Investment Rating - The report provides a "Buy" rating for all recommended stocks across various sectors [8][13][14][15][16][20][21][22]. Core Insights - The report highlights key investment opportunities in multiple sectors, including home appliances, light industry, pharmaceuticals, food, commerce, agriculture, and textiles, with specific companies recommended for investment [8][13][14][15][16][20][21][22]. Summary by Sector Home Appliances - Yadea Holdings is recommended due to its improving operations, strong competitive position in the domestic market, and potential for growth in overseas markets. The company is expected to benefit from new policies and market consolidation, with a low current valuation [13]. Light Industry - Sun Paper is favored as it benefits from a tightening supply due to competitors' production cuts. The company is expected to enhance its market share and profitability through effective management and resource advantages, with projected EPS of 1.18 and 1.34 for 2024 and 2025 respectively [14]. Pharmaceuticals - Kelun-Biotech is highlighted for its innovative product pipeline, particularly the approval of SKB-264 for treating specific cancers. The company is anticipated to enter a commercial growth phase in 2025, maintaining a "Buy" rating [15]. Food - Yihai International is recommended due to the expected recovery in the restaurant sector and the stable competitive landscape in the compound seasoning market. The company is projected to improve its fundamentals with EPS estimates of 0.82 and 0.94 for 2024 and 2025 respectively [16]. Commerce - Runben Co. is noted for its strategic focus on high-quality products and online channels, which positions it well in the market. The company is expected to see EPS growth to 0.79 and 1.00 in 2024 and 2025 respectively [20]. Agriculture - Haida Group is expected to benefit from growth in various feed segments and stable overseas business. The company is projected to achieve EPS of 2.65 and 2.89 for 2024 and 2025 respectively [21]. Textiles - Biyin Lefen is recognized for its strong performance in the high-end sports fashion segment and its recent acquisitions of international brands. The company is projected to have EPS of 1.60 and 1.82 for 2024 and 2025 respectively [22].

证券研究报告 行业研究|行业点评研究|医药生物 新版医保目录发布，看好创新药发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月29日 证券研究报告 |报告要点 报告要点：11 月 28 日国家医保局印发 2024 年版国家医保药品目录，本次调整中共 91 个药品 新增进入国家医保药品目录。我们继续看好内需对国内企业的创新药拉动。产品价格降幅与 2023 年持平，目录外多家企业产品受益，目录内药品价格降幅温和，继续看好创新药行业。 |分析师及联系人 夏禹 郑薇 SAC：S0590518070004 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 8 行业研究|行业点评研究 glzqdatemark2 2024年11月29日 医药生物 新版医保目录发布，看好创新药发展 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -40% -17% 7% 30% 2023/11 2024/3 2024/7 2024/11 医药生物 沪深300 相关报告 1、《医药生物：PD-(L)1 双靶点药物再掀免 疫治疗热潮(一)》2024.11.15 2、《医药 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - As of the end of October, the national breeding sow inventory was 40.73 million heads, a month-on-month increase of 0.3% but a year-on-year decrease of 3.2%. The growth rate compared to the previous month narrowed by 0.3 percentage points. The inventory of pigs over five months old decreased by 3.2% year-on-year, indicating a potential reduction in the market supply of pigs in the next 2-3 months. With the weather getting colder, pork consumption is expected to enter the traditional peak season, driven by winter curing and holiday consumption, leading to a significant increase in demand and a potential rebound in pig prices, ensuring profitability in pig farming [2][11][21]. Summary by Sections 1. Changes in Breeding Sow Inventory in October - The breeding sow inventory increased by 0.3% month-on-month, reaching 40.73 million heads, which is 104.4% of the normal holding capacity of 39 million heads. The inventory of pigs over five months old decreased by 3.2% year-on-year, suggesting a decrease in market supply in the coming months [21][11]. 2. Future Pig Price Trends and Capacity Changes 2.1 Expected Profitability in Q4 - Pig prices are expected to maintain profitability in Q4 due to a supply shortage caused by winter epidemic losses. The average price of live pigs remains above cost levels, and traditional peak consumption periods in November and December are anticipated to support prices [42]. 2.2 Continued Increase in Breeding Sow Inventory - The breeding sow inventory is expected to show stable slight increases, driven by seasonal demand and stable disease conditions. Unless severe disease outbreaks occur, the impact on production capacity is expected to weaken [45]. 