Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1]. Core Insights - The mechanical equipment sector has shown a positive cumulative excess return of +2.29 percentage points relative to the Shanghai Composite Index for the week of October 21 to October 25, 2024, ranking eleventh among all sectors [9]. - Year-to-date, the mechanical equipment sector has a cumulative excess return of -9.69 percentage points [9]. - Japan's machine tool orders to China increased by 40.1% year-on-year, indicating strong demand in the Chinese market [2]. - The industrial gas sector is experiencing price increases, with liquid oxygen averaging 398 RMB/ton, a 2.05% increase week-on-week [2]. - The construction machinery sector is projected to see a 10% year-on-year increase in excavator sales for October 2024, with domestic sales up nearly 18% [4]. Summary by Sections Machine Tools - Japan's orders for machine tools to China rose by 40.1% year-on-year, while orders from the U.S. and Europe declined significantly [2]. Industrial Gases - Hangzhou Oxygen Group successfully shipped its first liquid hydrogen storage tank, marking a significant breakthrough in liquid hydrogen storage and transportation [2]. Rail Transit Equipment - CRRC Times Electric's low-voltage power device project has been completed, with an annual production capacity of 500,000 IGBT modules aimed at the new energy vehicle market [3]. Forklifts - Hangcha Group reported a 21.20% year-on-year increase in net profit for the first three quarters of 2024, driven by accelerated global market expansion [3]. Robotics - Toyota is collaborating with Boston Dynamics to develop humanoid robots, while Zongqing Robotics launched its new SE01 humanoid robot [4]. Engineering Machinery - The construction machinery sector's trade volume increased, with a projected 10% rise in excavator sales for October 2024 [4]. Lithium Battery Equipment - The first domestic production line for all-solid-state lithium batteries has commenced operations, with an annual capacity of approximately 0.2 GWh [5]. Shipbuilding - China's shipbuilding industry showed growth in all three major indicators for the first three quarters of 2024, with a completion volume increase of 18.2% year-on-year [5]. Photovoltaic Equipment - Prices for polysilicon and battery cells remained stable, while silicon wafer prices saw a 4% decrease [5]. Export Chain - The Chinese export container freight index (CCFI) showed a comprehensive index of 1366.40, reflecting a year-on-year increase of 68.38% [6].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rare earth industry may have entered a new cycle due to favorable supply and demand dynamics [1] - The report highlights the ongoing aluminum ore crisis, which is driving up alumina prices and supporting aluminum prices [2] - The report suggests that the geopolitical uncertainties are supporting gold prices [2] Summary by Sections 1. Industry Index Performance - The Shenwan Nonferrous Index increased by 2.37% from October 18 to October 25, with the magnetic materials sector leading the gains [6][7] 2. Key Subsector Tracking (October 18 - October 25) 2.1 Industrial Metals - LME copper price decreased by 0.6% [6][33] 2.2 Energy Metals - Battery-grade lithium carbonate price fell by 2.7% [6][22] 2.3 Precious Metals - London spot gold price rose by 0.7% [6][34] 2.4 Rare Earths and Minor Metals - Praseodymium-neodymium oxide price increased by 1.0% [6][43] 3. Important Events - Western Mining's controlling shareholder and concerted parties plan to increase their shareholding in the company [6][51]

Investment Rating - The report maintains an "Outperform" rating for the media sector [3]. Core Viewpoints - The report highlights that with the recent increase in market risk appetite, the media sector, which has experienced significant corrections, exhibits high elasticity. It continues to favor several investment directions: 1) Cultural export, with the domestic gaming and entertainment market reaching maturity and overseas markets showing higher growth potential; 2) Technology advancements, particularly in AI applications, with ongoing developments in AI models and hardware/software; 3) Mergers and acquisitions, encouraged by current regulations, particularly for state-owned enterprises and small to mid-cap companies; 4) Focus on the upcoming quarterly earnings reports, especially in the Hong Kong internet sector and high-dividend A-share blue-chip companies [3][4]. Summary by Sections Market Performance - The Haidong Media portfolio saw a weekly increase of 1.15%, while the Shenwan Media Index rose by 6.04%, and the CSI 300 Index increased by 0.79% [5][6]. Recommended Stocks - The report suggests focusing on: 1) Hong Kong internet stocks such as Tencent Holdings, Bilibili-W, and Kuaishou-W; 2) Gaming stocks including Kaiying Network, Shenzhou Taiyue, and 37 Interactive Entertainment; 3) Marketing firms like Focus Media and Easy Point; 4) IP entertainment companies such as Shanghai Film, Chinese Online, and Yaoji Technology; 5) AI application firms including Kunlun Wanwei, Meitu, and Huace Film; 6) Undervalued state-owned enterprises in broadcasting and publishing; 7) High-growth lottery sector stocks like Songyang Resources [4][5].

