Investment Rating - The report provides a 2024E P/B of 0.5x and a 2024E P/E of 5.1x for Ping An Bank, with a TTM dividend yield of 8.0%, compared to industry averages of 0.6x, 5.6x, and 4.6% respectively [3][6]. Core Insights - Ping An Bank's Q3 2024 revenue decreased by 11.7% year-on-year, while net profit attributable to the parent fell by 2.8%. For the first three quarters of 2024, revenue declined by 12.6% year-on-year, but net profit increased by 0.2% [3][6]. - The annualized ROA for Q3 2024 was 0.96%, down 0.07 percentage points year-on-year, and the annualized ROE was 12.67%, down 1.24 percentage points year-on-year [3][6]. - The net interest margin continues to narrow, influenced by both pricing and structural factors, with a Q3 2024 net interest margin of 1.87%, down from 1.93% in Q1-3 2024 [4][6]. Summary by Sections Revenue and Profitability - Q3 2024 revenue was down 11.7% year-on-year, and net profit attributable to the parent decreased by 2.8%. For the first three quarters, revenue was down 12.6% year-on-year, while net profit increased by 0.2% [3][6]. Asset Quality - The overall non-performing loan (NPL) ratio was 1.06%, a decrease of 1 basis point from the previous month. The corporate loan NPL ratio remained stable at 0.66%, while the personal loan NPL ratio increased by 1 basis point to 1.43% [4][5][6]. Loan and Deposit Trends - Total loans decreased by 0.7% compared to the end of 2023, with corporate loans increasing by 11.6% and personal loans decreasing by 9.6%. Deposits increased by 3.7%, with personal deposits rising by 5.2% [4][5][6]. - The proportion of personal loans has been declining for five consecutive quarters, with a 7.0 percentage point decrease to 52.8% in Q3 2024 [4][5]. Fee Income and Cost Efficiency - Net fee and commission income decreased by 18.5% year-on-year, with fee income down by 20.6%. However, investment income increased by 63.1%, serving as a major growth driver [5][6]. - The cost-to-income ratio for the first three quarters of 2024 was 27.4%, an increase of 0.85 percentage points year-on-year [5][6].

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.86 目标价 HK$19.91 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$98.46bn / US$12.66bn 日交易额 (3 个月均值) US$20.91mn 发行股票数目 6,626mn 自由流通股 (%) 36% 1mth 3mth 12mth 绝对值 45.1% 78.6% 56.4% 绝对值（美元） 45.5% 79.4% 57.4% 相对 MSCI China 28.0% 65.0% 41.6% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 166,625 176,002 194,821 215,303 Revenue (+/-) 21% 6% 11% 11% Net profit 2,761 6,788 11,5 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][11]. Core Insights - The company achieved a recurring net profit increase of 18.10% year-on-year in the first three quarters of 2024, with operating income reaching RMB 9.553 billion, up 25.26% year-on-year [4][7]. - The company is actively enhancing its digital capabilities, implementing various information technology systems to improve management efficiency [9]. - The company is pursuing a global expansion strategy, with subsidiaries in Singapore, Malaysia, and the United States, and aims to increase its overseas market revenue ratio [10]. Financial Performance - For the first three quarters of 2024, the company reported a net profit of RMB 490 million, a year-on-year increase of 21.68%, and a net profit of RMB 449 million after deducting non-performance, up 18.10% year-on-year [4][7]. - In Q3 2024, the company achieved operating income of RMB 3.561 billion, a sequential increase of 14.98% and a year-on-year increase of 14.90% [4][7]. - The company forecasts net profits of RMB 602 million, RMB 749 million, and RMB 939 million for 2024, 2025, and 2026, respectively, with a target price of RMB 80.52 based on a P/E ratio of 21.65 for 2024 [11]. Share Repurchase - The company has initiated a share repurchase program, planning to use between RMB 30 million and RMB 60 million to buy back shares at a price not exceeding RMB 78.00 per share [8]. - As of September 30, 2024, the company has repurchased 869,100 shares, accounting for 0.54% of its total share capital [8]. Digital Transformation - The company is committed to digital transformation, utilizing information technology across various operational areas, including warehouse and transport management [9]. - The MCP system has been developed to enhance logistics services and management efficiency [9]. Global Expansion - The company is expanding its global footprint, with a focus on Southeast Asia and North America, and aims to increase the proportion of revenue from overseas markets [10]. - Currently, overseas market business revenue accounts for only 2.78% of total revenue, but this is expected to grow with the establishment of overseas bases [10].

