Investment Rating - The report maintains an investment rating of "Outperform the Market" for the home appliance industry [7][15]. Core Insights - In October, domestic air conditioner sales surged significantly, exceeding expectations, as the new cooling season enters a peak period for deliveries. The end of inventory destocking has led to improved sales momentum, with a potential for replenishment elasticity. The industry average price trend has been upward since September, supported by favorable policies, although a significant change in market structure is unlikely in the short term. The leading brands have shown strong operational momentum, with excellent Q3 financial reports and continued breakthroughs in overseas original brand manufacturing (OBM) [2][15]. Summary by Sections Production and Sales Data - In October 2024, the production of home air conditioners reached 14.06 million units, a year-on-year increase of 48.03%, while sales totaled 12.87 million units, up 37.91%. Domestic sales accounted for 6.29 million units, increasing by 24.13%, and exports reached 6.58 million units, up 54.29%. The ending inventory was 16.04 million units, down 4.98% year-on-year [11][17]. Domestic Market Performance - The "trade-in for new" policy has significantly boosted domestic air conditioner sales in October, with a month-on-month increase that is the second highest for the same period. The sales growth rate for domestic air conditioners hit a low in September 2023, but improved significantly in October. The leading brands experienced double-digit growth, with overall retail volume increasing by 29% year-on-year [12][15]. Brand Performance - In October, Midea's domestic sales increased by 40%, while Gree's sales decreased by 10%. Haier and Hisense saw increases of 50% and 51.56%, respectively. Notably, Changhong's sales surged by 189.29%, with domestic sales up 292.31%. The online retail prices for major brands have shown a moderate decline, indicating a stable pricing strategy among leading brands [13][14][15]. Export Market Trends - The export volume of home air conditioners in October rose by 54.3%, marking a new high. The growth rate compared to the same period in 2021 and 2019 was approximately 20%. The leading brands, including Midea and Gree, reported significant increases in export volumes, with Midea's exports up 46% and Gree's up 23% [14][15]. Future Outlook - The report anticipates continued strong performance in the air conditioning sector, with domestic sales expected to grow by 5% year-on-year in November and December 2023. The favorable policy environment and the end of inventory destocking are expected to sustain the positive sales momentum into the fourth quarter [12][15].

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The report highlights that Shanghai has implemented tax incentives to stimulate demand for improved housing, with significant changes in housing tax regulations aimed at enhancing market confidence and stabilizing the real estate sector [11][12]. Summary by Sections Tax Policy Changes - On November 18, Shanghai's four departments announced the cancellation of ordinary and non-ordinary housing standards, which includes: 1. Decreasing the contract tax rate for second homes below 140 square meters from 3% to 1% and for those above 140 square meters from 3% to 2% [11]. 2. Exempting value-added tax for individuals selling non-ordinary residential properties purchased for over two years [11]. 3. Unifying the personal income tax rate for all housing types to 1% of transfer income [11]. Market Impact - Following the tax policy changes, the report anticipates a sustained increase in market activity, with new housing transaction volumes in Shanghai showing a year-on-year increase of 12.9% in October 2024 and 12.5% in early November [11][12]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities in first-tier and core second-tier cities, such as Greentown China, Jianfa International Group, and Binjiang Group [12]. - It also recommends monitoring real estate brokerage platforms like I Love My Home, which are expected to benefit from the increased market activity [12].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the home appliance industry [2][6]. Core Insights - The home appliance sector has shown strong performance during the recent "Double 11" shopping festival, with traditional categories experiencing both volume and price increases, while new categories are poised for growth opportunities. The "trade-in" policy has led to a significant acceleration in domestic sales growth, with expectations for the expansion of subsidy categories and scales, indicating a potential release of demand for industry upgrades [2][6]. Summary by Sections Sales Performance - During the "Double 11" period from October 14 to November 11, 2024, the sales revenue for home appliances reached 193 billion yuan, accounting for 16.3% of total sales across all categories, ranking first [2][6]. - The home appliance sector's retail sales growth was remarkable, with a year-on-year increase of 45% in early November, and the number of consumers participating in the "trade-in" program exceeding 20 million [2][6]. Price and Structure - The average price of major home appliance categories increased significantly during the "Double 11" event, with the average price of eight major appliance categories reaching 4,538 yuan, well above the average retail price of 3,053 yuan from January to August [2][6]. Brand Performance - Major brands like Midea and Haier reported robust growth, with Midea's retail sales increasing by over 30% and generating over 10 billion yuan in revenue during the event. Haier maintained the highest market share in online sales for refrigerators and water heaters [2][6]. - Emerging brands in the small appliance sector, such as Chase and Roborock, also demonstrated impressive sales growth, with Chase achieving a GMV of over 3.2 billion yuan during the "Double 11" period [2][6]. Future Outlook - The report suggests that the home appliance industry is entering a phase of accelerated growth driven by the "trade-in" policy, with expectations for further expansion of subsidy programs. The report continues to recommend leading brands in the white goods sector, such as Midea, Gree, and Haier, as well as emerging players in the small appliance market [2][6].

