Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The development of commercial health insurance is creating a new payment system that expands the value ceiling for innovative drugs [2] - Active implementation of medical insurance negotiations is injecting new growth into the pharmaceutical industry [4] - Innovative achievements are gradually emerging, with numerous opportunities for overseas expansion [6] - The demand for respiratory diagnostics is increasing due to rising flu positivity rates [8] - The acceleration of retail pharmacy clearance is benefiting leading companies and increasing market concentration [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.17 percentage points in the past week, with a weekly increase of 1.62% [30] - Over the past month, the pharmaceutical industry outperformed the CSI 300 index by 2.32 percentage points, with a monthly increase of 1.05% [33] - The medical services sub-sector had the highest weekly increase of 4.64% [36] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index increased by 1.05% over the last month, outperforming the CSI 300 index by 2.32 percentage points [49] - The current PE (TTM) for the pharmaceutical industry index is 33.07, which is below the historical average of 33.41 [58] 3. Recent Research Achievements - The report highlights various recent research achievements, including the steady growth of blood products and the acceleration of the import substitution process in inhalation preparations [61] 4. Important Industry Policies and News - The 2024 National Medical Insurance Drug List was officially released, aiming to improve medication security for insured individuals [65] - Recent news includes the acceptance of several drug applications by the National Medical Products Administration, indicating ongoing innovation in the industry [67][69]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a comprehensive service provider in smart agriculture, with steady revenue growth. It aims to leverage IoT, AI, and big data technologies to enhance agricultural practices [1][4]. - The smart agriculture sector is expected to experience rapid growth driven by government policies, with a projected market size increase from 754 billion yuan in 2022 to 1214 billion yuan by 2027, reflecting a CAGR of 10% [1][4]. - The company has a competitive edge due to its extensive product line, strong R&D capabilities, and established industry resources, which include partnerships with government and research institutions [1][4]. Summary by Sections Company Overview - Established in 2008, the company focuses on becoming a leading global provider of smart agriculture services, integrating advanced technologies into agricultural practices [1]. - The company’s revenue grew from 228 million yuan in 2019 to 459 million yuan in 2023, with a CAGR of 19.16% [1]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 336 million yuan (up 10.99% year-on-year) and a net profit of 76.6 million yuan (up 14.84% year-on-year) [1]. - The company forecasts net profits of 132 million yuan, 165 million yuan, and 205 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.55 yuan, 1.94 yuan, and 2.40 yuan [5][7]. Market Potential - The report highlights that smart agriculture has become a global trend, with China lagging behind developed countries in terms of mechanization and intelligence in agricultural operations [1]. - The Ministry of Agriculture and Rural Affairs has set ambitious goals for agricultural informationization, aiming for a 30% informationization rate by 2026 [1]. Competitive Advantages - The company possesses a rich product line with over a hundred self-developed smart hardware and software products, covering the entire lifecycle of crops from breeding to harvesting [4]. - It has established itself as a pioneer in the smart agriculture sector, recognized by various governmental and academic institutions, and is involved in multiple key national research projects [4].

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]