Investment Rating - The report maintains an "Overweight" rating for the light industry sector [2]. Core Insights - The furniture manufacturing industry saw a profit increase of 7.1% year-on-year from January to August 2024, with total profits reaching 20.3 billion yuan and revenues of 419.18 billion yuan, reflecting a 3.4% growth [5][6]. - The paper industry demonstrated significant growth, with production of mechanical paper and cardboard increasing by 11.7% year-on-year, resulting in revenues of 934.03 billion yuan and profits of 28.54 billion yuan, marking an 86.2% increase [5][6]. - The plastic products industry faced a slight decline, with production decreasing by 0.3% year-on-year, totaling 48.314 million tons [6]. Market Review - From October 21 to October 25, the light manufacturing industry index rose by 6.95%, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.79% [7][8]. - Year-to-date, the light manufacturing industry index has decreased by 8.27%, while the Shanghai and Shenzhen 300 index has increased by 15.31% [8]. Investment Strategy - The report suggests continued focus on leading companies in the home furnishing sector, particularly those in the post-real estate cycle, such as Gujia Home, Oppein Home, Sophia, and ZB Home [2]. Important News and Company Announcements - A new project for producing 500,000 tons of functional paper chemicals in Guangxi has been approved, with a total investment of 300 million yuan, expected to be completed by January 2026 [15][16]. - Haoyue Care announced a share buyback, having repurchased 1.06% of its total shares, with a total transaction amount of 56.68 million yuan [17].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4] Core Insights - In Q3 2024, the automotive industry fund holdings increased slightly, with the total market capitalization of the automotive sector at approximately 3.49 trillion, accounting for about 3.6% of the total A-share market capitalization [8][10] - BYD remains a key investment target, leading in both the number of funds holding its shares (782) and the market value of fund holdings (45.3 billion) [10][11] - The report highlights a significant increase in fund holdings for BYD, with a market value increase of 9.28 billion and a 0.3% increase in the proportion of shares held [10][11] - The report suggests focusing on undervalued leading companies in the automotive sector due to performance improvements, particularly in the electric and intelligent vehicle segments [2][13] Summary by Sections Fund Holdings Analysis - In Q3 2024, the automotive sector's fund holdings increased by 0.1 percentage points to 4.5% of total fund holdings, with an overweight ratio of 0.9% [8][10] - The top three companies by fund holding numbers are BYD, Sailun Tire, and Yutong Bus [10] - The report notes significant increases in holdings for companies like Wanfeng Aowei, Wan'an Technology, and Guoji Automobile [10][11] Investment Strategy and Focus - The report recommends focusing on undervalued leading companies in the automotive sector, particularly those with stable performance and advantages in the new energy vehicle market, such as BYD, Changan Automobile, and Geely [2][13] - Key focus areas include core companies in electric and intelligent vehicle segments, as well as domestic substitution opportunities [2][15] Market Review - The automotive sector experienced a weekly increase of 3.51%, outperforming the CSI 300 index [16][18] - The report details weekly performance across sub-sectors, with automotive services and parts showing notable gains [16][19]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [5]. Core Insights - The report highlights significant growth in wind and solar power installations, with wind power capacity reaching 5.52 GW in September, a year-on-year increase of 14% and a month-on-month increase of 58%. Cumulatively, wind power installations for the first