Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3]. Core Insights - The electronic industry experienced a decline of 2.2% in the week of October 28 to November 1, 2024, ranking 24th among 31 sectors in the Shenwan classification [6][8]. - The semiconductor sector saw a significant drop, with the semiconductor index down 4.3% and global semiconductor sales in September 2024 reaching $55.32 billion, a year-on-year increase of 23.2% [15][18]. - The smartphone market in China showed mixed results, with shipments in July, August, and September 2024 at 22.17 million, 21.10 million, and 23.72 million units respectively, reflecting a year-on-year change of 28.3%, 17.7%, and -25.7% [23]. Market Overview - The electronic industry overall declined by 2.2% during the reporting week, with major indices such as the Shanghai Composite Index down 0.8% and the Shenzhen Component Index down 1.5% [6]. - Within the electronic sector, the optical and optoelectronic industry had the highest weekly gain of 4.1%, while the semiconductor sector faced the largest decline at 4.3% [8][10]. High-Frequency Data Tracking Semiconductor Industry - As of November 1, 2024, the Shenwan semiconductor index was at 4442.4, down 4.3% for the week, while the Philadelphia semiconductor index was at 5001.4, down 4.1% [13]. - Global semiconductor sales for September 2024 were $55.32 billion, marking a 23.2% year-on-year increase [18]. Consumer Electronics Industry - Smartphone shipments in China for July, August, and September 2024 were 22.17 million, 21.10 million, and 23.72 million units, with a year-on-year change of 28.3%, 17.7%, and -25.7% respectively [23]. - Prices for LCD TV panels remained stable or decreased in October 2024, with various sizes holding steady [25]. Industry News and Announcements - Infineon has launched the world's thinnest silicon power wafer, reducing thickness to 20 micrometers and increasing diameter to 300 millimeters, enhancing power conversion efficiency [28]. - Gartner predicts that AI PCs will account for 43% of total PC shipments by 2025, up from 17% in 2024, indicating a significant shift towards AI-integrated devices [29]. - The global AMOLED smartphone panel market saw a robust growth of 25.3% year-on-year in Q3 2024, with Samsung holding a 45.2% market share [30].

Investment Rating - The industry is rated as "Outperforming the Market" [4] Core Insights - The social service industry outperformed the Shanghai Composite Index by approximately 4.33 percentage points, with a weekly increase of 2.65% [7][8] - The education sector saw a significant weekly increase of 17.72%, while the hotel and catering, tourism and scenic spots, and professional services sectors experienced declines of -0.54%, -1.52%, and -3.23% respectively [8][9] - Domestic travel demand is stabilizing, with a year-on-year and quarter-on-quarter increase in business travel orders of 20.72% and 5.6% respectively [22] Industry Weekly Performance - From October 28 to November 1, the Shanghai Composite Index fell by -1.68%, while the social service industry rose by 2.65%, ranking fourth among the primary industry sectors [7] - The education sector led the weekly performance with a transaction volume of 578.77 billion yuan and an average turnover rate of 99.66% [10] Industry High-Frequency Data Tracking - The average daily number of domestic flights from October 28 to November 3 was 12,031, a decrease of 5.00% from the previous week and a decrease of 1.01% compared to the same period in 2023 [14] - The Hainan tourism consumption price index was 102.23, reflecting a week-on-week increase of 0.94% and a year-on-year increase of 1.92% [16] - In September 2024, the duty-free sales amounted to 1.676 billion yuan, a month-on-month decrease of 23.71% and a year-on-year decrease of 38.40% [18] Industry News and Company Announcements - The State Council issued measures to accelerate the improvement of the fertility support policy system, aiming to create a fertility-friendly society [19] - Starting November 8, 2024, China will implement visa-free entry for citizens from nine countries, which is expected to create new development opportunities for related service industries [20]

证券研究报告—食品饮料行业周报 撰写日期：2024 年 11 月 05 日 食品饮料行业周报(2024 年第 45 周) 摘要 市场行情回顾： 10 月 28 日至 11 月 1 日，沪深 300 涨跌幅约-1.7%， 大盘有所回落；沪深 300 周成交额约 21970.9 亿元。食品饮料板块涨幅约0.4%；成交额约 2136.7 亿元。截止 11 月 1 日, 食品饮料行业估值有所修 复但整体仍处于历史估值低位。 行业高频数据跟踪：1）9 月社零同比+3.2%，总体呈现增长趋势；其中 城镇消费品零售额同比+3.1%，乡村消费品零售额同比+3.9%。2）11 月 1 日， 花旗中国经济意外指数为 0.1，较 10 月 25 日（上一周）上升 7.7，花旗中 国经济意外指数连续回升。3）白酒：9 月中国白酒当月产量达 36.3 万千 升，同比-9.9%。4）乳制品：10 月 24 日，中国主产区生鲜乳平均价为 3.13 元/公斤，与上周持平，同比-15.9%，我国生鲜乳价格保持稳定下降趋势。 5）肉制品：10 月，中国牛肉价格当月同比-13.3%，呈现下降趋势；猪肉价 格同比+16.3%，有所上升。6）啤酒：9 ...

