Investment Rating - The report assigns an "Accumulate" rating for the agricultural, forestry, animal husbandry, and fishery industry [6]. Core Insights - The average price of commodity pigs has decreased by 2.64% week-on-week, reaching 16.23 CNY/kg as of November 15, with expectations of stabilization and potential recovery due to seasonal demand increases [19][31]. - The average price of piglets has increased by 0.24% week-on-week, marking five consecutive weeks of price rises, while the price of two-way sows remained stable [19][31]. - The average price of culling sows has decreased by 2.75% week-on-week, with a price ratio of 0.74 compared to commodity pigs, remaining unchanged from the previous week [19][31]. Summary by Sections Price Trends - The average weight of commodity pigs at market has slightly increased by 0.02% week-on-week to 123.84 kg, while the post-slaughter average weight has decreased by 0.04% to 91.69 kg [26]. - The standard fat price difference has narrowed to -0.54 CNY/kg, indicating a potential recovery in demand for fat pigs, which may positively influence the market [26]. Profitability Analysis - As of November 15, the average breeding profit for self-breeding pigs is 206.53 CNY per head, a decrease of 57.22 CNY from the previous week, while external piglet purchases show a loss of 43.56 CNY per head, reduced by 10.59 CNY week-on-week [31][33]. - The report anticipates that the cold weather will boost winter demand for preserved products, supporting price stability and limiting downward price fluctuations [31][33]. Investment Strategy - The report recommends focusing on leading companies with breeding scale and cost advantages, such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [34]. - In the meat chicken breeding sector, attention is drawn to companies with proprietary white feather chicken breeds and parent stock enterprises [34]. - The animal health sector is expected to benefit from the upward pig cycle, with recommendations for companies like BioFarma and Zhongmu [34]. Market Performance - The agricultural, forestry, animal husbandry, and fishery sector experienced a decline of 6.06% in the past week, underperforming the CSI 300 index by 2.77% [38].

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The sales of new energy vehicles in China showed a stable growth, with October 2024 sales reaching 1.43 million units, a year-on-year increase of 49.6%, resulting in a penetration rate of 46.8%. Cumulatively, from January to October 2024, sales reached 9.75 million units, up 33.93% year-on-year, with a penetration rate of 39.6% [15][1] - The installation volume of power batteries in October 2024 was 59.2 GWh, representing a year-on-year growth of 51%. The cumulative installation volume from January to October 2024 reached 406 GWh, up 38% year-on-year, indicating a sustained high growth rate [17][1] - The report highlights a significant increase in the installation volume of lithium iron phosphate batteries, which accounted for 79% of total installations in October 2024, with a year-on-year growth of 75%. In contrast, ternary battery installations decreased by 0.8% [23][1] Summary by Sections 1. New Energy Vehicle Sales - In October 2024, new energy vehicle sales in China reached 1.43 million units, a 49.6% increase year-on-year, with a penetration rate of 46.8% [15] - Cumulative sales from January to October 2024 were 9.75 million units, reflecting a year-on-year growth of 33.93% [15] 2. Power Battery Installation Overview - The total installation volume of power batteries in October 2024 was 59.2 GWh, marking a 51% year-on-year increase [17] - Cumulative installations from January to October 2024 reached 406 GWh, up 38% year-on-year [17] 3. Different Types of Power Battery Installations - In October 2024, lithium iron phosphate battery installations were 47 GWh, accounting for 79% of total installations, with a year-on-year growth of 75% [23] - Ternary battery installations were 12.2 GWh, representing 21% of total installations, with a year-on-year decrease of 0.8% [23] 4. Leading Companies in Power Battery Installations - In October 2024, CATL's power battery installations were 25.3 