Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive market in China is experiencing a strong sales surge, particularly in the passenger vehicle segment, with retail sales reaching 1.812 million units in October 2024, a year-on-year increase of 9% and a month-on-month increase of 2% [1][9]. - The new energy vehicle (NEV) market is also thriving, with retail sales of 946,000 units in October, representing a year-on-year growth of 49% [1][9]. - The report anticipates continued growth in the passenger vehicle market through November and December, driven by year-end sales pushes and expiring subsidy deadlines [1][9]. Summary by Sections 1. Weekly Insights - The report highlights that the "Silver October" sales momentum continues, with passenger vehicle sales entering a critical sales phase [1][9]. - The NEV penetration rate has reached 52.2%, indicating strong market demand and consumer confidence bolstered by government subsidies [1][9]. 2. Key Industry Dynamics 2.1 Key Industry News - The report notes significant developments in electrification, including the requirement for central and state agencies to update their vehicle fleets with at least 30% new energy vehicles [10][11]. - Xiaomi has launched its city NOA function nationwide, enhancing smart driving capabilities [10]. - Li Auto has established an overseas department targeting markets in the Middle East and Central Asia [12]. 2.2 New Vehicle Launches - New models launched include Chery's Jetour Shanhai T1 and Geely's Xingrui, both released on October 27, 2024 [13]. 2.3 Key Company Announcements - BYD reported a revenue of 201.125 billion yuan for Q3 2024, a year-on-year increase of 24.04% [14][15]. - Weichai Power's Q3 revenue was 49.464 billion yuan, down 8.82% year-on-year [14][15]. 3. Market Performance - The automotive sector under the Shenwan index saw a decline of 0.44% from October 28 to November 1, 2024, with the passenger vehicle segment dropping by 1.76% [16][20]. - The report indicates that 117 stocks rose while 198 fell during this period, with notable gains from Anhui Phoenix (+124.78%) and Huayuan Shares (+43.71%) [20]. 4. Data Tracking 4.1 Monthly Data - In September 2024, retail sales of passenger vehicles reached 2.809 million units, a year-on-year decrease of 1.7% but a month-on-month increase of 14.5% [22][23]. - The NEV retail sales penetration rate was 53.3% in September, continuing to rise due to favorable government policies and new product launches [27]. 4.2 Weekly Data - For the week of October 21-27, 2024, retail sales of passenger vehicles were 548,000 units, a year-on-year decrease of 4% [1][9].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [1][24]. Core Insights - The food and beverage sector experienced a slowdown in performance in Q3 2024, with revenue growth of 1.28% and net profit growth of 2.26%, both showing a decline compared to Q2 2024 [1][24]. - Despite the current challenges, the report suggests that the worst phase for the sector has passed, and with strong consumption-promoting policies, demand is expected to gradually improve [1][24]. - The valuation levels of the sector are currently at historically low positions, indicating potential for recovery [1][24]. Summary by Sections Market Performance - From October 28 to November 1, the food and beverage index fell by 0.39%, outperforming the Shanghai Composite Index, which declined by 0.84% [9][24]. - Sub-sectors such as dairy (+5.67%), snacks (+2.66%), and meat products (+0.69%) showed positive growth, while health products (-3.97%) and soft drinks (-3.73%) faced declines [9][24]. Key Company Announcements - Wuliangye reported Q3 2024 revenue of 17.268 billion yuan, a year-on-year increase of 1.39%, and net profit of 5.874 billion yuan, also up 1.34% [22][25]. - Yili achieved Q3 2024 revenue of 29.037 billion yuan, down 6.66% year-on-year, but net profit increased by 8.53% to 3.337 billion yuan [23][26]. - The report highlights the strong performance of the snack sector, with revenue growth of 58.02% and net profit growth of 60.18% in Q3 2024 [26][27]. Price Fluctuations - The report notes significant price fluctuations in key products, such as the price of Feitian Moutai, which saw a decrease followed by a rebound in early November [14][24]. - The average price of fresh milk was reported at 3.13 yuan per kilogram as of October 25, 2024 [14][24]. Industry News - The report discusses the import and export trends in the liquor industry, noting a 23% decline in the import value of spirits in the first nine months of 2024 [21][24]. - Guizhou's liquor production increased by 8.3% in the first three quarters of 2024, reflecting a positive trend in the local industry [21][24].

