Investment Rating - The industry investment rating is "Overweight (Maintain)" [7] Core Viewpoints - The fifth batch of high-value medical consumables national procurement has commenced, focusing on cochlear implants and peripheral intervention [7] - Cochlear implants are recognized as the gold standard for treating severe to profound sensorineural hearing loss, with a significant unmet demand in China, where approximately 27.8 million people have hearing disabilities [7][6] - The domestic market penetration for cochlear implants is only about 10%, significantly lower than in developed countries, primarily due to high costs [7] - The global market for cochlear implants is dominated by three major companies, which hold 96% of the market share, indicating high market concentration [7] - The peripheral intervention market is experiencing growth, with a 10% increase in the vascular intervention device market compared to the previous year [6] - Domestic companies are expected to gain market share in the peripheral intervention sector following the national procurement [6] Summary by Sections National Procurement - The national procurement for cochlear implants and peripheral intervention devices has officially started, with specific products included in the procurement list [7] Cochlear Implants - Cochlear implants are essential for treating severe hearing loss, with a large potential market in China due to the high number of hearing-impaired individuals [7] - The technology barrier in cochlear implants is significant, with high costs limiting market penetration [7] Peripheral Intervention - The peripheral intervention market is still in its early development stage, with many domestic products having low market penetration [6] - The national procurement is expected to accelerate the entry of domestic products into hospitals, increasing their market share [6] Investment Recommendations - Long-term prospects for the consumables industry are positive, with a recommendation to focus on the progress of the fifth batch of national procurement [7] - Specific companies to watch include Meihua Medical, Hainan Haiyao, and Kangzhi Pharmaceutical for cochlear implants, and Lepu Medical and MicroPort for peripheral intervention [7]

Investment Rating - The industry investment rating is "Overweight" [27] Core Viewpoints - The demand for holiday travel has upgraded, leading to an increase in consumer spending levels. During the 2024 National Day holiday, 765 million domestic trips were made, representing a year-on-year increase of 5.9% and a 10.2% increase compared to the same period in 2019. Total domestic tourist spending reached 700.817 billion yuan, with a year-on-year growth of 6.3% and a 7.9% increase compared to 2019 [6][7] - The travel consumption market continues to grow, particularly in lower-tier cities, with 26% of users opting to travel earlier, leading to a peak in travel demand starting September 28. Long-distance travel dominated the market, accounting for over 50% of trips during the holiday [6][7] - The popularity of "niche" scenic spots has surged, with certain locations experiencing over 20 times the tourism heat compared to previous years. The search interest in domestic zoos and museums has also significantly increased [6][7] - The resilience of tourism consumption is evident, with a recommendation to focus on companies within the tourism and travel industry chain [6][7] Summary by Sections Travel Data Tracking - The report highlights a significant increase in travel demand, with a notable rise in outbound travel orders from lower-tier cities, showing a year-on-year increase of 100% and 300% respectively during the National Day holiday [6][7] Hotel Data Tracking - In August 2024, the average occupancy rate of star-rated hotels in Shanghai was 68.80%, consistent with the same period in 2023 and recovering to 101.18% of the 2019 level [15] Hainan Tourism Data Tracking - Hainan's passenger throughput in August 2024 was 5.6968 million, reflecting a year-on-year growth of 0.80% and a 27.34% increase compared to 2019 [18] Restaurant Data Tracking - The number of dining establishments in Beijing reached 145,329 in August 2024, marking a 2.81% increase month-on-month and a 14.70% increase year-on-year. Notable growth was observed in the number of new stores opened by various restaurant chains [20]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [5][10]. Core Insights - During the National Day holiday, consumer spending on gold jewelry was primarily driven by wedding demand, while the overall consumption showed a strong recovery across various sectors [5][6][7]. - The report highlights a significant increase in consumer activity, with a 25.1% year-on-year growth in daily sales revenue for consumption-related industries during the holiday [5]. - The gold jewelry market experienced a decline in sales volume by approximately 20% year-on-year, but the gold recovery market saw a surge in activity, with some merchants reporting a 40% increase in transaction volume compared to pre-holiday levels [7][29]. Summary by Sections Retail Sector - The retail sector showed robust growth during the National Day holiday, with significant increases in foot traffic and sales across major cities [5][6]. - Notable sales figures include nearly 2 billion yuan in sales at a major mall in Beijing and 1.8 billion yuan in Shanghai [5]. - The report suggests focusing on retail companies with strong supply chain barriers and those exploring new retail formats, such as Miniso and Yonghui Superstores [5][10]. Gold and Jewelry Sector - The gold price reached approximately 800 yuan per gram domestically, leading to a cautious consumer sentiment and a decline in gold jewelry purchases [6][7]. - Despite the high gold prices, the gold recovery market thrived, with a 60% increase in recovery volume compared to the same period last year [7][29]. - The report recommends focusing on leading brands in the jewelry sector, such as Chow Tai Fook and Lao Feng Xiang, which are expected to perform well despite current market challenges [7][11]. Market Performance - The retail index fell by 5.87% during the week of October 8-11, underperforming the CSI 300 index by 2.61 percentage points [8][17]. - Year-to-date, the retail sector has declined by 12.94%, significantly lagging behind the CSI 300 index [17]. Industry Dynamics - The report notes various developments in the retail and e-commerce sectors, including the opening of new stores by Hema and the launch of promotional activities by major e-commerce platforms [9][27][28]. - The retail industry's October business climate index rose to 51.4%, indicating a positive outlook for the sector [27].

