Industry Overview - The report highlights a "slow bull" trend in copper and gold prices, with significant growth in lithium and rare earth production over the past 20 years: copper and gold prices have risen by 233% and 472%, respectively, while global lithium and rare earth production has surged by 1092% and 253% [2] - The global new energy industry continues to evolve, driving rapid growth in demand for metals like lithium and rare earths [2] - Copper and gold prices are expected to maintain a long-term "slow bull" trend, while the aluminum industry benefits from domestic capacity constraints, leading to sustained high profits in the smelting sector [2] Key Companies and Investment Recommendations - Companies recommended for investment include Tianqi Lithium, Ganfeng Lithium, Huayou Cobalt, Northern Rare Earth, and Shenghe Resources in the lithium and rare earth sectors [2] - For copper and gold, companies like Zijin Mining, CMOC, Jinchuan Group, and China Nonferrous Metal Mining are recommended due to their global presence [2] - In the aluminum sector, companies such as Chalco, China Hongqiao, Yunnan Aluminium, and Tianshan Aluminum are highlighted for their strong positions in a supply-constrained market [2] Zijin Mining - Zijin Mining has consistently expanded its global footprint through acquisitions and investments, such as the Kamoa-Kakula copper project in the Democratic Republic of Congo and the Timok copper-gold project in Serbia [11][12][13][14] - The company's development strategy includes significant milestones like the acquisition of Nevsun Resources and the expansion of its copper and gold mining operations [15] - Zijin Mining's net profit has shown steady growth, with a CAGR of 15% over the past 15 years, and its debt-to-asset ratio has remained stable at around 60% [16] Jiangxi Copper - Jiangxi Copper has actively pursued overseas expansion, with key projects including the acquisition of PIM and the expansion of its copper mining operations [18][20][21][22] - The company's net profit has grown at a CAGR of 2% over the past 20 years, with a stable debt-to-asset ratio and consistent cash dividends [26][27] Yunnan Aluminium - Yunnan Aluminium has transitioned to a green, integrated development model, with significant investments in projects like the Wenshan Aluminum 600,000-ton alumina project and the Laos Aluminum project [32][33][34] - The company's aluminum production has grown at a CAGR of 16.5% over the past 20 years, supported by its upstream and downstream integration strategy [39] Shenhuo Group - Shenhuo Group has evolved from a coal-focused company to a coal-aluminum integrated enterprise, with significant cost advantages in its aluminum production [40][43] - The company's aluminum production capacity has grown steadily, with a focus on expanding its presence in the aluminum sector through acquisitions and investments [49][50] Huayou Cobalt - Huayou Cobalt has transformed from a cobalt-focused company to a diversified player in nickel, lithium, and copper, with significant investments in projects like the Indonesia Morowali Industrial Park [54][56][58] - The company's production of cobalt, nickel, and lithium products has shown strong growth, supported by its global resource layout [59][60] Tianqi Lithium - Tianqi Lithium has achieved world-class resource status through acquisitions like the Talison Lithium mine and the SQM stake, enabling significant expansion in lithium production [61][64][66] - The company's lithium production and resource base have grown substantially, with a focus on maintaining its leading position in the global lithium market [69][70][71] Shandong Gold - Shandong Gold has accelerated its resource integration and expansion, with key projects including the acquisition of the Belladerro gold mine and the integration of the Sanshandao mine [74][75][76] - The company's gold production has grown at a CAGR of 14% since its IPO, supported by its aggressive expansion strategy [79][80] Zhongjin Gold - Zhongjin Gold has maintained steady growth in gold production, with a CAGR of 12% over the past 20 years, driven by its resource integration and expansion efforts [90][91] - The company's debt-to-asset ratio has remained stable, and it has consistently paid cash dividends to shareholders [93][94] Northern Rare Earth - Northern Rare Earth has consolidated its position as a leader in the rare earth industry, with significant growth in its rare earth production and resource base [98][100][106] - The company's rare earth production quota has increased steadily, supported by its integration of resources in the Baotou region [106][107] Shenghe Resources - Shenghe Resources has expanded its rare earth resource base through acquisitions in Vietnam, Greenland, and the United States, solidifying its competitive position in the global rare earth market [111][114][121] - The company's rare earth production has grown significantly, with a focus on maintaining its upstream resource advantage [122][125]

