Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3][81]. Core Insights - The report emphasizes the strong performance of AI and AR applications in various sectors, particularly in education, marketing, and gaming, suggesting a focus on the integration of AI in product development and user experience [3][4]. - It highlights the importance of user feedback and innovation in content and business models, recommending attention to companies that embrace new technologies and have advantages in data, users, and application scenarios [3][4]. - The report suggests monitoring the development of AI companion products and hardware, as user demand for personalized and intelligent companionship is expected to grow rapidly [3][4]. Industry Data Tracking 1. Industry Performance - From November 18 to November 22, 2024, the Shanghai Composite Index decreased by 1.91%, and the media sector ranked 18th among all industries with a decline of 2.06% [20][22]. - The report notes that digital media, advertising, and film industries showed better performance compared to gaming, television broadcasting, and publishing sectors during the same period [22]. 2. AI Investment Events - Eight AI investment events were reported, with notable funding including a $5 billion strategic investment in xAI, which has a valuation of approximately 325 billion RMB [46][47]. 3. Gaming Performance - The top-grossing games in China included "Honor of Kings," "Three Kingdoms: Strategize," and "Peacekeeper Elite," indicating strong market performance [48][51]. 4. Film Performance - The total box office from November 18 to November 24 was 208 million RMB, with "Good Things" leading at 55.18 million RMB, capturing 26.5% of the market share [58][61]. 5. Television Performance - The total viewership for online dramas reached 535 million, with "Little Alley Family" leading with a viewership of 193 million and a market share of 14.95% [62][63]. 6. Variety Show Performance - "Now Just Depart Season 2" topped the variety show ratings with a market share of 17.31%, followed by "Flowers and Youth Season 6" at 11.36% [64][68]. Investment Analysis Opinion - The report advises to continue leveraging the gradual implementation of AI applications and to focus on real user feedback, while also exploring new channels and content directions in the media industry [71].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [2] Core Views - The report highlights that the shipping industry is experiencing a tight supply due to limited new orders for oil tankers and an aging fleet, which is expected to sustain demand over the next three years [10] - The express delivery sector shows resilience with a significant year-on-year growth in business volume, driven by seasonal demand and strategic adjustments by leading companies [11] - The report emphasizes the importance of green upgrades in shipping, which is seen as a core driver of demand alongside the recovery of the shipping market [10] Summary by Sections Market Review - From November 18 to November 22, the Shanghai Composite Index decreased by 1.91%, while the transportation index fell by 1.17% [28] - The logistics sector showed a slight increase of 0.85%, while the express delivery sector saw a decline of 5.60% [28] Sub-industry Data Tracking Express Delivery - In October 2024, the express delivery industry achieved a business volume of 16.31 billion pieces, a year-on-year increase of 35.3% [32] - The average revenue per piece for major express companies showed a mixed trend, with some companies experiencing a decline in revenue per piece [37] Shipping - The report notes that the Baltic Dry Index (BDI) decreased by 13.89% to 1537 points, while the oil transportation index (BDTI) increased by 2.02% to 908 points [81] - The report indicates that the shipping market is expected to recover due to the ongoing green upgrade cycle and the tight supply of new vessels [10] Air Transportation - In October 2024, civil aviation transported approximately 64 million passengers, reflecting a year-on-year increase of 26.7% [65] - The cargo and mail transportation volume reached 809,000 tons, up 8.8% year-on-year [65] Road and Rail - In October 2024, road passenger volume reached 1.013 billion people, a year-on-year increase of 141.76%, while freight volume was 3.703 billion tons, up 4.25% [55]

