Investment Rating - Maintain "Buy" rating [5] Core Views - Adjusted net profit exceeded expectations, with significant improvement in core OTA profitability [1] - Core OTA business operating profit margin increased by 6.0 percentage points year-over-year to 31.1% [1] - Revenue from core OTA businesses grew by over 20% across all segments [1] - Monthly paying users reached a record high of 46.4 million, up 5.0% year-over-year [2] - Annual paying users reached 230 million, up 3.4% year-over-year [2] - Annual service users reached 1.88 billion, up 19.9% year-over-year [2] Business Breakdown Transportation Business - Revenue of RMB 2.03 billion, up 20.6% year-over-year [1] - International air ticket volume increased by over 110% year-over-year [1] Accommodation Business - Revenue of RMB 1.38 billion, up 22.2% year-over-year [1] - International hotel volume increased by over 130% year-over-year [1] - Cross-selling rate improved to 12% [1] Other Businesses - Revenue of RMB 610 million, up 23.7% year-over-year [1] - Elong Hotel Technology platform expanded to over 2,100 hotels [1] Vacation Business - Revenue of RMB 980 million [1] - Operating profit of RMB 23.84 million with an operating margin of 2.4% [1] Financial Forecasts - Adjusted net profit for 2024-2026 revised to RMB 2.7/3.3/3.9 billion (previously RMB 2.6/3.1/3.6 billion) [5] - PE ratios for 2024-2026 are 14/12/10x [5] - Revenue growth for 2024-2026 projected at 43%/15%/15% [2] - Net profit growth for 2024-2026 projected at 23%/26%/23% [2] Valuation Metrics - 2024E PE ratio: 20.3x [2] - 2025E PE ratio: 16.1x [2] - 2026E PE ratio: 13.0x [2] - 2024E P/B ratio: 2.0x [2] - 2025E P/B ratio: 1.8x [2] - 2026E P/B ratio: 1.6x [2] Market Position - Leading OTA player in lower-tier markets with strong competitive advantages backed by Tencent and Ctrip's traffic and inventory resources [5] - Active international market expansion expected to drive medium to long-term revenue and profit growth [5] Financial Data - 2024Q3 revenue: RMB 4.99 billion, up 51.3% year-over-year [1] - 2024Q3 adjusted net profit: RMB 910 million, up 46.6% year-over-year [1] - 2024Q3 adjusted net profit margin: 18.2% [1] - 2024Q3 core OTA operating profit: RMB 1.25 billion, up 50.4% year-over-year [1]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - Huawei has announced two patents related to silicon-based anodes, emphasizing the importance of production processes in solid-state battery technology [2][3] - The theoretical capacity of silicon-based anodes is ten times that of graphite, significantly enhancing battery energy density [3] - The porous carbon and gas-phase deposition silicon route shows superior performance and is crucial for the industrialization of silicon-carbon anodes [3] Summary by Sections Investment Highlights - Huawei's patents include a silicon oxide route with a capacity of 500 mAh/g and a silicon-carbon route with a capacity of 1987 mAh/g, achieving a first-cycle efficiency of 90% and an expansion rate of 84% after 20 cycles [2][3] - Companies to watch include: - Purtai: Small-scale supply of silicon-carbon anodes with high demand [3] - DaoTech: Established a ton-level monthly production line for porous carbon and silicon-carbon [3] - Yuenli: Gaining attention for its porous carbon and sodium battery hard carbon products [3] - Xinde New Materials: Developing coating agents to control the expansion of silicon-carbon anodes [3] - BetterRay: Leading in silicon-based anode shipments with five generations of products developed [3] - Tiannai Technology: Secured orders for conductive agents [3] - Jinbo Co.: Completed pilot development of porous carbon products [3] Market Outlook - The report suggests a focus on silicon-based anodes, porous carbon, carbon nanotubes, and coating agents as key areas for investment [3]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Views - The banking sector typically performs well during