Investment Rating - The report maintains a "Strong Buy" rating for the coal industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The report highlights that the value of coking coal is gradually becoming apparent under supportive policies, with a focus on the potential for price rebounds in both thermal and coking coal due to seasonal demand and policy support [2][3]. - The coal industry is positioned in a "golden era" due to supply constraints driven by strict capacity controls and increasing mining difficulties, suggesting sustained demand and profitability for coal companies [2][3]. Summary by Sections 1. Market Overview - The coal index increased by 1.96% this week, while the Shanghai and Shenzhen 300 index rose by 5.5%, indicating that the coal sector underperformed the broader market by 3.55 percentage points [8]. - Year-to-date, the coal index has risen by 7.71%, compared to a 19.61% increase in the broader index, showing a lag of 11.9 percentage points [8]. 2. Thermal Coal - As of November 8, 2024, the Qinhuangdao 5500K thermal coal price was 847 CNY/ton, down 1 CNY/ton week-on-week, reflecting a slight decline of 0.1% [2][19]. - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 83.5%, a decrease of 0.3 percentage points from the previous week [2][26]. - The report anticipates a rebound in port prices following an increase in production prices at coal-producing regions due to seasonal heating demand [2]. 3. Coking Coal - The price of coking coal at the Jing Tang Port was 1640 CNY/ton as of November 8, 2024, down 100 CNY/ton from the previous week [2]. - The report notes that while demand may decline as the industry enters a seasonal lull, improved macroeconomic policies could support coking coal prices [2]. 4. Supply and Demand - The daily coal consumption of six major power plants was 780,000 tons, a decrease of 0.8 tons week-on-week [28]. - The inventory of these power plants increased to 1,486.8 million tons, up 12.9 million tons from the previous week [28]. - The report emphasizes the resilience of coal demand, driven by ongoing economic activity and energy needs [2]. 5. Investment Recommendations - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, Shaanxi Coal, and China Coal Energy [2]. - It also highlights companies benefiting from coal-electricity integration and those with production growth potential as attractive investment opportunities [2].

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 index within the next six months [11]. Core Views - The company reported a Q3 2024 net profit of 180 million yuan, a year-on-year decrease of 19.4%, while the revenue for the same period was 9.85 billion yuan, reflecting a 1.0% increase year-on-year [2][3]. - The express delivery business faced revenue pressure, with a 18.0% decline in express revenue, while the core freight business saw a 1.2% increase in revenue [2][3]. - The company is focusing on enhancing customer experience and increasing transportation resource investment, which has led to a rise in transportation costs as a percentage of revenue [3]. Financial Data Summary - For 2022A to 2026E, the company's projected revenue growth rates are 0%, 16%, 17%, 17%, and 12% respectively, with net profit growth rates of 339%, 15%, 11%, 21%, and 15% [1]. - The earnings per share (EPS) are expected to increase from 0.63 yuan in 2022A to 1.12 yuan in 2026E, with corresponding price-to-earnings (P/E) ratios decreasing from 22.6 to 12.7 over the same period [1]. - The company's asset-liability ratio is projected to be 51.65% in 2023A, with a slight increase to 55.3% in 2024E before decreasing to 51.6% in 2026E [8].

epyTtropeR_elbaT|tsriF_elbaT 华福证券 行 业 研 究 日 行 业 定 期 研 究 有色金属行业周报（11.4-11.10） 特朗普赢得美国大选，美联储 11 月谨慎降息 25BP 投资要点： ➢ 贵金属：特朗普赢得美国总统大选，美联储11月如期降息25BP。 特朗普赢得美国大选，市场担心特朗普提议的关税和移民可能会重新 引发通胀，金价出现明显回调。美联储11月利率决议采取了谨慎行 动，将利率下调了0.25个基点。从全球范围内来看，全球多个经济体 最新数据表明，CPI数值已经低于其央行设定的2%通胀目标，货币宽松 的大趋势正在来临。我们认为，短期，9、11月美联储连续降息2次不 是利好兑现的终点，随着降息次数增加，仅是利好的开端。同时，全 球政治不确定性，金价上涨远未结束；中长期，美联储降息空间仍 在、央行及政治经济不确定性带来的避险需求推动持续上涨，白银因 投资属性更强弹性更大。个股：黄金建议关注中金黄金、紫金矿业、 山东黄金、赤峰黄金，低估弹性关注株冶集团和玉龙股份，其他关注 银泰黄金、湖南黄金及招金矿业；白银建议关注兴业银锡、银泰黄 金、盛达资源。 ➢ 工业金属：宏观扰动加剧 ...