[Table_MainInfo]行业研究/金融/综合金融服务 证券研究报告 行业信息点评 2024 年 10 月 27 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -26.36% -16.77% -7.18% 2.41% 12.00% 21.59% 2023/10 2024/1 2024/4 2024/7 综合金融服务 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《政策密集推进，看好业绩和估值持续提 升》2024.10.23 《市场持续回暖，期待三季报业绩行情》 2024.10.16 《SFISF 正式启动，非银机构多维度受 益》2024.10.14 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 联系人:肖尧 Tel:(021)23185695 Email:xy14794@haitong.com 公募持仓观察：各板块均获增持 ——2024Q3 非银板块公募持仓分析 [Tabl ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 思源电气（002028）公司季报点评 2024 年 10 月 27 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 25 日收盘价（元） ] | 74.16 | | 52 周股价波动（元） | 47.25-80.71 | | 总股本 / 流通 A 股（百万股） | 776/605 | | 总市值 / 流通市值（百万元） | 57570/44846 | | 相关研究 | | | [Table_ReportInfo] 《海外收入快速增长，盈利能力持续提升》 | | | 2024.08.22 | | 市场表现 [Table_QuoteInfo] -17.82% -2.82% 12.18% 27.18% 42.18% 57.18% 2023/10 2024/1 2024 ...

Investment Rating - The investment rating for the renewable energy sector is "Outperform the Market" and is maintained [1]. Core Views - The report highlights a significant increase in the bidding prices for photovoltaic (PV) components, indicating a stabilization in the solar industry prices. The average bidding price for a recent procurement project was 0.694 CNY/W, with a range of 0.675-0.722 CNY/W, reflecting an upward trend compared to previous months [2][16]. - The report emphasizes that the photovoltaic industry is at a cyclical bottom, with signs of marginal improvement, suggesting that investors should pay attention to potential turning points in the market [2]. - The report notes that the domestic photovoltaic installed capacity reached 160.88 GW in the first nine months of 2024, representing a year-on-year growth of 24.8% [15]. Summary by Sections 1. Price Tracking of the Photovoltaic Industry Chain - The average price of dense silicon remains stable at 40 CNY/kg. The average prices for P-type and N-type silicon wafers are 1.20 CNY and 1.05 CNY per piece, respectively, with minor fluctuations [3][4]. - The average price for PERC cells is 0.28 CNY/W, while TOPCON cells are priced at 0.27 CNY/W, both showing stability [4][5]. 2. Market Performance and Valuation - The photovoltaic sector's recent weekly performance showed an increase of 18.98%, outperforming the CSI 300 index by 18.72 percentage points [10]. - As of October 25, 2024, the sector's price-to-earnings (P/E) ratio is 22.71, which is considered average compared to other sectors [12]. 3. Key Developments - The report mentions that the recent procurement of 2.5 GW of PV components by China Energy Conservation Group saw participation from 13 companies, indicating strong competition among leading firms [16]. - The report also highlights that the photovoltaic industry is experiencing a supply-side structural reform, which is expected to stabilize prices and enhance the concentration of leading companies [2].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights that the transportation sector has shown resilience, outperforming the broader market with a 1.8% increase during the week of October 21-25, 2024, compared to a 1.2% increase in the Shanghai Composite Index [19]. - Key sub-sectors such as cross-border logistics, air transport, and shipping have demonstrated significant weekly gains, with cross-border logistics up by 4.5% and air transport up by 4.0% [19]. Market Performance Overview - The transportation index increased by 1.8% from October 21 to October 25, 2024, while the Shanghai Composite Index rose by 1.2% during the same period [19]. - Notable weekly performance in sub-sectors includes: - Cross-border logistics: +4.5% - Air transport: +4.0% - Shipping: +3.6% - Road freight: +3.4% - Public transport: +2.0% - Express delivery: +1.7% [19]. Recent Highlights - The Hong Kong-Zhuhai-Macao Bridge has welcomed over 62.3 million visitors in six years, indicating strong infrastructure utilization [33]. - The Longzhou Hub has seen cargo throughput exceed 183 million tons, marking a 21.24% year-on-year increase [34]. - The express delivery sector has experienced a peak in business volume, with a record of 19.2 billion packages collected nationwide from October 21 to 23, 2024, reflecting a 48.7% year-on-year growth [34]. Investment Strategy - The report recommends focusing on the aviation sector, particularly Spring Airlines, Hainan Airlines, and Juneyao Airlines, due to expected recovery in international travel demand [4]. - In the express delivery sector, companies such as SF Express, Air China, YTO Express, and Yunda Express are highlighted as potential investment opportunities [4].

