证券研究报告 行业研究|行业点评研究|商贸零售 10 月社零同比+4.8%，高于市场预期 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 国家统计局发布社零数据，10 月份，社零总额为 4.54 万亿元，同比增长 4.8%。其中，除汽 车以外的消费品零售额为 4.09 万亿元，同比增长 4.9%；限额以上单位消费品零售额 1.70 万 亿元，同比增长 6.2%。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 行业研究|行业专题研究|计算机 数据资产入表加速，关注数商发展机遇 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 国家数据局等积极推动数据产业发展，数据资产入表正在逐步加速，企业的数据资源价值得 以显现，数据资源较丰富、应用较充分的企业有望明显受益。此外，数据资产入表涉及合规评 估、成本计量等多个专业环节，为专业数据产业服务商带来行业需求。建议关注积累高价值数 据资源的企业以及拓展专业数据服务业务的企业，如上海钢联等。 |分析师及联系人 黄楷 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 12 行业研究|行业专题研究 glzqdatemark2 2024年11月16日 计算机 数据资产入表加速，关注数商发展机遇 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% -20% 0% 20% 2023/11 2024/3 2024/7 2024/11 计算机 沪深300 相关报告 1、《计算机：特朗普政府科技政策回顾及展 望》2024.11.10 2、《计算机：第三季度盈利增速同比转正， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved record high sales and revenue in Q3 2024, with sales reaching 534,000 units, a year-on-year increase of 18.7% and a quarter-on-quarter increase of 8.6% [10] - Q3 2024 revenue was 60.38 billion yuan, representing a year-on-year growth of 20.5% and a quarter-on-quarter growth of 9.8% [10] - The company is focusing on strategic integration and consolidation, as evidenced by the completion of acquisitions involving its subsidiaries and partnerships [10] Summary by Sections Financial Performance - Q3 2024 net profit attributable to shareholders was 2.46 billion yuan, a year-on-year increase of 92.3% but a quarter-on-quarter decline of 72.8% [10] - The gross margin for Q3 2024 was 15.6%, down 2.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [10] - The company expects total sales of 2.143 million, 2.782 million, and 3.280 million units for 2024, 2025, and 2026 respectively, with corresponding revenues of 239.03 billion, 325.52 billion, and 395.69 billion yuan [10] Strategic Developments - The "Taizhou Declaration" was officially released by Geely Holding Group, outlining five major initiatives to drive strategic transformation [10] - The company has completed the acquisition of a 30% stake in Lynk & Co from Volvo and a 20% stake from Geely Holding, valuing Lynk & Co at 18 billion yuan [10] - Following these transactions, the ownership structure of Zeekr and Lynk & Co has been adjusted to enhance operational efficiency and reduce internal competition [10] Market Outlook - The company is expected to benefit from a favorable new car cycle, leading to an increase in both sales and market share [10] - Projected revenue growth rates for 2024, 2025, and 2026 are 32.9%, 36.2%, and 21.6% respectively, with net profit growth rates of 209.1%, -22.4%, and 29.3% [11]

Investment Rating - The report recommends actively participating in the new stock offering of Shengye Electric, a leading company in the film capacitor industry, with a suggested investment rating of "Buy" [2][28]. Core Insights - Shengye Electric is a leading enterprise in the film capacitor industry, with a significant market position in various product segments and advanced technology levels domestically. The company has broken foreign monopolies with its dry-type capacitors and is exploring growth opportunities in the emerging home appliance market while continuously expanding its client base [2][28]. - The initial public offering (IPO) price is set at 9.12 yuan per share, with a subscription threshold that is considered moderate. The estimated valuation discount for the IPO is approximately 53% [2][28]. Summary by Sections 1. Company Overview - Shengye Electric is recognized as a leading player in the film capacitor industry, with its product scale ranking among the top in China. The company has established a diversified product matrix centered on film capacitors and has extended its operations downstream into power quality management [6][18]. 2. Industry Development and Competitive Landscape - The film capacitor market is experiencing a shift towards customization in emerging fields, with increasing demand in high-requirement scenarios. The global film capacitor market is projected to grow from 24.4 billion yuan in 2022 to 39 billion yuan by 2027, with a compound annual growth rate (CAGR) of 9.83% [15][16]. - The penetration rate of film capacitors in the renewable energy sector is expected to rise, particularly in applications such as photovoltaic and wind power generation, as well as in electric vehicles [16][17]. 3. Company Core Points - The company is actively exploring growth in the home appliance market and has established long-term partnerships with major clients such as Midea Group and Haier Group. It is also expanding its presence in Southeast Asia [18]. - Shengye Electric's product technology is at an advanced level domestically, with its dry-type capacitors breaking foreign monopolies. The company has developed several core technologies and production processes that meet international certification standards [19]. - The company is enhancing its supply chain security by increasing its production capacity for metallized film, which is a core raw material for film capacitors, and is extending its business into power quality management products [20]. 4. IPO Details - The IPO price is set at 9.12 yuan per share, with a total issuance of 18 million shares, representing 22.93% of the total share capital post-issuance. The expected market capitalization after the IPO is approximately 716 million yuan [21][28]. - The report indicates that the company will raise approximately 164 million yuan through this IPO, with a projected circulating ratio of 21.79% post-issuance [21][28]. 5. Subscription Opinion - The report concludes with a strong recommendation to actively participate in the IPO, highlighting the company's competitive advantages and growth potential in the film capacitor industry [25][28].