3. Investment Recommendations - Focus on investment opportunities with high realization rates and low valuations. The "confidence index" in pig farming may have reached a turning point, with expectations of rising pig prices and improving farming results. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and Lihua Stock, along with post-cycle animal health and feed sectors like Haida Group [46].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company has officially launched its force sensor business, which is expected to meet the growing demand in the robotics industry. The market for humanoid robot force sensors is projected to reach approximately 32.8 billion yuan by 2030, indicating significant growth potential for the company [2][11]. - The company plans to increase its investment in its subsidiary WAG by 55 million euros to enhance operational efficiency and profitability. Additionally, the company is making progress in various emerging businesses, including steer-by-wire systems and flying cars, which are expected to contribute to revenue growth [11]. Summary by Sections Company Overview - The company operates in the automotive and auto parts industry, with a current stock price of 9.74 yuan and a market capitalization of approximately 8.93 billion yuan [7]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 19.168 billion yuan, 20.739 billion yuan, and 22.351 billion yuan, respectively, with year-on-year growth rates of 2.5%, 8.2%, and 7.8% [11]. - The expected net profit attributable to the parent company for the same years is 678 million yuan, 843 million yuan, and 989 million yuan, reflecting growth rates of 7.3%, 24.3%, and 17.3% [11]. - Earnings per share (EPS) are projected to be 0.72 yuan, 0.90 yuan, and 1.05 yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 16.1% [11]. Business Developments - The company has initiated the process to include sensor-related business activities in its articles of association, which is pending approval at the upcoming shareholders' meeting [11]. - The company is actively involved in the development of new technologies, including aluminum components for flying cars and heat-formed products for various automotive models, which have already generated revenue of 43 million yuan from January to September [11].

Investment Rating - The report maintains an "Outperform" rating for the home furnishing sector [7]. Core Insights - The home furnishing sector experienced a maximum increase of 33.74% from September to October 2024, driven by a combination of national policies aimed at stabilizing the real estate market and local initiatives promoting home upgrades [2][19]. - Historical analysis shows that home furnishing stocks have undergone nine rounds of over 30% price increases in the past 20 years, indicating strong price elasticity in the sector during real estate upturns [2][25]. - The current policy environment is more sustainable compared to previous cycles, with expectations for continued support for home upgrades and stabilization in the real estate market, potentially leading to improved market conditions by 2025 [2][11]. Summary by Sections 1. Stock Price Review and Home Furnishing Trends - The home furnishing sector's valuation has seen recovery, with a recent increase of 26.71% as of November 23, 2024, although it remains at a low PE percentile of 27% over the past five years [19][20]. - The sector's performance is closely tied to real estate market dynamics, with significant historical price movements linked to policy changes and economic conditions [19][21]. 2. Comparative Analysis of Current and Past Market Conditions - The macroeconomic environment in late 2022 and late 2024 shows similarities, with both periods experiencing weak real estate data and significant policy interventions aimed at stabilizing the market [10][11]. - The current home upgrade policies are expected to have a stronger sustainability compared to previous interventions, with local governments actively participating in subsidy programs [11][12]. 3. Future Outlook for the Home Furnishing Sector - The report identifies two main investment themes: the sustainability of home upgrade policies and the recovery of the real estate market, which are expected to drive demand for home furnishing products [12][19]. - Key segments to watch include soft furnishings, smart home products, and customized home solutions, particularly those that align well with government initiatives [12][19].

