Investment Rating - The report maintains a "Buy" rating for several companies in the electronic industry, including Yidao Information, Guoguang Electric, Tongfu Microelectronics, and others [11][26]. Core Insights - The report highlights a strong stance from four major Chinese associations urging companies to be cautious in procuring American chips, indicating a shift towards domestic chip production and a significant internal market for chips [6][22]. - OpenAI has launched its full version of the o1 model and the ChatGPT Pro subscription service, marking an acceleration in the commercialization of AI applications [8][25]. - The electronic industry has shown a mixed performance, with a 1.61% increase in the week of December 2-6, 2024, ranking 24th among various sectors [30][32]. Summary by Sections Industry Performance - The electronic industry experienced a 1.61% increase during the week of December 2-6, 2024, with a price-to-earnings ratio of 55.02 [30][32]. - Among the sub-sectors, optical components, analog chip design, and printed circuit boards saw the highest gains [6]. Domestic Chip Production - Chinese associations have called for caution in purchasing American chips, citing concerns over safety and reliability, which may lead to increased domestic chip production [22][23]. - The report suggests monitoring the progress of domestic chip production in various sectors, including AI computing chips and automotive chips [7][23]. AI Application Commercialization - OpenAI's recent product launches are expected to drive significant revenue growth in AI applications, with AppLovin reporting a 43.21% year-over-year increase in revenue [8][25]. - The report emphasizes the growing demand for AI-related products, including AI smartphones, PCs, and wearables [25]. Key Companies and Forecasts - The report lists several companies with investment ratings, including: - Yidao Information (Buy) - Guoguang Electric (Buy) - Tongfu Microelectronics (Buy) - Others with varying ratings [11][26].

证 券 研 究 报 告 金融工程周报 被动外资净流入中国，现金获大幅流入 全球资金流向跟踪2024W50 报告日期：2024年12月08日 | --- | --- | --- | --- | |-------------------------------|-------|-------|-------| | | | | | | ◼ 分析师：吕思江 | | | | | ◼ SAC 编号： S1050522030001 | | | | 投 资 要 点 资金流动概况： 截至12月4日，全球股票流入82亿美元，债券流入49亿美元，现金大幅流入1364亿美元，黄金流出4亿美元，加密货币 流入30亿美元。 债券与黄金的资金流动： 全球债券整体净流入49亿美元，主权债净流出48亿美元，投资级债券净流入20亿美元，高收益债券净流入11亿美元。 黄金净流出4亿美元。 全球股票的地区、行业、风格流动： 地区层面，发达市场净流入71亿美元，其中美国净流入94亿美元，中国香港净流入2亿美元，日本净流出1亿美元。新兴 市场净流入10亿美元，其中中国净流出2亿美元，印度净流入2亿美元。 美股行业方面，科技净流出7亿美元，医疗健康净流出 ...

- The report mentions the construction of two quantitative factors: "Earnings Expectation Factor" and "Whale Tracking Composite Fund Flow Factor" [33] - **Earnings Expectation Factor**: This factor represents changes in investor expectations based on financial report forecasts. It is used to capture shifts in market sentiment when fundamental logic within an industry changes [33] - **Whale Tracking Composite Fund Flow Factor**: This factor tracks the trading behavior of "smart money" or influential investors. It is designed to identify industries or stocks that are receiving significant inflows from these investors, reflecting their confidence in the underlying assets [33] - The factors are applied in an industry rotation strategy and compared against the CSI 300 benchmark. The "Whale Tracking" portfolio achieved an absolute return of 1.00% and a relative return of 0.41% over the past week [33]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [7]. Core Viewpoints - The report emphasizes the importance of seasonal stocking and policy catalysts in the food and beverage sector, particularly focusing on the performance of the liquor segment during the off-peak sales season [5][6]. - It highlights the expected recovery in valuation and improvement in the long-term fundamentals of the industry due to upcoming policy releases from the Central Economic Work Conference [5]. - The report suggests a focus on undervalued liquor stocks with strong earnings certainty, recommending specific companies such as Moutai, Wuliangye, and Luzhou Laojiao [5][7]. Weekly News Summary Industry News - In the first nine months, Hubei's liquor sales revenue reached approximately 17.5 billion yuan [16]. - From January to October, Qingdao's beer production was 1.74 million kiloliters [26]. - The liquor output value of Jinsha from January to October was 1.368 billion yuan [17]. Company News - Moutai responded to the price increase of its Flying Moutai and is recruiting operators for its flagship stores on JD and Tmall [27]. - Wuliangye has partnered with Chile's dry wine [28]. - Luzhou Laojiao was recognized as a benchmark enterprise in intelligent manufacturing [29]. Investment Insights - The report maintains the recommended order of sub-sectors: Baijiu > Beer > Snack Foods = Soft Drinks > Frozen Foods > Condiments > Dairy Products [5]. - The liquor sector is currently experiencing a sales lull, with fluctuations in Wuliangye's prices and ongoing channel pressures [5]. - The report advises monitoring the recovery of the liquor market and suggests focusing on companies with strong fundamentals and low valuations [5]. Key Company Feedback - The report provides a detailed analysis of key companies in the food and beverage sector, including their stock performance and earnings forecasts [7][58]. - It lists several companies with strong growth potential, such as Hai Tian Flavoring and Jinlongyu, and highlights their market positions [6][7].

