Investment Rating - The report assigns a rating of "Buy" for Proya and "Hold" for other companies like Giant Bio, Marubi, and Shangmei [2][3]. Core Insights - The beauty industry is experiencing a shift from a traffic-driven model to optimizing the supply-side ecosystem, with platforms like Tmall and Douyin adjusting their strategies to focus on GMV growth rather than low-price competition [3][5]. - Domestic brands are showing resilience and adaptability in the face of changing traffic dynamics, with Proya achieving significant GMV growth during the Double Eleven shopping festival [5][26]. Summary by Sections Platform Competition - The competition among e-commerce platforms has intensified, with a shift from low-price strategies to GMV-oriented approaches. The overall sales during the Double Eleven period reached 14,418 billion yuan, a 26.6% year-on-year increase [13][14]. - Tmall's GMV accounted for 50.1% of the beauty market, growing by 29.3%, while Douyin's market share was 26.7%, with a 27% increase [14][15]. Brand Competition - The report highlights that while the top brand landscape remains stable, competition is fierce. Domestic brands are maintaining stable pricing mechanisms, while overseas brands are increasingly relying on KOLs and price advantages [4][32]. - Proya's GMV on Tmall grew by over 10%, and its performance on Douyin saw a 60% increase, indicating strong brand appeal [5][26]. Company Performance - Proya, Giant Bio, and Marubi are identified as companies with promising growth potential. Proya's GMV during the Double Eleven reached 2.86 billion yuan, with a year-on-year growth of 37% [5][26]. - Other notable performances include Giant Bio's Kefu Mei with an 80% increase in GMV across all channels and Marubi's 140% growth on Tmall [5][26]. Market Trends - The report notes a trend towards self-broadcasting and store broadcasting, with brands gaining more pricing power as they reduce reliance on top influencers [3][17]. - The overall market for beauty products is expected to stabilize and improve in terms of both GMV performance and profit margins, with a positive outlook for domestic brands [5][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance has shown fluctuations due to demand impacts, but new technologies and products are expected to contribute to future growth [1][4]. - The company reported a revenue of 9.826 billion yuan for the first three quarters of 2024, a year-on-year increase of 32.8%, while the net profit attributable to shareholders was 421 million yuan, a decrease of 4.5% year-on-year [2][5]. - The introduction of new products, such as copper paste for photovoltaic cells, is anticipated to accelerate industrialization and benefit from new technology [4][6]. Financial Summary - Revenue projections for 2022A to 2026E are as follows: 6,504 million yuan (2022A), 10,290 million yuan (2023A), 13,766 million yuan (2024E), 16,266 million yuan (2025E), and 18,443 million yuan (2026E), with growth rates of 28% (2022A), 58% (2023A), 34% (2024E), 18% (2025E), and 13% (2026E) [2][4]. - Net profit attributable to shareholders is projected to be 391 million yuan (2022A), 442 million yuan (2023A), 560 million yuan (2024E), 700 million yuan (2025E), and 844 million yuan (2026E), with year-on-year growth rates of 59% (2022A), 13% (2023A), 27% (2024E), 25% (2025E), and 21% (2026E) [2][4]. - The company's P/E ratios are projected to be 35.3 (2022A), 31.2 (2023A), 24.6 (2024E), 19.7 (2025E), and 16.3 (2026E) [2][4]. Market and Product Development - The company has introduced new products that are expected to accelerate growth, including a packaging positioning adhesive developed for the 0BB technology process, which has achieved scale production [6]. - The company is also addressing the packaging requirements for BC components with new insulation and battery protection adhesives, which are expected to facilitate the industrialization process [6].

