Investment Rating - The report maintains an "Overweight" rating for the securities industry [5]. Core Views - The securities industry is currently viewed as a strong indicator of market strength, with a short-term strong trend observed [3][28]. - The manufacturing Purchasing Managers' Index (PMI) for November is at 50.3%, indicating a slight acceleration in manufacturing expansion, which may positively influence investor confidence [10][12]. Summary by Sections Market Review - During the week of November 25-29, the CSI 300 Index increased by 1.32%, while the securities industry index rose by 3.35%. A total of 47 stocks in the sector saw gains, with only 3 declining [13][21]. - The top five performing stocks were Jinlong Co., Guosheng Jin控, Everbright Securities, Pacific Securities, and Shouhua Securities, while the bottom five were Guotai Junan, Western Securities, Tianfeng Securities, China Merchants Securities, and Haitong Securities [16][17]. Investment Strategy - The report suggests that the securities industry index's outperformance relative to the CSI 300 indicates that some investors remain optimistic about current operations and expect the market to continue in a healthy environment [3][28]. - The securities industry is interpreted as a barometer for market strength, currently positioned in a strong trend [3][28]. Industry Fundamentals - The industry consists of 50 stocks, with an average price-to-earnings (P/E) ratio of 29.24, compared to the market average P/E ratio of 12.50 [5].

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The average price of market pigs has increased for two consecutive weeks, with a week-on-week rise of 1.17%, reaching 16.48 CNY/kg as of November 29. This increase is expected to continue due to improved short-term demand as winter approaches [3][21] - The number of breeding sows has rebounded, with October figures showing a total of 40.73 million, a 0.3% increase from September, indicating a recovery in production capacity [4][34] - The average profit for self-breeding pigs is 195.78 CNY per head, which is an increase of 42.19 CNY from the previous week, while the loss for purchased piglets has decreased to 9.98 CNY per head, down by 53.25 CNY [5][36] Summary by Sections Market Prices - The average price of market pigs has risen by 1.17% week-on-week, while the average price of piglets remained stable. The average price of two-way sows has decreased by 0.29% [3][21] - The average weight of market pigs has increased slightly, with the average market weight at 123.73 kg and the average slaughter weight at 91.90 kg [4][29] Supply and Demand - The price ratio of culling sows to market pigs remains stable at 0.76, indicating a balanced market [3][21] - The demand for market pigs is expected to rise as winter approaches, which may support prices further [5][37] Investment Strategy - Recommendations include focusing on leading companies in pig farming such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture, which have scale and cost advantages [6][38] - In the poultry sector, attention is drawn to companies with proprietary breeding sources like Shennong Development and Yisheng Livestock [6][39] - The animal health sector is also highlighted, with suggestions to invest in companies benefiting from the upward pig cycle [6][41] Industry Performance - The agricultural and forestry sector has seen a 3.24% increase, outperforming the CSI 300 index by 1.92% during the last week [43]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [3]. Core Insights - STMicroelectronics (ST) announced a collaboration with Huahong Semiconductor to produce 40nm MCUs in China by the end of 2025, emphasizing the importance of local manufacturing for competitive positioning [2][36]. - The semiconductor market is projected to grow by 10.7% quarter-on-quarter in Q3 2024, reaching $166 billion, marking the highest quarterly growth since Q3 2016 [3][25]. - Domestic wafer foundries are expected to maintain high capacity utilization rates, with SMIC at 90.4% and Huahong at 105.3% in Q3 [2][24]. - New U.S. export controls may affect around 200 Chinese chip companies, potentially accelerating the domestic production of advanced semiconductor equipment and materials [2][24]. Market Review - The Shenwan Electronics Industry Index fell by 3.29% from November 18 to November 22, underperforming the CSI 300 Index by 0.70% [1][11]. - Year-to-date, the Shenwan Electronics Industry Index has risen by 15.21%, ranking 5th among 31 industries, outperforming the CSI 300 Index by 2.54% [10][11]. Sub-industry Performance - Among the sub-industries, passive components, semiconductor equipment, LED, digital chip design, and analog chip design outperformed the CSI 300 Index by 2.70%, 1.97%, 0.63%, 0.58%, and 0.55% respectively during the last week [1][14].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1]. Core Insights - The China Securities Regulatory Commission (CSRC) has released eight financial industry standards, which will enhance the classification and analysis of listed companies, contributing to a more scientific basis for capital market operations [8][10]. - The securities industry index experienced a decline of approximately 3% last week, attributed to changing market expectations and investor caution as the year-end approaches [3][11]. - The average price-to-earnings (P/E) ratio for the securities industry is reported at 28.30, significantly higher than the market average of 12.34, indicating a potential valuation constraint [5]. Market Review - For the week of November 18-22, the CSI 300 index fell by 2.60%, while the securities industry index dropped by 2.89%, with only 2 stocks rising and 48 declining [11]. - The top five performing stocks in the securities sector were Dongfang Caifu, Xibei Securities, First Entrepreneurship, Huachuang Yuxin, and Shouchuang Securities, while the bottom five were Zheshang Securities, Everbright Securities, Tianfeng Securities, Zhongjin Company, and Jinlong Shares [14][15]. Weekly Investment Strategy - The report suggests that the securities industry is likely to remain in a state of consolidation in the short term due to prevailing cautious investor sentiment and the recent market downturn [3][29]. - The report emphasizes that the release of valuation constraints in the securities industry may provide opportunities for future growth as market conditions stabilize [3]. Important News - West Securities has announced the acquisition of Guorong Securities for 3.32 yuan per share, totaling 38.25 billion yuan, with a premium of over 50% on net assets, which is expected to enhance its market competitiveness [33][34][35]. - The demand for public fund licenses among securities asset management firms is increasing, as they seek to stabilize fixed income and expand equity investments amid a competitive landscape [38][39].

