Investment Rating - The industry investment rating is maintained as "Overweight" [3] Core Viewpoints - The automotive market is expected to continue its recovery trend in October, with retail sales of passenger vehicles reaching 823,000 units from October 1 to 13, representing a year-on-year increase of 20% and a month-on-month increase of 17% [4][14] - The new energy vehicle market is showing strong performance, with retail sales of 408,000 units during the same period, reflecting a year-on-year increase of 64% and a month-on-month increase of 8% [4][14] - The report highlights the positive impact of the Federal Reserve's interest rate cuts on global consumption, which is expected to benefit domestic automotive brands' overseas sales [4] - The report notes that the vehicle scrappage and replacement subsidy policy is supporting the continued recovery of automotive sales in China [4] Summary by Sections Market Review - In the past week (October 14-18, 2024), the automotive sector index increased by 1.15%, outperforming the Shanghai Composite Index, which rose by 0.98% [3][11] - Among sub-sectors, commercial vehicles showed the best performance with a weekly increase of 6.75% [11] Industry Data Tracking - Passenger vehicle retail sales for the first half of October reached 823,000 units, with a year-on-year increase of 20% [14] - The wholesale volume for passenger vehicles was 713,000 units, with a year-on-year increase of 20% [14] Recent Industry/Key Company Dynamics - BYD launched the Seal 06GT on October 18, with a price range of 136,800 to 186,800 yuan, featuring advanced safety and charging technologies [19][21] - Xiaopeng's P7+ model pre-sale saw over 30,000 orders within 1 hour and 48 minutes of opening [19] - The Ministry of Industry and Information Technology announced plans to continue promoting new energy vehicles and related infrastructure [18] Recent New Car Launches - The report lists several new models launched recently, including the BYD Seal 06GT and the Jianghuai X8 E family, highlighting their specifications and pricing [21] Investment Recommendations - Recommendations include focusing on companies that are advancing in hybrid and overseas markets, such as Changan Automobile, Great Wall Motors, BYD, and JAC Motors [7][19] - For parts suppliers, the report suggests focusing on companies related to automotive intelligence and lightweighting [7][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][31]. Core Views - The company reported a record high in revenue and net profit for the first three quarters of 2024, achieving operating revenue of 230.40 billion yuan, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.68% [2][3]. - The company continues to benefit from high prices of gold and copper, with expectations for further price increases, which supports a clear growth path for production and performance [3][4]. - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to significantly contribute to the company's goal of producing over 100 tons of gold by 2028 [3]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 79.98 billion yuan, a year-on-year increase of 7.11%, and a net profit of 9.27 billion yuan, a year-on-year increase of 58.17% [2][3]. - The production volumes for gold, copper, zinc, and silver in the first three quarters were 54.27 tons, 789.50 thousand tons, 309.70 thousand tons, and 331.11 tons, respectively, with gold and copper production exceeding 70% of the annual guidance [3]. - The average selling prices for gold, copper, zinc, and silver increased by 25.53%, 13.86%, 21.98%, and 32.66% year-on-year, respectively [3]. Future Projections - Revenue projections for 2024-2026 are 327.94 billion yuan, 361.80 billion yuan, and 386.43 billion yuan, with year-on-year growth rates of 11.77%, 10.32%, and 6.81% respectively [4][6]. - Net profit projections for the same period are 32.24 billion yuan, 38.14 billion yuan, and 43.40 billion yuan, with year-on-year growth rates of 52.66%, 18.29%, and 13.79% respectively [4][6].

证 券 研 究 报 告 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 行 业 周 报 9 月用电维持高增，西北跨省电力中长期 交易实施细则发布 [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年10月22日 ——公用事业周报（20241014-20241018） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 2024 年 9 月全社会用电量 8475 亿千瓦时，同比增长 8.5%。根据国家 能源局统计数据显示，2024 年 9 月，全社会用电量 8475 亿千瓦时， 同比增长 8.5%；其中分产业看，第一产业用电量同比增长 6.4%，第 二产业用电量同比增长 3.6%，第三产业用电量同比增长 12.7%。 9 月城乡居民用电同比增幅进一步扩大，同比增长 27.8%。其中，9 月 城乡居民生活用电量同比增长 27.8%，较 8 月进一步提升 4.06 个百分 点。 2024 年 1-9 月全社 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][5] Core Viewpoints - The computer industry is experiencing a clear focus on technological self-reliance, with significant policy developments regarding data elements [4] - Recent reports indicate that the demand for the Xinchuang (信创) industry is expected to open up comprehensively due to external disturbances and event catalysts [4] - The National Development and Reform Commission has initiated a series of policies aimed at establishing a national data standard system by the end of 2026, marking the beginning of a concentrated period for data element policies [4] Market Review - During the week of October 14-18, the Shanghai Composite Index rose by 1.36%, the ChiNext Index increased by 4.49%, and the CSI 300 Index went up by 0.98%. The computer (Shenwan) index surged by 10.29%, outperforming the Shanghai Composite Index by 8.92 percentage points, the ChiNext Index by 5.80 percentage points, and the CSI 300 Index by 9.31 percentage points, ranking first among all industries [3] Investment Suggestions - Suggested companies to focus on include: 1. Xinchuang: Dameng Data, China Software, Kingsoft Office, Nasda, Haiguang Information 2. Public Data Authorization Operations: Yihualu, Taiji Co., Guoxin Health, Zhongke Jiangnan, Yunsai Zhiliang, Jiuyuan Yinhai, Shensanda, Guangdian Yuntong 3. Data Elements X: Anheng Information, Puyuan Information, Xinghuan Technology, Shanghai Ganglian, COSCO Shipping Science and Technology, Aerospace Hongtu, Qianfang Technology [5]

