Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The photovoltaic sector is experiencing a strong willingness to maintain prices in the upstream silicon material segment, with a slight price adjustment observed in new orders [3][8] - The electric equipment sector shows significant growth, with a 65.1% year-on-year increase in grid construction investment in August, reaching 38.3 billion yuan [3][17] - The wind power sector has seen new wind turbine bidding projects totaling 0.65GW this week, with ongoing strong demand for offshore and onshore projects [3][22] - The lithium battery sector is in a bottoming phase, with clear signs of market clearing as new national standards for electric two-wheelers are revised [3][29] - The hydrogen energy segment is poised for high growth, with significant domestic and international green hydrogen projects emerging [3][29] Summary by Sections Photovoltaics - **Price Changes**: The upstream silicon rod segment shows a strong price maintenance intention, with new order prices experiencing a slight decline. The overall market for battery cells remains stable, with limited pricing power [3][8][10] - **Industry Dynamics**: Multiple photovoltaic policies have been released, including a significant increase in tariffs on polysilicon and silicon wafers by the U.S. [10][11] Electric Equipment - **Main Network**: The total bidding volume for transformers in 2023 is 370,674 MVA, a year-on-year increase of 33.2% [13] - **Electric Investment**: Nationwide electric power engineering investment from January to August reached 497.6 billion yuan, a year-on-year increase of 5.8% [17] - **Export Data**: In August, the export value of electric meters was 1.18 billion yuan, a year-on-year increase of 22.6% [17][20] Wind Power - **New Bidding Situation**: This week, new wind turbine bidding projects totaled 0.65GW, with significant projects in both onshore and offshore categories [22][24] - **Industry Dynamics**: The cumulative bidding for wind power in 2024 has reached 149GW, a year-on-year increase of 96.81% [24] Hydrogen Energy - **Data Tracking**: From January to September 2024, the cumulative bidding for electrolyzers reached 2,187.05MW, a year-on-year increase of 56.16% [29]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The recent regulatory guidelines on market capitalization management for listed companies are expected to enhance investor supervision, improve operational efficiency, and profitability of listed companies. This is particularly relevant for major index constituent companies, which may boost confidence among institutional and individual investors, thereby enhancing market stability [3][4] - Current financial policies are anticipated to alleviate the ongoing liquidity issues in the equity market, presenting a valuation recovery opportunity for brokerage stocks. Key recommendations include focusing on leading brokerages such as Citic Securities and China Galaxy, as well as Eastmoney, which is expected to benefit from increased trading volume [3] Summary by Sections Regulatory Guidelines - The China Securities Regulatory Commission (CSRC) released the "Guidelines for Listed Company Regulation No. 10 - Market Capitalization Management (Draft for Comments)" on September 24 [4] - The guidelines define market capitalization management as actions taken to enhance the quality of listed companies through legal means such as mergers and acquisitions, equity incentives, cash dividends, investor relations management, and share buybacks [4] - Responsibilities of the board of directors, senior management, and controlling shareholders are clearly outlined, emphasizing their roles in enhancing investment value and participating in investor relations activities [4] - Special requirements are set for major index constituent companies and long-term undervalued companies, mandating them to disclose their market capitalization management systems and valuation enhancement plans [4] - The guidelines prohibit illegal activities under the guise of market capitalization management, ensuring protection for minority investors [4]

如何看待"一行一局一会"政策组合拳 对券商股的影响？ 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -21% -16% -11% -6% -1% 4% 证券Ⅱ 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《风控指标落地，提升优质券商资金 使用效率——证券基金行业周度跟踪》 2024-09-23 2. 《《证券公司保荐业务规则》修订点 评》 2024-09-21 3. 《证券公司风控指标正式稿落地点 评 》 2024-09-21 证券Ⅱ / 行业点评报告 / 2024.09.25 核心观点 金融政策"组合拳"解读 ❖ 事件：9/24，国新办举行新闻发布会，央行行长潘功胜宣布三项重大政策：1） 降低存款准备金率和政策利率。2）降低存量房贷利率，并统一房贷的最低首 付比例。3）创设新的货币政策工具，支持股票市场稳定发展。 ❖ 央行第一次创新结构性货币政策工具以支持资本市场，超市场预期。 1）创设证券、基金、保险公司互换便 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1][9] Core Insights - The China Securities Regulatory Commission (CSRC) released new guidelines on September 24, aimed at deepening the reform of the listed companies' merger and acquisition (M&A) market, which includes six major measures to support M&A activities [4] - The new measures emphasize enhancing regulatory inclusiveness, improving payment flexibility and review efficiency, and strengthening the service level of intermediary institutions [4] - The report highlights that the M&A business presents new opportunities for leading securities firms, especially as the IPO and refinancing markets tighten, making M&A a potential growth point for investment banking [4] - The report suggests that leading securities firms are likely to benefit from industry resource integration and improved risk control indicators, with a focus on firms like CITIC Securities and China Galaxy Securities [4] Summary by Sections Recent Market Performance - The report notes the recent performance of the market over the past 12 months [1] Regulatory Changes - The CSRC's new guidelines include a mechanism for phased payment of shares in M&A transactions, extending the approval validity period from 12 months to 48 months [4] - Adjustments to regulations regarding competition and related transactions have been made to increase tolerance for certain conditions [4] - Lock-up periods for private equity funds and minority shareholders in restructuring have been reduced [4] Opportunities for Securities Firms - The report emphasizes the need for securities firms to increase their investment in financial advisory services to facilitate M&A transactions [4] - It is expected that the M&A business will become a new focal point for growth amid tightening IPO and refinancing conditions [4] Investment Recommendations - The report recommends focusing on leading securities firms that are likely to benefit from resource optimization and improved return on equity (ROE) due to the new financial policies [4]

