Investment Rating - The machinery equipment sector has a cumulative excess return of -13.06% year-to-date, with a weekly excess return of +0.37% for the 38th week of 2024, ranking 16th among all sectors [11][42]. Core Insights - Hangcha Group is expanding internationally by establishing subsidiaries in Malaysia and Thailand, focusing on sales and services of forklifts and industrial vehicles, as well as lithium battery leasing and sales in Malaysia, and manufacturing in Thailand [2][42]. - The railway passenger volume in China reached nearly 3 billion in the first eight months of the year, a year-on-year increase of 14.5%, marking a historical high for the same period [2]. - China Communications Technology Corporation recently won contracts totaling approximately 2.9 billion yuan in the railway market, representing 7.84% of its audited revenue for 2023 [2]. Summary by Sections Forklifts - Hangcha Group is establishing subsidiaries in Malaysia and Thailand to enhance its global marketing resources and innovate its marketing model [2][42]. Railway Equipment - In the first eight months of 2024, the national railway sent nearly 3 billion passengers, a 14.5% increase year-on-year, with an average of 10,730 passenger trains operated daily, up 10.5% [2]. Oilfield Equipment - Jerry Holdings announced a share buyback plan by its chairman, president, and vice president, indicating confidence in the company's long-term value [3]. Industrial Gases - Prices for liquid oxygen and nitrogen are at low levels, with liquid argon prices slightly increasing [3]. Lithium Battery Equipment - Over the next two years, new planned production capacity for blade batteries in China is expected to exceed 200 GWh, with several companies entering the market [4]. Robotics - Yushu Technology secured several hundred million yuan in financing, and Wuhan University unveiled its first humanoid robot [4]. Shipbuilding - China Shipbuilding announced a share swap merger with China Heavy Industry and delivered a 62,000-ton heavy-lift multipurpose vessel [5]. Photovoltaic Equipment - Prices for silicon wafers, battery cells, and modules remained stable, while silicon material prices increased slightly [5]. Engineering Machinery - In August 2024, sales of various types of graders increased by 79.3% year-on-year, while sales of various types of cranes showed mixed results [7].

Investment Rating - The report indicates a positive long-term outlook for the solar energy sector, particularly in the context of recent U.S. interest rate cuts and domestic policy support [22][23]. Core Insights - The Federal Reserve's recent rate cut is expected to accelerate the parity of photovoltaic (PV) storage systems and stimulate overseas demand for solar energy [22]. - Jiangsu Province has initiated a pilot program for distributed new energy aggregation to participate in the green electricity market, which is anticipated to set a precedent for other regions and expedite the transition to clean energy [19][24]. - The report notes that polysilicon dense material prices have increased, while prices for silicon wafers, cells, and modules have remained stable. Inverter exports in August showed significant growth both year-on-year and month-on-month [22][25]. Summary by Sections 1. Price Tracking of the Photovoltaic Industry Chain - The average price of polysilicon dense material is reported at RMB 39.50/kg, reflecting a 1.3% month-on-month increase. Prices for silicon wafers and cells have remained stable [25][26]. - In August 2024, China's inverter export value reached USD 861 million, marking a year-on-year increase of 24.9% and a month-on-month increase of 9.5%. Conversely, module exports faced pressure, totaling USD 2.23 billion, which is a year-on-year decrease of 27% [23][24]. 2. Weekly Performance and Valuation - The photovoltaic sector's recent weekly performance showed a decline of 1.72%, underperforming the CSI 300 index by 2.76 percentage points. Year-to-date, the sector has seen a cumulative decline of 18.28% [26]. - The TTM overall valuation for the photovoltaic sector is reported at 21.71 times, indicating a slight upward trend after a period of decline since the end of 2021 [26][13]. 3. Key Developments - The pilot program in Jiangsu allows distributed PV and wind power to enter the market directly or through aggregation, which is expected to encourage further participation in the green electricity market [19][24]. - The report highlights the stable pricing across various segments of the photovoltaic industry, with auxiliary materials like PV glass maintaining steady prices [25][26].

[Table_Title] 研究报告 Research Report 24 Sep 2024 香港能源 Hong Kong Energy 港股电力板块半年报简评：火电盈利能力持续改善，新能源发电盈利相对受限 Thermal Power Profitability Continues to Improve With Pressure On Renewables 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 港股电力板块年初至今跑赢指数，相关公司陆续发布了 2024 年中报业绩。 点评 港股电力板块年初至今跑赢指数，2024 年中报业绩相对分化。2024 年年初至今，恒生指数涨幅为 3.59%，公用事业行业指数涨幅达 7.81%，跑赢指数。选取港股电力板块代表企业 20 个样本数据，2024 年中期，电力板块样本企业营业收入 ...