Investment Rating - The report maintains a recommendation rating for the pig farming and pet food industries [38]. Core Insights - The continuous decline in feed raw material prices is expected to further reduce breeding costs in the pig farming sector, with a focus on companies that can leverage these cost advantages [4][31]. - The pet food processing capacity is being concentrated, leading to intensified competition among domestic brands, with an outlook for brands to expand internationally through quality or category differentiation [5][34]. - The millet economy sector is experiencing a divergence in performance, with a strong emphasis on the IP segment as a key value driver in the industry chain [7][37]. Summary by Sections 1. Industry Review - The report highlights a recent decline in the average price of live pigs to 16.17 yuan/kg, with a week-on-week decrease of 1.94% [50]. - The average price of 7 kg piglets has also decreased to 383.33 yuan/head, reflecting a 3.94% week-on-week decline [50]. 2. Current Perspectives - Feed raw material prices have dropped significantly, with corn prices at 2157.06 yuan/ton (down 1.79% week-on-week) and soybean meal prices at 2927.71 yuan/ton (down 2.82% week-on-week) [4][32]. - The report emphasizes the importance of companies with cost advantages in the pig farming sector to optimize their breeding costs amid falling feed prices [33]. 3. Stock Recommendations - Recommended stocks include: - Juxing Agriculture (603477.SH) for its leading cost position and potential to reduce breeding costs below 13 yuan/kg in 2024 [40]. - Zhengbang Technology (002157.SZ) for its restructuring and improved cost control measures [40]. - Dekang Agriculture (2019.HK) for its competitive breeding costs and significant output potential [40]. 4. Industry Data - As of December 6, 2024, the domestic corn price is 2157.06 yuan/ton, and the soybean meal price is 2927.71 yuan/ton, indicating a favorable trend for the pig farming sector [44]. - The report notes that the pig feed ratio is at 5.54, with self-breeding profits at 172.31 yuan/head, showing a decline of 11.99% week-on-week [50]. 5. Market Trends - The pet food industry is seeing a rise in domestic brand competition, with many manufacturers shifting to develop their own brands due to increased processing capacity [5][34]. - The report anticipates that the millet economy will continue to expand, driven by personalized emotional consumption trends [7][37].