Lin Yang lin.yang@htisec.com Liang Song I.song@htisec.com [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 朗新集团（300682）公司跟踪报告 [Table_InvestInfo]核心业务进展顺利，打造能源服务平台 [Table_Summary] 投资要点： 2024Q1 核心业务进展顺利，扣非净利润下滑。2024Q1 营收 6.68 亿元，同比 +2.27%；归母净利润-0.19 亿元，同比-195.80%；扣非净利润-0.46 亿元，同比 -1444.87%。2024Q1 公司的能源数字化和能源互联网核心业务进展顺利，整 体收入和盈利水平都保持了增长，经营性净现金流也进一步增加。2024Q1 业 绩下滑的主要原因如下：1）互联网电视业务，因为监管政策加强，同时受到 中短视频的冲击，需求趋于饱和、增长动力不足，行业内部竞争加剧，收入 同比下滑超过 30%，净利润同比大幅下降，对集团净利润造成较大拖累；2） 公司从年初开始进一步强化能源战略聚焦，对非能源的数字化业务团队进一 步大幅优化，产生一次性的优化成本；3）因为 2023 ...

Investment Rating - The report suggests a focus on leading enterprises and key industries that may benefit from the Trusted Data Space Development Action Plan [3][8]. Core Insights - The National Data Bureau released the Draft for Comment of the Trusted Data Space Development Action Plan (2024-2028), aiming to establish over 100 trusted data spaces by 2028, enhancing data development and usage across sectors [6][7]. - The plan promotes multi-level trusted data spaces, including enterprise, industry, city, personal, and cross-border levels, to facilitate data sharing and collaboration [7][8]. - Operators and data providers will share profits based on market mechanisms, supporting the development of data products and services [2][7]. - The plan emphasizes the acceleration of a national integrated computing network and the exploration of integrating foundation models with trusted data spaces [2][8]. Summary by Sections Trusted Data Space Development - The plan aims to create a trusted data space infrastructure for data sharing based on consensus rules, supporting a unified national data market [6][7]. - By 2028, the plan seeks to enhance the data ecosystem aligned with China's economic and social development [6][8]. Multi-Level Trusted Data Spaces - The plan outlines the development of trusted data spaces at various levels: 1. **Enterprise Level**: Support leading enterprises in building trusted data spaces for data sharing [7]. 2. **Industry Level**: Develop trusted data spaces in key industries to enhance data flow [7]. 3. **City Level**: Encourage cities to build trusted data spaces using public data [7]. 4. **Personal Level**: Explore personal trusted data spaces when conditions mature [7]. 5. **Cross-Border Level**: Facilitate cross-border data flow in research and supply chain scenarios [7]. Profit Sharing and Collaboration - The plan supports operators in deploying environments for data product development and encourages cooperation with data services [2][7]. - Profit distribution will be based on market evaluation contributions [2]. National Integrated Computing Network - The plan emphasizes the need to accelerate the construction of a national integrated computing network and explore the integration of foundation models with trusted data spaces [2][8]. Investment Recommendations - The report recommends focusing on companies such as INESA Intelligent Tech, Shanghai Ganglian E-Commerce Holdings, and others that are likely to benefit from the plan [3][8].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 低空司有望设立、珠海航展在即， 低空经济是新质生产力重要构成 [Table_Summary] 投资要点： 国家相关部委有望设立低空经济专管司局。根据上海证券报搜狐号 10 月 18 日 消息，国家相关部委拟成立低空经济专管司局。我们认为，有关部委成立专管 单位，更重要的意义在于适应新质生产力的发展需要，可以更好协同各个环节 的资源推动产业发展。 7 月，习总书记在政治局集体学习时强调：要做好国家空中交通管理工作，促 进低空经济健康发展。根据新华社消息，中共中央政治局 7 月 30 日下午就推进 现代边海空防建设进行第十六次集体学习。习总书记强调要协调推进边海空防 建设和沿边沿海地区经济社会发展，加强基础设施互联互通和共建共用，打造 既能有效维护安全又能有力支撑发展的边海空防建设格局。要强化科技赋能， 加强边海空防新型手段和条件建设，构建边海空防立体智能管控体系。要做好 国家空中交通管理工作，促进低空经济健康发展。 8 月，上海市印发《上海市低空经济产业高质量发展行动方案（2024-2027 ...

