Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The construction industry is experiencing a continuous decline in new orders, with a year-on-year decrease of 4.74% as of September 30, 2024, totaling 22.32 trillion yuan [7] - The decline in new orders is attributed to the ongoing downturn in the real estate sector and slow progress on related projects by local governments [7] - The market share of the seven major state-owned enterprises (SOEs) in the construction sector continues to rise, reaching 42.87% by the end of Q3 2024, an increase of 0.42 percentage points year-on-year [9] - Despite the overall decline in new orders, some leading SOEs like China State Construction and China Communications Construction have shown growth in new orders, with increases of 4.68% and 9.28% respectively [8] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 1,905.28 billion yuan, reflecting a 2.01% increase [3] - The average price-to-earnings ratio for the industry stands at 10.6 [5] Performance of Major SOEs - The total new orders for the seven major SOEs amounted to 10.27 trillion yuan in the first three quarters of 2024, a year-on-year decline of 3.13%, which is less than the overall industry decline [8] - Specific companies like China Railway, China Railway Construction, and China Metallurgical Group have seen significant declines in new orders, with decreases of 15.22%, 17.51%, and 9.19% respectively [8] Future Outlook - The report suggests that the construction industry may see improvements in demand due to the issuance of special bonds by local governments and ongoing real estate policy adjustments [12] - Recommendations include focusing on leading SOEs such as China Communications Construction, China State Construction, China Chemical Engineering, and China Electric Power Construction [12]

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% over the next six months [5]. Core Insights - The report highlights a continuous recovery in sales, with November new home sales growth outpacing that of second-hand homes. The sales area for new homes in 21 cities reached 5.6 million square meters during the week of November 24-30, compared to 2.9 million square meters in the previous week [2]. - Year-to-date cumulative sales area for new homes from January 1 to November 30 shows a year-on-year decline of 13.08%, an improvement from the previous decline of 14.96%. The monthly cumulative sales area for November shows a year-on-year increase of 33.54%, up from 11.39% in the previous month [2]. - The report notes that second-hand home sales also saw an increase, with a cumulative year-on-year growth of 5.46% for the same period, and a monthly increase of 24.30% in November compared to 20.08% in October [2][3]. Summary by Sections Sales Performance - New home sales in 21 cities for the week of November 24-30 totaled 5.6 million square meters, a significant increase from the previous week's 2.9 million square meters [2]. - The cumulative year-on-year growth for new home sales from January 1 to November 30 is -13.08%, improving from -14.96% previously, with November showing a monthly growth of 33.54% [2][3]. - Second-hand home sales in 12 cities for the same week reached 207.4 million square meters, up from 187.7 million square meters the previous week [2]. Policy Developments - The report discusses various policy changes aimed at boosting housing demand, including adjustments to housing provident fund policies in cities like Guangzhou and Hainan, which are expected to support the market [4]. - The Ministry of Natural Resources reported that 65 cities are accelerating the implementation of affordable housing projects, with a total of 14.93 million units planned in 35 pilot cities [4]. Investment Recommendations - The report recommends investing in quality real estate companies that are well-positioned in core cities, such as Poly Developments, China Merchants Shekou, and China Resources Land, which are expected to benefit from the market recovery [4].

今天我就简单的介绍一下我们的本地下面就是由我们的行业局员介绍这个12份的金股我们首先请我们的交易首席监理员曹一峰介绍一下承诺好的各位演讲下午好我是交易分析师曹一峰今天给各位推荐的个股是中通快递 中方其实是之前就推荐过因为它是快递行业的绝对龙头这个公司的逻辑其实没有太多的变化公司刚发了三级报所以这次主要是就着三级报讲一下公司的近况以及我对公司三级报的一些看法 公司的话三季度单季是完成了业务量87.2亿元2亿件同比增长了大概16%不到点然后市场份额是从20.7%下降到了20%同比下降了0.7个百分点单季度的公司的调整后净利润是23.87亿元同比增长了2% 首先我们来看见量的 三季度的话 公司的见量增速是有所回升的因为一二季度的时候只有大概10%左右的增长 三季度其实相比一二季度还是有明显回升的但是它依旧是略低于行业的这么一个增速中通今年份额的下降 其实它确实导致部分投资者对于投资中通产生了一些顾虑 中通三级道理其实也坦言,低价值电商包裹比例的不断上升,对于公司实现服务质量、业务量和利润持续同步增长的整体战略带来了一定的挑战,公司也在进行调整,重新平衡资源配置以及网络定价策略。 目前来看的话中通其实他并没有急于在四 ...