| --- | --- | --- | |-------|-------|-------| | | | | | | | | 概要 1. 现象与本质 1.1 胖东来现象：极致的商品、体验与文化 1.2 调改的本质在于供应链和机制 2. 海外借鉴：效率制胜 2.1 Costco：极致的定价和效率，强化用户粘性 2.2 山姆中国：持续提升供应链能力，全渠道夯实规模效应 3. 中国超市的未来：回归零售本质，迈向星辰大海 4. 风险提示 2 请务必阅读正文之后的信息披露和法律声明 1. 现象与本质 1.1 胖东来现象：极致的商品、体验与文化 2023年胖东来首次上榜中国连锁TOP100，以13家门店107亿元的销售额排在46位。据许昌市委副书记、常务副市长张庆 一透露，预计胖东来2024年销售额将突破150亿元，同比大增40%。 | --- | --- | --- | --- | --- | --- | --- | |-------|----------------|--------------------------------------------------|-------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for BYD (002594) [1] Core Views - BYD has successfully navigated the new energy vehicle (NEV) cycle, leveraging its full industry chain layout and technological innovations [3] - The company's monthly sales have consistently grown, reaching 483,000 units in October 2024, a 67% YoY increase [14] - BYD's DM 5.0 technology, launched in 2024, marks the beginning of a new vehicle cycle, further solidifying its competitive edge [3][21] Historical Performance - From 2020 to 2021, BYD benefited from the rising penetration rate of NEVs and the launch of its Blade Battery and DM-i hybrid technology [3] - In Q2 2022, BYD achieved revenue of 83.8 billion yuan, a 68% YoY increase, and net profit of 2.8 billion yuan, up 198% YoY [3] - By June 2023, monthly sales exceeded 250,000 units, and in October 2024, sales surpassed 500,000 units [3][14] Market Position - BYD holds a significant market share in the domestic NEV market, with a 24% share in the 5-10 million yuan price segment and 15% in the 10-15 million yuan segment as of September 2024 [26] - The company's market share in the 15-20 million yuan segment is 13%, slightly down from 14% in 2023 [26] Technological Advancements - BYD's DM 5.0 platform, launched in 2024, features significant upgrades in core components, achieving a fuel consumption of 2.9L/100km and a comprehensive range of 2100km [21] - The company's continuous "micro-innovations" have created a strong barrier to entry for competitors in the hybrid vehicle market [18] Overseas Expansion - BYD is expanding its global footprint with planned production capacities in Thailand (150,000 units/year), Brazil (150,000 units/year), and Hungary (110,000 units/year) [30][32][34] - In 2024, BYD ranked first globally in NEV sales with 2.61 million units, ahead of Tesla (1.29 million units) [34] Financial Projections - The report forecasts BYD's 2024 revenue at 765.1 billion yuan, with net profit of 38.2 billion yuan, and EPS of 13.13 yuan [38] - For 2025 and 2026, revenue is projected to reach 918.8 billion yuan and 1.1 trillion yuan, respectively, with net profits of 53.5 billion yuan and 72.6 billion yuan [38] - The company's 2024 PE ratio is estimated at 22x, with a target price range of 315.89-329.05 yuan [38] Competitive Landscape - BYD's models, such as the Qin L DM-i and Seal 06 DM-i, compete favorably with ICE vehicles from brands like Volkswagen and Geely in terms of price, fuel efficiency, and dimensions [19] - The company's market share in the 10-15 million yuan segment increased by 9 percentage points in 2024, driven by the launch of its Honor Edition models [26]

