Group 1: CPI Analysis - In November, the CPI increased by 0.2% year-on-year, with urban areas rising by 0.1% and rural areas by 0.2%[11] - Food prices rose by 1.0%, while non-food prices remained flat; consumer goods prices were stable, and service prices increased by 0.4%[11] - The core CPI, excluding food and energy, increased by 0.3%, indicating weak demand[14] Group 2: PPI Insights - The PPI decreased by 2.5% year-on-year, but the decline narrowed by 0.4 percentage points compared to the previous month[13] - Month-on-month, the PPI shifted from a decrease of 0.1% to an increase of 0.1%[25] - Key industries such as petroleum extraction and processing saw a reduction in price declines, while black metal smelting and coal mining experienced expanded declines[28] Group 3: Economic Implications - The stable inflation environment allows for more aggressive monetary and fiscal policies to support economic recovery[4] - The overall price stability is expected to create a favorable outlook for consumer goods prices in the near future[38] - Industrial product prices continue to show a shrinking trend, indicating ongoing economic challenges[38] Group 4: Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in Chinese monetary policy[5]

证 券 研 究 报 告 行 业 周 报 OpenAI 密集发布新品，AI 应用持续落 地 ————计算机行业周报（2024.12.02—2024.12.06） [Table_Rating] 增持（维持） [◼Table_Summary] 市场回顾 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年12月10日 [Table_Author] 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 过 去 一 周 （12.02-12.06） 上 证 综 指 上 涨 2.33%， 创 业 板 指 上 涨 1.94%，沪深300指数上涨1.44%，计算机（申万）指数上涨2.46%， 跑赢上证综指 0.13 个百分点，跑赢创业板指 0.52 个百分点，跑赢沪深 300 指数 1.02 个百分点，位列全行业第 16 名。 ◼ 周观点 OpenAI 宣布 12 天连开 12 场直播，将发布系列新品。OpenAI 首席执 行官 Sam Altman 宣布从 12 月 5 日开始为期 ...

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The construction materials industry is driven by the development of resilient cities, which promotes the transformation of intelligent construction. The central government aims to establish replicable experiences in new urban infrastructure by 2027, with significant achievements expected by 2023. Key tasks include implementing smart municipal infrastructure and enhancing building management intelligence [2][3]. - Recent mergers and acquisitions in the construction materials sector indicate a trend towards consolidation. Notable transactions include Huaxin Cement's planned acquisition of Lafarge Africa for $838 million, which will expand its presence in the West African market, and Beixin Building Materials' acquisition of a controlling stake in Zhejiang Daqiao Paint [3]. Summary by Relevant Sections Industry Data Tracking - The national average price of cement was 544.03 RMB/ton, with a week-on-week increase of 0.2%. The cement output for the week ending December 6 was 3.4975 million tons, reflecting a 2.5% increase [4]. - The inventory of flat glass decreased to 48.229 million weight boxes, down 1.61% week-on-week, indicating a general reduction in stock across regions, particularly in Central and North China [4]. - The price of photovoltaic glass remained stable at 19.5 RMB/square meter, with an operating rate of 62.7% [5]. Investment Recommendations - The construction materials sector is currently at a low point, but there is potential for price recovery, particularly in cement. The report suggests focusing on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao. Additionally, it recommends monitoring cement companies like Huaxin Cement and Conch Cement for price recovery opportunities [8].