Investment Rating - The industry rating is "Outperform the Market" [6] Core Views - The food and beverage sector has shown a recovery in valuation but remains at historically low levels as of October 25, 2024 [14] - The overall market performance from October 21 to October 25, 2024, saw the Shanghai and Shenzhen 300 index increase by approximately 0.8%, while the food and beverage sector rose by about 2.2% [11] Market Review - From October 21 to October 25, the Shanghai and Shenzhen 300 index had a trading volume of approximately 22,648.3 billion, with the food and beverage sector's trading volume around 1,816.5 billion [11] - The food and beverage sub-industry rankings placed it at 21st among primary sub-industries [11] Industry High-Frequency Data Tracking - Retail sales in September showed a year-on-year increase of 3.2%, with urban retail sales up 3.1% and rural retail sales up 3.9% [17] - The Citigroup China Economic Surprise Index rose to -8.1 on October 24, a significant increase of 21.9 from the previous week [19] - In September, China's liquor production reached 363,000 kiloliters, a year-on-year decrease of 9.9% [21] - The average price of fresh milk in major production areas was 3.13 yuan per kilogram as of October 17, remaining stable compared to the previous week [23] - In October, beef prices decreased by 13.3% year-on-year, while pork prices increased by 16.3% [25] - Beer production in September was 2,904,000 kiloliters, showing a year-on-year increase of 1.4% [28] Industry News and Company Announcements - Kweichow Moutai Group's executive Wang Li conducted market research in Beijing, focusing on the promotion of Moutai's sauce-flavored liquor and supermarket operations [31] - Guizhou Province reported a 10.1% increase in the value added of the liquor, beverage, and refined tea manufacturing industry for the first three quarters of the year [32] - Yonghui Supermarket's first store in Beijing underwent a comprehensive upgrade, resulting in a significant increase in customer traffic and revenue [33] - Jialong Co., Ltd. reported a net profit of 15.898 million yuan for the first three quarters of 2024, a turnaround from a loss of 28.141 million yuan in the same period last year [34] - Anji Food reported a net profit of 21.309 million yuan for the first three quarters of 2024, a decrease of 25.35% year-on-year [34] - Yuanzu Co., Ltd. reported a net profit of 253 million yuan for the first three quarters of 2024, a decrease of 15.99% year-on-year [35]

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The media industry outperformed the Shanghai and Shenzhen 300 index with a weekly increase of 6.04%, ranking fourth among Shenwan's primary industries. The total trading volume reached 343.236 billion yuan [1][8]. - All six secondary sectors within the media industry saw gains, with advertising marketing, publishing, film and television, television broadcasting II, digital media, and gaming II increasing by 8.31%, 7.64%, 7.52%, 6.64%, 6.10%, and 3.21% respectively [1][10]. - The overall trading enthusiasm remains high, with turnover rates above the 90th percentile since 2010, indicating a continuous rise in sector valuations, particularly in the film and advertising sectors [11][12]. Summary by Sections Market Review - During the week of October 21-25, 2024, the media sector experienced a significant increase of 6.04%, outperforming the Shanghai and Shenzhen 300 index, which rose by 0.79%. The sector ranked fourth among Shenwan's primary industries with a trading volume of 343.236 billion yuan [1][8]. Industry Data Tracking - **Cinema Attendance**: In the 43rd week, the number of moviegoers was 9.1629 million, a year-on-year decrease of 16.54% and a week-on-week decrease of 28.62% [14]. - **Average Box Office**: The number of film screenings dropped to 1.4589 million, with an average box office of 250.87 yuan, which is a 40.65% increase year-on-year but a 16.04% decrease week-on-week [16]. - **Short Drama Popularity**: The popularity of short dramas remained at 430 million, reflecting their promotional and advertising engagement [18]. Industry News Summary - Tencent Music and ZTE announced a strategic partnership to enhance user experience through AI technology in music, aiming to integrate music and smart technology [19]. - The launch of Huawei's native HarmonyOS marks a significant advancement in China's operating system capabilities, becoming the third-largest mobile operating system globally [21]. - Kuaishou's AI technology is set to enhance video creation, indicating a shift towards AI-driven content production [22]. - The National Press and Publication Administration approved 113 domestic and 15 imported game licenses in October, with a notable increase in the number of domestic game approvals compared to the previous year [22].

