Macroeconomic Overview - The report maintains a positive outlook on risk asset price performance, with the asset allocation hierarchy being equities > commodities > bonds > cash[1] - The People's Bank of China is expected to continue a supportive monetary policy, with potential adjustments to the reserve requirement ratio by 0.25 to 0.5 percentage points by year-end[3] Asset Performance Review - The CSI 300 Index rose by 1.44% this week, while the CSI 300 futures increased by 1.49%[2] - Coal futures fell by 6.01%, and iron ore futures remained flat; the yield on ten-year government bonds decreased by 7 basis points to 1.95%[2] Asset Allocation Recommendations - The report suggests an overweight position in equities, focusing on the implementation of incremental policies, while bonds and cash are underweighted due to potential short-term impacts from the equity-bond relationship[4] - The manufacturing PMI index has shown an upward trend for three consecutive months, boosting confidence in economic growth for Q4 2024 and 2025[3] Risk Factors - Global inflation is declining slowly, and there is uncertainty regarding the pace of economic slowdown in Europe and the U.S.[3] - The report highlights the importance of monitoring the implementation of fiscal policies and the potential adjustments to the economic growth target for 2025[3]

策略研究 | 证券研究报告 — 总量周报 2024 年 12 月 8 日 策略周报 跨年躁动行情或启动 科技仍是目前最具合力的方向。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 震荡向上方向不改，关注重要会议落地。本周市场震荡走高，A 股表现 领跑全球风险资产。重要会议前 ...

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the decline in international oil prices and the mixed performance of chemical products, with a focus on sectors with high growth potential such as refrigerants and vitamins [1] - It suggests monitoring leading companies in the chemical sector, particularly those with low valuations and strong shareholder returns [1] - The report emphasizes the importance of high-quality development and the potential for recovery in the semiconductor industry [1] Summary by Sections Industry Dynamics - During the week of December 1-8, 2024, among 101 tracked chemical products, 34 saw price increases, 38 experienced declines, and 29 remained stable [24] - The average price of pure MDI decreased to 18,700 CNY/ton, down 1.84% from the previous week, while TDI prices increased to 12,900 CNY/ton, up 2.38% [1][24] - International oil prices fell, with WTI crude at 67.20 USD/barrel and Brent at 71.12 USD/barrel, reflecting a weekly decline of 1.18% and 2.50% respectively [1] Investment Recommendations - The report recommends focusing on leading companies in high-demand sectors such as refrigerants and vitamins, as well as undervalued industry leaders and companies in the light hydrocarbon cracking sub-sector [1][24] - It also suggests paying attention to large energy state-owned enterprises and related oil service companies amid ongoing reforms and performance improvements [1] - Long-term investment themes include the high profitability of the oil and gas extraction sector and the potential recovery in the semiconductor industry [1][24] Key Companies to Watch - Recommended companies include China National Petroleum, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, and several others in the semiconductor and chemical sectors [1][24]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The photovoltaic industry is experiencing a reduction in internal competition, with strong sales performance in new energy sectors. The U.S. Department of Commerce has disclosed preliminary anti-dumping tax rates for four Southeast Asian countries, with Malaysia having a relatively low rate. The energy consumption and water usage indicators for new capacity in silicon materials, silicon wafers, and batteries are tightening, leading to continuous optimization of the photovoltaic supply side. Price increase expectations for components are rising, benefiting leading manufacturers with high profit elasticity [1][26]. - Wind power projects are expected to progress steadily, with domestic and overseas demand remaining robust. The new energy vehicle market is projected to see significant year-on-year growth in 2024, driven by policies such as trade-in programs. Recent supply-demand dynamics have led to price increases in certain material segments, potentially boosting profitability [1][30]. - The report emphasizes the importance of focusing on leading companies in silicon materials, battery cells, and components, as well as those benefiting from high-voltage and grid construction in the power equipment sector. The hydrogen energy sector is also highlighted, with recommendations to pay attention to electrolyzer manufacturers and companies involved in hydrogen infrastructure [1][36]. Summary by Sections Industry Overview - The power equipment and new energy sector saw a 0.29% increase this week, with significant gains in power generation equipment (5.67%) and industrial automation (5.49%) [1][22]. - The report notes that the new energy vehicle market retail sales reached 1.277 million units in November, a 52% year-on-year increase [1][32]. Photovoltaic Market - Silicon material prices are under pressure, with current prices for domestic block silicon dropping to 37-39 RMB per kg. The supply side is facing challenges with high inventory levels, leading to a cautious outlook for the end of the year [1][26]. - Prices for silicon wafers and battery cells remain stable, with P-type M10 and G12 battery cell prices averaging 0.275 RMB per watt [1][26][28]. Wind Power and New Energy Vehicles - The report anticipates steady progress in domestic wind power bidding and construction, with improved profitability expected in the machinery and component sectors [1][30]. - The new energy vehicle market is projected to continue its growth trajectory into 2025, supported by favorable policies and increasing demand across the supply chain [1][30]. Company Dynamics - BYD reported a production increase of 70.80% year-on-year in November, with total sales reaching 3.7573 million units for the year, a 40.02% increase [1][38]. - TCL Zhonghuan has received clearance from CFIUS regarding its investment in Maxeon, indicating no unresolved national security issues [1][38].

