Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [3]. Core Insights - The overall market index showed an upward trend, with the Shanghai Composite Index closing at 3330.73, down 3.52% for the week, while the chemical sector declined by 2.91% [6][17]. - The top five gaining stocks in the chemical sector were: - Bofei Electric (+30.86%) - Jiaao Environmental Protection (+25.71%) - Danhua Technology (+19.59%) - Jinjis Co. (+14.78%) - Weisaibo (+14.10%) - The top five losing stocks were: - Lanfeng Biochemical (-25.85%) - Yanggu Huatai (-18.68%) - Sidike (-15.83%) - Tiensheng New Materials (-14.68%) - Sanfangxiang (-13.51%) [24][25]. Summary by Sections 1. Weekly Chemical Market Review - The chemical sector's performance was mixed, with synthetic resin increasing by 3.66%, while viscose and phosphate fertilizer sectors saw declines of 9.55% and 7.26% respectively [19]. 2. Chemical Product Price Changes 2.1 Crude Oil Price Changes - Crude oil prices fell by 3.68% during the week, influenced by various market factors including supply disruptions and demand uncertainties [26]. 2.2 Chemical Product Price Movements - The top five gaining chemical products were: - Liquid chlorine: increased by 52% to 152 CNY/ton - Folic acid: increased by 19.32% to 210 CNY/kg - n-Propanol: increased by 9.64% to 10,800 CNY/ton - Acetic acid n-propyl ester: increased by 6.50% to 9,010 CNY/ton - n-Butyraldehyde: increased by 5.97% to 7,100 CNY/ton - The top five losing chemical products were: - Acetone cyanohydrin: decreased by 21.88% to 7,500 CNY/ton - Electronic-grade ammonia (G5): decreased by 20.00% to 4,000 CNY/ton - Calcium phosphate (12% granules): decreased by 10.96% to 650 CNY/ton - Butadiene: decreased by 10.67% to 9,625 CNY/ton - Ethyl acrylate: decreased by 5.35% to 8,850 CNY/ton [32][33][34]. 3. Investment Recommendations - Focus on high-end optical materials domestic substitution, particularly products like OCA optical adhesive and optical films, with recommended companies including Sidike and Dongcai Technology [7]. - Attention to the animal nutrition sector, particularly the demand for amino acids like threonine and lysine due to reduced soybean meal usage [7]. - Recommendations for leading chemical companies benefiting from lower natural gas prices and recovering downstream demand, including Satellite Chemical and Wanhua Chemical [7].

Industry Investment Rating - The report maintains a **Positive** rating for the electronics industry [3] Core Views - AI is driving a new technology cycle in the global electronics industry, with GPU and HBM being the core growth drivers in the semiconductor sector [7] - AI computing demand is rapidly increasing, with significant growth expected in GPU, switches, optical modules, and PCB sectors [8] - AI terminals, particularly in consumer electronics like smartphones, PCs, and wearables, are expected to be the most promising direction in the next three years [9] - Domestic substitution opportunities in advanced processes, packaging, AI computing chips, and high-speed switch chips are critical for China's semiconductor industry [9] AI-Driven Industry Growth - The global semiconductor industry has been recovering since February 2023, driven by AI, with GPU and HBM as the primary growth drivers [7] - The global data center market is projected to reach $284.4 billion by 2028, with a CAGR of 24.9% from 2023 to 2028 [7] - The HBM market is expected to reach $16.9 billion in 2024, accounting for 20% of the global DRAM market [7] - AI chip market is forecasted to grow to $500 billion by 2028, with a CAGR exceeding 60% from 2023 to 2028 [8] AI Terminal Opportunities - AI applications in consumer electronics, such as smartphones, PCs, and wearables, are expected to drive significant growth [9] - Meta Reality Labs reported a 29% YoY revenue increase in Q3 2024, driven by Quest 3 and Ray-Ban Meta smart glasses [9] - Traditional terminals are expected to see steady growth with AI integration, while emerging terminals are likely to offer the highest growth potential [9] Domestic Substitution in Semiconductors - China's semiconductor industry is focusing on domestic substitution in advanced processes, packaging, and AI computing chips [9] - The report highlights opportunities in semiconductor equipment, materials, and components, with domestic companies expected to benefit from the growth in AI computing chips and advanced packaging [9] Consumer Electronics Market Recovery - Global smartphone shipments reached 316 million units in Q3 2024, a 4.4% YoY increase, driven by AI integration in devices [106] - PC market recovery is expected, with enterprise demand driving growth ahead of Windows 10 service termination in 2025 [108] - TWS headset market is shifting towards OWS (Open Wearable Stereo) products, with 50% of the market now in the sub-$50 price segment [112] AI Integration in Consumer Devices - Apple's iOS 18 introduces AI features like Apple Intelligence, enabling on-device AI tasks such as photo optimization, text summarization, and voice transcription [117] - Android manufacturers like Xiaomi, OPPO, and Vivo are integrating AI into their devices, with features like AI-powered photo editing, voice assistants, and productivity tools [121][122][123]