Core Insights - The report highlights the emerging technology of aerial imaging, which utilizes flat lens technology to create real images without the need for a medium, distinguishing it from holographic projection [1][2] - Aerial imaging is characterized by its non-contact nature, novelty, and anti-peeping capabilities, with applications across various sectors including home, exhibitions, automotive, medical, and education [2][3] Technology and Applications - Aerial imaging technology is based on light field reconstruction principles, utilizing negative refractive flat lenses to precisely control light for image formation [1][2] - The technology's main advantages over holographic projection include the absence of a medium, and the ability to provide clearer images through advanced light manipulation techniques [1][2] Market Participation - Key players in the aerial imaging sector include ASKA3D from Japan's Asukanet, and several domestic companies such as Dongchao Technology, Prism Holography, Xianghang Technology, Yanshi Technology, and Kaisheng Technology [2][3] Future Outlook - The report notes significant developments in the industry, particularly with Huawei's launch of a new smart automotive solution that integrates aerial imaging technology, enhancing the technological appeal of traditional vehicles [2][3] - The smart cockpit market in China is projected to reach 212.7 billion yuan by 2026, with a compound annual growth rate of approximately 17%, indicating strong growth potential for aerial imaging applications [2][3] Investment Recommendations - The report suggests that the aerial imaging industry is poised for growth, with various segments of the value chain, including content creation, equipment manufacturing, and technical support, increasingly collaborating [3] - Recommended stocks include Weishi Electronics, with other beneficiaries identified as Yidao Information, Shikong Technology, Zhongguangxue, Kaisheng Technology, and Obimicrolight [3]

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 受益于家电以旧换新等一系列消费政策的支持，国内消费逐渐恢复，其中餐 饮消费呈现平稳增长。我们判断随着国家系列经济刺激政策的落地，消费复 苏将是明年的确定性趋势，特别是餐饮产业链的复苏是明年食品饮料投资的 重要主线，建议重点关注调味品板块。 据国家统计数据，10 月份，我国社会消费品零售总额 45396 亿元，同比增长 4.8%，增速比上月加快 1.6 个百分点。10 月份社会消费品零售总额同比增速 创今年下半年以来的新高，并已连续两个月保持加快增长的态势。其中 10 月餐饮行业收入总额 4952 亿元，同比增长 3.2%，比上月加快 0.1 个百分点， 虽然月增速慢于年初，但是餐饮消费整体仍处于平稳增长。预期在各地消费 券刺激下，餐饮消费将有进一步的复苏空间。 我们认为随着餐饮消费的复苏，围绕餐饮产业的上下游需求都将有所恢复， 白酒、调味品、啤酒等行业整体需求处于逐步恢复当中。特别是调味品行业， 推测中秋后行业整体在去库存过程中，随着元旦、春节旺季消费的到来，旺 季备货期有望开启，预期 Q4 主流调味品企业实现稳健增长可期。当 ...

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 受益于家电以旧换新等一系列消费政策的支持，国内消费逐渐恢复，其中餐 饮消费呈现平稳增长。我们判断随着国家系列经济刺激政策的落地，消费复 苏将是明年的确定性趋势，特别是餐饮产业链的复苏是明年食品饮料投资的 重要主线，建议重点关注调味品板块。 据国家统计数据，10 月份，我国社会消费品零售总额 45396 亿元，同比增长 4.8%，增速比上月加快 1.6 个百分点。10 月份社会消费品零售总额同比增速 创今年下半年以来的新高，并已连续两个月保持加快增长的态势。其中 10 月餐饮行业收入总额 4952 亿元，同比增长 3.2%，比上月加快 0.1 个百分点， 虽然月增速慢于年初，但是餐饮消费整体仍处于平稳增长。预期在各地消费 券刺激下，餐饮消费将有进一步的复苏空间。 我们认为随着餐饮消费的复苏，围绕餐饮产业的上下游需求都将有所恢复， 白酒、调味品、啤酒等行业整体需求处于逐步恢复当中。特别是调味品行业， 推测中秋后行业整体在去库存过程中，随着元旦、春节旺季消费的到来，旺 季备货期有望开启，预期 Q4 主流调味品企业实现稳健增长可期。当 ...

