Investment Rating - The report maintains a "Strong Buy" rating for the coal industry, indicating a positive outlook for investment opportunities [3]. Core Views - The coal industry is expected to experience valuation recovery and fundamental improvement, particularly in coking coal, due to favorable policy expectations [2]. - The supply of coal remains tight due to strict capacity controls under carbon neutrality policies and increasing mining difficulties, leading to a concentration of production in western regions [2]. - Despite macroeconomic pressures and the growth of renewable energy, coal prices are anticipated to remain above 800 RMB per ton, supported by resilient demand [2]. Summary by Sections 1. Market Review - The coal index increased by 13.4% this week, while the Shanghai and Shenzhen 300 index rose by 15.7%, indicating a slight underperformance of the coal sector compared to the broader market [8]. 2. Thermal Coal - As of September 27, 2024, the Qinhuangdao 5500K thermal coal price was 867 RMB per ton, a weekly increase of 1 RMB per ton (0.12%) [20]. - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 82.0%, down 1.2 percentage points week-on-week [34]. - Daily coal consumption by six major power plants was 88.5 thousand tons, a decrease of 2.9 thousand tons (3.13%) from the previous week [37]. 3. Coking Coal - The price of main coking coal at the Jingtang Port was 1780 RMB per ton, up 10 RMB per ton (0.56%) [52]. - The price of first-grade metallurgical coke in Shanxi was 1700 RMB per ton, reflecting a weekly increase of 50 RMB per ton (3.03%) [66]. - The operating rate of coking plants with a capacity greater than 2 million tons was 73.7%, an increase of 0.8 percentage points week-on-week [52]. 4. Supply and Demand - The operating rates of coal mines in the three provinces (Shanxi, Shaanxi, Inner Mongolia) showed a slight decline, with Inner Mongolia at 87.7% and Shanxi at 71.5% [34]. - The inventory of thermal coal production enterprises was 1398.8 million tons, a decrease of 3.6 million tons (0.26%) [44]. - The inventory at Qinhuangdao Port increased significantly to 585 million tons, up 97 million tons (19.88%) [44]. 5. Recommendations - Investment opportunities are suggested in companies with strong resource endowments and stable operating performance, such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [2]. - Companies benefiting from coal-electricity integration and those with production expansion potential are also highlighted as attractive investment targets [2].

Investment Rating - The industry rating is "Outperform the Market" (maintained) [4] Core Insights - The report indicates a shift from pessimism to optimism in the electric power equipment and new energy sector, suggesting an increase in investment [2] Summary by Sections 1. Electric Transportation and Lithium Battery Sector - National and local subsidies are boosting end-user demand, with policies being rolled out to support the market [10] - The lithium battery sector is experiencing a market cleanup, with companies like Santon New Energy filing for bankruptcy and SK ON planning layoffs [11] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - In August, domestic photovoltaic installations grew by 2.9% year-on-year, with a total of 139.99 GW added from January to August, representing a 23.71% increase [16][17] - The report anticipates a decline in the share of distributed generation in new installations for Q3 2024, but overall growth is expected to continue [17] 2.2 Wind Power Sector - The offshore wind sector is seeing significant developments, with projects like the Guangdong Fan Stone and Fujian Putian Bay initiating major tenders [22][23] - In August, wind power installations reached 3.7 GW, marking a 42% year-on-year increase [24] 3. Energy Storage Sector - Companies in the household storage sector are accelerating their overseas commercial layouts, with significant growth in the North American market [27] - BYD is expanding its orders in South America, while companies like Shangneng Electric and Kehua Data are also increasing their presence in North America [28] 4. Power Equipment and Industrial Control Sector - In August, grid investment surged, with a year-on-year increase of over 65% [33] - The approval of the Datong-Tianjin South 1000 kV ultra-high voltage AC project indicates strong demand for ultra-high voltage infrastructure [34] 5. Hydrogen Energy Sector - The report highlights the launch of the world's largest hydrogen storage project and advancements in hydrogen-powered rail transit [41] - Guofu Hydrogen Energy is reapplying for a listing in Hong Kong, indicating confidence in the hydrogen sector's growth potential [42]