Investment Rating - The report suggests a positive outlook for the light industry sector, indicating potential investment opportunities amidst challenges [2][3]. Core Viewpoints - The light industry manufacturing sector presents both opportunities and challenges in 2025, with recommendations to focus on three main lines for investment: adapting to the new normal, embracing new trends, and selecting quality targets [2][3]. - The home furnishing sector is expected to benefit from the recovery of the real estate market, with soft furnishings outperforming custom options, and the trend towards integrated home solutions gaining traction [5][6]. - The export chain is anticipated to improve due to expected interest rate cuts and inventory replenishment, with a focus on companies with strong overseas operations [5][6]. Summary by Sections Home Furnishing - The home furnishing sector is expected to recover as the real estate market stabilizes, with a focus on soft furnishings over custom options and the integration of home solutions [5][6]. - Key statistics indicate that from January to October 2024, residential sales, new construction, and completion areas decreased by 17.7%, 22.7%, and 23.4% year-on-year, respectively, highlighting the need for improvement in real estate data [46]. - Recommended leading companies include Gujia Home and Oppein Home, which are expected to leverage their competitive advantages to gain market share [5][6]. Export Chain - The report highlights that the export chain is poised for improvement due to anticipated interest rate cuts and a replenishment cycle in the home furnishing sector [5][6]. - Companies such as Lega Technology, Yongyi Co., and Henglin Co. are recommended for their strong overseas sales capabilities and management excellence [5][6]. Paper & Packaging - The paper sector is expected to see improved profitability as the peak season approaches, with a focus on price increases and demand recovery [78]. - Recommended companies in the paper sector include Sun Paper and Huawang Technology, which are expected to benefit from rising prices and market expansion [78]. New Tobacco Products - The new tobacco sector is projected to experience upward momentum as regulatory environments tighten, particularly in the U.S. and Europe, benefiting compliant companies like Smoore International [100]. - The domestic market is expected to improve gradually as policy risks diminish and sales conditions enhance [100].

