国信证券：晨会纪要-20241128

Group 1: Real Estate Industry - The real estate industry shows signs of recovery with improved sales figures, particularly in the second-hand housing market, where sales volume increased by 1% year-on-year in October 2024, marking the first positive growth since June 2023 [4] - The average selling price of commercial housing decreased by 6.1% year-on-year in the first ten months of 2024, but the decline has narrowed compared to previous months, indicating a potential stabilization in housing prices [4] - Real estate development investment continues to decline, with a year-on-year decrease of 10.3% in the first ten months of 2024, and a more significant drop of 12.3% in October alone [4] - Financing for real estate companies is improving, with a year-on-year decrease in funds received narrowing to 19.2% in the first ten months of 2024, and a notable improvement in non-bank financing [4] - New construction starts have seen a significant decline, with a year-on-year decrease of 22.6% in the first ten months of 2024, indicating ongoing challenges in the sector [4] Group 2: Chow Tai Fook (01929.HK) - Chow Tai Fook reported a revenue of HKD 39.408 billion for the first half of the fiscal year 2025, a decrease of 20.43% year-on-year, with a net profit of HKD 2.53 billion, down 44.4% [8] - The company is focusing on brand transformation and enhancing product value, with the proportion of high-value gold products increasing to 14.2% [8] - The gross profit margin improved to 31.41%, an increase of 6.5 percentage points year-on-year, benefiting from higher gold prices and a greater share of high-margin products [8] Group 3: Tianli International Holdings (01773.HK) - Tianli International achieved a 56% increase in adjusted net profit for the fiscal year 2024, with total revenue reaching HKD 3.321 billion, a growth of 44.2% [9] - The company’s comprehensive education business saw a revenue increase of 43%, driven by a rise in student enrollment and the rapid growth of study abroad programs [9] - The return on equity (ROE) reached a new high of 24.3%, reflecting strong operational capabilities and effective cost management [9] Group 4: Financial Engineering - The report discusses a robust stock selection strategy focusing on low volatility, low valuation, low turnover, and high dividend yield, which has shown strong performance in the A-share market [14] - A stable stock pool constructed from these factors has achieved an annualized return of 13.81%, outperforming the CSI 800 total return index by 7.31% [14] - The report emphasizes the importance of investor experience, highlighting that funds with higher real returns tend to provide better holding experiences for investors [14]