the transition from recession to recovery, exhibiting both offensive and defensive attributes. The offensive aspect is driven by economic improvement, while the defensive aspect benefits from the exhaustion of negative factors and dividend advantages [5] - Key investment targets include Chongqing Bank and Shanghai Pudong Development Bank. Attention is also recommended for Ping An Bank, which is undervalued with low positions and high option value, as well as Jiangsu Bank, which has strong regional economic momentum and stable performance. Additionally, industry leaders such as China Merchants Bank and Ningbo Bank are expected to help the sector break through valuation bottlenecks [5] Summary by Sections Market Performance - On November 21, the CSI 300 Index rose by 0.1%, while the banking index fell by 0.1%. The performance of various banking segments was as follows: state-owned banks +0.0%, joint-stock banks -0.2%, city commercial banks -0.1%, and rural commercial banks +0.1% [2][10] Individual Stock Performance - The top three performing banks were Changshu Bank (+2.4%), Chongqing Bank (+0.9%), and Chengdu Bank (+0.8%). The three banks with the largest declines were Zhengzhou Bank (-1.8%), Minsheng Bank (-1.7%), and Xi'an Bank (-1.3%) [3][11] Key Data Tracking - The banking sector's price-to-book (PB) valuation shows that the lowest valuations over the past five years are held by Ningbo Bank, Ping An Bank, and Zhengzhou Bank, while the highest are held by Hu'nong Commercial Bank, Yunnan Rural Commercial Bank, and Chongqing Bank [4][16] - The banking sector ranks second in dividend yield among all industry sectors, with Ping An Bank, Chengdu Bank, and Zhejiang Commercial Bank having the highest yields [4][19][22] Industry News - Several banks have announced fee reductions for their wealth management products, which may impact short-term fee income but could lower investor transaction costs and increase trading volume in the long run [2][5]

Group 1 - The report highlights increased volatility in A-shares and Hong Kong stocks following the announcement of Trump's victory in the 2024 presidential election, with the Hang Seng Index dropping 4.1% from November 7 to November 20, and significant capital outflow of 82.9 billion HKD in November [3][14]. - It is noted that the periods of Trump's presidency (Trump 1.0) from January 20, 2017, to January 20, 2021, did not mark critical points for capital outflows in the Hong Kong market, with a total outflow exceeding 400 billion HKD during this time [4][20]. - The report indicates that the significant capital outflow in the Hong Kong market occurred primarily in 2020 due to the impact of the COVID-19 pandemic, rather than during Trump's initial term or the trade war [4][20]. Group 2 - The A-share market experienced a consistent inflow of foreign capital during Trump's presidency, with net inflows each year from 2017 to 2021, except for a temporary decline in 2020 due to the pandemic [5][28]. - The report anticipates that the market may experience a short-term adjustment after previous gains, which could be beneficial for a long-term bullish trend, supported by positive policy and economic indicators [5][29]. - Recent economic data shows a year-on-year increase in retail sales of 4.8% in October, with industrial output growing by 5.3% year-on-year, indicating a positive trend in the economic recovery [5][29].

电子 2024 年 11 月 20 日 华福证券 ChatGPT 周访问量突破 9 亿， "精度感知"Scaling Law 再引关注-算力周跟踪 投资要点： 本周数据中心板块超微电脑涨势一骑绝尘，GPU/CPU 板块表现活跃。 （1）GPU/CPU：本周（1118-1120）除英特尔外，算力芯片板块普涨，其 中英伟达+3.54%，AMD+3.33%，龙芯中科+8.95%，寒武纪+9.98%，海光 信息+3.81%。英伟达将于美东时间周三盘后披露三季度财报，建议继续关 注。（2）数据中心硬件：超微电脑+52.15%，先前受安永辞职影响，超微 电脑股价遭遇重创，11 月 18 日其宣布聘请了新的独立审计师 BDO 并提交 了合规计划，增强了投资者对公司未来合规性的信心。 团队成员 分析师： 陈海进(S0210524060003) chj30590@hfzq.com.cn 分析师： 徐巡(S0210524060004) xx30511@hfzq.com.cn 联系人： 李雅文(S0210124040076) lyw30508@hfzq.com.cn 相关报告 1、20241118 周报：24Q3AIPC 市场保持 ...

