Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][8]. Core Insights - The market is expected to experience a short-term correction, presenting opportunities for investment in undervalued sectors. Recent developments, including political changes in the U.S. and hawkish statements from the Federal Reserve, may lead to market volatility. It is advised to focus on sectors with high growth potential and marginal improvements [5][20]. - Key areas of focus include: 1. Domestic computing power (self-controllable/technology competition): U.S. restrictions on advanced chip sales to China have opened market opportunities for domestic alternatives, with sustained high demand expected [5][20]. 2. Satellite communications (self-controllable/technology competition): Anticipated acceleration in U.S. commercial space and AI sectors due to political support [5][21]. 3. AI power supply (favorable competitive landscape, potential for tariff pass-through): Expected significant growth in the AI power supply market, with competitive dynamics allowing for minimal impact from tariffs [5][21]. Summary by Sections 1. Market Review - In the past week (November 11-15, 2024), the Shanghai Composite Index and Shenzhen Component Index fell by 3.52% and 3.70%, respectively, while the CITIC Communication Index decreased by 2.37%, ranking fifth among 30 major industry sectors. The communication equipment and telecom operations sectors experienced changes of -4.42% and 5.41%, respectively [4][14]. - Top-performing stocks included: Online and Offline (+30.59%), *ST Meixun (+23.30%), Changjiang Communication (+22.84%), *ST Pengbo (+21.86%), and ST Gaohong (+13.74%). Conversely, the largest declines were seen in: Baidu Shares (-18.67%), Dekeli (-18.08%), Tianfu Communication (-16.08%), Jinglun Electronics (-13.66%), and Zongheng Communication (-12.65%) [4][16]. 2. Industry News - Recent statements from industry leaders, such as Baidu's founder Li Yanhong, highlight significant advancements in AI models, indicating improved reliability and usability [6][22]. 3. Investment Recommendations - The report suggests focusing on specific companies within the identified sectors: 1. Computing power: Haiguang Information, SMIC, Cambrian, Zhongke Shuguang, Runze Technology, Unisplendour, Inspur Information, ZTE, Zhongbei Communication, and Guanghuan New Network [5][21]. 2. Satellite communications: Zhenlei Technology, Chengchang Technology, Aerospace Huanyu, Shanghai Huanxun, Aerospace Electronics, and Gao Hua Technology [5][21]. 3. AI power supply: Megmeet [5][21].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [7]. Core Insights - The company has a solid foundation in connectivity and is accelerating its expansion into computing power business. It offers a complete end-to-end solution in the ICT industry, covering areas such as high-speed networks, computing infrastructure, digital energy, and terminals. As of 2023, the company's global market share reached 13.9%, ranking fourth in the world and second in China [6][19][21]. - The company has established a second growth curve strategy, actively expanding into server, data center, switch, and 5G application products. In the first half of 2024, revenue from government and enterprise services and consumer business grew by 56.09% and 14.28% year-on-year, respectively [6][7][19]. - The transition to 5G-A equipment presents new growth opportunities, with the company poised to leverage its traditional network advantages and capture structural opportunities in connectivity [6][7][19]. Summary by Sections 1. Company Overview - The company is a global leader in integrated communication and information technology solutions, operating in over 160 countries and regions. Its products span high-speed networks, computing infrastructure, digital energy, and terminals, focusing on empowering various industries [19]. 2. 5G-A Equipment Replacement and Market Dynamics - The company maintains a strong position in traditional networks, with a stable domestic market share. It has made significant breakthroughs in international markets, including key projects in countries like Cameroon and Côte d'Ivoire [26][28]. - The 5G-A standard has been frozen, marking the beginning of its commercialization. The deployment of 5G-A will require high-performance equipment upgrades, creating additional market space [29][30]. 3. Demand for Computing Power - The construction of intelligent computing centers is accelerating in China, with over 250 centers established or under construction by mid-2024. The demand for computing power is experiencing explosive growth [51]. - The company is well-positioned to benefit from increased capital expenditure by operators in computing power, with significant investments planned for 2024 [51][54]. 4. Financial Analysis - The company's revenue and net profit have shown steady growth, with a compound annual growth rate of 8.18% and 16.01% from 2019 to 2023, respectively. In the first half of 2024, revenue increased by 2.94% year-on-year, despite a decline in operator business revenue [79][84]. - The company has improved its expense ratio, with a decrease in the period expense ratio to 30.72% in the first half of 2024, contributing to a net profit margin of 9.14%, the highest in five years [84].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [7] Core Views - AWS continues to grow its operating profit margin and holds a 31% market share in the cloud market, indicating strong competitive positioning [4] - Apple accelerates the implementation of AI features in iOS 18.1, enhancing user experience with over 55 new AI-driven functionalities [5] - The report emphasizes the importance of commercializing generative AI, particularly in computing infrastructure and software applications with high demand and industry barriers [7] Market Review - The Shanghai Composite Index closed at 3330.73 points with a weekly decline of 3.52%, while the Shenzhen Component Index and the ChiNext Index also experienced declines of 3.7% and 3.36% respectively [3] Technology Industry Insights - AWS is integrating flexible model-switching capabilities into its Bedrock service to support generative AI workloads, enhancing its attractiveness compared to competitors [4] - Apple's new iOS features include advanced AI capabilities for Siri, text summarization, image and video search, and video creation, indicating a significant leap in user interaction [5] Investment Recommendations - Focus on commercialization of generative AI, particularly in sectors with strong demand and high industry barriers [7] - Suggested sectors for investment include AI/light modules, PCB, low-altitude economy, and stable