Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Views - The report highlights that the strong US dollar is suppressing metal prices in the short term, particularly after the US CPI data met expectations, leading to a notable pullback in gold prices [2][17] - In the medium to long term, the report anticipates a trend of global monetary easing, which will maintain the long-term allocation value of precious metals [17] - The report emphasizes that supply-demand tightness is supporting the continued rise in alumina prices, while copper prices are expected to be supported by a balanced supply-demand situation [18][19] Summary by Sections 1.1 Precious Metals - The report notes that gold prices have significantly retreated due to market concerns over inflation following Trump's election victory and a stronger dollar [2][17] - Key statistics include the US October core CPI year-on-year at 3.3%, matching expectations, and core PPI at 3.1%, exceeding expectations [17] - Recommended stocks include Zhongjin Gold, Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [17] 1.2 Industrial Metals - The report indicates that macroeconomic disturbances are increasing volatility, with supply-demand tightness supporting alumina prices [18] - Copper supply remains uncertain due to limited new mining capacity, while demand may increase due to domestic economic policies [19] - Recommended stocks include Zijin Mining and Luoyang Molybdenum [19] 1.3 New Energy Metals - The report states that the lithium market is experiencing a phase of supply-demand improvement, with lithium prices showing slight increases [23] - It suggests that the overall surplus situation for lithium will not change in 2024, and strategic investment opportunities should be considered [23][24] 1.4 Other Minor Metals - The report notes that rare earth prices are expected to improve due to new management regulations and policies [25] - Recommended stocks include Hunan Gold and Huaxi Yinhui [27] Weekly Market Review - The non-ferrous index increased by 3.47%, with lithium chemical products showing the largest gains among sub-sectors [28] - Top-performing stocks include Youyan New Materials and Tian Nai Technology, with gains of 42.61% and 24.98% respectively [32] Valuation - As of November 15, the non-ferrous industry PE (TTM) valuation stands at 19.49 times, indicating relatively low valuations for copper and aluminum sectors [37]

华福证券 行业研 国防军工 军工本周观点：坚定信心 投资要点： 本周核心观点： 本周，国防军工指数下跌 8.79% ，同期沪深 300 指数下跌 3.29%，相对超 额-5.49pct，为 2024/9/23 行情演绎以来最大的一次回调。我们认为或主要 因，一，本周以中小盘股调整为主，而截至 2024/11/15 国防军工指数中市 值小于 150 亿的标的占比为 71%，或受整体市场风格走向带动所致；二， 上周（11.4-11.8）随着珠海航展预热及歼-35A 亮相，军工板块热度超前， 相对沪深 300 跑出 6.73pct 的超额收益，随着本周珠海航展结束，军工板块 投资逻辑将从主题热度转为基本面驱动阶段，后续静待行业需求传导落地。 相关报告 1、军工本周观点：航展后行情进入基本面驱动阶 段——2024.11.10 2、军工行业 2024Q3 基金持仓分析——2024.11.04 3、军工本周观点：静待边际变化落地 —— 2024.11.03 资金层面，本周融资余额及其占流通市值比例相较上周显著提高，军工板 块仍旧获存量杠杆类资金青睐。 估值层面，截至 11 月 15 日，申万军工指数五年维度看，当前市盈率 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the agricultural sector [4] Core Insights - The report highlights a weak fluctuation in pig prices, with a focus on the demand boost during the curing season. As of November 15, the pig price was 16.27 yuan/kg, down 0.37 yuan/kg week-on-week. The report anticipates a potential rebound in prices towards the end of the year due to limited supply and cautious breeding operations [1][12][38] - For the white feather broiler chicken sector, the report indicates a stable to slightly strong price trend for live chickens and high prices for chicks. The average price for white feather broiler chicks was 4.15 yuan/chick as of November 15, with expectations for price increases due to improved supply-demand dynamics [2][43][44] - The seed industry is experiencing significant advancements, with the National Seed Double Exchange Conference highlighting achievements in seed resource surveys and breeding innovations. The supply capacity for seeds has reached 75%, which is expected to support agricultural production needs [3][58][59] Summary by Sections Pig Farming - Pig prices have shown a weak downward trend, with a slight rebound to 16.76 yuan/kg before declining again. The average price on November 15 was 16.27 yuan/kg, reflecting a week-on-week decrease of 0.37 yuan/kg. The breeding sentiment is low, with a 1.05% sales ratio for breeding pigs from November 1-10, down 0.87% from late October [1][12][38] - The report notes an increase in the proportion of heavier pigs being sold, with 5.74% of pigs weighing over 150kg during November 