Group 1: Key Insights on Shopping Tourism Industry - The shopping tourism industry in China is undergoing significant transformation driven by the growth of disposable income and the expansion of the middle class, becoming a key engine for economic development and job creation [2][8] - Continuous policy optimization is promoting tourism shopping consumption, creating new growth points, with a focus on cultural experiences and digital transformation to meet consumer demand for experiential shopping [2][8] - The application of digital technologies, such as smart shopping guides and O2O models, is enhancing personalized and convenient shopping experiences for tourists, facilitating deep integration of cultural and commercial tourism [2][11] Group 2: Insights on Pharmaceutical Sector - The pharmaceutical sector's performance from November 4 to November 8 shows all six sub-industries recorded positive returns, with medical services and traditional Chinese medicine leading with increases of +10.11% and +7.44% respectively [12] - The market valuation for the chemical pharmaceutical industry reached 62.16 times, while the biological products sector was at 54.52 times, indicating strong investor interest in these areas [12] - The third quarter of 2024 saw 49 out of 72 listed traditional Chinese medicine companies report a decline in revenue year-on-year, highlighting ongoing challenges in the industry [15][16]

华福证券 策略定期研究 2024 年 11 月 10 日 策略研 从自主定价出发，可寻找哪些脉络？ 投资要点： 市场思考：本周市场强势上涨，全 A 收涨 7.11%。本周市场热度高涨， 赚钱效应明显，成交额连续四日保持在 2 万亿以上，周五上升至 2.7 万亿。 市场呈现普涨状态，从指数情况看，创业板指、科创 50 收益居前，上证 50、中证红利收益靠后；从风格情况看，科技（TMT）和先进制造收益居 前，消费和周期收益靠后。本周 31 个申万一级行业全部上涨，其中计算机、 国防军工、非银金融领涨，煤炭、公用事业、银行涨幅靠后。 力度最大化债新政出台，明年实施更加给力的财政政策。11 月 8 日下 午，十四届全国人大常委会第 12 次会议举行了闭幕会。会议表决通过了全 国人大常委会关于批准《国务院关于提请审议增加地方政府债务限额置换 存量隐性债务的议案》的决议。化债将打通地方发展资金链条，为经济发 展腾挪空间。面对土地出让收入下滑、税收收入增长不及预期的难题，地 方化债资源有限，财政政策生效存在掣肘。而隐性债务显性化可大幅解约 地方利息支出，据财政部估算，本次化债五年累计可节约 6000 亿元左右。 化债有利于 ...

Group 1 - The report emphasizes the need to focus on the risks brought by the slowdown in sector rotation, which may affect market dynamics [1] - Current market structure does not reflect the improvement in domestic demand driven by real estate, although there is a significant potential for trend improvement in consumption [1][2] - Export data indicates a strengthening of the US globalized system towards internal circulation, while non-US economies are weakening, suggesting that China may need to expand its economy to stabilize demand in Belt and Road economies and accelerate globalization [1][2] Group 2 - The report highlights a significant improvement in China's export growth, with October's export amount showing a year-on-year increase of 12.7%, up from 2.4%, largely due to the resolution of cargo backlogs caused by extreme weather [13][14] - The debt resolution policy is expected to limit the downward space for the economy and market, with a new policy package aimed at alleviating local debt pressure and reducing interest expenses [14][2] Group 3 - The report notes that the market has seen a broad increase, with the Shanghai Composite Index rising by 5.51%, and the ChiNext Index and STAR Market leading with gains exceeding 8% [18] - The report indicates that the financial and technology sectors are leading the market, while cyclical sectors have shown relatively less growth [23][24] - There is a focus on the potential for trend improvement in consumption, with an emphasis on internet consumption as a key area for domestic demand growth [23][24]

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy industry [1]. Core Insights - The report highlights the acceleration of solid-state battery industrialization by CATL and the recent enactment of the Energy Law, which is expected to boost the photovoltaic sector [1][14]. - The report emphasizes the potential for a rebound in battery demand due to the stabilization of downstream component prices and increased order volumes in the photovoltaic market [14]. - The offshore wind sector is expected to see high demand, with significant projects underway, including a 500MW offshore wind project in Hebei [21][22]. - The energy storage sector may experience a short-term surge in installations due to political changes in the U.S., while long-term growth may slow down [26][27]. - The hydrogen energy sector is poised for growth following the Energy Law's provisions supporting hydrogen development and the upcoming IPO of Guofu Hydrogen Energy [45][47]. Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The Guangzhou Auto Show is approaching, with major new models set to launch, including the XPeng P7+ which saw over 30,000 pre-orders within hours of its launch [7][8]. - CATL is increasing its investment in solid-state battery research, aiming for a significant improvement in energy density [8][9]. 2. Photovoltaic Sector - The Energy Law, effective January 1, 2025, aims to promote green and low-carbon energy development, benefiting the photovoltaic industry [14][15]. - The photovoltaic battery market is experiencing a rebound, with expectations of price recovery due to improved order volumes [16]. 3. Wind Power Sector - The offshore wind sector is witnessing significant project developments, including a 500MW project in Hebei and a major contract signed by Huadian for a wind power project in Guangdong [21][22][23]. - The report suggests focusing on companies involved in the supply chain for offshore wind projects [24]. 4. Energy Storage Sector - The potential election of Trump may lead to a short-term rush in energy storage installations, while long-term growth may face challenges [26][27]. - The Ministry of Industry and Information Technology has outlined plans to cultivate several large-scale energy storage enterprises by 2027 [28][31]. 5. Electric Power Equipment and Industrial Control Sector - Three ultra-high voltage projects have commenced in the first three quarters of 2024, indicating steady progress in this area [33][34]. - The report notes a significant peak-to-valley electricity price difference in 21 regions, which may impact energy consumption patterns [35]. 6. Hydrogen Energy Sector - The Energy Law emphasizes the development of hydrogen energy, with supportive policies being implemented in various provinces [45][46]. - Guofu Hydrogen Energy is set to go public, with significant projects in the pipeline for hydrogen production [47][50].

