Investment Rating - The report assigns a "Buy" rating to China Railway Group (601390) [4][6] Core Views - China Railway Group is a leading player in railway infrastructure construction with a stable and growing market share The company has diversified its business into construction engineering equipment manufacturing mining resource development and real estate development [2] - The company is expected to benefit from fiscal policy easing and debt resolution measures which will improve infrastructure demand and reduce potential impairment risks [2] - The company's valuation is currently at a low level among the eight major construction central state-owned enterprises reflecting market concerns about cash flow and development prospects However with the improvement of local government fiscal conditions the company's cash flow is expected to improve and valuation factors are expected to gradually dissipate [2] - The company's subsidiary China Railway Resources has contributed over 5 billion yuan in profits in 2023 and is expected to further drive the company's value revaluation [2] Financial Performance and Forecast - The company's market capitalization is 16533421 million yuan with a circulating market capitalization of 13640193 million yuan [3] - The company's revenue is expected to be 1209689 billion yuan in 2024 1290957 billion yuan in 2025 and 1361041 billion yuan in 2026 with growth rates of -426% 672% and 543% respectively [7] - Net profit attributable to the parent company is expected to be 32662 billion yuan in 2024 33582 billion yuan in 2025 and 35910 billion yuan in 2026 with growth rates of -245% 281% and 693% respectively [7] - The company's PE ratio is expected to be 495x in 2024 481x in 2025 and 450x in 2026 [7] Business Segments - The company's infrastructure construction business accounted for 86% of total revenue and 76% of total gross profit in 2023 [15] - The company's equipment manufacturing and resource development businesses are expected to improve in profitability further enhancing the company's overall performance elasticity [2] - The company's subsidiary China Railway Resources has contributed over 5 billion yuan in profits in 2023 and is expected to further drive the company's value revaluation [2] Market Position and Competitive Advantage - The company's market share in railway infrastructure construction has increased from 52% in 2015 to 87% in 2023 demonstrating its comprehensive competitiveness [2] - The company is expected to benefit from fiscal policy easing and debt resolution measures which will improve infrastructure demand and reduce potential impairment risks [2] - The company's valuation is currently at a low level among the eight major construction central state-owned enterprises reflecting market concerns about cash flow and development prospects However with the improvement of local government fiscal conditions the company's cash flow is expected to improve and valuation factors are expected to gradually dissipate [2] Industry Outlook - Fiscal policy easing and debt resolution measures are expected to improve infrastructure demand and reduce potential impairment risks [2] - The company is expected to benefit from the recovery of infrastructure demand and the improvement of local government fiscal conditions [2] - The company's equipment manufacturing and resource development businesses are expected to improve in profitability further enhancing the company's overall performance elasticity [2]

[Table_Title] 电子设备行业动态点评 全球AI高景气，关注国内相关板块 2024 年 10 月 18 日 [Table_Summary] 【事项】 10 月 17 日，台积电公布了超出市场预期的 2024 年第三季财报。在 AI 及智能手机需求增长的助力下，台积电三季度营收同比增长 39%， 净利润同比大涨 58%。预计四季度营收将继续增长超 11%，全年美元 营收目标再度上调至同比增长 30%。 台积电第三季营收为 235.04 亿美元，同比增长 39.0%，环比增长 12.8%，超过了此前台积电给出的业绩指引的上缘；营业利润 111.62 亿美元，同比增长 58.2%；净利润达 100.58 亿美元，同比大涨 54.2%， 超过了市场预期的 94.8 亿美元；毛利率为 57.8%，超出业绩指引的 53.5%-55.5%的上缘，营业利益率为 47.5%，税后净利润率则为 42.8%。 从各应用领域贡献的营收占比来看，高性能计算营收同比增长 11%， 占比高达 51%；智能手机占比 34%、物联网占比 7%、车用电子占比 5%、 消费类电子 2%，其他占比 1%。从营收同比变化来看，相比上个季度 ...

