行 业 研 究 短期行业或受情绪主导 ——证券行业周报 投资摘要： 每周一谈 增加地方政府债务限额置换存量隐性债务有关政策情况 全国人大常委会办公 厅于 2024 年 11 月 8 日下午 16 时举行新闻发布会，财政部部长蓝佛安出席，介 绍增加地方政府债务限额置换存量隐性债务有关政策情况，并答记者问。 市场回顾： 上周（11.04-11.08）沪深 300 指数的涨跌幅为 5.50%，申万二级行业指数证券行 业涨跌幅为 15.04%。板块内个股 50 家个股全面上涨。 证券板块个股周度表现： 股价涨跌幅前五名为：华林证券、中信证券、西部证券、东方财富、中信建投。 股价涨跌幅后五名为：天风证券、哈投股份、东北证券、华安证券、红塔证券。 本周投资策略： 上周证券行业继续大涨，或许是受到了三季报业绩以及行业内并购的影响，从短 期来看行业估值处在三年以来的高位。我们认为行业受到市场追捧一方面来源于 市场整体的回暖和三季度业绩的好转，一方面更多可能是投资者对未来预期的乐 观情绪，因此短期我们提醒关注投资者情绪的变化。 风险提示：政策风险、市场波动风险。 评级 增持（维持） 2024 年 11 月 11 日 徐广福 分 ...

行 业 研 究 商品猪出栏均价下跌 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：商品猪出栏均价下跌 标肥价差小幅收窄 商品猪出栏均价周环比下跌，仔猪价格连续四周环比上涨 商品猪出栏均价周环比下跌 3.70%。根据钢联数据，截至 11 月 8 日，商品猪 出栏均价 16.67 元/kg，周环比下跌 3.70%。 仔猪均价周环比上涨 6.99%，二元母猪均价周环比持平。截至 11 月 8 日，钢 联样本数据显示 7kg 仔猪均价 400.95 元/头，周环比上涨 6.99%，仔猪价格 近四周连续回升。二元母猪均价 1662.86 元/头，周环比持平。 淘汰母猪均价周环比下跌 10.74%。截至 11 月 8 日，钢联样本企业淘汰母猪 均价 12.38 元/kg，周环比下跌 10.74%。淘汰母猪与商品猪价格比值 0.74， 较前一周小幅回落 。 商品猪出栏均重周环比持平，标肥价差周环比小幅收窄 商品猪出栏均重周环比持平，宰后均重周环比下跌。根据钢联数据，截至 11 月 8 日，商品猪出栏均重 123.82kg、周环比持平，宰后均重 91.73kg、周环 比下跌 0.3 ...

纺服美妆行业研究周报 | --- | --- | --- | --- | --- | |----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.941 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.86%, and a net profit attributable to shareholders of 3.086 billion yuan, with a year-on-year increase of 17.08% [3][4] - In Q3 2024, the company achieved a revenue of 2.636 billion yuan, reflecting a year-on-year growth of 10.12%, although this was a decline of 11.40 percentage points compared to Q2 [4] - The company maintains a positive outlook for growth in the domestic market, particularly in the Jiangsu province, with double-digit growth rates in certain regions [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 9.941 billion yuan and a net profit of 3.086 billion yuan, with respective year-on-year growth rates of 18.86% and 17.08% [3] - In Q3 2024, the revenue was 2.636 billion yuan, with a net profit of 624 million yuan, showing year-on-year growth rates of 10.12% and 6.61% respectively [3][4] Product and Regional Performance - The revenue growth for different product categories in the first three quarters of 2024 was as follows: Special A+ category grew by 18.86%, Special A category by 21.91%, and A category by 12.28% [4] - In Q3 2024, the revenue growth for Special A+ category was 11.70%, Special A category 9.55%, and A category 7.74% [4] - The company reported a revenue growth of 9.32% in the domestic market and 23.04% in the external market for Q3 2024 [4] Profitability and Cost Management - The gross profit margin for Q3 2024 was 75.59%, a decrease of 5.14 percentage points year-on-year, attributed to increased promotional efforts [4] - The selling expense ratio decreased by 3.90 percentage points to 20.56% in Q3 2024, indicating a reduction in promotional spending [4] Future Projections - The company expects revenues of 11.844 billion yuan, 13.479 billion yuan, and 15.074 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.649 billion yuan, 4.146 billion yuan, and 4.635 billion yuan [4][7]

