Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [2][52]. Core Viewpoints - The food and beverage industry is experiencing stable growth in the restaurant sector, with a continuous recovery expected in the restaurant supply chain. The report emphasizes that the recovery of consumer spending, particularly in the restaurant industry, will be a key investment theme for the upcoming year, with a focus on the seasoning segment [9][10][17]. - In October, China's total retail sales of consumer goods reached 45,396 billion yuan, showing a year-on-year growth of 4.8%, which is an acceleration of 1.6 percentage points compared to the previous month. The restaurant industry's revenue for October was 4,952 billion yuan, with a year-on-year increase of 3.2% [9][10][17]. - The seasoning industry is expected to see a recovery in demand, particularly as the peak consumption periods of New Year's and Spring Festival approach. The current valuation of the seasoning industry is at 38 times earnings, significantly lower than the 10-year average of 51.3 times, indicating potential for valuation recovery [10][18]. Summary by Sections Industry Overview - The food and beverage industry consists of 126 stocks, with a total market capitalization of 49,857.36 billion yuan, reflecting a 5.3% increase. The average price-to-earnings ratio for the industry is 22.34 [4][5][7]. Market Performance - Last week, various sub-sectors within the food and beverage industry experienced declines, with the following weekly performance: yellow wine (Changjiang) -1.26%, beer -1.89%, other alcoholic beverages -3.38%, meat products -3.39%, soft drinks -3.40%, seasoning and fermented products -4.05%, baijiu -4.81%, dairy products -6.94%, and other foods -8.05% [11][19]. Key Company Tracking - Notable announcements from key companies include: - Chongqing Beer announced a cash dividend of 1.50 yuan per share, totaling 725.96 million yuan [30]. - Qiaqia Food announced the first grant of stock options, with a total of 4.18 million options granted at a price of 19.97 yuan each [31]. - Chengde Lulux plans to repurchase shares with a total amount not exceeding 705 million yuan [32].

Group 1: Real Estate Market Insights - New home prices show greater resilience compared to second-hand homes, with first-tier cities exhibiting stronger price stability, while lower-tier cities have undergone significant adjustments [2][22] - In first-tier cities, both new and second-hand homes have long been in a tight supply-demand situation, supporting property prices. The relaxation of purchase restrictions is expected to release pent-up demand [3][23] - Second-tier cities display a mixed situation, with cities like Hangzhou, Chengdu, and Xi'an leading in price increases, while some new homes may face price pressure due to a large influx of new supply [3][23] - Third-tier cities are experiencing deep adjustments in both new and second-hand home markets, with limited further price decline expected due to cost support, but ongoing inventory pressure remains [3][23] Group 2: Consumer Retail Sector Analysis - In October 2024, the total retail sales of consumer goods increased by 4.8% year-on-year, benefiting from the early Double Eleven promotions and policy stimuli [11][28] - Essential consumption remains stable, while certain discretionary categories, such as cosmetics and home appliances, have seen explosive growth, with home appliance sales up 39.2% year-on-year [12][30] - Online retail continues to outperform offline channels, with online sales growing by 8.8% year-on-year, indicating a sustained trend towards high-cost performance consumption [14][31] - Investment strategies suggest focusing on sectors benefiting from domestic demand expansion policies and high-demand niches like cosmetics and medical beauty [16][32]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][69]. Core Insights - The report highlights that domestic airlines are cautiously managing capacity, resulting in a rebound in passenger load factors for October. The cautious approach is attributed to concerns about demand in the fourth quarter [7][15]. - Domestic market demand saw a short-term increase during the October holiday, with capacity deployment increasing by approximately 4% month-on-month. However, this is still around 120% of the capacity compared to the same period in 2019 [8][23]. - The report notes that while the supply pressure on domestic routes has eased somewhat due to the recovery of international routes, the overall excess capacity in domestic routes remains a concern for the upcoming low season [10][15]. Summary by Sections Industry Overview - The transportation industry has a total market capitalization of approximately 32,276.28 billion, with a circulating market value of about 28,499.98 billion. The average price-to-earnings ratio for the industry stands at 17.5 [5][6]. Domestic Routes - Airlines have been cautious in their capacity deployment, with October's capacity being similar to last year and a 4% increase from September. Compared to 2019, the capacity is about 120% of the same period [8][23]. - The passenger load factor for airlines improved significantly in October, with an overall increase of approximately 2.1 percentage points compared to September, exceeding the levels of 2019 by 2.2 percentage points [9][30]. International Routes - For international routes, airlines' capacity deployment in October was about 92% of the levels seen in 2019, with a month-on-month increase of approximately 2.2%. However, the passenger load factor decreased by 0.4 percentage points compared to September, although it was up by 1.0 percentage point compared to 2019 [10][18]. - The report indicates significant variability among airlines, with some experiencing increased capacity while others faced declining load factors, highlighting a bottleneck in demand for international routes [41][39]. Future Outlook - The report suggests that while the civil aviation industry continues to face operational pressures, improvements in the fundamental aspects of the industry could lead to significantly better profit performance compared to last year. Major airlines' stock prices have shown a long-term adjustment, indicating a potential for increased safety margins and investment opportunities [10][11].