Economic Indicators - In October, retail sales and fixed asset investment grew by 5.3% and 4.8% year-on-year, respectively[2] - The manufacturing sector maintained a high growth rate, with industrial production increasing by 5.3% year-on-year, while service sector output accelerated to a 6.3% growth[2] - Real estate investment decreased by 12.3% year-on-year, indicating ongoing challenges in the sector[2] Consumption Trends - October retail sales reached a year-high growth of 5.0%, driven by strong performance in home appliances and automobiles, which saw year-on-year increases of 39.2% and 26.7%, respectively[2] - The dining sector showed modest growth, with restaurant income rising by only 3.2% year-on-year, suggesting that domestic demand has not significantly improved[2] Policy and Market Outlook - The report indicates a divergence in stock and bond pricing, with the stock market remaining in a "strong expectation" phase while the bond market is returning to a more realistic assessment of fundamentals[5] - Future economic recovery is contingent on the effectiveness of policy measures, particularly in addressing debt and stimulating consumption[5] - The upcoming fiscal policies and their impact on the economy will be closely monitored, especially regarding the implementation of the 10 trillion yuan debt resolution plan[5]

Industry Overview - The domestic electronics sector has shown a significant rebound, with the CITIC Electronics Index rising by 26% year-to-date and a 57% increase since September 24 [4] - Sub-sector performance varies: PCB (+40%), semiconductors (+34%), passive components (+25%), LED (+22%), consumer electronics (+18%), and panels (+15%) [4] - Semiconductor sub-sectors: manufacturing (+43%), packaging and testing (+18%), design (+12%), power (+10%), equipment (+9%), and materials (-1%) [4] - Active equity funds' allocation to the electronics sector was 14.72% at the end of Q3 2024, with semiconductor allocation increasing by 0.18 percentage points [12] - The electronics sector's PE (TTM) is 78x, slightly above the 75th percentile since December 2019 (71x) [12] Semiconductor Sector - Q3 2024 revenue for the semiconductor sector grew 23% YoY and 5% QoQ, with net profit up 29% YoY [25] - Design segment revenue increased 35% YoY, with net profit surging 173% YoY [25] - Equipment segment revenue grew 21% YoY, with net profit up 11% YoY [25] - Packaging and testing segment revenue rose 12% YoY, with net profit increasing 32% YoY [25] - Inventory levels in the semiconductor sector increased, driven by equipment and packaging/testing segments [35] Consumer Electronics - Consumer electronics revenue grew 20% YoY and 18% QoQ in Q3 2024 [25] - Net profit for the sector increased 3% YoY and 18% QoQ [25] - Inventory levels rose due to seasonal preparation for the Apple supply chain [35] - The sector is expected to benefit from AI-driven innovation cycles [2] PCB Sector - PCB sector revenue increased 18% YoY and 12% QoQ in Q3 2024 [25] - Net profit grew 7% YoY and 9% QoQ [25] - AI applications are expected to drive long-term growth in the sector [2] Panel Sector - Panel sector revenue declined 1% YoY but grew 5% QoQ in Q3 2024 [25] - Net profit saw a significant decline due to losses from non-wholly owned subsidiaries [27] - Panel prices have stabilized, with potential demand recovery driven by replacement programs [2] Passive Components - Passive components sector revenue grew 16% YoY and 4% QoQ in Q3 2024 [25] - Net profit increased 18% YoY but declined 2% QoQ [25] - Profitability is expected to continue improving [2] Storage Sector - Storage sector performance was mixed in Q3 2024, with design companies showing stable results while module companies faced challenges [58] - Design companies like GigaDevice and Ingenic saw revenue growth, while module companies like Longsys and BIWIN experienced revenue declines [58] - Gross margins for design companies remained stable, while module companies saw significant margin compression [61] - Net profit for design companies was relatively stable, while module companies like Longsys and BIWIN turned to losses [64] - Inventory levels for design companies increased slightly, while module companies adopted more conservative inventory strategies [75] Overseas Semiconductor Companies - Apple's Q3 2024 revenue grew 6.1% YoY, with iPhone sales exceeding expectations [44] - AMD's Q3 revenue slightly exceeded expectations, with AI chip revenue guidance raised to over $5 billion [44] - TSMC's Q3 revenue grew 36% YoY, driven by strong demand for advanced nodes [47] - Samsung's Q3 revenue increased 17% YoY, with memory business showing strong growth [47]