Core Viewpoints - The national liquor price index in mid-November 2024 showed a slight decline of 0.04%, with local liquor prices performing more steadily compared to famous brands [3][4] - Local leading liquor companies, especially those in the 100-300 price range, demonstrated stronger demand and price stability, suggesting a focus on these companies for potential recovery [4] - The liquor industry is expected to benefit from macroeconomic recovery and economic stimulus policies, with leading companies like Kweichow Moutai recommended for attention [4] Market Performance - In the food and beverage sector, the liquor sub-sector experienced a weekly decline of 5.11%, with notable underperformers including Shanxi Xinghuacun Fen Wine (-8.03%) and BaiRun Co (-10.44%) [5] - In the Hong Kong market, the consumer staples index fell by 1.40%, with key companies like China Feihe (-4.11%) and Budweiser APAC (-4.44%) showing declines [5] Real Estate Market - New home sales in 29 cities for the week of November 18-24 reached 3.768 million square meters, with a year-to-date cumulative sales area decline of 16.02% [19] - Second-hand home sales in 12 cities for the same week totaled 1.324 million square meters, with a year-to-date cumulative sales area increase of 5.79% [20] - Major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have abolished the distinction between ordinary and non-ordinary housing standards, effective December 1 [22] Livestock Industry - In October 2024, pig prices fluctuated, with live pig and pork prices averaging 18.25 yuan/kg and 29.85 yuan/kg, respectively, showing a month-on-month decline of 7.39% and 4.98% [24] - The pig farming industry is expected to maintain reasonable profitability in 2025, with leading companies like Muyuan Foods and Wen's Foodstuff Group showing strong performance [25][26] Economic News - National policies are supporting strategic emerging industries, advanced manufacturing, and new infrastructure, with insurance funds being directed towards these sectors [12][14] - The national housing provident fund loan limit in Guangzhou has been adjusted to 800,000 yuan for individual applicants, with additional benefits for families with multiple children [15]

Humanoid Robots and Industrial Automation - Humanoid robots are expected to address the pain point of customization in manufacturing, leveraging AI for flexibility and interaction, which can integrate into various industrial processes [2] - The core components of humanoid robots include sensors, motors, ball screws, and reducers, with sensors offering strong differentiation potential due to high customization requirements [3] - Motors for humanoid robots require highly customized production, with hollow cup motors being a key component for dexterous hands, offering high-end applications and design barriers [3] - Ball screws are relatively standardized, with their core barriers lying in high-end machine tools and mass production capabilities [4] - Reducers have broad potential for domestic substitution, with harmonic reducers, planetary reducers, and RV reducers being key types, and some areas already achieving domestic substitution [4] Industrial Robot Applications - Industrial robots have a first-mover advantage in application scenarios, with global players having decades of R&D experience [5] - Domestic manufacturers like Xiaomi, Xpeng, Fourier, and others are accelerating their entry into the humanoid robot field, focusing on motion control and perception capabilities [11] - The future competitiveness of humanoid robots will depend on their integration into application scenarios, with domestic players needing to catch up in algorithm and software development [11] Pig Farming Industry - In October 2024, pig prices fluctuated, with average prices for piglets, live pigs, and pork at 36.37 yuan/kg, 18.25 yuan/kg, and 29.85 yuan/kg, respectively, showing a month-on-month decline [21] - The supply side saw increased pig sales due to declining profits, while demand was weak, with slaughtering rates slightly increasing to 28.04% [21] - The sow inventory continued to rise in October, with cautious replenishment sentiment among farmers, and local disease outbreaks warranting attention [22] - Leading pig farming companies like Muyuan and Wen's saw significant profit growth in the first three quarters of 2024, with Muyuan's net profit increasing by 668.9% year-on-year [23] Food and Beverage Industry - Economic stimulus policies are expected to boost demand in the food and beverage sector, with historical data showing a 6-12 month lag between policy implementation and stock price peaks [27] - The market is entering a phase of fundamental observation, with companies that show faster recovery and better performance likely to lead in the next phase [28] - The upcoming New Year and Spring Festival seasons are expected to be key periods for demand recovery, with a focus on cyclical sectors like liquor and condiments [28] Express Delivery Industry - In October 2024, national express delivery business volume reached 16.31 billion pieces, a 24% year-on-year increase, driven by the extended Double 11 shopping festival [29] - YTO, STO, and ZTO saw business volume growth exceeding 30%, with YTO's single-ticket revenue increasing by 6% month-on-month [32] - SF Express experienced a 26.9% year-on-year increase in business volume, but single-ticket revenue declined by 10% due to increased e-commerce parcel volume [32] - ZTO's Q3 2024 business volume grew by 15.9%, with single-ticket revenue increasing by 1.9%, driven by growth in direct customer business, particularly in scattered parcels [34][35] - ZTO's core costs per ticket decreased by approximately 0.06 yuan, with transportation and sorting costs declining by 9.7% and 6.4%, respectively [36]