nine months of the year reached 38.21 GW, a 10% increase year-on-year, totaling approximately 479.55 GW by the end of September [2][8]. - Solar power installations in September amounted to 20.57 GW, reflecting a year-on-year growth of 31% and a month-on-month growth of 23%. For the first nine months, solar installations reached about 163.43 GW, a 27% increase year-on-year, with a cumulative total of approximately 772.92 GW by the end of September [2][8]. - The report notes that as of the end of September, thermal power accounted for the highest share of installed capacity at 45%, while solar and wind power accounted for 24% and 15%, respectively. However, the generation share of thermal power was 67.2%, with solar and wind contributing only 4.4% and 9.5%, indicating significant room for improvement in grid-connected generation [10][11]. - Investment in power generation and grid infrastructure has seen substantial growth, with power generation investment reaching 595.9 billion yuan, a 7.2% increase year-on-year, and grid investment totaling 398.2 billion yuan, a 21.1% increase year-on-year. This growth is driven by the transition to a new power system and carbon neutrality goals, emphasizing the need for energy storage systems to ensure stable operation of the power grid [10][11]. Summary by Sections Wind Power Installation - In September, wind power installations were 5.52 GW, with a year-on-year increase of 14% and a month-on-month increase of 58. Cumulative installations for the first nine months reached 38.21 GW, a 10% increase year-on-year, totaling approximately 479.55 GW by the end of September [2][8]. Solar Power Installation - Solar power installations in September were 20.57 GW, showing a year-on-year growth of 31% and a month-on-month growth of 23%. Cumulative installations for the first nine months reached about 163.43 GW, a 27% increase year-on-year, with a total of approximately 772.92 GW by the end of September [2][8]. Power Generation Structure - As of the end of September, thermal power had the highest installed capacity share at 45%, while solar and wind power accounted for 24% and 15%, respectively. The generation share for thermal power was 67.2%, with solar and wind at 4.4% and 9.5%, indicating a need for improvement in grid-connected generation [10][11]. Investment Growth - Power generation investment reached 595.9 billion yuan, a 7.2% year-on-year increase, while grid investment totaled 398.2 billion yuan, a 21.1% year-on-year increase. This growth supports the transition to a new power system and carbon neutrality goals, highlighting the importance of energy storage systems for grid stability [10][11].

Group 1: Market Overview - Major indices showed positive performance last week, with the CSI 300 increasing by 0.79%, the Shanghai Composite Index by 1.17%, the Shenzhen Component Index by 2.53%, the ChiNext Index by 2.00%, and the CSI 500 by 3.01% [2][7][8] - Among the 31 primary industry indices tracked, 28 experienced gains while 3 saw declines, with the top five performing sectors being Power Equipment, Comprehensive, Light Industry Manufacturing, Media, and Environmental Protection [2][9][10] Group 2: Trading Data - Total trading volume reached 757.14 billion shares, with a transaction value of 9,548.60 billion yuan, resulting in 4,464 stocks rising and 854 falling [12][13] - As of October 25, 2023, 78 stocks reached historical highs, while 3 hit historical lows, with 518, 511, and 496 stocks achieving new highs over the past 30, 60, and 120 days respectively [12][14] Group 3: Margin Data - Margin trading data indicated an increase in weekly financing balance by approximately 52.93 billion yuan and a slight rise in the margin short balance by about 0.243 billion yuan [15]