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The CRO and CDMO sectors are showing signs of recovery, with improving order volumes and a favorable investment environment expected in the near future [9][10] - The report highlights a gradual improvement in revenue and profitability metrics, indicating a potential turning point for the industry [23][25] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the CRO and CDMO sectors experienced a revenue decline of 7.9%, totaling 645 billion [23] - The net profit attributable to shareholders for the same period was 109 billion, reflecting a decrease of 33.8% [25] - In Q3 2024, revenue showed a slight improvement, with a decrease of only 2.2% compared to the previous quarter, amounting to approximately 219.1 billion [29] Key Indicators - The demand side is improving due to a recovery in global investment and financing, with significant order increases reported by companies like WuXi AppTec (+35.2%) and Kanglong Chemical (+18%) [10] - The supply side is expected to gradually clear, with fixed asset growth slowing to 7.4% and construction projects decreasing by 6.7% [10] - The overall gross margin for the sector is around 38.6%, with net and adjusted net profit margins at approximately 16.9% and 15.8%, respectively [10] Valuation - The average PE ratio for core companies in the sector is approximately 24.6X, representing a 65.6% discount compared to the average PE over the past five years [10][20] - The report suggests that the current valuation levels are at historical lows, providing a potential opportunity for investment [10][20] Investment Recommendations - The report recommends focusing on CDMO companies that are expected to benefit from increased demand for specific products, such as peptides and oligonucleotides [10] - For CRO companies, there is an expectation of recovery driven by improved overseas financing conditions and domestic policy support [10]

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's Q3 2024 performance showed significant improvement, with revenue reaching 8.016 billion yuan, up 26.7% YoY, and net profit attributable to shareholders reaching 2.24 billion yuan, up 42.8% YoY [2] - The company's gross margin in Q3 2024 was 44.5%, up 3.7 percentage points YoY and 6.8 percentage points QoQ [2] - The strong performance was driven by increased shipments of energy storage inverters and battery packs, which contributed to both volume and profit growth [3] - The company is expanding into emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America, and is developing new products like balcony micro-storage and commercial storage systems, which are expected to drive future growth [3] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: 3.268 billion yuan, up 128.2% YoY and 14.1% QoQ [2] - 2024 Q3 net profit attributable to shareholders: 1.004 billion yuan, up 229.5% YoY and 25.1% QoQ [2] - 2024-2026 revenue forecast: 10.877 billion yuan, 14.337 billion yuan, and 17.149 billion yuan, with YoY growth rates of 45%, 32%, and 20% respectively [2] - 2024-2026 net profit attributable to shareholders forecast: 2.93 billion yuan, 3.892 billion yuan, and 4.696 billion yuan, with YoY growth rates of 64%, 33%, and 21% respectively [2] Key Financial Ratios - 2024-2026 EPS forecast: 4.54 yuan, 6.03 yuan, and 7.28 yuan [2] - 2024-2026 P/E ratios: 20.8x, 15.7x, and 13.0x [2] - 2024-2026 P/B ratios: 8.5x, 5.9x, and 4.3x [2] - 2024-2026 ROE: 41%, 38%, and 33% [2] Operational Highlights - Energy storage inverter shipments in Q3 2024: 190,000 units, up 45% QoQ [3] - Energy storage battery pack revenue in Q3 2024: 770 million yuan, up 62% QoQ [3] - Grid-tied inverter shipments in Q3 2024: 70,000 string inverters and 97,000 microinverters, down 62% and 38% QoQ respectively due to seasonal factors [3] Balance Sheet and Cash Flow - 2024-2026 total assets forecast: 13.675 billion yuan, 17.623 billion yuan, and 22.222 billion yuan [9] - 2024-2026 operating cash flow forecast: 2.587 billion yuan, 3.543 billion yuan, and 4.377 billion yuan [9] - 2024-2026 debt-to-equity ratio: 48.2%, 33.2%, and 24.0% [9]

Industry Overview - The REITs index fell by 0.01% this week, with operating rights REITs up 0.36% and property rights REITs down 0.53% [1] - The total market capitalization of the industry is 141.029 billion yuan, with a circulating market capitalization of 64.223 billion yuan [2] - REITs trading activity increased this week, with a weekly trading volume of 2.51 billion yuan (+43.4%) and a daily turnover rate of 0.8% (+0.2pct) [6] Market Performance - The CSI 300 index fell by 3.29%, the CSI 500 index fell by 4.79%, and the CSI All Bond Index rose by 0.14% this week [1] - REITs have shown a correlation of -0.14 with 10-year government bonds, -0.31 with 1-year government bonds, and 0.47 with convertible bonds since listing [1] - REITs have a correlation of 0.41 with the CSI 300 and 0.36 with the CSI 500 since listing [1] Key Events - CITIC Construction Investment Mingyang REIT and Huaxia Jinmao Commercial REIT announced changes in the use of recovered funds [1] - Five REITs, including Penghua Shenzhen Energy, announced fund income distribution [1] - Guojin China Railway Construction REIT released October operating data, showing a 3.03% month-on-month increase in