Investment Rating - Buy (First Coverage) with a target price of 89 RMB [3] Core Views - The company is a leader in the domestic multimedia SoC chip design industry, with a diverse product portfolio including set-top box chips, smart TV chips, AI audio-video chips, WiFi chips, and automotive electronics chips [2] - The company's performance improved significantly in the first half of 2024, with operating revenue and net profit attributable to the parent company reaching 3.018 billion RMB and 362 million RMB, respectively, representing year-on-year growth of 28.33% and 96.06% [2] - The set-top box market is experiencing a trend towards high-definition and intelligent upgrades, with significant growth potential in overseas markets [2] - The company is well-positioned to benefit from the domestic substitution trend in the global TV supply chain, with opportunities to increase market share in the TV SoC market [2] - The company's AI audio-video chips and WiFi chips are expected to drive new growth, with the WiFi chip business entering a harvest period as WiFi technology upgrades from 5th to 6th generation [2] Industry Overview Set-Top Box Market - The domestic IPTV/OTT set-top box market is nearing saturation, with annual shipments stabilizing at around 50 million units, while overseas markets have significant growth potential with annual shipments of 40-50 million units [2] - The company has a strong competitive advantage in high-definition chips and holds a significant share in the procurement of major domestic telecom operators [2] - The domestic market is transitioning to 8K high-definition and intelligent set-top boxes, which will drive an increase in product value [2] Smart TV Market - The global TV market is expected to ship 223 million units in 2024, with Chinese brands occupying three of the top five spots in terms of shipments [2] - The TV SoC market is dominated by Taiwanese suppliers, but there is a growing need for mainland suppliers due to supply chain security concerns, providing opportunities for the company to increase its market share [2] - The trend towards high-end smart TVs is creating opportunities for value growth in TV SoCs [2] Smart Home and WiFi Chips - The global smart home market is growing, with AI technology becoming a key driver of development [2] - The company's AI audio-video chips, which feature AI capabilities, are gaining traction in international markets through partnerships with well-known brands [2] - The company's WiFi chips are expected to benefit from the upgrade from WiFi 5 to WiFi 6, which will significantly increase the value of the chips [2] Automotive Electronics - The smart cockpit market is expanding rapidly, and the company's automotive electronics chip business has long-term growth potential [2] Financial Performance - The company's revenue and net profit improved in the first half of 2024, with revenue reaching 3.016 billion RMB, a year-on-year increase of 28.33%, and net profit attributable to the parent company reaching 362 million RMB, a year-on-year increase of 96.06% [18] - The company's gross margin and net margin have stabilized, with gross margin at 35.4% and net margin at 12.0% in the first half of 2024 [19] - The company's R&D expenses as a percentage of revenue decreased, contributing to an expansion in net profit margin [20] Key Assumptions and Profit Forecast - The company's revenue is expected to grow from 6.495 billion RMB in 2024 to 9.210 billion RMB in 2026, with net profit attributable to the parent company increasing from 806 million RMB to 1.363 billion RMB over the same period [5] - The company's EPS is expected to grow from 1.93 RMB in 2024 to 3.26 RMB in 2026, with a corresponding PE ratio of 37x, 28x, and 22x, respectively [5] Valuation - The company is valued using a relative valuation method, with a target PE ratio of 35x for 2025, resulting in a 12-month target price of 89 RMB [5]

[Table_Title] 信息技术行业动态点评 网络空间安全再提及，国产厂商份额料 将提升 2024 年 10 月 17 日 [Table_Summary] 【事项】 10 月 16 日，根据中国网络空间安全协会公众号发布的文章《漏洞频 发、故障率高 应系统排查英特尔产品网络安全风险》，英特尔的产品 存在安全漏洞问题频发；可靠性差，漠视用户投诉；假借远程管理之 名，行监控用户之实；暗设后门，危害网络和信息安全四大问题，协 会建议对英特尔在华销售产品启动网络安全审查，切实维护中国国家 安全和中国消费者的合法权益。 10 月 16 日，根据"国家安全部"微信公众号，近年来，随着国家安 全机关加大对非法测绘活动的打击力度，部分境外组织逐步转向与国 内企业开展所谓项目合作逃避监管，非法采集我国原始测绘数据，威 胁我国家安全。国家安全机关工作发现，某境外企业 A 公司通过与我 国具有测绘资质的 B 公司合作，以开展汽车智能驾驶研究为掩护，在 我国内非法开展地理信息测绘活动。 【评论】 安全警钟再敲响，预防性安全支出有望得到提升。根据网安协会发布 的《2023 年网络安全态势研判分析年度综合报告》，我国网站安全行 驶仍 ...

