Macro Liquidity - The yields of 2-year and 10-year government bonds in China decreased, with the yield spread marginally widening to 0.6161% as of October 18 [8][11] - The People's Bank of China conducted a net withdrawal of 301.5 billion yuan in the open market, with a net withdrawal of 789 billion yuan in MLF for October [8][9] - The 10-year U.S. Treasury yield remained stable at 4.08%, while the dollar index increased to 103.46, leading to a slight widening of the China-U.S. 10-year government bond yield spread to -1.96% [12][11] Market Liquidity - In the public fund sector, 892 new funds were established from January to October 2024, with a total issuance of 856.6 billion units, compared to 973 funds and 813.1 billion units in the same period of 2023 [14][16] - The number of newly established ETF funds increased, with 122 ETFs launched from January to October 2024, compared to 116 in the same period of 2023, totaling 77 billion units issued [16][17] - Southbound capital saw a net inflow of approximately 224 billion yuan in the week of October 14-18, with a total net inflow of 494.6 billion yuan year-to-date [22][23] Fundraising Activities - In October, there were 4 IPOs raising a total of 1.59 billion yuan, while the total equity financing scale for the month reached 4.35 billion yuan [25][26] - Five companies participated in private placements in October, raising a total of 2.76 billion yuan [25][26]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The CPIA advocates for a minimum component price of 0.68 yuan/w to ensure product quality, discouraging below-cost sales and bidding practices [2] - The average bidding price for a recent procurement of 2.5GW N-type TOPCon bifacial components was 0.694 yuan/w, with prices ranging from 0.675 to 0.722 yuan/w [2] - The report suggests that the association's advocacy will help stabilize component prices, which may lead to an increase in upstream material prices to reasonable levels [2] - The U.S. Department of Commerce is considering the partial removal of anti-dumping and countervailing duties on certain Chinese crystalline silicon photovoltaic cells, which could benefit domestic manufacturers exporting to the U.S. [3] Summary by Sections Component Pricing - The lowest cost for high-quality products is currently 0.68 yuan/w, as per CPIA [2] - Recent data indicates that component prices have dropped to as low as 0.64 yuan/w, creating market disturbances [2] Market Dynamics - The U.S. is reviewing its trade policies regarding Chinese photovoltaic products, which may lead to favorable conditions for exports [3] Investment Recommendations - The report recommends focusing on companies leading in cost reduction and carbon reduction technologies, such as GCL-Poly Energy, Highsun Group, and Meichang [4] - It also highlights the potential of new technologies and advanced production capacities, suggesting attention to TOPCon and HJT related companies like JinkoSolar, Junda Technology, and Dongfang Risheng [4]

Group 1: Market Sentiment - The stock-bond yield spread has increased, indicating a higher investment value in equities. As of October 23, 2024, the dividend yield of the CSI 300 is 2.90%, while the 10-year government bond yield is 2.12%, resulting in a stock-bond yield of -0.78%, which is up by 0.02 percentage points week-on-week [11][12][13]. - The margin trading balance has increased, with an average of approximately 1.63 trillion yuan for the week of October 17-23, 2024, reflecting a 2.51% increase compared to the previous week. The proportion of financing purchases in total A-share trading volume has also risen to an average of 11.28%, up by 0.93 percentage points [13][14][15]. Group 2: Valuation Trends - The PE valuation percentiles for major indices have mostly risen, with the CSI 1000 leading with an increase of 12.8 percentage points. The Wind All A index has increased by 6.3 percentage points, while the Shanghai Composite Index has decreased by 1.0 percentage points [18][19]. - Among different styles, the growth style has led the increase in PE valuation percentiles, rising by 5.8 percentage points, while the cyclical style has increased by 5.6 percentage points. In terms of PB valuation percentiles, the growth style also led with an increase of 8.4 percentage points [23][24]. - Industry-wise, the PE valuation percentiles have mostly increased, with the defense and military industry leading with a rise of 15.3 percentage points, while the agriculture, forestry, animal husbandry, and fishery sector saw the largest decline of 20.1 percentage points [6][27].