Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights that the home furnishing sector is experiencing a surge in consumer enthusiasm due to the implementation of the "old-for-new" policy, which is expected to improve the outlook for cyclical sectors like home furnishings [1] - The report indicates that the textile and apparel industry is witnessing a weak recovery in the overall consumption environment, with policies aimed at boosting domestic demand enhancing consumer confidence [4] - The report emphasizes the strong performance of leading companies in the home furnishing sector, such as Oppein Home and Gujia Home, which are expected to benefit from favorable policies and market conditions [1][4] Summary by Relevant Sections Textile and Apparel Industry - The A-share SW textile and apparel index rose by 5.35% during the week of November 4-8, 2024, outperforming the Shanghai Composite Index, which increased by 5.51% [1] - The textile and apparel export value for October 2024 was $25.48 billion, showing a year-on-year increase of 11.9% [6] - The report suggests focusing on leading brands such as Bosideng and Haier, which are expected to perform well during the Double Eleven shopping festival [4][5] Home Furnishing Sector - The "old-for-new" policy is actively promoted across the country, leading to a rapid increase in sales of home-related products, with sales of furniture, decorative materials, and coatings growing by 35.7%, 12.9%, and 26.2% year-on-year, respectively [1] - The report notes that the home furnishing sector is expected to see a valuation recovery, with leading companies likely to benefit from the upcoming Double Eleven promotions [1] Paper and Packaging Industry - The report indicates that the paper industry is entering a peak season, with leading companies expected to perform well during key consumption periods like Double Eleven [1] - The price of corrugated paper has shown an upward trend, with the average factory price for 140g corrugated paper rising to 2,616 yuan per ton, a 0.46% increase from November 1 [1] Cross-Border E-commerce - The report highlights the rapid growth of the global e-commerce market, with a focus on cross-border e-commerce platforms and the potential for overseas warehouses to grow [7] - It suggests monitoring leading cross-border e-commerce companies such as Pinduoduo and SHEIN for investment opportunities [9]

证 券 研 究 报 告 [Table_Author] 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 宏 观 数 据 2024年11月08日 [Table_ReportInfo] 相关报告： 《生产提速，需求改善》 ——2024 年 10 月 21 日 《价格持续低位运行》 ——2024 年 10 月 16 日 《进出口回落，高顺差延续》 ——2024 年 10 月 16 日 出口加速进口仍弱 ——2024 年 10 月外贸数据点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 出口加速进口仍弱，顺差高位 10 月进出口分化加剧，出口进一步走强，而进口继续转弱，顺差创年 内次高水平。出口方面，从出口国别来看，对发达国家均有不同程度 的回升，尤其是东盟与欧盟回升幅度较大，对日出口更是大幅回正。 从主要出口商品来看，主要劳动密集型商品均转正，机电商品方面除 汽车外均有所回升或改善.我们认为汽车下滑较多或受欧美国家加征关 税的影响。另外 10 月出 ...

证 券 研 究 报 告 [Table_Author] 分析师: 张河生 Tel: 021-53686158 E-mail: zhanghesheng@shzq.com SAC 编号: S0870523100004 政 策 点 评 [Table_I 日期 ndustry] : shzqdatemark 2024年11月10日 聚焦化债，隐债压力大幅缓解 ——十四届全国人大常委会第 12 次会议点评 [◼Table_Summary] 事件 北京时间 2024 年 11 月 8 日，十四届全国人大常委会第 12 次会议 举行了闭幕会。会议表决通过了全国人大常委会关于批准《国务院关 于提请审议增加地方政府债务限额置换存量隐性债务的议案》的决 议。 ◼ 主要观点 地方专项债务限额提升 6 万亿，分三次每年 2 万亿置换隐债。 我国对地方债务实行限额管理，地方政府要将其所有政府债务纳 入限额，并分类纳入预算管理，省级财政部门在批准的地方政府债务 限额内，做好政府债券的发行、兑付工作。 由于 2023 年底地方政府债务余额为 40.74 万亿，而当年限额为 42.17 万亿，发债空间为 1.43 万亿。根据 10 月 12 ...

