Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [2] Core Insights - In October, the second-hand housing transactions in first-tier cities showed signs of recovery, with a narrowing decline in prices. The average price of second-hand residential properties in 100 cities was 14,360 yuan/square meter, down 0.60% month-on-month, which is a 0.10 percentage point improvement from September. The transaction volume in core cities increased significantly, with Shenzhen's second-hand residential transaction volume reaching a monthly high since April 2021 [13][15] - The Ministry of Finance and other departments announced a tax policy to support home purchases, reducing the deed tax rate for families buying their first or second homes under 140 square meters to 1% [13][15] - The policy for urban village renovations has been expanded to nearly 300 cities, which is expected to release urbanization potential and stabilize market expectations [15][17] - The report suggests focusing on leading companies in the real estate supply chain, such as Beixin Building Materials, Jianlang Hardware, Weixing New Materials, and Dongfang Yuhong, as well as monitoring the progress of projects like the Motuo Hydropower Station and the Gan-Yue Canal [3][18] Summary by Sections 1. Key Insights and Investment Recommendations - The report highlights the recovery in second-hand housing transactions and the narrowing price decline in first-tier cities, indicating a potential stabilization in the real estate market [13][15] - Tax policies aimed at reducing home purchase costs are expected to further stabilize market expectations [13][15] - The expansion of urban village renovation policies is anticipated to enhance urbanization development [15][17] 2. Market Review 2.1. Sector Performance - The A-share building materials index fell by 2.33% during the week of November 18-22, 2024, outperforming the CSI 300 index by 0.27 percentage points [19] - Year-to-date, the building materials index has decreased by 4.28%, underperforming the CSI 300 index by 16.94 percentage points [21] 2.2. Individual Stock Performance - Top gainers for the week included Beijing Lier (+15.67%) and Zhengwei New Materials (+13.52%), while top losers included Nachuan Co. (-10.57%) and Yashi Chuangneng (-7.40%) [29] - Year-to-date, Huali Co. has seen the highest increase at +120.36%, while ST Shentian has the largest decline at -72.83% [31] 3. Industry Dynamics - The report notes stable pricing in the alkali-free yarn market, with mainstream transaction prices for 2400tex alkali-free yarn ranging from 3,300 to 3,600 yuan/ton [34] - Cement prices have shown a slight increase, with the national average for bagged cement at 354.52 yuan/ton, up 1.48% week-on-week [35] - The float glass market has seen a weakening in transactions, with prices in some regions showing slight declines [38] 4. Company Dynamics - Jinju Group reported a 34.17% year-on-year increase in revenue for Q3 2024, with net profit rising by 192.66% [40] - The company has also engaged in carbon trading, which is expected to impact production operations and green transformation significantly [40] 5. Company Announcements - China Nuclear Engineering announced new contracts worth 115.601 billion yuan as of October 2024 [43] - China National Materials International signed a contract for a solar power project in Iraq valued at 351.5 million USD [43]

Investment Rating - The industry investment rating is maintained as "Overweight" [2][4]. Core Viewpoints - The CPIA reported that the tax-inclusive cost of solar modules in early November was 0.69 CNY/W, an increase of 0.01 CNY/W compared to October. This regular release of cost data by industry associations is expected to stabilize module prices and promote healthy industry development [13][4]. - In the first ten months of 2024, the domestic solar power installation reached 181.30 GW, a year-on-year increase of 27.17%. In October alone, the new installations were 20.42 GW, up 49.93% year-on-year but down 2.25% month-on-month [26][28]. - The total export value of battery components in the first ten months was 26.842 billion USD, a decrease of 30.82% year-on-year, while inverter exports in October amounted to 659 million USD, an increase of 19.03% year-on-year [28][26]. Market Review - The power equipment sector declined by 1.66% over the past week, ranking 17th among all primary industries. The electrical machinery sector saw an increase of 1.04%, while solar equipment dropped by 4.68% [15][18]. - The solar battery components saw a decrease of 3.12%, while solar auxiliary materials and processing equipment fell by 4.57% and 6.71%, respectively [21][18]. Solar Industry Data Tracking - The domestic battery component export value for October was 2.163 billion USD, down 19.29% year-on-year, while the cumulative inverter export value for the first ten months was 6.990 billion USD, down 20.57% [28][26]. - The average price of N-type silicon rods was 40,500 CNY/ton, down 2.88% month-on-month, while the average price of PERC 182 battery cells remained stable at 0.275 CNY/W [36][39]. Industry and Company Dynamics - The report highlights several key projects and tenders in the solar industry, including a 280 MW solar power project in Qujing City and various procurement announcements from companies like Longi Green Energy and Tongwei Co., Ltd. [47][49][50].