[Table_MainInfo]行业研究/房地产 证券研究报告 行业周报 2024 年 10 月 27 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -23.72% -15.37% -7.02% 1.32% 9.67% 18.02% 2023/10 2024/1 2024/4 2024/7 房地产 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《对央行调降利率政策的点评：继续调降 LPR，提升市场购买力》2024.10.22 《第 42 周新房成交同比增速回升，供销 比回落》2024.10.20 《房地产行业土地市场 2024 年 1-3 季度 总结：土地市场降温持续，投资策略维持 谨慎》2024.10.22 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 Email:xiey@haitong.com 证书:S0850511010 ...

Investment Rating - The investment rating for the automotive industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The automotive industry has shown positive performance with the automotive index rising by 4% in the past week and 17% over the past month. The new energy vehicle index increased by 2% weekly and 14% monthly, while the automotive parts index rose by 3% weekly and 17% monthly [5][6] - The retail sales of passenger vehicles from October 1 to 20 reached 1.264 million units, a year-on-year increase of 16% and a month-on-month increase of 12%. Cumulatively, retail sales for the year reached 16.838 million units, up 3% year-on-year [3][16] - The progress of the vehicle replacement policy is smooth, with over 1.57 million applications for vehicle scrapping subsidies and over 1.26 million applications for vehicle replacement subsidies, indicating significant potential for new vehicle sales growth [17] - The launch of the Li Auto's end-to-end + VLM dual system for intelligent driving is expected to positively impact the sales of high-end models [18][20] - BYD's 2025 Tang DM-i was officially launched, featuring enhanced power and efficiency, with a price range of 179,800 to 207,800 CNY [20] Summary by Sections Automotive Industry Market Performance - In the past week (October 18-25, 2024), the automotive index rose by 4%, the new energy vehicle index by 2%, the automotive parts index by 3%, and the commercial vehicle index by 1%. Over the past month, the automotive index increased by 17%, the new energy vehicle index by 14%, the automotive parts index by 17%, and the commercial vehicle index by 20% [5][6][7] Passenger Vehicle Sales - From October 1 to 20, 2024, retail sales of passenger vehicles reached 1.264 million units, a 16% increase year-on-year and a 12% increase month-on-month. Cumulatively, retail sales for the year reached 16.838 million units, up 3% year-on-year [3][16] New Energy Vehicle Market - In the same period, retail sales of new energy passenger vehicles reached 609,000 units, a 45% year-on-year increase and a 1% month-on-month increase. Cumulatively, retail sales for the year reached 774,100 units, up 38% year-on-year [3][16] Vehicle Replacement Policy - The vehicle replacement policy has seen over 1.57 million applications for scrapping subsidies and over 1.26 million for replacement subsidies, indicating a strong potential for new vehicle sales growth [17] Technological Advancements - Li Auto's end-to-end + VLM dual system for intelligent driving was fully pushed out with the OTA 6.4 version, enhancing driving capabilities in complex scenarios [18][20] New Product Launches - BYD's 2025 Tang DM-i was launched with a price range of 179,800 to 207,800 CNY, featuring improved power and efficiency [20]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 98.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.93%. The net profit attributable to shareholders was 3.491 billion yuan, up 12.51% year-on-year, while the core profit decreased by 18.35% year-on-year to 3.816 billion yuan [4] - The company is actively developing technology in the natural gas sector, achieving significant milestones. It has completed the trial operation of a self-developed hydrogen gasification technology project, which has passed performance assessments [4] - The company is enhancing its capabilities across the hydrogen production, storage, and application value chain, including the development of a solid oxide electrolysis cell (SOEC) hydrogen production system [4] - The company has established a hydrogen blending demonstration station in Jiangsu, which can blend hydrogen at a ratio of 10% with natural gas, contributing to carbon reduction efforts [4] - The company has entered the mining sector through its hydrogen production technology, securing a project for a steel plant [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 6.2 billion yuan, with earnings per share (EPS) of 1.99 yuan. The projected net profits for 2025 and 2026 are 8.513 billion yuan and 8.748 billion yuan, respectively, with EPS of 2.75 yuan and 2.82 yuan [4][6] - The company’s revenue is expected to grow from 143.842 billion yuan in 2023 to 156.889 billion yuan in 2024, reflecting a year-on-year increase of 9.1% [6][8] - The company’s gross margin is projected to remain at 14.0% for 2024, while the net asset return rate is expected to decline to 19.1% in 2024 [6][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 11-13 times for 2024, corresponding to a reasonable value range of 21.89 to 25.87 yuan per share [4]