华福证券 建筑材料 2024 年 11 月 20 日 研 eVTOL 试点落地在即，设计规划有望先行 事件： 11 月 18 日，中国航空运输协会通航业务部，无人机工作委员会主任透露， 中央空管委即将在六个城市开展 eVTOL 试点。同时，据新华财经报道，六 个试点城市初步确定为合肥、杭州、深圳、苏州、成都、重庆，试点文件 对航线和区域都有相关规划，对 600 米以下空域授权部分地方政府，意味 着相关地方政府要承担更多管理责任。 投资要点： 地方密集出台低空经济实施方案，eVTOL 试点城市有望落地 24 年 3 月全国两会首次将"积极打造商业航天、低空经济等新增长引 擎"写入了政府工作报告，之后安徽、湖南、四川、西藏、海南、内 蒙古等多个省份以及地市先后颁布了低空经济高质量发展实施方案， 对低空经济规模、起降点、常态化航线等做出了明确规划；并据中国 航空运输协会通航业务部，无人机工作委员会主任透露，中央空管委 即将在六个城市开展 eVTOL 试点。低空经济政策整体呈现出战略高度 定位、地方积极响应、目标持续细化等特点。并且我们预计后续 eVTOL 试点城市或将进一步扩围，国家层面的方案也值得期待。 eVTO ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 51.46 [6] Core Views - The company is focused on nephrology and anti-infective fields, with differentiated products entering the commercialization phase [2] - Nefecon (Nefucon) is expected to enter the 2024 national medical insurance catalog, with strong potential for volume growth through price reduction [3] - The company has a fully integrated mRNA platform and is expanding its mRNA product pipeline [16] - The company's products address unmet medical needs in IgA nephropathy and multi-drug resistant infections, with significant clinical and commercial potential [3][4] Financial Data and Valuation - The company's revenue is expected to grow significantly, with projected revenues of RMB 7.0 billion, RMB 15.6 billion, and RMB 25.6 billion for 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to be RMB -979 million, RMB -320 million, and RMB 171 million for 2024, 2025, and 2026, respectively [5] - The DCF valuation suggests a fair value of HKD 51.46 per share, with a fair market value of HKD 16.8 billion [5] Product Pipeline and Commercialization - Nefecon (Nefucon) is the first drug globally approved for the treatment of IgA nephropathy, with significant clinical value and potential to become a foundational treatment [3][18] - Eravacycline (Yijia) has shown strong efficacy in treating multi-drug resistant infections, with rapid commercialization and revenue growth [4] - Etrasimod (Yiqu Mod) has the potential to become a first-line treatment for moderate to severe ulcerative colitis in China, with NDA submission expected in 2024 [2][104] Market Potential and Competitive Landscape - The prevalence of IgA nephropathy in China is 1.5-2 times higher than in Europe and 3-6 times higher than in the US, with a large and growing patient base [3][38] - The company has a competitive advantage in the multi-drug resistant infection market, with complementary products addressing unmet clinical needs [4][96] - The company's mRNA platform and pipeline have the potential to drive long-term growth, with a focus on oncology and autoimmune diseases [16][33] Strategic Focus and Future Outlook - The company is transitioning from a licensing model to a dual-driven model of strong R&D and commercialization capabilities [16] - The company is strategically focused on nephrology and anti-infective fields, with a pipeline that could address the needs of approximately 10 million patients with glomerular diseases [77] - The company's products are expected to achieve peak annual sales of RMB 10 billion, driven by the commercialization of four core products [29][30]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [3][7]. Core Insights - From January to October, the national railway transported 3.71 billion passengers, marking a historical high for the same period, with a year-on-year growth of 13% [2]. - The China-Europe Railway Express has surpassed 100,000 trips, delivering over 11 million TEUs (Twenty-foot Equivalent Units) of goods valued at over $420 billion [2]. - The goal of reaching 200,000 kilometers of railway by 2035 presents significant market opportunities for the rail transit equipment industry, with an average of 3,500 kilometers of new railway lines expected to be completed annually from 2026 to 2035 [2]. Summary by Sections Passenger Transport - The national railway's passenger transport has reached a record high of 3.71 billion passengers from January to October, reflecting a 13% increase year-on-year [2]. China-Europe Railway Express - The cumulative trips of the China-Europe Railway Express have exceeded 100,000, with over 11 million TEUs delivered and a total cargo value exceeding $420 billion [2]. Market Opportunities - The "14th Five-Year Plan" aims for the railway operating mileage to reach 165,000 kilometers by 2025, with a long-term target of 200,000 kilometers by 2035, creating vast market space for the rail transit equipment sector [2]. Recommended Companies - China CNR Corporation: A global leader in rail transit equipment, maintaining the top position in revenue [2]. - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems [2]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [2]. - Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [2]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [2]. - Huizhong Technology: Provides integrated solutions for rail transit operation and maintenance [2].

