Investment Rating - The report does not explicitly state an investment rating for the automotive industry but highlights positive trends in various indices, indicating a favorable outlook for the sector [2][4][35]. Core Insights - The automotive industry has shown resilience with the Shenwan Auto Index rising by 4% in the past week, outperforming the broader market [2][35]. - Heavy truck sales in November reached approximately 71,000 units, marking the end of a five-month decline, with a 7% month-over-month increase [3][22]. - The report emphasizes the growth of the new energy vehicle (NEV) market, with November retail sales up 52% year-over-year [2][19][37]. - The integration of ZEEKR and Lynk into "ZEEKR Technology Group" aims to enhance operational efficiency and market presence [28][39]. Summary by Sections 1. Automotive Industry Performance - In the past week, the Shenwan Auto Index increased by 4%, with the NEV Index up by 3% and the Auto Parts Index also up by 4% [2][35]. - Over the past month, notable gainers included Wuxi Lihu Corporation and Kunming Yunnei Power, while significant decliners included Zhejiang Wanfeng Auto Wheel and Haima Automobile [12][36]. 2. Heavy Truck Market - November heavy truck sales were approximately 71,000 units, ending a five-month decline, with a 7% increase from October [3][22]. - The report attributes this recovery to the implementation of old-for-new truck policies and a resurgence in demand for LNG and new energy heavy trucks [22][23]. 3. New Energy Vehicles - Retail sales of new energy vehicles in November reached 1.28 million units, reflecting a 52% year-over-year increase [19][37]. - Cumulative sales for the year reached 9.61 million units, up 41% compared to the previous year [19][37]. 4. Laser Radar Companies - Mainstream laser radar companies reported steady progress, with significant increases in shipment volumes contributing to improved financial performance [24][38]. - The report highlights the rapid growth in laser radar shipments as a key driver for the performance of related companies [24][38]. 5. Yutong Bus Performance - Yutong Bus reported strong sales in November, with total sales of 3,736 units, a year-over-year increase of 13.73% [25]. - The light bus segment showed particularly strong growth, with a 254.29% increase in sales [25]. 6. Corporate Developments - ZEEKR and Lynk's merger aims to create a high-end luxury NEV group with a target of producing over 500,000 vehicles annually [28][39]. - Joyson Electronics plans to issue H-shares and list on the Hong Kong Stock Exchange, indicating a strategic move to enhance capital [30][40]. 7. Investment Strategy - The report suggests focusing on companies with strong capabilities in autonomous driving and those involved in domestic substitution in parts manufacturing, such as XPeng and Li Auto [4][31][41]. - It also notes that while EU tax increases pose challenges, opportunities for strategic partnerships remain for companies like BYD and Sinotruk [4][31][41].

Group 1: Real Estate and Housing Market - Second-hand housing sales have significantly increased, with a notable rise in sales due to tax incentives and the cancellation of housing standards, particularly in first-tier cities[20] - The average daily new housing transaction area in 30 major cities reached 445,000 square meters, with a year-on-year growth rate of 40.1%[20] - Land transaction area continued to rise, with a premium rate increasing to 6.41%, indicating a slight recovery in the land market[20] Group 2: Consumption Trends - Automotive consumption has weakened year-on-year, with retail and wholesale averages dropping to 1.4% and -5.9% respectively[14] - Non-durable goods consumption, particularly in textiles and clothing, showed a seasonal rebound, with transaction volume in China Textile City turning positive at 18.1%[14] - Service consumption, particularly in cinema attendance, declined by 20.6%, while amusement park attendance showed improvement[16] Group 3: Production and Inventory - Steel production remains weak, with a notable decline in wire rod output, while coking and blast furnace operating rates have shown slight improvements[27] - Coal consumption in coastal provinces has slightly increased, but the year-on-year decline has widened[27] - Steel inventory reduction has slowed, with current levels only slightly above those of 2019[27] Group 4: Price Movements - Food prices have shown a marginal increase, with pork prices rising by 16.4% year-on-year, while vegetable prices have also strengthened seasonally[41] - The PPI for construction materials has remained stable, with rebar prices increasing by 0.7%[41] Group 5: Liquidity and External Factors - The liquidity environment has tightened, with funding rates rising; R007 and DR007 reported at 1.84% and 1.66% respectively[44] - The US dollar index has slightly increased to 105.97, while the RMB has depreciated against the dollar, closing at 7.258[44]

Equity – Asia Research 海外流动性周报-20241208 Overseas Liquidity Weekly Report - 20241208 吴信坤Xinkun Wu xk.wu@htisec.com 周林泓Amber Zhou amber.lh.zhou@htisec.com 9 Dec 2024 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) A股：最近一周北向资金可能小幅净流入 最近一周交易日期间北向资金估算净流入48亿元，前一周估算净流入15 亿元。 最近一周交易日期间灵活型外资估算净流入10亿元，前一周估算净流入 22亿元。 -300 -200 -100 0 100 200 300 400 500 600 ...