8-14, up 0.05 percentage points week-on-week. The average weight of pigs sold was 126.46 kg, an increase of 0.56 kg week-on-week [27][30][38] - The report suggests that as temperatures drop, there may be an increase in pork demand, leading to a potential price rebound in the peak season at the end of the year [1][22][38] White Feather Broiler Chicken - The price of live white feather broiler chickens remains stable, with an average price of 7.64 yuan/kg as of November 15. The price of chicks is also high, with leading companies increasing their prices [2][43] - The report indicates that the supply-demand balance is expected to improve, leading to potential price increases for white chickens. The impact of flight restrictions and avian influenza has led to a nearly 25% decline in the update of grandparent stock since May 2022 [44][45] Seed Industry - The National Seed Double Exchange Conference showcased significant achievements in seed industry revitalization, including the completion of a national seed resource survey and breakthroughs in breeding innovation. The supply capacity for seeds has reached 75%, effectively meeting agricultural production needs [3][58][59] - The report emphasizes that ongoing advancements in the seed industry are likely to accelerate the commercialization of genetically modified varieties, benefiting leading seed companies [58][59]

Investment Rating - The report maintains a "Follow the Market" rating for the steel industry, indicating a relative performance outlook against the broader market [3]. Core Insights - The steel market is experiencing a weak downward trend due to a combination of seasonal demand reduction and external economic factors, including the Federal Reserve's unexpected stance on interest rates [2][14]. - The production and consumption of steel products show resilience, with a slight decrease in production and a more significant drop in consumption, particularly in construction materials [2][16]. - Inventory levels are decreasing, indicating a stabilization in the market fundamentals despite the ongoing supply-demand mismatch [2][15]. Summary by Sections 1. Investment Strategy - The steel market is currently in a policy "window period," with a slight decrease in high furnace operating rates and an increase in electric furnace rates, leading to a daily average pig iron output of 2.359 million tons [2][14]. - The total steel production for the week was 8.616 million tons, remaining stable week-on-week but down 3.74% year-on-year, while consumption fell to 8.766 million tons, a decrease of 0.12% week-on-week and 5.37% year-on-year [2][14]. 2. Weekly Review - The steel industry underperformed compared to the broader market, with a decline of 6.29% against a 3.29% drop in the CSI 300 index [20]. - The current price-to-earnings (PE) ratio for the steel industry is 24.68, while the price-to-book (PB) ratio is 0.96, indicating a low valuation compared to other sectors [20]. 3. Supply and Demand Dynamics - Iron ore shipments from Australia and Brazil totaled 26.44 million tons, a decrease of 1.1% week-on-week, while the iron ore port inventory stands at 152.81 million tons, up 0.1% week-on-week and 36.1% year-on-year [15]. - The coking coal mining operating rate is at 89.78%, with a total coking coal inventory of 26.21 million tons, reflecting a 2.19% increase week-on-week [15]. 4. Market Outlook - The profitability of 247 steel mills has slightly decreased to 57.58%, but production remains resilient due to profit support, despite some northern mills reducing output for winter [16]. - The upcoming winter storage strategy is expected to influence market dynamics, with limited downside potential before the official start of winter storage [16][17]. 5. Investment Recommendations - The report suggests focusing on five main investment lines, including companies with stable high dividends and low valuations, as well as those benefiting from resource endowments and strategic acquisitions [17].