Investment Rating - The report does not provide a specific investment rating for the industry [3] Core Insights - The report indicates that the core assets in the cryptocurrency market are approaching the $100,000 mark, suggesting that a bullish phase in the crypto market has begun [4] - The total market capitalization of cryptocurrencies has significantly increased, reaching $3.3 trillion as of November 22, 2024, up from $2.92 trillion the previous week [36] - The sentiment in the cryptocurrency market is currently in an "Extreme Greed" zone, with a fear and greed index of 88 [36] Summary by Sections Web3 and Cryptocurrency Market - The report highlights that the core assets in the cryptocurrency market have recorded a net inflow of $3.353 billion this week, with prices hitting new highs [1] - The report notes that the launch of options for the BlackRock cryptocurrency ETF has been well-received by investors, contributing to the price increase of core assets [1] - The report identifies the top five companies in the cryptocurrency market based on performance this week: Boyaa Interactive, Microstrategy, Marathon Patent Group, Canaan, and Core Scientific [1][42] Overseas AI - NVIDIA reported a record revenue of $35.08 billion for FY3Q25, with a year-over-year increase of 94% and a quarter-over-quarter increase of 17% [26] - The gross margin for NVIDIA has started to decline, expected to be around 73% for FY4Q25, primarily due to a shift towards more complex and higher-cost products [26] - The report mentions that the data center business for NVIDIA continues to grow rapidly, achieving $30.77 billion in revenue for FY25Q3, a year-over-year increase of 112% [27]

Core Viewpoints - The Beijing Stock Exchange 50 Index (BSE 50) is undergoing its fourth adjustment in 2024, with five companies expected to be added and five potentially removed [1] - The BSE 50 Index has experienced a decline of over 3% for two consecutive weeks, with a high PETTM of 56X, indicating short-term volatility but long-term potential for stable growth [1] - The overall PE ratio of BSE A-shares remains at 43X, with daily turnover rebounding to 4.07 billion yuan [3] Market Performance - The BSE 50 Index closed at 1,295.78 points, down 3.61% for the week, while the CSI 300, STAR 50, and ChiNext indices also declined [45] - The average first-day increase for newly listed companies in 2024 reached 191%, with an average issuance PE of 15.4X [3] - The BSE A-share market saw a daily turnover of 4.07 billion yuan, with a daily turnover rate of 13.57%, higher than the STAR and ChiNext markets [44] New Listings and IPOs - Kelong New Materials, a key supplier of rubber and plastic materials for coal mining equipment, launched its IPO with a PE ratio of 14.45X and raised 242 million yuan [2][25] - Shengye Electric completed its IPO with 64,752 online subscribers and a strategic placement of 3.6 million shares, raising 32.83 million yuan [2][24] - From January 1, 2023, to November 22, 2024, 96 companies listed on the BSE, with an average first-day increase of 83.51% and a median of 38.97% [60] Index Adjustments - The BSE 50 Index will undergo its fourth adjustment in 2024, with the new components expected to include Yingtai Biotech, Qingju Technology, and others, while companies like Bangde and Huifeng Diamond may be removed [33][34] - The adjustment is based on the "BSE Index Calculation and Maintenance Rules," with the new components taking effect on December 16, 2024 [33] Industry and Company Insights - Kelong New Materials has established long-term partnerships with major coal and coal machinery companies and is expanding into military, high-speed rail, and wind power industries [25][28] - The company achieved a revenue of 442 million yuan in 2023, a 34% year-on-year increase, with a net profit of 83.37 million yuan, up 60% [28]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [1] Core Views - Lithium carbonate prices have rebounded slightly, while rare earth permanent magnet sector shows strong fluctuations [1] - The report suggests focusing