策 略 研 究 谨慎心态占据上风 ——申港证券策略周报 投资摘要： 上周各主要指数表现分别为：沪深 300 涨跌幅为-2.6%，上证指数涨跌幅为 -1.9%，深证成指涨跌幅为-2.9%，创业板涨跌幅为-3.0%，中证 500 涨跌幅 为-2.9%。 上周申万 31 个一级行业中，3 个一级行业指数上涨，28 个一级行业指数下 跌。涨跌幅排名前五的行业分别是综合、商贸零售、纺织服装、环保、有色 金属。涨跌幅排名后五的行业分别是社会服务、食品饮料、通信、非银金融、 电子。 上周成交数量为 7397 亿股，成交金额为 85321.92 亿元。上涨家数 1740， 下跌家数 3558。 截止到上周末，创出历史新高的股票家数为 38 家，创出历史新低的股票家 数为 4，创 30 日新高、60 日新高、120 日新高的股票家数分别是 389、 290、288 家；创 30 日新低、60 日新低、120 日新低的股票家数分别是 572、 33、9 家。 两融数据显示，周度融资余额减少约 42 亿元，周度融券余额增加约 4 亿元。 投资策略： 上周跟踪的市场五大指数全面回落，成交量也出现了萎缩。我们认为短期投资 者谨慎心态占 ...

行 业 研 究 仔猪价格周环比转跌 标肥价差小幅收窄 行 业 研 究 周 报 ——农林牧渔行业研究周报 投资摘要： 每周一谈：仔猪价格周环比转跌 标肥价差小幅收窄 商品猪出栏均价周环比上涨，仔猪价格转跌 商品猪出栏均价周环比上涨 0.37%。根据钢联数据，截至 11 月 22 日，商品 猪出栏均价 16.29 元/kg，周环比上涨 0.37%，周内最低至 16.02 元/kg。预计 天气转冷后，冬季腌腊等需求好转或支撑商品猪出栏均价继续回升。 仔猪均价结束此前连续五周上涨走势，周环比下跌 0.71%，二元母猪均价周 环比下跌 1.00%。截至 11 月 22 日，钢联样本数据显示 7kg 仔猪均价 399.05 元/头，仔猪均价结束此前连续五周上涨走势，周环比下跌 0.71%。二元母猪 均价 1646.19 元/头，周环比下跌 1.00%。 淘汰母猪均价周环比上涨 3.41%。截至 11 月 22 日，钢联样本企业淘汰母猪 均价 12.45 元/kg，周环比上涨 3.41%。淘汰母猪与商品猪价格比值 0.76，较 前一周回升。 商品猪出栏均重周环比下跌，标肥价差周环比收窄 商品猪出栏均重周环比下跌，宰后均重周 ...