Investment Rating - The industry investment rating is "Increase" (maintained) [3] Core Viewpoints - The report highlights the rising popularity of ice and snow tourism, supported by favorable policies. The State Council recently issued opinions aimed at enhancing the ice and snow economy, targeting a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030. The report notes a significant increase in bookings for ice and snow-related attractions, with a 30% year-on-year growth in November and a 60% increase in searches for ice tourism destinations [3][4] - The report suggests that the issuance of these policies provides a solid foundation for the development of the ice and snow economy, and the construction of transportation projects will create significant opportunities for tourism in ice regions. It recommends focusing on listed companies related to the ice and snow economy [3] Summary by Sections Industry Data Tracking - The report includes various data tracking sections, such as travel data, hotel data, Hainan tourism data, and restaurant data, providing insights into the current state of the industry [8][9][14] Investment Suggestions - The report recommends focusing on specific companies within various sectors: - Hotel sector: Huazhu Group-S - Restaurant sector: Haidilao - Tourism and scenic spots: China Youth Travel Service, Changbai Mountain - Duty-free sector: China Duty Free Group - Professional services: Miao Exhibition, Keri International - Trend retail: Miniso [5][17]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6][48]. Core Insights - The company has been deeply engaged in the automotive sealing strip sector for thirty years, establishing itself as a domestic leader with a stable shareholding structure that supports steady development [6][14]. - In the first three quarters of 2024, the company achieved a total revenue of 842 million yuan, representing a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 129 million yuan, up 33.24% year-on-year [6][18]. - The company has a significant technical advantage, achieving 90% self-manufactured molds and becoming the first domestic enterprise to mass-produce frameless sealing strips [6][14]. - The company has a robust order backlog, primarily consisting of new energy vehicle orders, which is expected to contribute to steady revenue growth [6][18]. Summary by Sections 1. Domestic Automotive Sealing Strip Industry Leader with Strong R&D Capability - The company is recognized as a domestic leader in the automotive sealing strip industry, with a focus on innovation and R&D [14][18]. - In 2023, the company’s revenue reached 1.066 billion yuan, a year-on-year increase of 13.81%, with a net profit of 151 million yuan, up 19.68% [18][45]. - The company has established partnerships with major automotive manufacturers, enhancing its market position [14][18]. 2. Acceleration of Domestic Substitution and Frameless Design Leading New Trends - The automotive sealing strip market in China is approximately 20 billion yuan, with the rise of frameless doors increasing the unit value of sealing strips [35][36]. - The company is positioned to benefit from the growing demand for frameless sealing strips, which require higher technical standards [36][37]. 3. Excellent Customer Base and Expected Doubling of New Project Approvals in 2024 - The company has a diverse and high-quality customer base, including major automotive manufacturers, which enhances customer loyalty and brand recognition [40][41]. - The company anticipates that the number of new project approvals in 2024 will double compared to the total for 2023, primarily driven by new energy vehicle projects [41][42]. 4. Profitability and Cost Control Advantages - The company maintains a gross profit margin of 31.14% in the first half of 2024, significantly higher than the industry average [43][44]. - The company’s self-manufactured molds and strict cost control measures contribute to its leading profitability metrics in the industry [42][43]. 5. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 189 million yuan, 241 million yuan, and 304 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.08%, 27.65%, and 26.20% [48][45]. - The report projects revenues of 1.226 billion yuan, 1.468 billion yuan, and 1.759 billion yuan for the same years, with corresponding growth rates of 15.00%, 19.80%, and 19.81% [45][46].