Investment Rating - The report does not explicitly state an investment rating for the banking industry but suggests a favorable outlook for banks with high core Tier 1 capital adequacy ratios, such as China Construction Bank and Industrial and Commercial Bank of China [7]. Core Insights - On October 20, 2024, 23 companies, including major state-owned and private enterprises, announced securing bank loans for stock repurchase and shareholding increase plans, totaling approximately 10.5 billion yuan [2][4]. - The loans are seen as beneficial for banks under asset allocation pressure, particularly for those with strong capital positions and strict risk controls [5]. - Central state-owned enterprises and private enterprises received approximately 5 billion yuan each in credit, while local state-owned enterprises received the least [5]. - The report indicates a higher likelihood of loans being used for stock repurchases rather than shareholding increases, with 16 loans for repurchase and 7 for shareholding increases [6]. - Some listed banks may also engage in stock repurchases if they meet regulatory capital adequacy requirements and have low stock price volatility [7]. Summary by Sections Event - 23 companies announced securing bank loans for stock repurchase and shareholding increase plans on October 20, 2024 [4]. Commentary - The loans are expected to enhance profits for banks with sufficient capital and strict risk controls amid asset allocation pressures [5]. - The distribution of credit among company types shows central state-owned and private enterprises receiving equal amounts, while local state-owned enterprises received significantly less [5]. Previous Reports - A prior report highlighted that the substantial demand for loans comes mainly from private enterprises, with central state-owned enterprises also responding positively [6]. - The potential for listed banks to participate in stock repurchases is noted, particularly for those with high core Tier 1 capital adequacy ratios [7].

Investment Rating - The report does not explicitly state an investment rating for Schlumberger (SLB US) [1][2][3] Core Views - Schlumberger's Q3 2024 performance is expected to be positively received by the market, with adjusted net income of $1.507 billion, surpassing consensus estimates [2] - The company reaffirmed its FY2024 adjusted EBITDA growth guidance of approximately 14-15%, with EBITDA margins expected to reach or exceed 25% [2] - Digital & Integration business exceeded expectations with revenue of $386 million, up 23% YoY, and an operating income margin of 35%, higher than the consensus of 32% [3] - Reservoir Performance business underperformed with revenue of $367 million, down 9% YoY, and an operating income margin of 20%, below the consensus of 21% [3] - Well Construction business met expectations with revenue of $3.312 billion, down 3% YoY, and an operating income margin of 22%, in line with consensus [3] - Production Systems business outperformed with revenue of $3.096 billion, up 31% YoY, and an operating income margin of 17%, higher than the expected 16% [3] Financial Performance Summary - Total revenue for Q3 2024 was $9.159 billion, slightly below consensus but up 10% YoY [5] - Adjusted EBITDA for Q3 2024 was $2.343 billion, up 13% YoY, with a margin of 26%, higher than the consensus of 25% [5] - Adjusted net income for Q3 2024 was $1.507 billion, up 34% YoY, with a margin of 16%, higher than the consensus of 14% [5] - Diluted EPS for Q3 2024 was $0.85, up 9% YoY [5] Business Segment Performance - **Digital & Integration**: Revenue of $1.088 billion, up 11% YoY, with operating income of $386 million, up 23% YoY, and a margin of 35% [5] - **Reservoir Performance**: Revenue of $1.823 billion, up 9% YoY, with operating income of $367 million, up 7% YoY, and a margin of 20% [5] - **Well Construction**: Revenue of $3.312 billion, down 3% YoY, with operating income of $714 million, down 6% YoY, and a margin of 22% [5] - **Production Systems**: Revenue of $3.103 billion, up 31% YoY, with operating income of $519 million, up 63% YoY, and a margin of 17% [5]