on companies such as Tianqi Lithium, Ganfeng Lithium, Zhongmin Resources, and Yongxing Materials in the lithium sector [2] - In the cobalt sector, the report highlights companies like Tengyuan Cobalt, Huayou Cobalt, and Hanrui Cobalt as potential investment opportunities [2] - The rare earth sector is expected to experience strong fluctuations due to supply disruptions and optimistic market sentiment, with recommendations to focus on companies like China Rare Earth, Northern Rare Earth, and Jinchuan Group [3] Summary by Sections 1. Market Performance - The top three performing sub-sectors this week are: Permanent Magnet 6.17%, Copper Alloy 4.50%, Lithium 3.69% [20] - The bottom three performing sub-sectors are: Cobalt -4.36%, Soft Magnet -3.44%, Aluminum Alloy -3.34% [20] 2. Energy Metals 2.1. Lithium - Lithium carbonate price increased by 0.51% to 79,100 CNY/ton, while lithium hydroxide rose by 1.05% to 67,900 CNY/ton [28] - The profit margin for lithium carbonate using spodumene as raw material increased by 7.85% to 4,864 CNY/ton [28] 2.2. Cobalt - Overseas MB cobalt price rose to 11.00 USD/pound, while domestic cobalt price remained stable at 182,000 CNY/ton [45] - The supply side shows sufficient production, but demand remains low, maintaining a surplus situation [2] 2.3. Nickel Manganese - Manganese sulfate price remained stable at 6,200 CNY/ton, while nickel sulfate price decreased to 26,800 CNY/ton [50] 2.4. Rare Earth Permanent Magnet - Praseodymium-neodymium oxide price decreased by 2.38% to 410,000 CNY/ton, while dysprosium oxide fell by 0.59% to 1,695,000 CNY/ton [55] - The profit margin for praseodymium-neodymium oxide decreased by 2.50% to 52,300 CNY/ton [55] 3. New Materials 3.1. Power New Materials - Phosphate iron price remained stable at 10,400 CNY/ton, while lithium iron phosphate price decreased to 34,200 CNY/ton [73] 3.2. Photovoltaic New Materials - The average price of welding tape (0.3mm) remained stable at 4.25 CNY/kg, while the average price of 421 metal silicon powder was 13,250 CNY/ton [81]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [1] Core Viewpoints - The development of commercial health insurance is expected to accelerate, significantly benefiting innovative drugs. The integration of commercial insurance and innovative drug sectors is becoming increasingly urgent as the domestic innovative drug research and development enters a harvest period, with a gradual increase in the number of approved innovative drugs [2][35] - The report highlights the importance of a diversified payment mechanism for innovative drugs, especially in light of the increasing pressure on basic medical insurance funds [2][35] Summary by Sections Commercial Health Insurance Development - The report indicates that personal health expenditure accounted for 45% of the total direct medical expenditure in 2022, amounting to 22,914.5 billion yuan, while commercial health insurance expenditure was only 7%, or 3,600 billion yuan. This highlights the need for a stronger integration of commercial health insurance with innovative drugs [2][35] Industry Perspective - The pharmaceutical index has decreased by 11.88% since the beginning of the year, ranking last among the Shenwan industries. However, recent positive policy signals from the National Healthcare Security Administration and the National Health Commission suggest a potential recovery in the pharmaceutical sector by 2025, with expectations of quarterly performance improvements [3][49] - The report emphasizes a strategic focus on "innovation + overseas expansion + aging population" as the main investment themes, suggesting a focus on sectors expected to rebound, such as medical devices and traditional Chinese medicine [3][78] Investment Recommendations - Suggested stocks for investment include: 1. For overseas expansion: Mindray Medical, United Imaging Healthcare, and others [3][78] 2. For innovative drugs and devices: Hengrui Medicine, Hutchison China MediTech, and others [3][78] 3. For domestic substitution: Kaili Medical, Aohua Endoscopy, and others [3][78] 4. For aging and outpatient consumption: Yuyue Medical, Jiu Dian Pharmaceutical, and others [3][78] 5. For high-barrier industries: Humanwell Healthcare, Enhua Pharmaceutical, and others [3][78] 6. For small but high-quality stocks: Baiyang Pharmaceutical, Pumen Technology, and others [3][78] Weekly Investment Portfolio - The current week's investment portfolio includes Jiu Dian Pharmaceutical, Kun Pharmaceutical Group, Yuyue Medical, Hutchison China MediTech, and Hansoh Pharmaceutical [4][80] - The November investment portfolio includes Hutchison China MediTech, Kangnuo Pharmaceutical, Yuyue Medical, and others [4][80]

