Investment Rating - The report maintains a "Recommended" rating for Yulong Co., Ltd. [2][8] Core Views - Yulong Co., Ltd. has transitioned to a diversified precious metal mining company, focusing on gold mining and new material mining, which enhances its valuation [2][5] - The company's core mine, the Pakingo Gold Mine, has shown continuous resource growth and operational efficiency, indicating strong resource management capabilities [2][5] - The report highlights the significant increase in mineral resources at the Pakingo Gold Mine, with gold metal content rising to 222.3 thousand ounces (69.14 tons) as of June 30, 2024, reflecting a year-on-year increase of 20.2 thousand ounces (6.28 tons) [2][5] Summary by Sections Company Overview - Yulong Co., Ltd. is primarily engaged in the trading of minerals, non-ferrous metals, coal, and chemicals, aiming to become a high-growth international mining company [3] Recent Developments - The company announced a change in industry classification from wholesale to non-ferrous metal mining, which is expected to optimize its valuation [2] - The Pakingo Gold Mine's mineral resource statement shows a total ore volume of 13.491 million tons, an increase of 2.583 million tons year-on-year [2] Financial Performance - The report projects revenues of 22.13 billion, 22.53 billion, and 25.61 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.63 billion, 6.82 billion, and 8.23 billion yuan [8][9] - The earnings per share (EPS) are expected to rise from 0.72 yuan in 2024 to 1.05 yuan in 2026, reflecting the company's growth trajectory [8][10] Growth Potential - The company is expected to benefit from the upward trend in gold production and prices, alongside the expansion of its core mining operations [8] - The Pakingo Gold Mine is projected to achieve gold production of 3.25 tons in 2023, increasing to 3.65 tons by 2025, indicating a growth rate of 14% to 46.7% over the years [7][8] Competitive Advantages - Yulong Co., Ltd. possesses a diversified portfolio that mitigates risks and enhances growth potential, particularly in gold and new material mining [7] - The company has a professional mining operation team and strong management capabilities, which have been validated by the operational success of the Pakingo Gold Mine [7][8]

Investment Rating - The report maintains a "Strong Buy" rating for Ping An Bank [1][6][7] Core Views - Ping An Bank's revenue continues to face pressure, but net profit shows slight growth due to effective cost management and provisioning [2][7] - The bank is undergoing a structural adjustment in its retail business, focusing on reducing high-risk assets and improving risk management [5][6] - The bank's net interest margin (NIM) is under pressure but shows signs of stabilization due to improving funding costs [6][7] Summary by Sections Revenue Performance - In Q3 2024, Ping An Bank reported revenue of CNY 111.58 billion, a year-on-year decrease of 12.6%, but the decline rate has narrowed compared to the first half of 2024 [2][5] - Net interest income fell by 20.6% year-on-year, while other non-interest income increased by 52.6%, contributing significantly to revenue [2][6] Cost Management - The bank has effectively controlled expenses, with management costs down by 9.8% year-on-year, helping to maintain net profit growth [2][6] - Credit impairment losses decreased by 26.3% year-on-year, supporting the positive net profit growth of 0.2% [2][7] Asset Quality - As of September, the non-performing loan (NPL) ratio was 1.06%, showing a slight improvement, while the coverage ratio remains robust at 251.2% [7][8] - The bank is focusing on improving the quality of its loan portfolio, particularly in the retail sector, where certain segments have shown increased NPL rates [7][8] Future Outlook - The bank's net profit is expected to grow at a compound annual growth rate (CAGR) of 1.0%, 2.5%, and 5.0% from 2024 to 2026, with corresponding book value per share (BVPS) estimates of CNY 23.16, 25.64, and 28.25 [7][8] - The current market price of CNY 11.81 per share reflects a price-to-book ratio of 0.51, indicating potential upside [7][8]