Investment Rating - The industry investment rating is "Overweight" (maintained) [5][44]. Core Insights - The automotive sector has shown a strong performance with a weekly increase of 3.56%, ranking 8th among 31 first-level industries in the Shenwan classification. The best-performing sub-sector was automotive services, which rose by 6.46% [1][14]. - In November, retail sales of passenger vehicles reached 2.446 million units, a year-on-year increase of 18% and a month-on-month increase of 8%. Cumulative retail sales for the year reached 20.281 million units, up 5% year-on-year [2][21]. - The "trade-in" policy has significantly stimulated sales, with expectations for continued growth in December as manufacturers strive to meet annual targets [2][3]. Summary by Sections Market Review - The automotive sector's weekly performance was +3.56%, with the best-performing sub-sector being automotive services at +6.46%. The top five companies in terms of stock performance included JianShe Industrial (+61.11%) and YunNei Power (+54.72%) [1][14][18]. Industry Data Tracking - November passenger vehicle retail sales were 2.446 million units, up 18% year-on-year and 8% month-on-month. Cumulative wholesale for the year was 2.4119 million units, a 6% increase year-on-year [2][21]. - In the new energy segment, retail sales reached 1.277 million units in November, marking a 52% year-on-year increase [2][21]. Recent Industry/Key Company Dynamics - The China Automotive Association urged domestic companies to be cautious in sourcing American chips due to instability in supply [32]. - General Motors announced a restructuring of its China operations, incurring over $5 billion in costs and asset write-downs [33]. - Xiaomi's new SUV model YU7 is expected to launch in mid-2025, with anticipated sales of 360,000 units in early 2025 [3][39]. Investment Recommendations - Recommended stocks for passenger vehicles include BYD, Great Wall Motors, and Changan Automobile. For commercial vehicles, suggested stocks are China National Heavy Duty Truck Group, Yutong Bus, and Weichai Power [5][39].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [11]. Core Insights - A recent statement from three associations in China indicates that American chip products are no longer considered safe and reliable, leading to a cautious approach towards purchasing American chips in related industries [4][24]. - The semiconductor decoupling from the U.S. is seen as inevitable, with increasing restrictions on Chinese companies over time, which raises uncertainties for China's semiconductor development [5][26]. - The domestic market for optical chips is projected to grow from approximately $1.974 billion in 2023 to an estimated $2.997 billion by 2026, highlighting the importance of domestic production capabilities [6][26]. - The demand for Ethernet bandwidth is expanding, with a significant increase in the need for switching chips as high-performance computing clusters grow [7][28]. Summary by Sections 1. Market Review - The communication sector index experienced a 1.61% change over the past week, ranking 15th among 30 primary industries [3][18]. - The internal structure of the communication sector showed a mixed performance, with declines in telecom operations, communication equipment, and engineering services indices [3][18]. 2. Industry Topic - The statement from the associations reflects a response to U.S. export restrictions, which have added over 140 Chinese companies to a trade restriction list, affecting various semiconductor products [4][25]. - The historical context of U.S. sanctions against Chinese semiconductor companies illustrates a progressive tightening of restrictions, leading to increased uncertainty in the industry [5][26]. 3. Industry News - LightCounting forecasts that the sales of optical devices for access networks will reach $2.9 billion by 2029, indicating a cyclical nature in the market [10][31]. - Google has launched its AI video generation model, Veo, which is expected to enhance content creation processes for enterprises [29][30]. 4. Investment Recommendations - The report suggests focusing on companies in the optical chip sector such as Yuanjie Technology, Guangxun Technology, and Shijia Photon, as well as switching chip companies like Shengke Communication and ZTE [9][28].

Investment Rating - The industry investment rating is maintained at "Overweight" [2][4] Core Viewpoints - The SW Electronics Index increased by 1.61% in the past week, outperforming the CSI 300 Index by 0.16 percentage points [2] - Global semiconductor equipment sales in Q3 2024 grew by 19% year-on-year, reaching $30.38 billion, marking the largest increase in 11 quarters [2] - The Chinese mainland market accounted for $12.93 billion in sales, a 17% increase year-on-year, maintaining its position as the largest semiconductor equipment market globally [2] - The Micro LED chip market is projected to reach $38.8 million in 2024, with potential growth to $48.9 million by 2028, driven by advancements in technology and applications in automotive displays and AR glasses [3] Summary by Sections Market Review - The SW Electronics Index outperformed the CSI 300 Index, with various sub-sectors showing positive growth, including Other Electronics II (3.47%), Consumer Electronics (3.25%), and Semiconductor (0.45%) [2] Semiconductor Equipment Sales - Q3 2024 global semiconductor equipment sales reached $30.38 billion, a 19% increase from the previous year, with significant contributions from the Chinese mainland, Taiwan, and South Korea [2] Micro LED Market Potential - The Micro LED chip market is expected to grow significantly, with advancements in technology and applications leading to a projected market value of $48.9 million by 2028 [3] Investment Recommendations - The report suggests focusing on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, as well as companies in various segments such as AIOT SoC chips, analog chips, and semiconductor equipment materials [4]