Economic Performance - In September, the industrial added value increased by 5.4% year-on-year, accelerating by 0.9 percentage points from the previous month[9] - Fixed asset investment from January to September reached 378,978 billion yuan, with a year-on-year growth of 3.4%[9] - Social retail sales in September totaled 41,112 billion yuan, growing by 3.2% year-on-year, an increase of 1.1 percentage points from the previous month[9] Investment Trends - Infrastructure investment continues to slow but remains above the overall investment growth rate[21] - Real estate development investment from January to September was 78,680 billion yuan, down 10.1% year-on-year, with the decline narrowing by 0.1 percentage points from the previous month[16] - Manufacturing investment showed a slight recovery, increasing by 0.1 percentage points, supporting fixed asset investment growth[14] Consumption Insights - Urban consumption retail sales grew by 3.1% year-on-year, while rural consumption increased by 3.9%[18] - The rebound in consumption is particularly driven by automotive sales, which have shown significant improvement[19] Market Outlook - The macroeconomic environment is expected to stabilize and recover, providing a solid foundation for the capital market[4] - Recent policies aimed at stimulating growth and expanding domestic demand are anticipated to support economic recovery and achieve annual development goals[5] Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China's monetary policy[24]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [4]. Core Viewpoints - The report emphasizes the importance of the "two increases" in the recent policy package, which includes the addition of 1 million urban village and dilapidated housing renovations and the expansion of the "white list" for real estate financing [11][12]. Summary by Sections 1. Policy "Combination Punch" - The recent press conference highlighted "four cancellations, four reductions, and two increases" aimed at stabilizing the market [11][12]. 2. "Two Increases": Support for Monetized Resettlement and Increased Loan Allocation for "White List" Projects - The first increase involves five policies supporting the monetized resettlement of 1 million urban village and dilapidated housing renovations, emphasizing financial balance and targeting major cities [5][13]. - The second increase focuses on expanding the loan allocation for "white list" projects, aiming to include all qualified real estate projects and improve cash flow for construction and building material companies [21][22]. 3. Effects and Progress of Real Estate New Policies - Following the release of new policies, there has been a noticeable recovery in the housing market in first-tier cities, with significant increases in second-hand housing transactions in Beijing, Shanghai, and Shenzhen [24][23]. 4. Affordable Housing: "Built and Purchased as Needed" - From January to September 2024, 1.48 million units of affordable housing were constructed or collected, primarily through rental and purchase methods to support new citizens and low-income families [26]. 5. Revitalizing Idle Land: "Control New Supply, Revitalize Existing Stock" - The strategy involves controlling new residential land supply and utilizing special bonds for land reserves to enhance liquidity for real estate companies [29][30].

Investment Rating - The industry investment rating is maintained at "Overweight" [7][13]. Core Insights - The release of the "Obesity Diagnosis and Treatment Guidelines (2024 Edition)" by the National Health Commission is significant, addressing the etiology, epidemiology, definition, diagnosis, assessment, treatment methods, and multidisciplinary collaborative treatment models for obesity [6][7]. - Recent Phase II clinical trial data for BGM0504 from Borui Pharmaceutical shows promising weight loss results, with the 5mg dose group achieving over 5% weight reduction by week 4 and nearly 11% by week 24. The 10mg and 15mg groups showed reductions of over 16% and nearly 19%, respectively [6]. - The proportion of participants achieving significant weight loss (≥5%, ≥10%, ≥20%, and ≥25%) in the various dosage groups indicates high efficacy, with the 15mg group achieving a 100% rate for ≥5% weight loss [6]. - Waist circumference improvements were notable, with the high-dose group showing reductions of 12cm-13cm, surpassing other similar products [6]. - Improvements in lipid metabolism indicators and blood pressure were also observed, with diastolic pressure decreasing by 5mmHg-9mmHg and systolic pressure by 12mmHg-15mmHg [6]. Summary by Sections Industry Overview - The prevalence of overweight and obesity in China is on the rise, making obesity a significant public health issue [7]. Company Focus - Key companies to watch include Borui Pharmaceutical, Lizhu Group, Huadong Medicine, and Zhongsheng Pharmaceutical [7].