Macro Research Summary - The report highlights a significant policy initiative introduced on September 24, which includes a combination of financial measures aimed at supporting high-quality economic development. Key components include interest rate cuts, adjustments to mortgage policies, and the introduction of new monetary policy tools to support the stock market [1] - The report notes that the Central Political Bureau meeting on September 26 sent a positive signal regarding the economic outlook, emphasizing the need for increased macro support, support for the private economy, and measures to stabilize the real estate market [1] - Industrial profits for large-scale enterprises from January to August reached 46,527.3 billion yuan, showing a year-on-year growth of 0.5%, with high-tech manufacturing profits increasing by 10.9% [2]

Group 1: Profit Growth and Revenue - From January to August 2024, the total profit of industrial enterprises reached 46,527.3 billion yuan, a year-on-year increase of 0.5%, indicating a slowdown compared to the previous seven months[1] - The operating income for the same period was 87.1 trillion yuan, with a year-on-year growth of 2.4%, showing a decline in growth rate[3] - The profit margin for industrial enterprises was 5.3%, slightly down from the previous seven months, while the gross profit margin was 14.6%, also showing a decrease[3] Group 2: Industry Performance - In the mining sector, total profits amounted to 8,132.8 billion yuan, down 9.2% year-on-year, but the decline was less severe than in the previous seven months[14] - The manufacturing sector achieved a total profit of 32,967.2 billion yuan, with a year-on-year growth of 1.1%, a slowdown of 3.9 percentage points compared to the previous seven months[14] - The electrical and water sector reported a profit of 5,427.3 billion yuan, growing by 14.7% year-on-year, but the growth rate also slowed by 5.4 percentage points[14] Group 3: Contribution to Profit Growth - Resource manufacturing negatively impacted the profit growth of industrial enterprises by 2 percentage points, a significant increase in the decline compared to the previous seven months[20] - Consumer goods manufacturing contributed 1.6 percentage points to profit growth, which is a decrease from the previous seven months[20] - Equipment manufacturing contributed 1.1 percentage points, also down by 1 percentage point from the previous seven months[20] Group 4: Financial Ratios - As of August 2024, the asset-liability ratio for industrial enterprises was 57.6%, unchanged from the previous value[27] - The asset-liability ratio for the mining sector was 56.5%, a decrease of 0.3 percentage points from the previous value[27] - State-owned and joint-stock enterprises saw a slight increase in their asset-liability ratios, while foreign and private enterprises remained stable[28] Group 5: Risk Factors - Geopolitical risks may exceed expectations, posing a threat to economic stability[3] - Macroeconomic performance may fall short of expectations, impacting overall market conditions[3] - Significant fluctuations in overseas markets could also present risks to industrial enterprises[3]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [4]. Core Insights - The report highlights a significant boost in market sentiment due to favorable policies from both central and local governments aimed at stabilizing the real estate market [2][3]. - Key cities are expected to see further easing of restrictive policies, with anticipated rapid implementation of interest rate cuts on existing loans, which may alleviate pressure on the second-hand housing market and gradually stabilize the overall housing market [2][4]. Summary by Sections Sales Review (9.22-9.28) - A total of 19,852 units were sold across 34 monitored cities, representing a week-on-week increase of 69.6%. Cumulatively, 634,000 units have been sold in 2024, down 32.8% year-on-year [8][12]. - In first-tier cities, 4,782 units were sold, up 66.9% week-on-week, while second-tier cities saw sales of 12,118 units, up 55.9% [8][9]. - Third-tier cities experienced a remarkable increase of 176.9%, with 2,952 units sold [8][9]. Land Supply (9.16-9.22) - The planned construction area for residential land supply across 100 cities was 4.4 million square meters, with a cumulative supply of 21.028 million square meters in 2024, down 34.9% year-on-year [17][18]. - The average floor price for land supply across 100 cities was 8,822 yuan per square meter, reflecting a 6.5% increase week-on-week but a 10% decrease year-on-year [19][20]. Land Transactions (9.16-9.22) - The total planned construction area for residential land transactions was 4.32 million square meters, with a cumulative total of 14.851 million square meters in 2024, down 27.3% year-on-year [25][26]. - The average transaction floor price for residential land was 4,799 yuan per square meter, down 32.5% week-on-week and 25.6% year-on-year [27][28].