fundamentals in the Beijing Stock Exchange [7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][9]. Core Views - The soft endoscope market has significant growth potential, with the company breaking through foreign monopolies and achieving rapid market share growth. The demand for early screening and advancements in endoscope manufacturing technology are driving this growth. By 2033, the medical soft endoscope market in China is expected to reach USD 1.39 billion [6][30]. - The AQ-300 ultra-high-definition endoscope system has notable advantages, enhancing the company's competitiveness in high-end markets. The company reported a 52.29% year-on-year increase in revenue and a 167.04% increase in net profit for 2023 [7][26]. - The company focuses on research and innovation, with a significant number of new products launched in 2023, indicating a robust future growth driver [8]. Summary by Sections Company Overview - The company, established in 1994, specializes in the research, production, and sales of medical soft endoscope equipment and related consumables. It has made significant technological advancements, allowing it to compete in a market previously dominated by foreign companies [20][21]. Market Dynamics - The global medical soft endoscope market is projected to grow from USD 8.98 billion in 2023 to USD 16.73 billion by 2033, with a CAGR of 6.42%. The Chinese market is expected to grow from USD 630 million in 2023 to USD 1.39 billion by 2033, with a CAGR of 8.25% [30][32]. Competitive Landscape - The company has increased its market share significantly, achieving an 11.88% market share in the digestive endoscope segment in 2023, up 7.20 percentage points from 2021. Major competitors include Olympus, Fujifilm, and Pentax, which dominate the market [6][32]. Financial Performance - In 2023, the company achieved a revenue of CNY 678 million, a 52.29% increase year-on-year, and a net profit of CNY 58 million, a 167.04% increase year-on-year. The revenue for the first three quarters of 2024 was CNY 501 million, reflecting a 16.79% year-on-year growth [7][26][12]. Future Outlook - The company expects continued growth in net profit, with projections of 0.68%, 31.64%, and 40.29% year-on-year growth from 2024 to 2026. The PE ratios for the respective years are projected to be 116, 88, and 63 times [9][12].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The joint announcement by three departments on November 12, 2024, introduces multiple tax incentives to support the real estate market, effective from December 1, 2024. This includes a reduction in housing transaction deed tax to 1% for first or second homes under 140 square meters, and 1.5% for the first home over 140 square meters, with a 2% rate for the second home [2][3] - The adjustment of export tax rebates for certain glass and fiberglass products aims to encourage higher product value addition, with the rebate rate reduced to 9% for specific products starting December 1, 2024 [3] Summary by Relevant Sections Cement - The national average price of cement from November 11 to November 15, 2024, was 542.45 RMB/ton, showing a week-on-week decline of 0.3%. Regional price changes varied, with East and Northwest China seeing increases of 0.6% and 1.2%, respectively, while North and Central South China experienced declines of 4.0% and 0.3% [4] - The cement output on November 15, 2024, was 3.45 million tons, remaining stable week-on-week, with a clinker inventory ratio of 64.77%, up 0.07 percentage points from the previous week [4] Flat Glass - The price of flat glass on November 10, 2024, was 1400.2 RMB/ton, reflecting a week-on-week increase of 8.8%. The inventory of flat glass decreased, supporting price increases due to strong demand from downstream processing orders [5][6] - The daily production of float glass on November 17, 2024, was 158,500 tons, up 0.57% week-on-week [6] Investment Recommendations - The report suggests focusing on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao, as well as cement companies like Huaxin Cement, Conch Cement, and Shangfeng Cement, which are expected to benefit from price increases and improved demand [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The joint announcement by three departments on November 12, 2024, introduces multiple tax incentives to support the real estate market, effective from December 1, 2024. This includes a reduction in housing transaction deed tax to 1% for first or second homes under 140 square meters, and 1.5% for the first home over 140 square meters, with a 2% rate for the second home [2][3] - The adjustment of export tax rebates for certain glass and fiberglass products aims to encourage higher product value addition, with the rebate rate reduced to 9% for some processed glass products [3] Summary by Relevant Sections Real Estate Tax Policy - The new tax policies aim to reduce the tax burden on homebuyers and enhance demand for improved housing, contributing to the long-term stable development of the real estate market [2] Export Tax Rebate Adjustments - The export tax rebate for certain glass products and fiberglass has been reduced to 9%, which may increase costs for deep-processing enterprises but is expected to promote high-quality development in energy-intensive industries [3] Industry Data Tracking - The average price of cement in China was 542.45 RMB per ton, with a slight week-on-week decrease of 0.3%. Regional price changes varied, with increases in East and Northwest China, while North and Central South regions saw declines [4] - The price of flat glass rose to 1400.2 RMB per ton, reflecting an 8.8% week-on-week increase, supported by strong demand and inventory reductions [5][6] - The inventory of sample enterprises decreased by 3.24% week-on-week, continuing a trend of inventory reduction for seven consecutive weeks [6] Investment Strategy - The current state of the building materials sector is at a low point, but there is potential for price recovery, particularly in cement. The report suggests focusing on resilient consumer building material leaders and companies benefiting from improved cash flow in municipal projects [7]

证 券 研 究 报 告 通信 ETF 基金价值点评 [日期Table_Industry] : shzqdatemark 2024年11月18日 [Table_Author] 分析师: 王红兵 E-mail: Wanghongbing@shzq.com SAC 编号: S0870523060002 [Table_ReportInfo] 相关报告： 《半导体材料设备 ETF 价值点评》 ——2024 年 11 月 14 日 《汽车 ETF 的可投性评估》 ——2024 年 09 月 26 日 《红利类 ETF 模型半年样本外极低回撤》 ——2024 年 09 月 12 日 [◼Table_Summary] 主要观点 通信ETF基金（159511）2024年11 月13日上涨3.86%，中际旭 创、新易盛及移动、电信和联通解释了65.66%的当日涨幅。中际旭创 和新易盛同属光模块，股价特征相似；移动、电信和联通均为运营 商，股价特征也相似。 从中际旭创来看，11月13日收盘价略高于19倍PE下2025年基本 面价值，19倍PE为2023年行情启动前的底部估值，目前一致预期 2025年归母净利润高增61.6%，我们认 ...

