Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metal sector [4]. Core Views - The recent fluctuations in the Federal Reserve's interest rate expectations, combined with export restrictions, have led to volatility in major metal prices. The cancellation of export tax rebates for copper and aluminum in China may disrupt the stability of the metal supply chain [4][5]. - Short-term demand growth for industrial metals may not be significant due to recent economic data showing fluctuations, indicating that economic recovery may still require time [5][47]. - Long-term, industrial metal prices are expected to remain volatile, influenced by global supply chain disruptions and domestic policy changes [48]. Summary by Sections 1. Industry Weekly Review - From November 11 to November 15, 2024, the Shenwan Non-ferrous Metal Index fell by 5.71%, with industrial metals down by 6.7% and precious metals down by 3.99% [20]. - The top five gainers in individual stocks were Xinbo Co. (+21%), Guocheng Mining (+11%), and Tibet Summit (+10%), while the top five losers included Shenzhen New Star (-23%) and Yingluohua (-19%) [22]. 2. Precious Metals - Following Trump's election, expectations for "re-inflation" in the U.S. have increased, potentially affecting the independence of the Federal Reserve's policies and introducing uncertainty regarding interest rate cuts, which may impact gold prices [35]. 3. Industrial Metals - Economic data for October showed a year-on-year increase of 5.3% in industrial value added, slightly below expectations. Fixed asset investment increased by 3.4% year-on-year [5][45]. - The cancellation of export tax rebates for aluminum and copper is expected to impact metal prices in the short term, while long-term price stability is anticipated [48]. - As of October 2024, China's electrolytic copper monthly production was 979,800 tons, with a slight decrease of 0.1% [49]. 4. Key Listed Company Announcements - Shengda Resources announced plans to acquire the remaining 33% stake in Jinshan Mining for 613.8 million yuan, increasing its ownership to 100% [31]. - Xinke Materials signed an investment cooperation agreement for a high-speed copper connection project, involving a rental agreement for a factory and equipment financing [32].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [3][35]. Core Insights - The overseas AI application sector is experiencing increased attention, with business models accelerating towards profitability. Notable stock price increases have been observed in AI application companies, such as AppLovin, which saw a 71.85% rise this month due to growth in its AI-enabled advertising platform [3][26]. - The domestic AI industry continues to show high growth potential, particularly in computing power and AI application segments. The monthly active users of AIGC apps in China reached 79.128 million, a year-on-year increase of 393.9% [4][27]. Summary by Sections Recent Trends - Overseas AI applications are gaining traction, with significant stock price increases for companies like AppLovin, which reported a 76% year-on-year revenue growth in its software platform for the first three quarters [3][26]. - In October 2024, Microsoft's AI product Copilot saw an 87.57% increase in web traffic, while ChatGPT recorded 3.78 billion visits, up 17.16% [3][26]. Domestic AI Industry - The domestic AI industry remains robust, with a notable increase in the number of AI intelligent agents across various platforms, exceeding 16,000 for Tongyi, 11,000 for iFlytek, and 9,000 for Doubao [4][27]. - Baidu's Wenxin model has achieved a daily call volume exceeding 1.5 billion, with a user base of 430 million [4][29]. Investment Recommendations - The report suggests focusing on companies such as Kingsoft Office (688111.SH), iFlytek (002230.SZ), Zhongke Shuguang (603019.SH), Inspur Information (000977.SZ), Digital China (000034.SZ), Caixun Co., Ltd. (300634.SZ), and Foxit Software (688095.SH) due to their potential in the AI application sector [35][36].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The Guangzhou Auto Show has seen a flurry of new car releases and advancements in intelligent driving technology, which are expected to boost Q4 passenger car sales [1][15]. - The report highlights significant new models such as BYD's Tengshi Z9, priced between 334,800 to 414,800 CNY, and Geely's Galaxy Starship 7 EM-i, which boasts a fuel consumption of only 3.75L per 100km [1][15]. - The report notes that with the introduction of government subsidies for vehicle trade-ins and increased discounts from automakers, the passenger car market is likely to see sustained growth in Q4 [1][16]. Summary by Sections Weekly Insights - The Guangzhou Auto Show has officially opened, showcasing numerous new car models and advancements in intelligent driving technology [15]. - BYD's Tengshi Z9 and Geely's Starship 7 EM-i are among the highlighted new releases, with competitive pricing and advanced technology features [15][16]. Key Industry Dynamics - Electric vehicle advancements include Changan's plan to validate solid-state battery installations by 2027 [18]. - The report mentions the acceleration of intelligent connected vehicle trials by government agencies [21]. - BYD plans to start selling electric passenger cars in South Korea by 2025 [21]. Market Performance - The automotive sector under the Shenwan index has seen a decline of 2.46% from November 11 to November 15, 2024, while the overall market (CSI 300) dropped by 3.29% [29]. - The report indicates that the passenger vehicle segment has outperformed with a slight increase of 0.71% [29]. Data Tracking - In October 2024, retail sales of passenger cars reached 2.261 million units, marking an increase of 11.3% year-on-year [44]. - New energy vehicle retail sales reached 1.196 million units, up 55.0% year-on-year, with a penetration rate of 52.9% [52]. - The report highlights that the sales of plug-in hybrid vehicles have shown significant growth, with a year-on-year increase of 99.0% [57].

