Investment Rating - The report maintains a "Positive" outlook on the construction decoration industry [1]. Core Insights - The report highlights a marginal improvement in infrastructure investment in October, with a year-on-year growth of 3.4% in fixed asset investment and 4.3% in infrastructure investment (excluding electricity) [17][40]. - The introduction of market value management guidelines by the China Securities Regulatory Commission (CSRC) is expected to enhance the responsibilities of company boards and management, particularly for companies with long-term undervaluation [17][41]. - The report emphasizes the potential for increased government investment in the construction sector, particularly in the fourth quarter of 2024, driven by recent policy shifts [1][17]. Summary by Sections 1. Market Performance - The construction decoration sector experienced a weekly decline of 4.01%, underperforming compared to major indices such as the Shanghai Composite Index (-3.52%) and the Shenzhen Component Index (-3.7%) [5][7]. - The best-performing sub-industry was international engineering, which saw a weekly increase of 1.88% [7]. 2. Industry Changes - Key changes in the industry include the cancellation of the standard for ordinary residential properties, which allows for tax exemptions on sales after two years of ownership, and a reduction in the pre-collection rate for land value-added tax by 0.5 percentage points [17][31]. - The CSRC's new guidelines on market value management require listed companies to establish management systems and disclose valuation improvement plans for long-term undervalued companies [17][41]. 3. Company Updates - Major companies in the sector have secured significant contracts, such as the Design Institute winning a project worth 478 million yuan, representing 14.11% of its 2023 revenue [51]. - China Communications Construction Company won a project totaling 160 million yuan, accounting for 3.32% of its 2023 revenue [51]. 4. Trading Activity - The report notes recent large-scale transactions involving companies like ST Weihai and Zhonggong International, indicating active trading in the sector [13][16]. 5. Profit Forecasts and Valuation Levels - The report provides earnings per share (EPS) forecasts for key companies, with China Railway Group projected to have an EPS of 1.26 yuan for 2024, reflecting a price-to-earnings (P/E) ratio of 5.2 [62]. - China Railway Construction is expected to see a slight decline in net profit growth, with a forecasted decrease of 2% for 2024 [62]. 6. Macro Events - The report outlines upcoming macroeconomic events, including the early allocation of central government budget funds for urban housing projects, totaling 56.6 billion yuan [21]. - It also mentions local government initiatives to increase housing loan limits and support for mergers and acquisitions among listed companies [22][24].

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the industry compared to the overall market performance [3][11]. Core Insights - In October 2024, the total retail sales of consumer goods reached 4.5 trillion yuan, a year-on-year increase of 4.8%, exceeding market expectations [3]. - The online retail sales growth rate for the first ten months of 2024 was 8.8%, significantly higher than the overall retail sales growth rate [3]. - The implementation of consumption policies and the upcoming Double Eleven shopping festival are expected to further stimulate consumer demand [3]. Summary by Sections Retail Sales Performance - October retail sales showed a 4.8% year-on-year growth, with a month-on-month increase of 1.6 percentage points [3]. - Excluding automobiles, retail sales of consumer goods grew by 4.9% year-on-year [3]. - For the first ten months, total retail sales reached 39.9 trillion yuan, with a year-on-year growth of 3.5% [3]. Online Retail Trends - The online retail penetration rate reached 27.8% in October, up from 26.2% in the same month last year [3]. - In October, the online retail sales of physical goods amounted to 1.26 trillion yuan, a year-on-year increase of 11.27% [3]. Service Sector Growth - The service retail sales increased by 6.5% year-on-year, with a notable improvement in consumer willingness to spend [3]. - The national service industry production index rose by 6.3% year-on-year in October [3]. Consumer Goods Performance - The "old-for-new" policy and the Double Eleven shopping festival have positively impacted the growth of discretionary categories such as home appliances and cosmetics [3]. - In October, categories like communication equipment and food saw significant growth rates of 14.4% and 10.1%, respectively [3]. Investment Recommendations - The report suggests focusing on e-commerce companies like Alibaba, Meituan, JD.com, and Pinduoduo, as well as brands benefiting from IP-driven growth and overseas expansion [3]. - The travel and tourism sector is expected to benefit from the release of pent-up demand, with companies like Shoulv Hotel and Changbai Mountain being highlighted [3].