Investment Rating - Buy (Maintained) [3] Core Views - BYD achieved a record monthly sales volume in October 2024, with total vehicle sales reaching 503,000 units, a year-on-year increase of 66.5% and a month-on-month increase of 19.8% [2] - The company's power battery and energy storage battery installation volume reached 21.0GWh in October, up 37.5% year-on-year and 6.2% month-on-month [2] - BYD's dual-drive strategy is performing well, with plug-in hybrid vehicle sales reaching 311,000 units in October, a year-on-year increase of 129.3% and a month-on-month increase of 23.1% [3] - The company's high-end product matrix, including Denza, Fang Cheng Bao, and Yangwang, is expected to drive significant incremental growth and profitability [3] - BYD is accelerating its global expansion, with new energy passenger vehicle sales in overseas markets reaching 31,000 units in October, and cumulative sales from January to October reaching 329,000 units, up 87% year-on-year [4] - The company is expected to sell 410,000 new energy passenger vehicles overseas in 2024, representing a year-on-year growth rate of 69% [4] - BYD's technological advancements, including the e-platform 3.0 EVO, fifth-generation DM technology, and the Yi Sifang intelligent control platform, are enhancing its brand competitiveness [4] Financial Projections - Revenue for 2024-2026 is projected to be 7297/9078/10664 billion yuan, with year-on-year growth rates of 21.1%/24.4%/17.5% [5] - Net profit attributable to the parent company for 2024-2026 is expected to be 39.3/49.2/61.1 billion yuan, with year-on-year growth rates of 30.9%/25.0%/24.4% [5] - The company's 2025 PE ratio is estimated at 25x, corresponding to a target price of 422 yuan and a market capitalization of 12289 billion yuan [5] Overseas Expansion - BYD has entered 77 countries and regions with its new energy passenger vehicles as of June 2024 [4] - The company has started production at its Uzbekistan factory in January 2024 and completed construction of its Thailand factory in July 2024 [4] - BYD is steadily progressing with factory construction in Brazil and Hungary [4] Technological Innovation - BYD continues to push the boundaries of technology with its e-platform 3.0 EVO, fifth-generation DM technology, and Yi Sifang intelligent control platform [4] - These technological advancements are expected to strengthen BYD's competitiveness in the mainstream market and drive growth in the high-end luxury segment [4]

公 司 研 究 季 报 点 评 毛利率环比提升明显 高端化可期 ——比亚迪（002594.SZ）三季报点评 汽车/汽车整车 事件： 公司发布 2024 年三季报，2024Q1~3 公司实现营业收入 5023 亿元，同比增长 18.9%，归母净利润 252 亿元，同比增长 18.1%。其中 2024Q3 实现营业收入 2011 亿元，同比增长 24.0%，环比增长 14.2%；归母净利润 116 亿元，同比增 长 11.5%，环比增长 28.1%；扣非后归母净利润 109 亿元，同比增长 12.7%，环 比增长 27.0%。 投资摘要： 龙头地位稳固，海外市场拓展顺利。2024Q1~3 公司新能源汽车销量 275 万辆， 同比增长 32.1%，行业龙头地位稳固。公司通过完善产品矩阵的方式积极抢占市 场份额，我们预计公司 2024 年销量将继续保持快速增长，全年销量有望超过 400 万辆。公司积极布局海外市场，加速开拓欧洲、亚太、美洲、中东等市场，2024Q1~3 公司海外销售新能源乘用车 29.8 万辆，同比增长 105%，我们预计 2024 年海外 销量有望超过 41 万辆。 韧性强劲，毛利率环比提升明显。2 ...