华福证券 नार 研 机械设备 傅利叶发布 G-2，人形机器人活跃工博会 投资要点： 傅利叶发布新一代通用人形机器人 G-2 傅利叶自主研发的新一代通用人形机器人 GR-2 正式对外发布。 GR-2，身高达到 175cm，体重 63kg，全身共有 53 个自由度，单臂运 动负载达 3kg，相比上一代 GR-1 能够完成更复杂的操作。GR-2 电池 容量翻倍，续航时间延长至 2 小时。在支持直充的基础上，增加可拆 卸换电方案，充分满足运动需求。傅利叶 CEO 表示越来越多的年轻人、 工程师加入人形机器人行业，行业的投入效率初现，但行业才刚刚开 始，未来五年或十年，可能在格局上会有一个洗牌。 均普智能推出"贾维斯 2.0"人形机器人 团队成员 分析师： 俞能飞(S0210524040008) ynf30520@hfzq.com.cn 分析师： 唐保威(S0210524050012) tbw30562@hfzq.com.cn 相关报告 1、普渡正式发布初代类人形机器人，宇树再获数 亿元融资——2024.09.21 2、中老铁路货物运输突破 1000 万吨，沈白高铁 进入铺轨阶段——2024.09.21 3、韩国资助 ...

华福证券 研 轨交设备Ⅱ 华为发布智能铁路白皮书，中企云集柏林展 投资要点： 华为发布智能铁路白皮书，中企云集柏林展 华为面向全球发布智能铁路 FRMCS-T（未来铁路移动通信系统） 白皮书，从行业趋势、标准解读、频谱选择、组网架构、无线关键技 术等方面，详细阐明了 FRMCS 在数字化转型中的必要性和实现方式， 为下一代铁路无线网络的规划和建设提供重要的参考和思路。大会期 间，华为基于自身在无线领域的技术实践，面向全球发布了 FRMCS 无线技术白皮书，详细阐述了铁路行业客户在移动通信升级过程中主 要的问题，并解读了最新 FRMCS-T 标准，并提出了新一代铁路移动通 信系统对传统窄带的优势。 中企云集 2024 年柏林轨道交通展 第十四届柏林国际轨道交通技术博览会 24 日正式开幕，包括中国 中车、中国国家铁路集团以及华为在内的约 200 家中国企业参展。本 届展会的主题是"移动出行的未来"，电和氢驱动的低碳轨道技术， 以及数字化、智能化解决方案成为焦点。展会主办方柏林会展公司负 责人表示，今年中国参展商规模明显扩大，中国中车等多家中企将展 示可持续技术和人工智能解决方案领域的重要创新成果。 营业里程持续 ...