[Table_Stock] 长安汽车（000625） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2024年10月11日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 13.67 | | 12mth A 股价格区间（元） | 11.52-21.48 | | 总股本（百万股） | 9,917.29 | | 无限售 A 股 / 总股本 | 82.81% | | 流通市值（亿元） | 1,347.05 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -18% -10% -2% 7% 15% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Views - The report highlights that the company has launched new models such as the Deep Blue L07 and Avita 07, leading to a month-on-month sales increase of 14% in September [4][5]. - The company reported September sales of 213,200 vehicles, a year-on-year decrease of 9.98%, but a month-on-month increase of 13.93% [4][5]. - Cumulative sales from January to September reached 1.905 million vehicles, with a year-on-year increase of 1.89% [4][5]. - The company is expanding its overseas exports, with September exports exceeding 30,000 units, marking a significant year-on-year increase of 58.18% [5]. - The report anticipates a recovery in net profit for 2025 and 2026, projecting net profits of 87.39 billion yuan and 105.61 billion yuan, respectively [6]. Summary by Sections Sales and Production - In September, the company produced 214,300 vehicles, a year-on-year decrease of 14.70% [4]. - Cumulative production from January to September was 1.7702 million vehicles, a year-on-year decrease of 3.85% [4]. Brand Performance - Sales by brand in September included 172,600 units for self-owned brands, 24,200 units for Changan Ford, and 6,000 units for Changan Mazda [5]. - The self-owned brand sales included 11,600 units for Qiyuan, 22,700 units for Deep Blue, and 4,500 units for Avita [5]. Financial Projections - The company expects to achieve operating revenues of 169.15 billion yuan in 2024, with a year-on-year growth rate of 11.8% [7]. - The projected earnings per share for 2024, 2025, and 2026 are 0.72 yuan, 0.88 yuan, and 1.06 yuan, respectively [9]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 18.95X, 15.51X, and 12.84X, respectively [6][9].

Investment Rating - The industry investment rating is maintained at "Overweight" [3][34][35] Core Insights - The report highlights a significant increase in the number of applications for the vehicle scrappage and replacement subsidy, exceeding 1.13 million applications as of September 25, 2024, indicating a strong growth trend in the automotive sector [5][25] - New energy vehicle sales in September were impressive, with Li Auto selling over 53,000 units, a year-on-year increase of 49%, and a month-on-month increase of 12% [5][6] - The European Union has voted to impose a high tariff of up to 45% on electric vehicles imported from China, effective from next month for a duration of five years, which may impact the competitive landscape [5][6] Summary by Sections 1. Market Review - From September 23 to September 30, the Shanghai Composite Index rose by 25.52%, while the automotive sector increased by 21.08%, ranking 25th among 31 sectors [11][13] - The top five companies in terms of stock price increase were JunChuang Technology (+88.42%), HuaYang Transmission (+67.16%), GuangTing Information (+61.08%), ShuangLin Co. (+56.88%), and HengShuai Co. (+51.02%) [13][15] 2. Industry Data Tracking 2.1 Weekly Production and Sales Data - Retail sales of passenger vehicles from September 1 to 22 reached 1.243 million units, a 10% year-on-year increase [17] - Retail sales of new energy vehicles during the same period were 664,000 units, a 47% year-on-year increase [17] 2.2 Raw Material Prices - As of September 30, 2024, domestic prices for hot-rolled steel, aluminum ingots, magnesium ingots, and natural gas were 3,650, 20,190, 19,530, and 5,058 CNY per ton, respectively [19] 3. Recent Industry/Key Company Dynamics 3.1 Recent Industry Developments - The Chinese government has received over 1.13 million applications for the vehicle scrappage subsidy, reflecting a robust demand for new vehicles [5][25] - France supports the EU's plan to impose tariffs on Chinese electric vehicles, while Germany and Hungary oppose it [24] 3.2 Recent Key Company Developments - BMW China denied any adjustments to suggested retail prices, while Mercedes-Benz plans to expand technical cooperation with Chinese companies [26][27] 4. New Car News - New models launched include Changan's Shenlan L07, Geely's Zeekr 7X, BYD's Tengshi Z9 GT, Chery's Zhijie R7, and Avita's Avita 07, with prices ranging from 15.19 to 41.48 CNY [29] 5. Investment Recommendations - For passenger vehicles, focus on companies like BYD, Great Wall Motors, and Changan Automobile that are expanding in hybrid and overseas markets [30] - For components, consider companies involved in electric and intelligent vehicle technologies such as YinLun Holdings and BoTeLi [30]

