Investment Rating - The investment rating for Dinglong Co., Ltd. is "Outperform the Market" and is maintained [2][8]. Core Views - Dinglong Co., Ltd. has achieved record high operating profits in Q3 2024, with significant growth in its semiconductor business [3][4]. - The company's revenue for Q3 2024 reached 907 million yuan, a year-on-year increase of 27.17% and a quarter-on-quarter increase of 11.85% [3]. - The semiconductor business has become a key driver of revenue and profit growth, with its revenue share increasing from 32% in 2023 to 45% in the first three quarters of 2024 [3][6]. Financial Performance Summary - In Q3 2024, the net profit attributable to the parent company was 158 million yuan, a year-on-year increase of 97.15% and a quarter-on-quarter increase of 16.30% [3]. - The cumulative revenue for the first three quarters of 2024 was 2.426 billion yuan, a year-on-year increase of 29.54% [3]. - The company expects revenues for 2024E-2026E to be 3.418 billion yuan, 4.274 billion yuan, and 5.133 billion yuan, respectively, with year-on-year growth rates of 28.2%, 25.1%, and 20.1% [5][7]. Business Segment Analysis - The semiconductor materials and chip business is projected to generate revenues of 1.562 billion yuan, 2.359 billion yuan, and 3.159 billion yuan for 2024E-2026E, with respective year-on-year growth rates of 82.36%, 50.98%, and 33.93% [6][7]. - The CMP polishing pad business achieved a record monthly sales volume of over 30,000 pieces in September 2024, with Q3 2024 sales revenue of 225 million yuan, a year-on-year increase of 90% [3][6]. - The semiconductor display materials business reported sales revenue of 115 million yuan in Q3 2024, a year-on-year increase of 110% [4]. Valuation and Market Outlook - The estimated price-to-earnings (PE) ratio for Dinglong Co., Ltd. is projected to be between 55x and 60x for 2024E, corresponding to a reasonable market capitalization range of 28.474 billion yuan to 31.062 billion yuan [4][8]. - The reasonable value per share is estimated to be between 30.35 yuan and 33.11 yuan [8].

Investment Rating - The investment rating for the information services industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights a recovery in institutional holdings in the computer industry, reaching 2.4% in Q3 2024, although this remains historically low [1] - There is a notable focus on artificial intelligence, cloud computing, and self-controlled companies among institutional investors [1] - Recent favorable policies are expected to enhance market liquidity and confidence, suggesting a positive outlook for the computer sector [1] Summary by Sections Institutional Holdings Analysis - Institutional holdings in the computer industry have fluctuated from 6.3% in Q2 2020 to a low of 2.0% in Q2 2022, with a recent recovery to 2.4% in Q3 2024 [1] - The top ten companies by the number of institutional investors in Q3 2024 include Dameng Data (288), Kingsoft Office (246), and iFLYTEK (140) [2] - In terms of market value, Kingsoft Office leads with 16.1 billion, followed by iFLYTEK with 7.0 billion [2] Sector Focus - The report indicates a shift in institutional focus towards financial technology and self-controlled sectors, with significant adjustments in holdings from Q2 to Q3 2024 [1] - New entries in the top ten holdings include Hehe Information and Nasta, while Kingsoft Office's market value increased from 11.3 billion to 16.1 billion [1][2] Policy Impact - Recent policies, including a reduction in the reserve requirement ratio by the People's Bank of China, are expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1] - The emphasis on technological innovation by the government is anticipated to further boost interest in the computer sector [1] Recommended Stocks - The report suggests focusing on companies such as Inspur Information, Zhongke Shuguang, Hikvision, Kingsoft Office, Baoxin Software, Softcom Power, and Dameng Data [1]

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 ...