Investment Rating - The report rates the photovoltaic industry as "Outperforming the Market" [1][7]. Core Insights - The photovoltaic industry has reached a consensus on strengthening self-discipline to prevent "involution" and unhealthy competition, as discussed in a meeting held by the China Photovoltaic Industry Association (CPIA) [1]. - The CPIA has released a cost analysis of the main products in the photovoltaic supply chain, indicating a rise in component prices, which is expected to help establish a bottom in the industry [1]. - The number of participating companies in the recent meetings has increased, further strengthening the consensus against "involution" [1]. - The report suggests that the industry's bottom is gradually being established, with production restrictions and price increases across various segments of the photovoltaic supply chain [1]. Summary by Sections Industry Consensus - The photovoltaic industry has reached a consensus on preventing "involution" and promoting healthy competition, with discussions emphasizing the need for self-discipline and market mechanisms to eliminate inefficient capacities [1]. Cost Analysis - The CPIA reported that the component cost remained stable at 0.603 yuan/W in November, while the minimum component price increased to 0.69 yuan/W, reflecting a commitment to reducing unhealthy competition and potentially improving profitability [1]. Market Dynamics - The report indicates that production restrictions are being implemented, with expectations of reduced silicon material output and price increases for photovoltaic cells and components, suggesting a potential phase of price hikes in the industry [1]. Investment Recommendations - The report recommends specific companies for investment, including Junda Co., JA Solar Technology, JinkoSolar, LONGi Green Energy, and Trina Solar, while suggesting to pay attention to Tongwei Co., GCL-Poly Energy, Daqo New Energy, and Shuangliang Eco-Energy [1].

市场指数 指数名称 收盘价 涨跌% 上证综指 3368.86 0.12 深证成指 10634.49 0.29 沪深 300 3921.59 (0.23) 中小 100 6474.51 (0.00) 创业板指 2221.46 0.36 行业表现（申万一级） 指数名称 涨跌% 指数名称 涨跌% 传媒 4.30 石油石化 (0.90) 社会服务 2.48 综合 (0.58) 计算机 2.03 食品饮料 (0.57) 国防军工 1.39 有色金属 (0.54) 机械设备 1.37 农林牧渔 (0.25) 资料来源：万得，中银证券 中银晨会聚焦-20241206 证券研究报告——晨会聚焦 2024 年 12 月 6 日 ■重点关注 【电子】安集科技*余嫄嫄。公司发布 2024 年三季报，24 年前三季度实现营 收 13.12 亿元，同比增长 46.10%；实现归母净利润 3.93 亿元，同比提升 24.46%。其中 24Q3 实现营收 5.15 亿元，同比增长 59.29%，环比增长 22.95%； 实现归母净利润 1.59 亿元，同比增长 97.20%，环比增长 23.00%。 中银国际证券股份有限公司 具备证券投资 ...

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" for 2025 [1]. Core Insights - The pharmaceutical and biotechnology sector is expected to face pressure in 2024 but shows promise for recovery in 2025, with many products entering a price stabilization phase after years of centralized procurement [1][2]. - The demand for CXO and research services is anticipated to gradually recover alongside the procurement of medical equipment, driven by a rebound in funding conditions [2]. - Innovation remains a key focus, with increased R&D investments from leading companies aiming to explore new growth avenues [2]. Summary by Sections 1. Industry Performance and Outlook - The pharmaceutical sector experienced a decline of 11.46% in the first half of 2024, underperforming the CSI 300 index by 23.38 percentage points [1][22]. - As of November 26, 2024, the overall valuation of the pharmaceutical and biotechnology sector stands at 26.93x, which is still relatively low compared to 2021 levels [1][27]. 2. Key Strategies for 2025 - **Stable Growth in Essential Sectors**: The report highlights that essential sectors post-centralized procurement still possess robust growth potential, with a focus on medical devices and pharmaceuticals [2][3]. - **Investment and Fiscal Policy Changes**: The report suggests that improvements in investment conditions and fiscal policies will likely lead to a recovery in the CXO and medical equipment sectors [2][3]. - **Focus on Innovation**: The report emphasizes the importance of innovation, with companies increasing R&D investments and exploring new technologies [2][3]. 3. Subsector Analysis - **Medical Devices**: The impact of centralized procurement is gradually diminishing, and the sector is expected to return to stable growth [3]. - **CXO Services**: The recovery of domestic CROs is a focal point, with potential for growth as investment conditions improve [3]. - **Innovative Pharmaceuticals**: Continued policy support for innovation and the potential for international expansion are highlighted as key growth drivers [3]. - **Traditional Chinese Medicine**: The report suggests monitoring future policy support for this sector [3]. - **Active Pharmaceutical Ingredients**: The report notes that risks are clearing, and new product growth is expected [3]. - **Healthcare Services**: There remains long-term growth potential in this area [3]. - **Retail Pharmacies**: The sector is currently influenced by pricing policies, emphasizing the importance of channel capabilities [3].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown rapid growth in Q3 2024, with continuous expansion of new products. The orderly advancement of the company's platform layout is viewed positively, maintaining the "Buy" rating [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.312 billion RMB, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million RMB, up 24.46% year-on-year. In Q3 2024, revenue reached 515 million RMB, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95%. The net profit for Q3 was 159 million RMB, with a year-on-year growth of 97.20% and a quarter-on-quarter increase of 23.00% [4][5] Product Development and Market Expansion - The growth in demand for polishing liquids is driven by the recovery of wafer fab utilization rates. The company has successfully launched multiple polishing liquids, including those for advanced processes, and has achieved mass production of several products using domestic grinding particles. New products have entered the growth phase, and the company has made significant technological breakthroughs in its polishing liquid products [4][5] Profitability Metrics - The gross margin for the first three quarters of 2024 was 58.56%, an increase of 2.52 percentage points year-on-year. The net profit margin was 29.92%, a decrease of 5.20 percentage points year-on-year. In Q3 2024, the gross margin was 59.86%, up 2.12 percentage points year-on-year and 2.81 percentage points quarter-on-quarter. The net profit margin for Q3 was 30.79%, an increase of 5.92 percentage points year-on-year [4][5] Earnings Forecast - The company has raised its profit forecast, expecting net profits attributable to the parent company to be 544 million RMB, 708 million RMB, and 867 million RMB for 2024, 2025, and 2026 respectively. The corresponding earnings per share are projected to be 4.21 RMB, 5.48 RMB, and 6.71 RMB, with price-to-earnings ratios of 36.3, 27.9, and 22.8 times [4][5]