GWh, accounting for 43% of total installations, with a year-on-year growth of 51%. BYD's installations were 15.8 GWh, representing 27% of total installations, with a year-on-year increase of 54% [32] - Cumulatively, from January to October 2024, CATL's installations reached 183 GWh, up 45% year-on-year, while BYD's installations totaled 100.7 GWh, reflecting a 19% increase [32] 5. Market Review - The power equipment industry experienced a weekly decline of 2.66%, ranking 9th among 31 primary industries in the Shenwan classification [42] - The industry outperformed the CSI 300 index during the same period [42]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The national economy showed steady progress in October, with significant recovery in key economic indicators, indicating a positive trend in consumption, service industries, and foreign trade [1][8] - The securities industry experienced a notable decline, with the industry index dropping by 8.05% during the week of November 11-15, while the Shanghai and Shenzhen 300 index fell by 3.29% [2][13] - Investor sentiment is crucial for short-term market movements, and the recent downturn may reflect profit-taking behavior, suggesting continued pressure on the industry [3][27] Industry Overview - The securities industry consists of 50 listed companies, with an average price-to-earnings (P/E) ratio of 29.14, significantly higher than the market average P/E ratio of 12.61 [5][34] - The performance of individual stocks within the securities sector varied, with only 2 stocks rising and 48 declining during the specified week [2][13] - The top five performing stocks were Everbright Securities, Jinlong Co., China International Capital Corporation, China Galaxy Securities, and Shouhua Securities, while the bottom five were Hualin Securities, First Capital Securities, Guohai Securities, CITIC Securities, and Tianfeng Securities [14][15][25] Market Performance - The report highlights that the securities industry is currently under pressure, with potential for further declines if investor sentiment does not improve [3][27] - The overall market sentiment and economic indicators suggest a cautious outlook for the securities sector in the near term [1][11]

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [6]. Core Insights - From January to September, the export of household textiles in China increased by 3.7%, totaling $25.2 billion, which is 11.3% of the total textile and apparel exports [4][14]. - The household textile sector has shown the strongest performance among various segments of textile exports, outpacing the overall textile and apparel export growth by 3.1 percentage points [4]. - Key products such as bedding, carpets, and kitchen textiles have demonstrated stable export growth, with bedding exports reaching $10.78 billion, up 4.6% [15]. - The report highlights a mixed market performance, with significant growth in exports to the US and EU, while exports to ASEAN and Japan have declined [16][17]. Summary by Sections 1. Export Growth - Household textile exports increased by 3.7% year-on-year, with a total of $25.2 billion from January to September [4]. - Major product exports showed positive growth, except for towels, which saw a significant decline of 14% [15]. 2. Market Performance - The textile and apparel industry index rose by 5.35% in the past week, ranking 21st among 31 sectors [18][20]. - The beauty and personal care sector also saw a 5.43% increase, ranking 20th [18]. 3. Regional Performance - Zhejiang and Jiangsu provinces showed strong export growth, with increases of 9.7% and 7.5% respectively [17]. - Xinjiang and Fujian provinces exhibited remarkable growth rates of 45.3% and 36% [17]. 4. Company Announcements - The report includes a notice from Hangmin Co. regarding the completion of a share repurchase, reducing its registered capital [37]. 5. Economic Outlook - The textile industry is expected to face challenges in the fourth quarter and 2025, with a complex external environment and domestic economic pressures [34][36]. - Despite these challenges, the industry is projected to maintain a stable growth trajectory supported by a large domestic market [36].