Investment Rating - The report does not explicitly mention the investment rating for Meituan-W (3690 HK) [2][3] Core Views - Meituan reported 3Q24 revenue of RMB 93 6 billion, a YoY increase of 22 4% [3] - The company's core local commerce segment saw operating profit grow by 44 4% to RMB 14 6 billion, with an operating margin of 21 0%, up 3 5 percentage points YoY [4] - Meituan's new business segment achieved revenue of RMB 24 2 billion, a YoY increase of 28 9%, with operating losses narrowing by 79 9% to RMB 1 0 billion [4] - The company's cash and cash equivalents stood at RMB 42 5 billion as of September 30, 2024 [3] Operational Highlights - Meituan's instant delivery transaction volume reached 7 08 billion orders in 3Q24, a YoY increase of 14 5% [3] - Meituan Flash Delivery expanded to more lower-tier markets, with major retailers accelerating their presence [4] - The domestic hotel room nights continued to grow steadily, with the company collaborating with suppliers to offer more diverse options [4] - Meituan Youxuan's losses continued to narrow sequentially, while other new businesses achieved profitability as a whole in 3Q24 [4] - Keeta was officially launched in Riyadh, Saudi Arabia in October [4] Financial Performance - Meituan's total expenses in 3Q24 were RMB 26 0 billion, with an expense ratio of 27 83%, down 4 55 percentage points YoY [4] - Sales and marketing expenses increased by 6 2% to RMB 18 0 billion, but the expense ratio decreased by 2 9 percentage points to 19 2% [4] - R&D investment remained stable at RMB 5 3 billion, with the expense ratio decreasing by 1 3 percentage points to 5 7% [4] - Administrative expenses increased by 10 2% to RMB 2 8 billion, with the expense ratio remaining stable at 3 0% [4] - The company's net cash flow from operating activities was RMB 15 2 billion in 3Q24 [4] Financial Projections - Meituan's revenue is expected to grow from RMB 276 7 billion in 2023 to RMB 450 2 billion in 2026, with a CAGR of 14 43% [5] - Net profit is projected to increase from RMB 13 9 billion in 2023 to RMB 56 7 billion in 2026, with a CAGR of 23 20% [5] - The company's gross margin is forecasted to remain stable around 38 23% to 38 97% from 2024 to 2026 [5] - Return on equity is expected to be around 22 42% to 22 75% from 2024 to 2026 [5]

Group 1: Global Asset Performance - Major stock markets in key economies rose, with the Shanghai Composite Index, Hang Seng Index, and Nikkei 225 each increasing by 2.3%, while the S&P 500 rose by 1.0%[1] - IPE Brent crude oil futures fell by 2.6%, and the S&P-Goldman Commodity Index and London Gold Spot both decreased by 0.7%[1] - The 10-year U.S. Treasury yield declined by 3 basis points to 4.15%, while domestic 10Y government bond futures rose by 0.5%[1] Group 2: Economic Indicators - In November, the U.S. added 227,000 non-farm jobs, significantly higher than October's 36,000 and exceeding market expectations of 220,000[17] - The U.S. unemployment rate rose to 4.2%, slightly above the expected 4.1%[17] - The ISM Manufacturing PMI increased by 1.9 to 48.4, surpassing the market expectation of 47.6, while the Non-Manufacturing PMI fell by 3.9 to 52.1[20] Group 3: Inflation and Interest Rate Expectations - As of December 6, the 5-year U.S. inflation expectation was 2.31%, down 2 basis points from the previous week, while the 10-year expectation fell to 2.24%[25] - Market expectations for a 25 basis point rate cut by the Federal Reserve in December rose to 86.0%, up from 66.0% the previous week[25] - The total expected rate cut for 2025 increased from 50 basis points to 75 basis points, with cuts anticipated in March, June, and December[25] Group 4: European Economic Overview - The Eurozone PPI year-on-year decline narrowed to -3.2% in October, while the unemployment rate remained low at 5.9% for the EU and 6.3% for the Eurozone[30] - Retail sales growth in the Eurozone fell to 1.9% year-on-year in October, down 1.1 percentage points from September but still above market expectations[30] Group 5: Central Bank Policies - Multiple Federal Reserve officials support a rate cut in December, but some suggest a cautious approach to the pace of cuts moving forward[35][36] - The European Central Bank may also cut rates in December, but the pace is expected to be moderate[37] - The Bank of Japan has not ruled out the possibility of rate hikes, depending on economic data[37]