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report maintains a positive outlook on the automotive sector, particularly favoring leading automakers, the Tesla supply chain, and the domestic robot industry chain [2][4] - Recent market trends indicate a decline in the automotive index by 2.5%, ranking 8th out of 31 sectors [2] - Retail sales of passenger vehicles from November 1-10 reached 567,000 units, a year-on-year increase of 29%, while wholesale sales reached 667,000 units, a year-on-year increase of 41% [3] Summary by Sections Recent Market Trends - The automotive sector has seen a decline in the index, with a notable drop of 2.5% this week [2] - The Guangzhou Auto Show highlighted "intelligent driving" as a key focus, with expectations for increased penetration rates by 2025 [3] Industry Changes - As of November 11, there were 1.886 million applications for vehicle scrapping and replacement subsidies [3] - Geely Holdings announced an optimization of the equity structure for its brands Zeekr and Lynk & Co [3] - The report anticipates a significant increase in the penetration of intelligent driving technologies in new vehicles priced above 100,000 yuan [3] Investment Strategy - The report suggests focusing on leading automakers and companies involved in robotics within the automotive supply chain [4] - Recommended stocks include BYD, Seres, Geely, Zeekr, Li Auto, and others [4][9] Recommendations - For automakers, the report recommends a combination of A-share BYD and Seres, along with Hong Kong/US-listed Geely, Zeekr, and Li Auto [4] - For automotive parts, companies with a focus on robotics such as Sanhua Intelligent Control, Top Group, and Shiyun Circuit are highlighted [4][9]

Investment Rating - The report maintains an "Outperform" rating for the utility sector [1]. Core Insights - The report highlights a significant increase in wind power generation, with a year-on-year growth of 34.0% in October, while hydropower saw a notable decline of 14.9% [2][16]. - The acceleration of the internationalization of China's carbon market is emphasized, particularly following the COP29 agreement on carbon credit creation standards under the Paris Agreement [2][30]. Summary by Sections Market Review - From November 11 to November 15, the environmental sector fell by 4.84%, gas sector by 1.36%, water sector by 3.34%, and electricity sector by 2.98%, while the Shanghai and Shenzhen 300 index decreased by 3.29% [10]. Industry Insights - In October, the total electricity generation from national power plants was 731 billion kWh, a year-on-year increase of 2.1%, but a decrease of 3.9 percentage points compared to September [16]. - Hydropower generation decreased by 14.9% year-on-year, while wind power generation increased by 34.0% [16][25]. - The report projects a compound annual growth rate (CAGR) for wind power of 19.8% from 2021 to 2024 [16]. Investment Recommendations - The report suggests focusing on companies such as Three Gorges Energy in the green electricity sector, and recommends caution for Longyuan Power, Zhejiang New Energy, and China Green Power [2]. - For the hydropower sector, it recommends Longjiang Power and Qianyuan Power, with caution advised for Guotou Power and Huaneng Hydropower [2]. - In the thermal power sector, it recommends Sheneng Co. and Funeng Co., with caution for Huadian International and Jiangsu Guoxin [2].

Investment Rating - The industry investment rating is "Strongly Outperform the Market" [2][7]. Core Insights - The successful cold test of the No. 1 unit of the Zhejiang San'ao Nuclear Power Project marks a significant milestone in the transition from installation to commissioning phase for nuclear power plants [1]. - The U.S. government plans to triple its nuclear power capacity by 2050, aiming to add 200 gigawatts of nuclear energy through new reactors, plant restarts, and upgrades to existing facilities [1]. - Nuclear power is recognized for its clean, safe, and efficient characteristics, making it a crucial player in the green energy transition and energy security [1]. Summary by Sections Nuclear Power Project Developments - The cold test of the No. 1 unit of the San'ao Nuclear Power Project was successfully completed, indicating the readiness for the commissioning phase [1]. U.S. Nuclear Energy Policy - The Biden administration is addressing barriers to nuclear energy development, with a goal to add 35 gigawatts of nuclear capacity within the next ten years [1]. - The strategy is expected to receive ongoing support under future administrations, emphasizing the importance of nuclear energy in meeting rising electricity demands [1]. Advantages of Nuclear Energy - Nuclear power plants maintain an annual utilization rate of over 7,000 hours, the highest among all energy sources, and do not emit harmful pollutants during operation [1]. - The role of nuclear energy is expanding beyond electricity generation to include applications in desalination, hydrogen production, and medical protection [1]. Recommended Companies to Watch - Jiadian Co., Ltd.: Leading in helium fan products for fourth-generation high-temperature gas-cooled reactors [1]. - Guoguang Electric: Key components for the ITER project [1]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [1]. - Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [1]. - Hailu Heavy Industry: Services for various reactor types including third and fourth generation [1]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear projects [1]. - Xianheng International: Products used in the operation and maintenance of nuclear energy [1].