Investment Rating - The industry investment rating is "Increase" [5][34]. Core Viewpoints - The international oil price has seen an increase, with Brent crude oil futures settling at approximately $73.87 per barrel, reflecting a weekly increase of about 1.05% [12][16]. - The U.S. commercial crude oil inventory has increased by approximately 2.15 million barrels week-on-week, indicating a growing supply [14][16]. - The North American active rig count remains stable week-on-week but shows a significant year-on-year decline, which may impact oil service companies [17][19]. Summary by Sections Market Performance - The CITIC oil and petrochemical sector rose approximately 3.11% during the week of November 4-8, 2024, while the Shanghai Composite Index increased by about 5.51%, indicating a lag of approximately 2.4 percentage points for the oil and petrochemical sector [9][11]. Core Viewpoints Upstream Sector - Despite a projected growth in U.S. crude oil production over the next two years, international oil prices are expected to remain at relatively high levels, benefiting upstream oil and gas companies [2][16]. Oil Service Sector - The global drilling platform count has increased quarter-on-quarter, which is favorable for the business expansion of oil service companies [17]. Midstream Refining Sector - The Singapore diesel price spread has decreased by approximately $0.5 per barrel, while the gasoline price spread has increased by about $0.6 per barrel, indicating a mixed performance in refining margins [19]. Terminal Polyester Sector - The POY price spread is approximately 1259 RMB/ton, with overall inventory accumulation suggesting a potential for performance recovery in long filament enterprises [23][25]. Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas reserves and production increases [3][30]. 2. Attention to the oil service sector, with companies like CNOOC Services and Haiyou Engineering expected to benefit from increased global upstream capital expenditure [3][30]. 3. Investment in long filament companies such as Xin Fengming and Tongkun Co., as industry supply-demand dynamics improve [3][30]. 4. Monitoring refining companies like Satellite Chemical and Hengli Petrochemical, which are actively planning new capacities and accelerating new material projects [3][30].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - NAND market prices have shown slight fluctuations, with an average price change of -0.18% for 22 categories of NAND particles [2] - DRAM prices have slightly decreased, with an average price change of -0.64% for 18 categories of DRAM particles [2] - The demand for high bandwidth memory (HBM) is expected to increase due to the rapid growth of generative AI and cloud services [2] - The storage industry is anticipated to experience a new demand peak in 2025, driven by significant increases in storage capacity in electronic products and potential breakthroughs in AI personal computers and smartphones [2] Summary by Sections 1. Weekly Price Tracking of Storage Chips - NAND particle prices fluctuated with a range of -2.82% to 2.82% in the last week, while DRAM prices ranged from -2.50% to 3.25% [2] - The K2 factory of Kioxia is expected to start production in the fall of 2025, which will produce the latest BiCS 8 NAND Flash [2] 2. Industry News - Market sentiment has turned bearish, leading to a decline in large-capacity embedded product prices [11] - Adata reported a significant increase in DRAM revenue, with a 27.21% year-on-year growth in the first ten months of 2024 [12] - SK Hynix plans to sample its 16-layer 48GB HBM3E in early 2025, with performance improvements over existing products [13] 3. Company Dynamics - Deep Technology emphasizes its competitive advantages in flexible manufacturing and digital integration [15] - Saiteng Co. is expanding its production capacity in Japan with a new facility [15] 4. Company Announcements - Zhaoyi Innovation has repurchased 973,200 shares, accounting for 0.1462% of its total share capital [16] - Baiwei Storage provided a guarantee of 200 million RMB for its subsidiary [16]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][11]. Core Insights - Samsung has launched two foldable smartphones, which are expected to benefit the related supply chain. The new models are priced starting at 9999 yuan [2][6]. - The release of the 2024 MacBook Pro by Apple, featuring M4, M4 Pro, and M4 Max chips, is anticipated to drive the replacement cycle in the related supply chain [2][7]. - Passive components from leading manufacturers like Murata and TDK are expected to see price increases of approximately 10% to 20%, benefiting the passive components supply chain [2][8][9]. - Japan's Rapidus has commenced the construction of an advanced packaging R&D line, which is expected to enhance the related supply chain's growth [2][10]. Summary by Sections 1. Core Insights and Investment Recommendations - Foldable Screen: Samsung's new foldable smartphones are expected to accelerate the replacement cycle, benefiting the supply chain [2][6]. - Apple Supply Chain: The launch of the 2024 MacBook Pro is expected to drive growth in the related supply chain [2][7]. - Passive Components: Price increases in passive components are anticipated, benefiting the supply chain [2][8][9]. - Advanced Packaging: The importance of advanced packaging is growing, with related supply chains expected to benefit [2][10]. 2. Market Review - The A-share Shenwan Electronics Index rose by 9.36% from November 4 to November 8, outperforming the CSI 300 Index by 3.86 percentage points [12]. - Among the sub-sectors, semiconductors led with an 11.98% increase, while consumer electronics saw a 5.61% rise [12][13]. 3. Industry News - Murata and TDK are expected to raise prices for certain passive components by 10% to 20% due to increased demand from smartphone manufacturers and a recovering PC market [17]. - Rapidus has started building an advanced packaging R&D line, with operations expected to begin in April 2026 [17]. 4. Company Dynamics - Dongshan Precision is focusing on serving electric vehicle clients in its Mexico and U.S. factories, while its Thailand factory is investing in PCB business [20]. - Fenghua Advanced Technology emphasizes technological innovation, with significant R&D investments planned for 2024 [20]. 5. Company Announcements - Pengding Holdings reported a 2.18% decrease in consolidated revenue for October 2024 compared to the same period in 2023 [23].