Investment Rating - The industry investment rating is "Positive" and maintained by Dongxing Securities [4][17]. Core Viewpoints - The report highlights that the retail sector is experiencing a rebound in consumer demand, with a notable increase in social retail sales in September and October 2024, driven by the early Double Eleven promotions and policy stimuli [29][30]. - Essential consumption categories are showing steady growth, while some discretionary categories are experiencing varied performance, indicating a shift towards high cost-performance consumption [12][17]. Summary by Sections Industry Overview - In September 2024, the total retail sales of consumer goods reached 41,112 billion yuan, a year-on-year increase of 3.2%, with a growth acceleration of 1.1 percentage points compared to the previous month [6][10]. - The retail sales excluding automobiles amounted to 36,573 billion yuan, growing by 3.6% [7]. Consumer Behavior - Essential consumption categories such as food, beverages, and daily necessities showed robust growth rates of 9.9%, 4.5%, and 2.2% respectively in the first half of 2024 [12]. - Discretionary consumption categories like sports and entertainment products and communication equipment performed well, with year-on-year growth rates of 9.7% and 10% respectively, while categories like automobiles and cosmetics faced negative growth [12][16]. Online vs. Offline Sales - Online retail sales in the first nine months of 2024 reached 108,928 billion yuan, a year-on-year increase of 8.6%, with physical goods online retail sales growing by 7.9% [12]. - The proportion of online retail sales in total retail sales rose to 25.7%, indicating a continued trend towards online shopping [12]. Investment Strategy - The report suggests focusing on high-performing segments within the retail sector and companies that can cater to the demand for high cost-performance products, especially in the context of overall weak consumer demand [17][30].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1][4]. Core Insights - New home sales are showing further recovery, while second-hand home sales remain robust. The Ministry of Finance has introduced multiple tax incentives for the real estate market [1][2]. - The central government's policy focus has shifted from stabilizing the market to promoting stability, indicating ongoing positive policy support for the real estate sector [2][12]. Summary by Sections Sales Data - The sales area of new homes in 24 cities for the week of November 11-17 was 3.222 million square meters, up from 3.051 million square meters the previous week. Year-to-date sales area shows a year-on-year decline of 16.95%, improving from a decline of 17.77% previously [2]. - The sales area of second-hand homes in 10 cities for the same week was 1.290 million square meters, down from 1.469 million square meters the previous week. Year-to-date sales area shows a year-on-year increase of 7.04%, improving from 6.68% previously [2]. - The combined sales area of new and second-hand homes in 10 cities for the week was 2.339 million square meters, down from 2.705 million square meters the previous week. Year-to-date combined sales area shows a year-on-year decline of 9.06%, improving from a decline of 9.60% previously [2]. Policy Developments - The Ministry of Finance and other departments have released several new tax incentives for the real estate market, including a 1% deed tax rate for the purchase of the first and second homes under 140 square meters, and exemptions from value-added tax for individuals selling homes purchased for over two years [2][12]. - The report highlights that the "white list" policy is being strengthened, providing good credit support for quality real estate companies with market-oriented operational capabilities [2][12]. Market Outlook - The report suggests that quality real estate companies in core cities, such as Poly Developments, China Merchants Shekou, China Resources Land, and Greentown China, are expected to benefit from the current demand-side policies [2][12]. - The report emphasizes the importance of ongoing policy support for stabilizing the market and promoting healthy interactions between the government and the market [2][12].

行 业 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|----------------------|-----------------------------------------|-------|------------------|------------------------------------------| | | | 城市房价已经深度调整 | 房价专题：一线城市房价韧性更强，低线 \n | | 2024 \n看好/维持 | 年 11 月 19 日 \n房地产 行业报告 | | 分析师 陈刚 电话： | | 021-25102897 邮箱： | chen_gang@dxzq.net.cn | | 执业证书编号： | S1480521080001 | 投资摘要： 整体而言，新房价格韧性普遍强于二手房，一线城市房价韧性更强，低线城市房价已经深度调整。房价走势呈现出城市能级 越高，整体累计涨幅越大的特点，但一线城市新房累计涨幅落 ...