Industry Overview - The automotive industry is expected to maintain moderate growth, with total sales growth rates of 2.4%, 2.6%, 2.4%, and 2.0% from 2024 to 2027 [18] - New energy vehicle (NEV) penetration is projected to reach 60.21% by 2027 [18] - The industry is shifting towards electrification and globalization, with significant growth in NEV sales and overseas expansion [18] Passenger Vehicles - Passenger vehicle sales are expected to grow steadily, driven by NEV adoption and overseas expansion [19] - NEV penetration in passenger vehicles is forecasted to reach 89.4% by 2027 [19] - Key players like BYD, Geely, and Leapmotor are accelerating their global market presence [5][19] Commercial Vehicles - Commercial vehicle sales are recovering, with overseas markets becoming a significant growth driver [19] - Heavy-duty truck sales are expected to rebound, with a focus on NEV adoption and global expansion [23] - Bus manufacturers like Yutong and King Long are expanding their overseas sales networks [27] Two-Wheelers - The two-wheeler industry is expected to see increased concentration, with stricter regulations benefiting leading companies [28] - Yadea and other leaders are expanding into Southeast Asia, leveraging high motorcycle ownership and government subsidies [28][98] - Sodium-ion batteries are emerging as a next-generation solution for high-performance electric two-wheelers [92] Auto Parts and Tesla Supply Chain - Tesla's new models, including the refreshed Model Y and Cybercab, are expected to drive investment opportunities in the supply chain [48][49] - Key suppliers like Top Group and Yinlun are poised to benefit from Tesla's growth [5][49] - The Robotaxi industry is expected to grow rapidly, with significant opportunities in the upstream and downstream supply chain [58][71] Aftermarket and NEV Services - The automotive aftermarket is growing due to increasing vehicle ownership and aging fleets [103][104] - NEVs are creating new opportunities in the service market, with higher maintenance costs compared to traditional vehicles [112] - Companies like Tuhu are expanding their service networks to cater to the growing NEV market [132] Key Company Highlights - **Leapmotor (9863.HK)**: Focused on smart EVs, with strong growth in revenue and expanding global presence [117] - **Minth Group (0425.HK)**: A leading auto parts supplier, with significant growth in battery box and NEV-related products [122] - **Yadea (1585.HK)**: A leader in electric two-wheelers, expanding globally with a focus on Southeast Asia [127] - **Tuhu-W (09690.HK)**: A major player in the automotive aftermarket, with a strong focus on NEV services [132] - **BYD (002594.SZ)**: A global leader in NEVs, with a comprehensive product lineup and rapid international expansion [138]

农林牧渔 / 行业投资策略报告 / 2024.11.18 养殖链和宠物景气延续，生物育种有望扩面提速 投资评级:看好(维持) 最近 12 月市场表现 -26% -17% -8% 1% 10% 19% 农林牧渔 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《宠物食品双十一增长亮眼，供应充 足猪价下行》 2024-11-17 2. 《供应充足猪价震荡下行，商品代苗 价高位震荡》 2024-11-17 3. 《需求支撑不足猪价下行，10 月产能 回补仍慢》 2024-11-10 2025 年农林牧渔行业投资策略 核心观点 证券研究报告 ❖ 养殖产业链：1）生猪养殖：景气延续，盈利可期。2024 年，产能去化传导 下猪价触底反弹，养殖成本延续下行，企业盈利弹性显著。我们预计，由于产 能回补较慢，2025 年供应增加有限，猪价调整空间有限，猪企全年仍能盈利； 推荐能够实现高质量成长的公司，相关标的：牧原股份、温氏股份、巨星农牧、 唐人神等。2）禽类养殖：白羽鸡养殖，2024 年父母代种鸡销量仍处高位，2025 年白鸡供给预计较为充足，静待 ...

计算机 / 行业投资策略月报 / 2024.11.18 智驾月报：10 月车市环比向好，文远知行上市 投资评级:看好(维持) 最近 12 月市场表现 -39% -27% -16% -4% 7% 19% 计算机 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《计算机行业 2025 年投资策略：多 维共振，精彩纷呈》 2024-11-17 2. 《外政预紧，内需预旺，国产科技迎 腾飞机遇》 2024-11-10 3. 《AI 应用之 PDF 篇：高粘性场景， 国内外厂商各有千秋，未来可期》 2024-11-04 核心观点 证券研究报告 ❖ 国庆车市向好，网联化指数创新高。国庆期间乘用车市场热度提升显著， 10 月乘用车销量同比增长 11.3%。10 月全国狭义乘用车零售 226.1 万辆，同 比增长 11.3%，环比增长 7.2%；今年以来累计零售 1,783.5 万辆，同比增长 3.2%。其中 10 月常规燃油车零售 106.6 ...