证 券 研 究 报 告 行 业 周 报 反弹或将持续，关注 AI、国产化、数据 要素主线 ——计算机行业周报（2024.9.23—2024.9.27） 日期: [行业Table_Industry] : 计算机 shzqdatemark 2024年10月08日 [Table_Author] 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -36% -31% -26% -21% -16% -11% -5% 0% 5% 10/23 12/23 02/24 05/24 07/24 09/24 计算机 沪深300 [Table_ReportInfo] 相关报告： 《信创订单密集落地，重视自主安全主 线》 ——2024 年 09 月 24 日 《大模型 Scaling Law 开启新范式，端侧 智能加速落地》 ——2024 年 09 月 18 日 《华为全联接大会将至，政策加速信创产 业推进》 ——2024 年 09 月 10 日 《AI 大模 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry [6][22]. Core Insights - The communication sector is expected to outperform the market due to favorable monetary policies and strong market sentiment [6][14]. - The sector has shown resilience and better performance compared to the broader market during previous bull markets, indicating potential for excess returns [8][17]. Summary by Sections Market Review and Outlook - Monetary policy initiatives have been implemented to boost market confidence, including a 20 basis point reduction in the 7-day reverse repo rate from 1.7% to 1.5% and a 50 basis point cut in the reserve requirement ratio, injecting approximately 1 trillion yuan into the financial market [6][14]. - The communication index rose by 23.77% from September 24 to September 30, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 21.37% and 30.26%, respectively [6][14]. Policy Expectations and Market Performance - The U.S. economy shows signs of a soft landing, with non-farm payrolls increasing by 254,000 in September, exceeding expectations [7][15]. - The Hang Seng Index and Hang Seng Tech Index saw significant gains of 26.59% and 45.65%, respectively, from September 24 to October 7, with further increases during the holiday period [7][15]. Communication Sector Performance in Bull Markets - Historical analysis indicates that the communication index has consistently outperformed the Shanghai Composite Index during the bull markets of 2007 and 2015, suggesting a higher valuation ceiling due to its cyclical nature and high-tech attributes [8][17].

Investment Rating - The report maintains an "Overweight" rating for the communication sector [6]. Core Insights - The communication sector is expected to outperform the market due to favorable monetary policies and strong market sentiment [6][14]. - The sector has shown resilience and better performance compared to the broader market during previous bull markets, indicating potential for excess returns [8][17]. Summary by Sections Market Review and Outlook - Monetary policy initiatives have been implemented to boost market confidence, including a 20 basis point reduction in the 7-day reverse repo rate from 1.7% to 1.5% and a 50 basis point cut in the reserve requirement ratio, injecting approximately 1 trillion yuan into the financial market [14]. - The communication index rose by 23.77% from September 24 to September 30, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 21.37% and 30.26%, respectively [14][15]. Policy Expectations and Market Performance - Positive economic indicators from the U.S. suggest a higher likelihood of a soft landing, while domestic policies are anticipated to support market recovery [7][15]. - The Hang Seng Index and Hang Seng Tech Index saw significant gains of 26.59% and 45.65%, respectively, from September 24 to October 7 [7][15]. Communication Sector Performance in Bull Markets - Historical analysis shows that the communication index outperformed the Shanghai Composite Index during the bull markets of 2007 and 2015, with the communication index reaching its peak after the Shanghai Composite [8][17]. - The communication sector is characterized by high earnings elasticity and a higher valuation ceiling compared to traditional industries, making it a favorable investment opportunity [8][17].

Investment Rating - The industry investment rating is maintained at "Overweight" [9] Core Viewpoints - The report highlights a rebound in the computer industry, driven by supportive policies and improved expectations for IT spending [6] - Key investment themes include AI, domestic production, and data elements, with a focus on financial IT and the ongoing development of AI models [6][7] - The report emphasizes the importance of the domestic production trend, particularly led by Huawei, and the growth of the HarmonyOS ecosystem [7][8] - Data element policies are expected to be released soon, which will enhance the value of enterprise data resources [8] Market Review - During the week of September 23-27, the Shanghai Composite Index rose by 12.81%, the ChiNext Index increased by 22.71%, and the computer sector (Shenwan) index surged by 17.74%, outperforming the Shanghai Composite by 4.93 percentage points [5] Weekly Perspective - Recent financial policies from the People's Bank of China and other regulatory bodies signal strong support for economic development, which is expected to improve IT spending outlooks [6] - The report notes significant advancements in AI, including the release of new models by OpenAI and Meta, which are enhancing edge computing capabilities [6][7] Investment Recommendations - Suggested investment areas include: 1. Financial IT: Companies like Hengsheng Electronics, Topoint Software, and Jinzheng Shares [9] 2. AI Computing: Firms such as Zhongke Shuguang and Inspur Information [9] 3. AI Applications: Companies like iFlytek and Kingsoft Office [9] 4. Domestic Production: Firms including Dameng Data and China Software [9] 5. HarmonyOS: Companies like Softcom Power and Runhe Software [9] 6. Data Elements: Firms such as Taiji Shares and Yihualu [9]