Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [17]. Core Insights - The report highlights Tesla's recent "We, Robot" event, showcasing the Cybercab Robotaxi and Robovan, with a focus on the future commercial model and timeline for Robotaxi deployment [9][10]. - The Cybercab is expected to be produced at a cost below $30,000, with a projected operational cost of approximately $0.2 per mile, significantly lower than the current average of $1 per mile for ride-hailing services in North America [10][11]. - The report emphasizes the importance of the upcoming Model 2, a more affordable vehicle aimed at increasing market share and driving growth [13][14]. Summary by Sections 1. Tesla's "We, Robot" Event Overview - The event featured the introduction of the Cybercab and Robovan, along with plans for unsupervised Full Self-Driving (FSD) capabilities [9][10]. - The Cybercab is a small two-door vehicle designed without a steering wheel or pedals, set for mass production between 2026 and 2027 [10][11]. 1.1 Cybercab and Robovan Launch - The Cybercab will utilize AI5 hardware and support wireless charging, with a production cost under $30,000 [10]. - The Robovan, designed for both passenger and cargo transport, will have an operational cost of 5-10 cents per mile [11]. 1.2 Future Considerations - The report calls for more details on the Robotaxi business model and the anticipated launch of the Model 2, which is crucial for Tesla's growth strategy [13][14]. - The FSD platform is set to undergo significant upgrades, with the AI5 hardware expected to enhance performance dramatically [14]. 1.3 Investment Opinion Analysis - The report identifies potential investment opportunities in companies involved in autonomous driving and Tesla's supply chain, including Desay SV, Hongsoft Technology, and Luxshare Precision [15].

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [2][4]. Core Insights - The report highlights significant advancements in Tesla's Robotaxi, specifically the "CyberCab," which is expected to be produced by 2026 at a cost below $30,000 per unit, potentially increasing utilization rates by 5-10 times [4][7][10]. - The computer industry is anticipated to see accelerated recovery in Q3 2024, with a projected increase in net profit due to a favorable income-cost mismatch [19][21]. Summary by Sections Tesla Robotaxi Developments - Tesla's CyberCab was showcased with no steering wheel or pedals, aiming for full autonomous driving capabilities by 2026 [4][7]. - The operational cost of the CyberCab is projected to be around $0.2 per mile, with a significant focus on enhancing user experience through wireless charging [9][10]. Q3 2024 Computer Industry Outlook - The report forecasts a recovery in the computer industry's performance, with net profit growth expected to accelerate due to lower salary cost increases and a favorable revenue base from the previous year [19][21]. - Key companies such as Haiguang Information and Suocheng Technology are highlighted for their strong performance, with Haiguang Information expecting a revenue increase of 48%-61.3% year-on-year [21][22]. Key Company Updates - Haiguang Information's revenue and profit forecasts for Q3 2024 significantly exceed market expectations, driven by increased demand for CPU products in various sectors [21]. - Suocheng Technology's acquisition of European electromagnetic simulation software source code is expected to enhance its product offerings and market position [22].

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the electronic sector [3][19]. Core Insights - Tesla has launched two new models, Cybercab and Robovan, with plans for mass production by 2026-2027. The Cybercab is expected to have a cost below $30,000 and operational costs as low as $0.2 per mile [9]. - ByteDance has released its first AI earphone, OlaFriend, which integrates multiple AI functionalities and is designed for seamless interaction with the user's mobile app [11]. - The report highlights significant growth in the AI and semiconductor sectors, with companies like North Huachuang and Zhongke Feicai being recommended for investment [3][9]. Summary by Sections Weekly Market Review - From October 8 to October 11, the A-share electronic index showed minimal fluctuation, with the Shanghai Composite Index down 3.56% and the Shenzhen Composite Index down 4.80%. The Philadelphia Semiconductor Index increased by 2.48% [7][8]. - Notable stock performances included Kema Technology up 55.69% and Guomin Technology up 42.59% [7][8]. Tesla's New Models - Tesla's Cybercab features no steering wheel or pedals, with a projected production cost under $30,000 and operational costs significantly lower than current ride-sharing averages [9]. - The Robovan is designed to carry up to 20 passengers or transport goods, with operational costs estimated at 5-10 cents per mile [9]. ByteDance's AI Earphone - The OlaFriend earphone weighs only 6.6 grams and allows users to interact with the app without needing to use their phones [11]. - The report notes that the global personal smart audio market reached 110 million units in Q2 2024, with a year-on-year growth of 10.6% [12]. Important Developments - Huawei has launched a developer incentive program for HarmonyOS applications, while Apple is shifting away from its annual product update cycle [13]. - AMD announced its next-generation GPU acceleration card, which will utilize a 3nm architecture [13]. Investment Recommendations - The report suggests investments in semiconductor equipment companies such as North Huachuang and Zhongke Feicai, as well as in the AI chip and server supply chain [3][9]. - Key companies in the semiconductor midstream include SMIC and Huahong Technology, while IC design firms like Demingli and Jiangbolong are also highlighted [3].

