Market Overview - The overall market experienced a decline, with the Shanghai Composite Index down 3.56% and the Shenzhen Component Index down 4.45% during the week of October 7-11, 2024 [10][20] - The semiconductor sector showed resilience, with the Wind Semiconductor Index increasing by 1.75% [10] Industry Insights Electronic Industry - AMD launched its new flagship AI chip, the MI325X GPU, which features HBM3E high-bandwidth memory and achieves a peak AI performance of 21 PFLOPS, significantly outperforming NVIDIA's H200 in several metrics [10][12] - The global PC market saw a 1% year-on-year increase in shipments in Q3 2024, driven by ongoing demand ahead of the Windows 10 service termination in October 2025 [10][12] Communication Industry - The communication sector experienced a slight adjustment, with a 1.99% decline, as the market shifted from a sentiment-driven surge to a more fundamental-driven approach [14][16] - NVIDIA's Blackwell GPUs have seen strong demand, with orders already sold out for the upcoming year, indicating a robust market outlook [14][16] Chemical Raw Materials - The new materials sector reported a slight decline in performance, with total revenue of 606.58 billion yuan, a 5.02% year-on-year increase, while net profit decreased by 3.77% [18][19] - Sub-sectors such as military stealth materials and OLED materials showed positive growth, with net profits increasing by 19.23% and 100.6% respectively [18][19] Agricultural Sector - The pig farming sector is entering a performance realization phase for Q3, with fluctuating prices observed in key provinces [20] - The average price of pork was reported at 25.02 yuan per kilogram, reflecting a 4.25% decrease from the previous week, while the profitability for self-breeding was noted at 305.91 yuan per head [20] Investment Recommendations - Focus on AI-related investments, particularly in high-performance chips and advanced packaging, as demand for AI applications continues to grow [12] - In the agricultural sector, consider investing in companies like Wens Foodstuffs, Tangrenshen, and Dongrui, as the pig farming sector shows signs of recovery [20]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance exceeding the benchmark index by over 10% [1]. Core Insights - The AI accelerator market is projected to grow at an annual rate of 60%, reaching $500 billion by 2028, driven by increasing demand for AI technologies and hardware upgrades [3]. - The report emphasizes the ongoing strong demand for AI-related products, particularly in high-performance chips and advanced packaging, as well as the anticipated upgrade cycle in AI end-user applications [3]. Market Overview - The overall market performance for the week of October 7-11, 2024, showed a decline in major indices: Shanghai Composite Index down 3.56%, Shenzhen Component Index down 4.45%, and ChiNext Index down 3.41%. In contrast, the STAR 50 Index increased by 3.04% [7]. - The semiconductor sector showed resilience with the Wind Semiconductor Index rising by 1.75%, while the Philadelphia Semiconductor Index and Taiwan Semiconductor Index increased by 2.48% and 6.05%, respectively [7]. Segment Performance - Within the electronic sector, the top-performing sub-sectors for the week included digital chip design (+5.84%), semiconductors (+4.36%), and discrete devices (+3.41%) [1]. - Notable individual stock performances included Guomin Technology (+42.59%), JieJie Microelectronics (+27.54%), and Runxin Technology (+26.88%), while the largest declines were seen in Lite-On Optoelectronics (-17.26%) and Kosen Technology (-16.72%) [14]. Industry News - Global PC shipments increased by 1% year-on-year in Q3 2024, marking the fourth consecutive quarter of growth, with total shipments reaching 66.4 million units. Notebooks saw a 2.8% increase, while desktop shipments fell by 4.6% [37]. - AMD launched its new flagship AI chip, the AMD Instinct MI325X GPU, which features HBM3E high-bandwidth memory and achieves a peak AI performance of 21 PFLOPS [37]. - ByteDance's Doubao introduced the AI smart earphone Ola Friend, priced at 1199 yuan, which integrates advanced voice interaction capabilities [37].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [1][5][21]. Core Insights - The initiation of the first swap facility aims to enhance liquidity in the financial system, allowing qualified securities, fund, and insurance companies to exchange high-quality liquid assets with the People's Bank of China, with an initial operation scale of 500 billion yuan [1][5][16]. - The report highlights the investment value in the sector under the backdrop of positive fiscal policies, noting that the securities sector has shown resilience with a PB ratio of 1.48, placing it in the 50.50 percentile over the past five years [1][5][6]. - The report emphasizes the potential benefits for brokerage firms from upcoming fiscal measures, including the issuance of special government bonds and capital support for major banks, which are expected to improve liquidity and boost market sentiment [1][5][17]. Summary by Sections 1. Investment Recommendations - The first swap facility has been launched, supporting qualified financial institutions to exchange assets for high-grade liquid assets, with an initial scale of 500 billion yuan [1][5]. - The report suggests focusing on the investment value of the sector due to positive fiscal policies, with the securities III index showing a decline of only 0.73% compared to broader market indices [1][5]. 2. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.56% and the CSI 300 down 3.25% during the week [6][8]. - The report notes significant individual stock movements, with notable gains in Citic Securities and Haitong Securities, which rose over 20% following merger announcements [6][7]. 3. Key Industry Data Tracking - The report tracks market performance, noting a total A-share trading volume of 10.20 trillion yuan, with a daily average of 2.55 trillion yuan, reflecting a decrease of 2.38% week-on-week [8][9]. - As of October 11, the margin trading balance stood at 1.58 trillion yuan, an increase of 9.72% from the previous period [9][12]. 4. Regulatory Policies and Industry Dynamics - The People's Bank of China has initiated the first swap facility to enhance market stability and liquidity, aligning with broader economic policies aimed at supporting financial markets [16][17]. - The report discusses the government's commitment to implementing a series of policies to stimulate economic growth and stabilize the real estate market [17][18]. 5. Key Announcements from Listed Companies - The merger proposal between Guotai Junan and Haitong Securities has been announced, with specific share exchange ratios provided [18]. - Red Tower Securities has projected a significant increase in net profit for the first three quarters of 2024, indicating strong performance expectations [18].