行 业 研 究 注意三季报的扰动 ——证券行业周报 投资摘要： 每周一谈 2024 年 1—9 月份全国规模以上工业企业利润下降 3.5% 1—9 月份，全国规模 以上工业企业实现利润总额 52281.6 亿元，同比下降 3.5%。1—9 月份，规模以 上工业企业中，国有控股企业实现利润总额 17235.9 亿元，同比下降 6.5%；股 份制企业实现利润总额 38872.3 亿元，下降 4.9%；外商及港澳台投资企业实现 利润总额 13036.4 亿元，增长 1.5%；私营企业实现利润总额 14227.2 亿元，下 降 0.6%。 市场回顾： 上周（10.21-10.25）沪深 300 指数的涨跌幅为 0.79%，申万二级行业指数证券 行业涨跌幅为-0.99%。板块内个股 21 家上涨，2 家平盘，27 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：天风证券、国海证券、锦龙股份、第一创业、太平洋。 股价涨跌幅后五名为：海通证券、国泰君安、浙商证券、中信建投、国联证券。 本周投资策略： 上周证券行业指数弱于沪深 300 指数，主要原因或是前期证券行业涨幅过大的回 调所致。我们在上周周报提到证券行业"上行 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Insights - From January to August, the export of household textiles increased by 4.5%, while clothing exports saw a slight decline [2][6] - The household textile sector has shown the strongest performance among all textile and apparel sub-sectors, with a growth rate 5.3 percentage points higher than the overall textile and apparel export growth [2][6] - The export of major sub-products such as bedding, carpets, and kitchen textiles has remained robust, with specific growth rates reported for each category [2][6][7] - The market share of Chinese household textiles in the US and EU has stabilized, with notable increases in imports from China [2][6] - Clothing exports experienced a minor decline of 0.8% year-on-year, with a continuing trend of increasing volume but decreasing prices [2][7] Summary by Sections 1. Export Performance - Household textile exports reached USD 22.21 billion, growing by 4.5% year-on-year, accounting for 11.2% of total textile and apparel exports [2][6] - Key products like bedding and kitchen textiles showed positive growth, while towel exports fell significantly by 14% [2][6] 2. Market Review - The textile and apparel sector index rose by 0.97%, ranking 20th among 31 sectors, while the beauty and personal care sector index increased by 0.62%, ranking 23rd [8][9] 3. Important News and Company Announcements - Fujian province led the nation in shoe and boot exports, totaling CNY 52.559 billion from January to August, reflecting a 1.23% year-on-year increase [13][14] - Jin Chun Co., Ltd. announced the completion of its share repurchase, acquiring 2,364,309 shares, representing 1.97% of its total share capital [15]

Investment Rating - The report maintains an "Accumulate" rating for the light industry sector [2]. Core Insights - The ongoing "old-for-new" subsidy policy is showing positive effects, with 20.67 million consumers applying and 10.13 million purchasing major home appliances, leading to a total sales boost of 69.09 billion yuan [1][5]. - The consumer goods manufacturing investment increased by 14.9% year-on-year from January to August, with significant growth in production for washing machines (7%), smart TVs (6.7%), and refrigerators (4.7%) in August [1][5]. - The report emphasizes the importance of monitoring the home furnishing sector due to recent real estate policies and the "old-for-new" subsidy [1][5]. Summary by Sections 1. Ongoing "Old-for-New" Subsidy - The "old-for-new" subsidy has led to 20.67 million applications and 10.13 million purchases of major appliances, resulting in 13.17 billion yuan in central subsidies and 69.09 billion yuan in sales [1][5]. - The policy has effectively stimulated consumption, particularly in automobiles, home appliances, and home decoration, enhancing economic momentum [1][5]. 2. Market Review (October 14 - October 18) - The light industry manufacturing sector rose by 0.82%, ranking 21st among 31 sectors, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 0.98% [6][7]. - Year-to-date, the light industry index has decreased by 14.24%, while the Shanghai and Shenzhen 300 index has risen by 14.40% [7]. 3. Important News and Company Announcements - Significant growth in Russian timber transportation and trading volumes was reported, with a 12% increase year-on-year [10]. - Company announcements include a share repurchase plan by Shanying International, with a total repurchase amounting to approximately 331.56 million yuan [11].