Inflation Data - The October CPI increased by 2.6% year-on-year, up from 2.4% in September, while month-on-month it rose by 0.2%, consistent with the previous month[2][4] - Core CPI remained stable at 3.3% year-on-year and increased by 0.3% month-on-month, unchanged from the prior month[2][4] Service and Goods Inflation - Core service inflation showed resilience, with a year-on-year increase of 4.8%, despite a slight month-on-month decrease to 0.3%[4][8] - Used car inflation rose significantly month-on-month by 2.7%, while year-on-year negative growth narrowed to -3.4%[4][26] Federal Reserve Outlook - Market expectations for a Federal Reserve rate cut in December remain around 70% following the inflation data release[2][4] - The upcoming November employment data will be crucial for the Fed to assess the impact of temporary disruptions on the labor market[34] Market Reactions - Following the inflation data, U.S. Treasury yields generally declined, with a mixed performance in major stock indices: Nasdaq fell by 0.26%, while S&P 500 and Dow Jones rose by 0.02% and 0.11%, respectively[35] - The dollar index weakened slightly before closing higher, while gold prices decreased[35]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the insurance industry [4]. Core Insights - Since the resumption of the domestic insurance industry in 1979, regulatory policies have continuously expanded the range of investable assets for insurance companies, leading to a more standardized investment behavior. Currently, the investment strategy is primarily focused on fixed-income assets, supplemented by equity and other asset classes. With favorable policies supporting the stabilization of the real estate market and recovery of the capital market, the investment yield of insurance companies is expected to improve marginally, supporting the valuation recovery of the sector [2][9]. Summary by Sections 1. Impact of Policies on Insurance Asset Allocation - Regulatory policies have significantly influenced the investment strategies of insurance companies, leading to a diversification of investable assets. As of 2024H1, the allocation ratios for bank deposits, bonds, stocks, and securities investments are 9.3%, 47.5%, and 12.7% respectively [6][13]. 2. Evolution of Investment Strategies of Listed Insurance Companies - The asset allocation structure of listed insurance companies shows a "similarity" in that fixed-income assets dominate, while there are slight differences in the allocation ratios of equity assets. As of 2024H1, the allocation ratios for equity assets among major companies are 24.7% for New China Life, 24.1% for China Life, 20.8% for Ping An, and 18.6% for China Pacific Insurance [7][27]. 3. Common Characteristics of Current Investment Strategies - The investment strategies of the four major listed insurance companies exhibit three main characteristics: 1) An increase in bond allocation and strict control of credit risk, with the average bond allocation rising from 53.9% to 55.7% from 2023 to 2024H1 [8]. 2) A preference for low-volatility, high-dividend stocks, with the average proportion of FVOCI stocks increasing from 19% to 25% [8]. 3) A decrease in the allocation to real estate and non-standard assets, with average allocations dropping from 1.03% to 0.95% for investment properties and from 13.43% to 11.66% for other fixed-income and equity assets [8]. 4. Investment Recommendations - The report recommends maintaining the "Outperform the Market" rating for the insurance industry, highlighting that the sector's valuation remains at a historically low level with potential for recovery. Key stock recommendations include Ping An, China Life, China Pacific Insurance, New China Life, and China Property & Casualty Insurance, based on their respective strengths and expected performance improvements [9].

证券研究报告 行业研究|行业深度研究|医药生物 PD-(L)1 双靶点药物再掀免疫治疗热潮 (一) 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月15日 证券研究报告 |报告要点 全球重磅临床数据迭出，对肿瘤免疫二代疗法关注度激增，我们看好 PD-(L)1/VEGF、PD1/IL2 和 PD1/IL15 等靶向药物的未来前景。建议关注具备替代 K 药肿瘤免疫治疗基石地位潜力的康 方生物依沃西单抗，以及独辟蹊径采用α-bias 设计、引领免疫疗法新风向标的信达生物 IBI363；基于海外映射逻辑，建议关注 PD1/IL15 靶向药物如 ASKG915、IAP0971 和 SHR-1501。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 44 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 11 月 06 日收盘价 行业研究|行业深度研究 glzqdatemark2 2024年11月15日 医药生物 PD-(L)1 双靶点药物再掀免疫治疗热潮(一) 投资建议： 上次建议： 强于大市（维持） 强于大市 相对大 ...

