Investment Rating - The report suggests a positive outlook for the A-share market, indicating that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 14.40 times and 36.97 times respectively, which are at the median levels over the past three years, making it suitable for medium to long-term investment [21]. Core Views - The A-share market experienced a slight upward trend after initial declines, with key sectors such as communication equipment, semiconductors, electronic components, and automobiles performing well, while sectors like electricity, insurance, coal, and pharmaceutical commerce lagged [21][22]. - The total trading volume in the two markets was 12,865 billion, which is above the median of the daily average trading volume over the past three years [21]. - Recent policy signals from the Political Bureau meeting indicate a commitment to more proactive macroeconomic policies aimed at stabilizing the real estate and stock markets, boosting consumption, and implementing moderately loose monetary policies [21][22]. - The report anticipates that the market's focus will shift towards domestic macro policies and their impact on maintaining investor confidence and stabilizing expectations, with a strong emphasis on supporting technological innovation and industrial upgrades [21][22]. Summary by Sections A-share Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index closing at 3,393.35 points, down 0.01%, and the Shenzhen Component Index at 10,603.10 points, down 0.64% [2][21]. - The ChiNext 50 Index increased by 0.33%, while the ChiNext Index decreased by 0.55% [2][21]. Sector Performance - The report highlights that over 70% of stocks in the two markets rose, with significant gains in sectors such as power equipment, communication devices, commercial retail, electronic components, and consumer electronics [14][21]. - Conversely, sectors like electricity, coal, pharmaceutical commerce, cement, and banking experienced declines [14][21]. Future Market Outlook and Investment Recommendations - The report recommends short-term investment opportunities in the automotive, communication equipment, semiconductor, and consumer electronics sectors [21][22]. - It emphasizes the need to closely monitor policy changes, capital flows, and external factors that may influence market dynamics [21][22].

3.3.2. 河南上市公司重要事件 4. 河南拟上市公司 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 第 15页/共 19页 请阅读最后一页各项声明 4.2. 提交 IPO 审核申报企业 资料来源：Wind，中原证券研究所 6. 风险提示 | --- | --- | --- | --- | |---------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | 附表 1：2024 \n日期 | 年 11 月份河南 \n证券代码 | A 股上市公司重点公告一览表 \n 公告标题 | 主题 | | 2024-11-21 | 002431.SZ | 棕榈股份:关于项目中标的进展公告 | 重大合同 | | 20 ...

第 5页/共 19页 从投资端看，2024 年 1-11 月，全省固定资产投资同比增长 6.9%，比 1-10 月加快 0.2 个 百分点。其中工业投资增长 21.5%，为重要支撑力量，其中对轻纺产业、食品产业投资分别增 长 44.1%、40.0%。基础设施投资下降 0.5%，其中水利、环境和公共设施管理业以及信息传输 业相关投资增势较好。1-11 月，全省房地产开发投资、新建商品房销售面积、房地产开发企业 到位资金分别录得-7.9%、-12.7%、-7.1%，开工、销售、资金等多个指标均呈现逐月向好趋势， 房地产市场改善迹象不断夯实。 总体来看，2024 年 11 月份，河南省工业生产稳定增长、消费潜力加速释放、固定资产投 资加快增长，经济运行呈现持续稳定向好的发展态势。12 月 2 日省委经济工作务虚会强调"要 切实用好国家存量政策和增量政策红利，用好用足存量政策，及时跟进增量政策，找准政策落 地执行、结合转化的突破口"，未来伴随政策效果落地显现，全省经济动能与优势有望得到进 一步增强。 工业方面，中部省份工业生产维持高位增长。其中，安徽省和江西省表现强势，1-11 月规 上工业增加值增速分别达到 8.8 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -14% -9% -3% 2% 8% 13% 19% 24% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,393.35 | -0.01 | | 深证成指 | 10,603.10 | -0.64 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,985.63 | 0.05 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,769.05 | 0.09 ...

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本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 农林牧渔 资料来源:卓创资讯,中原证券研究所 本报告版权属于中原证券股份有限公司 www.ccnew.com 公司简称 23EPS 24EPS 24PE 评级 乖宝宠物 1.15 1.38 46.82 增持 秋乐种业 0.48 0.30 43.76 增持 盈利预测和投资评级 海大集团 1.66 2.72 15.49 增持 佩蒂股份 -0.04 0.67 17.63 增持 农林牧渔 资料来源:农业农村部,中原证券研究所 第 4 页 / 共 15 页 2024 年 11 月份生猪自繁自养盈利和仔猪育肥理论盈利月均值环比下滑。根据卓创资讯 数据统计，11 月生猪自繁自养理论盈利均值 405.50 元/头，环比降 124.49 元/头，跌幅 23.49%；同比上涨 479.55 元/头，涨幅 647.60%；11 月仔猪育肥理论盈利均值 234.76 元/ 头，环比跌 124.53 元/头，跌幅 34.66%；同比上涨 404.58 元/头，涨幅 238.24%。 2024 年 12 月生猪理论出栏量或继续增加，且前期部分压栏大猪 ...