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, highlighting its configuration value [1]. Core Viewpoints - The release of the "Guidelines for the Management of Market Value" by the CSRC is seen as a significant step towards enhancing the quality of listed companies and protecting investor interests [1]. - The acceleration of IPO approvals reflects a positive regulatory attitude towards improving the listing environment and the healthy development of the capital market [1]. - The insurance sector is entering a new era of market value management, with an emphasis on increasing dividend frequency and optimizing dividend rates [1]. Summary by Sections Market Review - The CSI 300 Index closed at 3,968.83 with a decline of 3.29% during the week of November 11-15, 2024. The non-bank index fell by 7.65%, with specific declines in brokerage, insurance, and diversified finance sectors of 8.05%, 6.42%, and 8.76% respectively [15][22]. Non-Bank Financial News - The CSRC issued the "Guidelines for the Management of Market Value" on November 15, 2024, requiring listed companies to enhance operational efficiency and profitability while utilizing various strategies to reflect their investment value [28]. - The report indicates that the average daily stock trading volume in the Shanghai and Shenzhen markets was 21,824.77 billion yuan, showing a decrease of 9.03% week-on-week, but an increase of 11.69% year-on-year [27][22]. Investment Analysis - For brokerages, the report suggests focusing on leading institutions benefiting from capital market reforms, recommending companies such as CITIC Securities, China Galaxy, and Huatai Securities [1]. - In the insurance sector, the report highlights the potential for valuation shifts due to increased dividends, recommending companies like Ping An, New China Life, and China Life Insurance [1].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future performance [2][4]. Core Insights - The investment side remains weak, with cumulative investment from January to October down by 10.1% year-on-year, while new starts and completions have also seen significant declines [2][4][16]. - Sales have shown signs of improvement, with a notable narrowing of declines in October, where sales area decreased by only 1.6% year-on-year, compared to a 15.8% decline for the first ten months [2][17]. - Funding sources have also improved, with a reduction in the decline of financing funds, indicating a potential easing of financial constraints in the sector [2][17]. Summary by Sections Investment Side - Cumulative investment from January to October 2024 was 863.09 billion yuan, down 10.1% year-on-year, with new starts down 22.7% and completions down 23.9% [2][4][16]. - In October alone, investment was down 10.1% year-on-year, with new starts declining by 27.4% [2][4][16]. Sales Side - Cumulative sales area for the first ten months was 780 million square meters, down 15.8% year-on-year, while sales amount was 7.7 trillion yuan, down 20.9% [2][17]. - In October, the sales area decreased by 1.6% year-on-year, and the sales amount was 797.5 billion yuan, also down 1.4% [2][17]. Funding Side - Cumulative funding sources from January to October were down 19.2% year-on-year, with October showing a smaller decline of 10.8% [2][17]. - Domestic loans and self-raised funds saw reduced declines, indicating a potential improvement in funding conditions [2][17]. Future Outlook - The report forecasts a recovery in investment and sales, with expectations of a 12.1% increase in investment and a 19.9% decrease in sales amount for 2024 [2][4][16].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [1]. Core Insights - Fixed asset investment remains stable with a slight increase in manufacturing investment. The cumulative year-on-year growth for fixed asset investment from January to October 2024 is +3.4%, consistent with the growth rate from January to September. Manufacturing investment shows a year-on-year increase of +9.3%, up by 0.1 percentage points from the previous period [6][7]. - Infrastructure investment shows marginal improvement in October, with a year-on-year increase of +9.3% for the first ten months of 2024, which is an increase of 0.1 percentage points compared to the previous period. Notably, investment in the electricity, heat, gas, and water production and supply sector has surged by +24.1%, although this represents a decrease of 0.7 percentage points from the previous period [7][8]. - Real estate investment remains low, with a year-on-year decline of -10.3% for the first ten months of 2024. The construction starts have worsened, showing a decline of -22.6%, while completions have improved slightly [13][14]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth for fixed asset investment is +3.4% from January to October 2024, with manufacturing investment increasing by +9.3% [6][7]. Infrastructure Investment - Infrastructure investment (including all categories) has a year-on-year growth of +9.3%, with specific sectors like transportation and public utilities showing varied growth rates [7][8]. Real Estate Investment - Real estate investment has decreased by -10.3% year-on-year, with construction starts down by -22.6% and completions down by -23.9% [13][14]. Investment Recommendations - The report recommends focusing on companies such as China Railway, China State Construction, and others, highlighting their potential due to government investment initiatives and ongoing reforms [17][19].