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|---------------------------|-----------|--------------------------------|-------------------| | 分析师推荐 \n【东兴非银行金融】非银行金融行业：互换便利和回购增持再贷款顺利落地， | A 股港股市场 \n指数名称 | 2024 年 | 10 月 21 \n收盘价 | 日星期一 \n涨跌 % | | 资本市场再迎增量资金（ 20241021 ） | 上证指数 | | 3,268.11 | 0.2 | | | 深证成指 | | 10,470.91 | 1.09 | | 事件： 10 月 18 日，证监会公告称，央行已创设证券、基金、保险公司互换 | ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [1][16]. Core Insights - The domestic satellite internet industry is entering an industrialization phase, with satellite internet expected to be the most promising growth segment in the communication sector over the next five years [2]. - Key components of low Earth orbit satellite communication include onboard base stations, phased array antenna systems, onboard core networks, and laser inter-satellite links [2]. - The report highlights significant weekly performance, with the communication index rising by 5.20% during the week of October 14-18, 2024, outperforming major indices like the Shanghai Composite and ChiNext [5][7]. Summary by Sections Industry Overview - The communication industry has a total market capitalization of approximately 45,780.91 billion yuan, with a circulating market value of 16,311.98 billion yuan [2]. - The average industry price-to-earnings (P/E) ratio is reported at 22.43 [2]. Key Stocks Performance - Notable stock performances during the week include: - Inspur Information: +9.87% - Zhongtian Technology: +2.38% - Guangxun Technology: +14.71% - Huagong Technology: +3.76% - Xinke Mobile: +6.97% - Fenghuo Communication: +4.23% - Zhenyou Technology: +12.65% - Gongjin Co., Ltd.: +8.82% [8][10]. Industry News - The successful launch of the Qianfan Jiguo 02 satellite group marks a significant milestone in China's large-scale satellite internet construction, indicating a shift towards normalization and mass production in the sector [10]. - Longyintong and Changfei Optical Fiber have terminated their framework cooperation agreement, with Longyintong agreeing to a compensation of 15 million yuan due to the high costs associated with purchasing from Changfei [10].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [1]. Core Insights - New and second-hand housing sales are showing signs of recovery, with second-hand housing sales growth outpacing new housing sales [2]. - Recent policy adjustments across various cities aim to eliminate restrictive measures on housing, signaling a shift towards stabilizing the real estate market [3]. Summary by Sections Sales Performance - In the week of October 14-20, new housing sales in 23 cities reached 3.586 million square meters, up from 2.487 million square meters the previous week. Year-to-date sales show a decline of 18.41% compared to the previous year, but the monthly growth for October is at 2.19% [2]. - Second-hand housing sales in 10 cities for the same week totaled 1.395 million square meters, an increase from 1.172 million square meters the prior week. Year-to-date, second-hand sales have grown by 4.54% [2]. - The combined sales of new and second-hand homes in 10 cities for the week were 2.498 million square meters, up from 2.173 million square meters the previous week, with a year-to-date decline of 12.14% [2]. Policy Developments - Shanghai has adjusted its housing provident fund loan policies, reducing the minimum down payment for second homes to 25% and to 20% in specific districts [3]. - Tianjin has removed various housing restrictions, including purchase limits and price caps, standardizing the minimum down payment for first and second homes to 15% [3]. - Chengdu has introduced policies such as "buying a house equals settling down" and increased the maximum loan amount for provident fund loans to 1.2 million yuan [3]. Investment Recommendations - The report suggests that the central government's policy focus is shifting from maintaining stability to promoting recovery in the real estate market, indicating a more proactive approach in future policies [3]. - Continuous attention to investment opportunities within the real estate sector is recommended, as both supply and demand sides are expected to benefit from supportive policies [3].

Investment Rating - The industry investment rating is "Positive/Maintain" [8] Core Viewpoints - In September 2024, the total retail sales of consumer goods reached 41,112 billion yuan, with a year-on-year growth of 3.2%, accelerating by 1.1 percentage points compared to the previous month [3][4] - Consumer demand is gradually rebounding, indicating resilience in the economy, with significant recovery potential in the future [3][4] - Essential consumption continues to show steady growth, while optional consumption exhibits varied performance [3][4] Summary by Relevant Sections Industry Overview - The retail sales of consumer goods from January to September 2024 totaled 353,564 billion yuan, with a year-on-year increase of 3.3% [3] - The online retail sales of physical goods reached 90,721 billion yuan, growing by 7.9%, accounting for 25.7% of total retail sales [4] Consumption Trends - Essential goods such as grain, oil, and food saw year-on-year growth rates of 9.9%, 4.5%, and 2.2% respectively in the first half of 2024 [3] - Optional consumption categories like sports and entertainment goods and communication equipment showed strong growth rates of 9.7% and 10% respectively, while categories like automobiles and cosmetics experienced negative growth [3][4] Retail Formats - Online consumption growth outpaced offline, with convenience stores, specialty stores, and supermarkets showing year-on-year increases of 4.7%, 4.0%, and 2.4% respectively [4] - The performance of department stores and brand specialty stores declined by 3.3% and 1.7% respectively, indicating a shift towards high-cost performance consumption [4] Investment Strategy - In the context of overall weak consumer demand, focus on high-prosperity segments and companies with alpha performance within those segments [4] - The structural adjustment trend in the consumer market continues, with consumers becoming more rational in their spending behavior [4]