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company is the largest player in the trendy toy industry, establishing an integrated platform covering the entire industry chain. The trendy toy sector has maintained a growth rate of over 30% since 2021. In 2023, the company achieved a market share of 12% in China, benefiting from industry growth despite a relatively weak economic environment [2][17]. - The company's strong IP operation capabilities allow it to diversify its revenue streams. By the first half of 2024, non-figure product revenue accounted for 41.7% of total revenue, indicating a decreasing reliance on figure sales [2][11]. - The company has seen significant growth in overseas markets, with revenue from Hong Kong, Macau, and overseas regions reaching 1.352 billion yuan in the first half of 2024, a year-on-year increase of 260% [2][14]. Summary by Sections 1. Company Diversification and Growth - The company, founded in 2010, is the largest trendy toy company in China, with a business model that includes IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment. As of the first half of 2024, it operates 374 retail stores and 2,189 robot stores in mainland China and overseas [11]. - In the first half of 2024, the company achieved a revenue of 4.558 billion yuan, a year-on-year increase of 62%, with a net profit of 921 million yuan, up 93% [14]. 2. Core Competitive Advantages - The trendy toy industry in China is expected to exceed 100 billion yuan, with a compound annual growth rate (CAGR) of 36% from 2023 to 2026. The company holds a significant market share and continues to benefit from industry growth [17]. - The company maintains a high proportion of self-produced products, with self-produced products accounting for 96.2% of total revenue in the first half of 2024. The gross margin for self-produced products is generally 22-36.5 percentage points higher than that of externally sourced products [21]. 3. Multi-Channel Strategy and Overseas Growth - The company has a comprehensive multi-channel strategy, with significant growth in online sales. In the first half of 2024, the company opened 20 new stores in mainland China, increasing its total to 374 [23]. - The overseas market remains a significant growth area, with the company aiming to replicate its success in Southeast Asia in other regions, including Europe and the United States [2][14]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2.736 billion yuan, 3.633 billion yuan, and 4.565 billion yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 2.04 yuan, 2.71 yuan, and 3.40 yuan [3][5].

Investment Rating - The industry investment rating is maintained as "Overweight" [4][16]. Core Insights - The Ministry of Industry and Information Technology (MIIT) encourages the development of the humanoid robot industry and supports unicorn enterprises. The MIIT plans to introduce implementation opinions to promote innovation in future industries, focusing on humanoid robots, brain-computer interfaces, and 6G technologies [2][6]. - The humanoid robot industry is expected to grow rapidly, with projections indicating that the market size will exceed 20 billion yuan by 2026. The industry is anticipated to experience sustained high growth in 2024 and 2025, driven by government guidance and investment [2][6]. - The launch of the "Pioneer K2" humanoid robot by Kepler Robotics showcases advancements in both physical capabilities and intelligence, marking a significant step in the humanoid robot sector [2][6]. Summary by Sections 1. Core Insights and Investment Recommendations - The humanoid robot industry is poised for scalable commercial applications due to favorable policies and regional initiatives. Recommended companies to watch include Wuzhou Xinchun, Keli Sensor, and Mingzhi Electric [3][7]. 