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [2][54]. Core Insights - The report highlights that the national white liquor price index as of mid-November 2024 is 99.96, reflecting a slight decrease of 0.04%. It notes that premium liquor prices are mixed while local liquor prices remain more stable. The performance of leading local liquor companies is better than others, suggesting a recovery trend worth focusing on [8][15][17]. Summary by Sections Industry Overview - The food and beverage industry comprises 126 stocks, with a total market capitalization of approximately 48,280.12 billion yuan, reflecting a growth of 5.19%. The circulating market capitalization stands at 46,825.66 billion yuan, with a year-on-year increase of 6.22%. The average price-to-earnings ratio for the industry is 21.64 [4][5][6][7]. Market Performance - In the past week, various sub-sectors within the food and beverage industry experienced the following changes: meat products -0.76%, yellow wine (Yangtze) -1.13%, beer -1.22%, dairy products -1.59%, other foods -2.05%, other alcoholic beverages -3.24%, soft drinks -3.64%, fermented seasonings -4.66%, and white liquor -5.11% [18]. Price Trends - The report indicates that the price index for premium liquor is at 99.95, down by 0.05%, while local liquor is at 99.97, down by 0.03%. Specific price changes include increases for Dong liquor (0.28%), Fen liquor (0.18%), and Gujing Gong liquor (0.18%), while declines were noted for Mianzhu liquor (-0.80%) and Xijiu liquor (-0.64%) [9][16]. Future Outlook - The report anticipates that white liquor demand will recover alongside macroeconomic improvements due to a series of national economic stimulus policies. It recommends focusing on leading companies with increasing market shares, particularly stable local liquor enterprises like Guizhou Moutai [10][17]. Key Company Updates - Recent announcements include a share buyback plan by Qiaqia Food, aiming to repurchase shares at a maximum price of 47.48 yuan per share, with a total amount not exceeding 80 million yuan [31]. Additionally, Zhangyu A reported a share reduction by senior management due to personal financial needs [34].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [2][11]. Core Insights - New housing sales have shown a year-on-year growth rate exceeding that of second-hand housing, indicating a shift in demand towards the new housing market [11]. - Recent policies from major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have eliminated the standards for ordinary and non-ordinary housing, effective December 1, 2024, which is expected to stimulate market activity [11][49]. - The report suggests that the current real estate sector is experiencing positive and sustained policy support from both central and local governments, which is likely to stabilize the core city markets [11]. Summary by Sections Market Performance - The total market capitalization of the real estate industry is approximately 1,355.569 billion yuan, reflecting a 1.46% increase [4]. - The circulating market capitalization stands at about 1,255.026 billion yuan, with a 1.67% increase [5]. - The average price-to-earnings ratio for the industry is reported at -22.1 [6]. Sales Data - For the week of November 18-24, 2024, new housing sales in 29 cities reached 3.768 million square meters, slightly down from the previous week [9]. - Year-to-date cumulative sales area for new housing in these cities shows a year-on-year decline of 16.02%, but the monthly cumulative sales area for November has increased by 26.61% compared to the same month last year [9]. - In contrast, second-hand housing sales in 12 cities for the same week totaled 1.324 million square meters, with a year-to-date cumulative sales area showing a year-on-year growth of 5.79% [9][10]. Policy Developments - The report highlights significant policy changes, including the cancellation of ordinary housing standards, which is expected to enhance market liquidity and support demand [11][49]. - The report recommends specific companies such as Poly Developments and other quality real estate firms that are well-positioned to benefit from these policy changes [11].