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the communication industry, specifically focusing on the AI-driven demand for all-optical switches [7] Core Viewpoints - The transition from OEO (Optical-Electrical-Optical) to OOO (Optical-Optical-Optical) all-optical switches is driven by AI training demands, aiming to build flexible and cost-effective data center networks to meet growing traffic needs [2][18] - Companies like NVIDIA and Google are actively investing in all-optical switching technologies, with Google deploying OCS (Optical Circuit Switch) in its data center networks [23][31] - OXC (Optical Cross Connect) technology is expected to accelerate the adoption of all-optical switches, offering higher integration and efficiency compared to traditional ROADM systems [40][43] - Huawei, Accelink, and Coherent are leading the development of OXC-based all-optical switches, with commercial deployment expected by 2025 [49][52] Key Companies and Technologies - **NVIDIA**: NVIDIA's VP Simona Jankowski joined Lightmatter, a startup focusing on photonic interconnects, which raised $400 million in a recent funding round [23] - **Google**: Google has been a pioneer in deploying OCS switches in its data center networks, reducing the need for OEO conversions and improving efficiency [31][34] - **Huawei**: Huawei introduced the OptiXtrans DC808, a 256x256 non-blocking all-optical switch, expected to be commercially available by 2025 [49] - **Accelink**: Accelink launched its MEMS-based OCS product, supporting up to 400x400 ports, with features like rapid switching and integrated diagnostics [49] - **Coherent**: Coherent showcased a 300x300 port optical switch based on DLX technology, optimized for AI data centers, with mass production expected in 2025 [52] Investment Recommendations - Focus on domestic OXC switch industry opportunities, particularly companies like Accelink, FiberHome, and DecaWave, which have already released OXC products [61][62] - Pay attention to domestic AWG suppliers like SICC Photonics, which are crucial for reducing optical paths in all-optical switch scenarios [62] - Monitor FAU (Fiber Array Unit) manufacturers like Tianfu Communication, which play a key role in all-optical switch applications [63]