2. Market Performance Review - From October 14 to October 18, the CSI 300 index rose by 0.98%, while the A-share Shenwan Machinery Equipment Index increased by 4.10%, ranking 7th among 31 first-level sub-industries. The general equipment sector performed well with a 5.51% increase, while engineering machinery lagged with a 0.63% rise [2][8]. 3. Key Industry News (October 14-18, 2024) - The first humanoid robot "Dazhuang" in Hubei is set to debut by the end of the year, developed by Wuhan Gelanruo Precision Technology Co., Ltd. in collaboration with Huazhong University of Science and Technology [11]. - The Xishan humanoid robot industrial park has opened, focusing on making humanoid robots a key industry in Wuxi [11]. 4. Key Company Announcements (October 14-18, 2024) - Aidi Precision has completed its share repurchase plan, acquiring 7.247 million shares, representing 0.86% of its total share capital, with a total expenditure of approximately 99 million yuan [12]. - Zhang Daqing, Vice General Manager of Shanhe Intelligent Equipment, plans to reduce his shareholding by up to 60,000 shares [12].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The issuance of the "Opinions on Resolving the Issue of Arrears in Corporate Accounts Receivable" is expected to alleviate the collection of accounts receivable for enterprises [5][6]. - The recent statements from the Ministry of Finance and the release of the "Opinions" will significantly ease local financial pressures, positively impacting the collection of accounts receivable for companies [5]. Market Review - During the week of October 14-18, 2024, the A-share pharmaceutical and biotechnology sector rose by 1.04%, outperforming the CSI 300 index by 0.06 percentage points but underperforming the ChiNext index by 5.81 percentage points [6]. - The Hang Seng Healthcare Index fell by 4.17%, lagging behind the Hang Seng Index by 2.06 percentage points [6]. - The top five gainers in the A-share pharmaceutical sector included Shuangcheng Pharmaceutical (+60.97%), Micron Technology (+58.4%), and Changshan Pharmaceutical (+49.75%) [6]. Company Dynamics Company Announcements - Xianju Pharmaceutical received a production registration acceptance notice for a drug from the National Medical Products Administration on October 17, 2024 [8]. - Shanghai Yizhong's core product, injectable paclitaxel polymer micelles, has received clinical trial approval for a new indication of pancreatic cancer [8]. - Lepu Medical's non-invasive blood glucose meter has been approved by the National Medical Products Administration [8]. Financing Dynamics - Nanjing Pharmaceutical has received approval for a convertible bond issuance with a scale of 1.08149 billion yuan [9]. Unlocking Dynamics - Kangzhi Pharmaceutical had 512.44 million shares unlocked on October 14, 2024, with a market value of 24.19 million yuan [10].

商贸零售 行业研究/行业周报 证 券 研 究 报 告 双十一开启，家电、美妆和服饰品类表现突出 ——行业周报（20241014-1018） 行 业 研 究 行 业 周 报 ◼ 行情回顾 本周，沪深 300 上涨 0.98%，商贸零售板块整体下跌 0.07%，跑输沪深 300 指数 1.05pct，涨跌幅在申万Ⅰ级 31 个行业中排第 27 位。四大子板块中专业连锁Ⅱ、 互联网电商分别上涨 10.77%、5.33%，贸易Ⅱ、一般零售呈下跌态势，分别下跌 0.28%、1.18%。 ◼ 核心观点 社零：线上消费呈现韧性，实体店铺稳步增长。9 月社零总额 41112 亿元，同比 增长 3.2%，高于 wind 一致预期的 2.27%，增速环比加快 1.1pct。我们认为，9 月 消费市场呈筑底企稳回升态势，内需促消费政策落地显效，考虑到 10 月国庆出 游、双十一大促及促消费政策的带动，居民消费有望恢复向好。从渠道看， 1-9 月全国网上零售额 108928 亿元，同比增长 8.6%。其中，实物商品网上零售额 90721 亿元，增长 7.9%，占社会消费品零售总额的比重为 25.7%；在实物商品网上零售 额中，吃类、 ...

Investment Rating - The investment rating for the lithium battery sector is maintained as "Buy" [4]. Core Viewpoints - The lithium battery segment reported a revenue of 127.8 billion yuan in Q2 2024, representing a quarter-on-quarter increase of 14%, with a net profit attributable to shareholders of 14.2 billion yuan, up 21% quarter-on-quarter. The growth in revenue is primarily driven by volume increases offsetting price declines [4][12]. - The return on equity (ROE) for the lithium battery segment in Q2 2024 is 16%, reflecting a 1 percentage point increase from Q1 2024. The improvement in ROE is attributed to enhanced net profit margins and effective inventory management [4][19]. Summary by Sections 1. Lithium Battery - Revenue in Q2 2024 increased by 14% quarter-on-quarter, with a net profit increase of 21% [4][12]. - The annual revenue for 2023 reached 552.5 billion yuan, showing a year-on-year growth of 20% [12]. - Global electric vehicle sales reached 13.8 million units in 2023, a 35% increase year-on-year, indicating a return to moderate growth after previous high increases [12][14]. 