Investment Rating - The industry investment rating is maintained as "Overweight" [6]. Core Viewpoints - International oil prices have shown an upward trend, with Brent crude oil futures settling at approximately $75.17 per barrel, reflecting a weekly increase of about 5.81% [18]. - The EIA forecasts that U.S. crude oil production will continue to grow, reaching 13.2 million barrels per day in 2024 and nearly 13.5 million barrels per day in 2025, which supports the upstream oil and gas companies [27]. - The North American active rig count has decreased week-on-week, but the global drilling platform count has increased, benefiting oil service companies [28]. - The refining sector shows potential for performance recovery, with Singapore diesel and gasoline price spreads increasing, while ethylene and PX spreads have decreased [33]. Summary by Sections Market Performance - The CITIC oil and petrochemical sector declined by approximately 1.66% during the week of November 18-22, 2024, while the Shanghai Composite Index fell by about 1.91% [14]. - Leading stocks in the sector included Bohai Chemical and Water Development Gas, while stocks like Dongfang Shenghong and Hongtian Co. saw significant declines [17]. Upstream Oil & Gas Sector - International oil prices have increased, with Brent and WTI prices rising by 5.81% and 6.30% respectively [18]. - The EIA's short-term outlook indicates that despite growth in U.S. oil production, international oil prices are expected to remain relatively high, benefiting upstream companies [27]. Oil Service Sector - The North American active rig count has decreased, with a year-on-year decline of 39 rigs, while global drilling platforms have increased, indicating a positive outlook for oil service companies [28]. Midstream Refining Sector - Domestic refined oil prices have shown slight fluctuations, with significant increases in Singapore diesel and gasoline price spreads, indicating potential recovery for refining companies [33]. Polyester End-Use Sector - The POY price spread has decreased, and overall inventory levels have accumulated, suggesting a potential recovery space for long filament enterprises [39]. Investment Recommendations - The report suggests four main investment themes: focusing on energy state-owned enterprises, oil service companies, long filament industry players, and refining companies with new capacity plans [52].

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 中国联通发布 3.0 版车路云一体化解决方案，关注车路云投资 机会 ——计算机行业周报（2024.11.18-2024.11.22） ◼ 本周核心观点及要闻回顾 车路云：中国联通发布 3.0 版车路云一体化解决方案，关注车路云投 资机会 据中国经济新闻网，2024 中国 5G+工业互联网大会"车路云一体化融 合发展"论坛上，中国联通发布"面向智能网联汽车的车路云一体化 解决方案 3.0"，该方案基于 2.0 版本进行全面升级，聚焦智能网联汽 车领域，通过路侧感知、边缘计算、云端通信等技术的深度融合，实 现全方位的协同驾驶，提升安全、节能与智能化水平。 智能驾驶：文远知行环卫车在新加坡投入运营，关注智能驾驶产业链 机会 据 IT 之家，自动驾驶科技公司文远知行宣布，旗下自动驾驶环卫车 S6 与无人扫路机 S1 已分别在新加坡滨海湾海岸大道与滨海艺术中 心正式投入运营。这是新加坡首个商业化运营的自动驾驶环卫项目。 算力：中国移动发布首颗全调度以太网（GSE）DPU 芯片"智算琢 光"，关注算力链景气提升 据 IT 之家，中 ...