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | 目录 • 行业前三季度表现稳健，24Q4收入及业绩增速有望回升 • 25年行业政策关键变量: 国补&关税 • 白电板块：全球布局抵抗经营风险，高股息低估值提供安全边际 • 小家电板块：关注高景气细分赛道，聚焦成长 • 厨电板块：顺应政策，市场情绪有望持续修复 • 黑电板块：短期看面板价格逐渐趋稳，长期看格局持续优化 2 请务必阅读正文之后的信息披露和法律声明 行业前三季度表现稳健，24Q4收入及业绩增速有望回升 1619 1892 2056 2195 2378 2038 2052 1550 上游零部件 厨电 5973 6958 7335 7316 8495 8738 9534 7638 0 1,000 800 600 400 200 小家电 0 2024前三季度行业整体实现收入11287.9亿元（其中白电权重68%/黑电权重14%/小家电8%），同比+5.1%， 实现净利润642亿元（其中白电权重78%/黑电权重5% ...

| --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | 证券研究报告 | | | （优于大市，维持） | | 余文心（医药行业首席分析师） 贺文斌（医药行业联席首席分析师） 周 航（医药行业分析师） 《 CXO 从欧美日印中财报看中国 | 号码： S0850513110005 号码： S0850519030001 号码： S0850523040001 国别研究系列： 行业供需变化》 | 概要 1. 投融资跟踪：海外投融资复苏趋势逐渐体现，国内处在政策托底阶段，改善可期 2. 行业总体观点：需求端海外温和复苏，投融资指标改善，供给端看好中国国别竞争力的优势领域 细分行业策略： 2.1 小 ...

Investment Rating - The report assigns a "Outperform" rating to Zhongrong Electric (301031) [2] Core Views - Q3 2024 results exceeded expectations with net profit attributable to parent company up 90.9% YoY [5] - Revenue from new energy vehicles grew 45.4% YoY in H1 2024, outperforming industry growth [6] - Overseas projects are accelerating with expected volume growth in 2025 [7] - The company is strategically focusing on high-quality customers in the wind, solar, and energy storage sectors [7] Financial Performance - Q3 2024 revenue reached 370 million yuan, up 41.6% YoY [5] - Gross margin in Q3 2024 was 39.1%, down 1.6 pct YoY but up 0.4 pct QoQ [5] - Net profit attributable to parent company in Q3 2024 was 55 million yuan, up 90.9% YoY [5] - H1 2024 revenue from new energy vehicle sector was 360 million yuan, up 45.4% YoY [6] Business Segments - New energy vehicles account for over 60% of the company's power fuse downstream applications [6] - Revenue from wind, solar, and energy storage sector in H1 2024 was 170 million yuan, down 1.9% YoY [7] - Overseas revenue accounted for 5.7% of total revenue in 2023, with a gross margin of 52.6% [7] Growth Drivers - New products such as incentive fuses and smart fuses are expected to contribute to future growth [6] - Overseas projects, including a global exclusive order from a German automaker, are expected to drive growth from 2025 [7] - The company has entered the supply chains of Tesla and Daimler [7] Financial Projections - Expected net profit attributable to parent company for 2024-2026 is 180, 290, and 390 million yuan respectively [8] - EPS for 2024-2026 is projected to be 2.73, 4.41, and 5.92 yuan [8] - Revenue growth for new energy vehicle business is expected to be 43.1%, 37.1%, and 24.7% for 2024-2026 [11] - Revenue growth for wind, solar, and energy storage business is expected to be 20.0%, 25.0%, and 20.0% for 2024-2026 [11] Valuation - The report suggests a reasonable value range of 110.20-132.24 yuan based on 25-30x 2025 PE [8] - Comparable companies have an average PE of 19.06x, 16.17x, and 13.98x for 2024-2026 [14]

[Table_MainInfo] 行业研究/食品 证券研究报告 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -30.90% -21.08% -11.25% -1.43% 8.40% 18.22% 2023/11 2024/2 2024/5 2024/8 食品 海通综指 资料来源：海通证券研究所 | --- | |-------------------------------------------------------| | | | 相关研究 | | [Table_ReportInfo] 《 10 月 CPI 同比 +0.3% 》 | | 2024.11.11 | | 《白酒报表降速厂商共济，啤酒量价承 | | 压静待回暖》 2024.11.11 | | 《 1-9 月贵州白酒产量同比 +8.3% 》 | | 2024.11.05 | 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 分析师:程碧升 Tel:(02 ...