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry, indicating an expected outperformance of over 10% compared to the benchmark index [8][13]. Core Insights - The AI glasses market is experiencing a surge in new product launches, with multiple tech companies actively entering the space, indicating a significant shift towards smart wearable technology [4][5]. - The maturity and innovation of technology are foundational for the rise of AI glasses, which are expected to provide enhanced virtual visual effects and personalized services through integrated AI algorithms [5][6]. - The competition in the AI glasses market is intensifying, with a diverse range of companies involved in the development and promotion of products, leading to the formation of a comprehensive industry ecosystem [6][7]. Summary by Sections Market Performance - The electronic sector has shown a performance of -3.6% over the last month, 45.2% over the last three months, and 20.5% over the last year, compared to the Shanghai Composite Index's performance of -3.2%, 23.0%, and 16.9% respectively [2]. AI Glasses Development - Major companies like Meta and Baidu are launching innovative AI glasses, with Meta introducing a new version of its smart glasses and Baidu releasing the first native AI glasses with a Chinese language model [4]. - The report highlights advancements in optical technology, such as waveguide technology, which enhances clarity and usability in AI glasses [5][6]. Industry Ecosystem - The AI glasses industry encompasses various segments, including optics, display, chips, and sensors, with several listed companies actively participating in the supply chain [6][7]. - Companies to watch in the AI glasses supply chain include 博士眼镜 (Doctor Glasses), 亿道信息 (Yidao Information), 国光电器 (Guoguang Electric), and others, indicating a robust investment opportunity in this emerging market [7][8].

Investment Rating - The report assigns a "Buy" rating for the company, Tian Di Technology (600582.SH), indicating a positive outlook for investment [2][5]. Core Insights - The coal industry is experiencing growth in profitability, which is driving an increase in demand for coal machinery. The company is well-positioned to benefit from this trend due to its robust business operations and improving profitability [2][5]. - The company is actively responding to the "Belt and Road" initiative, with significant growth potential in overseas markets. In 2023, the coal machinery export industry achieved revenues of 12.56 billion, a year-on-year increase of 59% [2][5]. - The company has a strong market share in the design of new coal mines, with over 80% market coverage, and is increasing its investment in research and development, which is expected to enhance its overall profitability [2][5]. Summary by Sections Business Performance - The company is expected to generate revenues of 31.275 billion, 32.622 billion, and 34.492 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63, 0.69, and 0.75 [5][7]. - The company’s revenue growth rates are projected at 4.5%, 4.3%, and 5.7% for the years 2024, 2025, and 2026 [7]. Market Position - The company has maintained a strong position in the coal machinery market, with new orders totaling 20.5 billion in the first half of 2024, indicating stability in demand [2][5]. - The company has established a successful partnership with Huawei in 5G technology, enhancing its innovation capabilities in the coal mining sector [2][5]. Financial Projections - The report forecasts a net profit of 2.610 billion, 2.836 billion, and 3.122 billion for the years 2024, 2025, and 2026, with growth rates of 10.7%, 8.7%, and 10.1% respectively [7][9]. - The company’s return on equity (ROE) is projected to be 8.3%, 8.2%, and 8.3% for the years 2024, 2025, and 2026 [7][9].