Group 1: China Energy Market Updates - The LNG import price in China decreased to $14.89 per million British thermal units, down 4.49% from the previous week, while the market price fell to 4,357 RMB per million British thermal units, a decrease of 2.77% [16][19] - In October, China's newly installed photovoltaic capacity reached 20.89 GW, representing a year-on-year increase of 50%, contributing to a total of 160.88 GW installed in the first ten months of 2024, up 24.8% year-on-year [37] - The wind power sector saw an increase of 45.8 GW in newly installed capacity from January to October 2024, a nearly 23% year-on-year growth [6] Group 2: U.S. Energy Market Updates - The U.S. Department of Energy announced a $1.2 billion loan for a battery separator plant, indicating strong governmental support for energy storage technologies [2] - Natural gas futures prices in the U.S. continued to rise significantly, with inventory levels decreasing week-on-week [2] - The advanced manufacturing facility of Runyang Co. in Huntsville, Alabama, successfully shipped its first batch of components, highlighting growth in the U.S. solar market [2] Group 3: European Energy Market Updates - European natural gas futures prices increased, with inventory levels declining week-on-week, indicating a tightening supply [2] - The EU plans to provide €3 billion in funding support for battery manufacturing in Europe, reflecting a commitment to bolster local production capabilities [2] - The German government aims to prioritize reducing transmission costs to alleviate energy cost pressures on consumers and businesses [2] Group 4: Indian Energy Market Updates - Abu Dhabi National Oil Company signed a 10-year LNG sales and purchase agreement with Indian Gas Company, enhancing India's energy security [3] - India's economy grew by 3.1% year-on-year in October, driven by increased coal and refined product output [3] - The Indian government plans to add 22.4 GW of solar capacity by 2024, demonstrating a strong commitment to renewable energy [3] Group 5: Southeast Asia and Other Regions - Vietnam's parliament approved laws related to data protection and electricity, indicating regulatory progress in the energy sector [4] - Malaysia is publicly tendering a 1.6 GWh energy storage project, showcasing investment in energy storage solutions [4] - The U.S. Department of Commerce's preliminary ruling on anti-dumping duties for solar cells from Southeast Asia indicates a potential impact on the region's solar market [4]

[Table_Title] 研究报告 Research Report 7 Dec 2024 东南亚必需消费可选消费 Southeast Asia Staples Discretionary 越南调研反馈：消费高增长的变革市场，由制造转向品牌出海新机遇 Vietnam Research Feedback: A transformative market with high growth, going abroad from manufacturing to brand 宋琦 Qi Song 胡佳璐 Rebecca Hu 汪立亭 Liting Wang 闻宏伟 Hongwei Wen q.song@htisec.com rebecca.jl.hu@htisec.com liting.wang@htisec.com hongwei.wen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 越南调研为期 4 天，共调研 10 家公司，均为消费领域公司，涵盖纯 ...

