Group 1: Market Sentiment - The margin trading balance increased slightly, with an average of approximately 1.68 trillion yuan, up 3.12% from the previous week [2][12] - The proportion of financing purchases in total A-share trading volume decreased to an average of 10.54%, down 0.74 percentage points from the previous week [2][12] - Major indices experienced a general decline in trading volume, with the Shanghai Shenzhen 300 index seeing the largest drop of 21.75% [3][16] Group 2: Valuation Analysis - The PE valuation percentiles of major indices showed mixed results, with the CSI 1000 leading with an increase of 6.8 percentage points, while the SSE 50 saw the largest decline of 5.1 percentage points [4][18] - The financial sector led the decline in PE valuation percentiles, dropping 6.4 percentage points, while the cyclical sector saw an increase of 4.4 percentage points [24][27] - In terms of industry performance, the textile and apparel sector saw a significant increase of 9.9 percentage points, while the agriculture, forestry, animal husbandry, and fishery sector experienced the largest decline of 25.5 percentage points [5][28]

Fiscal Policy Insights - Fiscal policy has begun to take effect, with infrastructure investment growth rising from 6.7% in May to 9.3% in September[11] - The balance of local government special bonds has increased year-on-year from 13.7% in April to 16.4% in September[11] - The public finance account deficit as a percentage of current GDP has widened from -3.03% in Q1 2024 to -4.08% in Q3 2024[11] Revenue and Expenditure Analysis - Public fiscal revenue turned positive in September after six months of negative growth, with a year-on-year increase of 2.45%[14] - Cumulative public fiscal expenditure from January to September showed a positive growth of 2.0%, while revenue and government fund income remained negative[14] - Government fund income decreased by 20.2% year-on-year, with land use rights transfer income down by 24.6%[15] Industrial Performance - Industrial enterprise profits saw a significant decline in September, with a year-on-year decrease of 27.1%[30] - Cumulative profit growth for industrial enterprises turned negative at -3.5% for the first nine months of 2024[30] - The Producer Price Index (PPI) has been negative for 24 consecutive months, indicating ongoing deflationary pressures[30] PMI Data Insights - The manufacturing PMI for October increased to 50.1%, indicating a recovery in both supply and demand[33] - The production index rose to 52.0%, while the new orders index returned to 50.0%, suggesting stabilization in manufacturing activity[33] - Purchase price index jumped from 45.1% in September to 53.4% in October, although still below the critical threshold[33]

电力设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 六部委联合发布指导意见，上海启动百万千瓦级深远 海海上风电示范项目 ——风电行业周报（20241028-20241101） ◼ 核心观点 政策催化，看好风电行业景气度上行。1）2024 年 10 月 30 日，国家 发改委等部门发布《关于大力实施可再生能源替代行动的指导意见》 （以下简称《意见》）。《意见》强调，要着力提升可再生能源安全可靠 替代能力，加快推进以沙漠、戈壁、荒漠地区为重点的大型风电光伏 基地建设，推动海上风电集群化开发。《意见》提出，开展深远海漂浮 式海上风电试点应用。2）上海市人民政府办公厅印发《美丽上海建设 三年行动计划（2024—2026 年）》。内容指出，启动实施百万千瓦级深 远海海上风电示范项目。 ◼ 数据跟踪 板块行情回顾：1）本周（2024 年 10 月 28 日-2024 年 11 月 1 日）电 力设备板块涨跌幅-2.44%，在 31 个申万一级行业涨跌幅排名中位列第 26 名。从电力设备板块各子行业行情来看，本周（2024 年 10 月 28 日 -2024 年 11 月 1 日）风电设备 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for future performance [2][7]. Core Insights - The gaming industry is expected to rebound in 2025, with related sectors likely to benefit. DFC Intelligence forecasts a strong recovery for the video game industry, marking a new growth phase with a projected 15% increase in the PC and console game software market from a 2024 size of $72 billion to $83 billion by 2028 [5][12]. - The film industry anticipates multiple releases during the 2025 Spring Festival, which are expected to be competitive and beneficial for related sectors. Notable films include "Operation Dragon" and "Nezha: The Devil's Child" [6][12]. - The advertising sector is poised to benefit from the opening of the Beijing-Tianjin-Hebei Advertising Festival, with Fengtai District reporting a revenue growth of 39.3% in the first three quarters of 2024 [13]. Summary by Sections 1. Core Insights and Investment Recommendations - The gaming sector is projected to experience a rebound in 2025, with recommendations to focus on companies like 37 Interactive Entertainment, Kaixin Network, and Gigabit Network [7]. - The film sector is expected to benefit from the Spring Festival releases, with recommendations to monitor Bona Film Group and Wanda Film [7]. - The advertising sector is also expected to gain from the advertising festival, with suggestions to look at Focus Media and Zhiding Buy [7]. 2. Market Review - For the week of October 28 to November 1, the A-share Shenwan Media Index fell by 2.77%, underperforming the CSI 300 Index by 1.09 percentage points [8]. - The performance of sub-sectors within the media industry varied, with education up by 17.72% and publishing down by 7.32% [9][10]. 3. Industry News - DFC Intelligence predicts a strong rebound for the gaming industry in 2025, with significant growth expected in the PC and console game software market [12]. - Multiple films are set to release during the 2025 Spring Festival, including sequels to popular titles, which are expected to perform well at the box office [12]. - The Beijing-Tianjin-Hebei Advertising Festival has opened, with Fengtai District's advertising revenue showing impressive growth [13]. 4. Company Dynamics - China Film is currently working on multiple projects, including adaptations of classic works, with a strong project pipeline [14]. - Beijing Culture has confirmed the release of "Fengshen Part Two" during the 2025 Spring Festival [14]. 5. Company Announcements - Various companies in the media sector have reported their earnings, with notable changes in revenue and profit margins [16].