Investment Rating - The report rates the coal industry as "Overweight" indicating a positive outlook for the sector [2]. Core Insights - High inventory levels are pressuring coal prices down, but the arrival of cold weather is expected to stabilize prices [2]. - The report highlights that while supply remains stable and imports are sufficient, the upcoming cold weather is anticipated to boost demand [5]. - The report recommends stable, high-dividend companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as growth-oriented companies like Yanzhou Coal and Guanghui Energy [2]. Summary by Sections 1. Recent Industry Policies and Dynamics - The Energy Law of the People's Republic of China was passed, aiming to promote high-quality energy development and ensure energy security starting January 1, 2025 [26]. - A new logistics park in Inner Mongolia is set to enhance coal transportation capabilities, with a designed annual transport capacity of 10 million tons [27]. 2. Price Trends of Coal - As of November 15, 2024, the price of thermal coal at Qinhuangdao port was reported at 837 CNY/ton, down 10 CNY/ton week-on-week and down 99 CNY/ton year-on-year [2]. - The average price of coking coal remained stable, with Shanxi's main coking coal priced at 1640 CNY/ton as of November 15, 2024 [2][30]. 3. International Oil Price Trends - Brent crude oil futures fell by 3.09 USD/barrel to 71.92 USD/barrel, a decrease of 4.11% as of November 15, 2024 [37]. 4. Inventory Levels at Ports - The inventory at the four ports in the Bohai Rim reached 28.086 million tons, an increase of 1.146 million tons week-on-week, reflecting a growth of 4.25% [39]. 5. Domestic Shipping Costs - Domestic shipping costs decreased by 1.11 CNY/ton to 39.13 CNY/ton, a drop of 2.75% as of November 15, 2024 [45].

Investment Rating - The report assigns a rating based on the AHP score of 1.54, placing the company in the 20.6% percentile of the non-technology innovation system AHP model, indicating a position in the lower midstream level [10][11]. Core Insights - The company specializes in consumer electronics magnetic devices and has established itself as a key supplier of rare earth permanent magnet materials for major international brands such as Apple, Microsoft, Xiaomi, Huawei, Lenovo, reMarkable, and Logitech. The revenue from consumer electronics has consistently accounted for over 93% of total revenue from 2021 to Q1 2024 [12][13]. - The company possesses cost advantages through its mastery of core technologies in precision processing, surface treatment, and intelligent assembly, allowing for efficient use of raw materials while meeting magnetic performance requirements [12][13]. - The company is expanding its product range and customer base, with plans to extend upstream to produce raw materials. It has initiated production lines for raw materials in April 2023 and is targeting new applications in electric vehicles, industrial motors, and robotics [19][20]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, adjusted for liquidity premium factors, is 1.54, with expected allocation ratios for offline investors A and B at 0.0322% and 0.0196%, respectively [10][11]. Fundamental Highlights - The company has a strong foothold in consumer electronics magnetic devices, with a focus on cost advantages and a high percentage of revenue from this sector [12][13]. - The company is actively broadening its industrial chain layout by extending upstream to self-produce raw materials, with significant growth expected in various product lines [19][20]. Comparable Company Financial Metrics - The company has lower revenue and net profit compared to comparable companies but exhibits a higher compound annual growth rate (CAGR) of 19.17% for revenue and 4.04% for net profit from 2021 to 2023 [23][24]. - The gross profit margins for the company were significantly higher than those of comparable firms, with rates of 31.14%, 27.80%, and 26.25% from 2021 to 2023 [23][24]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 28.983 million new shares, with proceeds allocated to expanding production capacity for high-end magnetic materials and components for consumer electronics and electric vehicles, as well as enhancing R&D capabilities [30][31].