Group 1 - The report highlights the significant impact of the recent U.S. elections and the Federal Reserve's interest rate cut, with the Russell 2000 index rising by 5.84% following Trump's victory and proposed tax reforms [1][16] - The Federal Reserve announced a 25 basis points rate cut to a range of 4.50%-4.75%, marking the second consecutive cut, and indicated a cautious approach to future monetary policy under the new administration [1][18] - Economic indicators show resilience, with the ISM non-manufacturing PMI for October at 56, above previous values and expectations, and an increase in wholesale sales month-on-month [17][18] Group 2 - The report notes that the U.S. labor market remains strong, with initial jobless claims rising slightly to 221,000 and continuing claims at 1.892 million, indicating ongoing employment stability [17][18] - The market anticipates a 64.6% probability of another 25 basis points rate cut in December, reflecting expectations of continued accommodative monetary policy [22][18] - Global equity markets showed mixed performance, with the Shenzhen Component Index leading gains at 6.75%, while the UK FTSE 100 experienced a decline of 1.28% [29][33]

Investment Rating - The industry is rated as "Outperform the Market" [4] Core Insights - The Wind New Materials Index closed at 3821.64 points, up 8.55% week-on-week. The semiconductor materials index rose 12.05%, while the lithium battery index increased by 15.93% [2][8] - TSMC's CoWoS monthly capacity is expected to double next year, with Nvidia projected to occupy 50% of this capacity. The global advanced packaging market is anticipated to grow significantly, with a compound annual growth rate of 10.9% expected by 2028 [3][24] - Meirui New Materials announced the production of qualified products from its HDI monomer unit, marking a significant milestone in its polyurethane industrial park [3][27] Summary by Sections 1. Overall Market Review - The Wind New Materials Index and various sub-indices, including semiconductor materials and lithium battery indices, showed significant week-on-week increases, indicating a robust market performance [2][8] 2. Key Company Weekly Performance Review - Top performers included Yanggu Huatai (20.17%), Bayi Shikong (19.73%), and Jingrui Electric Materials (17.49%). Conversely, Zhonghuan shares fell by 1.87% [19][20] 3. Recent Industry Hotspots - TSMC's CoWoS capacity is set to double, driven by increasing demand from major tech companies [3][24] - The return of Trump to the White House may have profound implications for the Chinese semiconductor industry, potentially increasing export controls and pressures on semiconductor alliances [24] - A breakthrough in ion exchange membrane technology was reported, which could enhance energy efficiency in flow batteries [25][26] - BASF and Syensqo announced significant business adjustments, including divestitures and layoffs, to better align with market demands [26][27] - Meirui New Materials has commenced production at its new facility, achieving performance targets [27] 4. Related Data Tracking - The semiconductor index rose to 5333.99 points, reflecting a 7.83% increase. In October, China's integrated circuit exports reached $13.157 billion, a year-on-year increase of 17.7% [28][29]

华福证券 房地产 "白名单"项目扩围增效，增量政策加速落地 周度观点： 两部召开"白名单"扩围增效培训，多地授信持续投放 金融监管总局、住房城乡建设部联合召开"白名单"项目扩围增效政策培训 会，会议指出，对于合格项目要做到"应进尽进"，对于进入"白名单" 的项目放宽做到做到"能早尽早"。分地区看，（1）深圳：深圳银行已审 批"白名单"项目 67 个、审批通过金额超过 800 亿元，授信金额位居全国 各大城市前列；（2）河南：截至 10 月 30 日，项目授信投放率已达 70.04%， 贷款投放规模超 750 亿元；（3）江苏：截至 10 月 28 日，"白名单"机制 已向银行机构推送项目 300 余个，目前已落地贷款近 700 亿元，项目审批 放款率已近七成。（4）四川：截至 10 月 24 日，已对 241 个"白名单"项 目放款近 400 亿元，其中 50%以上是民营企业，惠及购房者 22 万户。 我们认为，"白名单"项目扩围增效有利于促进开工住房项目建成交付， 保障购房者权益，缓解开发商流动性风险。 新增"化债"资源10万亿，专项债收储与优化税收政策加速落地 11 月 8 日，全国人大常委会宣布新增 3 ...