Investment Rating - The report maintains an investment rating of "Recommended" for the coal industry [1][30]. Core Insights - The coal market is currently experiencing short-term fluctuations, with supply remaining stable and demand yet to be fully released. The report anticipates a gradual increase in demand as temperatures drop [1][26]. - The report highlights that the majority of coal mines are operating normally, with sufficient long-term contracts in place, leading to a stable supply situation. However, the demand for coking coal is not expected to see significant improvement [1][26]. - The report emphasizes the importance of stable assets and sufficient cash flow for coal companies to maintain high dividends, suggesting a long-term value proposition in the sector [30]. Summary by Sections 1. Market Performance - From October 28 to November 1, 2024, the Shenwan Coal Index decreased by 0.59%, with various sub-sectors showing mixed performance [7]. 2. Key Industry Data 2.1 Thermal Coal - As of November 1, 2024, the price of Qinhuangdao thermal coal was 727.00 CNY/ton, a decrease of 0.14% week-on-week. Shanxi Datong thermal coal was priced at 630.00 CNY/ton, down 3.08% week-on-week [10][28]. - The inventory of thermal coal at major northern ports was 34.95 million tons, up 1.68% week-on-week [11][27]. 2.2 Coking Coal - As of November 1, 2024, the price of main coking coal at Jingtang Port was 1,740.00 CNY/ton, down 1.14% week-on-week. The price of Australian Peak Downs coking coal was 217.50 USD/ton, up 2.35% week-on-week [13][29]. 2.3 Downstream Demand - As of September 2024, the total electricity consumption in the country was 847.5 billion kWh, an increase of 8.50% year-on-year. The electricity generated from thermal power was 545.1 billion kWh, up 9.61% year-on-year [18]. 3. Industry News - Recent reports indicate a decrease in industrial producer prices in Shanxi province, with coal mining and washing industries seeing a decline of 13.2% [21][22]. 4. Key Company Announcements - Companies such as Pingmei Shenma Group and Huai Bei Mining have reported their third-quarter earnings, showing mixed results in revenue and profit [23][24][25]. 5. Weekly Outlook - The supply of thermal coal is expected to remain stable, while demand may increase as winter approaches. Coking coal demand is supported by good profit margins in the steel sector, but significant increases in demand are not anticipated [26][30].

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1][2]. Core Insights - The report highlights the steady progress in the transformation and upgrading of the steel industry, with new regulations being solicited for public opinion [2]. - It notes that the supply side has seen a week-on-week decline in steel production, while demand has also decreased, indicating a challenging market environment [1][2]. - The report suggests that policy expectations are improving, coupled with a slight improvement in the actual supply-demand dynamics within the industry [2]. Supply Summary - As of November 1, 2024, the total production of the five major steel products was 8.6728 million tons, a week-on-week decrease of 1.51% and a year-on-year decrease of 4.76% [12]. - The average daily pig iron production from 247 steel enterprises was 2.3547 million tons, with a week-on-week decrease of 0.09% and a year-on-year decrease of 2.46% [12]. - The capacity utilization rate for blast furnaces was 88.4%, down 0.08 percentage points week-on-week and down 1.83 percentage points year-on-year [12]. Demand Summary - The total consumption of the five major steel products was 8.9170 million tons as of November 1, 2024, reflecting a week-on-week decrease of 0.23% and a year-on-year decrease of 7.71% [14]. - The daily transaction volume of construction steel from mainstream traders was 99,400 tons, down 29.36% week-on-week and down 43.20% year-on-year [14]. - Monthly steel exports totaled 10.1535 million tons, with a month-on-month increase of 6.93% and a year-on-year increase of 25.96% [14]. Inventory Summary - The total social inventory of the five major steel products was 8.2795 million tons as of November 1, 2024, down 2.38% week-on-week and down 16.17% year-on-year [20]. - The total factory inventory of the five major steel products was 4.0695 million tons, reflecting a week-on-week decrease of 1.03% and a year-on-year decrease of 6.20% [21]. Raw Material Inventory Summary - As of November 1, 2024, the imported iron ore inventory of 247 steel enterprises was 89.979 million tons, with a week-on-week increase of 0.21% and a year-on-year increase of 0.11% [23]. - The inventory of coking coal for 247 steel enterprises was 7.424 million tons, reflecting a week-on-week increase of 0.66% and a year-on-year increase of 0.60% [23]. Cost Summary - The price index for Australian iron ore (62% Fe) was 771.6 yuan/wet ton as of November 1, 2024, with a week-on-week increase of 2.04% and a year-on-year decrease of 20.44% [30]. - The comprehensive absolute price index for scrap steel was 2,602.22 yuan/ton, with a week-on-week increase of 1.12% and a year-on-year decrease of 10.11% [30].