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 康希诺（688185）公司季报点评 2024 年 11 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 63.96 | | 52 周股价波动（元） | 37.12-87.50 | | 总股本 / 流通 A 股（百万股） | 247/115 | | 总市值 / 流通市值（百万元） | 15827/15827 | | 相关研究 | | | [Table_ReportInfo] 《经营效率提高，流脑产品销售推进顺利》 | | | 2024.09.12 | | | 《常规疫苗持续增长，降本增效初见成果》 | | | 2024.05.31 | | 市场表现 [Table_QuoteInfo] -55.10% -44.10% -33.10 ...

[Table_MainInfo]行业研究/建材 证券研究报告 行业跟踪报告 2024 年 11 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 房地产健康发展政策频出，促进市场止跌 回稳 [Table_Summary] 投资要点： 事件：除了此前降低首付比例、降低贷款利率的政策以外，近期又打出财税等 政策组合拳，上海等一线城市也做出响应，市场已取得一定积极效果。 点评：根据人民日报发文，9 月 26 日召开的中共中央政治局会议强调，"要促 进房地产市场止跌回稳""要回应群众关切，调整住房限购政策，降低存量房贷 利率，抓紧完善土地、财税、金融等政策，推动构建房地产发展新模式"。 在此背景之下，有关部门指导各地迅速行动，继降低首付比例、降低贷款利率 后，财政组合拳在 11 月 13 日打出。 契税方面，将现行享受 1%低税率优惠的面积标准由 90 平方米提高到 140 平 方米；明确北京、上海、广州、深圳 4 个城市可以与其他地区统一适用家庭 第二套住房契税优惠政策，即调整后，在全国范围内，对个人购买家庭唯一 住房和家庭第二套住房，只要面积不超过 ...

Investment Rating - The report maintains an "Outperform" rating for the aluminum industry, particularly highlighting the emerging opportunities in the Indonesian alumina sector [1]. Core Insights - The Indonesian alumina industry is gaining significance due to the Chinese government's strict control over new alumina smelting capacity, which positions Indonesia as a low-cost producer with abundant raw materials and energy resources. This allows companies to meet the demand for alumina from electrolytic aluminum enterprises and expand their market share while catering to Southeast Asian markets [2][5]. - As of November 15, 2024, LME aluminum prices reached $2,641 per ton, reflecting a year-on-year increase of 19.8%. The SMM alumina price was reported at 5,600 yuan per ton, up 86.5% year-on-year, indicating a tight supply-demand situation in the market [2][5]. - The report suggests monitoring companies such as China Aluminum, China Hongqiao, Tianshan Aluminum, Yun Aluminum, Shenhuo, and Nanshan Aluminum for potential investment opportunities [2][5]. Summary by Sections Section 1: Weekly Topic - The Rise of the Indonesian Alumina Industry - The report discusses the strategic importance of Indonesia in the alumina market, especially in light of China's regulatory environment [5]. Section 2: Market Performance - The Shenwan Nonferrous Index fell by 5.71% from November 8 to November 15, 2024, with the energy metals sector showing resilience [2][24]. Section 3: Key Subsector Tracking (11/8-11/15) - Industrial Metals: LME copper prices decreased by 4.9% [2][24]. - Energy Metals: Battery-grade lithium carbonate prices increased by 1.0% [2][24]. - Precious Metals: London spot gold prices fell by 4.4% [2][24]. - Rare Earths and Minor Metals: Prices for praseodymium-neodymium oxide dropped by 0.8% [2][24]. Section 4: Important Events - A significant event noted is the collaboration between GEM and Vale to construct a nickel high-pressure acid leaching plant in Indonesia, targeting an annual production capacity of 66,000 tons [2][101].