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry, indicating an expected increase in performance relative to the market over the next six months [3][19]. Core Insights - The mechanical equipment industry experienced an overall increase of 4.10% from October 14 to October 18, 2024, with general equipment showing the highest growth at 5.51% [6][7]. - The average operating rate for engineering machinery in the third quarter was reported at 50.27%, reflecting a steady improvement [18]. - Domestic passenger car sales showed significant growth, with a daily average of 79,000 units sold during the week of October 8 to October 13, 2024, marking a year-on-year increase of 48% [13][15]. Summary by Sections Industry Overview - The mechanical equipment industry saw a weekly increase of 4.10% from October 14 to October 18, 2024, with general equipment leading at 5.51% [6][7]. - The trading volume for the general equipment sector was the highest at 152.7 billion yuan, while the rail transit equipment sector had the lowest at 20.69 billion yuan [9][11]. Industry Data Tracking - From October 1 to October 13, 2024, the retail sales of passenger cars reached 823,000 units, a 20% increase year-on-year [13][15]. - In September 2024, China imported integrated circuits worth $35.98 billion, a year-on-year increase of 11.2% [15]. Industry News Announcements - The average operating rate for various types of engineering machinery was highest for lifting equipment at 68.00% in Q3 2024, followed by excavating equipment at 52.07% [18]. - In September 2024, the internal combustion engine industry reported sales of 4.1843 million units, reflecting a month-on-month increase of 10.67% and a year-on-year increase of 6.40% [18].

Investment Rating - The industry rating is "Outperform the Market" [3][30]. Core Viewpoints - The food and beverage sector experienced a decline of approximately 3.2% from October 14 to October 18, with a trading volume of about 1899.5 billion yuan, while the overall market (CSI 300) rose by about 1.0% [1][8]. - The industry valuation has seen some recovery but remains at historically low levels as of October 18 [1][13]. - The report highlights a positive trend in retail sales, with a year-on-year increase of 3.2% in September [15][17]. Market Review - The CSI 300 index had a trading volume of approximately 23356.3 billion yuan during the same period [1][8]. - The food and beverage sector ranked 31st among primary sub-industries [1]. - The report indicates that the retail sales of consumer goods in urban areas increased by 3.1%, while rural areas saw a 3.9% increase [15]. Industry High-Frequency Data Tracking - The Citigroup China Economic Surprise Index rose to -10.2 on October 18, a significant increase of 19.7 from the previous week [1][17]. - In August, the production of Chinese liquor was 256,000 kiloliters, a year-on-year decrease of 10.2% [1][18]. - The average price of fresh milk in major production areas was 3.13 yuan per kilogram as of October 10, down 16.1% year-on-year [1][20]. - In September, beef prices fell by 13.1% year-on-year, while pork prices rose by 16.2% [1][22]. - Beer production in August was 3.585 million kiloliters, a decrease of 3.3% year-on-year [1][25]. Industry News and Company Announcements - The tax rate on spirits in Hong Kong has been reduced from 100% to 10% for imported spirits priced above 200 HKD [1][27]. - Fourteen food companies made it to the "2024 China Top 500 Private Enterprises" list, showcasing the strength of the food industry [1][27]. - The number of liquor producers in Renhuai has decreased from 1925 to 868 due to industry consolidation efforts [1][27]. - Company announcements include: - Lihigh Food's CEO Chen Hejun resigned but will focus on product development [2][28]. - Jialong Co. expects a net profit of 15-17 million yuan for Q1-Q3 2024, recovering from a loss of 28.14 million yuan in the same period last year [2][28]. - Jin Zai Food anticipates a net profit of 208-223 million yuan for Q1-Q3 2024, a year-on-year increase of 56.47%-67.75% [2][28].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3]. Core Insights - The electronic industry experienced a weekly increase of 9.6%, ranking second among 31 sectors in the Shenwan classification [6][7]. - Global smartphone shipments grew by 5% year-on-year in Q3 2024, marking the fourth consecutive quarter of growth, driven by strong demand in emerging markets and early replacement cycles in North America, China, and Europe [25]. - The NAND Flash product prices are expected to decrease by 3%-8% in Q4 2024, while OLED monitor shipments are projected to reach 1.44 million units, a year-on-year increase of 181% [26][27]. Market Overview - The electronic industry saw a weekly increase of 9.6%, outperforming major market indices such as the Shanghai Composite Index (1.4%) and the Shenzhen Component Index (3.0%) [6]. - The semiconductor sector led the growth with a 12.1% increase, followed by other electronic sectors [7]. Industry News - The global smartphone market saw a 5% year-on-year increase in Q3 2024, with Samsung and Apple leading the market shares at 18% each [25]. - The Chinese integrated circuit export value reached 838.1 billion yuan in the first three quarters of 2024, reflecting a 22% year-on-year increase [29]. Company Announcements - North China Huachuang (北方华创) forecasts Q3 2024 revenue between 7.42 billion to 8.54 billion yuan, representing a year-on-year growth of 20.4%-38.6% [30]. - Haiguang Information (海光信息) reported Q3 2024 revenue of 2.37 billion yuan, a 78.3% year-on-year increase, with net profit growing by 199.9% [32].