Investment Rating - The report maintains an investment rating of "Outperform" for the communication sector [1]. Core Insights - The communication sector is transitioning from a sentiment-driven surge to a more stable increase driven by policy precision and fundamental improvements. AI computing power remains a key focus, with potential in IoT, military informationization, and satellite internet sectors [3][12]. - Demand for NVIDIA's Blackwell GPUs is exceptionally strong, with orders sold out for the next year. The market is shifting from concerns over supply chain uncertainties to expectations of increased shipments and order catalysts [1][12]. - AMD has released its latest GPU roadmap, showcasing significant advancements in AI chips and network capabilities, which are expected to enhance competition with NVIDIA [4][13]. - Tesla's recent showcase of its robotaxi vision is anticipated to drive growth in multi-modal perception, cloud computing power, and in-vehicle Ethernet [5][14]. Summary by Sections 1. Weekly Perspective and Investment Recommendations - The communication sector experienced a slight adjustment of -1.99%. The market is expected to seek policy-driven improvements and fundamental enhancements for a moderate rise [3][12]. - Key companies to watch include those in AI computing, AI networking, autonomous driving toolchains, and in-vehicle Ethernet [6][15]. 2. Market Review - Overall market performance for the week (October 8 - October 11, 2024) showed a decline, with the communication index down by -1.99% and the Shanghai Composite Index down by -3.56% [16][22]. - The top-performing sectors included optical modules (+6.05%) and operators (+0.99%) [16]. 3. News Announcements - Significant announcements include AMD's launch of the MI325X AI GPU, which boasts 256 GB of HBM3e memory and is expected to outperform NVIDIA's H200 in specific workloads [25][26]. - Tesla's robotaxi initiative is projected to catalyze advancements in autonomous driving technology and related infrastructure [5][14]. 4. Industry News - Global data center infrastructure spending is projected to reach $231.5 billion in 2024, reflecting a year-on-year growth of 35.7% [30]. - Huawei's domestic smartphone sales have surpassed Apple's for the first time in 46 months, indicating a shift in market dynamics [30].