Investment Rating - The industry investment rating is maintained at "Overweight" [4][33]. Core Viewpoints - A series of supportive policies have been released, signaling a positive outlook for the industry. On October 17, the Ministry of Housing and Urban-Rural Development mentioned a "combination of four cancellations, four reductions, and two increases" aimed at stabilizing the real estate market [4][5]. - Since late September, continuous policy releases have aimed to stabilize the real estate market. Key measures include new financial policies for real estate and adjustments to housing loan interest rates [5]. - The People's Bank of China has initiated a stock repurchase and increase loan program with an initial quota of 300 billion yuan, encouraging companies with high dividend yields to repurchase shares [5]. Industry Data Tracking - **Cement**: The national average price of cement was 525.10 yuan/ton, with a week-on-week increase of 1.4%. The cement output on October 18 was 3.255 million tons, up 3.9% week-on-week [6]. - **Flat Glass**: The average price of flat glass was 1,274 yuan/ton, with a week-on-week increase of 9%. Inventory levels decreased by 1.71% [6]. - **Photovoltaic Glass**: The price remained stable at 21.25 yuan/square meter, with an operating rate of 71.80% [6]. - **Investment Strategy**: The report suggests focusing on resilient consumer building material leaders and cement companies that are expected to benefit from seasonal demand improvements [8].

Investment Rating - The industry investment rating is maintained at "Overweight" [21][22]. Core Insights - September heavy truck sales were disappointing, with a total of 57,700 units sold, representing a year-on-year decline of 32.67% and a month-on-month decline of 7.59%. Cumulatively, from January to September, sales reached 682,700 units, down 3.38% year-on-year [4][5]. - The heavy truck market is experiencing weak terminal demand, with the freight market remaining sluggish. The old-for-new policy has not yet significantly boosted sales, leading to a negative growth rate for cumulative sales in the first three quarters [4][5]. - In September, the sales figures for major manufacturers included approximately 15,000 units for China National Heavy Duty Truck, 12,000 units for Shaanxi Automobile, and 8,000 units for FAW Jiefang, with respective year-on-year changes of -30%, -15%, and -59% [4][5]. Summary by Sections Heavy Truck Sales Data Tracking - Heavy truck sales in September were 57,700 units, down 32.67% year-on-year and 7.59% month-on-month. The cumulative sales from January to September were 682,700 units, down 3.38% year-on-year [4][5]. - The sales performance of major manufacturers in September included: China National Heavy Duty Truck (15,000 units, -30% YoY), Shaanxi Automobile (12,000 units, -15% YoY), and FAW Jiefang (8,000 units, -59% YoY) [4][5]. Market Dynamics - The export performance of heavy trucks remained stable, with September export volumes showing little change year-on-year. However, gas heavy truck sales plummeted to 5,900 units, down 74.39% year-on-year and 51.23% month-on-month, marking four consecutive months of decline [5]. - The economic advantages of gas heavy trucks have diminished due to high natural gas prices, which have remained elevated, impacting sales negatively [5]. Future Outlook - There is an expectation for improved domestic demand in Q4, potentially boosting freight market demand. The old-for-new policy is anticipated to stimulate sales in the coming months, leading to a possible rebound in Q4 sales [6]. Investment Recommendations - The report suggests focusing on companies such as China National Heavy Duty Truck, Weichai Power, and FAW Jiefang for potential investment opportunities [7].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, indicating a positive outlook for the sector's performance relative to the benchmark index over the next 12 months [6][30][31]. Core Insights - In Q3 2024, global smartphone shipments increased by 5% year-on-year, marking the fourth consecutive quarter of growth, driven by strong demand for both new and older Apple models [5]. - The AI-driven demand for advanced processes is expected to sustain high capacity utilization rates in semiconductor manufacturing until 2025, with AI server shipments projected to grow by 42% in 2024 [6]. - The semiconductor industry is anticipated to begin a recovery in the first half of 2024, with a more comprehensive rebound expected in the second half, supported by new IPO regulations that may accelerate industry consolidation [6]. Market Review - The SW Electronics Index rose by 9.65% from October 14 to October 18, outperforming the CSI 300 Index by 8.67 percentage points [4][9]. - Among the six sub-sectors, "Other Electronics II" and "Semiconductors" saw the highest gains, with increases of 13.66% and 12.07%, respectively [11]. Industry News - Apple is expected to launch a lower-end Vision headset priced around $2000 by 2025, which could significantly boost sales due to its lower price point [18]. - TSMC is expanding its manufacturing footprint in Europe, focusing on AI chip production to enhance its global market presence [19]. - China's integrated circuit exports grew by 22% in the first three quarters of 2024, driven by demand from the smartphone and AI infrastructure sectors [20]. Company Announcements - Several companies reported significant revenue growth forecasts for Q3 2024, including a projected 18.68% increase in revenue for Chipone Technology [27]. - The report highlights stock buybacks from companies like Sitron and Gaohua Technology, indicating confidence in their market positions [27].