Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the broader market performance [2]. Core Insights - The media sector experienced a significant rebound in September, with a 25.73% increase, outperforming the Shanghai Composite Index and the CSI 300 Index by 8.34 percentage points and 4.77 percentage points, respectively [5][15]. - The report highlights the positive impact of recent government policies aimed at stimulating domestic consumption, which are expected to benefit sectors such as film, offline entertainment, gaming, and advertising [5][13]. - The launch of the game "Black Myth: Wukong" has set a benchmark in the gaming industry, achieving over 20 million sales and significantly boosting related tourism [6][14]. - The report emphasizes the shift in regulatory attitude towards the gaming industry, moving from strict regulation to promoting healthy development, as evidenced by the increase in game license approvals [7][14]. Summary by Sections 1. Investment Recommendations - The report suggests focusing on sectors that will benefit from the recovery in domestic consumption, particularly gaming and advertising [13][14]. 2. Market Review 2.1 Market Performance - In September, the media sector rose by 25.73%, with sub-sectors like internet video and social media seeing increases over 30% [15][17]. 2.2 Valuation Levels - As of September 30, the media sector's PE ratio was 22.92, with historical averages indicating a current valuation at the 44.4 percentile [20]. 3. Industry News - The Shanghai government has launched a three-year action plan to develop the live-streaming economy, aiming for a retail value of 600 billion yuan by 2026 [22][23]. 4. Monthly Industry Data 4.1 Film Market - In September, the domestic film market generated 1.456 billion yuan in box office revenue, a year-on-year decrease of 48.46% [25][31]. 4.2 TV and Streaming Market - The top five TV shows in September included "The Song of Ordinary People" and "Snow Maze," indicating strong viewer engagement [38].

Economic Overview - Zhengzhou, as the capital of Henan Province and a national central city, has maintained the highest GDP in the province for the past decade, with a GDP of 13,617.8 billion in 2023, which is double that of the second-ranked city [8][10] - The GDP proportion of Zhengzhou in Henan Province increased from 19.3% in 2013 to 23.0% in 2023, indicating a strengthening support for provincial economic development [8][10] - In 2023, Zhengzhou's economic growth rate reached 7.4%, recovering to 2019 levels, and in the first half of 2024, it further exceeded the national and provincial averages with a growth rate of 5.3% [8][10] Fiscal Situation - In 2023, Zhengzhou's general public budget revenue increased by 3.1% year-on-year to 1,165.8 billion, ranking first in Henan Province [10] - Tax revenue accounted for 67.5% of the total budget revenue, with a self-sufficiency rate of 76.72%, indicating a stable and robust fiscal structure [10] Economic Structure and Advantageous Industries - Zhengzhou's economic structure has gradually optimized, with the ratio of primary, secondary, and tertiary industries adjusted to 1.3:39.5:59.3 in 2023 [12][13] - The city has formed six major leading industrial clusters: electronic information, automotive and equipment manufacturing, modern food manufacturing, new materials, aluminum processing products, and biomedicine, with a 14.1% increase in added value in 2023 [19][28] Key Industrial Chains and Development Planning - Zhengzhou has identified 13 key industrial chains for development, including intelligent terminal, aluminum processing, hydrogen fuel cell, artificial intelligence, and automotive manufacturing [22][24] - The city aims to cultivate 6-7 industrial clusters with a scale of 100 billion by 2025 and to establish a complete industrial chain ecosystem [22][24] Emerging Industries Layout - The emerging industries in Zhengzhou focus on enhancing existing advantages and developing high-end, green technologies, particularly in biomedicine, new energy, and digital economy [21][28] - The new energy-related industries are primarily located in the northern districts, while biomedicine is concentrated in New Zheng City and Central District [21][28] Summary - Zhengzhou's economic resilience and growth potential are supported by a robust fiscal structure and a diversified industrial base, with strategic planning aimed at enhancing its competitive edge in key industries and emerging sectors [3][10][22]

Market Overview - The A-share market experienced a low opening and wide fluctuations on October 9, 2024, with the index finding support around 3249 points during the day [1][2] - The Shanghai Composite Index closed at 3258.86 points, down 6.62%, while the Shenzhen Component Index closed at 10,557.81 points, down 8.15% [5][6] - The trading volume for both markets was 29,673 billion, which is above the median of the past three years [2][9] Sector Performance - Semiconductor, software development, computer equipment, and aerospace industries performed well during the trading session [2][5] - Conversely, the tourism, gaming, cultural media, and photovoltaic equipment sectors showed weaker performance [2][5] - Over 90% of stocks in the two markets declined, with notable declines in sectors such as professional services, gaming, batteries, and photovoltaic equipment [5][8] Future Market Outlook - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 14.87 times and 40.54 times, respectively, which are at the median levels of the past three years, indicating a suitable environment for medium to long-term investments [2][9] - The report anticipates that the stock index will maintain a generally upward trend, supported by ongoing macroeconomic adjustments and growth-promoting policies [2][9] - Investors are advised to focus on short-term investment opportunities in the securities, semiconductor, software development, and aerospace industries [2][9]