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown rapid expansion in overseas business and continuous improvement in profitability. The third quarter of 2024 saw a revenue of 3.86 billion yuan, a year-on-year increase of 20.25%, and a net profit of 0.76 billion yuan, up 51.88% year-on-year. The gross margin reached 42.63%, an increase of 5.5 percentage points year-on-year, while the net margin was 18.67%, up 3.3 percentage points year-on-year [1][2] - The company is positioned as a leading player in the domestic industrial control sector, with expectations for steady growth in future performance. Forecasted net profits for 2024-2026 are 273 million yuan, 343 million yuan, and 426 million yuan, respectively, with corresponding P/E ratios of 25.0, 19.9, and 16.1 [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.157 billion yuan, a year-on-year increase of 22.37%, and a net profit of 210 million yuan, up 34.09% year-on-year [1] - The company’s revenue and net profit for Q3 2024 were 386 million yuan and 76 million yuan, respectively, reflecting a year-on-year increase of 20.25% and 51.88% [1] - The company’s gross margin improved to 42.63%, and the net margin was 18.67%, indicating significant profitability enhancement driven by strong overseas demand [1] Revenue and Profit Forecast - The projected revenue for 2024 is 1.69 billion yuan, with a growth rate of 29.52%. The net profit is expected to be 273 million yuan, reflecting a growth rate of 43.31% [2][4] - The company’s earnings per share (EPS) for 2024 is forecasted at 1.29 yuan, with a P/E ratio of 25.0 [2][4] Comparable Company Valuation - The average P/E ratios for comparable companies from 2024 to 2026 are 29.0, 23.5, and 19.1, respectively, indicating that the current valuation of the company is reasonable [1][3]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown continuous revenue growth driven by emerging businesses, with a 10.98% year-on-year increase in revenue to 964 million yuan and a 14.36% increase in net profit attributable to shareholders to 78 million yuan in the first three quarters of 2024 [1] - The sales structure optimization has accelerated revenue growth, while improved operational quality has led to significant profit increases. The third quarter saw a 41.23% year-on-year increase in net profit to 22 million yuan, attributed to enhanced gross margins and rapid growth in high-margin new businesses such as commercial aerospace [1] - The company has increased its R&D investment by 26.34% to 51 million yuan, focusing on emerging fields like commercial aerospace and medical imaging, which are expected to become new growth points [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 964 million yuan, a 10.98% increase year-on-year, and a net profit of 78 million yuan, up 14.36% year-on-year [1] - The third quarter net profit reached 22 million yuan, reflecting a 41.23% increase compared to the same period last year [1] - The company plans to raise up to 600 million yuan through a private placement to fund projects related to liquid rocket engine components and medical imaging equipment [1] Earnings Forecast - The company is projected to achieve net profits of 129 million yuan, 180 million yuan, and 232 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 31.55%, 39.33%, and 28.75% [2] - Revenue is expected to grow from 1,440 million yuan in 2024 to 2,234 million yuan in 2026, with growth rates of 22.07%, 25.73%, and 23.38% [2] Comparable Company Valuation - The company’s current P/E ratio is 48.7 for 2024, compared to an average of 27.7 for comparable companies [3] - The company is positioned in high-tech and high-growth sectors, justifying a premium valuation [1][2]

