Investment Rating - The industry is rated as "Strongly Outperforming the Market" [4] Core Viewpoints - The pig farming sector is experiencing a seasonal recovery in consumption, leading to a fluctuation in pig prices. As of November 29, the price of pigs was 16.51 yuan/kg, with a week-on-week increase of 0.13 yuan/kg. The demand for fat pigs has also increased, with the price difference between 200kg and 175kg pigs expanding [1][11] - The white feather broiler chicken sector is seeing strong replenishment activity, with chick prices remaining firm despite some resistance from farmers due to high prices. As of November 29, the price of white feather broiler chicks was 4.42 yuan/chick, a week-on-week decrease of 1.12% [2][40] - The seed industry is witnessing significant achievements from the National Seed Double Exchange Conference, with a 75% supply guarantee capacity for agricultural seeds, which is expected to enhance the research and development of major varieties [2][60] Summary by Sections Pig Farming - Seasonal consumption recovery is driving pig prices upward, with a notable increase in slaughter volumes due to improved demand as temperatures drop [1][11] - The average weight of pigs being sold has increased to 127.35 kg, with a week-on-week rise of 0.62 kg, indicating a release of previously held back production capacity [25][35] - The outlook for pig prices remains positive as demand is expected to strengthen with the onset of winter [35] White Feather Broiler Chicken - The sector is experiencing a strong replenishment phase, with chick prices remaining high despite some negotiation from farmers. The price of white feather broiler chickens was recorded at 7.70 yuan/kg, a slight decrease of 0.13% week-on-week [2][40] - The supply-demand dynamics are expected to improve, leading to potential price increases for white chickens in the future [2][44] Seed Industry - The National Seed Double Exchange Conference highlighted significant advancements in seed industry revitalization, with a focus on enhancing breeding innovation and supply capacity [2][60] - The ongoing push for biological breeding is expected to expand market opportunities and improve industry concentration, benefiting leading seed companies [2][61]

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The successful development of flexible manufacturing equipment using carbon fiber and 3D printing technology opens new industry scenarios, enhancing the application of new materials in various fields [2] - The acceleration of domestic core components' localization in the supply chain is exemplified by Ruike Laser entering the 3D printing equipment supply chain [2] - The introduction of 3D printing technology in consumer electronics, particularly in the production of the Honor Magic Vs3 smartphone, demonstrates significant advancements in mass production capabilities and product performance [3][4] Summary by Sections Industry Dynamics - The downstream market for 3D printing is primarily focused on aerospace, with breakthroughs in the civilian market expected [4] - Key areas for future growth include consumer electronics, automotive, footwear molds, and medical applications, with 3D printing technology addressing traditional production challenges [4] Investment Recommendations - Recommended companies to watch include: - Pltlite, a leading domestic metal 3D printing enterprise with a full industry chain layout - Huazhu High-Tech, a leading 3D printing company driven by technological innovation - Jintaiyang, a key player in 3D printing post-processing - Dazhu Laser, a core component supplier for 3D printing [4]

Group 1 - The report indicates that China's total economic support policies are clear, reducing risks from broad fiscal and real estate sectors on the economy. If commodity and service consumption continue to expand, combined with improvements in industrial profits, it may signal a positive feedback loop in domestic circulation [2][12][13] - The resilience of the US economy is highlighted, with interest rate-sensitive sectors providing support to the economy. The report notes that the US PCE inflation aligns with expectations, indicating a stable economic environment [2][18][19] - The long-term trend for China is identified as an expansion in the service sector, a contraction in traditional manufacturing, and an acceleration of self-sufficiency and the Belt and Road Initiative [2][12][13] Group 2 - Industrial enterprise profit growth has significantly improved, with October's year-on-year profit growth at -10%, a substantial increase from the previous -27.1% [12][13] - The report emphasizes that the improvement in industrial profits is particularly notable in upstream raw material processing and midstream manufacturing sectors, with industries like black metallurgy and chemical fiber manufacturing showing stable prices and improved profit margins [12][13] - The market is characterized by clear trading features, with expectations of a shift towards large-cap value styles in the future [2][27][30] Group 3 - The report notes that consumer and healthcare sectors are leading in performance, while cyclical sectors show less growth. Specific industries such as entertainment products and kitchen appliances are outperforming, while others like black appliances and commercial vehicles are lagging [39][41] - The report highlights that foreign capital in index futures is showing a reduction in net short positions for IC and IM, while IF and IH maintain a stable trend [48][49] - Upcoming key economic indicators include US PMI and non-farm payroll data, which are expected to provide insights into economic trends [54][55]