Market Overview - Major indices experienced significant gains last week, with the CSI 300 up by 5.50%, the Shanghai Composite Index up by 5.51%, the Shenzhen Component Index up by 6.75%, the ChiNext Index up by 9.32%, and the CSI 500 up by 6.70% [2][6][7]. - All 31 first-level industry indices tracked by Shenwan rose, with the top five performing sectors being Computer, Defense and Military, Non-Bank Financials, Retail, and Electronics [2][7]. Trading Data - The total trading volume reached 10,028.85 billion shares, with a total transaction value of 119,936.05 billion yuan. There were 5,012 stocks that rose and 330 that fell [3][9]. - As of November 8, 77 stocks reached historical highs, while only 2 stocks hit historical lows. The number of stocks reaching new highs over 30, 60, and 120 days were 1,985, 925, and 906 respectively, while the new lows were 5, 2, and 2 [12][13]. Margin Data - The weekly margin financing balance increased by approximately 103.1 billion yuan, while the margin short selling balance rose by about 0.6 billion yuan [14]. Investment Strategy - The report suggests that as the major indices approach their respective highs from October 8, the pressure on the market is likely to increase, indicating that short-term fluctuations may become the main theme [3][17].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4]. Core Insights - The automotive industry is experiencing a rebound due to economic normalization and supportive policies, with expectations for continued growth in production and sales [13]. - The report highlights the advancements in AI technology by Xiaopeng Motors, showcasing their AI automotive ecosystem, which includes AI cars, robots, and flying cars [1][7]. - Xiaopeng's new technologies include the Kunpeng Super Electric System, Turing AI Driving System, and Tianji AIOS, focusing on electric power, intelligent driving, and smart cabins [1][8]. Summary by Sections 1. AI Automotive Ecosystem - Xiaopeng Motors recently held an "AI Technology Day" in Guangzhou, unveiling their AI ecosystem and new technological advancements [1][7]. - The Kunpeng Super Electric System features an 800V high-voltage platform, 5C supercharging AI battery, and a noise-reducing range extender [9]. - The Turing AI Driving System utilizes AI large models and self-developed chips, achieving significant functionality verification in a short time [10][11]. - Tianji AIOS supports real-time multilingual conversations and is powered by dual self-developed chips [11]. 2. Investment Strategy and Focus - The report suggests focusing on undervalued leading companies in the automotive sector, particularly those with stable performance and advantages in electric and intelligent vehicles [2][13]. - Key companies to watch include BYD, Li Auto, and top component manufacturers like Huayu Automotive and Fuyao Glass [2][13]. - The report emphasizes the potential of domestic substitution opportunities and the positive impact of strong automakers on core components [13][14]. 3. Market Review - The automotive sector saw a weekly increase of 7.29%, outperforming the Shanghai Composite Index and other major indices [3][15]. - The report lists the top-performing stocks in the automotive sector, including Jun Chuang Technology and Wang Cheng Technology, while also noting the underperformers [3][15].

Investment Rating - The report maintains an "Overweight" investment rating for the electric power equipment industry [1]. Core Insights - The "Energy Law" aims to promote high-quality energy development, ensure national energy security, facilitate green and low-carbon transformation, and support sustainable development, aligning with the needs of building a modern socialist country [9][1]. - The report emphasizes the importance of establishing a comprehensive energy reserve system and enhancing emergency management capabilities [12][4]. Summary by Sections Energy Development and Utilization - Policies focus on ensuring energy security, optimizing energy structure, promoting energy transition, and protecting the ecological environment [10]. - Renewable energy initiatives include prioritizing development and setting minimum consumption targets for non-fossil energy [10]. - Fossil energy strategies involve increasing exploration and development efforts to enhance domestic supply capabilities [10]. Energy Market System - The report encourages various entities to invest in energy development and infrastructure construction [11]. - It advocates for market reforms to promote independent operations in natural monopoly sectors and market-oriented reforms in competitive sectors [11]. Energy Reserve and Emergency Management - A well-coordinated energy reserve system is essential, determining the types, scales, and methods of reserves [12]. - The establishment of a predictive warning system for energy and improved emergency response capabilities are highlighted [12]. Energy Technology Innovation - Policies to encourage energy technology innovation are crucial, with a focus on integrating industry, academia, and research [13]. - Key support areas include resource exploration, clean utilization of fossil energy, and renewable energy development [13]. Investment Strategy - The report suggests focusing on leading companies in the power battery supply chain, such as CATL, and selecting technology leaders in the photovoltaic sector, like Aiko Solar [6][13].

