Investment Rating - The report maintains a rating of "Overweight" for the agricultural, forestry, animal husbandry, and fishery industry, particularly focusing on companies with cost advantages in pig farming [4][26]. Core Insights - The average price of commodity pigs has stabilized and increased by 3.97% week-on-week, reaching 18.06 CNY/kg as of October 11. This increase is attributed to the concentrated outflow of pigs and accelerated market supply due to upcoming holidays [2][14]. - The average price of piglets has decreased by 2.78% week-on-week, indicating weak demand in the market. The average price for 7kg piglets is 282.86 CNY/head [2][14]. - The average price of culling sows has risen by 5.63% week-on-week, reaching 12.94 CNY/kg, with a price ratio of 0.72 compared to commodity pigs [2][14]. - The average weight of commodity pigs at outflow and post-slaughter has increased by 0.05% week-on-week, ending a three-week decline. The average outflow weight is 123.78 kg [3][18]. - The profit per head for self-bred pigs is 305.91 CNY, while for purchased piglets, it is 47.27 CNY, both showing a decrease compared to the previous week [23][25]. Summary by Sections Pig Farming - The report suggests focusing on leading companies with scale and cost advantages, such as Muyuan Foods, Wens Foodstuff Group, and others, as the pig cycle is expected to rebound [4][26]. - The report highlights that the average cost of pig farming has decreased to approximately 13.7 CNY/kg, with a target of 13 CNY/kg by year-end [25]. Chicken Farming - Recommendations include focusing on companies with proprietary breeding sources for white feather chickens, such as Shennong Development and Yisheng Livestock, as well as companies producing commercial chicken seedlings [26]. Animal Health Sector - The upward trend in the pig cycle is favorable for the animal health sector, with suggestions to invest in companies like BioFarma and leading vaccine producers [26]. Crop Farming - The report also recommends attention to seed companies such as Donghai Seed Industry and Longping High-Tech [26].

Investment Rating - The report maintains an "Overweight" rating for the securities industry as of October 14, 2024 [6]. Core Viewpoints - The report indicates that the recent pullback in the securities industry index is likely a normal correction following a significant rise, and the sector remains worthy of long-term investor attention due to its inherent characteristics and market expectations [4][17]. Market Review - During the week of October 8-11, the CSI 300 index decreased by 3.25%, while the Shenwan secondary industry index for the securities sector fell by 0.68%. Within the sector, 9 stocks rose and 41 fell [10]. - The top five performing stocks were Haitong Securities, Guotai Junan, Hongta Securities, CITIC Securities, and CICC, while the bottom five were Guosheng Jinkong, Caida Securities, Huaxin Shares, Guohai Securities, and Huachuang Yuxin [10][13]. Industry Fundamentals - The average price-to-earnings (P/E) ratio for the industry is 30.05, compared to the market average of 12.92, indicating a significant valuation premium for the securities sector [5]. - The report highlights that the securities industry has shown a year-to-date performance with a 23.40% increase in the Shenwan Securities Industry Index as of October 11, 2024 [13]. Important News - The report notes that the State Council has confirmed measures to enhance fiscal policy and support economic recovery, which is expected to positively impact the capital markets [9]. - The introduction of the SFISF (Securities, Fund, and Insurance Company Swap Facility) by the central bank aims to improve liquidity for financial institutions and stabilize the capital market [21].

公 司 研 究 公 司 点 评 环比高增 科技豪华崛起 ——比亚迪（002594.SZ）公司点评 汽车/汽车整车 事件： 近日，比亚迪发布了 2024 年 9 月产销快报，公司 9 月汽车销量 419426 辆，同 比增长 45.9%，环比增长 12.4%；9 月动力电池及储能电池装机总量 19.8GWh， 同比增长 38%，环比增长 5.1%。 投资摘要： 买入（维持） 评级 2024 年 10 月 10 日 纯电混动双擎驱动，高端车型占比提升。9 月纯电乘用车销量 164956 辆，同比 增长 9.1%,环比增长 11.1%；混动乘用车销量 252647 辆，同比增长 86.2%，环 比增长 13.6%。随着新车型逐步上市、公司产能迅速释放，我们预计 2024 年公 司销量有望超过 395 万辆。腾势、方程豹和仰望组成的高端产品矩阵全面落地， 持续引领公司的高端化转型，有望带来可观增量及利润。9 月腾势销量 10299 辆， 仰望销量 310 辆，方程豹销量 5422 辆。 海外销量继续高增。9 月公司海外销售新能源乘用车 33012 辆，同比增长 17.7%， 环比增长 5%。今年 1-9 月公司海外销 ...