Investment Rating - The report maintains a "Recommended" rating for the media industry [1]. Core Viewpoints - The launch of the AI short drama platform SkyReels by Kunlun Wanwei on December 10 in the U.S. is a significant development, marking an expansion into the global AI entertainment market [1][30]. - The report emphasizes the continuous iteration of large models in AI and the emergence of innovative applications, which are expected to gradually open up commercial space and enhance productivity [1][44]. Summary by Sections 1. Weekly Market Performance - From November 11 to November 15, 2024, the Shenwan Media Index rose by 1.07%. The top five stocks in terms of gains were Yidian Tianxia, Shiji Tianhong, Tiandi Online, BlueFocus, and Yaoji Technology. The top five stocks with the largest declines were ST Huatuo, Jishi Media, Huawen Group, Hubei Broadcasting, and Xinhua Media [14]. 2. Industry News - ByteDance's Doubao model launched the image editing model SeedEdit, allowing users to edit images with simple text commands. This model is currently in testing on Doubao's PC and web platforms [21]. - Baidu introduced the Xiaodu AI glasses, the world's first native AI glasses equipped with a Chinese large model, featuring a 16 million pixel wide-angle camera and a 56-hour battery life [23]. - Alibaba International launched Accio, the world's first B2B AI search engine, which offers AI-driven search capabilities and product recommendations based on multi-dimensional data analysis [26]. 3. Key Company Announcements - Chinese Media received a registration notice for its medium-term notes amounting to 1 billion yuan, valid for two years [29]. - Ingravit Media announced a plan to reduce its holdings by up to 14.5 million shares, representing 5.40% of its total shares [29]. - Guangxi Broadcasting announced the integration of its broadcasting business assets into a new company to accelerate its strategic goals [29]. 4. Weekly Insights - The SkyReels platform is expected to revolutionize video content creation by simplifying the production process and enabling creators to focus on creativity. The platform integrates various AI models to enhance script generation, storyboarding, and video production efficiency [30][34]. 5. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. The film sector, which is expected to recover due to valuation repair and supply release, with a recommendation to pay attention to China Film. 2. The publishing sector, characterized by strong defensive attributes and high dividends, with recommendations for Phoenix Media, Shandong Publishing, and others. 3. Quality IP and gaming companies actively expanding overseas, with recommendations for Perfect World, 37 Interactive Entertainment, and Giant Network [44].