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - Excavator demand is continuously recovering, with CME predicting a 13% increase in excavator sales in November [2] - Domestic sales are expected to reach approximately 8,600 units, a year-on-year increase of 15%, driven by new replacement cycles and supportive real estate policies [3] - Export sales are projected at around 8,300 units, reflecting a 12% year-on-year growth due to inventory adjustments and mild recovery in overseas demand [3] - The recent Bauma exhibition attracted 3542 exhibitors from 32 countries, indicating strong international interest [3] - The government is expected to enhance counter-cyclical fiscal policies to stabilize the real estate market and stimulate infrastructure investment [4] Summary by Sections Domestic Demand - The domestic market is showing signs of recovery, with a forecast of 53,000 excavators sold in H1 2024, a 4.66% year-on-year increase [4] - The demand for equipment replacement is expected to accelerate due to environmental policies and subsidies, with significant growth anticipated post-2025 [4] International Demand - In the first half of 2024, China's engineering machinery exports are projected to reach $25.837 billion, a 3.38% year-on-year increase [4] - The global market is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [4] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as domestic demand continues to recover and export markets expand [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The AI smart glasses sector is expected to accelerate penetration into the traditional eyewear market by 2025, with projected annual sales reaching 55 million units by 2029 and a 70% penetration rate by 2035 [3] - The report highlights the significant advancements in AI glasses technology, particularly with the launch of INMO AIR3 and INMO GO2 by Yingmu Technology, which enhance resolution, field of view, brightness, and refresh rate compared to previous models [2][3] - The report identifies key companies to watch in the AI glasses terminal space, including Goer Technology, Yidao Information, Luxshare Precision, and others [4] Summary by Sections 1. Market Performance - The electronic sector index increased by 2.38% during the week, with the semiconductor sector showing the highest growth at 3.25% [14][16] 2. Industry Dynamics - The report discusses the impact of U.S. export controls on Chinese semiconductor companies, indicating a tightening of restrictions that could affect the industry [33][34] - It notes a 4.8% increase in global NAND flash memory revenue in Q3 2024, reaching $17.6 billion, despite a 2% decline in shipment volume [34][37] - The global DRAM market saw a 13.6% revenue increase in Q3 2024, totaling $26 billion, driven by strong demand from data centers [42][46] 3. Company Dynamics - TSMC is leading the high-end process market, with expectations of a steady recovery in non-AI semiconductor demand by 2025 [38][39] - The report highlights the collaboration between STMicroelectronics and Huahong Semiconductor to produce 40nm microcontrollers in Wuxi by the end of 2025, reflecting a trend towards localizing supply chains [46][47] - The report emphasizes the growth of Huahong Semiconductor in mature process technology, with a projected global market share of 39% by 2027 [50][51]