Investment Rating - The report maintains an "Accumulate" rating for the communication industry [4]. Core Insights - China Telecom has released the first standard for hollow-core fiber, which is expected to benefit related sectors. The company plans to procure 95 kilometers of hollow-core fiber for testing in 2024 [12][32]. - The demand for ultra-large capacity optical transmission systems has surged due to emerging businesses like artificial intelligence, making hollow-core fiber a focal point in the industry [12][32]. - The "Thousand Sails Constellation" satellite internet project is set to launch operations in Brazil by 2026, which is anticipated to benefit related sectors [14][32]. - The National Data Bureau has proposed a gradual upgrade of 5G networks to 5G-A, which is expected to benefit the industry chain [15][33]. Summary by Sections 1. Core Insights and Investment Recommendations - Hollow-core fiber is gaining attention, with China Telecom's procurement marking a significant step. The technology aims to overcome limitations of traditional quartz glass fibers [12][32]. - The satellite internet initiative "Thousand Sails Constellation" will provide broadband access to underserved areas in Brazil, enhancing digital inclusion [14][32]. - The report suggests focusing on sectors such as optical fiber and cable, satellite internet, and communication equipment, recommending specific companies like Zhongtian Technology and ZTE Corporation [16]. 2. Market Review 2.1. Sector Performance - The A-share communication index fell by 3.78% from November 18 to November 22, underperforming the CSI 300 index by 1.18 percentage points [19][20]. - Within the communication sector, communication equipment declined by 3.55%, while communication services dropped by 4.26% [19][20]. 2.2. Stock Performance - The top-performing stocks included Erli San (+26.72%) and Yongding Co. (+25.00%), while the worst performers included Youbuxun (-20.74%) and *ST Pengbo (-14.35%) [29]. 3. Industry News - China Telecom's announcement of hollow-core fiber procurement is a significant development in the optical fiber sector [32]. - The partnership between Shanghai Yuanxin Satellite Technology and Telecomunicações Brasileiras S.A. aims to enhance broadband access in Brazil [14][32]. - The National Data Bureau's guidelines for upgrading to 5G-A are expected to drive innovation in the communication infrastructure [15][33]. 4. Company Dynamics - ZTE Corporation showcased its solutions at the 2024 World Internet Conference, emphasizing its contributions to AI and digital transformation [35]. - Huace Navigation has formed partnerships with several automotive companies for autonomous driving technology [35]. 5. Company Announcements - Guangha Communication plans to acquire a 51% stake in Beijing Yiyong Shidian Technology for 66.3 million yuan, expanding its multimedia and emergency communication capabilities [38]. - Weisheng Information intends to acquire a property in Changsha for 144 million yuan, which will enhance its operational capacity [38].

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [7]. Core Views - The report highlights that Dongfang Cable has won the EPC project for the Qingzhou 5 and 7 ±500kV DC submarine cable, with a contract value of approximately 1.514 billion yuan. This project is significant as it utilizes Dongfang Cable's independently developed DC submarine cable system, capable of transmitting 2GW of electricity in a single circuit, marking a domestic first and providing valuable experience for future deep-sea development [4][5]. Summary by Sections 1. Wind Power Sector Market Review - The electric power equipment sector experienced a decline of 0.65% in the week of November 18-22, 2024, ranking 16th among 31 first-level industries [20]. - The wind power equipment sub-sector saw a decrease of 0.66%, ranking lower in performance [22]. 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - From January to October 2024, China added 45.80GW of new wind power installations, a year-on-year increase of 22.76%. In October alone, 6.68GW was added, representing a 74.41% increase year-on-year [38]. 2.2 Wind Power Approval Data - A total of 80.04GW of wind power projects were approved in China from January to October 2024, including 64.44GW of onshore projects and 14.68GW of offshore projects [49]. 2.3 Wind Turbine Bidding Data - Eight projects initiated turbine procurement this week, totaling 1978.5MW, with one offshore project included [51]. 2.4 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3686.20 yuan/ton, down 0.56% from the previous week, while scrap steel averaged 2152.00 yuan/ton, down 1.74% [65]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the demand for offshore wind power, such as Dongfang Cable, Tiensun Wind Power, and Qifan Cable. It also highlights companies with strong overseas market expansion capabilities, like Dajin Heavy Industry and Taisheng Wind Power, as well as wind turbine manufacturers with recovering profitability, including Goldwind Technology and Mingyang Smart Energy [5].