Investment Rating - The industry investment rating is maintained at "Overweight" [3][12]. Core Views - The report highlights strong performance growth in optical module manufacturers in Q3 2024, driven by AI innovations in PCB development [3][4]. - The optical module sector is experiencing a robust growth phase, with companies like NewEase and Zhongji Xuchuang showing significant revenue and net profit increases, with NewEase achieving a revenue growth rate of 207.12% and a net profit growth rate of 453.07% year-on-year [4]. - The PCB industry has seen a total revenue of 151.27 billion yuan and a net profit of 11.03 billion yuan from 38 listed companies in the first three quarters of 2024, with the top five companies accounting for over 50% of total revenue [5]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3272.01 points with a weekly decline of 0.84%, while the Shenzhen Component Index and the ChiNext Index also experienced declines of 1.55% and 5.14% respectively [3]. Optical Modules - Chinese optical module companies are focusing on high-speed products for data centers, leading to a strong growth period. Companies like Zhongji Xuchuang and Huagong Technology are actively testing and delivering advanced products such as 800G and 1.6T modules [4]. - The report emphasizes that the transmission speed of optical modules is a key differentiator, with 400G and above modules primarily serving AI data centers, contributing to revenue growth for optical module companies [4]. PCB Industry - As of October 31, 2024, the PCB sector's total revenue for the first three quarters reached 151.27 billion yuan, with a net profit of 11.03 billion yuan. The report identifies increased demand from mobile phones, laptops, and automotive electronics as key growth drivers [5]. - The top five PCB companies by revenue are Dongshan Precision, Pengding Holdings, Shenzhen South Circuit, Jingwang Electronics, and Huidian Co., with revenues of 26.47 billion, 23.49 billion, 13.05 billion, 9.08 billion, and 9.01 billion yuan respectively [5]. Investment Recommendations - The report suggests focusing on generative AI commercialization, particularly in the optical module and PCB sectors, with specific companies recommended for investment: NewEase, Zhongji Xuchuang, and Pengding Holdings [6].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4][47]. Core Insights - The basic chemical index outperformed the CSI 300 index by 0.95 percentage points, with a weekly change of -0.73% compared to -1.68% for the CSI 300 [11]. - Key sub-industries showing positive performance include phosphate fertilizers and phosphate chemicals (10.95%), adhesives (8.71%), polyester (6.08%), rubber additives (3.27%), and nitrogen fertilizers (0.98%) [11]. - The report highlights a significant decline in profits for the chemical raw materials and chemical products manufacturing industry, with a 4% year-on-year decrease in profits for the first nine months of 2024 [3]. Market Trends - The basic chemical index's performance for the past week was -0.73%, while the CSI 300 index was -1.68%, indicating a relative outperformance [11]. - The report notes that the prices of several chemical products have fluctuated, with notable increases in hydrogen fluoride (8.72%) and liquid chlorine (8.71%), while domestic vitamin A saw a significant drop of -19.44% [16][18]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants, with a recommendation to pay attention to companies like Jinshi Resources and Juhua Co. 2. Chemical fibers, recommending companies such as Huafeng Chemical and Xin Fengming. 3. Quality stocks like Wanhua Chemical and Hualu Hengsheng are also highlighted [4][47]. - The tire sector is recommended, with specific attention to Sailun Tire and Linglong Tire [4][47]. - The agricultural chemicals sector is advised to focus on companies like Yalin International and Salt Lake Co. [4][47].

Investment Rating - The industry investment rating is maintained at "Overweight" [4]. Core Insights - The humanoid robot industry is experiencing rapid advancements, with a focus on the development of autonomous systems by companies like Tesla, Boston Dynamics, and Yushun Technology. The year 2024 is anticipated to be a pivotal year for the commercialization of humanoid robots, marking a transition from B-type to C-type product specifications and supply chain establishment [5][9]. - The Beijing Shijingshan District is accelerating its efforts in the humanoid robot sector, fostering a cluster of emerging companies and implementing supportive policies to enhance the industry [6][9]. - Recent announcements include the first national standards for humanoid robots, indicating a strong governmental push towards the development and application of humanoid robots across various sectors [32]. Summary by Sections Market Review - In the past week (October 28 - November 1, 2024), the CITIC Machinery Industry index fell by 0.91%, ranking 18th among all primary industries. Specific segments showed varied performance, with engineering machinery up by 5.28% and general equipment down by 1.44% [4][17]. Industry High-Frequency Data Tracking - The PMI for October 2024 is reported at 50.1%, indicating a slight increase. The cumulative year-on-year growth for fixed asset investment in the manufacturing sector is at 9.2% as of September 2024 [22]. - Sales data for excavators in September 2024 reached 16,000 units, reflecting a year-on-year increase of 10.8% [23]. Key Company Announcements - China CRRC reported a revenue of 152.583 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.67% [32]. - Giant Technology announced a revenue of 11.084 billion yuan for the first three quarters of 2024, marking a year-on-year growth of 28.73% [33].