产 业 行 业 及 交通运输 行 业 研 究/ 行 业 点 评 - 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王易 A0230123050001 wangyi@swsresearch.com 刘衣云 A0230122100009 liuyy@swsresearch.com 王晨鉴 A0230123030001 wangcj@swsresearch.com 范晨轩 A0230123070006 fancx@swsresearch.com 联系人 刘衣云 (8621)23297818× liuyy@swsresearch.com 本研究报告仅通过邮件提供给 万得 使用。1 2024 年 10 月 12 日 推荐反内卷快递机会&高股息高速 铁路港口，关注油轮原油增产期权 看好 — ...

Investment Rating - The report maintains a "Positive" outlook on the metals and new materials industry, particularly favoring copper and aluminum for their quality growth potential [3][4]. Core Insights - The report highlights expectations for counter-cyclical fiscal policy adjustments, which are anticipated to strengthen demand for copper and aluminum. It emphasizes the limited new supply of copper and the ongoing growth in demand from the new energy sector, suggesting a long-term bullish trend for copper prices [5][4]. - The report also notes that the recent decline in metal prices is temporary, with expectations of recovery driven by seasonal demand and supply adjustments [5][4]. Weekly Market Review - The report provides a weekly market review indicating that the Shanghai Composite Index fell by 3.56%, while the non-ferrous metals index dropped by 6.24%, underperforming the CSI 300 Index by 2.98 percentage points. Year-to-date, the non-ferrous metals index has risen by 6.67%, still lagging behind the CSI 300 Index by 6.62 percentage points [4][10]. - Specific declines in metal prices include a 6.04% drop in copper and a 5.01% drop in aluminum compared to the previous week [11][4]. Price Changes - The report details price changes for various metals, noting a decrease in LME copper prices by 1.53% and aluminum prices by 0.77% week-on-week. Additionally, it highlights the price movements of lithium and cobalt, with battery-grade lithium carbonate increasing by 2.60% [4][14]. - The report also mentions that the domestic price of copper fell by 1.95%, while aluminum saw a slight increase of 1.57% [14][4]. Supply and Demand Analysis - The report discusses supply constraints for copper, with expectations of limited new supply from global copper mines in 2024-2025. It also highlights the ongoing demand growth from the new energy sector, which is expected to support copper prices in the long run [5][4]. - For aluminum, the report anticipates that domestic production will peak in 2024, with slow overseas capacity additions, further supporting price stability [5][4]. Company Recommendations - The report recommends several companies based on their supply-demand dynamics, including Zijin Mining, Luoyang Molybdenum, and China Aluminum, among others, for their potential to benefit from the expected market conditions [5][4]. - It also suggests investing in companies within the stable supply-demand framework of the new energy manufacturing sector, such as Huafeng Aluminum and Baowu Magnesium [5][4].