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2024 年 11 月 24 日 证券分析师 贵金属板块：避险属性提升叠加通胀预期交易回归，金价大幅反弹。伦敦现货黄金上涨 4.79%、 上期所黄金上涨 5.83%、沪金持仓量上涨 0.91%，伦敦现货白银上涨 1.94%、上期所白银上 涨 2.81%、沪银持仓量下跌 1.41%，钯金上涨 7.36%，铂金上涨 1.69%。本周金价大幅反弹， 金价重回 2700 美元/盎司以上，我们认为原因主要包括：1）地缘政治紧张驱动金价避险属性 提升：普京签署法令允许更广泛地使用核武器，乌克兰首次发射美国远程导弹，俄首次发射 洲际弹道导弹袭击乌克兰，俄乌局势紧张。2）贝森特被提名财政部长，加关税和减税政策带 来的通胀预期交易回归。另一方面，近期美元强势，人民币贬值压力较大，内盘金价反弹幅 度比外盘更大。短期看，随着降息预期企稳，特朗普上台后的加关税政策驱动通胀预期交易 或将主导金价走势。长期看，我们认为在美国货币和财政政策双宽松，美元信用收缩及去美 元化的大背景下，预计黄金中长期仍具备上涨空间。建议关注：紫金矿业、中金黄金、赤峰 黄金、山东黄金、山金国际、株 ...

Investment Rating - The report assigns a "Buy" rating to the company, citing its high growth potential and light-asset strategy in the automotive aftermarket [5][6] Core Views - The company focuses on non-wear parts in the automotive aftermarket and is expanding into automotive electronics as a second growth curve [1][5] - The company has a CAGR of 16% in revenue and 56% in net profit from 2014 to 2023, driven by its light-asset strategy and strong market positioning [1][6] - The company is leveraging cross-border e-commerce opportunities, with 3 out of its top 5 customers in 2023 being cross-border e-commerce clients [2][5] Market Performance - The company's stock closed at 34.83 yuan on November 21, 2024, with a total market capitalization of 2,246.03 million yuan and a circulating market capitalization of 1,231.99 million yuan [3] - The company's debt-to-asset ratio is 28.05%, and its net asset per share is 8.65 yuan [3] Product Development - The company has expanded its product offerings to nearly 30,000 SKUs, with a focus on traditional categories like transmission, braking, and steering systems, as well as new categories like automotive electronics [5] - Automotive electronics revenue grew by 227.9% in 2023, driven by new product launches and increased market demand [5][6] Overseas Expansion - The company is expanding its overseas presence, particularly in the US aftermarket, and has signed a framework contract with Fuzhou Yangteng Network Technology for automotive parts procurement worth at least 80 million yuan [2][5] - The company is also building production capacity in Thailand to leverage lower labor costs and enhance its global competitiveness [5][6] Financial Projections - The company is expected to achieve net profits of 98 million, 117 million, and 139 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22.9x, 19.2x, and 16.1x [6][7] - Revenue is projected to grow at a CAGR of 27%, 20%, and 22% from 2024 to 2026, with stable gross margins [11] Industry Insights - The global automotive aftermarket is growing, with the US market reaching 319.7 billion USD in 2023, driven by high vehicle ownership and aging vehicles [2][5] - Cross-border e-commerce in the automotive parts sector is a blue ocean market, with online sales penetration expected to rise from 6% in 2017 to 20% by 2030 in mature markets like the US and Europe [2][5] Competitive Advantages - The company operates a light-asset model, focusing on R&D, quality control, and supply chain management, while outsourcing production [5][6] - The company has a strong relationship with key clients like Dorman and Cardone, and is expanding its domestic market presence through partnerships with companies like Tuhu and San Tou Liu Bi [1][5]