Investment Rating - The industry investment rating is maintained at "Overweight" [1][25][26] Core Viewpoints - The report highlights the impact of the EU's decision to impose anti-subsidy tariffs on Chinese electric vehicles, which will affect companies like BYD, Geely, and SAIC with tariffs of 17.0%, 18.8%, and 35.3% respectively [1][14] - In October, BYD achieved sales of 500,000 units, reflecting a month-on-month increase of 19.9% [1][14] - The overall performance of the automotive sector is positioned in the mid-range, with a weekly decline of 0.44% compared to the Shanghai Composite Index's decline of 1.68% [4][5] Summary by Sections Market Review - The automotive sector's weekly performance was -0.44%, ranking 17th among 31 first-level industries [4][5] - The best-performing sub-sectors included motorcycles and others (+4.35%), while passenger vehicles saw the largest decline (-1.76%) [5][6] Industry Data Tracking - For passenger vehicles, retail sales from October 1-27 reached 1.812 million units, a year-on-year increase of 9% [8] - New energy vehicle retail sales during the same period were 946,000 units, up 49% year-on-year [8] Recent Industry/Key Company Dynamics - The EU's anti-subsidy tax on Chinese electric vehicles will take effect on October 30, impacting major manufacturers [14] - BYD's October sales reached 500,500 units, with a year-to-date cumulative sales of 3.237 million units, reflecting a 36.5% year-on-year increase [14][19] - Beijing is promoting the development of smart connected new energy vehicles, focusing on high-level autonomous driving technology [15] Investment Recommendations - For passenger vehicles, focus on companies that are advancing hybrid and overseas markets: BYD, Great Wall Motors, and Changan Automobile [20] - For components, consider companies related to automotive electrification/intelligence: Yinlun, Bertley, and Baolong Technology [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company has shown stable revenue growth with a slight recovery in gross margin. In Q3 2024, the company achieved revenue of 2.471 billion yuan, a year-on-year increase of 30.83%, and a net profit attributable to shareholders of 157 million yuan, up 11.90% year-on-year. The controller business segment generated revenue of 2.443 billion yuan, a 29.70% increase year-on-year, and a net profit of 370 million yuan, up 19.56% year-on-year [8] - The company has strengthened its cost control through the establishment of an operational improvement team, while maintaining stable R&D investment. In the first three quarters of 2024, the company's period expenses increased by 27.47% year-on-year, with R&D expenses rising by 45.07% year-on-year [8] - The company is expected to benefit from industry expansion and increasing concentration, with projected revenues of 9.477 billion yuan, 11.876 billion yuan, and 14.830 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 518 million yuan, 765 million yuan, and 996 million yuan for the same years [9] Summary by Sections Company Overview - As of November 6, 2024, the latest closing price is 11.99 yuan, with a 12-month A-share price range of 8.79-14.47 yuan. The total share capital is 925.54 million shares, with a circulating market value of 9.609 billion yuan [6][7] Financial Performance - For the first nine months of 2024, the company achieved a total revenue of 7.040 billion yuan, a year-on-year increase of 28.30%, and a net profit attributable to shareholders of 355 million yuan, up 6.29% year-on-year. The gross margin for Q3 2024 was 19.30%, an increase of 0.27 percentage points year-on-year [8] Future Projections - The company is projected to have a revenue growth rate of 25.8% in 2024, with net profit growth expected to be 56.4% [10]