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [3][4]. Core Viewpoints - In October, home appliance exports increased by 22.8%, showing a significant month-on-month acceleration, with total export revenue reaching $8.58 billion [2]. - The overall export volume for home appliances in October was 388 million units, a year-on-year increase of 24.5% [2]. - The average export price for home appliances decreased by 1.4% year-on-year, but the growth rate improved by 1.8 percentage points compared to the previous month [2]. - The cumulative export revenue from January to October 2024 reached $83.85 billion, reflecting a year-on-year growth of 12.9% [2]. - The production and export of air conditioners are expected to see significant growth in November and December, with production for November projected at 8.995 million units, a 65.5% increase year-on-year [2]. - The report highlights that the recent "old-for-new" policy has positively impacted domestic sales, with retail sales of home appliances and audio-visual equipment increasing by 20.5% year-on-year in October [3]. Summary by Sections Export Performance - October home appliance export revenue was $8.58 billion, up 22.8% year-on-year, with a month-on-month acceleration of 18.3 percentage points [2]. - The total export volume was 388 million units, a 24.5% increase year-on-year, with a month-on-month acceleration of 16.6 percentage points [2]. - The cumulative export revenue for January to October 2024 was $83.85 billion, reflecting a 12.9% year-on-year growth [2]. Production and Sales Outlook - Air conditioner export production for November is projected at 8.995 million units, a 65.5% increase year-on-year, with December expected to reach 10.88 million units, a 48.5% increase [2]. - Refrigerator and washing machine export production also showed stable growth, with November production for refrigerators at 3.88 million units (up 4.5% year-on-year) and for washing machines at 3.4 million units (up 5.1% year-on-year) [2]. - The report anticipates continued improvement in the home appliance sector's performance in Q4 2024 and into 2025, driven by positive domestic demand trends [3].

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The State Council has released a future plan for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, indicating a promising long-term growth potential for the domestic ice and snow economy [2] - The plan includes the construction of an "ice and snow economy" spatial layout, development of ice and snow project competitions and performances, and the implementation of an ice and snow tourism enhancement plan [2] - The number of ice and snow-related enterprises in China has reached 12,500, with a significant increase in registrations since 2021, showing a year-on-year growth of 37.37% in 2023 [3] - The report suggests focusing on the performance of ice and snow tourism in the short term, as the recent government plan is expected to inject new development momentum into domestic tourism consumption [4] Summary by Sections Government Initiatives - The State Council's plan aims to create a high-quality development environment for the ice and snow economy, with specific goals for 2027 and 2030 [2] - The plan emphasizes the establishment of key regions and nodes for ice and snow economic activities, particularly in northern provinces [2] Industry Growth - The number of ice and snow-related enterprises has grown significantly, with 2,430 new registrations in 2023 alone, reflecting a robust industry expansion [3] - The ice and snow equipment and materials industry has also seen growth, with the number of companies increasing from approximately 300 in 2015 to around 900 in 2023, and sales revenue rising from less than 5 billion yuan to about 22 billion yuan [3] Investment Recommendations - The report recommends focusing on companies such as Changbai Mountain, Ctrip Group, Huazhu Group, Jinjiang Hotels, and ShouLai Hotels, as they are expected to benefit from the growth in the ice and snow economy [4]

Investment Rating - The industry investment rating is maintained as "Overweight" [7] Core Viewpoints - The "Energy Law of the People's Republic of China" has been officially issued, promoting the development of wind and solar energy, supporting both centralized and distributed generation, and encouraging the orderly development of offshore wind power [2][31] - The wind power sector has shown a significant increase in installed capacity, with 39.12 GW added in the first nine months of 2024, representing a year-on-year growth of 16.85% [3][16] - The average bidding price for onshore wind power (including towers) is 1780 RMB/kW, while for offshore wind power (including steel towers) it is 3100 RMB/kW [4][23] Summary by Sections Market Performance - The electricity equipment sector's performance for the week of November 4-8, 2024, showed a growth of 10.17%, ranking 9th among 31 sectors [3][10] - The wind power equipment sub-sector increased by 8.88% during the same week, ranking lower compared to other sectors [11][12] Wind Power Installation Data - In the first nine months of 2024, China added 39.12 GW of wind power capacity, with a monthly addition of 5.51 GW in September [3][16] - The total wind power generation in the same period reached 673.3 billion kWh, accounting for 9.1% of the total electricity consumption [18][19] Wind Power Project Approval Data - A total of 74.56 GW of wind power