Investment Rating - The industry investment rating is maintained as "Increase" [3][25]. Core Viewpoints - Domestic tourism consumption has shown significant recovery in the first three quarters of 2024, with domestic travel volume reaching 4.237 billion trips, a year-on-year increase of 15.3% [2][9]. - Total domestic tourism expenditure for the first three quarters of 2024 was 4.35 trillion yuan, reflecting a year-on-year growth of 17.9% [2][9]. - The average expenditure per trip was 1,026.7 yuan, with a slight year-on-year increase of 2.3% [2][9]. Summary by Sections 1. Market Tracking - The social service industry index rose by 4.43% in the week of October 21-25, ranking 8th among all first-level industries [7]. - Sub-industry performance included hotel and catering at 4.83%, tourism and scenic spots at 5.03%, education at 4.01%, and professional services at 3.87% [7][8]. 2. Fundamental Tracking 2.1. Recovery of Domestic Tourism Consumption - In the first three quarters of 2024, urban residents accounted for 3.270 billion trips, while rural residents made 0.967 billion trips, with growth rates of 14.9% and 16.8% respectively [9]. - Urban residents' total tourism expenditure was 3.71 trillion yuan, growing by 17.1%, while rural residents spent 0.64 trillion yuan, increasing by 22.5% [9]. - Quarterly breakdown showed Q1 with 1.419 billion trips and 1.52 trillion yuan in expenditure, Q2 with 1.306 billion trips and 1.21 trillion yuan, and Q3 with 1.512 billion trips and 1.62 trillion yuan [10][12]. 2.2. Improvement in September Retail Data - National retail sales in September grew by 3.2% year-on-year, with a month-on-month increase of 1.1% [13]. - Retail sales of goods increased by 3.3%, while catering revenue rose by 3.1% [13]. 3. Industry Dynamics - Domestic business travel orders increased by 20.72% year-on-year in Q3, indicating a recovery in corporate travel demand [21]. - The civil aviation sector is expanding its international routes, particularly to North America, while domestic flight volumes remain stable [22]. - Thailand's tourism department forecasts 36 million foreign visitors in 2024, indicating ongoing recovery in the tourism sector [23]. 4. Investment Recommendations - The report suggests focusing on companies such as Songcheng Performing Arts, ShouLai Hotel, Jinjiang Hotel, and others due to the positive outlook on domestic consumption and tourism [25][26].

社会服务 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 国内旅游消费表现良好 ——24 年前三季度国内旅游数据点评 ◼ 核心观点 前三季度国内旅游消费进一步恢复 根据文旅部数据，今年前三季度国内旅游消费进一步恢复，其中农村 居民旅游消费表现好于城镇居民，分季度来看，国内出游人次与出游 总花费三个季度均实现两位数良好增长，人均出游花费表现略有波动。 具体来看，根据文旅部国内旅游抽样调查统计结果，2024 年前三季度， 国内出游人次 42.37 亿，比上年同期增加 5.63 亿，同比增长 15.3%， 其中，城镇居民国内出游人次 32.70 亿，同比增长 14.9%，农村居民国 内出游人次 9.67 亿，同比增长 16.8%；2024 年前三季度，国内游客出 游总花费 4.35 万亿元，比上年增加 0.66 万亿元，同比增长 17.9%，其 中，城镇居民出游花费 3.71 万亿元，同比增长 17.1%，农村居民出游 花费 0.64 万亿元，同比增长 22.5%；根据测算，2024 年前三季度，人 均国内出游花费 1026.7 元，同比增长 2.3%，其中，城镇居民国内人均 出游花费 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Viewpoints - The automotive market shows signs of recovery with increased retail sales and consumer confidence, driven by government policies and economic conditions [3][14]. - The new energy vehicle (NEV) segment is experiencing significant growth, with retail sales up 49% year-on-year in October [2][11]. - The market is expected to benefit from vehicle replacement policies, particularly favoring new energy vehicles and fuel-efficient cars [3][14]. Summary by Sections 1. Market Performance Tracking - From October 1-27, 2023, retail sales of passenger vehicles reached 1.812 million units, a 9% increase year-on-year, while wholesale sales were 1.978 million units, up 4% year-on-year [2][11]. - Cumulative retail sales for the year stand at 17.386 million units, reflecting a 3% year-on-year growth [2][11]. 2. High-frequency Data Tracking - The NEV market saw retail sales of 946,000 units from October 1-27, marking a 49% increase year-on-year, with cumulative sales for the year at 8.078 million units, up 39% [2][11]. - Wholesale NEV sales during the same period reached 1.047 million units, a 45% increase year-on-year [2][11]. 3. Industry Dynamics - The report highlights the government's push for electric vehicle adoption and the integration of renewable energy in transportation [15]. - The automotive sector is expected to see a seasonal increase in inventory as demand typically rises before winter and the Spring Festival [3][14]. 4. Investment Recommendations - The report suggests focusing on vehicle manufacturers that lead in smart technology and benefit from the vehicle replacement policy, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [4][18]. - For the parts sector, it recommends companies involved in electric and intelligent components, such as Hu Guang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [4][18].

Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company's profit margin is under pressure in Q3 2024, with a revenue of 634 million yuan, a year-on-year increase of 1.43%, and a net profit of 65 million yuan, a year-on-year decrease of 38.91% [2]. - The company is expected to see a recovery in performance in Q4 2024, driven by macroeconomic policies and an acceleration in client repayments [2]. - The company is focusing on both organic growth and external investments to ensure development momentum, with a research and development expense of 90 million yuan in Q3 2024, representing a 14.17% R&D expense ratio, an increase of 1.21 percentage points year-on-year [2]. - The management's confidence is reflected in the newly announced equity incentive and partner shareholding plans, which are tied to achieving specific net profit growth targets [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.705 billion yuan, a year-on-year increase of 1.37%, and a net profit of 95 million yuan, a year-on-year decrease of 26.31% [1]. - In Q3 2024, the company reported a revenue of 634 million yuan and a net profit of 65 million yuan, with a significant decline in profit due to the cessation of certain tax benefits and government subsidies [2]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are adjusted to 0.65 yuan, 0.79 yuan, and 0.88 yuan respectively, with corresponding price-to-earnings (PE) ratios of 29x, 23x, and 21x based on the closing price on October 30, 2024 [3]. - The company’s revenue is projected to grow at rates of 5.8%, 9.5%, and 12.6% for the years 2024, 2025, and 2026 respectively [4]. Business Outlook - The company's ERP business is expected to benefit from the acceleration of domestic substitution processes, while its smart manufacturing segment is poised to gain from market growth and increasing penetration of MES [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][6][13] Core Insights - The company reported a revenue of 613 million yuan for the first three quarters of 2024, a year-on-year increase of 0.21%, and a net profit attributable to shareholders of 187 million yuan, up 39.41% year-on-year [2] - In Q3 2024, the company faced challenges due to the environmental smart instrument industry, with revenue of 208 million yuan, down 23.04% year-on-year, and a net profit of 44 million yuan, down 30.41% year-on-year [2] - The gross margin improved to 70.45% in Q3 2024, an increase of 5.43 percentage points from the previous quarter, driven by product structure optimization and cost reduction efforts [2] - The new generation of oil chromatographic monitoring systems is expected to meet market demand, with a projected market size of approximately 23 billion yuan for the "14th Five-Year Plan" high-voltage transformer oil chromatographic online monitoring devices [2] - The company is actively expanding its new business areas in energy storage and nuclear power, having launched cost estimation software for the energy storage industry and holding a market share advantage in nuclear power software products [2] Financial Forecast and Valuation - The company is expected to achieve revenues of 1.316 billion yuan, 1.546 billion yuan, and 1.737 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 19.9%, 17.5%, and 12.3% [3][5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.88 yuan, 1.09 yuan, and 1.35 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16x, 13x, and 11x [3][5]

Investment Rating - The industry investment rating is "Increase" [3][5] Core Insights - The report highlights the emergence of AI Agents as a new paradigm in human-computer interaction, utilizing the CogAgent and AutoGLM-Web architecture to enable AI to autonomously control devices, aiming to mimic human-like feedback loops [2] - The report emphasizes the advantages of Visual Language Models (VLM) over traditional large language models in executing GUI interactions, noting significant improvements in efficiency and effectiveness [2] - The trend towards lightweight AI models is expected to enhance the demand for cloud computing power, suggesting a focus on companies related to AI computing power [2] Summary by Sections Event Overview - The report discusses the launch of AI Agents by various companies, including Microsoft and Anthropic, which aim to improve task completion in various sectors [2] AI Agent Underlying Principles - VLMs are noted for their ability to perceive visual signals directly, leading to enhanced reading and programming capabilities, with CogAgent's VLM having 18 billion parameters compared to Huawei's LiMAC model with 500 million parameters [2] Market Trends - The report indicates a clear trend towards the penetration of AI into end-user applications, with expectations for more intelligent applications to emerge, bridging the gap between user commands and terminal execution [2] Investment Recommendations - The report suggests focusing on companies related to AI computing power, specifically mentioning Cloud Sai Zhilian and Runze Technology as potential investment targets [2]