Investment Rating - Buy (首次) [4] Core Views - The company specializes in quartz crystal frequency components and has built a product matrix covering consumer electronics, automotive electronics, communication, and industrial control through semiconductor lithography technology [4] - The company is the only domestic and one of the few international companies to master quartz crystal MEMS technology and achieve mass production of miniature crystal oscillators [4] - The company's 76.8MHz high-frequency thermal crystal resonator has passed Qualcomm's automotive-grade 5G platform SA522 and SA525 certification, and its 55.2MHz high-frequency thermal crystal resonator has been adopted by a domestic new energy vehicle brand [4] - The company's global revenue share in the crystal oscillator industry reached 4.0% in 2021, ranking 8th globally, up from 2.1% in 2020 [4] - The global and Chinese quartz crystal oscillator markets are expected to grow at a CAGR of 4.66% and 6.23% respectively from 2023 to 2027, driven by the recovery of consumer electronics and the growth of automotive and IoT markets [4] Industry Overview - Crystal oscillators are essential frequency control components widely used in consumer electronics, automotive, communication, and IoT industries [39] - The global smartphone and PC markets showed recovery in 2024H1, with shipments increasing by 7.66% and 5.23% YoY respectively [4] - The global consumer electronics market is expected to exceed $950 billion in 2024, with a CAGR of 2.9% from 2024 to 2029 [4] - The automotive industry's electrification and intelligence trends are driving the demand for crystal oscillators, with higher standards and increased usage per vehicle [4] - The 5G and IoT markets are creating new demand for high-frequency, high-precision crystal oscillators, with the global IoT connections expected to grow at a CAGR of 16% from 2022 to 2027 [79] Company Strengths - The company has over 20 years of experience in the crystal oscillator industry and has developed a comprehensive product line through semiconductor lithography technology [15] - It is the only domestic company to master quartz crystal MEMS technology and achieve mass production of miniature crystal oscillators [15] - The company has a stable equity structure and subsidiaries that support its strategic layout [24] - It has a strong R&D capability, with 162 patents and 7 software copyrights as of 2024H1 [101] - The company has obtained certifications from major platforms such as Qualcomm and MediaTek, and its products are widely used in 5G base stations, smartphones, and automotive electronics [104] Financial Performance - In 2024Q1-3, the company achieved revenue of 618 million yuan, a YoY increase of 3.69%, and net profit of 84 million yuan, a YoY increase of 12.25% [28] - The company's gross margin and net margin showed signs of recovery in 2024H1, with gross margin at 25.22% and net margin at 14.85% [30] - The company's inventory structure was optimized in 2024Q3, with raw materials accounting for 60% of inventory [34] - The company is expected to achieve net profits of 112, 156, and 187 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 56, 40, and 34 [119] Market Opportunities - The recovery of consumer electronics and the growth of automotive and IoT markets are expected to drive the demand for crystal oscillators [4] - The company is well-positioned to benefit from the domestic substitution trend and the expansion of overseas markets [4] - The company's high-frequency and miniature crystal oscillators are expected to see increased demand in 5G, WIFI6/7, and automotive applications [4] - The global and Chinese quartz crystal oscillator markets are expected to grow at a CAGR of 4.66% and 6.23% respectively from 2023 to 2027 [109]

Investment Rating - The industry investment rating is maintained as "Increase" [1] Core Viewpoints - The large-scale centralized procurement of in vitro diagnostic reagents led by Anhui province is expected to reshape the industry, with significant price reductions observed, averaging a decrease of approximately 53.9% [1][2] - The domestic immunodiagnostic market is substantial, with a market size of 37.59% of the overall in vitro diagnostic market, dominated by international companies [1][2] - The procurement initiative is anticipated to enhance the market share of leading domestic companies, particularly in the field of chemiluminescence [2][3] Summary by Relevant Sections Centralized Procurement - Anhui province is leading a centralized procurement initiative for in vitro diagnostic reagents across 27 provinces, covering 16 tumor markers and 9 thyroid function tests [1] - The procurement process has resulted in significant price reductions, with the maximum drop reaching 73% for certain products [1] Market Size and Competition - The global immunodiagnostic market reached USD 25.846 billion in 2023, accounting for 24.3% of the in vitro diagnostic market [1] - The domestic immunodiagnostic market size was approximately CNY 37.521 billion in 2023, making it the largest segment in the domestic in vitro diagnostic market [1] Company Focus - The report highlights three key companies to watch: - Mindray Medical, which reported a revenue of CNY 7.658 billion in H1 2024, a year-on-year increase of 28.16%, with chemiluminescence business growth exceeding 30% [2] - New Industries, achieving a revenue of CNY 2.211 billion in H1 2024, up 18.54% year-on-year, focusing on immunodiagnostic products [2] - Antu Bio, with a revenue of CNY 2.207 billion in H1 2024, a 4.70% increase year-on-year, emphasizing R&D and new product development [2][3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The textile and apparel industry is experiencing a weak recovery in consumer sentiment, supported by policies aimed at boosting domestic demand, which is enhancing confidence in consumption [3] - The outdoor economy is driving high demand for sports apparel, suggesting a focus on high-certainty opportunities and high-growth segments [3] - The sports industry is recognized as a significant contributor to economic growth, with ongoing government support for high-quality development in sports apparel [4] Summary by Sections Market Review - In the week from December 2 to December 6, 2024, the A-share SW textile and apparel industry index rose by 1.82%, while the light industry sector increased by 1.23%. The CSI 300 index rose by 1.44%, and the Shanghai Composite Index increased by 2.33% [2] Textile and Apparel Industry - The overall consumption environment is showing signs of weak recovery, with policies aimed at expanding domestic demand boosting consumer confidence. The outdoor economy is stimulating high demand for sports apparel, indicating a focus on high-certainty opportunities and high-growth segments [3] - Notable developments include the potential acquisition of Woolrich by the brand report bird, which could enhance its presence in the high-end outdoor market [3] Sports Apparel - The sports industry is becoming a vital force for economic growth, with government initiatives promoting high-quality development in sports apparel. The demand for skiing equipment is increasing, with brands like Arc'teryx launching new products tailored for various skiing scenarios [4] Textile Manufacturing - The long-term growth logic for textile manufacturing includes overseas production shifts, market share increases, and enhanced core competitiveness. Companies such as Huali Group, Weixing Co., and New Australia Co. are recommended for attention [5] Light Industry - Favorable policies are catalyzing a recovery in the real estate sector, leading to increased consumer enthusiasm for home furnishings. The furniture manufacturing sector is showing steady revenue growth, with significant contributions from government subsidy policies [7] Export Chain - The U.S. is entering a rate-cutting cycle, and ongoing overseas replenishment demand is expected to benefit the light industry export chain, particularly in products like insulated cups and office furniture. Companies such as Jiangxin Home and Jiayi Co. are highlighted for their growth potential [9] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with intensified competition among leading cross-border e-commerce platforms. Companies like Pinduoduo and SHEIN are noted for their growth potential in this sector [10]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [2] Core Views - The report highlights significant developments in the liquor sector, including the establishment of a 300 billion yuan liquor industry cluster in Guizhou by 2027, and a 12.95% increase in liquor output value in Renhuai for the first three quarters of the year [2][21] - It emphasizes the strategic partnerships and product innovations among major liquor brands, such as Wuliangye's collaboration with Chile's Concha y Toro and Luzhou Laojiao's multi-channel operations [2][21] - The report notes the upcoming peak sales season for snacks, with companies preparing for the New Year and Spring Festival by launching new products and marketing campaigns [3][5][24] - It discusses the growth of low GI products in the baking sector, driven by health trends, with Panpan Foods leading the way in this market [8][30] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report outlines key industry news, including the growth of the liquor industry and the strategic initiatives of major brands [2][21] - Investment suggestions are provided for various sectors, including liquor, beer, soft drinks, and snacks, highlighting companies with strong growth potential [11][31][34] 2. Market Performance Review - The SW Food and Beverage Index increased by 0.19%, underperforming the CSI 300 by 1.26 percentage points, with the food and beverage sector ranking last among 31 industries [37] - The report details the performance of individual stocks, noting significant gains for companies like Yiming Foods and Jialong Co. [40][43] 3. Key Industry Data Tracking - The report tracks important data in the liquor sector, including wholesale prices for major brands like Moutai and Wuliangye, and production statistics indicating a decline in national liquor output [49]