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [2] Core Viewpoints - The successful holding of the "AI Towards the Future" artificial intelligence application innovation achievement conference marks the operational launch of Huawei's Global Embodied Intelligence Industry Innovation Center in Shenzhen [1] - The center aims to accelerate the development of embodied intelligence, with Huawei having established a cooperative ecosystem with over 100 enterprises in the field of embodied intelligence and robotics [1] - The humanoid robot market in China is projected to reach 2.158 billion yuan in 2024 and nearly 38 billion yuan by 2030, with a compound annual growth rate exceeding 61% from 2024 to 2030 [1] Summary by Relevant Sections Industry Overview - The humanoid robot market is expected to see significant growth, with sales projected to increase from approximately 4,000 units to 271,200 units by 2030 [1] Key Recommendations - Suggested companies to focus on include: 1) Sensors: Amperelong, Keli Sensor, Hanwei Technology, Huayi Technology, Donghua Testing [1] 2) Suppliers: Sanhua Intelligent Control, Top Group [1] 3) Dexterous Hands: Zhaowei Electromechanical, Mingzhi Electric [1] 4) Motors: Boke Co., Weichuang Electric, Jiangsu Leili [1] 5) Lead Screws: Best, Beite Technology, Dingzhi Technology, Xinjian Transmission [1] 6) Reducers: Shuanghuan Transmission, Green Harmonic, Zhongdali De [1] 7) Machine Vision: Sunny Optical, Obit Light, Aopt, Lingyun Light [1]

华福证券 上 农林牧渔 24Q3 持仓分析： 板块配置比例下行，种植、宠食获加仓 投资要点： 24Q3 农业重仓比例下降，略低于行业标配水平。24Q3 内地公募基金 重仓股中农业板块总市值为 382.08 亿元，环比下降 8.98%，重仓农业板块 市值占比为 1.21%，环比下降 0.37pct。公募基金农业超配比例下降，2024Q3 超配比例为-0.03PCT，略低于行业标配水平。从行业排名来看，24Q3 农林 牧渔板块持仓占比在申万 31 个一级行业当中排名第 20 位。 从子行业来看，养殖业配置下降，种植业、宠食持仓增长明显。进入 三季度以来，猪价高位回调，叠加行业能繁母猪存栏回升，市场对未来周 期上行趋势预期减弱，养殖板块配置比例下滑。24Q3 农业板块中养殖持仓 总市值为 247.75 亿元，环比-11.36%，持股总量 1062.43 百万股，环比 -12.03%，农业中持仓占比为 64.84%，环比-2.14pct。动物保健板块配置比 例亦下调，24Q3 农业板块中动保持仓总市值为 1.29 亿元，环比-52.27%， 持股总量 14.36 百万股，环比-57.03%，持仓占比为 0.34%，环 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The supply of pigs is gradually shrinking, leading to a price increase, with the average price reaching 20.35 CNY/kg in August 2024, reflecting a month-on-month increase of 7.43% [14][1] - The revenue of the pig farming sector showed significant growth in Q3 2024, with a quarter-on-quarter increase of 17.10%, totaling 139.51 billion CNY [21][2] - The profitability of pig farming companies has accelerated, with a total net profit of 19 listed companies reaching 19.77 billion CNY in Q3 2024, a substantial increase compared to previous quarters [22][2] Summary by Sections 1. Q3 2024 Pig Prices and High Profitability - The national pig output in Q3 2024 was 15.635 million heads, down 7.70% quarter-on-quarter and 3.34% year-on-year [14] - The average pig price in September was 18.98 CNY/kg, still within a favorable range despite a decrease from August [14][1] 2. Revenue and Profit Growth - The total revenue for 19 listed pig companies in the first three quarters of 2024 was 364.80 billion CNY, a year-on-year decrease of 5.71% [21] - In Q3 2024, the net profit for these companies reached 19.77 billion CNY, marking a quarter-on-quarter increase of 118.08 billion CNY and a year-on-year increase of 216.23 billion CNY [22][2] 3. Market Share and Production Capacity - The top ten listed pig companies had a combined output of 10.5 million heads in the first three quarters of 2024, reflecting a year-on-year increase of 2.82% [40] - The production capacity growth remains slow, with the total biological assets of 19 listed companies at 25.185 billion CNY, a quarter-on-quarter increase of 0.58% [4][2] 4. Financial Health and Debt Reduction - The net cash flow from operating activities for 19 listed pig companies reached 31.449 billion CNY in Q3 2024, a quarter-on-quarter increase of 43.40% [4][2] - The average asset-liability ratio for these companies was 61.33%, down 1.49 percentage points from the previous quarter [4][2]