Investment Rating - The investment rating for the non-ferrous metals sector is "Recommended" (maintained) [1]. Core Views - Recent fluctuations in U.S. employment data have led to concerns about a "soft landing," prompting expectations for continued monetary easing by the Federal Reserve, which supports rising gold prices. The domestic fiscal policy remains positive, awaiting the effects of fiscal measures [1]. - The report highlights that the U.S. non-farm payrolls increased by only 12,000 in October, the smallest gain since December 2020, which has raised market concerns about the economic outlook and potential Fed rate cuts. This backdrop has resulted in declines in the dollar and U.S. Treasury yields, likely leading to further increases in gold prices [1][17]. - The report anticipates that China's fiscal policy will strengthen, particularly in addressing local government debt and stabilizing the real estate market, which could benefit industrial metals like copper and aluminum [20]. Summary by Sections 1. Industry Weekly Review - From October 28 to November 1, the Shenwan Non-ferrous Metals Index rose by 1.64%. Among sub-sectors, industrial metals increased by 0.3%, while precious metals decreased by 1.62% [8]. 1.1 Market Trends - The report notes significant price movements in various metals, with industrial metals showing resilience despite overall market fluctuations [8]. 1.2 Major Metal Prices and Inventory Changes - Key industrial metal prices as of November 3, 2024: - LME Copper: $9,539/ton, down 0.26% week-on-week, up 17.65% year-on-year - LME Aluminum: $2,603/ton, down 2.51% week-on-week, up 16.31% year-on-year - SHFE Copper: ¥76,520/ton, up 0.17% week-on-week, up 13.73% year-on-year [11]. - Inventory levels for LME and SHFE metals indicate varying trends, with LME copper inventory at 270,000 tons, down 1.95% week-on-week [14]. 1.3 Key Listed Company Announcements - Notable announcements include 中钨高新 planning to acquire 100% of 柿竹园公司 for ¥5.195 billion and 盛达资源 aiming to acquire 47% of 鸿林矿业 [15]. 2. Precious Metals - The report emphasizes the impact of U.S. employment data on precious metals, with gold prices reaching historical highs amid geopolitical tensions and election uncertainties [16][17]. 3. Industrial Metals - China's fiscal policy is expected to enhance support for industrial metals, with a focus on achieving a 5% economic growth target for the year. This is anticipated to create demand for metals like copper and aluminum [20]. 3.1 Copper - As of September 2024, China's electrolytic copper production was 1,004,400 tons, with a slight year-on-year increase. The report also notes current inventory levels for copper [21]. 3.2 Aluminum - The report states that as of November 1, 2024, the SHFE aluminum continuous contract price was ¥20,800/ton, with a capacity utilization rate of 96.03% for electrolytic aluminum [25].

Investment Rating - The report maintains a "Recommended" investment rating for the machinery equipment industry [1]. Core Insights - The machinery equipment index increased by 0.19% from October 28 to November 1, 2024, ranking 14th among primary industry classifications. The engineering machinery sector saw a significant rise of 4.24%, while automation equipment and specialized equipment experienced declines of 2.43% and 0.31%, respectively [1]. - The report highlights the acceleration of the humanoid robot industry, driven by supportive policies and a growing number of participants, indicating a trend towards industrialization, commercialization, and scaling [1][2]. - The manufacturing PMI for October 2024 stood at 50.1%, reflecting a year-on-year increase of 0.6 percentage points and a month-on-month increase of 0.3 percentage points, suggesting a recovery in market sentiment [1][13]. Summary by Sections 1. Market Performance - The machinery equipment industry saw a 0.19% increase in the week of October 28 to November 1, 2024, with engineering machinery leading the gains [11]. - The top five gainers included Wan Feng Ao Wei (+28.95%) and Fu Si Da (+22.31%), while the top five losers included Ubiquitous (-18.5%) and Zhi Yuan New Energy (-12.88%) [11]. 2. Key Industry Data - As of September 2024, the production of industrial robots reached 54,044 units, a year-on-year increase of 22.8%, while excavator production was 25,699 units, reflecting a 69.1% increase [17][21]. - Fixed asset investment in the manufacturing sector increased by 9.2% year-on-year as of September 2024 [13]. 3. Industry News - The humanoid robot industry is experiencing rapid development, with numerous leading companies participating in the market. The report emphasizes the collaboration between complete machine manufacturers and downstream factories to promote product implementation [1][26]. - The report notes the establishment of a humanoid robot industry innovation center in Hangzhou, aiming to develop advanced robotic products and foster a robust industrial cluster [26]. 4. Focused Listed Companies - The report suggests monitoring companies such as Sanhua Intelligent Control (002050.SZ), Wuzhou New Spring (603667.SH), and Lide Harmony (688017.SH) for potential investment opportunities [1][6].