Investment Rating - The report rates the commercial retail industry as "Positive" for investment [2]. Core Viewpoints - The report highlights stable domestic demand and emphasizes the resilience of e-commerce growth [2]. - It notes that retail sales in July and August 2024 showed a year-on-year growth of 2.7% and 2.1%, respectively, indicating a moderate growth trend [2]. - E-commerce penetration continues to rise, with online retail sales of physical goods achieving a growth rate of 8.1% and 4.1% in July and August 2024, respectively, outperforming overall retail sales growth [2]. Summary by Sections E-commerce Sector - Alibaba's GMV growth rate in Q3 2024 is expected to consolidate further, with logistics and payment ecosystems gradually integrating [2]. - JD.com is projected to maintain a high-quality growth trend, with a year-on-year revenue increase of 3.9% to 257.3 billion yuan in Q3 2024 [2]. - Meituan's core local business is expected to grow by 20% year-on-year in Q3 2024, reaching 91.7 billion yuan [2]. Jewelry Sector - Lao Feng Xiang is expected to achieve a revenue growth of 0%-5% year-on-year in Q3 2024, with profits projected to decline by 5% to 5% [2]. - Zhou Daxing is focusing on quality and efficiency, with revenue expected to decline by 5% to 5% in Q2 2024 [2]. - Cai Bai Co. anticipates a revenue increase of 5%-15% in Q3 2024, driven by strong demand for investment gold bars [2]. Supermarket and Department Store Sector - Yonghui Supermarket is expected to see a revenue decline of 5%-10% in Q3 2024 due to store closures, despite improvements from supply chain reforms [2]. - Chongqing Department Store is transitioning to a "fresh + discount" model, with a projected revenue decline of 3%-8% in Q3 2024 [2]. - Jia Jia Yue is expected to achieve a revenue growth of 0%-5% in Q3 2024, benefiting from successful snack store franchises [2]. Investment Recommendations - The report recommends focusing on e-commerce platforms like Alibaba, JD.com, Meituan, and Pinduoduo due to improving fundamentals and liquidity [2]. - In the jewelry sector, it suggests investing in resilient brands such as Lao Feng Xiang, Cai Bai Co., and Zhou Daxing [2]. - For supermarkets and department stores, it recommends Yonghui Supermarket, Chongqing Department Store, and Jia Jia Yue as they adapt to new business models and supply chain adjustments [2].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [3][6]. Core Insights - The report emphasizes the government's commitment to stabilizing the real estate market through a series of fiscal policies aimed at boosting demand and addressing debt risks [3][6]. - It highlights the introduction of significant debt limits to replace local government hidden debts, marking the most substantial support measure for debt resolution in recent years [3][6]. - The report notes that the government is exploring various policy tools to enhance fiscal counter-cyclical adjustments, including increasing the central government's borrowing capacity and deficit limits [3][6]. Summary by Sections Macroeconomic Analysis - The government plans to implement a comprehensive set of incremental policies to support economic growth and stabilize the real estate market [3][6]. - Measures include increasing residents' income and implementing new policies to stimulate consumption and effective demand [3][6]. - The report indicates a strong governmental push for the real estate market to stabilize, aligning with previous meetings' themes [3][6]. Real Estate Sector - The report discusses the acceleration of land and property acquisition processes through special bonds and reduced financing costs [3][6]. - It mentions the government's support for local governments to utilize special bonds for acquiring idle land and existing properties, which is expected to speed up the recovery process [3][6]. - The report also addresses the optimization of tax policies, including the potential cancellation of value-added tax and land value-added tax standards for ordinary and non-ordinary residential properties [3][6]. Investment Recommendations - The report recommends several companies based on their product strength and valuation recovery potential, including: - Strong product companies: Binhai Group, Poly Developments, China Merchants Shekou, and others [3][6]. - Valuation recovery companies: Jindi Group, New Town Holdings, and others [3][6]. - Second-hand housing intermediaries: I Love My Home, Beike [3][6]. - Property management firms: China Resources Vientiane, China Merchants Jinling, and others [3][6].