Investment Rating - Buy (首次覆盖) [4] Core Views - The company's performance is under short-term pressure with a 16 4% YoY decline in revenue to 2 16 billion yuan and a 41 6% YoY decline in net profit to 170 million yuan in the first three quarters of 2024 [1] - In Q3 2024, revenue decreased by 7 3% YoY to 740 million yuan, and net profit dropped by 45 7% YoY to 55 million yuan [1] - The company's nuclear medicine product pipeline is continuously expanding, opening up long-term growth potential [4] Business Performance - API segment revenue decreased by 28 73% YoY to 960 million yuan due to a decline in heparin sodium prices [4] - Nuclear medicine segment: FDG injection revenue decreased by 1 33% YoY to 312 million yuan, while technetium-labeled drug revenue increased by 4 26% YoY to 81 79 million yuan due to market expansion [4] - Formulation segment: Nadroparin injection revenue surged by 130 76% YoY to 110 million yuan [4] - Yunke injection revenue decreased by 3 65% YoY to 185 million yuan, mainly due to reduced hospital admissions influenced by DRG and DIP policies [4] Nuclear Medicine Pipeline - The company has a rich portfolio of nuclear medicine products, including diagnostic PET drugs (18F-FDG), SPECT drugs (technetium-labeled drugs), and other drugs like urea [14C] capsules [4] - The company is developing a radioactive theranostic drug innovation platform, Yantai Lannacheng, which focuses on advanced nanodelivery technologies and targets cancers such as prostate, gastric, colorectal, and nasopharyngeal cancers [4] - Key products in development: Fluorine [18F] Sireptide Injection (Phase III), Fluorine [18F] Fibrostatin Injection (completed Phase I), 177Lu-LNC1004 Injection (Phase I in China and Singapore), and others with clinical trial approvals in China and the US [4] Financial Forecasts - Expected net profit for 2024-2026: 220 million yuan, 290 million yuan, and 360 million yuan, with YoY growth rates of 4 2%, 31 6%, and 26 2%, respectively [5] - Current P/E ratios: 51x (2024), 39x (2025), and 31x (2026) [5] - Revenue growth rates: -10 54% (2024), 12 35% (2025), and 12 78% (2026) [5] - ROE: 4 49% (2024), 5 75% (2025), and 7 04% (2026) [5] Valuation Metrics - P/E: 50 69x (2024), 38 51x (2025), 30 52x (2026) [5] - P/S: 3 78x (2024), 3 36x (2025), 2 98x (2026) [5] - P/B: 2 27x (2024), 2 22x (2025), 2 15x (2026) [5] - Dividend yield: 1 11% (2024), 1 46% (2025), 1 84% (2026) [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][48]. Core Viewpoints - The company is recognized as a leading domestic brand in the sensitive skin segment, focusing on natural plant-based active ingredients to provide gentle and professional skincare products [2][22]. - The company has established a strong competitive advantage through its "Product + R&D + Channel" strategy, which includes a robust product lineup, significant R&D capabilities, and a well-integrated online and offline sales approach [2][29][39]. - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan, respectively, reflecting year-on-year growth rates of 19.6%, 15.0%, and 13.2% [8][46]. Summary by Sections 1. Company Overview - The company is positioned as a leading domestic brand in the sensitive skin market, with a mission to create a healthy skin ecosystem in China. It has multiple brands under its umbrella, including Winona, Winona Baby, and AOXMED, and has consistently ranked in the top 10 of Tmall's beauty category during major sales events [2][22][23]. 2. Competitive Advantages - **Products**: The main brand, Winona, focuses on sensitive skin and has a strong product portfolio, including popular items like creams and sunscreens. The company is also expanding its sub-brands to enhance market presence [2][29]. - **R&D**: The company emphasizes independent research and development, with a strong team and numerous patents, positioning itself as a leader in innovation within the sensitive skin sector [34]. - **Channels**: The company utilizes a hybrid approach, combining online and offline channels effectively. It has established a significant online presence and collaborates with major offline distributors to enhance brand visibility [39][41]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan from 2024 to 2026, with corresponding net profits of 700 million, 910 million, and 1.1 billion yuan. The current price-to-earnings ratios are estimated at 31, 24, and 20 times for the respective years [8][46][48]. - The report compares the company to other domestic leaders in the industry, suggesting a favorable long-term outlook due to its strong market position and consumer loyalty [48].