[Table_Title] 玻璃价格多地上涨，行业表现稳中向好 | --- | --- | --- | |--------------------------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 商社周报：物价表现仍承压 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.11.12 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 10-Nov 21-Jan 2-Apr13-Jun 24-Aug 4-Nov 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 潜在关税影响深远，关注内需的结构 性机会 商社周报：京东双十一营销活动引争 议 商社周报：CPI 较弱静待政策出台， 2024 双十一开启 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.11.4-2024.11.8）多数宽基指数上涨。上证综 指数上涨 5.51%，深证成指上涨 6.75%，创业板指上涨 9.32%。本周 （2024.11.4-2024.11.8）商贸零售（申万）上涨、社会服务（申万） 指数 ...

[Table_Title] 有色行业周报：电解铝价格大涨 碳酸锂价格反弹 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.11.12 核心观点 [Table_Summary] ⚫ 电解铝价格大涨，铜矿 TC 价格费稳定 1）铜：本周 SHFE 铜上涨 0.76%，收于 77100 元/吨；LME 铜下 跌 1.11%，收于 9433 美元/吨。三大交易所库存减少 12750 吨至 50.09 万吨，其中 LME 铜库存增加 1025 吨至 27.24 万吨，SHFE 铜库存减少 13559 吨至 13.97 万吨，COMEX 铜库存减少 216 吨 至 8.88 万吨。据百川盈孚，本周进口铜矿 TC 均价持稳于 12 美 元/吨，短期TC价格有所回升，但中长期去看，铜矿供应偏紧依 然对于 TC 价格的反弹形成限制作用。铜管以旧换新和出口需求 使 11 月空调、冰箱、洗衣机排产增加；制冷门阀等需求开始恢 复，海外水暖卫浴四季度需求或增加。2）铝：本周 SHFE 铝上 涨 4.3%，收于 21690元/吨；LME铝上涨 0.92%，收于 2627美元 /吨。三大交易所库存减少 11 ...

[Table_Title] 1 [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 13-Nov 24-Jan 5-Apr16-Jun 27-Aug 7-Nov 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 供给减少带来近期猪价上涨，白羽鸡 供需博弈价格震荡 猪价支撑不足，毛鸡价格小幅上涨 标肥差加大刺激二育商积极入场，近 期猪价逆势上涨 生猪价格震荡下行，毛鸡价格先涨后跌 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.11.12 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 11 月 8 日全国生猪出栏均价 16.81 元/公斤，目前猪价距离 8 月中旬年内高点已经累计下跌 4.5 元/公 斤。分区域来看，华南猪价相对坚挺，其余大部分地区都已经跌破 了 17 元/公斤。从供给端来 ...

[Table_Title] 核心技术攻坚战，加快攻克"卡脖子"技术 [Table_ReportDate] 电子 | 行业简评报告 | 2024.11.12 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 13-Nov 25-Jan 7-Apr19-Jun 31-Aug 12-Nov 工程机械 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 工程机械行业事件点评：9 月挖掘机内 销增速超 20%，出口延续增长势头 工程机械行业事件点评：8 月挖掘机内 销延续增长势头，出口同比增速转正 叉车行业点评报告：7 月叉车内外销均 保持增长，外销同比增加 21.6% [Table_Title] 10 月挖掘机内外销维持景气，未来工程机械需求有望 持续改善 [Table_ReportDate] 工程机械 | 行业简评报告 | 2024.11.14 核心观点 ⚫ 挖掘机内销同比增速连续两月超 20%，出口销量持续增长。 当月挖掘机销量：根据中国工程机械工业协会数 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 23,665.41 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.19%, and a net profit attributable to shareholders of 442.47 billion yuan, down 16.46% year-on-year [2] - The company continues to achieve stable growth in oil and gas production, with a total production of 386.06 million barrels, a year-on-year increase of 2.6% [2] - The company effectively coordinated its product structure, maintaining growth in refined oil sales despite challenges from declining diesel consumption and increasing electric vehicle penetration [2] - The chemical segment faces pressure, but capital expenditures reached 86.35 billion yuan, reinforcing the company's resource advantages [2] - The company is expected to achieve net profits of 597.34 billion yuan, 630.88 billion yuan, and 671.63 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.49, 0.52, and 0.55 yuan [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7,904.10 billion yuan, a year-on-year decrease of 9.80%, but a quarter-on-quarter increase of 0.54% [2] - The net profit for Q3 2024 was 85.44 billion yuan, down 52.15% year-on-year and down 50.86% quarter-on-quarter [2] Production and Sales - The company’s oil processing volume for the first three quarters of 2024 was 190 million tons, a decrease of 1.6% year-on-year, while refined oil production was 117 million tons, down 0.8% year-on-year [2] - Refined oil sales volume was 18,167 million tons, an increase of 0.6% year-on-year [2] Capital Expenditure and Resource Management - Capital expenditures for the first three quarters of 2024 reached 86.35 billion yuan, with significant investment in exploration and development [2] Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 31,846.10 billion yuan, 33,318.44 billion yuan, and 34,822.86 billion yuan respectively, with corresponding net profit forecasts of 597.34 billion yuan, 630.88 billion yuan, and 671.63 billion yuan [3]