行 业 研 究 2024Q3 电力设备行业基金持仓环比回 升 ——电力设备行业研究周报 投资摘要： 每周一谈：2024Q3 电力设备行业基金持仓环比回升 2024Q3 电力设备行业基金持仓环比回升。2024Q3，A 股总市值约为 96.87 万 亿，电力设备行业市值约为 5.58 万亿，占比约为 5.76%，环比基本稳定，电力 设备行业在基金总持仓中占比为 11.1%，环比增加 2.1 个百分点，基金超配电力 设备行业比例为 5.3%，环比增加 1.6 个百分点。 宁德时代是基金配置重要标的。从持股基金数量上来看，宁德时代、阳光电源和 亿纬锂能分列前三，持股基金数量分别为 1813、750 和 229；从基金持股市值来 看，宁德时代、阳光电源和亿纬锂能亦分列前三，基金持股市值分别为 1616 亿、 474 亿和 177 亿。无论是持股基金数量，还是基金持股市值，宁德时代都远超其 他公司，行业龙头仍受青睐。 从"增仓"情况看：基金持有宁德时代技市值增加位列第一，基金持有其市值增 加 510 亿元，持有其股份占流通股比例增加 0.68%。从基金持仓占流通股比例增 加情况看，三变科技、三友联众和通裕重工亦获明显增持 ...

行 业 研 究 短期震荡或许是主流 ——证券行业周报 投资摘要： 每周一谈 评级 增持（维持） 2024 年 11 月 4 日 2024 年 10 月中国采购经理指数运行情况 10 月份，制造业采购经理指数（PMI） 为 50.1%，比上月上升 0.3 个百分点，制造业景气水平回升。 10 月份，非制造 业商务活动指数为 50.2%，比上月上升 0.2 个百分点，非制造业景气水平小幅回 升。 10 月份，综合 PMI 产出指数为 50.8%，比上月上升 0.4 个百分点，表明 我国企业生产经营活动总体扩张步伐有所加快。 市场回顾： 上周（10.28-11.1）沪深 300 指数的涨跌幅为-1.68%，申万二级行业指数证券行 业涨跌幅为 0.52%。板块内个股 16 家上涨，34 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：第一创业、哈投股份、东北证券、华安证券、东兴证券。 股价涨跌幅后五名为：锦龙股份、国海证券、太平洋、信达证券、首创证券。 本周投资策略： 上周证券行业上市公司 3 季报公布完毕，三季度整体来说表现亮眼，这也刺激了 板块表现。我们认为：整体上来看，证券行业的大面积低估已经得到了极大程 ...

Group 1: Market Overview - The major indices showed varied performance last week, with the CSI 500 slightly up by 0.38%, while the Shanghai Composite Index fell by 0.84%, the Shenzhen Component by 1.55%, the ChiNext by 5.14%, and the CSI 300 by 1.68% [2][6][7] - Among the 31 primary industry indices tracked, 14 saw an increase while 17 experienced a decline, with real estate, steel, retail, social services, and comprehensive sectors leading the gains [2][8] Group 2: Trading Data - Total trading volume reached 9,033.69 million shares, with a total transaction value of 104,422.84 billion yuan, indicating active market participation [10][11] - The number of stocks reaching historical highs was 36, while 7 stocks hit historical lows as of November 1, with 469, 466, and 459 stocks reaching new highs over the past 30, 60, and 120 days respectively [12][13] Group 3: Margin Data - The weekly margin financing balance increased by approximately 367 billion yuan, while the margin short selling balance rose by about 1 million yuan [14] Group 4: Investment Strategy - With the completion of the third quarter earnings reports, the market is expected to focus more on the fundamentals of listed companies as previous hot sectors begin to cool down [3][19]

行 业 研 究 行 业 研 究 周 报 申 港 证 券 股 份 有 限 公 司 证 券 研 究 报 告 仔猪价格连续回升 肥猪价格优势较好 ——农林牧渔行业研究周报 投资摘要： 每周一谈：仔猪价格连续回升 肥猪价格优势较好 商品猪出栏均价周环比下跌，仔猪价格连续周环比上涨 商品猪出栏均价周环比下跌 1.14%。根据钢联数据，截至 11 月 1 日，商品猪 出栏均价 17.31 元/kg，周环比下跌 1.14%。 仔猪均价周环比上涨 11.31%，二元母猪均价周环比持平。截至 11 月 1 日， 钢联样本数据显示 7kg 仔猪均价 374.76 元/头，周环比上涨 11.31%，仔猪价 格近三周连续回升。二元母猪均价 1662.86 元/头，周环比持平。 淘汰母猪均价周环比上涨 10.96%。截至 11 月 1 日，钢联样本企业淘汰母猪 均价 13.87 元/kg，周环比上涨 10.96%。淘汰母猪与商品猪价格比值 0.80， 较前一周小幅上涨 。 | --- | --- | --- | |------------------------------------------------------------- ...