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 index over the next six months [56] Core Viewpoints - The brokerage index reached a three-year high in early October 2024 before undergoing a correction, with the index rising by 3.53% for the month, outperforming the CSI 300 index by 6.69 percentage points [4][8] - Key factors influencing the monthly performance of listed brokerages include a recovery in fixed income, a historical high in average daily trading volume, and an increase in margin trading balances [4][31] - The brokerage sector is expected to see improved profitability in the fourth quarter compared to the previous three quarters, with a potential upward challenge to a price-to-book (P/B) ratio of 2 times in the future [6][50] Summary by Sections October Brokerage Market Review - The brokerage index experienced a significant rise at the beginning of October, followed by a correction, ultimately showing strong performance despite the adjustments [8][10] - The average P/B ratio for the brokerage sector fluctuated between 1.425 and 1.649 times during October, with a closing average of 1.493 times, below the historical average of 1.55 times since 2016 [16][48] Key Factors Affecting Monthly Performance - The equity market entered a consolidation phase while fixed income showed strong recovery, leading to expected growth in proprietary trading [4][19] - The average daily trading volume reached a historical high of 20,150 billion yuan, with total monthly trading volume at 36.27 trillion yuan, indicating a significant rebound in brokerage business [28] - The margin trading balance reached a new high of 1.7089 trillion yuan, contributing positively to the monthly performance of listed brokerages [31][35] November Performance Outlook - The proprietary trading in equities is expected to decline slightly, while fixed income trading is anticipated to improve, leading to stable overall monthly investment returns for brokerages [5][43] - The brokerage sector's overall performance is projected to remain stable, with expectations of a significant rebound in both equity and debt financing activities [47][48] Investment Recommendations - The brokerage index has entered a consolidation phase after reaching a new high, with a focus on maintaining attention on the sector for potential investment opportunities, particularly in leading brokerages and those with valuations below the sector average [6][52]

Market Overview - On November 26, the A-share market experienced slight fluctuations, with the Shanghai Composite Index closing at 3,259.76 points, down 0.12%[7] - The Shenzhen Component Index closed at 10,333.23 points, down 0.84%, while the ChiNext Index fell by 1.15%[7] - Total trading volume in both markets reached 13,348 billion yuan, slightly lower than the previous trading day[7] Sector Performance - The consumer light industry, logistics, food and beverage, and traditional Chinese medicine sectors performed well, while software development, internet services, battery, and specialized equipment sectors lagged[7] - Over 60% of stocks in the two markets declined, indicating a broad market pullback[7] Valuation Metrics - The average price-to-earnings (P/E) ratio for the Shanghai Composite Index is 13.82 times, and for the ChiNext Index, it is 36.45 times, both at the median level over the past three years, suggesting a suitable environment for medium to long-term investments[18] Economic Outlook - The report highlights that China is in a transitional development phase, with a focus on integrating the digital economy, advanced manufacturing, and modern services with the real economy[18] - Continuous improvement of counter-cyclical adjustment tools indicates that economic recovery is anticipated, although the transmission of policy effects will take time[18] Investment Recommendations - Short-term investment opportunities are suggested in the consumer light industry, logistics, food and beverage, and traditional Chinese medicine sectors[18] - Investors are advised to closely monitor changes in policy, capital flow, and external factors that may impact market conditions[18] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy and economic recovery progress falling short of expectations, and international relations affecting the economic environment[18]

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 -19% -13% -8% -3% 2% 7% 12% 17% 2023.11 2024.03 2024.07 2024.11 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 | 3,263.76 | -0.11 | | 深证成指 | 10,420.52 | -0.17 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,848.09 | -0.46 | | 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 | 3,630.08 | -0 ...

Investment Rating - The industry is rated as "Strongly Outperforming the Market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [18]. Core Viewpoints - The A-share market experienced slight fluctuations with a high opening, facing resistance around 3285 points, while sectors such as cultural media, gaming, education, and energy metals performed well. In contrast, gold, aviation, military, and insurance sectors showed weaker performance [7][17]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are currently at 13.84 times and 36.17 times, respectively, which are at the median levels over the past three years, suggesting a suitable environment for medium to long-term investments [17]. - The total trading volume on the two exchanges reached 15,219 billion yuan, which is above the median of the past three years, indicating active market participation [17]. Summary by Sections A-share Market Overview - On November 25, the Shanghai Composite Index closed at 3,263.76 points, down 0.10%, while the Shenzhen Component Index closed at 10,420.52 points, down 0.17%. The ChiNext 50 Index fell by 1.18%, and the ChiNext Index decreased by 0.02% [8][7]. - The market showed a mixed performance with over 70% of stocks rising, particularly in sectors like batteries, textiles, consumer goods, education, and tourism, while precious metals, aviation, aerospace, shipbuilding, and insurance sectors faced declines [7]. Future Market Outlook and Investment Recommendations - The report suggests that the market is expected to maintain a trend of oscillation upwards, driven by ongoing macroeconomic adjustments and growth-promoting policies. Investors are advised to closely monitor changes in policy, capital flow, and external factors [17]. - Short-term investment opportunities are recommended in sectors such as cultural media, gaming, and non-ferrous metals [17].