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 6-Nov18-Jan 31-Mar 12-Jun 24-Aug 5-Nov 医药生物 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 估值和市场情绪显著修复，积极把握 新投资主线 医保谈判临近，关注潜在投资机会 制药行业出海深度报告：新起点，新突 破 [Table_Title] 把握结构性机会，继续关注出海方向 [Table_ReportDate] 医药生物 | 行业简评报告 | 2024.11.07 核心观点 ⚫ 一次性手套对美出口承压，期待其他市场拓展破局。2024 年 5 月，美 国将从中国进口的医用橡胶手套（rubber medical and surgical gloves） 的关税从 7.5%提高到 25%，加征时间设在 2026 年 ...

[Table_Rank] 评级： 看好 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 6-Nov18-Jan 31-Mar 12-Jun 24-Aug 5-Nov 汽车 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：特斯拉 Q3 盈利超预 期，预计明年交付量增加二至三成 汽车行业周报：十月前两周乘用车销 量同环比增长，高阶智能驾驶有望创 新突破 汽车行业周报：9 月乘用车市场回暖， 看好汽车板块 [Table_Title] 2024 美国大选对汽车行业影响 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.11.06 核心观点 [Table_Summary] ⚫ 美国大选对汽车行业的影响主要体现在政策制定、国际贸易等方面。 ⚫ 环境保护政策对新能源汽车发展影响：据中国汽车报，特朗普更偏向 支持传统能源，他在 2017~2021 年美国总统任期内 ...

Investment Rating - The industry investment rating is "Positive" [2][11]. Core Insights - The report highlights that Trump has announced his victory in the 2024 U.S. presidential election, which may have significant implications for the technology sector [2]. - Trump's technology policy is characterized by a dual logic of "self-reliance" and "weakening China," focusing on strategic competition with China as a primary concern [3]. - The U.S. semiconductor industry is reportedly removing Chinese suppliers from its supply chain due to increasing restrictions from Washington [4]. - In September 2023, the U.S. Department of Commerce announced new regulations to strengthen export controls on advanced semiconductor manufacturing and related technologies [5]. - The report suggests that U.S. restrictions may inadvertently stimulate China's technological self-innovation capabilities, emphasizing the need for China to focus on independent innovation in the semiconductor sector [6]. Summary by Sections Industry Overview - The report discusses the impact of the 2024 U.S. presidential election on the electronics industry, particularly in relation to semiconductor policies and competition with China [2][3]. Regulatory Environment - New regulations from the U.S. Department of Commerce are tightening controls on key technologies, which may affect global supply chains and innovation dynamics [5]. Investment Recommendations - The report recommends focusing on critical segments of the semiconductor supply chain and leading companies in niche markets [6].