Industry Overview - 0BB (No Busbar) is an upgrade of SMBB (Super-Multiple Busbar) technology, and stacked grid can be considered as an even more advanced version of 0BB [2][6] - Stacked grid technology replaces "sub-grid + main grid" with "seed layer + conductive wire," reducing silver paste usage by 75% and potentially eliminating silver entirely in the future [2][6] - The triangular conductive wire in stacked grid technology has ultra-high surface reflectivity, achieving a shading rate of less than 1%, which increases module power compared to TOPCon SMBB [2][6] Technological Advantages - Stacked grid technology reduces costs by eliminating the need for horizontal current conduction, allowing for the use of cheaper copper instead of silver [18][22] - The triangular conductive wire's high reflectivity reduces shading loss to less than 1%, significantly improving module efficiency [23][26] - Compared to TOPCon SMBB, stacked grid technology can increase module power by 25-30W [26] Challenges and Progress - The alignment of conductive wires with the seed layer is a major challenge, affecting the yield rate of stacked grid technology [35][36] - Stacked grid technology is still in the yield improvement phase, while 0BB has already achieved mature mass production [6][61] - In 2024, Tongwei, Jingsheng, and Shichuang formed a strategic partnership to promote the development and mass production of stacked grid technology [63] Cost Analysis - In the small-scale production phase, stacked grid technology saves approximately 6 cents/W compared to SMBB and 3.8 cents/W compared to 0BB [6] - In the large-scale production phase, stacked grid technology saves approximately 12 cents/W compared to SMBB and 8.7 cents/W compared to 0BB [6] - The cost advantage of stacked grid technology is more significant than that of 0BB, but yield improvement remains a key factor [61] Investment Recommendations - The industry investment rating is "Outperform" [6] - Key companies to watch include Shichuang Energy and Jingsheng Mechanical & Electrical, which are leading the development of stacked grid technology [6][72] - Shichuang Energy has developed a unique triangular conductive wire and holds patents for stacked grid technology, while Jingsheng Mechanical & Electrical is responsible for developing the equipment for mass production [72]

证券研究报告 行业研究|行业周报|电子 复苏依旧，芯片代工行业要重视 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月17日 证券研究报告 |报告要点 中芯国际第三季度实现营业总收入 156.09 亿元，环比+14%，实现连续 6 个季度成长，整体产 能利用率提升至 90.4%。华虹公司第三季度实现营业总收入 37.7 亿元，环比二季度增长 9.76%， 产能利用率达到全方位满产。伴随着国内外经济复苏，半导体下游需求逐渐向好发展。半导体 经济周期已于 2023 年 Q1 见底，于 2024 年迎来反弹。伴随着国内半导体市场蓬勃发展以及国 外对我国半导体产业链的制裁，国内芯片设计公司对大陆晶圆代工行业的需求或呈现快速增 长趋势。建议关注芯片代工行业相关龙头公司。 |分析师及联系人 郇正林 刘欢宇 SAC：S0590524110001 请务必阅读报告末页的重要声明 1 / 10 行业研究|行业周报 glzqdatemark2 2024年11月17日 电子 11 月周报（11.01—11.05） 复苏依旧，芯片代工行业要重视 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 ...

证券研究报告 北交所投资策略|专题报告 北证 50 年内第四次调整，本轮冲击相 对有限 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月16日 证券研究报告 |报告要点 2024 年 12 月，北证 50 将迎来年内第四轮调整，我们预测颖泰生物、青矩技术、戈碧迦、利 尔达和则成电子有望被调入，惠丰钻石、数字人、邦德股份、梓橦宫和利通科技有被调出风 险。当前北交所处于交投活跃高峰期，指数成分股调整带来的资金冲击在个股层面影响较以 往变小；在指数层面，由于北证 50 和北证 A 股偏离度扩大，调整生效短期内可能对指数有负 影响。通过复盘历次调整，个股的资金可预见流动较为明确，建议关注有望调入指数的优质个 股。 |分析师及联系人 刘建伟 SAC：S0590524050005 请务必阅读报告末页的重要声明 1 / 19 北交所投资策略|专题报告 glzqdatemark2 2024年11月16日 国联北证|专题十一 北证 50 年内第四次调整，本轮冲击相对有限 市场表现 -30% 3% 37% 70% 2023/112024/2 2024/5 2024/82024/11 北证50 相关报告 ...