Investment Rating - The report maintains a "Stronger than the Market" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report highlights the potential of PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted drugs as the next generation of immunotherapy, with significant clinical data emerging globally [2][10] - Companies like Kangfang Biotech and Innovent Biologics are leading the charge with their innovative drugs, such as Ivonescimab (PD1/VEGF) and IBI363 (PD1/IL2), which show promise in replacing the foundational role of Keytruda in tumor immunotherapy [2][10] - The report emphasizes the importance of overseas mapping logic, suggesting attention to PD1/IL15 targeted drugs like ASKG915, IAP0971, and SHR-1501 [10] Industry Overview - Immunotherapy, particularly immune checkpoint inhibitors (ICI), has revolutionized cancer treatment, with PD-(L)1 inhibitors leading the way due to their pan-cancer properties [7][11] - Despite the success of drugs like Keytruda, which generated $25 billion in global sales in 2023, challenges such as low response rates, safety concerns, and drug resistance remain [7][11] - Chinese pharmaceutical companies are at the forefront of developing second-generation immunotherapy drugs, leveraging PD-(L)1 as a backbone for dual-target therapies [7][11] Key Developments in PD-(L)1/VEGF - Kangfang Biotech's Ivonescimab (PD1/VEGF) has shown significant efficacy in non-small cell lung cancer (NSCLC), outperforming Keytruda in a Phase III head-to-head trial [8][12] - PM8002, developed by Pumis Biotech, has entered Phase III trials for small cell lung cancer (SCLC) and triple-negative breast cancer (TNBC), offering new hope for patients [8][12] - The global investment and financing boom in PD-(L)1/VEGF therapies is driving further innovation and collaboration in the field [8] Emerging Trends in PD-1/IL-2 and PD-1/IL-15 - IL-2 and IL-15 cytokines, when combined with PD-(L)1, enhance tumor targeting and reshape the tumor microenvironment, reducing systemic toxicity [9][13] - Innovent Biologics' IBI363, an IL-2Rα-biased drug, has shown excellent clinical efficacy and safety in IO-resistant NSCLC, CRC, and melanoma, attracting significant market attention [9][13] - The combination of PD-1/IL-15 is gaining traction as a promising second-generation immunotherapy, with companies like Hengrui Medicine and Ascentage Pharma actively developing related therapies [9][13] Investment Recommendations - The report recommends focusing on companies developing PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted therapies, particularly Kangfang Biotech and Innovent Biologics [10][14] - Attention should also be given to PD1/IL15 targeted drugs such as ASKG915, IAP0971, and SHR-1501, based on overseas mapping logic [10][14]

Group 1 - The current market is slowly transitioning from a liquidity inflection point to a fundamental inflection point, similar to the situations in 2019 and 2020 [2][3][8] - The trading volume gap between large and small caps has reached an extreme level, indicating a potential rebalancing between large and small caps, as well as between growth and value styles [2][3][8] - The consumer staples sector is expected to remain strong, while attention should be paid to the shift from TMT (Technology, Media, and Telecommunications) to cyclical industries [2][3][8] Group 2 - The market is gradually stabilizing, with a bias towards growth styles, as evidenced by the performance of indices such as the ChiNext and the National 2000 [30][31] - The performance of major indices shows that small caps and growth stocks are leading, while large caps and value stocks are lagging [30][31][33] - Year-to-date, sectors like non-bank financials and telecommunications have performed well, while textiles and pharmaceuticals have lagged behind [30][31][33] Group 3 - The GLDI (Growth and Liquidity Diffusion Index) indicates an increase in sentiment, particularly in cyclical and discretionary consumer sectors [48][49] - The GLDI reading for the entire A-share market has risen to 97%, reflecting improved liquidity conditions and increased trading activity [48][49] - Recent inflows of leveraged funds suggest a positive shift in micro liquidity, with notable inflows into sectors like power equipment and food and beverage [62][63]

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Viewpoints - The announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development on November 13, 2024, introduces tax policies aimed at promoting stable and healthy development in the real estate market. The adjustments include a reduction in deed tax rates, a unified value-added tax policy for housing, and a decrease in the land value-added tax pre-collection rate, which collectively aim to stimulate market activity and alleviate pressure on real estate companies [2][5]. Summary by Relevant Sections Tax Policy Adjustments - Deed tax rates have been lowered for first-time homebuyers, with a rate of 1% for properties under 140 square meters and 1.5% for those above. For second homes, the rates are 1% and 2% respectively. This adjustment increases the area threshold for the lower tax rate from 90 square meters to 140 square meters, thereby reducing the purchasing cost for both first-time and upgrading buyers [5]. - The value-added tax exemption for individuals selling homes held for more than two years has been standardized across major cities, which is expected to enhance the activity in the second-hand housing market and release pent-up demand for improved housing [5]. - The land value-added tax pre-collection rate has been reduced, with the new lower limits set at 1.5% for eastern regions, 1% for central regions, and 0.5% for western regions. This adjustment is anticipated to ease cash flow pressures for real estate companies, particularly those with a higher proportion of non-standard residential projects [5]. Investment Recommendations - The report suggests that the tax incentives will positively impact transaction volumes in the real estate market, helping to stabilize prices. It recommends focusing on first-tier and core second-tier cities, particularly companies that specialize in improved housing products and have sustainable land acquisition capabilities, such as Greentown China, Jianfa International Group, and Binjiang Group. Additionally, it highlights the potential benefits for real estate brokerage platforms like I Love My Home, which may see increased market activity due to the favorable policies [5].