Group 1 - The core viewpoint of the report highlights that Huawei's Pangu model has emerged in the AI field due to four key factors: significant technological innovation, strong computing power based on Huawei's self-developed Da Vinci architecture, comprehensive ecosystem collaboration, and increased R&D investment in AI [1][20]. Group 2 - The background and development of the Pangu model indicate that Huawei launched it in response to the rise of artificial intelligence, accelerated digital transformation, and diversified market demands, with the official release of version 5.0 on June 21, 2024, at the Huawei Developer Conference [2][21]. Group 3 - The advantages of Pangu model 5.0 compared to version 4.0 can be categorized into three aspects: full series upgrade with models ranging from billions to trillions of parameters for various business scenarios, multi-modal upgrade supporting text, images, videos, and additional modalities like radar and infrared, and strong cognitive upgrade enhancing mathematical capabilities and complex task planning [3][22]. Group 4 - Recent highlights of Pangu model 5.0 include its participation in a government model evaluation, achieving the highest excellence level (5) in compliance verification, and scoring full marks in six evaluation indicators, making it the only vendor to achieve full marks in both technical and service areas [4][23]. Group 5 - The release of Pangu model 5.0 is expected to drive the development of the AI industry, benefiting hardware, services, industry applications, and related enterprises, with specific beneficiaries identified such as Kela Software, Tuo Wei Information, Changshan Beiming, and others [11][23].

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------------------|--------------------------------|----------| | 分析师推荐 | A 股港股市场 | 2024 年 | 11 月 15 | 日星期五 | | 【东兴宏观】核心通胀粘性仍在，但无碍年内降息节奏——美国 10 月 CPI | 指数名称 | | 收盘价 | 涨跌 % | | 数据点评（ 20241115 ） | 上证指数 | | 3,330.73 | -1.45 | | 主要观点： | 深证成指 | | 10,748.97 | -2.62 | | | 创业板 | ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The 2024 Double Eleven shopping festival saw a significant sales increase, with total sales reaching 14,418 billion yuan, a year-on-year growth of 26.6%, reversing the previous year's low growth [2] - E-commerce platforms remain the primary sales channels, with comprehensive e-commerce platforms achieving sales of 11,093 billion yuan, up 20.1% year-on-year, while live e-commerce platforms grew by 54.6% to 3,325 billion yuan [2] - The beauty and personal care sector showed a strong recovery during the Double Eleven event, with sales on comprehensive e-commerce platforms reaching 963 billion yuan, a growth of 22.5% [2][4] - Domestic beauty brands are gaining market share, with several achieving significant sales growth during the event, while international brands are increasing discounts to maintain competitiveness [4] Summary by Sections Industry Overview - The retail industry has a total of 93 listed companies with a market value of 768.77 billion yuan and a circulating market value of 677.85 billion yuan [1] - The average industry price-to-earnings ratio is 61.59 [1] Sales Performance - Major product categories during the Double Eleven included home appliances, mobile devices, clothing, personal care, and shoes/bags, with home appliances and mobile devices leading in both scale and growth [2] - The top five categories by sales growth were home appliances (26.5%), mobile devices (23.1%), personal care (22.5%), clothing (21.4%), and sports/outdoor (18.6%) [2] Key Companies - Notable domestic beauty brands such as Perlay, Juzibio, and Shangmei reported impressive sales during the Double Eleven, with Perlay achieving top sales on platforms like Tmall and Douyin [4] - Perlay's main brand saw sales growth of over 10% on Tmall and over 60% on Douyin, while its sub-brand ranked second on Tmall with a growth of over 30% [4] - Juzibio's sales increased by 80% across all channels, with significant growth on Tmall and Douyin [4] Investment Recommendations - The report suggests focusing on domestic beauty brands with strong product capabilities and brand strength, such as Perlay and Beitaini, as well as companies like Juzibio and Marumi that are positioned in high-potential market segments [4]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - In October 2024, the second-hand housing prices in first-tier cities showed a month-on-month increase, while the decline in second and third-tier cities narrowed [2][3] - The new residential sales price index for 70 large and medium-sized cities decreased by 0.5% month-on-month in October, an improvement from the previous decline of 0.7% [2] - The year-on-year decline in new residential sales prices for first-tier cities narrowed to 4.6%, while second-tier cities saw an increase in the decline to 6.0% [4] Summary by Sections Month-on-Month Data - In October, first-tier cities experienced a month-on-month increase in second-hand housing prices, with a growth rate of 0.4%, compared to a previous decline of 1.2% [3] - The month-on-month growth rates for new residential sales prices in first-tier cities were -0.2%, while second and third-tier cities both recorded -0.5% [2] Year-on-Year Data - The year-on-year decline in new residential sales prices for 70 cities was -6.2%, slightly worse than the previous -6.1% [4] - The year-on-year decline in second-hand housing prices for first-tier cities was -9.6%, an improvement from -10.7% previously [4] Investment Recommendations - The report suggests that the central government's policy focus has shifted from stabilizing to promoting stability in the real estate market, indicating a positive outlook for core city markets [5] - Key real estate companies such as Poly Developments, China Merchants Shekou, China Resources Land, and Greentown China are expected to benefit from the supportive policies [5]