Investment Rating - The report gives Zhongtian Rocket a "Buy" rating, citing its leading position in small solid rocket technology and expected future performance [1] Core Views - Zhongtian Rocket is a pioneer in small solid rockets for both military and civilian use, with broad product coverage [10] - The company's core technologies include small solid rocket design, high-performance materials, and measurement and control systems [10] - Its main products include weather modification rockets, sounding rockets, and small guided rockets [10] - The company is controlled by the Aerospace Power Technology Research Institute under China Aerospace Science and Technology Corporation, which has 15 listed companies at home and abroad [1][15] - With the trend of military asset securitization, the company has broad development opportunities [1] Business Segments Small Solid Rockets and Related Products - The company's small solid rocket products include weather modification rockets, sounding rockets, and small guided rockets [10] - Weather modification rockets are used for agricultural disaster prevention and major event weather support [10] - Sounding rockets are used for atmospheric parameter detection at altitudes of 0-300km [10] - Small guided rockets are suitable for low-intensity conflicts, with high precision and low collateral damage [10] Small Solid Rocket Engine Core Materials and Related Products - The company produces carbon/carbon thermal field materials and solid rocket engine ablation-resistant components [11] - Carbon/carbon thermal field materials are used in high-temperature equipment for photovoltaic crystal growth [11] - Ablation-resistant components are used in the propulsion systems of various small solid rockets [11] Small Solid Rocket Measurement and Control Technology and Related Products - The company's main product in this segment is the intelligent weighing system [12] - The system is used for rapid weight detection of cargo vehicles, with applications in toll collection, overload detection, and non-site law enforcement [12] Industry Background Weather Modification Rockets - The Chinese government has issued several documents to promote the high-quality development of weather modification work [24] - By 2025, the area affected by artificial rain and snow operations is expected to reach 5.5 million square kilometers [25] - Zhongtian Rocket has developed automated launchers, IoT equipment management systems, and other related products [26] Sounding Rockets and Guided Rockets - Sounding rockets have been developed for over 60 years, with China having three generations of such rockets [29] - Small guided rockets are a growing market, with Zhongtian Rocket having a first-mover advantage in China [31] Carbon/Carbon Thermal Field Materials - The global silicon wafer market is growing rapidly, with China accounting for 97.9% of global capacity in 2023 [33] - The demand for carbon/carbon thermal field materials is increasing due to the shift towards N-type silicon wafers [40] - The domestic thermal field market is expected to reach 9.3 billion yuan by 2025 [37] Solid Rocket Ablation-Resistant Components - China's aerospace industry has seen significant technological advancements, with the Long March rocket series achieving world-class levels [41] - Ablation-resistant components are critical for solid rocket engines, with high requirements for heat resistance and insulation [44] Intelligent Weighing Systems - China's smart transportation market is growing rapidly, with the market size expected to reach 261 billion yuan in 2024 [47] - Non-site law enforcement systems are becoming more popular, with high demand for dynamic weighing equipment [52] Financial Performance - The company's revenue is expected to grow from 1.272 billion yuan in 2024 to 1.617 billion yuan in 2026, with a CAGR of 15.09% [1] - Net profit attributable to the parent company is expected to grow from 105.45 million yuan in 2024 to 136.88 million yuan in 2026 [1] - The company's carbon/carbon thermal field materials accounted for 41.51% of revenue in the first half of 2024 [18] R&D and Capacity Expansion - The company has a strong R&D team and has established the first provincial-level civil rocket engineering technology center in China [53] - The company is continuously expanding its product line, including forest fire extinguishing bombs, military training equipment, and car carbon-ceramic brake discs [58] - The company's R&D expenses in 2023 were 79.7 million yuan, accounting for 6.75% of revenue [59] - The company's capacity expansion projects are progressing steadily, with several projects already in production [59]

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 达仁堂 沪深300 传统中药精粹的优秀传承者 [Table_Title] 达仁堂（600329）深度研究 2024 年 10 月 16 日 [Table_ 【投资要点 Summary]】 公司是传统中药精粹的传承者，拥有一批以速效救心丸为代表的家喻 户晓的中成药产品。公司有 6 件中国驰名商标，14 个非物质文化遗产 代表性项目，其中 5 个为国家级项目。公司产品丰富，拥有 22 种剂 型，共 599 个药品批准文号，其中 1 个国家机密品种（速效救心丸）， 1 个国家秘密品种（京万红软膏），5 个中药保护品种（舒脑欣滴丸、 治咳川贝枇杷滴丸、牙痛停滴丸、通脉养心丸、紫龙金片），122 个独 家生产品种，75个品种及601种中药饮片收载于《国家基本药物目录》， 国家医保品种 223 个。 公司以品牌为引领，突出'三核九翼'，围绕心脑血管、皮肤创面修 复、精品国药健康养生 3 大核心，构建以'速效救心丸'、'京万红软 膏'和达仁堂品牌养生健康品类为代表的'核心战力'群；强化呼吸、 消化、风湿骨痛等 9 类产品线协调发 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_Title] 亿联网络（300628）动态点评 24前三季业绩预告稳健增长，下游需求 延续向好趋势 2024 年 10 月 16 日 [Table_ 【事项Summary 】 ] 分产品线，公司会议产品收入 2023 年同比增长 12.81%、24H1 同比增 长 51.27%，公司会议产品延续了良好增长趋势，公司保持对市场的深 入洞察和快速响应，凭借深厚的技术实力，持续打造灵活、便捷的智 能化场景，提供更高效、更优质的音视频会议体验。 近期新产品方面，公司的 CP50&CPE40 视频会议全向麦克风通过了钉 钉会议认证，与已认证产品 MeetingEye500、MeetingBarA10 等，在 软硬件应用层面深度适配，即连即用，成为钉钉会议解决方案的优选 产品。亿联 CP50&CPE40 以出色稳定的拾扩音效果、聆晰 AI 音频体验， 得 到 钉 钉 会 议 官 方 认 可 与 推 荐 。 CP50&CPE40 还 支 持 与 亿 联 MeetingBarA10 组合实现外设模式，多种会议套件解决 ...