Inflation Data - October CPI increased by 2.6% year-on-year, matching market expectations and up from 2.4% previously[1] - Core CPI rose by 3.3% year-on-year, consistent with market expectations and previous values[1] - Seasonally adjusted CPI increased by 0.2% month-on-month, aligning with market expectations and prior results[1] Price Trends - Energy prices remained stable, with a month-on-month change from -1.9% to 0.0%[2] - Food price growth slowed, with a month-on-month decrease from +0.4% to +0.2%[2] - Core goods prices fell to 0.0% month-on-month, with significant increases in used car and truck prices from +0.3% to +2.7%[3] Housing and Services - Core services inflation remained stable, with rent prices rebounding; rent increased from +0.2% to +0.4% month-on-month[3] - Major residence rent growth remained steady at +0.3% month-on-month[3] - Medical services prices decreased from +0.7% to +0.4% month-on-month, while entertainment services saw a positive shift from -0.5% to +0.7%[3] Interest Rate Expectations - December rate cut expectations rose to 82% probability for a 25 basis points cut following the inflation data release[4] - Short-term 10-year U.S. Treasury yields are expected to remain high, with long-term uncertainty regarding the Fed's rate cut path and potential inflationary pressures from policy changes[4]

Investment Rating - The industry investment rating is maintained at "Overweight" [6][12]. Core Viewpoints - The report highlights significant growth in AI applications in North America, with companies like AppLovin and Meta showing impressive revenue increases due to AI integration [4]. - The domestic and international progress in AI Agent development is noted, with companies like OpenAI and Baidu making substantial advancements in AI capabilities and applications [5]. - The report suggests a focus on AI computing and application sectors for investment opportunities, recommending specific companies within these categories [6]. Market Review - In the past week (November 11-15), the Shanghai Composite Index fell by 3.52%, the ChiNext Index by 3.36%, and the CSI 300 Index by 3.29%. The computer sector (Shenwan) index decreased by 3.41%, outperforming the Shanghai Composite by 0.11 percentage points but underperforming the ChiNext and CSI 300 indices by 0.05 and 0.12 percentage points, respectively, ranking 13th among all sectors [3]. Weekly Insights - Notable overseas AI application performance includes AppLovin's Q3 revenue growth of 39% and a net profit increase of 300%, driven by their AI advertising engine [4]. - Baidu's Wenxin large model has seen a daily call volume exceeding 1.5 billion, a 7.5-fold increase from May, indicating strong growth in AI applications across various industries [5]. Investment Recommendations - The report recommends focusing on AI computing companies such as Haiguang Information, Cambrian, and Zhongke Shuguang, as well as AI application firms like iFlytek and Kingsoft Office for potential investment opportunities [6].

证 券 研 究 报 告 行 业 周 报 大厂接连推出智能眼镜，光刻机龙头 ASML 积极展望芯片未来 ——电子行业周报（2024.11.11-2024.11.15） [行业Table_Industry] : 电子 日期: shzqdatemark 2024年11月18日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -31% -24% -17% -10% -3% 4% 11% 19% 26% 11/23 01/24 04/24 06/24 09/24 11/24 电子 沪深300 [Table_ReportInfo] 相关报告： 《周观点：海外大厂发布 Q3 财报，AI+云 业务增长强劲》 ——2024 年 11 月 13 日 《三季度全球平板&智能手机出货情况良 好，AI 驱动存储板块持续上行》 ——2024 年 11 月 11 日 《周观点：光模块厂商 Q3 业绩增长强劲， AI 驱动 PCB 创新发展》 ——2024 年 11 月 07 日 [Table_Rating] 增持（维持） ...