Fiscal Policy Insights - The government reiterated its commitment to an active fiscal policy aimed at stabilizing growth, expanding domestic demand, and mitigating risks[1] - A comprehensive set of targeted incremental policy measures is expected to be introduced soon, focusing on local government debt, bank capital support, real estate stabilization, and enhancing consumer capacity[1] Budget Execution and Revenue - From January to September 2024, the national general public budget revenue growth was below expectations, leading to overall fiscal expenditure also falling short[1] - The meeting highlighted that there is a sufficient fiscal resilience to achieve revenue-expenditure balance through comprehensive measures[1] Debt Management Strategies - The central government will allocate 400 billion yuan from local government debt limits to support local governments in resolving existing project debts and overdue payments to enterprises[3] - A significant increase in debt limits is planned to help local governments manage hidden debt risks, marking one of the most substantial measures in recent years[3] Support for Banking Sector - Special treasury bonds will be issued to support state-owned commercial banks in replenishing their core Tier 1 capital, enhancing their operational stability and credit capacity[3] Real Estate Market Stabilization - Local governments will be allowed to use special bonds for land reserves and to purchase existing housing for affordable housing projects, aiming to balance supply and demand in the real estate market[3] - Tax policies related to ordinary and non-ordinary residential properties are under review to provide further support to the real estate sector[3] Consumer Support Initiatives - The government plans to enhance support for students through increased scholarships and financial aid, aiming to boost overall consumer capacity[4] - A comprehensive funding system for students will be established, including scholarships, loans, and living allowances[4] Fiscal Reform and Management - The government is accelerating fiscal and tax system reforms, with a preliminary implementation plan being developed to address various reform tasks[4] - Emphasis will be placed on improving project management mechanisms and ensuring effective use of special bonds to stimulate economic growth[4] Risk Considerations - There are potential risks associated with the implementation of growth-stabilizing policies not meeting expectations and geopolitical uncertainties[4]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a cautious outlook while highlighting potential opportunities in specific sub-sectors [2]. Core Insights - The new materials sector experienced a slight decline in performance in the first half of 2024, with revenue growth of 5.06% year-on-year, while net profit decreased by 3.87% [7][12]. - Key sub-sectors such as military stealth materials, OLED materials, vitamins, and biodegradable plastics showed positive growth in net profit, while others like semiconductor materials and carbon fiber faced significant declines [12][30]. - The report emphasizes the importance of focusing on biomanufacturing, supply-demand optimization, and trends in foldable screens as key investment themes [2][12]. Summary by Sections 1. Market Performance - The new materials sector achieved revenue of 6087.74 billion yuan in H1 2024, with a net profit of 263.51 billion yuan [7][12]. - The overall gross margin improved to 14.15%, while the net margin slightly decreased to 4.33% [7][10]. 2. Sub-sector Performance 2.1 Biodegradable Plastics - The biodegradable plastics segment showed stable performance, with revenue of 3506.13 billion yuan, up 7.38% year-on-year, and net profit of 158.11 billion yuan, up 6.19% [16]. - The demand for biodegradable plastics is expected to grow due to stricter plastic restrictions [16]. 2.2 Membrane Materials - The membrane materials segment faced challenges with a revenue decline of 8.97% to 174.69 billion yuan and a net loss of 2.45 billion yuan [18][19]. - The industry is experiencing overcapacity, leading to price pressures [19]. 2.3 Vitamins - The vitamins segment reported revenue of 237.40 billion yuan, a 15.08% increase, and a net profit of 28.94 billion yuan, up 36.41% [26]. - The supply chain improvements and rising export volumes contributed to this growth [26]. 2.4 Semiconductor Materials - The semiconductor materials segment saw revenue growth of 32.89% to 237.37 billion yuan, but net profit decreased by 8.51% to 10.23 billion yuan [30]. - The ongoing trend of domestic substitution continues to impact the sector [30]. 2.5 Synthetic Biology - The synthetic biology segment achieved revenue of 27.21 billion yuan, up 30.89%, but net profit fell by 0.62% to 4.65 billion yuan [32]. - Market supply and demand changes are influencing short-term performance, but long-term prospects remain positive [32]. 3. Investment Recommendations - The report suggests focusing on biomanufacturing, supply-demand optimization, and the emerging trend of foldable screens as key areas for investment [2][12].

Investment Rating - The report maintains a "Synchronize with the market" rating for the electricity and public utilities industry, indicating expected performance in line with the benchmark index [4][3]. Core Insights - The auxiliary service mechanism in the electricity sector is continuously optimized, with the reform of electricity pricing leading to a reassessment of the value of thermal power [3][4]. - In the first half of 2023, the total auxiliary service fees in China reached 27.8 billion yuan, representing a 113% increase compared to the total for 2019. Thermal power enterprises accounted for 91.4% of these fees, with peak regulation compensation making up 60% and frequency regulation compensation 19.4% [2][3]. - The contribution of auxiliary services to electricity revenue remains low, but there is significant potential for growth as the market evolves and the installed capacity of renewable energy increases [2][3]. Summary by Sections Market Performance - The report highlights the recent performance of the electricity and public utilities sector, noting the regulatory changes and their implications for market participants [1][3]. Policy Analysis - The National Energy Administration's recent notification outlines the basic rules for the auxiliary service market, including definitions, member composition, and compensation mechanisms [3][4]. Financial Metrics - The report indicates that auxiliary service fees accounted for 1.9% of the on-grid electricity price in the first half of 2023, an increase of 0.43 percentage points from the same period in 2019, but still lower than in mature markets in Europe and the U.S. [2][3]. Investment Recommendations - The report suggests focusing on leading thermal power companies in the Yangtze River Delta region, such as Waneng Power, Sheneng Co., and Zhejiang Energy, as well as national power plants like Guodian Power and Huadian International, which are expected to benefit from market reforms [5][4].