Group 1 - The overall A-share market showed a marginal improvement in profit growth, with a year-on-year decline of -0.52% in net profit for the first three quarters of 2024, an improvement from -3.09% previously. The financial sector contributed significantly to this improvement [4][9][13] - In Q3 2024, the net profit growth rate for the overall A-share market turned positive at 4.73%, compared to -1.48% in the previous quarter, marking the first positive growth since Q3 2023. The non-bank financial sector saw a substantial increase of 214.05% year-on-year in net profit [4][13][19] - The report suggests focusing on sectors with improving domestic demand performance, as the economy is expected to stabilize and recover in Q4, which will support the performance of listed companies [4][29][32] Group 2 - In Q3 2024, certain primary industries such as utilities, telecommunications, daily consumption, industrials, and energy saw a rebound in net profit totals. The report indicates that industries with lower profit share are likely to benefit from policy support and industry recovery [29][32] - The financial and consumer sectors showed strong recovery in Q3, with financial sector net profit growth at 22.44% year-on-year, driven by improvements in the equity market. Consumer sector profits also increased due to favorable policies and reduced mortgage rates [25][32] - The report highlights that while some sectors like industrials and information technology saw improvements, others experienced declines, indicating a mixed recovery across different industries [32][29]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry, anticipating a continuation of positive trends into Q4 2024 [9]. Core Insights - The photovoltaic (PV) sector is experiencing a worsening of net profit losses, indicating that the industry is nearing a bottom. The main industry chain remains under pressure, but cash flow is improving [6][21]. - The wind power sector is facing challenges due to the pace of project initiation, leading to a decline in net profits across most segments [6][8]. - The grid equipment sector is seeing growth in both volume and profit, with high voltage products entering the delivery phase [8][9]. Summary by Sections 1. Overall Performance of the Electric Power Equipment Sector - For Q1-Q3 2024, the electric power equipment industry reported revenues of 23,875 billion yuan, a year-on-year decrease of 10.30%, and a net profit of 950 billion yuan, down 53.98% year-on-year [13]. 2. Photovoltaic Sector - The PV equipment industry generated revenues of 6,884 billion yuan in Q1-Q3 2024, down 22.56% year-on-year, with a net profit of -27 billion yuan, a decline of 102.01% year-on-year [6][21]. - The main industry chain is under pressure, with most companies in a loss-making state, although cash flow is improving [6][21]. - The report highlights 41 representative companies, indicating that while the main chain struggles, segments like PV equipment and inverters are performing well [21][30]. 3. Wind Power Sector - The wind power equipment industry achieved revenues of 1,203.17 billion yuan in Q1-Q3 2024, a slight increase of 0.79% year-on-year, but net profit fell by 28.89% to 48.91 billion yuan [6][8]. - The report notes that the wind turbine and submarine cable segments are beginning to show improvement, with expectations for a peak in offshore wind project deliveries from Q4 2024 to 2025 [8][9]. 4. Grid Equipment Sector - The grid equipment industry reported revenues of 5,514.29 billion yuan in Q1-Q3 2024, an increase of 6.58% year-on-year, with a net profit of 316.02 billion yuan, down 9.49% year-on-year [8][9]. - The report indicates that the transformer and combination electrical segments are growing rapidly, benefiting from high voltage product deliveries [8][9]. 5. Investment Recommendations - The report suggests focusing on leading companies in the PV sector such as Tongwei Co., Longi Green Energy, and Trina Solar, as well as strong inverter companies like Sungrow Power and DeYe Shares [9]. - In the wind power sector, companies like Dongfang Electric and Goldwind are recommended, while in the grid equipment sector, attention is drawn to Pinggao Electric and XJ Electric [9].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1]. Core Insights - The media sector's total revenue reached 367.16 billion yuan in the first three quarters of 2024, with a year-on-year growth of 0.41%. However, the net profit attributable to shareholders decreased by 32.58% to 23.47 billion yuan. The gross margin was 31.38%, down 3.09 percentage points, and the net margin was 6.48%, down 33.76 percentage points [1][6]. Summary by Sections 1. Industry Overview - The media sector's performance in the first three quarters of 2024 showed stable revenue but significant profit decline, primarily due to a high base effect from the previous year and increased expenses [1][13]. - The overall gross margin for the media sector was 31.38%, with a net margin of 6.48% [15]. 2. Subsector Overview 2.1 Gaming - The gaming sector's total revenue reached 68.18 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.31%. However, the net profit attributable to shareholders fell by 30.58% to 7.33 billion yuan [2][19]. - The gross margin improved slightly from 66.91% to 67.08%, while the net margin decreased to 10.82% [19]. 2.2 Film and Television - The film and television sector generated revenue of 25.89 billion yuan, down 14.31% year-on-year, with a net profit of 0.89 billion yuan, a decline of 69.01% [25][26]. - The gross margin was 24.63%, down 13.25 percentage points, and the net margin fell to 3.15%, down 67.15 percentage points [25]. 2.3 Digital Media - The digital media sector reported revenue of 18.46 billion yuan, a decrease of 5.09% year-on-year, with a net profit of 1.50 billion yuan, down 39.02% [31][32]. - The gross margin was 36.76%, down 10.47 percentage points, while the net margin increased to 12.51%, up 0.77 percentage points [31]. 2.4 Advertising - The advertising sector achieved revenue of 122.02 billion yuan, a year-on-year increase of 6.54%, but the net profit decreased by 7.76% to 4.54 billion yuan [4][34]. - The gross margin fell to 12.13%, down 7.97 percentage points, and the net margin decreased to 3.72%, down 12.60 percentage points [4]. 2.5 Broadcasting and Television - The broadcasting and television sector's revenue was 31.23 billion yuan, down 6.23% year-on-year, with a net loss of 0.21 billion yuan, a decline of 117.63% [4][19]. 2.6 Publishing - The publishing sector's revenue was 101.39 billion yuan, a slight decrease of 1.96%, with a net profit of 9.42 billion yuan, down 26.34% [5][19]. 3. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. The film sector, which is expected to recover due to valuation repair and supply release, with recommendations for companies like Shanghai Film and Wanda Film [6]. 2. The publishing sector, characterized by strong dividend yields and low valuations, with recommendations for companies like Zhonghua Media and Phoenix Media [6]. 3. Quality IP and gaming companies with international expansion, recommending companies like 37 Interactive Entertainment and Giant Network [6].