Group 1: Special Loans and Share Repurchases - 24 companies announced the first batch of special loans for share repurchases and increases, totaling 11.2 billion yuan[10] - The initial quota for the special loan program is set at 300 billion yuan, with a maximum interest rate of 2.25% and a one-year term[10] - Notable companies include Muyuan Foods with a 2.4 billion yuan repurchase, Wens Group with a 1 billion yuan repurchase, and COSCO SHIPPING Energy with a 1.4 billion yuan increase[10] Group 2: Dividend Yields - Among the 24 companies, 12 have dividend yields exceeding the maximum loan interest rate of 2.25%[11] - Eight companies maintained dividend yields above 2.25% for two consecutive years, while six did so for three consecutive years[11] - Companies with dividend yields exceeding 5% in the past 12 months include Jiahua Energy, Sinopec, and COSCO SHIPPING Holdings[11] Group 3: Shareholding Reduction Plans - Six companies in the first batch have released plans to reduce their holdings this year[12] - Only three companies are still within the effective period of their reduction plans due to new regulations limiting disclosure periods to three months[12] - Major shareholders of Fosun Science and Technology plan to reduce holdings by no more than 2.55 million shares, accounting for 3% of the total share capital[12] Group 4: Market Outlook - The market is expected to consolidate in a range, with the Hang Seng Index fluctuating between 20,000 and 22,000 points, and the Shanghai Composite Index between 3,100 and 3,300 points[13] - Investor sentiment is gradually returning to rationality, focusing on the US elections and potential economic improvements in October[13] - The fourth quarter is seen as the best opportunity for positioning for next year's market trends[13]

Investment Rating - The report maintains an "Outperform" rating for Fuyao Glass Industry Group, with a target price of Rmb64.29, reflecting a 12% increase from the previous target price of Rmb57.54 [2][4][8]. Core Insights - Fuyao Glass reported better-than-expected earnings in Q3 2024, achieving revenue of Rmb99.74 billion, which is 0.36% above the forecast, with a year-on-year growth of 13.4% and a quarter-on-quarter growth of 4.9% [2][8]. - The gross profit margin reached 38.78%, exceeding expectations by 0.88 percentage points, marking a five-year high for the quarter [2][8]. - The company expects to benefit from industry improvements in 2025, particularly in the automotive glass segment, which saw a revenue increase of 20.41% year-on-year, significantly outperforming the global automotive industry's decline [2][8]. Financial Performance - For the first three quarters of 2024, the net profit attributable to shareholders was Rmb19.80 billion, surpassing expectations by 2.56%, with a year-on-year increase of 53.5% [2][8]. - The company forecasts EPS for 2024-2026 to be Rmb2.92, Rmb3.38, and Rmb3.96 respectively, reflecting an upward revision from previous estimates [2][8]. - The report highlights a strong trend in automotive glass upgrades and an acceleration in capital expenditures, with planned investments of Rmb81.23 billion in 2024 to expand production capacity [2][8]. Market Outlook - The report anticipates that the company's exceptional industrial competitiveness will strengthen its market position, driving continuous increases in product prices and volumes [2][8]. - The automotive glass revenue is expected to improve due to favorable consumer policies and a decline in raw material costs, alongside stable shipping expenses [2][8]. - Fuyao Glass plans to invest Rmb90 billion over the next two years to build new production lines for automotive safety glass and other related products [2][8].