Investment Rating - The report maintains an "A" rating for the coal industry, indicating a positive outlook based on improving economic fundamentals and increased risk appetite [2]. Core Insights - The coal market is experiencing slight fluctuations in prices due to various factors, including seasonal demand changes and macroeconomic policies aimed at stabilizing the economy [1][6]. - Metallurgical coal prices are on the rise, driven by improved demand from the steel sector and supportive macroeconomic policies [1][6]. - The report highlights a potential increase in industrial electricity and non-electric coal demand, supported by ongoing economic policies [1][6]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: As of October 11, the spot price for thermal coal in the Bohai Rim was 868 CNY/ton, with a weekly change of -0.34%. The inventory at northern ports was 22.66 million tons, down 5.47% week-on-week [1][12]. - **Metallurgical Coal**: The price for main coking coal at Jingtang Port was 2010 CNY/ton, up 7.49% week-on-week. The demand for metallurgical coal is expected to continue improving due to favorable policies in the real estate sector [1][19]. - **Coking and Steel Industry Chain**: The average price of metallurgical coke at Tianjin Port was 1960 CNY/ton, with a weekly increase of 2.62%. The report anticipates increased demand for coke due to recovering steel prices [1][29]. 2. Coal Transportation - After the holiday, coal transportation has decreased, leading to a decline in coastal shipping prices. The comprehensive transportation price index for coal on the Yangtze River was 729.54 points, up 0.86% week-on-week [1][34]. 3. Coal Sector Market Review - The coal sector index fell by 5.73% this week, underperforming the broader market. The report notes that most coal stocks experienced declines, with only a few exceptions [5]. 4. Industry News Summary - The report emphasizes the positive impact of multiple supportive policies on the coal sector, which may enhance investment risk appetite [6]. 5. Investment Recommendations - The report suggests focusing on high-dividend stocks, low price-to-book ratio stocks, and flexible metallurgical coal stocks. Specific companies highlighted include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [6].

证券研究报告 纺织服装 行业周报（20241006-20241012） 同步大市-A(维持) 迅销公布 FY2024 业绩，预计 FY2025 收入同比增长 9.5% 2024 年 10 月 14 日 行业研究/行业周报 纺织服装行业近一年市场表现 投资要点 - 纺织服装 - -- 沪深300 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 海外 UNIQLO，FY2024，实现营收 1.71 万亿日元，同比增长 19.1%，经营利润 2834 亿 日元，同比增长 24.9%。截至 FY2024 末，门店数量 1698 家，较年初净增加 64 家。分 区域看，（1）大中华区实现营收 6770 亿日元，同比增长 9.2%，经营利润 1048 亿日元， 同比增长 0.5%。（2）南韩与东南亚、印度及澳洲地区实现营收 5405 亿日元，同比增长 20.2%，经营利润 976 亿日元，同比增长 24.8%。（3）北美地区实现营收 2177 亿日元， 同比增长 32.8%，经营 ...

Investment Rating - The report maintains a "Market Perform" rating for the solar energy industry, indicating expected performance in line with the market [2][5]. Core Insights - The National Energy Administration has released a draft for the management of distributed photovoltaic power generation, aiming to promote high-quality development and establish a new power system [1]. - In August, the solar power sector saw a 2.9% year-on-year increase in newly installed capacity, although downstream prices are under pressure [2]. - The report highlights the stability of polysilicon prices, with dense material averaging 40.0 CNY/kg and granular silicon at 36.5 CNY/kg, remaining unchanged from the previous week [4]. - The average price of 182mm monocrystalline silicon wafers is stable at 1.25 CNY/piece, while the 182mm N-type wafers are at 1.08 CNY/piece, reflecting a stagnant market [4]. - The report notes a decline in module prices, with 182mm bifacial PERC modules averaging 0.70 CNY/W, down 4.1% from the previous week [4]. Summary by Sections Market Performance - The solar energy industry has shown a 2.9% increase in new installations in August, with a total of 5,742 new photovoltaic projects registered [2]. - The National Energy Administration is pushing for enhanced development of large-scale wind and solar projects, addressing infrastructure gaps [2]. Price Tracking - Polysilicon prices remain stable, with no significant changes observed in the market due to low demand and high inventory levels [4]. - The average prices for battery cells and modules have remained steady, but there is an expectation of further price declines due to ongoing market pressures [4]. Investment Recommendations - The report recommends focusing on leading integrated solar storage companies such as Canadian Solar, and highlights companies like Sungrow and Deye for their potential in the African and Latin American markets [5]. - It also suggests monitoring companies involved in new solar technologies and those in the stable photovoltaic glass segment, such as Flat Glass Group [5].