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Investment Rating - The report assigns an "Accumulate" rating for the company [1]. Core Views - The company is entering a rapid growth phase with significant potential in the NHL and autoimmune drug markets, particularly with the BTK inhibitor applications [3][4]. - The management team is experienced and has established an integrated R&D and production platform, with a focus on innovative drug development [4][18]. - The company has a robust pipeline with 13 drugs in development and has achieved rapid revenue growth driven by its lead product, Aobutini [5][60]. Summary by Sections Company Overview - The company is a comprehensive innovative biotech firm focused on oncology and autoimmune diseases, with a fully integrated biopharmaceutical platform [18]. - Founded in 2015, the company has developed a strong R&D capability and has multiple promising drug candidates [18]. Management and Shareholder Structure - The company has a dispersed shareholding structure with no controlling shareholder, ensuring diverse governance [20]. R&D and Clinical Development - The company has established six core technology platforms for drug development and has over 30 clinical trials ongoing globally [53]. - Aobutini, the lead product, has shown significant market potential with multiple approved indications and rapid sales growth [60]. Financial Performance - The company has shown a significant increase in revenue, with projected revenues of 1.051 billion, 1.232 billion, and 1.433 billion yuan for 2024, 2025, and 2026 respectively [6]. - The net loss has narrowed, indicating improving profitability, with a forecasted EPS of -0.20 yuan for 2024 [6][5]. Market Potential - The NHL market is expected to grow significantly, with the number of patients in China projected to reach 730,000 by 2030 [3][69]. - BTK inhibitors are increasingly replacing traditional chemotherapy in NHL treatment, indicating a shift in treatment paradigms [71]. Investment Recommendations - The report suggests that Aobutini has substantial growth potential in the hematological malignancy indications, supporting the "Accumulate" rating [5].

Industry Investment Rating - The report maintains a **Positive** rating for the computer industry [3] Core Views - The computer industry is experiencing a multi-dimensional resonance driven by technological innovation, economic cycles, industrial policies, and CapEx trends [5] - The industry is transitioning from the PC era to the AI era, with the Gartner Hype Cycle and Moore's Law playing pivotal roles in shaping the tech landscape [5] - The report highlights that AI, domestic computing power, and intelligent driving are key drivers of the industry's future growth [6] - The industry is expected to benefit from a double-click effect due to external and domestic interest rate cuts, low fund holdings, and the premium on domestic assets [6] Key Summaries by Section 1. Multi-dimensional Resonance in the Computer Industry - The Gartner Hype Cycle remains a constant in the evolution from the PC era to the AI era, with technological cycles shortening due to the "Super Moore's Law" [25] - Tech giants' CapEx is leading the industry direction, while economic cycles guide mid-term fluctuations, and industrial policies serve as crucial levers [25] - Historical trends show that macroeconomic cycles significantly impact the computer industry, with fiscal and industrial policies playing a key role during downturns [43] 2. Interest Rate Cuts and Market Expectations - The Federal Reserve's interest rate cuts provide a favorable external environment for the computer industry's valuation expansion [54] - Domestic interest rate cuts and improved liquidity are expected to support the industry's growth, with historical parallels seen in 2015 and 2019 [66] - The computer industry's PE (TTM) has entered a marginal expansion phase, with valuations expected to rise further due to AI, domestic computing power, and intelligent driving trends [59] 3. Alpha and Beta Tracks - AI is a critical driver of market growth, with scaling laws driving demand for computing power and domestic innovation [97] - AI applications are improving in quality, with productivity tools like Office and PDF being key areas of focus [7] - AI hardware innovations are emerging across various sectors, including PCs, smartphones, and robotics, while AI's energy consumption is driving demand for clean energy [7] - Smart driving, industrial intelligence, and financial IT are expected to exhibit strong Alpha characteristics, while sectors like Huawei's HarmonyOS and low-altitude economy are supported by strong policy backing [7] 4. Investment Recommendations - The report suggests focusing on AI server-related companies and domestic AI chip manufacturers, such as **HaiGuang Information**, **Cambricon**, and **Inspur Information** [123] - Companies in the cooling, power supply, and high-performance storage sectors are also recommended due to the increasing demand for power and storage driven by computing power iterations [123] 5. Market Performance and Fund Holdings - The computer industry's fund holdings reached a four-year low in 3Q2024, with a marginal improvement in risk appetite [72] - The industry's PE has been grinding at a low level but is expected to rise rapidly due to policy-driven liquidity improvements [85] - High trading volumes in the bull market are amplifying the industry's performance, with the computer sector's trading activity showing relative strength [89]