Group 1: Market Overview - The major indices experienced significant increases last week, with the CSI 300 rising by 15.70%, the Shanghai Composite Index by 12.81%, the Shenzhen Component Index by 17.83%, the ChiNext Index by 22.71%, and the CSI 500 by 15.63% [2][8][9]. - All 31 first-level industry indices tracked by Shenwan Securities saw an increase, indicating a strong market performance [4][10]. Group 2: Industry Performance - The top five performing industries were Food & Beverage (26.06%), Beauty & Personal Care (24.37%), Non-Bank Financials (22.99%), Real Estate (20.14%), and Building Materials (18.56%) [10][11]. - The bottom five performing industries included Utilities (7.92%), Oil & Petrochemicals (9.17%), Household Appliances (10.45%), Banks (10.99%), and Automotive (11.07%) [10][12]. Group 3: Trading Data - The total trading volume last week was 5,716.12 billion shares, with a total transaction value of 53,109.44 billion yuan. There were 5,292 stocks that rose and 48 that fell [3][13]. - As of September 27, there were 11 stocks reaching historical highs and 1 stock reaching a historical low. The number of stocks reaching new highs over 30, 60, and 120 days were 4,437, 2,586, and 934 respectively [13][14]. Group 4: Margin Trading Data - Margin trading data indicated an increase in financing balance by approximately 23.28 billion yuan and an increase in securities lending balance by about 0.075 billion yuan compared to the previous week [4][14]. Group 5: Investment Strategy - The report suggests that the market's strong performance is attributed to a release of pent-up investor enthusiasm following a joint announcement from three departments, which has shifted investor sentiment from overly pessimistic to a more optimistic outlook [4][17].

Investment Rating - The industry investment rating is "Overweight" (maintained) as of September 30, 2024 [2]. Core Insights - The report highlights a significant recovery in the valuation of the securities industry, with a notable increase in the industry index by 25.60% over the past week, outperforming the CSI 300 index which increased by 15.70% [4][9]. - Recent policy measures announced by the People's Bank of China and other regulatory bodies aim to support stable growth in the real economy, which is expected to positively impact the securities market [3][7]. Summary by Sections Industry Overview - The report indicates that the average price-to-earnings (P/E) ratio for the industry is 30.25, compared to the market average P/E ratio of 13.26 [1]. Market Review - During the week of September 23-27, 48 out of 50 stocks in the securities sector experienced price increases, with the top five performers being Dongfang Caifu, Tianfeng Securities, Guohai Securities, Jinlong Co., and Pacific Securities [4][9]. - The report notes that the securities industry index has shown a strong performance, leading to a significant short-term profit effect for investors [5][17]. Investment Strategy - The report suggests that the future performance of the securities industry will depend on investor expectations regarding the implementation of new policies [5][17]. - It emphasizes the importance of monitoring the progress of policy details and the strength of economic policy advancement as favorable indicators for the capital market [8][22].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook for the sector over the next six months [4]. Core Insights - The automotive industry is experiencing a rebound due to economic normalization and supportive policies, with expectations for sustained growth in production and sales [12]. - The launch of new models, such as the Tengshi Z9GT, highlights the industry's shift towards smart and electric vehicles, showcasing advanced technologies and features [9][10]. - Key players in the industry include BYD, Changan Automobile, Geely, and Li Auto, which are recognized for their first-mover advantages in the new energy sector [12]. Summary by Sections Weekly Highlights - The Tengshi Z9GT was launched on September 20, featuring advanced technologies like the "Easy Three-way" control system and a high-performance smart cockpit [9][10]. - Other models like the Leda L60 and Lantu Dreamer also emphasize smart driving and cockpit configurations, indicating a trend towards enhanced consumer experiences [9][10]. Investment Strategy and Focus - The report suggests focusing on undervalued leading companies in the automotive sector, particularly those benefiting from performance improvements and the transition to electric and smart vehicles [3][12]. - Recommended stocks include BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics, each allocated a weight of 20% in the investment focus [3][13]. Market Review - The automotive sector saw a weekly increase of 2.19%, outperforming the Shanghai Composite Index and other major indices [4][14]. - The report highlights the performance of various sub-sectors, with automotive services and parts showing notable gains [14].

Investment Rating - The report maintains an "Overweight" rating for the industry [2][19]. Core Insights - From January to August 2024, furniture exports increased by 12.3% year-on-year, reaching 319.1 billion yuan, compared to 284.18 billion yuan in the same period last year [5][11]. - The overall value of imports and exports in China for the first two months of 2024 was 28.58 trillion yuan, a year-on-year increase of 6% [5]. - The report emphasizes the importance of monitoring the real estate sector's policies and the recovery of the home furnishing sector, which is currently at a valuation bottom [5][11]. Summary by Sections 1. Furniture Export Growth - Furniture and parts exports amounted to 319.1 billion yuan, a significant increase from 284.18 billion yuan, marking a 12.3% rise [5][11]. - In August alone, the export value was 34.53 billion yuan [5]. 2. Market Review - The light industry manufacturing sector rose by 1.72% this week, outperforming the Shanghai and Shenzhen 300 Index, which increased by 1.32% [7]. - Year-to-date, the light industry manufacturing index has decreased by 27.76%, while the broader index has fallen by 6.71% [7][9]. 3. Key News and Company Announcements - The report highlights the performance of leading companies in the home furnishing sector, suggesting continued focus on major players like Gujia Home, Oppein Home, and Sophia [5][11]. - Recent policies in the real estate sector are expected to impact the home furnishing market positively [5].