行 业 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 非银行金融行业：互换便利和回购 增持再贷款顺利落地，资本市场再 迎增量资金 事件：10 月 18 日，证监会公告称，央行已创设证券、基金、保险公司互换便 利（SFISF），第一批获批参与的机构包括中信证券等 17 家证券公司和华夏基 金等 3 家基金公司。同日，央行联合国家金融监管总局、证监会发布《关于设 立股票回购增持再贷款有关事宜的通知》，设立股票回购增持再贷款，激励引 导金融机构向符合条件的上市公司和主要股东提供贷款，支持其回购和增持上 市公司股票。 点评： 两大创新货币政策工具是监管层支持股票市场稳定发展，贡献增量资金改善市 场流动性，提振投资者信心的重要举措。其中，创设证券、基金、保险公司互 换便利，支持符合条件的证券、基金、保险公司通过资产质押，从中央银行获 取流动性，这项政策将大幅提升机构的资金获取能力和股票增持能力。而通过 委托中债信用增进公司这一公开市场业务一级交易商进行盯市管理，有利于该 创新工具被相关投资主体安全使用。同时，互换费率由参与机构招投标确定， 确保业务成本的市场化定价，保障了相关参与主体的权益。此 ...

东 兴 晨 报 东兴晨报 P1 2024 年 10 月 18 日星期五 A 股港股市场 | --- | --- | --- | --- | |-------|------------|-----------|--------| | | 指数名称 | 收盘价 | 涨跌 % | | | 上证指数 | 3,261.56 | 2.91 | | | 深证成指 | 10,357.68 | 4.71 | | | 创业板 | 2,195.1 | 7.95 | | | 中小板 | 6,377.61 | 3.93 | | | 沪深 300 | 3,925.23 | 3.62 | | | 香港恒生 | 20,804.11 | 3.61 | | | 国企指数 | 7,471.95 | 4.07 | | --- | --- | --- | --- | |----------------|-------|--------------------------------|----------| | | | | | | A | | 股新股日历（本周网上发行新股） | | | 名称 | 价格 | 行业 | 发行日 | | 强达电路 | 28. ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - In September, pig prices continued to decline, with average prices for piglets, live pigs, and pork at 41.45 CNY/kg, 19.70 CNY/kg, and 31.42 CNY/kg respectively, showing year-on-year increases of 31.99%, 17.49%, and 16.90% [2][9] - The supply side saw an increase in slaughtering willingness due to previous price declines, leading to a rise in average slaughter weight [2][11] - The report predicts a stable price environment in the fourth quarter, supported by low production capacity and potential profitability for breeding enterprises [2][14] Summary by Sections Supply and Demand Performance - September saw a continuous decline in pig prices, with a month-on-month decrease of 6.37% for piglets and 3.18% for live pigs [2][9] - The slaughtering rate increased by 3.60 percentage points to 27.46% in September, indicating a slight recovery in terminal consumption [11] Sales Data - The average sales price for major breeding companies decreased in September, with prices for Muyuan, Wens, and New Hope at 18.65 CNY/kg, 19.05 CNY/kg, and 18.81 CNY/kg, reflecting declines of 5.38%, 6.85%, and 5.58% respectively [18][20] - Total slaughter volume for 17 listed pig companies in September was 12.35 million heads, a decrease of 3.79% month-on-month [20][23] Performance Forecast - Companies are expected to report significant year-on-year improvements in profitability due to cost reductions and price increases, with Muyuan projected to achieve a net profit of 10-11 billion CNY for the first three quarters of 2024, marking a year-on-year increase of 642.79% to 697.07% [27][28]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - In September, the decline in new home sales slightly narrowed, while the decline in funds available to real estate companies expanded [1][4] - The cumulative sales area of commercial housing from January to September decreased by 17.1% year-on-year, while the cumulative sales amount decreased by 22.7% year-on-year [2] - The cumulative new construction area from January to September decreased by 22.2% year-on-year, and the cumulative investment in development decreased by 10.1% year-on-year [3] - The funds available to real estate developers decreased by 20.0% year-on-year from January to September, with a significant drop in various funding sources in September [4] Summary by Sections Sales - In September, the year-on-year decline in new home sales area was -11.0%, and the sales amount decreased by -16.3% [2] - The average sales price in September saw a year-on-year decline of -5.9% [2] Development Investment - The new construction area in September saw a year-on-year decline of -19.9%, while the completion area decreased by -31.4% [3] - The cumulative development investment from January to September decreased by -10.1% year-on-year [3] Funds Available - The cumulative funds available to real estate developers decreased by -20.0% year-on-year, with a notable decline in domestic loans and personal mortgage loans [4] - In September, the year-on-year decline in domestic loans was -14.4%, and personal mortgage loans decreased by -26.0% [4] Investment Recommendations - The report suggests that the central government's policy goals for the real estate market are shifting from stabilization to promotion of stability, which will positively impact core city markets [4] - Quality real estate companies in core cities, such as China Resources Land, China Merchants Shekou, and Greentown China, are expected to benefit from this shift [4]