表 3: 中信一级行业全天深跌幅分布情况（单位：点） 15 17 19 21 23 25 27 29 31 33 35 10 11 12 13 14 15 16 17 18 19 上证所:平均市盈率 深交所:股票平均市盈率（右） 表 1: A股主要指数表现（单位:点） | --- | --- | --- | --- | --- | |------------|-------|-----------------------------------------------|----------------|------------| | | | 表 2：港股主要指数表现（单位：点） \n指数名称 | 最新价 | 当天涨跌幅 | | | | 恒生指数 | 20,098.29 1.1% | | | | | 恒生国企指数 | 7,303.92 1.3% | | | | | 恒生红筹指数 | 3,751.97 0.8% | | | 资料来源： | Wind | ，中原证券研究所 | | | | --- | --- | --- | |------------|-------------------------------- ...

图 5: 中信一级行业市盈率（TTM，则除负值）(截止 12 月 23 日) 70 60 50 40 30 20 10 资料来源：Wind, 中原证券研究所 图 7: 2022-2024 年汽车月度销量及同比增速 本报告版权属于中原证券股份有限公司 www.ccnew.com 汽车 图 8:2010-2024 年汽车销量及同比增速 (万俩) (%) 3,500 35 30 3,000 25 2,500 20 15 2,000 10 1,500 S 0 1,000 (5) 500 (10) (15) ■汽车销量 =*一同比增速 图 9: 2022-2024 年中国汽车月度出口走势 (万辆) (%) eo 50 45 50 40 35 40 30 30 25 20 20 15 10 10 0 6月 7月 8月 9月 10月 11月 12月 1月 3月 =2023 = 2024 -x-2024年出口量同比 2022 资料来源:中汽协,中原证券研究所 请阅读最后一页各项声明 图 11: 2014-2024 年中国汽车出口量及同比增速 (万辆) 600 500 400 300 200 100 2018 2019 202 ...

Group 1 - The 2023 work conference emphasizes "high-quality development" with "technological innovation" as a top priority for economic tasks in 2024, while consumption and investment are highlighted as the primary focus [2] - The central economic work conference related to the computer industry includes a shift towards domestic production, with increased attention on "basic research and key core technologies" and a focus on "major technological projects" [2] - The report indicates a significant growth in the AI mobile phone penetration rate and the rapid expansion of big data services by operators [7][9] Group 2 - The media sector saw an 8.64% increase in November, outperforming major indices, with sub-sectors like animation and internet advertising showing significant growth [4] - The report highlights a substantial increase in the sales of new energy vehicles, with a penetration rate reaching 45.6% in November, and a cumulative sales increase of 35.6% year-on-year [35] - The defense and military industry is expected to experience a turnaround in 2025, with a focus on core suppliers and new trends in warfare, such as drones and missiles [10] Group 3 - The report discusses the impact of tax policies on state-owned cultural enterprises, predicting improved profit margins due to extended tax exemptions until 2027 [5] - The automotive industry is expected to benefit from policies promoting vehicle replacement, with significant sales growth anticipated in both passenger and commercial vehicles [55] - The energy sector is undergoing significant reforms, with a focus on building a new energy system and market reforms expected to enhance resource allocation [56]

Company Overview - The company is a regional leader in the seed industry, with a comprehensive "breeding, propagation, and promotion" industrial system and is one of the first 32 enterprises recognized by the Ministry of Agriculture for this integration [19] - It is a high-tech enterprise and ranks among the top 20 in China's commercial seed market [19] - The company went public on the Beijing Stock Exchange in December 2022, becoming the first seed enterprise in Henan Province to do so [19] - The company's main products include corn, wheat, and peanut seeds, with key varieties such as Qiule 368, Zhengdan 958, and Yuhua 22 being among the top 10 most widely promoted varieties in China [4] Industry Analysis - 2024 marks the first year of China's bio-breeding commercialization, presenting a historic development opportunity for the industry [4] - Corn prices have been declining, leading to increased demand for feed corn, with total corn consumption expected to reach a record high in 2024 [4] - Henan Province is actively promoting policies to strengthen the seed industry, aiming to build a strong seed industry base [4] Financial Performance - The company's revenue and net profit have been under short-term pressure, with a 28.63% YoY decline in revenue and a 48.88% YoY decline in net profit for the first three quarters of 2024 [33] - The company's gross margin was 20.28% in the first three quarters of 2024, down 4.93 percentage points YoY [33] - Corn and peanut seeds are the main revenue sources, with corn seed revenue declining by 82.07% YoY in the first half of 2024 [33] R&D and Innovation - The company has established multiple seed production bases in Xinjiang, Gansu, Hainan, and Henan, and has set up the Qiule Science Research Institute [5] - R&D expenses in the first three quarters of 2024 were 10.04 million yuan, a 47% YoY increase [5] - The company's founder, Zhang Xinyou, is a member of the Chinese Academy of Engineering and has led the development of several important peanut varieties [5] Investment Recommendation - The company is rated as "Overweight" (maintained) with a target price of 12.16 yuan [2] - The company's PE ratio for 2024-2026 is projected to be 43.76/27.20/21.71 times, indicating potential for valuation expansion [5] - The company is expected to achieve net profits of 49/79/98 million yuan in 2024-2026, with EPS of 0.30/0.48/0.60 yuan [128] Market and Competitive Landscape - China's seed market reached 156.3 billion yuan in 2023, making it the second-largest seed market globally after the US [67] - The top five companies in China's seed market account for only 18% of the market share, indicating a fragmented industry with low concentration [70] - The company is well-positioned to benefit from the increasing industry concentration and profitability due to its regional advantages and strong R&D capabilities [128]