Investment Rating - The report assigns an "Overweight" rating to the company, marking the first coverage [1] Core Viewpoints - The company is a leading player in dry-type transformers and is expanding into energy storage as its second growth curve [3] - The global dry-type transformer market is expected to reach $9.2 billion by 2028, with a CAGR of 6.8% from 2023 to 2028 [3] - The company issued convertible bonds to expand its energy storage and digital production capacity for power transmission and distribution equipment [3] Financial Projections - The company is expected to achieve revenues of 7.39 billion yuan, 9.435 billion yuan, and 12.289 billion yuan in 2024, 2025, and 2026, respectively [4] - Net profits attributable to the parent company are projected to be 596 million yuan, 814 million yuan, and 1.118 billion yuan for the same periods [4] - The corresponding P/E ratios are 22.34x, 16.35x, and 11.90x for 2024, 2025, and 2026, respectively [4] Business Overview - The company specializes in dry-type transformers, with applications in wind power, rail transit, and energy efficiency [10] - It is one of the few companies globally capable of producing dry-type transformers for wind power applications, serving major wind turbine manufacturers like VESTAS, GE, and SIEMENS Gamesa [3] - The company has a clear equity structure, with the controlling shareholder holding 40.46% of the shares [14] Energy Storage Business - The company has a total energy storage production capacity of 3.9GWh across its Wuhan and Guilin bases [3] - It focuses on medium and high-voltage direct-hanging (cascaded) energy storage systems, which offer cost and performance advantages [3] - In 2023, the company secured new energy storage system orders worth 641 million yuan (excluding tax), a year-on-year increase of 144.87% [3] Market Opportunities - The dry-type transformer market is driven by its advantages over oil-immersed transformers, including higher safety, smaller size, and lower maintenance costs [3] - The company's dry-type transformers are widely used in wind power, rail transit, and energy efficiency sectors, with significant growth potential in these areas [25] - The global energy storage market is expected to grow rapidly, with the company well-positioned to benefit from this trend [46] Competitive Advantages - The company's dry-type transformers have higher capacity and voltage ratings compared to domestic peers, approaching the leading indicators of international competitors [26] - Its energy storage systems leverage the company's existing technology in power electronics and energy management, providing cost and performance advantages [56] - The company's high-voltage direct-hanging (cascaded) energy storage systems offer superior performance metrics, including higher efficiency and faster response times [62] Customer Base - The company's energy storage systems target customers in the power generation, grid, and industrial sectors, overlapping with its existing customer base [63] - Major clients include traditional power generation companies like China General Nuclear Power Group and State Power Investment Corporation, as well as renewable energy companies like Goldwind and Shanghai Electric [65]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company is a leading player in China's general aviation sector, deeply integrated with CNOOC, with 67.66% of its 2023 revenue coming from this major client [2][11]. - The low-altitude economy is supported by government policies, with the market expected to reach 2 trillion yuan by 2030, driven by various factors [2][18]. - The company's traditional business remains stable while low-altitude operational services are poised for growth, with plans for eVTOL commercialization [2][3]. - Revenue projections for 2024-2026 are 2.209 billion, 2.443 billion, and 2.779 billion yuan, with net profits of 279 million, 312 million, and 372 million yuan respectively [2][4]. Summary by Sections Company Overview - The company is a benchmark in general aviation operations in China, controlled by CITIC Group, and has expanded its business scope through various subsidiaries [11]. - It has a strong focus on offshore oil services, with significant revenue from CNOOC, and is also involved in emergency rescue, land aviation, and aviation maintenance [14][15]. Market Potential - The low-altitude economy is in its early stages in China but is accelerating, with a projected market size of 2 trillion yuan by 2030 [2][18]. - The global general aviation market is primarily dominated by North America and Europe, with Asia holding about 15% [2][26]. Financial Performance - The company has shown stable revenue growth, with a CAGR of 6.68% from 2018 to 2023, and a 2023 revenue of 1.970 billion yuan, up 9.6% year-on-year [16]. - The net profit for 2023 was 239 million yuan, reflecting a 23.11% increase from the previous year [16]. - The company maintains a gross margin above 20%, with a net margin of 12.1% in 2023 [16][17].