行 业 研 究 / 建 筑/ 证 券 研 究 报 告 挖掘价值 投资成长 [Table_Title] 建筑行业专题研究 除了爆破和水泥，大水电建设还有哪 些值得关注的环节？ 2024 年 10 月 16 日 [Table_Summary] 【投资要点】 【配置建议】 爆破和水泥：需求端较大弹性，供给端明显约束，确定性相对更强。我 们 6 月外发水电深度报告，测算了爆破、水泥需求，此次维持测算结 果，在参考了其他重点水利水电项目后我们判断雅下项目水泥需求量存 在一定的超预期可能。项目地交通条件相对欠发达，爆破、水泥都可能 存在运输半径限制，供应商或以本土企业为主，潜在直接或间接参与 方：爆破包括高争民爆、易普力、雅化集团、保利联合、壶化股份等， 水泥包括西藏天路、华新水泥、海螺水泥等。爆破供需格局、盈利韧 性、长期需求较水泥可能更优：需求弹性和潜在供应集中度相对更高， 提供爆材+爆破服务盈利能力相对更稳定，长期来看有望持续受益区内 矿产开采，从全国市场来看行业供需格局亦在持续改善。关注全国及区 域民爆水泥龙头，包括易普力、高争民爆、雅化集团、西藏天路等。 隧洞（洞室）：一般采用钻爆或掘进施工，后者优势包括用工少 ...

[Table_Title] 有色金属行业动态点评 有色金属 沪深300 力拓跨界收购，锂行业整合拉开序幕 2024 年 10 月 15 日 [Table_Summary] 【事项】 近日，全球矿业巨头力拓集团（Rio Tinto）在官网宣布，其已与美国 锂生产商 Arcadium Lithium 达成价值 67 亿美元的最终收购协议。 【评论】 Arcadium Lithium 控制四大盐湖和三个锂辉石矿山。公司旗下盐湖和 硬岩锂矿资源主要包括 Fenix 盐湖（100%权益）、Olaroz 盐湖（66.5% 权益）、Sal Del Vida 盐湖（100%权益）、Cauchari 盐湖（100%权益）、 Whabouchi 矿山（50%权益）、James Bay 矿山（100%权益）和 Mt Cattlin 矿山（100%权益）。以上盐湖和锂矿总资源量折合碳酸锂当量为 5360 万吨上下，对应 Arcadium Lithium 公司权益资源量折合碳酸锂当量 4500 万吨左右。 公司在建锂资源项目集中投产时间在 2027-2028 年。Arcadium Lithium 公司 2023 年锂盐销量为 6.5 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 建 筑/ 证 券 研 究 报 告 2024 年 10 月 14 日 建筑高股息典范，率先受益基建化债+ 地产回稳 [Table_Title] 中国建筑（601668）深度研究 [Table_ 【投资要点 Summary]】 建筑央企龙头。公司是全球最大的投资建设集团，目前主要业务包括 房建、基础设施建设、房地产开发等。自 2020 年以来，公司保持 20% 以上分红率，目前 TTM 股息率 4.5%，均位居八大建筑央企中的前列。 上市以来，公司已实施 4 期激励计划，每次计划均对业绩增速及 ROE 提出考核要求，且 2023 年 10 月公司公告大股东增持计划，体现公司 对于长期发展的信心及对投资者回报的忠实。 财政宽松+限购放松，地产及基建需求有望修复，央企重点受益。10 月 12 日，国务院新闻办公会中，财政部部长蓝佛安表示将"加大财 政政策逆周期调节力度、推动经济高质量发展"有关情况。会议表态 近期陆续推出一揽子有针对性的增量政策举措，主要包括：1）加力 支持地方化解政府债务风险，较大规模增加债务额度，支持地方化解 隐性债务，地方可以腾出更多精力和财 ...