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating expected performance above the market over the next six months [2][3]. Core Insights - The media sector outperformed the Shanghai and Shenzhen 300 index, with a weekly increase of 7.25% compared to the index's 0.98% rise, ranking fourth among Shenwan's primary industries [6][10]. - The gaming sub-sector's price-to-book (PB) ratio has risen to over 50%, reflecting strong investor interest and valuation increases [2][10]. - The report highlights the continued growth in mobile gaming exports, with significant contributions from companies like miHoYo and Tencent, indicating a robust international market presence [18][19]. Summary by Sections Market Review - During the week of October 14-18, 2024, the media sector saw a total transaction volume of 247.17 billion yuan, with all six sub-sectors experiencing gains [6][10]. - The gaming sub-sector led the gains with a 10.83% increase, followed by film and television, advertising, digital media, publishing, and television broadcasting [7][8]. Industry Data Tracking - The number of moviegoers in the 42nd week was 12.837 million, a decrease of 8.97% year-on-year and a significant drop of 74.58% week-on-week [13]. - The average box office per screening fell to 298.81 yuan, although this represents a 26.21% increase compared to the same week last year [15]. - The popularity of short dramas remained stable, with a heat index of 440 million [17]. Industry News Summary - The report notes that in September, 35 Chinese companies made it to the global mobile game publisher revenue list, collectively earning 1.91 billion USD, which accounts for 36% of the total [18]. - The Chinese gaming market reached a record high revenue of 91.766 billion yuan in Q3 2024, marking an 8.95% year-on-year increase [19].

Investment Rating - The report maintains an "Outperform" rating for the social service industry, indicating a projected growth of over 5% relative to the benchmark index in the next six months [3][29]. Core Insights - The social service industry experienced a 4.50% increase from October 14 to October 18, outperforming the Shanghai Composite Index by approximately 3.52 percentage points, ranking it sixth among major sectors [6][7]. - The education sector led the gains within the social service industry, with a remarkable increase of 9.41%, followed by professional services at 4.10%, tourism and scenic spots at 3.61%, and hotel and catering at 1.07% [8][9]. - The report highlights a strong recovery in the social service industry driven by policy support and market demand, particularly in tourism and education sectors [21][22]. Industry Performance Analysis - The average daily number of domestic flights from October 14 to October 20 was 12,680, reflecting a 3.00% decrease from the previous week but a 4.56% increase compared to the same period in 2023 [13][15]. - The tourism consumption price index in Hainan was recorded at 83.76, showing a significant 29.91% decrease from the previous week and an 18.40% decline year-on-year [15][16]. - The education sector had the highest trading volume at 27.917 billion yuan, with a turnover rate of 98.31%, while the professional services sector had a trading volume of 16.701 billion yuan and a turnover rate of 95.93% [9][10]. Industry News and Developments - The National Immigration Administration reported that 160 million people entered and exited the country in the third quarter, marking a 30.1% year-on-year increase, with significant growth in foreign tourists [19]. - The Central Committee and the State Council issued guidelines to enhance the quality of doctoral education, aiming to cultivate urgently needed talents for national strategic needs [22]. - The upcoming "Double Eleven" shopping festival is expected to significantly boost outbound tourism, with promotional activities from major platforms enhancing market competition [20][21].