%% %% 丨证券研究报告丨 行业研究丨专题报告丨基础化工 [Table_Title] 化工专题：哪些公司货币资金与市值比靠前？ | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 一般来说，企业保留大额现金，未来资金可能的去向包括继续保留，偿还负债，实现分红或回 | | | 购注销，或并购项目，或实现扩产等。关注后续这些公司的资金流向，不同的资金使用将带来 不同的机会：高比例分红，属高股息类投资机会；主业扩张，若未来主业景气修复，公司大量 | | | 资金在手，或可抢占先机；并购重组，需根据并购方向观察对公司的影响，或产业协同，或实 现转型，重视转型的机会；转型升级，布局新赛道，充裕的货币资金可支持公司在新赛 ...

Investment Rating - The report gives a "Buy" rating for Suzhou Bank (002966 SZ) with a 2024 PB valuation of 0 69X [2][4] Core Views - Suzhou Bank is steadily moving towards its "Trillion Suzhou Bank" goal under its new three-year strategy starting in 2024 with accelerated expansion in non-local markets [2][4] - The bank has clear growth potential in credit scale with short-term focus on corporate loans and long-term emphasis on retail loans [2][4] - It maintains a robust risk preference and excellent asset quality with a non-performing loan (NPL) ratio of 0 84% as of September 2024 [7] - The bank's management has shown strong commitment through two rounds of share purchases totaling over 7 75 million yuan and maintains a stable dividend payout ratio of around 30% [2][4] Strategic Expansion - Suzhou Bank aims to achieve a total asset size of 1 trillion yuan by 2026 or 2027 with an annualized compound growth rate of 18 4% or 13 5% respectively [4][38] - The bank is expanding its presence across Jiangsu Province with the approval of its Xuzhou branch in May 2024 bringing its total branches to 182 [38][39] - Non-local loans now account for over 40% of total loans with a 19% growth in non-local loans as of June 2024 [4][38] Credit Growth and Asset Quality - Corporate loans including bills accounted for 72% of total loans as of September 2024 with significant growth in infrastructure and government-related loans [5] - Retail loans decreased by 5 5% in the first three quarters of 2024 due to risk control measures particularly in personal business loans [5] - The bank's NPL ratio remained stable at 0 84% as of September 2024 with a low net NPL formation rate of 0 59% [7] - Asset quality is stringent with no gap between Stage 3 loans and NPLs and minimal Stage 3 financial investments [7][28] Profitability and Valuation - The net interest margin (NIM) was 1 41% in the first three quarters of 2024 reflecting a conservative risk preference [6] - The bank's 2024 expected dividend yield is 5 33% with a stable dividend payout ratio of around 30% [2][4] - The report forecasts a 2024 PB valuation of 0 69X and a PE valuation of 6 0X based on the closing price on November 29 2024 [8][109] Regional Economic Advantages - Suzhou Bank benefits from the strong economic foundation of Suzhou City which ranks sixth in GDP nationally and has a robust manufacturing sector [48][49] - The bank's loan market share in Suzhou is approximately 3 5% with potential for growth as the bank expands its asset size and capacity to undertake large projects [43][48]

%% %% 丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 百强地产销售景气维持，玻纤价格计划提涨 ——建材周专题 2024W46 | --- | --- | --- | |----------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 百强地产销售景气维持 | | | | 玻纤价格计划提涨 | | | | | | | | 基本面：水泥出货季节性下行，玻璃库存延续上升 | | | | 政策底部转向，建材如何配置？ | | | 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 相关研究 [Table_Title 百强地产销售景气维持，玻纤价格计划提涨 2] ——建材周专题 2024W ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2024 年 11 月销量点评：11 月单月销量 再破 50 万辆，环比提升再创新高 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 比亚迪发布 11 月产销。公司 11 月整体销量 50.7 万辆，同比 +67.9% ，环比 +0.8% ，乘用车销 | | | 量 50.4 万辆，同比增长 67.2% ，环比增长 0.7% 。分类型来看， 11 月纯电销量 19.8 万辆，同 比增长 16.4% ，环比增长 4.5% ，混动销 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 2024 年 11 月销量点评：单月销量首 破 3 万辆，连续 3 个月创历史新高 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 小鹏汽车发布 2024 年 11 月销量。 11 月公司共交付新车 30895 台，同比增长 54.2% ，环比增 | | | 长 29.2% 。 2024 年 1-11 月，公司累计交付新车共 15.3 万台，同比增长 26.2% 。智能驾驶持续 | | | 领先，随着渠道变革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。 MONA | | | M03 和 P7+ 开启公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利 | | | ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车 11 月销量点评：月交付突破 4 万辆持 续创新高，提前完成全年 25 万辆交付目标 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 零跑汽车 11 月交付突破 4 万辆创历史新高，同比增长 117.0% ，环比增长 5.2% 。展望未来， | | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 零跑汽车（9863.HK） cjzqdt11111 2024-12-03 港股研究丨公司点评 [Table_BaseDat ...

