证 券 研 究 报 告 行 业 周 报 化债组合拳公布，关注受益于市政类资 金改善方向 ——建筑材料行业周报（20241104-20241108） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 地方化债政策"组合拳"公布，直接增加地方化债资源 10 万亿。2024 年 11 月 8 日举行的十四届全国人大常委会第十二次会议，表决通过了《全国 人民代表大会常务委员会关于批准<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》，地方化债政策对外公布。具体 来看： （1）增加 6 万亿元地方政府债务限额置换存量隐性债务。全部安排为专 项债务限额，增加的 6 万亿分 3 年安排，2024-2026 年每年 2 万亿，支持 地方用于置换各类隐性债务。 （2）连续五年每年从新增地方政府专项债券中安排 8000亿用于化债，累 计可置换隐性债务 4 万亿元。 （3）2029 年及以后年度到期的棚户区改造隐性债务 2 万亿元，仍按原合 同偿还。 随着政策公布，地方化债压力将大幅减轻。化债整体规模方面，4 万亿再 加上此次全国人大常委会批准的 6 万亿元债务限额，直 ...

Investment Rating - The industry investment rating is "Overweight" [32] Core Insights - The automotive industry has shown a positive performance with a weekly increase of 7.29%, outperforming the Shanghai Composite Index which increased by 5.50% [4][13] - The report highlights the potential benefits for Tesla's supply chain following Trump's election, as he advocates for high tariffs to support domestic manufacturing [5][6] - The report indicates a significant increase in October automotive sales, with total sales reaching 3.053 million units, a year-on-year increase of 7% [7][18] - New energy vehicle sales in October reached 1.43 million units, marking a year-on-year increase of 49.6% and a penetration rate of 46.8% [20][21] Summary by Sections Market Review - The automotive sector's performance ranked 8th among 31 first-level industries, with notable increases in automotive services (+10.25%) and automotive parts (+7.74%) [4][13] - The top five performing companies in the industry included Jun Chuang Technology (+76.95%), Wei Tang Industrial (+49.84%), and Shan Zi Gao Ke (+47.06%) [4][16] Industry Data Tracking - In October 2024, total automotive sales were 3.053 million units, with passenger vehicle sales at 2.755 million units, reflecting a year-on-year increase of 10.7% [7][18] - Cumulative automotive sales from January to October reached 24.624 million units, a year-on-year increase of 2.7% [18] Recent Industry/Key Company Dynamics - The report notes that the China Passenger Car Association estimates a 58% year-on-year increase in wholesale sales of new energy passenger vehicles for October [24] - Tesla's domestic sales exceeded 40,000 units in October, a 41% increase year-on-year [25] - Xpeng's new model P7+ achieved over 31,500 pre-orders within 24 hours of its launch [6][26] Investment Recommendations - Recommendations include focusing on passenger vehicle manufacturers that are expanding into hybrid and overseas markets, such as BYD, Great Wall Motors, and Changan Automobile [10][27] - For automotive parts, the report suggests focusing on companies related to electric and intelligent vehicles, such as Yinlun Technology and Bertley [10][27]

Investment Rating - The report maintains an "Overweight" rating for the machinery industry [4]. Core Views - The report emphasizes the positive impact of recent government debt reduction policies, which are expected to enhance local government financial capabilities and stimulate infrastructure projects, thereby benefiting the machinery sector [5][6]. - October excavator sales showed significant growth, with a year-on-year increase of 15.1%, indicating a recovery in domestic demand [5]. - The report highlights the importance of innovation and technology independence, suggesting that the technology sector presents substantial investment opportunities [5]. Summary by Sections Market Review - The machinery sector rose by 7.11% from November 4 to November 8, 2024, ranking 9th among all primary industries [14]. - Specific segments showed varied performance: engineering machinery increased by 1.78%, general equipment by 8.93%, and instruments by 11.68% [16]. Industry High-Frequency Data Tracking - In October 2024, the PMI for manufacturing was 50.1%, indicating stable growth [20]. - Excavator sales reached 16,791 units in October, with domestic sales up by 21.6% [21]. - The report notes a 49.7% year-on-year increase in industrial robot production in September 2024 [29]. Investment Recommendations - Recommended companies in the engineering machinery sector include Sany Heavy Industry, Zoomlion, and XCMG [6]. - In the general equipment sector, companies like Anhui Heli and Haitan Precision are highlighted [6]. - The report suggests focusing on high-tech segments such as semiconductor equipment and humanoid robots for potential investment opportunities [5][6].

Investment Rating - The industry investment rating is maintained at "Overweight" [3][5]. Core Views - The global tablet and smartphone shipment situation in Q3 2024 is positive, with the consumer electronics market continuing to rise [4]. - Tablet shipments reached 37.4 million units in Q3 2024, a year-on-year increase of 11%, marking the third consecutive quarter of growth [4]. - The global smartphone market saw a 2% year-on-year increase in shipments, totaling 307 million units, achieving its fourth consecutive quarter of growth [4]. - Despite a slowdown in shipment growth, global smartphone revenue increased by 10% year-on-year in Q3 2024, with average selling prices rising by 7%, reaching historical highs [4]. - The trend towards high-end products is expected to continue, with an anticipated 3% compound annual growth rate in global smartphone average selling prices from 2023 to 2028 [4]. - The semiconductor industry is entering a new cycle driven by AI, with NAND demand expected to grow steadily post-2025, projected to increase by approximately 2.7 times over the next five years [5]. - The DRAM industry is also expected to see a 25% year-on-year growth in 2025 as suppliers plan to increase production capacity after profitability in 2024 [5]. Summary by Sections Market Performance - The SW Electronics Index rose by 9.36% in the past week, outperforming the CSI 300 Index by 3.86 percentage points [4]. - The sub-sectors of semiconductors, electronic chemicals, optical electronics, and consumer electronics showed significant gains, with increases ranging from 5.61% to 11.98% [4]. Investment Recommendations - The report suggests focusing on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, as well as specific companies in various segments such as AIOT SoC chips, analog chips, and semiconductor equipment [5].

证 券 研 究 报 告 行 业 周 报 医疗设备更新加快落地，需求有望持续 释放 ——医药生物行业周报（20241104-1108） [行业: 日期: Table_Industry] 医药生物 shzqdatemark 2024年11月10日 王真真 [Table_Author] 021 -53686246 wangzhenzhen@shzq.com : S0870524030001 梁瑞 021-53686409 liangrui@shzq.com SAC 编号: S0870523110001 [Table_Rating] 增持（维持） [➢Table_Summary] 主要观点 各地医疗设备政策更新加快落地。今年3月国务院印发"以旧换新"方 案后，各地陆续推动落实。10月底，浙江、河南、河北等多地医疗设 备更新项目密集推进。10月23日，河南省卫健委公布2024年10至12月 政府采购意向。其中，河南省县域医共体设备更新项目预算金额5.83 亿元，预计采购时间为2024年12月，具体采购X线计算机断层扫描仪 （64排CT及64排以下CT）、数字化X线摄影系统、彩超、全自动生化 分析仪、救护车五类品种。10 ...

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].