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [5]. Core Insights - The basic chemical industry index rose by 22.59% in September 2024, outperforming the Shanghai Composite Index by 5.19 percentage points and the CSI 300 Index by 1.62 percentage points [4][8]. - The report highlights three main investment themes for October 2024, focusing on the real estate and automotive sectors, as well as coal chemical, light hydrocarbon, phosphorus, and potassium fertilizer industries [4][5]. Market Review - In September 2024, all 33 sub-industries within the basic chemical sector experienced growth, with lithium battery chemicals, carbon fiber, and fluorochemicals leading the way with increases of 34.79%, 34.48%, and 28.75% respectively [10]. - The basic chemical sector saw 501 out of 507 stocks rise, with the top gainers being Haineng New Science, Tiensheng New Materials, and Defang Nano, which rose by 118.32%, 72.11%, and 65.70% respectively [10][12]. Product Price Tracking - International oil prices showed a downward trend in September 2024, with WTI crude oil falling by 7.31% to $68.17 per barrel and Brent crude oil decreasing by 8.92% to $71.77 per barrel [5][29]. - Among 320 tracked products, 105 saw price increases, with the highest gains in smoke sheet glue, dry glue, standard glue, mixed glue, and acetonitrile, which rose by 23.74%, 18.42%, 18.42%, 17.53%, and 16.53% respectively [5][29]. Industry and Company News - From January to August 2024, the chemical raw materials and chemical products manufacturing industry reported a profit increase of 0.6%, with total profits reaching 266.26 billion yuan [12][14]. - The report notes that the nylon new materials industry center has been established in Pingdingshan, aiming to enhance innovation and resource integration in the region [25][27].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [27]. Core Views - The company achieved a revenue of 3.026 billion yuan in the first half of 2024, a year-on-year decrease of 12.94%, and a net profit attributable to shareholders of 927 million yuan, down 10.57% year-on-year [5][7]. - The brokerage, asset management, interest, and other income segments have seen an increase in their proportion of total revenue, while the net income from investment banking and investment income (including fair value changes) has decreased [5][8]. - The company's brokerage business has driven an increase in market share for stock-based transactions and net income from agency trading, despite a slight decline in overall brokerage fee income [5][10]. - The company has experienced a significant decline in equity financing and a simultaneous drop in debt financing, with investment banking fee income down 11.91% year-on-year [5][13]. - The asset management business remains strong, with a year-on-year increase of 17.86% in asset management fee income [5][16]. - The company has reported a 32.40% year-on-year decrease in investment income, with solid performance in fixed income investments but challenges in equity investments [5][18]. - The report forecasts earnings per share (EPS) of 0.46 yuan and 0.50 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 7.62 yuan and 7.91 yuan [5][21]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 3.026 billion yuan, a decrease of 12.94% year-on-year, and a net profit of 927 million yuan, down 10.57% year-on-year [5][7]. - The weighted average return on equity (ROE) was 2.64%, a decline of 0.45 percentage points year-on-year [5][7]. Revenue Composition - The revenue composition for the first half of 2024 showed increases in brokerage (18.8%), asset management (27.3%), and other income (8.4%), while investment banking (9.3%) and investment income (33.6%) saw declines [8][10]. Brokerage and Asset Management - The brokerage business has seen a slight decline in net income from fees, but the company has successfully increased its market share in stock-based transactions and agency trading [5][10]. - The asset management segment reported a fee income increase of 17.86%, with total assets under management reaching 286.3 billion yuan, a 3.54% increase from the end of 2023 [5][16]. Investment Banking and Financing - The company faced a significant drop in equity financing, with a 66.34% year-on-year decrease in underwriting amounts, and a 20.41% decline in debt financing [5][13]. - The investment banking fee income decreased by 11.91% year-on-year, reflecting the challenging market conditions [5][13]. Investment Income - The company reported a 32.40% year-on-year decrease in investment income, with fixed income investments performing well while equity investments faced challenges [5][18]. Future Projections - The report projects EPS of 0.46 yuan for 2024 and 0.50 yuan for 2025, with corresponding BVPS of 7.62 yuan and 7.91 yuan, indicating a stable outlook for the company's financial performance [5][21].

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -16% -11% -6% -1% 4% 9% 14% 2023.10 2024.02 2024.06 2024.10 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,489.78 | 4.59 | | 深证成指 | 11,495.10 | 9.17 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,256.10 | 5.93 | | 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 | 4,094.76 | 6.04 | | 中证 5 ...