Labor Market Trends - The Federal Reserve's focus is shifting from inflation to the labor market, with potential faster rate cuts if the labor market cools too quickly[2][9] - The US labor market has experienced significant supply shocks from the COVID-19 pandemic and increased immigration, impacting labor force participation and population growth[10][98] - Unemployment rate and non-farm payrolls exhibit cyclical patterns, with the current unemployment rate at 4.1%, below the natural rate of 4.4%[11][123] Unemployment and Economic Indicators - The Sahm Rule, which historically signals recessions when triggered, was activated in July but the US economy has not yet entered a recession[12][132] - Non-farm payroll revisions turning negative typically precede recessions, but the current cycle shows no recession despite negative revisions[13][170] - The divergence between employer and household surveys has widened, with the household survey indicating a weaker labor market[13][186] Labor Supply and Demographics - The US labor force is increasingly reliant on foreign-born population growth, which has outpaced native-born population growth in recent years[109][112] - COVID-19 caused a significant decline in the working-age population, with a net loss of 280,000 in 2021 and only a 40,000 increase in 2022[102][104] - Labor force participation rates have declined, particularly among older age groups, contributing to a shrinking effective labor supply[54][67] Economic Resilience and Risks - The labor market's resilience may help the Federal Reserve achieve a "soft landing," avoiding a recession despite tightening monetary policy[2][170] - Risks include a sudden economic downturn due to high interest rates and geopolitical tensions, which could lead to rapid rate cuts[207]

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 Q3 财务数据点评：毛利率改 善，盈亏平衡有望兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月20日 证券研究报告 |报告要点 2024 年 11 月 19 日，小鹏汽车发布第三季度财务数据。小鹏汽车 2024Q3 交付 4.7 万辆，同比 增长 16.3%。对应实现总收入 101.0 亿元，同比+18.4%，环比+24.5%。我们预计公司 2024/2025/2026 年销量分别为 19/42/64 万辆，对应营业收入分别为 434.0/922.9/1382.8 亿 元，同比分别增长 41.5%/112.6%/49.8%；归母净利润分别为-65.1/7.0/34.2 亿元。优质车型 上市有望迎来销量拐点，智能驾驶迭代催化和车型上市节奏有望助力公司实现财务数据的反 转，大众合作或进一步扩大公司营收和技术能力。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年11月20日 小鹏汽 ...

Market Overview - The market is currently in a bull market adjustment phase, with short-term fluctuations expected but a positive outlook for the mid-term quarterly level[9] - Historical data indicates that during bull market adjustments, the GLDI sentiment index typically falls to around 30%, and the weekly average turnover rate drops to approximately 2.6%[9] - The average drawdown during previous bull markets is about 10%, with a current A-share securitization rate of 76%, indicating sufficient room for future growth[9][30] Sector Analysis - The report identifies "six lows and one high" sectors likely to experience a bottom reversal, focusing on industries with low valuations and low turnover rates[10] - Targeted sectors include cyclical industries such as pesticides and potassium fertilizers, manufacturing sectors like grid automation equipment and photovoltaic components, and consumer sectors including meat and dairy products[10] - The report highlights that previously lagging sectors have shown resilience during the current adjustment, suggesting potential for recovery[10] Investment Strategy - Future market performance is expected to rely on large-cap stocks to boost overall sentiment and valuation expectations, followed by a rebound in small-cap stocks[11] - December is identified as a critical window period for potential policy changes or fundamental data revisions that could influence market direction[11] Risk Factors - Key risks include significant geopolitical changes, unexpected shifts in U.S. Federal Reserve monetary policy, and domestic economic recovery falling short of expectations[11]

Investment Rating - The investment recommendation for the real estate industry is "Outperform the Market" (maintained) [7] Core Viewpoints - The report indicates that the effects of policies are becoming evident, with marginal improvements in sales observed in October 2024. The cumulative sales area of commercial housing from January to October 2024 is 77,930 million square meters, a year-on-year decrease of 15.8%, while the sales amount is 76,855 billion yuan, down 20.9% year-on-year. However, the decline in sales area and amount has narrowed compared to previous months [2][11][25][27]. Summary by Sections 1. Investment Side: Development Investment Stabilizing, Completion Area Decline Narrowing - Cumulative real estate development investment from January to October 2024 is 86,309 billion yuan, a year-on-year decrease of 10.3%, with a monthly investment of 7,629 billion yuan in October, down 12.3% year-on-year [18]. - The cumulative new construction area is 61,227 million square meters, down 22.6% year-on-year, with a monthly new construction area of 5,176 million square meters in October, down 26.7% year-on-year [18]. - The cumulative completion area is 41,995 million square meters, down 23.9% year-on-year, with a monthly completion area of 5,179 million square meters in October, down 20.1% year-on-year, but the decline has narrowed compared to September [23]. 