Industry Investment Rating - The report is optimistic about the metals industry, particularly industrial metals, energy metals, and precious metals, driven by the Fed's 50BP rate cut and improving market sentiment [1][3] Core Views - Industrial metals such as copper and aluminum are expected to benefit from the Fed's rate cut, with copper prices supported by recovering global demand and seasonal stocking ahead of holidays [3] - Energy metals face delays in new projects, such as the Northvolt lithium refinery, which may be postponed to 2028, leading to tighter supply and increased uncertainty in capital expenditure [3] - Precious metals, particularly gold and silver, are expected to see price recovery opportunities due to the Fed's rate cut and weaker retail sales data in the US [3] - Rare earth and minor metals, such as praseodymium-neodymium oxide, have shown price increases, indicating potential investment opportunities in this segment [3] Key Data and Trends Industrial Metals - LME copper prices increased by 2.5% from September 13 to September 20, reaching $9,486/ton, while SHFE copper prices also rose by 2.5% to RMB 75,800/ton [3][4] - LME aluminum prices rose by 0.5% to $2,486/ton, and SHFE aluminum prices increased by 1.6% to RMB 20,100/ton [3][4] - Domestic and London copper inventories decreased by 11.1% and 2.6% week-on-week, respectively, reflecting stronger market demand [3] Energy Metals - Battery-grade lithium carbonate prices remained flat at RMB 74,500/ton, while LME nickel prices increased by 3.5% to $16,500/ton [3][4] - The Northvolt lithium refinery project in Portugal, expected to produce 35,000 tons of lithium hydroxide annually, may be delayed to 2028 [3] Precious Metals - London spot gold prices rose by 1.19% to $2,605.85/ounce, while silver prices increased by 4.51% to $31.32/ounce [3][4] - Shanghai Gold Exchange gold prices increased by 0.99% to RMB 588.30/gram, and silver prices rose by 1.50% to RMB 7.51/gram [3][4] Rare Earth and Minor Metals - Praseodymium-neodymium oxide prices increased by 2.5% to RMB 422,700/ton, while antimony prices remained unchanged at RMB 161,100/ton [3][4] Recommended Companies - Industrial metals: Zijin Mining Group, China Molybdenum, Aluminum Corporation of China, Tianshan Aluminum Group, Yunnan Aluminium, China Nonferrous Mining Corporation, JCHX Mining Management, Tongling Nonferrous Metals [3] - Energy metals: Ganfeng Lithium, Tianqi Lithium, Yongxing Materials, JSMC, China Mineral Resources, ZHEJIANG HUAYOU COBALT, GEM [3] - Precious metals: Shandong Gold Mining, ZHAOJIN MINING INDUSTRY, Zhongjin Gold, Chifeng Jilong Gold Mining, Shengda Metal Resources, Hunan Gold [3] - Rare earth and minor metals: China Northern Rare Earth (Group) High-Tech, China Rare Earth Ltd, Hunan Gold, Jinduicheng Molybdenum [3]

研究报告 Research Report 24 Sep 2024 梅花生物 Meihua Holdings Group (600873 CH) 公司拟注销股本 3-5 亿元（含），派发中期现金红利约 5 亿元（含税） The Company Proposes to Cancel Capital of RMB300-500mn (Inclusive) and Pay an Interim Cash Dividend of RMB500mn (Inclusive Of Tax) [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------|-------------------|--------------------------------|------------------------|----------------------------------------- ...

Export Performance - China's export growth rebounded to 8.7% in August 2023, the highest since March 2023, with a cumulative year-to-date growth of 4.6%[4] - The actual export volume, adjusted for price factors, has significantly outperformed the pre-pandemic growth trend[4] ASEAN Trade Dynamics - ASEAN has become China's largest export destination, accounting for 16.7% of total exports as of August 2023, up 4.4 percentage points from 2017[5] - China's export growth to ASEAN reached 4.8% in August 2023, outperforming exports to the EU (-3.7%) and the US (-1.0%)[7] US Trade Shifts - The US reliance on imports from China has declined to below 14% as of July 2023, down by approximately 8 percentage points from its peak[8] - The US reliance on imports from ASEAN has risen to over 10%, an increase of more than 3 percentage points since 2018[8] Product Diversification - China's top export products to the US in 2023 were telephones and automatic data processing machines, with low-value clearance goods rising to third place, accounting for a 3.4 percentage point increase compared to 2017[12] - China's top export products to ASEAN in 2023 were integrated circuits, telephones, and petroleum products, with telephone exports decreasing by 2.7 percentage points compared to 2017[13]

Equity – Asia Research Presentation：美联储降息周期开启，看好有色金属行业机会 Fed Rate Cut Cycle Begins: Opportunities in the Metals Industry | --- | --- | |---------------|---------------------------------------------------------------| | | | | 陈先龙 甘嘉尧 | Xianlong Chen xl.chen@htisec.com Jiayao Gan jy.gan@htisec.com | | 吴旖婕 | Yijie Wu lisa.yj.wu@htisec.com | | | | | | 24 Sep 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。( ...