daily traffic and a 22.63% month-on-month decrease in toll revenue [1] Investment Opportunities - Recent primary issuance has accelerated, with asset expansion and expansion bringing certain investment opportunities [6] - Investors are advised to pay attention to opportunities brought by improvements in the macro environment, policy environment, and infrastructure asset operations [6] Sector Performance - Highway REITs saw a trading volume of 820 million yuan (+78.4%) and a daily turnover rate of 0.8% (+0.4pct) [6] - Clean energy REITs had a trading volume of 440 million yuan (+75.8%) and a daily turnover rate of 1.0% (+0.4pct) [6] - Industrial park REITs recorded a trading volume of 520 million yuan (+36.3%) and a daily turnover rate of 0.8% (+0.2pct) [6] Valuation and Yields - The valuation yield of REITs this week ranged from 2.71% to 12.05%, with Huaxia China Communications Construction REIT having the highest yield at 12.05% [56] - P/NAV ratios ranged from 0.56 to 1.31, with Zhonghang Shougang Green Energy REIT and Harvest China Power Construction REIT having the highest P/NAV at 1.31 [56] Project Approvals - Currently, 23 REITs (including expansions) are in the approval and issuance stage, including 8 industrial park REITs, 3 energy REITs, and 5 logistics REITs [60] - Notable projects include Huaxia Huirun Youchao REIT (expansion) and Guojun Lingang Industrial Park REIT (expansion), which have been accepted and declared respectively [60]

Industry Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The transportation sector fell by 3.3% this week, outperforming the broader market. Among the sub-sectors, only the bus index rose by 2.0%, while the top decliners were the aviation index (-9.2%), express delivery index (-4.5%), and logistics composite index (-3.7%) [1] - Airline capacity continues to recover, with key recommendations including Spring Airlines, Juneyao Airlines, and China Southern Airlines. International routes are also recovering, with China Eastern Airlines and China Southern Airlines' available seat kilometers (ASK) reaching 98% and 90% of 2019 levels, respectively [1] - Airport operations are benefiting from the recovery in air travel demand, with both aviation and non-aviation revenues expected to improve significantly [1] Airline Data - Daily flight operations for major airlines showed mixed week-over-week changes. For example, China Southern Airlines operated 2,135 flights daily, a decrease of 0.07% week-over-week, while Hainan Airlines increased its daily flights by 1.79% to 679.20 flights [1] - Average aircraft utilization rates declined week-over-week for most airlines, with China Southern Airlines at 7.40 hours/day, down 1.33%, and China Eastern Airlines at 7.30 hours/day, down 1.35% [1] Airport Data - Domestic and international flight operations at major airports showed mixed trends. For instance, Shenzhen Bao'an Airport handled 995.40 domestic flights daily, down 0.76% week-over-week, while Guangzhou Baiyun Airport saw a 0.98% increase in international flights to 224.60 daily [1] - Passenger throughput at major airports increased month-over-month, with Shenzhen Airport handling 5.67 million passengers, up 14.60%, and Shanghai Airport handling 10.92 million passengers, up 8.01% [63] Key Recommendations - **Juneyao Airlines**: Recommended with a 24-26 year P/E of 26.65X/15.97X/11.93X. The company's dual-brand and dual-hub strategy is expected to cover high, medium, and low-end passengers, with strong performance during the summer travel season [15] - **Spring Airlines**: Recommended with a 24-26 year P/E of 21.93X/17.88X/14.02X. As a leading low-cost carrier, the company has strong cost control and profitability, with significant market share in several regional airports [15] - **China Express Airlines**: Recommended with a 24-26 year P/E of 27.01X/11.53X/9.77X. As the only independent regional airline in China, the company is expected to benefit from policy support and increasing demand for regional air travel [15] - **China Southern Airlines**: Recommended with a 24-26 year P/E of 67.96X/20.73X/14.37X. The company is focusing on building comprehensive international hubs in Guangzhou and Beijing, with strong recovery in operations [15] - **China Eastern Airlines**: Recommended due to its strong presence in domestic and international routes, particularly in Japan, South Korea, and Thailand, with significant recovery potential in business and international routes [15] - **Shanghai Airport**: Suggested for attention with a 24-26 year P/E of 44.01X/33.86X/26.44X. The airport is expected to benefit from the recovery in aviation and non-aviation revenues, particularly from duty-free operations [15] Market Performance - The transportation sector fell by 3.3% this week, outperforming the broader market. Among the sub-sectors, only the bus index rose by 2.0%, while the top decliners were the aviation index (-9.2%), express delivery index (-4.5%), and logistics composite index (-3.7%) [145] - In the aviation and airport sector, only Juneyao Airlines (0.7%) and Xiamen Airport (0.3%) saw gains, while the top decliners were Hainan Airlines (-24.2%), CITIC Offshore Helicopter (-20.0%), and China Express Airlines (-4.0%) [149]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The real estate sector has shown weak performance, with the Shenwan Real Estate Index declining by 8.92% and the CSI 300 Index down by 3.29%, resulting in a relative return of -5.62% [1][16] - Recent policies aimed at stabilizing the real estate market, including tax adjustments and support for home purchases, are expected to improve market conditions [7][17] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index decreased by 8.92% this week, underperforming the broader market [1][16] - Key stocks in the sector showed varied performance, with some experiencing significant declines [16] 2. Industry News Tracking - Recent government policies have been introduced to boost the real estate market, including a reduction in the contract tax rate for certain housing purchases [17][21] - Local governments are implementing measures to support housing sales, such as adjusting down payment ratios and increasing public housing fund support [21] 3. Individual Stock Announcements and News Tracking - China State Construction held a performance briefing discussing the positive impact of recent debt policies on the construction industry [22] - Hefei Urban Construction announced unusual stock trading activity, indicating significant market interest [22] 4. Industry Fundamentals 4.1 Primary Housing Transaction Analysis - In the week of November 8-14, 38 key cities recorded a total of 29,382 new homes sold, with a year-on-year growth rate of -0.1% and a month-on-month decline of -3.1% [26] - The total transaction area was 3.314 million square meters, showing a year-on-year increase of 1.8% [26] 4.2 Secondary Housing Transaction Analysis - During the same week, 16 key cities saw 23,647 second-hand homes sold, reflecting a year-on-year growth of 23.2% [5][40] - The total area sold was 2.229 million square meters, with a year-on-year increase of 22.5% [5][40] 4.3 Inventory Situation Analysis - The inventory of commercial housing in 17 key cities was 193.487 million square meters, with a month-on-month change of -0.1% [6] 4.4 Land Market Supply and Transaction Analysis - Land supply this week was 61.105 million square meters, down 7.7% year-on-year, with a transaction area of 18.995 million square meters, reflecting a year-on-year decline of 53.8% [6] 4.5 Real Estate Industry Financing Analysis - Real estate companies issued a total of 4.88 billion yuan in credit bonds this week, marking a year-on-year increase of 136.9% [6]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2] Core Viewpoints - The coal industry is expected to maintain high prosperity due to the capacity cycle driven by supply-side reforms, which have effectively reduced excess capacity [15][16] - The report highlights the impact of the upcoming cold wave, which is anticipated to increase daily coal consumption [16] - The report recommends investing in leading companies with strong dividend attributes and integrated assets, such as China Shenhua and Shaanxi Coal, as well as companies like Xinjie Energy and Huaihe Energy [16] Summary by Sections 1. Core Viewpoints and Operational Tracking - The coal industry is experiencing a high level of prosperity, driven by significant reductions in excess capacity through supply-side reforms [15] - The report emphasizes that the actual release of new coal production capacity will be limited in the near future, despite the government's approval of new projects [15] - The demand for coal is expected to remain stable or increase, reinforcing its role in the energy system [15] 2. Coal Price Trends - The report provides insights into coal price indices and highlights the stability of coal prices at major ports [8] - It notes that the price of main coking coal at the port remains unchanged compared to the previous week, while year-on-year prices have decreased significantly [5] 3. Coal Inventory Tracking - The report tracks coal production levels and inventories, indicating a decrease in coal inventories at major ports [8] - It highlights the production levels of various coal companies, showing mixed results in production and sales figures [17][20] 4. Downstream Performance of the Coal Industry - The report discusses the performance of downstream sectors, including steel and cement, which are closely linked to coal demand [8] - It notes the profitability of steel production and the operational rates of blast furnaces, which are critical for coal consumption [8] 5. Weekly Performance of the Coal Sector and Individual Stocks - The report summarizes the weekly performance of the coal sector, indicating a decline in stock prices [8] - It provides forecasts for key companies in the coal industry, reflecting their expected profitability [8]