2. Sales Side: Policy Effects Evident, Sales Rebound - The cumulative sales area of commercial housing from January to October 2024 is 77,930 million square meters, with a year-on-year decline of 15.8%, but the decline has narrowed by 1.3 percentage points compared to the previous month [25]. - The cumulative sales amount is 76,855 billion yuan, down 20.9% year-on-year, with a narrowing decline of 1.8 percentage points compared to the previous month [27]. - In October, the sales area is 7,646 million square meters, down 1.6% year-on-year, and the sales amount is 7,975 billion yuan, down 1.0% year-on-year, showing significant recovery from previous months [27]. 3. Funding Side: Continuous Improvement in Funds Received, Marginal Recovery in Sales Returns - Cumulative funds received by real estate development enterprises from January to October 2024 amount to 87,235 billion yuan, down 19.2% year-on-year, with a continuous narrowing of the decline for seven months [34]. - In October, the funds received amount to 8,337 billion yuan, down 10.8% year-on-year, with a significant narrowing of the decline compared to September [34]. - The sources of funds include deposits and prepayments, personal mortgage loans, domestic loans, and self-raised funds, with year-on-year changes of -27.7%, -32.8%, -6.4%, and -10.5%, respectively, indicating a recovery in sales returns [38]. 4. Investment Recommendations: Focus on Central State-Owned Enterprises with Improvement Product Capabilities - The report suggests focusing on central state-owned enterprises that are well-positioned in core first- and second-tier cities and specialize in improvement products, such as Greentown China, Jianfa International Group, and Binjiang Group [47]. - It also highlights the potential of real estate intermediary platforms benefiting from active second-hand housing markets, such as I Love My Home [47].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company specializes in transformers and other power transmission and distribution equipment, leading in market share in domestic renewable energy box transformers. It leverages strong channel advantages from the Mingyang Group to deeply engage in high-value scenarios such as offshore wind and solar power, possessing technological and project performance advantages. The ongoing shortage of transformers overseas presents growth opportunities as the company binds with top clients for indirect overseas expansion and actively develops direct sales channels abroad, benefiting from global renewable energy installation growth and transformer shortages [3][12][16] Summary by Sections Company Fundamentals - The company is a subsidiary of Mingyang Group, focusing on power transmission and control equipment. It is a leading supplier in the domestic market for renewable energy box transformers and has developed photovoltaic integrated products used in over 40 countries, including Southeast Asia, Europe, the Middle East, and North America [29] - The company’s main products include box-type substations, complete switchgear, and transformers, with a focus on renewable energy and new infrastructure applications. The product range is comprehensive, covering dry and oil-immersed transformers, medium and low-voltage switchgear, and various types of box-type substations [36][40] Industry Analysis - The demand for renewable energy transformers is expected to continue improving. In the first seven months of 2024, domestic land wind turbine bidding reached 68.7 GW, a year-on-year increase of 126%, while offshore wind and EPC bidding grew by 25% [62] - The photovoltaic sector is experiencing a resurgence, with domestic installations in the first nine months of 2024 reaching 160.88 GW, a 24.8% year-on-year increase. The long-term growth outlook remains positive due to declining costs and supportive policies [62][66] - The global demand for large-scale energy storage is anticipated to flourish, driven by the increasing share of variable renewable energy sources like wind and solar [68] Company Advantages - The company has a clear advantage in offshore scenarios, where transformer value is higher and technical barriers are greater. Its products meet international advanced standards in key performance indicators and have achieved domestic substitution. The company is rapidly expanding its overseas market presence, securing new orders and breakthroughs in international markets [12][19] - The company’s revenue and profit have been growing rapidly, with a CAGR of 43.8% for revenue and 40.9% for net profit from 2020 to 2023. In the first three quarters of 2024, it achieved revenue of 4.09 billion yuan, a year-on-year increase of 23.52%, and a net profit of 436 million yuan, up 37.56% [49][50] Profit Forecast, Valuation, and Investment Advice - The company is expected to generate revenues of 6.238 billion yuan, 7.923 billion yuan, and 9.125 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.06%, 27.02%, and 15.17%. The net profit attributable to shareholders is projected to be 646 million yuan, 868 million yuan, and 1.034 billion yuan for the same years, with growth rates of 29.77%, 34.43%, and 19.07% [18][19]