华福证券 交通运输 2024 年 12 月 02 日 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 航司时刻增长显著——2024.11.05 | --- | --- | |---------------------------------------------------------------|----------------------| | | | | 分析师： 陈照林 CZL3792@hfzq.com.cn | (S0210522050006) | | 分析师： 乐璨 (S0210524070004) lc30018@hfzq.com.cn | | | 联系人： 张瑜玲 | (S0210123020028) | | ZYL30019@hfzq.com.cn | | | 相关报告 | | | 1 、行业周报 (11.11-11.17): 中型干散货船运价改善—— 2024.11.17 | 内贸需求持续反弹，大 | | 2 、行业周报 (11.4-11.10): 构性改善品种—— 2024.11.12 | 内需预期向好，选择结 | | 3 、行业周报 (10.28-11.3): 24 | 冬春 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The report highlights significant price increases in various vitamins, particularly folic acid, which saw a price surge from 182.5 CNY/kg to 345 CNY/kg, marking an 89% increase [3][12] - BASF's second distribution plan for vitamins A and E was released following an incident, with prices for feed-grade vitamin A set at no less than 172 CNY/kg and vitamin E at 145 CNY/kg [2][47] - The report indicates a recovery in profits for white-feathered chickens, while pig farming profits have slightly declined [3][61] Summary by Sections Vitamin Prices Overview - Vitamin E price as of November 29 is 147.5 CNY/kg, up 13.5% from the previous month [3][12] - Vitamin A price is 161 CNY/kg, down 5.3% from the previous month [3][12] - Vitamin D3 price is 260 CNY/kg, up 7.2% from the previous month [3][12] - Folic acid price is 345 CNY/kg, up 89% from the previous month [3][12] Downstream Demand Tracking - As of October, the number of breeding sows in China is 40.73 million, a 0.3% increase from September [59] - The average price for white-feathered chickens is 7.7 CNY/kg, with a profit of -1.58 CNY per bird, showing a slight recovery [61] Investment Recommendations - The report suggests focusing on companies benefiting from rising prices of vitamins A and E, such as Zhejiang Medicine and New Hope Liuhe, as well as those benefiting from folic acid price increases like Shengda Biology and Tianxin Pharmaceutical [69]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating that the overall return of the industry is expected to exceed the market benchmark by more than 5% over the next 6 to 12 months [33]. Core Insights - Google has launched a commercial AI Agent using System 1/2 thinking technology, enhancing the efficiency of AI operations and supporting businesses in reducing costs and improving efficiency. A significant market expansion for commercial AI Agents is anticipated by 2025 [3][17]. - The 2024 Quantum Technology and Industry Conference was successfully held in Hefei, focusing on quantum communication, computing, and precision measurement, showcasing major technological achievements and fostering regional development [18][20]. - The AutoGLM product from Zhizhu AI has undergone significant upgrades, enabling it to perform complex tasks and operate across applications, thus enhancing automation and user experience [21][23]. Summary by Sections Google AI Agent Launch - Google has integrated System 1/2 thinking into its AI Agent, significantly improving task execution efficiency. The company is promoting commercial AI Agents through various incentive programs and has launched a global marketplace for developers [14][15][17]. Quantum Technology Conference - The conference highlighted advancements in quantum technology, including major achievements in quantum communication and computing. It serves as a platform for collaboration and innovation in the quantum sector [19][20]. Zhizhu AI Agent Upgrade - The AutoGLM product can now execute over 50-step tasks autonomously and supports cross-application operations. The GLM-PC, based on a visual multimodal model, is also in internal testing, offering functionalities like meeting participation and document processing [21][23]. AI Application Updates - Recent data shows stable download rates for AI applications such as ChatGPT and Gemini, with domestic applications like Doubao and Kimi also experiencing growth. The overall market for AI applications remains robust [24][26].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [15]. Core Views - The company has demonstrated high-quality growth in its down jacket business, with a focus on enhancing channel quality and expanding product categories to meet changing consumer demands [3][4]. - The financial forecasts predict significant revenue and profit growth, with expected net profits of 3.62 billion, 4.20 billion, and 4.78 billion RMB for FY25, FY26, and FY27 respectively, corresponding to P/E ratios of 11.5, 9.9, and 8.7 [2][4]. Financial Data and Valuation - Main revenue for 2023A was 16.77 billion RMB, with a projected increase to 23.21 billion RMB in 2024A, reflecting a growth rate of 38% [2]. - The net profit for 2023A was 2.14 billion RMB, expected to rise to 3.07 billion RMB in 2024A, marking a growth rate of 44% [2]. - The company’s gross margin for FY25H1 was 49.9%, with a slight decrease attributed to rising raw material costs and changes in product mix [3][4]. Operational Analysis - The down jacket segment led revenue growth with a year-on-year increase of 22.7%, while the women's clothing segment saw a decline of 21.5% [3]. - The company has optimized its store count, reducing the number of stores while enhancing the quality of its retail channels, resulting in improved operational efficiency [3][4]. - Inventory levels increased by 53.4% year-on-year, attributed to proactive raw material procurement and a slowdown in distributor shipments [4]. Earnings Forecast and Investment Recommendations - The report forecasts net profits of 3.62 billion RMB, 4.20 billion RMB, and 4.78 billion RMB for FY25, FY26, and FY27, respectively, maintaining the previous profit estimates [4]. - The company is expected to continue innovating its product lines, including functional apparel, to adapt to evolving consumer preferences [4].

Investment Rating - The report maintains a "Strong Buy" rating for the real estate sector, indicating a positive outlook for the industry in the near term [5]. Core Insights - The Shanghai land auction market shows signs of recovery, with a narrowing decline in new value added by the top 100 real estate companies. The average premium rate for the latest land auction was 14.71%, with significant interest from state-owned enterprises [1][2]. - The report highlights that the real estate market is expected to experience a recovery phase characterized by easing liquidity pressures, continued supply contraction, stabilization of housing prices, and a resurgence in sales and construction activities [2][3]. Sales Review (11.24-11.30) - A total of 33,886 residential units were sold across 34 monitored cities, representing a week-on-week increase of 37.4%. However, the cumulative sales for 2024 reached 845,000 units, reflecting a year-on-year decline of 24.8% [3][13]. - Sales in first-tier cities decreased by 8% week-on-week, while second-tier cities saw a 54.6% increase, and third-tier cities experienced a remarkable 101.6% growth [13][24]. Land Supply (11.17-11.23) - The planned construction area for residential land supply across 100 cities was 37.42 million square meters, with a cumulative supply of 387.33 million square meters for 2024, down 30.6% year-on-year [33][34]. - The average floor price for land supply across 100 cities was 3,969 CNY per square meter, showing a 7.8% decrease from the previous four weeks but a 2.3% increase year-on-year [33][35]. Land Transactions (11.17-11.23) - The total planned construction area for residential land transactions was 15.18 million square meters, with a cumulative transaction area of 235.81 million square meters for 2024, down 19.5% year-on-year [49][50]. - The average transaction floor price for residential land across 100 cities was 4,695 CNY per square meter, reflecting a 28.1% decrease from the previous period but a 21.3% increase year-on-year [52][53].