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the metal and new materials sector [1][5][32]. Core Insights - The report highlights that the strong US dollar is putting pressure on metal prices, with a significant decline in various metal indices over the past week [1][5]. - The report suggests a medium to long-term bullish outlook for copper and aluminum due to expected supply constraints and growing demand from the new energy sector [1][12]. - Gold is expected to rise due to the onset of a rate-cutting cycle by the Federal Reserve, which will lower real interest rates [1][12]. Weekly Market Review - The Shanghai Composite Index fell by 3.52%, while the Shenzhen Component Index dropped by 3.70%. The non-ferrous metals index decreased by 5.71%, underperforming the CSI 300 by 2.41 percentage points [5][12]. - Year-to-date, the non-ferrous metals index has increased by 10.28%, still lagging behind the CSI 300 by 5.39 percentage points [5][7]. Price Changes - Industrial and precious metals saw price changes as follows: LME copper down 4.67%, aluminum down 6.10%, and COMEX gold down 4.62% [1][12]. - Lithium carbonate prices increased by 5.26% for battery-grade and 6.16% for industrial-grade [1][12]. Supply and Demand Analysis - The report indicates that copper supply is expected to be limited in 2024-2025, with demand from the new energy sector continuing to grow [1][12]. - Aluminum production in China is nearing peak levels, with slow overseas capacity additions, providing strong cost support [1][12]. Key Company Valuations - The report provides valuations for key companies in the sector, such as Zijin Mining at 15.62 CNY per share and Luoyang Molybdenum at 7.46 CNY per share, with respective PE ratios of 11 and 15 [1][21].

行 业 及 产 业 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 海外科技 2024 年 11 月 16 日 ASML：召开 2024 年投资者日， 长期展望乐观 看好 —— 海外科技周报 20241111-20241116 本期投资提示： ⚫ ASML 近日举办 2024 年投资者日，提出 2030 年业绩指引区间，提振市场信心。公司 在投资者日上表示预计 2030 年收入将达到约 440 亿至 600 亿欧元，毛利率约为 56% 至 60%。根据公司 2024 年三季度报告，公司 2024 年全年营收预计约为 280 亿欧元， 则 2030 年营收指引相较 2024 年营收预将增长 57%~114%，对应 2024-2030 年 6 年 复合增速为 7.8%~13.5%。公司指引 2024 年毛利率约为 50.6%，则 2030 年毛利率指 引较 2024 年将增加 5.4~9.4pcts，6 年年均增加 0.9~1.6pcts，反映公司对自身盈利能 力提升趋势呈乐观态度。 ⚫ EUV 光刻机需求将稳步增长，未来产品迭代路线主要聚焦提升产出速率。公司在投资者 日上表示公司当前最新的 0.33N ...

Investment Rating - The report maintains a "Buy" rating for JD [4][14] Core Insights - JD's Q3 2024 revenue reached RMB 260.4 billion, a year-on-year increase of 5.1%, with service revenue at RMB 55.8 billion, up 6.5% year-on-year. Non-GAAP net profit was RMB 13.2 billion, exceeding expectations with a growth of 23.9% year-on-year [4][8] - The trade-in policy has significantly boosted home appliance sales, with JD's retail revenue growing by 6.1% year-on-year to RMB 225 billion. The company has maintained double-digit growth in active users and purchase frequency for three consecutive quarters [4][9] - JD's gross margin improved to 17.3%, up 1.7 percentage points year-on-year, while fulfillment gross margin reached 11.0%, an increase of 1.5 percentage points year-on-year. The operational margin for JD retail remained stable at 5.2% [4][12] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2024E: RMB 1,133.861 billion - 2025E: RMB 1,175.199 billion - 2026E: RMB 1,236.912 billion - Non-GAAP net profit forecasts are updated to: - 2024E: RMB 42.759 billion - 2025E: RMB 46.207 billion - 2026E: RMB 48.523 billion [5][14]