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| --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 | | 电力设备 | 报告日期： 2024 年 11 月 18 日 | | 光 ...

Investment Rating - The report maintains a "Recommended" investment rating for the securities industry [1]. Core Insights - The performance of listed securities firms showed a significant recovery in Q3 2024, with total revenue reaching 136.4 billion yuan, a year-on-year increase of 21.0% and a quarter-on-quarter increase of 5.6%. Net profit attributable to shareholders was 39.5 billion yuan, up 40.8% year-on-year [1][13]. - The self-operated business has become the core contributor to the performance of the securities sector, with a notable increase in profitability [1][26]. - The report anticipates a positive outlook for Q4 2024, driven by a low base effect from 2023 and increased market activity [1][26]. Summary by Sections 1. Performance Overview - In the first three quarters of 2024, 43 listed securities firms achieved total operating revenue of 371.4 billion yuan, a decrease of 2.75% year-on-year. Net profit attributable to shareholders was 103.4 billion yuan, down 5.9% year-on-year [1][13]. 2. Business Structure 2.1 Securities Sector Business Structure - The report details the revenue contributions from various business segments, highlighting the self-operated business as the largest contributor [1][26]. 2.2 Listed Securities Firms' Segment Performance - The revenue from brokerage, investment banking, asset management, investment, net interest income, and other businesses for the 43 firms was 66.4 billion, 21.7 billion, 33.9 billion, 131.6 billion, 24.7 billion, and 93.2 billion yuan respectively, with year-on-year growth rates of -14%, -38%, -2%, 21%, -28%, and 1% [1][26]. 3. Heavy Asset Business 3.1 Self-Operated Business - The self-operated business has shown a significant increase in profitability, becoming a key growth driver for the sector [1][26]. 3.2 Interest Business - The report indicates a decline in interest income, reflecting the overall trend in the securities industry [1][26]. 4. Light Asset Business 4.1 Brokerage Business - The brokerage business has faced challenges, with a year-on-year decline in revenue [1][26]. 4.2 Asset Management Business - The asset management segment has shown resilience, with a slight decrease in revenue compared to the previous year [1][26]. 5. Investment Recommendations - The report suggests focusing on leading firms that are expected to benefit from increased industry concentration, such as Huatai Securities and CITIC Securities, as well as firms likely to benefit from merger and acquisition expectations, including Guotai Junan and Zhejiang Securities [1][26].

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证券研究报告 有色金属 报告日期：2024 年 11 月 18 日 美联储降息预期波动叠加出口限制，主要金属价格震荡 ——有色金属行业周报 华龙证券研究所 最近一年走势 上周（11 月 11 日-11 月 15 日）内，美联储降息预期有所波动， 降息放缓交易升温；同时，特朗普就任总统后可能加征关税预期 下，我国取消铜、铝出口退税，贸易摩擦升温，或干扰主要金属 供应链稳定性。维持有色板块"推荐"评级。 投资评级：推荐（维持） 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzqgs.com 工业金属：10 月经济数据出炉，规上工业增加值同增 5.3%，预 期增 5.6%，前值 5.4%，1-10 月，规上工业增加值同增 5.8%；1-10 月固定资产投资（不含农户）同增 3.4%，预期增 3.5%，前值 3.4%。 主要经济数据有所波动，显示经济恢复或仍需要时间，短期需求 增长或不显著。在美国大选及未来政策走向预期下，我国取消铝 材、铜材等产品出口退税，全球金属产品供应链扰动加大，短期 内对金属价格有影响。长期来看，工业金属价格可能维持震荡。 相关阅读 《主要金属价格维持高位 ...

证券研究报告 计算机 报告日期：2024 年 11 月 18 日 海内外 AI 应用催化不断，关注产业链投资机会 ——计算机行业周报 华龙证券研究所 最近一年走势 海外 AI 应用关注度有所提升，盈利模式或加速落地。海外方面， 近期美股市场中部分财报超预期的 AI 应用公司股价涨幅较大。 其中，AppLovin 本月涨幅已达 71.85%，主要得益于 AI 赋能下的 广告营销平台 AppDiscovery 安装量增长，AppLovin 前三季度软 件平台收入同比增长 76%。数据显示，2024 年 10 月，微软的 AI 产品 copilot 网页访问量增长 87.57%，热门 AI 产品 ChatGPT 网页 访问量为 37.8 亿，增幅为 17.16%。我们认为近期海外 AI 应用厂 商及 AI 应用访问量数据显示，部分面向 AI 应用商业模式逐步清 晰，用户付费意愿逐步提升，盈利增长拐点渐显，有望对国内 AI 应用产业起到积极映射作用。 投资评级：推荐（维持） 分析师：孙伯文 国内 AI 产业高景气度持续，持续看好算力及 AI 应用环节。国内 AI 产业方面，2024 年前三季度，我国 AIGC APP ...

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——2024年A股市场三季报综述 请认真阅读文后免责条款 政策支持下内需端盈利迎改善预期 华龙证券研究所 策略 分析师：朱金金 SAC执业证书编号：S0230521030009 2024年11月12日 证券研究报告 2 2024年8月2日-2024年10月31日市场走势（单位：%） 相关报告 《20241104A股投资策略周报告：三季度上市公司业绩边际向好》2024.11.05 《20241031A股月度金股：利好因素将支撑市场中长期走势》2024.11.01 《20241028A股投资策略周报告：基本面预期改善成市场支撑因素》2024.10.29 资料来源：Wind，华龙证券研究所 请认真阅读文后免责条款 3 报告摘要 Ø 全A盈利增速边际改善。全A三季度单季盈利好转更加明显，金融业对于三季度单季盈利边际改善的贡献较大。主要宽基指数三季度盈利累 计同比增长有所分化，大盘指数三季度单季盈利同比领先中小盘，多数中小盘指数三季度单季盈利同比有所放缓。风格单季度盈利同比上 升的为金融、消费，周期、成长、稳定风格单季度盈利有所下行。 Ø 三季度细分行业单季盈利好于累计。三季度部分一级行业归母净利润总额有所回升，一级行 ...