Group 1 - The report highlights that the National Healthcare Security Administration has included 36 projects in the "Guidelines for the Establishment of Comprehensive Diagnosis and Treatment Medical Service Price Projects (Trial)" to standardize medical service pricing across provinces, promoting service quality and convenience for patients [12][2]. - The medical index showed negative returns across six sub-industries this week, with the worst performers being medical services (-5.51%) and chemical pharmaceuticals (-4.08%) [13][2]. - The new pricing guidelines emphasize service output orientation, categorizing projects into diagnosis fees, bed fees, and transport fees, and introducing new projects like "palliative care" and "air medical transport" to meet the needs of an aging society [12][2]. Group 2 - The report reviews the performance of the pharmaceutical sector from November 11 to November 15, noting that the medical commercial sector had a decline of 1.52% and medical devices dropped by 3.37% [13][2]. - The valuation levels for the pharmaceutical sector indicate that chemical pharmaceuticals have the highest PE ratio at 63.06 times, followed by biological products at 52.68 times [13][2]. - The report tracks the 16th China Pharmaceutical Entrepreneurs, Scientists, and Investors Conference, emphasizing the importance of international expansion and mergers for Chinese pharmaceutical companies to achieve global competitiveness [18][2].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1] Core Insights - The AI PC market continues to grow robustly, with shipments reaching 13.3 million units in Q3 2024, marking a 49% year-on-year increase and accounting for 20% of total global PC shipments [2] - Apple is driving innovation in AI terminals and AIoT, with plans to launch a wall-mounted tablet device by March 2025, which will integrate AI capabilities to manage applications and smart home devices [1][2] - The report highlights significant growth in the AI PC segment, particularly with Windows devices capturing a majority share of 53% in AI PC shipments, reflecting a 93% increase in Windows AI PC shipments [2] Summary by Sections 1. Market Performance - The electronic sector index fell by 4.15% during the week of November 11-15, 2024, while the broader market indices also experienced declines [14] - The electronic sector ranked 20th among all industries in terms of performance during this period [14] 2. Industry Dynamics - The semiconductor sector is witnessing substantial government support, with TSMC's U.S. subsidiary receiving $6.6 billion for semiconductor production [36] - The report notes a significant increase in the Chinese chip manufacturing equipment market, projected to exceed $40 billion in 2024 [36][37] - The report also discusses the competitive landscape in the SiC substrate market, highlighting a price drop due to oversupply and intensified competition [44] 3. Company Dynamics - Companies such as Suzhou Kema Technology have emerged as leaders in advanced ceramic materials for semiconductor equipment, reporting a 74.65% increase in revenue year-on-year [38] - The report mentions that AMD's data center revenue has surpassed Intel's for the first time, indicating a shift in market dynamics [52] 4. Investment Recommendations - The report suggests focusing on opportunities within the AI terminal sector, including AI PCs, AI smartphones, AI foldable screens, and AIoT, recommending companies like Huajin Technology and TCL Technology [4]