公 司 研 究 公 司 点 评 报 告 盈利水平波动 关注行业复苏 ——仲景食品（300908.SZ）三季报点评 食品饮料/调味发酵品 事件： 公司发布 2024 年三季报，前三季度实现营业收入 8.39 亿元、同比增长 14.21%，归母净利润 1.49 亿元、同比增长 6.57%，扣非归母净利润 1.45 亿 元、同比增长 10.51%。其中 Q3 营收 3.01 亿元、同比增长 9.57%，归母净 利润 0.49 亿元、同比下降 2.97%，扣非归母净利润 0.47 亿元、同比增长 0.14%。业绩略低于我们此前预期。 投资摘要： 三季度毛利率同比/环比小幅下降、销售费用率同比/环比下降，三季度归母 净利润率同比/环比下降。公司 24Q3 毛利率为 40.94%，季度同比/环比分别 降低 2.22/2.05 个百分点，预计主要影响因素为 3 季度部分原料生产成本同 环比或有所回升，上半年香菇价格上升趋势或延续，另外货折及产品结构或 也对毛利率形成影响。24Q3 销售费用率同比/环比分别下降 0.75/0.38 个百分 点， 24Q3 管理费用率/研发费用率/财务费用率分别同比下降 0.19/下降 0.0 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [3]. Core Insights - The 2024 World Intelligent Connected Vehicle Conference highlighted the acceleration of the automotive industry's transformation towards electrification, connectivity, and intelligence, which is crucial for advancing new industrialization and developing new productivity [6][7]. - The Ministry of Industry and Information Technology plans to implement a new development plan for the intelligent connected vehicle industry, focusing on collaborative development, innovation, and the establishment of a unified standard for connected facilities [6][7]. - Key breakthroughs in the intelligent connected vehicle sector include advancements in AI technology, integration of intelligent and connected systems, and significant progress in legislation for autonomous driving [6][7]. Summary by Sections 1. Weekly Discussion - The automotive industry is undergoing rapid transformation with a focus on electrification, connectivity, and intelligence, as emphasized during the World Intelligent Connected Vehicle Conference [6][7]. - The conference announced ten major breakthroughs in the global intelligent connected vehicle industry, showcasing the achievements of the past 5-10 years [6][7]. 2. Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the automotive sector, particularly those benefiting from performance improvements and the core segments of electrification and intelligence [7][9]. - Recommended companies include BYD, Changan Automobile, Geely, and Li Auto in the new energy sector, as well as stable, undervalued parts suppliers like Huayu Automotive and Fuyao Glass [7][9]. 3. Market Review - The automotive sector experienced a weekly increase of 1.15%, outperforming the Shanghai Composite Index and other major indices [10]. - The report highlights the performance of various sub-sectors within the automotive industry, noting significant movements in automotive services, parts, and vehicles [10]. 4. Prices of Key Materials/Components - The report includes data on the prices of essential materials such as power batteries, hot-rolled sheets, aluminum, copper, and rubber, which are critical for the automotive industry [16][17][19].

Investment Rating - The report maintains an "Accumulate" rating for the photovoltaic industry [10]. Core Insights - The China Photovoltaic Industry Association has urged companies to participate in market competition legally and not to engage in sales and bidding below cost [2][12]. - The price of photovoltaic modules in the Chinese market has significantly declined since the second half of 2023, leading to instances of bids being won at prices below production costs, which poses a challenge for the photovoltaic manufacturing industry [3][13]. - The report highlights the importance of product quality and sustainable pricing, emphasizing that the sales price must exceed total costs for companies to operate sustainably [16]. Summary by Sections Cost Analysis - The China Photovoltaic Industry Association has published authoritative cost data for photovoltaic modules, indicating that the production cost for integrated N-type M10 double-glass photovoltaic modules is 0.68 CNY/W (including tax, excluding transportation and miscellaneous fees) as of October 2024 [5][15]. Recommendations for Manufacturers - Manufacturers are encouraged to comply with legal competition standards, enhance industry self-discipline, and shift their focus from low-cost bidding to improving product and service quality [6][17]. Recommendations for Bidding Parties - Bidding parties should respect market rules and legal regulations, creating reasonable bidding schemes. They are advised to set minimum price limits and adjust scoring criteria to prioritize product quality and service capabilities [7][18]. Association's Oversight and Actions - The association will monitor instances of below-cost bidding and may report such cases to market regulatory authorities. It plans to regularly publish industry cost data for reference by the industry and government [8][19]. Investment Strategy - The photovoltaic industry is expected to stabilize, with a recommendation to focus on companies with strong technological capabilities and bargaining power within the battery supply chain, such as Longi Green Energy and Aiko Solar [9][19].