汽车 / 行业专题报告 / 2024.09.24 汽车行业 2024 年三季报业绩前瞻 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《《电动自行车安全技术规范（征求意 见稿）》点评》 2024-09-20 2. 《汽车行业周报》 2024-09-18 3. 《8 月份中国车市运行回顾》 2024- 09-18 海外需求强劲增长，出海+智能化为投资主线 核心观点 证券研究报告 ❖ 海外需求持续强劲，出口企业有望受益： 1-8 月汽车行业整体产销分别完 成 1867.4 万辆和 1876.6 万辆，同比分别增长 2.5%和 3%。分市场来看，1-8 月 汽车国内销量 1499.2 万辆，同比下降 1.8%，汽车出口 377.3 万辆，同比增长 28.3%，海外市场需求继续保持强劲增长。我们认为海外市场的强劲需求有望 带动出口型 ...

汽车 / 行业点评报告 / 2024.09.24 乐道 L60 订单超预期点评 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《2 月份中国车市运行回顾》 2024- 03-12 2.《2 月新能源汽车行业洞察》 2024- 03-05 L60 订单超预期，有望打造爆款车型 核心观点 证券研究报告 ❖ 事件：9 月 23 日下午，根据乐道公众号信息，乐道 L60 订单超预期，首批交 付时间预计将于 9 月 23 日推送至用户。 ❖ L60 订单超预期，公司将投入资源拉升产能：由于乐道汽车上市后订单超 预期，公司或将拉通所有的核心合作伙伴共同拉升产能，有望缩短交付日期。 ❖ 2024 年底乐道与蔚来有望共用 1000 台以上的三代和四代换电站：目前 蔚来有超过 2500 个换电站，预计到 2024 年底，乐道可以和蔚来共用 1 ...

汽车行业周报 汽车 / 行业投资策略周报 / 2024.09.24 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《《电动自行车安全技术规范（征求意 见稿）》点评》 2024-09-20 2. 《汽车行业周报》 2024-09-18 3. 《8 月份中国车市运行回顾》 2024- 09-18 新产品推出叠加消费刺激政策有望促进销量提升 证券研究报告 核心观点 ❖ 板块表现： 9 月 18 日-9 月 20 日沪深 300 指数涨幅 0.95%，申万行业指数中，一级行业汽 车相对收益为 0.01%，二级行业中，汽车零部件相对收益 0.51%，汽车服务相 对收益为 0.31%，摩托车及其他相对收益为 0.11%，乘用车相对收益为-0.84%， 商用车相对收益为-0.14 %。 子行业观点： 乘用车：据乘联分会数据，9 月 1-1 ...

房地产开发 / 行业投资策略周报 / 2024.09.23 房地产行业周报（2024 年第 38 周） 投资评级:看好(维持) 最近 12 月市场表现 -37% -30% -22% -14% -6% 2% 房地产开发 沪深300 上证指数 分析师 欧阳之光 SAC 证书编号：S0160524070001 oyzg@ctsec.com 分析师 吴梦茹 SAC 证书编号：S0160524060001 wumr@ctsec.com 相关报告 1. 《房地产行业周报（2024 年第 37 周）》 2024-09-20 2. 《房地产行业周报（2024 年第 36 周）》 2024-09-08 3. 《房地产行业周报（2024 年第 35 周）》 2024-09-02 ❖ 投资建议：本周新房和二手房成交环比和同比下跌，多地持续优化购房政 策。我们认为在政策的持续支持下，销售会逐步修复，尤其是高能级城市将 率先修复。我们看好前期在核心区域提前布局、以及在融资端具备更强信用 优势的房企，此外，建议关注拥有城中村改造经验的地方性国企，建议关注： 招商蛇口、保利发展、越秀地产、中海地产、华发股份、建发股份、滨江集 团、龙湖集团 ...