Investment Rating - The industry rating is "Outperform the Market" [3][7] Core Viewpoints - The construction of the FCD for Unit 4 of the Zhangzhou Nuclear Power Plant marks a significant milestone, bringing the total number of nuclear power units under construction in China to 13, with a total installed capacity of 15.135 million kilowatts [2] - The successful domestic replacement of the main pump inverter during the fourth refueling overhaul of Unit 2 of the Haiyang Nuclear Power Plant enhances the reliability and economic efficiency of AP1000 units, representing a major breakthrough in third-generation nuclear technology [2] - Nuclear power is recognized as a crucial force in promoting green energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7,000, making it the leading energy source [2] Summary by Relevant Sections Nuclear Power Development - The Zhangzhou Nuclear Power Plant Unit 4 utilizes China's self-developed "Hualong One" nuclear technology, with a rated capacity of 1.212 million kilowatts and a design lifespan of 60 years [2] - The completion of the first concrete pour (FCD) for Unit 4 signifies progress in China's nuclear power construction efforts [2] Technological Advancements - The domestic replacement of the main pump inverter in the Haiyang Nuclear Power Plant enhances the operational reliability of AP1000 units and signifies a step forward in self-sufficiency in nuclear technology [2] Investment Opportunities - Recommended companies include: 1. Jiadian Co., Ltd. for its leading position in nuclear main pump products [2] 2. Guoguang Electric for its critical components in the ITER project [2] 3. Lanshi Heavy Industry for its comprehensive coverage of the nuclear fuel system and related equipment [2] 4. Kexin Electromechanical for its high-temperature gas-cooled reactor products [2] 5. Haili Heavy Industry for its services across various reactor types [2] 6. Jiangsu Shentong for securing over 90% of orders for nuclear-grade valves in new nuclear projects [2] 7. Xianheng International for its products used in nuclear operation and maintenance [2]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3]. Core Insights - The home appliance sector is benefiting from the "old-for-new" policy, leading to a recovery in domestic demand and unexpected resilience in export growth [2][8]. - In October, production of air conditioners, refrigerators, and washing machines showed significant year-on-year growth of +23.9%, +8.6%, and +5.6% respectively, indicating a positive trend [8][10][12][15]. Summary by Sections Production Data - October production data for air conditioners, refrigerators, and washing machines indicates strong performance, with year-on-year increases of +23.9%, +8.6%, and +5.6% respectively, driven by domestic policy and export demand [8][10][12][15]. Market Performance - The home appliance sector saw an overall increase of +11.0% this week, with specific segments like white goods, black goods, small appliances, and kitchen appliances rising by +9.9%, +14.4%, +9.4%, and +13.7% respectively [21]. - Raw material prices have also increased, with LME copper and aluminum rising by +4.95% and +5.35% respectively [21]. Investment Recommendations - The report suggests focusing on companies benefiting from the "old-for-new" policy, including Haier, Midea, Gree, Hisense, and others [19]. - It highlights the potential of domestic brands in the global market, particularly in the vacuum cleaner segment, recommending companies like Roborock and Ecovacs [19]. - The report also emphasizes the importance of targeting high-income consumers, particularly those entering retirement, suggesting brands like Supor and Joyoung [19]. - For the textile and apparel sector, it recommends focusing on companies with strong export recovery and improved order visibility, such as Shenzhou International and 361 Degrees [19]. Sector Trends - The report notes a recovery in the textile and apparel sector, with improved export data and a return to profitability for major manufacturers [19]. - In the pet food segment, it highlights the growth potential of domestic brands and the increasing consumer demand for high-quality products [19].

Group 1: US Inventory Trends - US nominal inventory growth has increased from 0.3% at the beginning of the year to approximately 2.5% by July 2024, indicating the early stages of a replenishment cycle[1] - Durable goods inventory growth rose from 1.8% in January to 2.6% in July, while non-durable goods saw a significant narrowing of decline from -8.4% to -3.2%[1] - Actual inventory growth for the private sector, manufacturers, wholesalers, and retailers was 2.0%, 1.6%, 0.2%, and 4.7% respectively in Q2 2024, showing a notable increase from Q1[1] Group 2: European Inventory Status - Europe remains in a destocking phase, with inventory changes negatively impacting GDP, reaching a low of -0.8% in Q1 2024[1] - Most industries in Europe are still experiencing declining inventory levels, with pharmaceuticals, transportation equipment, and furniture showing particularly low levels[1] - The recovery in European inventory is expected to be slower than in the US due to ongoing economic challenges and a delayed response to monetary easing[1] Group 3: Export Implications - The initiation of the replenishment cycle in the US and Europe is likely to positively impact China's export growth, historically correlated with inventory cycles in developed economies[2] - Key sectors to watch for export growth include electrical equipment and labor-intensive products like furniture and toys, which have low inventory levels[2] - However, potential trade barriers and a slow global economic recovery may limit the extent of inventory replenishment and its positive effects on exports[2]