证券研究报告 宏观经济|宏观点评 10 月供需进一步改善——10 月经济数 据点评 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月16日 证券研究报告 |报告要点 11 月 15 日，国家统计局公布 10 月经济数据。10 月供需端的统计指标都有进一步改善，传递 了较为积极的信号。季节性调整后，需求端，社零保持环比正增长，固定资产投资规模总体进 一步回升，地产销售也出现了一些边际改善的迹象；生产端，工业增加值也继续回升。展望未 来，在近期逆周期调节持续加力提速的背景下，中期而言，我们认为中国经济有望在新旧动能 转换、中国经济新周期开启以及政策发力的共同支持下，重新回到复苏轨道（GDP 当季环比超 过 1.2%-1.3%）。 |分析师及联系人 方诗超 王博群 SAC：S0590523030001 SAC：S0590524010002 请务必阅读报告末页的重要声明 1 / 19 宏观经济|宏观点评 glzqdatemark2 2024年11月16日 宏观点评 10 月供需进一步改善——10 月经济数据点 评 相关报告 1、《鲍威尔：降息 25 基点，不辞职——美联 储 11 月议息会议 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7]. Core Insights - The overseas home appliance market continues to show recovery trends, with U.S. core appliance shipments increasing by 5% year-on-year in Q3 2024, while Western Europe saw a slight decline of 1% [11][24]. - China's home appliance exports grew by 17% in volume and 11% in both USD and RMB terms in Q3 2024, indicating strong demand [12][37]. - Major overseas companies reported improved revenue and profitability in Q3 2024, with most maintaining or raising their annual forecasts [13][14]. Summary by Sections Overseas Home Appliance Demand - U.S. core appliance shipments increased by 5% year-on-year, while Western Europe experienced a decline of 1% [11][24]. - The U.S. retail sector for home appliances is gradually recovering, with low inventory levels and no signs of restocking [30]. China's Home Appliance Exports - In Q3 2024, China's home appliance exports rose by 17% in volume, with significant increases in air conditioners (+38%), refrigerators (+14%), washing machines (+10%), and color TVs (+11%) [12][37]. - The outlook for continued strong export growth is supported by improving demand in mature markets and low inventory levels [12][37]. Performance of Overseas Leaders - Most overseas companies reported improved revenue growth and profitability in Q3 2024, with nine out of fourteen companies showing sequential growth [13]. - The HVAC segment continues to outperform consumer appliances, with many companies experiencing double-digit growth [13]. Conclusion and Recommendations - The report suggests that the home appliance sector will maintain a favorable growth trajectory, driven by strong export performance and improving overseas demand [14]. - Recommended stocks include leading white goods manufacturers such as Midea Group, Gree Electric Appliances, and Haier Smart Home, as well as companies in the post-cycle segment like Vatti Corporation and Boss Electric [14].

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The pet economy shows strong growth momentum, with consumption upgrades expected and domestic brands replacing imports [12][68] - The pet food and healthcare sectors have significant development potential in China, fostering excellent domestic brands [12][68] Summary by Sections 1. Double 11 Pet Consumption Growth - Pet consumption data for Double 11 shows impressive growth, with total transaction value and buyer numbers increasing by over 50% year-on-year, and new customers contributing nearly 50% [11][20] - Nine brands achieved over 100 million in sales, with eight brands entering the billion club for the first time [11][20] - High-end pet food brand Fregate saw sales growth exceeding 280%, while domestic brands like Xianlang and Toptrees also reported significant increases [20][22] 2. Performance of Listed Pet Food Companies - Guobao Pet Group's brands, including Maifudi and Fregate, achieved a total GMV of 670 million, a 65% increase year-on-year, with Fregate's sales surpassing 200 million, growing by 190% [13][56] - Zhongchong Co.'s leading brands saw sales growth of over 100% during Double 11, with a 150% increase in sales on JD [60] - Petty Co.'s brand Jueyan achieved sales of over 42.5 million, a 70% increase compared to last year [62] 3. Investment Recommendations - The pet economy continues to exhibit strong growth, with a focus on domestic companies with significant development potential [68]