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1]. Core Insights - In the first three quarters of 2024, the non-ferrous metals industry experienced a steady recovery in profitability, driven by high metal prices and macroeconomic factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][8]. - Gold prices reached historical highs, with the COMEX average price increasing by 18.58% year-on-year, significantly boosting the performance of the precious metals sector [1][14]. - Industrial metals are expected to see a recovery in demand as domestic fiscal policies continue to support economic growth, despite tight supply conditions [1][21]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 2.57 trillion yuan in the first three quarters of 2024, a 2.95% increase from 2.49 trillion yuan in the same period of 2023. The net profit attributable to shareholders was 106.3 billion yuan, a slight increase of 0.04% year-on-year [9][12]. - In Q3 2024, the industry reported revenues of 867.72 billion yuan, up 4.19% year-on-year, while net profits reached 36.79 billion yuan, reflecting a 5.83% increase [10][11]. 2. Precious Metals - The precious metals sector saw revenues of 223.15 billion yuan in the first three quarters of 2024, a 25.57% increase from 177.71 billion yuan in the same period of 2023. Net profits surged by 46.14% to 9.36 billion yuan [14][19]. - The average price of gold in Q3 2024 was 2,290.09 USD/oz, an 18.58% increase compared to the same period in 2023 [14]. 3. Industrial Metals - The industrial metals sector generated revenues of 1.82 trillion yuan in the first three quarters of 2024, a 4.07% increase from 1.75 trillion yuan in 2023, with net profits rising by 29.64% to 743.61 billion yuan [21][22]. - The average copper price in Q3 2024 was 9,131.16 USD/ton, reflecting a 6.36% increase year-on-year [21]. 4. Energy Metals - The energy metals sector reported revenues of 114.72 billion yuan in the first three quarters of 2024, down 30.41% from 164.84 billion yuan in 2023, with net profits plummeting by 92% to 2.01 billion yuan [34][39]. - The average price of lithium and cobalt saw significant declines, with lithium prices dropping by 67.98% year-on-year [34][40]. 5. Investment Recommendations - The report recommends leading companies in the precious metals and industrial metals sectors, such as Shandong Gold, Zhongjin Gold, and Zijin Mining, as well as companies with expansion potential like Chifeng Jilong Gold and Western Mining [1].

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 206 期，总第 1765 期（电子版） 2024 年 11 月 13 日 星期三 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3421.97 | -1.39 | | 深证成指 | 11314.46 | -0.65 | | 中小 100 | 6953.76 | -0.91 | | 创业板指 | 2390.8 | -0.07 | | 沪深 300 | 4085.74 | -1.1 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43910.98 | -0.86 | | 纳斯达克 | 19281.4 | -0.09 | | 标普 500 | 5983.99 | -0.29 | | 英国富时 100 | 8025.77 | -1.22 | | 日经 225 | 39176.02 | -0.51 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 207 期，总第 1766 期（电子版） 2024 年 11 月 14 日 星期四 货币市场 欧元兑美元 1.0566 0.02 美元兑日元 155.6025 0.08 | --- | --- | --- | |--------------|---------------------|-----------| | | 沪深指数 \n收盘(点) | 涨跌幅(%) | | 上证指数 | 3439.28 | 0.51 | | 深证成指 | 11359.29 | 0.4 | | 中小 100 | 6981.22 | 0.39 | | 创业板指 | 2417.25 | 1.11 | | 沪深 300 | 4110.89 | 0.62 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43958.19 | 0.11 | | 纳斯达克 | 19230.73 | -0.26 | | 标普 500 | 5985.38 | 0.02 | | 英国富时 100 | 8030.33 | 0.06 | ...