Investment Rating - The report maintains a "Buy" rating for Lens Technology (300433 SZ) [5] Core Viewpoints - Lens Technology, as a leading Apple supply chain company for exterior components, is expected to benefit significantly from the recent consumer electronics subsidy policies in Jiangsu Province, which could boost sales of high-end smartphones like the iPhone [2][5] - The upcoming release of iOS 18 2 in early December, along with the introduction of more Apple Intelligence features, is anticipated to further enhance iPhone sales, particularly in China [2][5] - Historical data shows that subsidy policies, such as those implemented during 2007-2013 for home appliances, have significantly boosted sales, with products like air conditioners and TVs experiencing a CAGR of 16 03% and 5 98% respectively during that period [5] - The combination of consumer electronics subsidies and the rollout of Apple Intelligence features is expected to improve iPhone sales in China, which have been under pressure due to limited innovation and high prices [6] - Lens Technology is positioned to benefit from the upcoming innovation cycle in smartphones, particularly with the expected release of iPhone 17, which will drive upgrades in various components such as frames, glass, cooling systems, and batteries [7] Financial Projections - Lens Technology is projected to achieve net profits attributable to the parent company of 4 121 billion yuan, 6 024 billion yuan, and 8 263 billion yuan for the years 2024, 2025, and 2026 respectively [7] - The company's revenue is expected to grow from 54 491 billion yuan in 2024 to 107 889 billion yuan in 2026, with gross margins improving from 17% to 19% over the same period [16] - Operating cash flow is forecasted to increase from 9 300 billion yuan in 2024 to 15 995 billion yuan in 2026, reflecting strong cash generation capabilities [16] Market Performance - The current stock price of Lens Technology is 20 65 yuan, with a 12-month high of 24 81 yuan and a low of 9 77 yuan [8] - The company's market performance over the past 12 months has shown significant volatility, with a notable increase in the latter half of 2024 [10] Industry Context - The consumer electronics industry is entering a new innovation cycle, with AI features and advancements in exterior components driving growth [7] - Lens Technology has diversified its business into new areas such as new energy vehicles, smartwatches, smart headsets, and smart payment systems, all of which are contributing to its growth momentum [7]

Investment Rating - The report maintains a **positive** investment rating for the construction sector, citing the potential for mergers and acquisitions (M&A) to drive growth [5] Core Viewpoints - M&A is highlighted as a critical tool for economic transformation and high-quality development, with recent policy support from both central and local governments [5][6] - The construction industry is entering a mature phase, with slowing growth in infrastructure investment and declining revenue and profits for construction companies [6] - Companies in the sector are seeking new growth opportunities through horizontal expansion or vertical integration, with M&A being a key strategy [6] Policy Support for M&A - Central policies, including the "New National Nine Articles" and the "Opinions on Deepening the Reform of the M&A Market for Listed Companies," aim to boost M&A activity [5] - Local governments, such as Shenzhen, Beijing, Shanghai, and Sichuan, have introduced policies to promote M&A, with specific targets for transaction volume and project numbers [6][21] Industry Challenges - Infrastructure investment growth is slowing, with historical data showing a downward trend, leading to potential pressure on new infrastructure projects [6] - Construction companies face revenue and profit declines, with Q1-Q3 2024 revenue down 5.23% YoY and net profit down 11.38% YoY [6] Potential M&A Targets - Companies under financial pressure or with limited growth prospects, such as those in the landscaping and decoration sectors, are likely candidates for M&A [7] - State-owned enterprises (SOEs) may use M&A to resolve internal competition and integrate similar businesses [7] - Companies in regions with strong policy support, such as Beijing, Shanghai, Shenzhen, and Sichuan, are expected to benefit from M&A activities [7] Market Performance - The construction sector underperformed in the past 12 months, with the Yangtze Construction Engineering Index rising only 0.87% compared to broader market indices [33] - Sub-sectors like chemical engineering and international engineering showed stronger performance, while construction decoration and steel structure sectors lagged [33] Valuation Metrics - The construction sector's PE (TTM) is 10.66x, and PB is 0.84x, ranking 29th among all industries [44] - Sub-sector valuations vary, with chemical engineering at 8.89x PE and landscaping at 118.52x PE [44] Key Data Updates - Fixed asset investment grew 3.4% YoY in October 2024, while manufacturing investment increased 10.0% [69] - Infrastructure investment saw mixed performance, with power, heat, and water supply sectors growing 19.6% YoY, while transportation and public facilities sectors grew more modestly [75] - Real estate development investment declined 11.3% YoY in October 2024, with sales area increasing 11.8% YoY [85] Construction Industry Data - Construction output in Q3 2024 reached 7.9 trillion yuan, up 4.1% YoY, with engineering output accounting for 7.0 trillion yuan [98] - New orders in Q3 2024 totaled 7.4 trillion yuan, down 7.3% YoY, while total orders on hand reached 61.0 trillion yuan, up 1.8% YoY [119]

%% %% 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 从智谱发布会看 AI Agent 应用落地 2024 年第 48 计算机行业周报 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 计算机板块触底反弹，整体上涨 4.39% 。在长江一级行业中排名第 5 位，两市成交额占比为 | | | 13.00% ，金融 IT 、 AI 相关标的表现活跃。上周国家税务总局发布《关于推广应用全面数字化 | | | 电子发票的公告》；中共中央办公厅、国务院办公厅印发了《有效降低全社会物流成本行动方 | | | 案》； 11 月 29 日 -30 日，"量子飞跃，未来可期"为主题的 2024 量子科技和产业大会在安徽省 合 ...

%% %% 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 有效降低全社会物流成本，挖掘低空、智驾落地 新场景 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 近日，中共中央办公厅、国务院办公厅印发了《有效降低全社会物流成本行动方案》，并发出通 | | | 知，要求各地区各部门结合实际认真贯彻落实。当前时点，低空经济、无人驾驶等新技术正快 | | | 速的在物流等不同场景落地，并成为降本增效的重要途径。随着技术的不断成熟，低空经济及 无人驾驶全产业链有望进入快速发展阶段。建议关注低空经济及无人驾驶全产业链，重点关注 | | | 航空信息化及空管领域的相关标的，及智驾解决方案提供商。 ...