Investment Rating - The report does not explicitly state an investment rating for Kuaishou Technology Core Insights - Kuaishou Technology's 2024 Investor Day highlighted the company's focus on technology innovation and user demand as the foundation for its growth strategy [2][3] - The company aims to enhance its e-commerce capabilities by improving the visibility of products through video and live streaming, addressing the challenges posed by cautious consumer spending and merchant profitability [5][6] - Kuaishou's international business is seeing steady growth, particularly in Brazil, with a focus on leveraging advanced advertising efficiency and local market opportunities [12] - The local life segment emphasizes user, merchant, and platform value, targeting lower-tier cities for growth [13][14] - Financial highlights include achieving a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong focus on shareholder returns through share buybacks [16] Summary by Sections Company Strategy and Core Business Development - Kuaishou emphasizes a user-oriented content and product ecosystem, with AI enhancements improving user value recognition [3][4] - The platform's user engagement remains strong, with 77% of users interacting with creators and a 7% year-on-year growth in private domain markets [3] E-commerce - The e-commerce strategy focuses on good products and good content, with a current user penetration rate of 19% indicating room for growth [5][6] - Live streaming and short video capabilities are being enhanced to drive consumer purchases, with significant growth in GMV from short videos [8] International Business - The international strategy is centered on Brazil, with a dedicated team and a focus on e-commerce and financial services [12] Local Life - The local life business has evolved through two phases, focusing on user and merchant value, particularly in lower-tier cities [13][14] Financial Highlights - Kuaishou reported a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong cash flow and significant share buyback plans [16]

宏观研究 证券研究报告 [Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观周报 2024-09-23 美联储开启降息，日央行按兵不动 ——海外经济政策跟踪 [Table_Summary] 全球大类资产表现。上周（2024.9.13-2024.9.20），全球大类资产价格中， 主要经济体股市大多上涨。其中，恒生指数涨幅最大，为 5.1%；IPE 布油期 货价格上涨 3.5%；10 年期美债收益率较前一周回升 7 个 BP 至 3.73%；美元 指数延续回落趋势，报收 100.7，日元小幅贬值，收 143.9。 经济：美国方面，哈里斯民调支持率继续领先，8 月工业生产小幅改善，工 业产能利用率也有所回升；零售销售环比增速有所回落，但仍好于市场预期； 成屋销售同比增速下滑，已开工的新建私人住宅同比增速有所回升。 通胀预期继续上升。截至 9 月 20 日，美国 5 年期通胀预期较前一周上升 7BP 至 2.02%，10 年期通胀预期较前一周上升 7BP 至 2.15%。市场预期 11 月美 联储大概率降息 50BP。截至 9 月 20 日，市场预期美联储接下 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 36.90 based on a 2024 PE of 30x [4][11]. Core Viewpoints - The company is a leading financial IT service provider, focusing on fintech and providing comprehensive digitalization support through its proprietary "3+1" technology platform. Despite short-term performance pressures due to market conditions, the company is expected to benefit from the financial industry's digital transformation in the medium to long term [4][11]. - In 2024H1, the company reported a revenue of RMB 267 million, a decrease of 4.93% year-on-year, and a net profit attributable to shareholders of RMB 49 million, down 21.11% year-on-year. The decline in performance is attributed to slowed IT investments from financial industry clients [11][12]. - The company is actively reducing costs and increasing efficiency while continuing to invest in R&D, with R&D expenses reaching RMB 80 million, an increase of 7.79% year-on-year [11][12]. Financial Performance Summary - For 2024, the company is projected to achieve total revenue of RMB 784 million, a growth of 5.4% year-on-year, and a net profit of RMB 254 million, an increase of 8.7% year-on-year. The EPS is expected to be RMB 1.23 [4][11]. - The company’s gross profit margin (GPM) is expected to improve gradually, with projections of 70.1% in 2024, 70.2% in 2025, and 70.4% in 2026 [4][11]. - The custom software business, which is the core revenue source, is expected to grow at rates of 5.0% in 2024, followed by 20.0% in 2025 and 2026 [4][11]. Business Development and Innovation - The company is making significant progress in its new core trading system A5, with successful implementations at seven securities firms, including CITIC Securities [2][11]. - The company is also pursuing external collaborations for business innovation, including a strategic partnership with Tencent Cloud to enhance financial innovation through various projects [2][11]. - The company maintains a leading position in the asset management sector and continues to support the digital investment banking platform, which is currently in the acceptance stage at several securities firms [2][11].