Investment Rating - Buy (首次) [2] Core Views - The company's main business is stable, and profitability is improving [2] - The coal industry's efficiency growth is driving the demand for coal machinery [2] - The company is actively responding to the "Belt and Road" initiative, with broad growth prospects in overseas markets [2] - The company has significant market advantages in new coal mine design, with a market share of over 80% [2] - The company's R&D expenses and R&D expense ratio have been increasing year by year, with R&D expense ratios of 6.31%, 6.43%, and 6.93% in 2021, 2022, and 2023 respectively [2] - The company has a good cooperative relationship with Huawei in 5G, data centers, and data communication products [2] Financial Forecasts - Revenue for 2024-2026 is predicted to be 31.275 billion, 32.622 billion, and 34.492 billion yuan respectively [5] - EPS for 2024-2026 is predicted to be 0.63, 0.69, and 0.75 yuan respectively [5] - The current stock price corresponds to PE ratios of 9.8, 9.0, and 8.2 times for 2024-2026 [5] - Net profit attributable to the parent company for 2024-2026 is predicted to be 2.61 billion, 2.836 billion, and 3.122 billion yuan respectively [7] - The growth rate of net profit attributable to the parent company for 2024-2026 is predicted to be 10.7%, 8.7%, and 10.1% respectively [7] Industry Analysis - The coal industry is in a stable development cycle, and coal continues to play a role as a "stabilizer" and "ballast stone" in ensuring the stable supply of energy security in China [2] - The structural reform of the coal supply side has achieved significant results, and the industrial structure has been continuously optimized, which will have a positive impact on investment in coal infrastructure and coal machinery manufacturing [2] - The demand for coal machinery equipment will remain high, and the company's performance is expected to improve with the continuous release of intelligent coal mine demand [2] - The coal machinery industry's export business is growing rapidly, with the industry's export revenue reaching 12.56 billion yuan in 2023, a year-on-year increase of 59% [2] Company Performance - The company's new orders in the first half of 2024 were 20.5 billion yuan, with coal machinery equipment orders basically flat compared to the previous year [2] - The company's R&D expenses increased by 25.67%, 18.44%, and 17.59% year-on-year in 2021, 2022, and 2023 respectively [2] - The company's largest 5G private network project has been successfully implemented at the Guoneng Shendong Shangwan Coal Mine [2] - The company's international sales contracts in the first three quarters reached a new high, and the company will continue to seize the favorable opportunity of the "Belt and Road" policy to vigorously expand overseas business [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned as a leader in HJT (Heterojunction Technology) equipment, benefiting from the accelerated industrialization of HJT technology. The global market share of the company's HJT equipment is as high as 70%, with plans to upgrade production capacity to GW-level by 2024 [1]. - The company has successfully delivered equipment to leading industry clients and has achieved the first battery offline production. The mainstream power of HJT components has increased to 720W, with some reaching 744.3W [1]. - The report highlights a significant reduction in cost differences between HJT cells and mainstream technologies, with the cost gap narrowing to 0.04-0.05 yuan/W. Demand for HJT products has surged, with 10.33GW of products tendered this year, indicating a growing acceptance in the market [1]. Summary by Sections Basic Data - Current stock price: 117.42 yuan - Total market value: 32.8 billion yuan - Total shares: 279 million - Circulating shares: 193 million - 52-week price range: 69.15-145.96 yuan, with an average daily trading volume of 361.1 million yuan [1]. Financial Forecast - The company is projected to achieve revenues of 111.47 billion yuan, 142.38 billion yuan, and 169.76 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 3.88 yuan, 5.77 yuan, and 6.83 yuan. The current stock price corresponds to a PE ratio of 30.2, 20.3, and 17.2 for the respective years [4][7]. Market Performance - The report notes that the company is expected to benefit from the accelerated industrialization of HJT technology, with a focus on expanding into panel and semiconductor equipment sectors, including OLED flexible screen laser cutting equipment and semiconductor wafer packaging equipment [1].

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu (600809.SH) [1] Core Views - The company is entering the second phase of its revitalization program, focusing on comprehensive development and management upgrades, with the first phase successfully completed [1] - The company aims to establish itself as a globally influential liquor brand, with strategic initiatives centered around fairness, scientific management, and enhancing brand value [1][3] - The company plans to enhance its product matrix and has launched the Qinghua 26 revitalization version, priced at 718 RMB per bottle, to meet consumer demand [1] Summary by Sections Company Overview - As of December 3, 2024, the current stock price is 200.16 RMB, with a total market capitalization of 244.2 billion RMB and a total share capital of 1.22 billion shares [1] - The company has completed its 2023 annual revenue targets for its key product lines, including Qinghua, Laobai Fen, and Glass Fen [1] Financial Performance - The company forecasts a revenue of 36.77 billion RMB for 2024, with a growth rate of 15.2% [5] - The projected net profit for 2024 is 12.26 billion RMB, reflecting a growth rate of 17.4% [5] - The expected EPS for 2024 is 10.05 RMB, with corresponding PE ratios of 20, 18, and 16 for 2024, 2025, and 2026 respectively [3][5] Strategic Focus - The company is focusing on three main areas: national expansion, targeting younger consumers, and internationalization [1] - The nationalization strategy aims to achieve a revenue ratio of 4:6 between Shanxi and other provinces by 2025 [1] - The company plans to evolve its marketing strategy to attract younger consumers, with over 50% of Glass Fen's consumption coming from those born in the 1980s and 1990s [1] Product Development - The company is set to break through the 10 billion RMB target for several product lines, including the Glass Fen series and the Laobai Fen series [1] - The product structure is being adjusted to maintain stable growth across all price segments [3]