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic industry [4]. Core Insights - The new regulations issued by the Ministry of Industry and Information Technology on November 15, 2024, aim to prevent "disorderly expansion" in the photovoltaic industry by optimizing layout, adjusting structure, controlling total capacity, encouraging innovation, and supporting application [1][16]. - Key revisions in the 2024 regulations include increased technical requirements for new photovoltaic products, enhanced quality management and intellectual property protection, strengthened green manufacturing and environmental protection standards, higher capital requirements for new projects, and an optimized dynamic adjustment mechanism for the list of compliant enterprises [2][17][18]. Summary by Sections 1. New Regulations Overview - The new regulations focus on seven areas: production layout and project establishment, process technology, resource utilization and energy consumption, intelligent and green manufacturing, environmental protection, quality management and intellectual property, and safety production and social responsibility [1][16]. 2. Key Revisions in 2024 Regulations - Technical indicators for new single crystal silicon photovoltaic cells and modules have been raised, with efficiency targets set at no less than 23.7% for P-type and 26% for N-type cells [2][17]. - The warranty period for materials and processes has been extended from 10 years to 12 years, with additional reliability testing requirements introduced [2][17]. - New requirements for carbon footprint accounting and encouragement for green development practices have been established [2][18]. - The minimum capital requirement for new photovoltaic manufacturing projects has been increased to 30% across the entire supply chain [2][18]. - A dynamic management mechanism for compliant enterprises has been implemented to ensure ongoing compliance with the new standards [2][18]. 3. Investment Strategy - The report suggests focusing on companies within the photovoltaic supply chain that are technologically advanced and hold significant market influence, such as Longi Green Energy and Aiko Solar [3][18].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1]. Core Insights - The food and beverage index fell by 3.56% last week, ranking 15th among 31 industries, underperforming the CSI 300 index by 0.27% [1][13]. - In the sub-industries, beer, soft drinks, and meat products outperformed the CSI 300 index by 1.57%, 1.09%, and 0.77% respectively [1][17]. - The report highlights the ongoing price stabilization efforts in the liquor market, particularly by Kweichow Moutai and Wuliangye, amid a seasonal downturn [2][25]. Summary by Sections Market Review - The food and beverage index has decreased by 5.41% year-to-date, ranking 27th among 31 industries, and underperforming the CSI 300 index by 21.08% [13]. - The index increased by 4.05% in the current month, ranking 2nd among 31 industries, outperforming the CSI 300 index by 2.05% [13]. - The report notes that the retail sales of social consumer goods in October grew by 4.8%, with food and beverage categories showing mixed results [20][31]. Industry Dynamics - The liquor and beverage manufacturing sector grew by 3.0% in October [31]. - The report indicates that the retail sales of liquor and tobacco decreased slightly, with a 0.1% decline in October [31]. - The report emphasizes the importance of macroeconomic policies in boosting demand for the food and beverage sector, particularly for seasoning and frozen food companies [2][20]. Investment Strategy - The report suggests focusing on high-end liquor brands like Kweichow Moutai and Wuliangye, as well as growth-oriented brands like Shanxi Fenjiu [3][30]. - It also recommends looking into beer companies benefiting from operational improvements, such as Yanjing Beer [3][30]. - The report highlights the resilience of seasoning companies like Haitian Flavoring and Angel Yeast, and suggests potential recovery opportunities in the food supply chain [3][30].

Group 1 - The major indices experienced a decline last week, with the CSI 300 down by 3.29%, the Shanghai Composite Index down by 3.52%, the Shenzhen Component Index down by 3.70%, the ChiNext Index down by 3.36%, and the CSI 500 down by 4.79% [2][16][18]. - Among the 31 primary industry indices tracked, only one index rose while 30 indices fell. The top five performing industries were Media, Oil & Petrochemicals, Household Appliances, Banking, and Comprehensive, while the bottom five were Real Estate, Defense & Military, Non-Bank Financials, Beauty & Personal Care, and Steel [2][18]. - The total trading volume was 8,506.50 billion shares, with a trading value of 109,098.33 billion yuan. There were 1,046 stocks that rose and 4,292 stocks that fell [20][21]. Group 2 - The market sentiment is cooling down, and a cautious attitude is expected to prevail as investors focus on maintaining stability after a period of rapid index growth [4][32]. - The margin financing balance increased by approximately 31.8 billion yuan, while the margin short selling balance decreased by about 0.3 billion yuan [3][26]. - As of last week, 26 stocks reached new historical highs, while 2 stocks hit new historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 277, 192, and 190 respectively, while the new lows were 105, 5, and 3 respectively [24][25].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [3]. Core Insights - October saw strong performance in the new energy vehicle (NEV) sector, with sales growth remaining high and overall automotive sales expected to reach a historical high by year-end [11][24]. - In October, total automotive sales reached 3.053 million units, a year-on-year increase of 7.0%. Cumulatively, from January to October, sales amounted to 24.624 million units, reflecting a 2.7% year-on-year growth [11]. - NEV sales in October were 1.43 million units, marking a 49.6% year-on-year increase, with a penetration rate of 46.8%. For the first ten months of 2024, NEV sales totaled 9.75 million units, up 33.9% year-on-year, with a penetration rate of 39.6% [11][24]. Summary by Sections 1. Weekly Discussion - The automotive market continues to show positive momentum, driven by new model releases and sustained consumer demand [11]. - The inventory situation improved, with the comprehensive inventory coefficient for dealers at 1.1, down 35.3% year-on-year and 14.7% month-on-month [11]. 2. Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in both vehicle manufacturing and parts due to expected performance improvements [24]. - Long-term prospects are favorable for domestic automakers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [24]. - Key companies to watch include: - BYD (20%) - Li Auto (20%) - Top Group (20%) - Desay SV (20%) - Aosheng Electronics (20%) [25]. 3. Market Review - The automotive sector experienced a weekly decline of 2.46%, ranking 8th among 31 sectors in the Shenwan classification [27]. - The automotive industry outperformed the CSI 300 index during the week, with the Shanghai Composite Index down 3.52% and the CSI 300 down 3.29% [27].