传媒 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 杭州 IAGF 展会即将召开 "谷子经济"有望受益 ——传媒行业点评报告 ◼ 事件 据 IAGF 官网消息，11 月 29 日至 12 月 1 日，杭州国际博览中心将召 开首届 IAGF 展会。50 余家海内外展商将参加此次展会。展会现场将 会有众多热门 IP 的先行新商品、人气再贩商品及限定场贩商品更有日 本 AGF 同款商品。日本知名声优、《蓝色禁区》洁世一 CV 浦和希首 次来到中国进行线下活动嘉宾见面会&签名会。猫耳 FM 广播剧《三 嫁咸鱼》声优见面会&签名会，配音演员马正阳&陈张太康将出席舞台 现场。翻翻动漫旗下人气漫画家第年秒、米沙 Misha 、潇十里、毛啾 啾啾啾 、潇湘骨、绛梵将亲临 IAGF 展会现场进行签售。 ◼ 核心观点 二次元产业有望继续保持快速增长。据前瞻网消息，总体来看，2016- 2023 年，中国二次元产业规模从 189 亿元增长至 2219 亿元，复合年 均增长率达到 42.2%。目前，中国二次元产业正处于高速成长期，前 瞻预计 2024 年，中国二次元产业规模将突破 2700 亿元;到 2 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [5]. Core Viewpoints - The adjustment of the Anhui Province Traditional Chinese Medicine (TCM) procurement catalog has removed products such as Ganmaoling. The latest catalog has been reduced from 35 products in 18 groups to 22 products in 12 groups [17][20]. - The procurement catalog includes various OTC TCM products, with a focus on diabetes and hypertension medications. The procurement will involve public medical institutions, military medical institutions, and community medical institutions [17][20]. - The selection rules for procurement are well-defined, incorporating both price and technical indicators to calculate the comprehensive score of bidding companies [17][20]. Market Review - During the week of November 18-22, 2024, the A-share Shenwan Pharmaceutical and Biological sector fell by 2.36%, outperforming the CSI 300 index by 0.24 percentage points and the ChiNext index by 0.49 percentage points [21]. - The Hang Seng Healthcare Index decreased by 1.99%, underperforming the Hang Seng Index by 0.98 percentage points [21]. Company Dynamics - Recent announcements include: - Yifan Pharmaceutical received approval for a new drug registration certificate for Methanesulfonic Acid New Stigmine Injection [30]. - Enhua Pharmaceutical obtained approval for Mecuronium Bromide Injection [30]. - Jiuzhou Pharmaceutical received a GMP certificate from the UK Medicines and Healthcare Products Regulatory Agency [30]. Financing Dynamics - Micron Biologics plans to raise funds through a directed issuance of 9.6 million shares [31]. Unlocking Dynamics - Significant unlocking events include: - Anxu Biotech had 9,531.20 thousand shares unlocked, valued at approximately 380.96 million yuan [36]. - JianKai Technology had 3.60 thousand shares unlocked, valued at approximately 0.21 million yuan [36].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [6]. Core Insights - Pinduoduo's revenue growth slowed in Q3 2024, with a strong policy of 100 billion yuan in subsidies exceeding expectations. The company's revenue reached 99.35 billion yuan, a year-on-year increase of 44% [4]. - The adjusted net profit for Pinduoduo was 27.46 billion yuan, up 61% year-on-year. The online marketing revenue was 49.35 billion yuan, growing 24% year-on-year, while transaction service commission revenue was 50 billion yuan, increasing 72% year-on-year [4]. - The report highlights the ongoing investment in the merchant ecosystem, including the implementation of various support measures for quality merchants, which may continue to impact future profit margins [4]. - The gold and jewelry sector is expected to maintain high prosperity due to investor demand for safe-haven assets, despite a 3% year-on-year decline in retail sales of gold and silver jewelry from January to October 2024 [5]. - The report suggests that the domestic consumption recovery is likely to be supported by policies aimed at expanding domestic demand, with a focus on offline sales recovery [11]. Summary by Sections 1. Market Review - The retail index rose by 3.33% during the week of November 18-22, 2024, outperforming the CSI 300 index by 5.92 percentage points [8]. - The retail sector ranked first among 30 major industries during this period, with significant gains in the medical beauty sector, which rose by 15.73% [8]. 