Market Overview - The A-share market opened high but experienced fluctuations, ultimately showing a trend of upward movement, with the index finding support around 3372 points during the day [2][5] - Key sectors performing well included semiconductors, software development, batteries, internet services, and securities, while tourism, aviation, coal, and real estate sectors lagged [2][5] - The Shanghai Composite Index closed at 3489.78 points, up 4.59%, while the Shenzhen Component Index rose by 9.17% to 11495.10 points [5][6] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are currently at 14.24 times and 34.99 times, respectively, indicating a suitable environment for medium to long-term investments [2][11] - The total trading volume on the two exchanges reached 348.51 billion yuan, above the median of the past three years, suggesting robust market activity [2][11] - Recent policy announcements, including the "New National Nine Measures," are expected to enhance market confidence and support economic recovery [2][11] - Investors are advised to focus on short-term opportunities in sectors such as securities, insurance, chips, pharmaceuticals, non-bank financials, software development, and new energy [2][11]

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 over the next six months [34]. Core Insights - The food and beverage sector experienced a strong rebound in September 2024, with an increase of 24.62%, outperforming the CSI 300 index which rose by 23.06% [6][8]. - The sector's valuation has significantly improved, with the static price-to-earnings ratio rising from 13.02 times to 20.46 times as of September 30, 2024, indicating a recovery from previous lows [5][13]. - The report highlights a broad-based recovery in stock performance, with 126 out of 127 listed companies in the sector recording gains, showcasing a 99.21% increase rate among individual stocks [18]. Summary by Sections Market Performance - In September 2024, the food and beverage sector saw a strong rebound, with sub-sectors like pre-processed foods and snacks experiencing increases of 26.54% and 28.63% respectively [6][8]. - For the year-to-date period from January to September 2024, the sector recorded an overall increase of 5.67%, with notable gains in meat products, liquor, and soft drinks [6][10]. Valuation Trends - The food and beverage sector's valuation has moved from the lower tier to a mid-range position among 31 primary industries, reflecting a recovery from previous lows [13][5]. - The sector's price-to-earnings ratio has decreased by 59.46% from its peak in 2020, but has shown a significant upward trend recently [13]. Stock Recommendations - The report recommends focusing on sectors such as health products, soft drinks, baked goods, snacks, and other alcoholic beverages for investment opportunities [29]. - Specific stock picks for October 2024 include: - Snack sector: Jin Zai Foods - Pre-packaged dishes: Qianwei Yangchu - Baking: Lihigh Foods - Yeast sector: Angel Yeast - Health products: Xianle Health - Compound seasoning: Zhongjing Foods - Liquor: Jinshiyuan [29][30].

Group 1 - The central political bureau meeting released significant signals indicating that the economy is expected to stabilize and recover, emphasizing the need for increased counter-cyclical adjustments in fiscal and monetary policies [44][45][46] - The People's Bank of China, along with financial regulatory authorities, introduced multiple substantial policies to support economic growth and stabilize the capital market, enhancing liquidity in the market [46][47] - The manufacturing PMI in September showed a slight recovery, rising to 49.8%, indicating improved conditions for large enterprises and a reduction in operational pressure for small and medium-sized enterprises [67] Group 2 - The report highlights the potential for a policy-driven bull market, with expectations of a comprehensive market rebound supported by a series of fiscal measures and other supportive policies [4][5] - The analysis of previous bull markets in A-shares indicates that each bull market was preceded by significant favorable policies, suggesting a similar pattern may emerge in the current context [56][64] - The report suggests focusing on sectors such as chips, pharmaceuticals, non-bank financials, consumption, new energy vehicles, and non-ferrous metals as potential investment opportunities [4][5]

Group 1: Market Overview - The report indicates that the A-share market is currently in the early stages of a new bull market, following a shift to a more positive policy environment, with significant capital inflow expected to drive index growth [1][4][5] - Historical analysis shows that A-shares have experienced six cycles since 2000, with the current cycle being the seventh, characterized by a pattern of short bull markets followed by prolonged bear markets [5][14] Group 2: Market Phases - The report outlines four distinct phases of a rapid market uptrend: 1. Rapid initiation phase, where the market quickly rises from the bottom, primarily benefiting financial sectors and undervalued stocks 2. Acceleration phase, where core assets and scarce resources see increased investment 3. Peak phase, characterized by a surge in small-cap stocks and high-volatility sectors like technology 4. Risk emergence phase, where market volume peaks and signs of stagnation appear [1][14] Group 3: Sector Investment Logic - In the computer industry, focus should be on domestic leaders in areas such as localization and computing power, with significant growth expected in IC design and industrial software [17][18] - The machinery sector is advised to target two main lines: severely undervalued industry leaders in lithium battery and photovoltaic equipment, and cyclical recovery plays in engineering machinery and elevators, benefiting from real estate policy support [21][23][24] - The pharmaceutical sector should concentrate on undervalued segments and innovative supply chains, while the lithium battery industry should focus on downstream enterprises and key material leaders [1][16][21]