Investment Rating - The report maintains an "Overweight" rating for the industry [3]. Core Insights - In August, the retail sales of clothing, shoes, and textiles showed a reduced decline, with a total of 994 billion yuan, down 1.6% year-on-year, a significant improvement from July's 5.2% decline [2][8]. - The overall retail sales of consumer goods in August reached 38,726 billion yuan, growing by 2.1% year-on-year, while the retail sales excluding automobiles increased by 3.3% [2][8]. - The cosmetics sector experienced a year-on-year decline of 6.1% in August, with total sales of 319 billion yuan, maintaining the same decline rate as the previous month [2][8]. Summary by Sections 1. August Retail Sales Performance - Retail sales in August showed a year-on-year growth of 2.1%, with total sales of 38,726 billion yuan [2][8]. - Clothing, shoes, and textiles saw a total retail sales of 994 billion yuan, down 1.6% year-on-year, a notable improvement from the previous month's decline [2][8]. - The cosmetics category reported a total of 319 billion yuan in sales, down 6.1% year-on-year, with a cumulative decline of 0.5% from January to August [2][8]. 2. Market Review (September 16 - September 20) - The textile and apparel sector rose by 1.04%, ranking 20th among 31 sectors, while the beauty and personal care sector fell by 0.08%, ranking 25th [10]. - The textile and apparel index underperformed the broader market, with a year-to-date decline of 25.56% compared to the 6.71% decline of the CSI 300 index [10]. - The report highlights that the jewelry segment performed well, increasing by 1.80%, while the textile manufacturing segment lagged with a 0.56% increase [10]. 3. Investment Strategy - The report suggests continued focus on leading companies in the beauty sector, specifically Proya, Juzhibio, and Shangmei [2]. 4. Important News and Company Announcements - China remains the world's largest textile and apparel exporter for 30 consecutive years, with exports exceeding 300 billion USD annually [20]. - The cumulative textile and apparel exports from January to August reached 197.77 billion USD, with a year-on-year growth of 1.1% [20].

Investment Rating - The report maintains an "Accumulate" rating for the semiconductor industry [3] Core Insights - The release of OpenAI's o1 model enhances reasoning capabilities, boosting confidence in AI investments [19] - The semiconductor industry is facing challenges due to increased tariffs on Chinese products, particularly affecting the automotive and solar industries [20] - August data shows a year-on-year increase in China's integrated circuit exports and imports, with export volume and value rising by 11.60% and 18.60% respectively [21] Market Review - The Shenwan Electronics Industry Index fell by 2.29% from September 9 to September 13, ranking 19th among 31 industries and underperforming the CSI 300 Index by 0.06% [7] - In the same period, the index for printed circuit boards, consumer electronic components and assembly, semiconductor equipment, digital chip design, and passive components outperformed the CSI 300 Index by 2.80%, 1.49%, 1.14%, 0.99%, and 0.83% respectively [12] Import and Export Data - In August, China's integrated circuit export quantity and value increased by 11.60% and 18.60% year-on-year, while import quantity and value rose by 16.70% and 11.70% respectively [21] - The average export price increased by 7.12% year-on-year, but decreased by 1.09% month-on-month [20] Industry Dynamics - Nvidia's CEO announced that the Blackwell AI GPU will start shipping in Q4 2023, which is expected to enhance data center capabilities [20] - Infineon has developed the world's first 12-inch GaN wafer technology, which is anticipated to significantly advance the power semiconductor market [24]

策 略 研 究 弱势反弹 ——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 1.32%，上证指数涨跌幅 为 1.21%，深证成指涨跌幅为 1.15%，创业板涨跌幅为 0.09%，中证 500 涨跌幅为 1.07%。 上周申万 31 个一级行业中，24 个一级行业指数上涨，7 个行业指数下跌。 涨跌幅排名前五的行业分别是房地产、有色金属、家用电器、计算机、煤炭。 涨跌幅排名后五的行业分别是医药生物、国防军工、农林牧渔、电力设备、 电子。 上周成交数量为 1985.96 亿股，成交金额为 16879.13 亿元。上涨家数 3369， 下跌家数 1853。 截止到 9 月 20 日，创出历史新高的股票家数为 1 家，创出历史新低的股票 家数为 43，创 30 日新高、60 日新高、120 日新高的股票家数分别是 370、 189、57 家；创 30 日新低、60 日新低、120 日新低的股票家数分别是 268、 227、189 家。 两融数据显示，9 月 20 日和 9 月 13 日相比：融资余额减少了约 28.70 亿 元，融券余额减少了约 1.90 亿元。 投资策略： 上周跟踪 ...