Investment Rating - The report recommends focusing on four listed companies in the medical IT sector: Winning Health Technology Group, B-Soft, Sichuan Jiuyuan Yinhai Software, and Goodwill E-Health Info [2][23]. Core Insights - The medical IT sector is experiencing a surge in demand due to recent policy announcements aimed at enhancing healthcare efficiency and resource sharing [5][23]. - Bid amounts for November showed fluctuations, with Winning Health Technology Group and B-Soft both securing bids of RMB 0.10 billion, while Sichuan Jiuyuan Yinhai Software and Goodwill E-Health Info secured RMB 71.28 million and RMB 47.80 million respectively [3][20]. - Cumulative bid amounts from January to November 2024 for the four companies were RMB 1.11 billion, RMB 0.81 billion, RMB 0.81 billion, and RMB 0.31 billion, reflecting year-on-year growth rates of -21%, 28%, 62%, and -18% respectively [3][20]. Summary by Sections Section 1: Bid Data Analysis - In November, Winning Health Technology Group and B-Soft both had bid amounts of RMB 0.10 billion, with year-on-year growth rates of -51% and 123% respectively [3][20]. - For the cumulative period from January to November 2024, the bid amounts for Winning Health Technology Group, B-Soft, Sichuan Jiuyuan Yinhai Software, and Goodwill E-Health Info were RMB 1.11 billion, RMB 0.81 billion, RMB 0.81 billion, and RMB 0.31 billion, with respective year-on-year growth rates of -21%, 28%, 62%, and -18% [3][20]. Section 2: Policy Developments - The National Health Commission has initiated a pilot program for wholly foreign-owned hospitals in select cities, aiming to enhance domestic healthcare services and attract international medical resources [4][21]. - Guidelines for mutual recognition of test results among medical institutions have been issued, with a target for all secondary and above public hospitals to achieve cross-institutional sharing by the end of 2025 [5][22]. Section 3: Investment Recommendations - The report emphasizes the importance of IT in the medical sector, suggesting that the recent policy developments will accelerate the demand for medical IT solutions [5][23]. - Investors are advised to pay attention to the four listed companies mentioned, as they are well-positioned to benefit from the ongoing changes in the healthcare landscape [2][23].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights significant support for innovative drugs and a thriving pharmaceutical innovation environment, suggesting a positive outlook for investment opportunities in the sector. Core Insights - The 2024 National Reimbursement Drug List added 91 new drugs, enhancing patient access and reducing costs by over 50 billion RMB in 2025 [2][3][13]. - The focus of the adjustment is on new drugs, with 90 out of 91 added drugs launched within the last five years, indicating a strong emphasis on innovation [3][14]. - The success rate for negotiations of innovative drugs exceeded 90%, reflecting a favorable environment for pharmaceutical companies [3][14]. - Domestic enterprises accounted for 65 out of the 91 new drugs, showcasing the growth of local innovation in the pharmaceutical sector [3][14]. Summary by Sections Industry News - On November 27, 2024, the National Healthcare Security Administration released the updated drug list, which now includes 3159 drugs, improving coverage for cancer, chronic diseases, and rare diseases [2][3][12][13]. Drug Innovation Support - The adjustment supports drug innovation, with a record number of 38 innovative drugs included in the new list, marking a significant increase in domestic pharmaceutical innovation [3][4][14]. - The time for innovative drugs to be included in the reimbursement list has decreased from approximately five years to just over one year, enhancing the market entry for new drugs [4][15]. Financial Impact - The National Healthcare Security Fund has paid over 350 billion RMB for negotiated drugs, significantly boosting sales in the pharmaceutical sector [4][15]. - The report indicates that the payment for negotiated drugs in the first ten months of 2024 was about 92 billion RMB, which is 21 times higher than in 2019 [4][15]. Regulatory Improvements - The negotiation and pricing processes have become more standardized, with a success rate of 76% for the 117 drugs that participated in this year's negotiations [7][8]. - New measures have been implemented to ensure that the drug list adjustments meet clinical needs and improve patient access to necessary medications [8].

Investment Rating - The report maintains a positive outlook on the real estate industry, suggesting that recent policy easing and improved industry structure will highlight the value of quality companies [4][44]. Core Insights - In November 2024, the top 100 real estate companies experienced a month-on-month sales decline of 16.5% and a year-on-year decline of 6.9%, with total sales amounting to RMB 363.37 billion [3][49]. - For the period from January to November 2024, the top 100 companies achieved sales of RMB 3.43 trillion, representing a year-on-year decrease of 30.7%, although the decline has narrowed compared to previous months [2][48]. - Nearly 50% of the top 100 companies reported positive year-on-year sales growth in November 2024, with Greentown China leading with sales of RMB 31.8 billion [3][51]. Summary by Sections 1. November 2024 Sales Performance - The top 100 companies' sales for November 2024 were RMB 363.37 billion, down 16.5% month-on-month and 6.9% year-on-year [3][49]. - The equity sales for the same month were RMB 287.51 billion, reflecting a month-on-month decline of 16.2% and a year-on-year decline of 3.0% [3][49]. 2. Year-to-Date Sales Performance - From January to November 2024, the top 100 companies' sales reached RMB 3.43 trillion, down 30.7% year-on-year, with a narrowed decline of 2.0 percentage points from October [2][48]. - The top 50 companies recorded sales of RMB 2.97 trillion, also down 30.0% year-on-year, with a similar narrowing of the decline [2][48]. 3. Company Performance Insights - Among the top 50 companies, 20 achieved positive year-on-year growth in November 2024, with Sino-Ocean Group showing the highest growth at 103.4% [4][52]. - The report highlights specific companies to watch, including Vanke A, Poly Developments, and China Merchants Shekou in the development category, and China Resources Land and Longfor Group in the commercial residential category [4][44].