projects were approved in the first nine months of 2024, including 59.36 GW of onshore and 14.28 GW of offshore projects [20][21] Wind Power Equipment Bidding Data - Eight projects initiated wind turbine procurement during the week, with a total bidding scale of 2187.5 MW, including one offshore project [4][23] - The total procurement opening for wind power equipment reached 2300 MW during the same week [23][26] Investment Recommendations - Recommended stocks include those benefiting from offshore wind demand such as Dongfang Cable, Tienshun Wind Power, and Qifan Cable [5][31] - Companies with strong overseas market expansion capabilities like Dajin Heavy Industry and Zhenjiang Co. are also highlighted [5][31] - Wind turbine manufacturers with recovering profitability such as Goldwind Technology and Mingyang Smart Energy are suggested for investment [5][31]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [2]. Core Insights - Qualcomm's financial report indicates a recovery in the smartphone market, with Q4 sales reaching $10.24 billion and adjusted EPS of $2.69. The company expects Q1 sales to be $10.9 billion with an adjusted EPS of $2.95. Qualcomm benefits significantly from the Chinese market, which accounts for 46% of its revenue [5][6]. - The establishment of a new company by "萝卜快跑" in Chongqing is noted, which is expected to benefit the related industry chain as autonomous driving companies continue to grow [6]. - Dell'Oro Group forecasts a double-digit CAGR for coherent optical transceiver shipments over the next five years, with total shipments expected to exceed 5 million units. This growth is driven by advancements in AI clusters and the increasing compatibility and application diversity of smaller, energy-efficient transceivers [7]. Summary by Sections 1. Core Insights and Investment Recommendations - Qualcomm's recovery in the smartphone market is highlighted, with significant revenue contributions from China [5]. - The report suggests focusing on sectors such as computing optical communication, satellite communication navigation, and communication equipment [8]. 2. Market Review 2.1. Sector Performance - The A-share communication index rose by 6.8% from November 4 to November 8, outperforming the CSI 300 index by 1.3 percentage points [9]. - Within the communication sector, communication equipment saw a 7.42% increase, while communication services rose by 5.42% [10]. 2.2. Stock Performance - The top-performing stocks included 震有科技 (+47.33%) and 高新兴 (+29.25%), while 海能达 (-17.38%) and 万马科技 (-5.72%) were among the worst performers [12]. 3. Industry News - China Telecom's second procurement for SD-WAN PON fusion gateways included 网经 and 瑞斯康达 [13]. - China Unicom, ZTE, and Qualcomm achieved a mobile terminal speed breakthrough of 9.3Gbps [13]. - China Mobile announced a new round of ordinary optical cable procurement [14]. 4. Company Dynamics - 中兴通讯 reported stable overall operations with double-digit growth in consumer and government enterprise businesses [15]. - 天孚通信 is progressing with its factory construction in Thailand [15]. 5. Company Announcements -司南导航 plans to grant 2.2 million restricted stock options, representing 3.54% of its total share capital [16].

Investment Rating - The report maintains a rating of "Buy" for the copper industry [4]. Core Viewpoints - The copper price reached a historical high in May 2024, driven by multiple macroeconomic and supply-demand factors [4]. - Supply disruptions are ongoing, with limited future increases in copper mine output anticipated [4]. - Demand remains stable, with positive expectations for growth driven by the renewable energy and power sectors [4]. Summary by Sections 1. Copper Price Review - The copper price experienced four phases in 2024: 1. Early January to early March saw a sideways trend 2. From early March to mid-May, prices rose significantly 3. Mid-May to early August experienced a correction 4. From early August onwards, prices stabilized at high levels [17][18]. 2. Supply Side - Global copper mine output from January to August 2024 was approximately 14.874 million tons, a year-on-year increase of 1.97%, which is below the expected 3.7% [23]. - Key supply disruptions included the closure of the Cobre mine in Panama and operational halts at various mines due to legal and environmental issues [23][34]. - The expected growth rates for copper mine supply in 2024 and 2025 are 1.7% and 3.5%, respectively [34][37]. 3. Demand Side - Demand for copper has been stable, with consumption in the first eight months of 2024 reaching 17.788 million tons, a slight year-on-year decrease of 0.14% [4]. - The renewable energy sector is expected to drive significant increases in copper consumption, with projected CAGR of 14.81% for solar energy from 2023 to 2026 and 19.78% for electric vehicles [4]. - The overall global copper demand is anticipated to recover, supported by increased investments in power infrastructure [4]. 4. Company Analysis - Zijin Mining holds the largest copper resource in China, with approximately 7.5 million tons as of the end of 2023 [4]. - In terms of production, Zijin Mining produced about 1.01 million tons of copper concentrate in 2023, leading the industry [4]. - The static reserve-to-production ratio for major companies indicates that Zijin Mining, Luoyang Molybdenum, and Jincheng Mining are in the top tier, with ratios of 74 years, 88 years, and 79 years, respectively [4].