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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 -19% -14% -9% -4% 1% 7% 12% 17% 2023.11 2024.03 2024.07 2024.11 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 | 3,267.19 | -3.06 | | 深证成指 | 10,438.72 | -3.52 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,865.70 | -3.10 | | 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 | 3,653.29 | -2 ...

Group 1 - Fiscal revenue shows marginal improvement, with total public budget revenue for January to October reaching 184,981 billion yuan, a year-on-year decline of 1.3%. In October alone, public budget revenue increased by 5.49% year-on-year, marking the first positive growth in tax revenue for the year at 1.8% [10][12][21] - The youth unemployment rate has shown marginal improvement but remains high, with the unemployment rate for urban labor aged 16-24 at 17.1%, down 0.5 percentage points from the previous month [21][22] - The LPR for November remains unchanged at 3.10% for one-year loans and 3.60% for five-year loans, aligning with market expectations after a significant reduction in October [23][24] Group 2 - The newly released market value management guidelines by the CSRC are expected to benefit undervalued stocks, requiring long-term undervalued companies to disclose valuation enhancement plans, which will help improve stock valuations and investment returns [3][29] - Economic development conditions and supporting factors remain favorable, with ongoing reforms and the integration of digital and traditional economies expected to create new growth points [30][31] - Stronger-than-expected U.S. economic data suggests a slowdown in the pace of interest rate cuts, with recent labor market indicators showing lower-than-expected unemployment claims [31][33] Group 3 - Short-term investment recommendations include focusing on sectors such as brokerage, non-bank financials, semiconductors, artificial intelligence, 5G, and software, while mid-term attention should be on infrastructure, power sectors, and companies benefiting from the new market value management guidelines [4][31]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6] Core Views - The company has experienced significant growth in both domestic and international markets, with overseas growth being particularly notable. In Q3 2024, the company achieved revenue of 3.738 billion yuan, representing a year-on-year increase of 27.17%, with a growth rate improvement of 25.55 percentage points compared to the previous year [3][6] - The domestic molasses prices are steadily declining, alleviating cost pressures for the company. As of November 22, 2024, the average trading price of molasses in Guangxi was 1,336 yuan per ton, down 70 yuan from the previous month, marking a decrease of 5.02% [3][6] - The company's profitability has seen a decline due to a decrease in gross margin and an increase in expense ratios. The gross margin for the first three quarters of 2024 was 23.28%, down 1.39 percentage points year-on-year, while the net profit margin was 8.89%, a decrease of 0.95 percentage points [3][6] Financial Performance Summary - For the first three quarters of 2024, the company recorded a revenue of 10.912 billion yuan, a year-on-year increase of 13.05%, with an expansion of 5.59 percentage points in growth rate [3][6] - The company forecasts earnings per share (EPS) of 1.57, 1.80, and 2.05 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 21.96, 19.12, and 16.80 [3][6][7] - The company's total assets are projected to grow from 19.270 billion yuan in 2023 to 24.703 billion yuan by 2026, indicating a strong growth trajectory [10][11]

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18]. Core Insights - The company's gross profit margin has significantly improved, with a notable increase in the high-voltage segment driving performance. The gross profit margin reached 24.27% in the first three quarters of 2024, up by 4.29 percentage points year-on-year [3]. - The company reported a revenue of 78.85 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.88%. The net profit attributable to shareholders was 8.57 billion yuan, a substantial increase of 55.13% year-on-year [3]. - The acceleration in revenue growth is attributed to the delivery of key projects, with the third quarter of 2024 showing a revenue of 28.43 billion yuan, up 8.42% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 8.57 billion yuan, with a year-on-year growth of 55.13%. The net profit excluding non-recurring items was 8.48 billion yuan, also reflecting a growth of 54.91% [3]. - The company’s operating cash flow per share was 0.67 yuan, and the return on equity (ROE) was 8.23% [3]. - The company’s total assets reached 22.13 billion yuan by the end of 2024, with a debt-to-asset ratio of 49.35% [3]. Market Outlook - The report highlights that the company is well-positioned to benefit from the increasing investment in the power grid and the acceleration of ultra-high voltage construction projects. The expected net profits for 2024, 2025, and 2026 are projected to be 12.63 billion yuan, 15.29 billion yuan, and 18.15 billion yuan, respectively [6]. - The report notes that the investment in power grid projects in China reached 398.2 billion yuan in the first three quarters of 2024, marking a year-on-year increase of 21.1% [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company has received approval for its product Bevacizumab injection, branded as "Anbeiyou," which is primarily used for treating various types of cancer [4][5] - The sales of Bevacizumab in China reached approximately 10.68 billion yuan in 2023, reflecting a growth of 23.71% compared to 2022, indicating potential revenue growth for the company [5] - The company maintains its earnings forecast for 2024-2026, with expected earnings per share of 0.73 yuan, 0.89 yuan, and 1.03 yuan respectively, corresponding to price-to-earnings ratios of 23.89, 19.44, and 16.87 [6] Financial Data Summary - As of September 30, 2024, the company reported a closing price of 17.39 yuan, with a market capitalization of 27.367 billion yuan [2] - The company’s net profit for 2023 is projected to be 1.762 billion yuan, with a growth rate of 37.66% compared to 2022 [7] - The company’s revenue for 2024 is estimated at 5.366 billion yuan, showing a slight increase of 0.45% from 2023 [7] - The gross profit margin is reported at 61.77%, and the return on equity is 7.90% [2][7]