Insights - The report highlights a continuous high growth in installed capacity, with the wind and solar sectors showing outstanding market performance [1][2]. - The overall public utility sector index increased by 0.79% during the week, underperforming compared to the Shanghai Composite Index [6][9]. - The report emphasizes the importance of monitoring performance expectations in the third quarter due to market style shifts affecting sector performance [2][20]. Summary by Sections 1. Market Performance - The public utility sector index's PE (TTM) stands at 17 times, unchanged from the previous week, while the PB is at 1.83 times, also stable [11][12]. - The sector's performance is ranked 26th among 31 sectors, with notable increases in wind (+4.91%) and solar (+6.49%) generation [6][9]. 2. Industry and Company Dynamics - The National Energy Administration reported that as of September 2024, the cumulative installed capacity for solar power reached approximately 770 million kilowatts, a year-on-year increase of 48.3% [20][21]. - The report notes that the cumulative average utilization of power generation equipment decreased by 106 hours compared to the previous year [20]. 3. Key Data Tracking - The average trading price of green certificates during the week was recorded at 2.08 yuan, with significant trading volumes in wind and solar energy certificates [1][20]. - The report tracks coal prices, with the closing price for Shanxi mixed coal (5500) at 853 yuan per ton [1][20].

证券研究报告 | 行业周报 2024 年 10 月 26 日 非银行金融 外部影响或进入倒计时，继续关注低估值非银金融板块-非银周观点 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|----------------------------------------------------------------------| | | | | | | | | | 市场受互换便利政策落地、汇率波动、美国降息预期幅度波动、北向资金波 | | 强于大市（维持评级） | | 动等影响，成交量有所放大，市场振幅加大，券商估值有望波动修复，要关 | | | | 注加征关税及美国大选对市场风偏的影响。我们多次强调，以券商为代表的 | 行业走势 | | | 非银金融仍相对低估，亦是市场维持稳定及进 ...

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