2. NCM (Nickel Cobalt Manganese) Cathode - Revenue for the NCM segment in Q2 2024 decreased by 2% quarter-on-quarter, while net profit surged by 325% [4][12]. - The ROE for the NCM segment was 4% in Q2 2024, down 1 percentage point from Q1 2024 [4][12]. 3. Lithium Iron Phosphate (LFP) Cathode - The LFP segment reported a revenue increase of 39% quarter-on-quarter in Q2 2024, but net profit fell by 121% [4][12]. - The ROE for the LFP segment remained at -7% in Q2 2024, indicating a challenging profitability environment [4][12]. 4. Anode - The anode segment's revenue grew by 17% quarter-on-quarter in Q2 2024, with net profit increasing by 36% [4][12]. - The ROE for the anode segment was 5%, reflecting a slight decrease from Q1 2024 [4][12]. 5. Separator - Revenue for the separator segment increased by 12% quarter-on-quarter in Q2 2024, with net profit rising by 1% [4][12]. - The ROE for the separator segment was 5%, down 3 percentage points from Q1 2024 [4][12]. 6. Electrolyte - The electrolyte segment reported a revenue increase of 22% quarter-on-quarter in Q2 2024, with net profit rising by 67% [4][12]. - The ROE for the electrolyte segment was 5%, down 2 percentage points from Q1 2024 [4][12]. 7. Investment Recommendations - The report suggests focusing on leading companies in each segment, new technologies and materials, and solid-state battery-related firms as potential investment opportunities [4].

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 ◼ 多个数据要素项目公布，关注数据要素产业链景气提升 ——计算机行业周报（2024.10.14-2024.10.18） ◼ 本周核心观点及要闻回顾 数据要素：多个数据要素项目公布，关注数据要素产业链景气提升。 据广州日报，10 月 18 日，生态环境数据要素创新基地揭牌仪式在广 州市生态环境局举行，"穗企环责通""探碳政策通""碳足迹数据报 告""云景环境智脑"等多款生态环境数据产品亮相。这些产品依托先 进的数据处理技术和生态环境数据，分别在环境风险评估、政策查询、 碳足迹追踪及环境监测监管领域展现出强大的应用潜力。 据人民网，10 月 17 日下午，国际花木发展主题会议在丰台区召开。 大会现场举行了全国首个花木数据要素综合服务平台的发布仪式。全 国花木数据要素综合服务平台包括花木大数据分析中心、花木数据资 产登记服务系统、花木数据资产评价系统、花木数据资产管理系统、 花木产业链辅助决策系统、花木产业数据要素应用创新中心 6 个子平 台，依托大数据、区块链等技术，构建起一套从数据盘点、数据资产 登记、评价到场景化应用的全链 ...

Investment Rating - The industry investment rating is "Increase" [3][22]. Core Viewpoints - Apple has launched the 300 billion parameter multimodal AI model MM1.5, enhancing mobile device UI comprehension. The model continues the data-driven training principle and significantly improves capabilities in multi-text image understanding and reasoning [2][13]. - Lenovo, in collaboration with Meta, has introduced the personal AI assistant AINow, which aims to enhance the personalization and intelligence of PCs [2][13]. - Horizon Robotics is set to be listed on the Hong Kong Stock Exchange on October 24, 2024, focusing on advanced driver-assistance systems (ADAS) and high-level autonomous driving solutions [2][14]. - Netflix reported a Q3 2024 operating profit of $2.909 billion, a year-on-year increase of 51.82%, with Q4 revenue guidance exceeding market expectations [2][14]. - The report suggests that the AI consumer application sector is in a growth phase, with significant market opportunities for AI technologies [2][15]. Summary by Sections 1. Market Review (October 14-18, 2024) - Major global indices showed varied performance, with the Dow Jones up by 0.96% and the Shanghai Composite up by 0.98% [5][6]. 2. Key Events in the Global AI Industry 2.1 Earnings Disclosure Dates - Key companies such as Microsoft, Alphabet, and Tesla are expected to disclose their earnings on October 22, 2024 [11]. 2.2 Other Major Events - NVIDIA's CEO is expected to deliver a keynote speech at CES on January 6, 2025, where new graphics cards may be announced [12]. 3. Investment Recommendations - Recommended stocks include Amazon (AMZN), Meta (META), Alphabet (GOOGL), Microsoft (MSFT), NVIDIA (NVDA), and others [2][16].