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the internet media sector [3][4]. Core Insights - The report forecasts a profit growth rate exceeding 50% for Q3 2024, with notable companies like Bilibili (120%) and Shenzhou Taiyue (82%) leading the growth [3][4]. - The internet sector continues to focus on cost reduction and efficiency, with significant developments in short video monetization and overseas expansion in the toy sector [3][4]. - The gaming industry is expected to benefit from new product cycles, with several major titles launched recently, supporting future performance [3][4]. - The advertising market is projected to grow, particularly in short video and elevator advertising, despite overall consumer spending weakness [4]. - The education publishing sector is expected to maintain steady operations, although profit margins may decline due to changes in tax policies [4]. Summary by Category Internet and Toys - Key companies include Tencent Holdings, Alibaba, Cloud Music, Pop Mart, and Xindong Company, with a focus on Bilibili, Maoyan Entertainment, Kuaishou, NetEase, Tencent Music, iQIYI, Alibaba Pictures, and Yuedu Group [4][8]. Gaming - Notable companies are Shenzhou Taiyue, Jibite, Electric Soul Network, and Kayi Network, with attention on Sanqi Interactive Entertainment, Giant Network, and Yaoji Technology [4][8]. Advertising - Focus on Focus Media and Mango Super Media as key players in the advertising sector [4][8]. High Dividend State-owned Enterprises - Key companies include Changjiang Media, Zhongwen Media, Southern Media, Shandong Publishing, Central South Media, Phoenix Media, and New Media Shares [4][8]. Export Chain - Key companies are Focus Technology and Easy Point World [4][8]. Film and Television - Notable companies include Shanghai Film, China Ruyi, Bona Film Group, and Light Media [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [7][9]. Core Insights - In September 2024, the company reported a revenue of 4.012 billion yuan, a year-on-year increase of 5.12%. For Q3 2024, revenue reached 10.361 billion yuan, reflecting a 16% year-on-year growth [7][9]. - The company has initiated a restricted stock incentive plan, granting 9.4699 million shares to 381 core technical personnel, with a grant price of 17.70 yuan per share [8]. - The company continues to lead the PCB industry, being ranked as the largest PCB manufacturer globally for seven consecutive years [8]. Financial Performance Summary - Total revenue for 2023 was 32.066 billion yuan, with a projected increase to 35.259 billion yuan in 2024, representing a 10% year-on-year growth [7][10]. - The net profit attributable to the parent company is expected to rise from 3.287 billion yuan in 2023 to 4.002 billion yuan in 2024, marking a 21.7% increase [7][10]. - The company's gross margin is projected to improve from 18.0% in 2024H1 to 22.9% in 2024E [7][10]. Business Expansion and New Ventures - The company is actively expanding into emerging sectors, including automotive PCBs, AI servers, and low-orbit satellites, with significant investments in new product development [8][9]. - The company has completed the construction of a 150,000 square foot automotive battery board project and is now supplying battery manufacturers [8]. - The company is enhancing its overseas production capacity with projects in Thailand and Kaohsiung, aiming to strengthen its competitiveness in high-end HDI and SLP [9].

Investment Rating - The report rates the communication industry as "Positive" for investment, indicating an optimistic outlook for the sector in the upcoming quarters [2]. Core Insights - The communication industry is expected to experience significant growth driven by three main themes: integration of computing and networking, satellite communication advancements, and industry extensions [2][3]. - The performance of various sub-sectors is improving, with operators actively investing in computing power, benefiting from AI demand, and structural boosts in capital expenditures [3][4]. - Key companies are projected to see substantial profit growth, with some expected to achieve over 50% year-on-year increases in net profit for Q3 2024 [2][7]. Summary by Relevant Sections Computing and Networking Integration - AI continues to contribute to the growth of the communication network industry, with rising domestic and overseas demand for cloud investments [2]. - Operators are expected to maintain steady growth in computing power construction, with high dividend yields enhancing their investment appeal [3]. Satellite Communication - The industry is witnessing intensive catalysts, with significant advancements in satellite communication technologies, including direct satellite connections that are likely to drive growth in antennas, RF chips, and inter-satellite communication [2][3]. Industry Extensions - Various sectors such as controllers, Beidou positioning, IoT, and submarine cables are showing improved market conditions, with notable breakthroughs in overseas markets [2][3]. - The demand for high-precision positioning is stable, with policies supporting growth, while the automotive sector's performance is under observation for further developments [3]. Key Company Performance Predictions - Companies like NewEase (projected +410%), Zhenyou Technology (+245%), and Lexin Technology (+210%) are expected to see significant profit increases [2][7]. - Other companies such as Electric Connection Technology (+39%) and Topband (+35%) are also forecasted to experience robust growth [2][7]. Notable Companies and Their Prospects - China Mobile is focusing on AI computing networks, with a capital expenditure structure leaning towards computing and networking investments [4]. - Zhongji Xuchuang is leading in optical modules, benefiting from AI demand, while NewEase and Tianfu Communication are also positioned for strong growth in the optical communication sector [4][5]. - Companies like Weifeng Electronics and Yiyuan Communication are expected to capitalize on the recovery in demand for connectors and IoT modules, respectively [5][6].