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [4] Core Viewpoints - The securities industry experienced a significant increase, with the Shanghai Composite Index rising by 5.50% and the securities sector index increasing by 15.04% during the week of November 4-8, 2024. All 50 stocks in the sector saw gains [2][8] - The surge in the securities industry is attributed to improved third-quarter performance and ongoing mergers within the industry. The current valuation is at a three-year high, driven by overall market recovery and optimistic investor sentiment regarding future prospects [3][14] Summary by Sections Market Review - The Shanghai Composite Index rose by 5.50% and the securities industry index increased by 15.04% from November 4 to November 8, 2024. All stocks in the sector showed positive performance [2][8] - The top five performing stocks were Huayin Securities, CITIC Securities, Western Securities, Dongfang Wealth, and CITIC Jinpu, while the bottom five were Tianfeng Securities, Hatou Shares, Northeast Securities, Huazhong Securities, and Hongta Securities [9][10] Investment Strategy - The report suggests that the securities industry is currently experiencing a high valuation, influenced by positive quarterly results and industry mergers. It emphasizes the importance of monitoring changes in investor sentiment in the short term [3][14] Important News - Four listed securities firms announced plans for a total of over 568 million yuan in dividends for the third quarter, marking the first instance of quarterly dividends in the A-share market. This reflects a trend towards more frequent dividend distributions among listed firms [17][18] - Western Securities plans to acquire a 64.5961% stake in Guorong Securities for approximately 3.825 billion yuan, which is expected to enhance its asset scale and profitability [20]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The average price of market pigs has decreased by 3.70% week-on-week, reaching 16.67 CNY/kg as of November 8 [3][14]. - The average price of piglets has increased by 6.99% week-on-week, with a price of 400.95 CNY/head for 7kg piglets [3][14]. - The average price of culling sows has dropped by 10.74% week-on-week, now at 12.38 CNY/kg [3][14]. - The weight of market pigs at slaughter has remained stable week-on-week at 123.82 kg, while the post-slaughter weight has decreased by 0.39% to 91.73 kg [4][18]. - The price difference between fat pigs and standard pigs has slightly narrowed, indicating a potential recovery in demand for fat pigs [4][18]. - The average breeding profit for self-bred pigs is 263.75 CNY/head, a decrease of 20.44 CNY from the previous week, while the loss for purchased piglets has increased to 54.15 CNY/head [5][21]. - The report anticipates a recovery in demand during the winter season, which may support prices and stabilize the market [5][21]. Summary by Sections Price Trends - The average price of market pigs has decreased by 3.70% week-on-week [3][14]. - The average price of piglets has increased by 6.99% week-on-week [3][14]. - The average price of culling sows has decreased by 10.74% week-on-week [3][14]. Weight and Price Differences - The average weight of market pigs has remained stable at 123.82 kg [4][18]. - The post-slaughter weight has decreased by 0.39% to 91.73 kg [4][18]. - The price difference between fat pigs and standard pigs has slightly narrowed to -0.60 CNY/kg [4][18]. Profitability and Market Outlook - The average breeding profit for self-bred pigs is 263.75 CNY/head, down 20.44 CNY from the previous week [5][21]. - The loss for purchased piglets has increased to 54.15 CNY/head [5][21]. - The report suggests that winter demand may support prices and stabilize the market [5][21]. Investment Strategy - The report recommends focusing on leading companies in pig farming with scale and cost advantages, such as Muyuan Foods and Wens Foodstuff [6][23]. - It also suggests monitoring the upward cycle of pig prices and the profitability of pig farming companies [6][23].

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [1][4]. Core Insights - The overall development of the industry is positive, with profits maintaining rapid growth. From January to September, the total profit of textile enterprises increased by 10.3% year-on-year, with industrial added value growing by 4.5% and operating income reaching 35,687.7 billion yuan, a 4.0% increase year-on-year [1][4]. - The consumer market is recovering positively, with steady growth in online retail. The total retail sales of consumer goods above designated size reached 137,677 billion yuan, up 2.3% year-on-year, while retail sales of clothing, shoes, and textiles increased by 0.2% [1][4]. - Exports continue to show growth, although the growth rate has slowed. Cumulative textile and apparel exports from January to September amounted to 222.41 billion USD, a year-on-year increase of 0.5% [1][4]. Summary by Sections 1. Profit Growth - From January to September, the total profit of textile enterprises increased by 10.3% year-on-year, with a total profit of 113.88 billion yuan. The production of yarn decreased by 1.4%, while the production of fabric, clothing, and chemical fibers increased by 1.4%, 4.4%, and 9.5% respectively [1][4]. 2. Market Review - In the week from October 31 to November 1, the textile and apparel industry index fell by 2.46%, ranking 25th among 31 primary industries. The beauty and personal care industry index rose by 1.01%, ranking 11th [5][6]. 3. Important News - The textile industry showed signs of recovery in the first three quarters of 2024, with significant growth in both revenue and profit for major enterprises. The revenue and profit of large-scale enterprises increased by 6.1% and 16.4% year-on-year, respectively [26].