首席周观点：2024年第44周

Group 1: Metamaterials Industry - Metamaterials are artificially designed composite materials that exhibit extraordinary physical properties not found in natural materials, including unique electromagnetic, acoustic, thermal, and mechanical functionalities [1][2] - The global metamaterials market reached a size of $1.54 billion by 2020, with rapid growth expected due to expanding application areas and increasing market demand [2] - Major technology powers and industry giants are heavily investing in metamaterials, with the U.S. Department of Defense prioritizing it as a key disruptive research area [2][3] Group 2: Optical Fiber Industry - Changfei Optical Fiber maintains a strong position in the optical fiber and cable industry, achieving a compound annual growth rate (CAGR) of 7.0% from 2014 to 2023 [4][5] - The company is the largest producer of optical fiber preform in China and has established a significant production base in Hubei, becoming the global leader in optical fiber preform, fiber, and cable sales for eight consecutive years [4][5] - Changfei has expanded its international presence by establishing production bases in multiple countries along the Belt and Road Initiative, serving over 100 countries [5] Group 3: Metal Industry - The metal industry is currently experiencing a high prosperity cycle, with average gross profit margins rising to 11.4% in the first half of 2024, and mining sector margins reaching 41.03%, the highest since 2007 [8][9] - The industry has seen a significant increase in return on equity (ROE) from 2.49% to 5.50% and return on assets (ROA) from 0.98% to 2.31% between Q1 2021 and H1 2024 [9] - Fund holdings in the non-ferrous metal sector have increased, indicating a substantial enhancement in the industry's allocation attributes [9] Group 4: Automotive Industry - Chuanhuan Technology is a leading supplier of automotive pipeline assemblies, achieving a revenue of 1.109 billion yuan in 2023, a year-on-year increase of 22.3% [12][13] - The company is well-positioned to benefit from the growing demand for automotive pipelines due to stricter emission regulations and the rise of electric vehicles, with the market for thermal management pipelines expected to reach 15.1 billion yuan by 2024 [13][14] - The company has a strong self-research capability and cost control, maintaining a gross margin above 25% since 2018, which is competitive within the industry [15] Group 5: Food and Beverage Industry - Qiaqia Food, a leader in the snack food sector, is expected to maintain a compound annual growth rate of 5-6% in its core sunflower seed business, benefiting from declining raw material prices [17][18] - The company has significant growth potential in the nut segment, with per capita consumption in China still below global averages, indicating room for expansion [18] - Qiaqia Food's valuation remains low compared to peers, and its high dividend yield makes it an attractive investment opportunity in the snack food sector [19] Group 6: Energy Industry - Brent crude oil prices increased by 1.97% to$ 74.45 per barrel, while OPEC's production decreased by 2.27% in September, indicating a tightening supply [21][22] - The U.S. crude oil export volume rose by 3.82% in September, while China's exports saw a significant decline, suggesting shifts in global oil trade dynamics [22]