Core Insights - The report highlights the steady growth of the company in the first three quarters of 2024, with revenue reaching 1.892 billion yuan, a year-on-year increase of 19.99%, and a net profit of 596 million yuan, up 15.10% year-on-year [4][6][7] - The company's revenue for Q3 2024 was 597 million yuan, reflecting a year-on-year growth of 4.92% but a quarter-on-quarter decline of 10.00% [4][6][7] - The report emphasizes the increasing contribution of adsorption separation materials to the company's revenue, which accounted for 77.19% of total revenue in the first three quarters of 2024 [7][8] Financial Performance - The gross margin for the first three quarters of 2024 was 48.65%, showing a slight increase of 0.20 percentage points year-on-year, while the net margin was 31.84%, down 1.21 percentage points year-on-year [7] - In Q3 2024, the gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter, while the net margin was 32.26%, up 1.93 percentage points year-on-year but down 3.69 percentage points quarter-on-quarter [7] Business Segments - The company has seen a significant increase in high-margin products, particularly in the life sciences and metals sectors, which have driven the growth of the adsorption separation materials segment [7] - The life sciences segment is progressing steadily, with collaborations established with several well-known domestic pharmaceutical companies [7] - The water treatment segment has also shown growth, with successful testing of electronic-grade resin for chip manufacturing and increasing market share in the panel business [7][8] International Expansion - The company has completed over 15 lithium extraction projects from salt lakes, with nearly 100,000 tons of lithium carbonate/hydroxide capacity, six of which are already in operation [8] - In the first three quarters of 2024, overseas business revenue reached 490 million yuan, marking a year-on-year increase of 48% [8] - The report indicates that internationalization is a key competitive advantage for the company, supported by innovative product positioning and reliable supply cycles [8]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 54.20 and a sector rating of "Outperform" [1]. Core Views - The report highlights that the company has shown steady growth in its performance for the first three quarters of 2024, although there was a quarter-on-quarter decline in Q3 2024. The report remains optimistic about the continuous development of the company's adsorption materials business, maintaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.892 billion, representing a year-on-year growth of 19.99%. The net profit attributable to the parent company was RMB 596 million, up 15.10% year-on-year. In Q3 2024, the revenue was RMB 597 million, a year-on-year increase of 4.92%, but a quarter-on-quarter decline of 10.00%. The net profit for Q3 2024 was RMB 192 million, reflecting a year-on-year growth of 11.71% and a quarter-on-quarter decline of 18.13% [4][5]. Business Segment Performance - The revenue from adsorption separation materials accounted for 77.19% of total revenue in the first three quarters of 2024, amounting to RMB 1.460 billion. The system device revenue was RMB 366 million, making up 19.36% of total revenue. The report indicates a continuous increase in the proportion of revenue from adsorption separation materials, showcasing strong customer loyalty and business resilience [4][5]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 48.65%, an increase of 0.20 percentage points year-on-year. The net margin was 31.84%, down 1.21 percentage points year-on-year. The report notes that the Q3 2024 gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [4][5]. Future Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits attributable to the parent company of RMB 836 million, RMB 1.019 billion, and RMB 1.249 billion for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are expected to be 32.9, 27.0, and 22.0 times [4][7].