Macro Liquidity - The 2-year and 10-year government bond yields in China decreased, with the yield spread widening to 0.7068%[7] - The central bank's net liquidity withdrawal was 851.4 billion CNY last week, and the MLF net withdrawal for October was 89 billion CNY[7] - The 10-year U.S. Treasury yield rose to 4.37%, while the dollar index remained stable at 104.32[10] Market Liquidity - A total of 926 new funds were established from January to October 2024, slightly down from 973 in the same period of 2023, with total issuance of 887.1 billion units[12] - In October, 55 new funds were launched, with 28 being equity funds, accounting for 45.5% of the total issuance of approximately 151.7 billion units[12] - The number of new ETF funds established in 2024 was 128, up from 116 in 2023, with 7 new equity ETFs launched in October, totaling 1.99 billion units[14] Southbound Capital - Southbound capital saw a net inflow of approximately 140 billion CNY last week, with a total net inflow of 542.1 billion CNY year-to-date[20] - The consumer sector had the highest net inflow among styles, with 130 billion CNY, followed by technology with 49 billion CNY[21] - Cumulative net inflow since the opening of southbound trading is approximately 3.05 trillion CNY[20] Margin Financing - Margin trading buy amounts increased to an average of 199.8 billion CNY last week, a 4.5% increase from the previous week, but the proportion of margin trading in total A-share turnover decreased to 10.4%[23] - The top sectors for net margin financing were electronics (73.4 billion CNY), computers (57.4 billion CNY), and automobiles (33.2 billion CNY)[23] Fundraising - In October, 11 companies conducted IPOs, raising a total of 4.97 billion CNY, while the total equity financing scale for the month was 14.53 billion CNY[25] - In October, 10 companies participated in private placements, raising a total of 7.11 billion CNY[25]

Investment Rating - The report maintains an "Accumulate" rating for the media industry [1][7]. Core Insights - The development of original game IPs in China remains stable, with the market size reaching 94.58 billion yuan, accounting for 48.2% of the domestic game market [5][13]. - The micro-drama market is expected to surpass the box office revenue of domestic films for the first time, with a projected market size of 50.44 billion yuan in 2024, representing a year-on-year growth of 34.90% [6][13]. - The Amazon Advertising global annual summit "unBoxed" has landed in Shenzhen, indicating potential benefits for related sectors, with a significant increase in active Chinese advertisers [14]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the stable development of original game IPs, suggesting a focus on companies like 37 Interactive Entertainment, Kingsoft Network, and Gigabit Network [7]. - The micro-drama sector is projected to grow significantly, with recommendations to pay attention to Mango Excellent Media and Zhejiang Cultural Industry Group [7]. 2. Market Review - The A-share Shenwan Media Index rose by 7.25% from November 4 to November 8, outperforming the CSI 300 Index by 1.75 percentage points [8]. - Among the sub-sectors, the film and television box office sector increased by 8.73%, while the education sector saw a decline of 0.45% [8][9]. 3. Industry News - The report references the "2024 China Game Industry IP Development Report," indicating a stable market for original game IPs [13]. - The "2024 China Micro-drama Industry Development White Paper" predicts a significant increase in the micro-drama market, with user numbers reaching 576 million by mid-2024 [13]. - The Amazon Advertising summit showcased trends in global marketing, with a notable increase in active Chinese advertisers [14]. 4. Company Dynamics - Focus on companies like Focus Media, which was recognized as one of the most admired Chinese companies in 2024 by Fortune [15]. - Xinhua Du is expanding into live e-commerce and short video sectors, establishing bases in key cities [15]. 5. Company Announcements - Tian Di Online plans to acquire 100% of Jiatu Group through a combination of stock issuance and cash payment [16]. - Visual China is investing in a venture fund, while *ST Wento is undergoing restructuring with new investment agreements [16].