2. Industry Dynamics - Traditional retail updates include the establishment of Walmart's Kunming department store and the entry of Hema's founder into the pet food sector [9]. - In e-commerce, JD.com launched a flagship store for 100 major brands, and Temu adjusted its pricing rules for the Chinese mainland and Hong Kong [9][33]. - The report notes that geopolitical tensions, such as the Russia-Ukraine conflict, have driven up gold prices, with spot gold closing at 623.91 yuan/g on November 22, 2024 [10][34]. 3. Investment Recommendations - The report suggests focusing on companies with strong performance and dividend capabilities, such as Zhou Daxing, Lao Fengxiang, and Chao Hongji in the gold and jewelry sector [11]. - It also recommends attention to major retail players like Yonghui Supermarket, Miniso, and High Xin Retail as offline sales are expected to recover gradually [11].

Investment Rating - The industry investment rating is maintained as "Overweight" [4]. Core Viewpoints - SK Hynix has announced the mass production of 321-layer NAND flash memory, which is expected to start supplying in the first half of 2025. This new product shows improvements in data transfer speed and read performance by 12% and 13% respectively, with over 10% enhancement in data read efficiency compared to the previous generation [4][21]. - The DRAM market size increased by 10.4% quarter-on-quarter to reach $25.85 billion in Q3 2024, driven by sustained demand from AI and server sectors, while other segments like mobile and consumer electronics showed weaker demand [4][24]. - The global storage market size reached $44.871 billion in Q3 2024, with a year-on-year growth of 96.8% for the first three quarters, although the growth rate is slowing down [4][28]. Summary by Sections 1. Weekly Price Tracking of Storage Chips - The average price fluctuation for NAND particles ranged from -2.35% to 3.33%, with an average change of 0.10% [4]. - The DRAM market saw a price fluctuation range of -1.61% to 0.00%, with an average decline of 0.63% [4]. 2. Industry News - The storage market atmosphere has turned slightly negative, with most SSD and memory prices experiencing minor declines. However, some PC customers have placed additional orders, stabilizing SSD and memory prices [21]. - SK Hynix's new 321-layer NAND flash is set to address the growing demand for AI applications, positioning the company favorably in the market [21]. - The introduction of the new JEDEC NAND flash interface interoperability standard supports interface speeds up to 4800MT/s, paving the way for higher performance NAND products [25][28]. 3. Company Dynamics - Deep Technology is focusing on storage semiconductors, high-end manufacturing, and intelligent terminal measurement as part of its strategic development [31]. - Zhaoyi Innovation's NOR Flash products are widely used across various sectors, including industrial and automotive applications [32]. - Jiangbolong has made significant progress in self-developed chips and high-end storage products, indicating strong growth potential in the global storage market [32]. 4. Company Announcements - Zhaoyi Innovation completed a share buyback, acquiring 1,748,100 shares at a total cost of approximately RMB 154.55 million [35]. - The company Huahai Chengke announced a suspension of trading due to ongoing acquisition plans [37].