Investment Rating - The investment rating for the beauty care industry is "Recommended (Maintain)" [1][3]. Core Insights - Peptide Source Biotechnology has received a patent for a method of efficiently secreting full-length collagen protein in Pichia pastoris, marking a significant breakthrough in recombinant collagen technology [1][19]. - The medical beauty industry is experiencing strong market vitality and consumer potential, driven by both regulation and innovation [3][23]. - The report emphasizes the importance of new product launches in the medical beauty sector, with a focus on companies like Giant Bio, Haohai Biological, Huaxi Biological, East China Pharmaceutical, and Runben Co., Ltd. [3][23]. Summary by Sections 1. Weekly Market Performance - From October 28 to November 1, 2024, the Shenwan Beauty Care Index rose by 0.34%. The top five gainers included Qingdao Jinhwang, Lihua Kechuang, Qingsong Co., Ltd., Langzi Co., Ltd., and Wanjian Medical [8]. 2. Industry News - The Kunshan Institute of Technology held a forum to accelerate innovation in the medical beauty field, focusing on new production capabilities [11]. - The Angel Needle annual empowerment growth course and competition were launched to promote new developments in the medical beauty industry [12]. 3. Key Company Announcements - Peptide Source Biotechnology announced the authorization of a patent for a method to express full-length collagen protein, enhancing its patent portfolio in the recombinant collagen field [1][19]. - Other companies like Water Sheep Co. and Lafang Co. made announcements regarding stock options and shareholding changes [15][16]. 4. Weekly Perspective - The authorization of the full-length collagen protein patent by Peptide Source is a significant step forward, addressing challenges in the efficient secretion of large molecular proteins [19][22]. - The report highlights the advancements in recombinant collagen technology, which is expected to expand its applications in tissue engineering and regenerative medicine [22]. 5. Investment Recommendations - The report suggests focusing on companies such as Giant Bio, Haohai Biological, Huaxi Biological, East China Pharmaceutical, and Runben Co., Ltd. due to their potential in the evolving medical beauty market [3][23].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [1] Core Viewpoints - The computer industry has shown steady revenue growth, with total revenue reaching 854.67 billion yuan in the first three quarters of 2024, a year-on-year increase of 6.70% [1][11] - The net profit attributable to shareholders for the same period was 17.08 billion yuan, reflecting a year-on-year decline of 28.10%, but the decline in Q3 2024 narrowed to 2.66% compared to Q3 2023, indicating a potential turning point for profitability [1][11] - The industry has effectively managed costs, with sales expense ratio, management expense ratio, and financial expense ratio decreasing year-on-year [1][16] Summary by Sections 1. Market Performance - The computer index fell by 0.98% from October 28 to November 1, 2024, with notable gainers including China Greatwall and Newland Digital [6] 2. Industry News - The software and information technology services sector reported a total revenue of 98,281 billion yuan in the first three quarters of 2024, a growth of 10.8% year-on-year [9] 3. Key Company Announcements - Inspur Information announced plans to acquire stakes in two subsidiaries, while Aerospace Software is transferring its stake in a financial company [10] 4. Weekly Insights - The report highlights that the computer industry is awaiting a definitive turning point, with steady revenue growth and narrowing profit declines [11][12] - Key sectors such as AI applications, computing power, and the Huawei supply chain are performing well, with expectations for continued recovery in overall industry performance [17] 5. Investment Recommendations - The report suggests that domestic hardware and software manufacturers are likely to benefit from domestic substitution and the AI wave, recommending attention to high-performing stocks in promising sectors [20] 6. Focus Companies and Earnings Forecast - The report lists several companies with earnings forecasts, including: - Zhongke Shuguang (603019.SH) with a 2024E EPS of 1.48 yuan - Damo Data (688692.SH) with a 2024E EPS of 4.74 yuan - Others include Godigital (000034.SZ), Inspur Information (000977.SZ), and more [21]