山西证券：研究早观点-20241203

Market Trends - The overall market showed positive performance with the Shanghai Composite Index closing at 3,363.98, up 1.13% [1] - The agricultural sector, particularly the pig farming segment, is expected to maintain good profitability in Q4 2024 [19][20] New Stock Market Insights - New stock market activity increased in November, with the first-day gains of new stocks across three major boards declining compared to October [4] - The STAR Market saw significant performance with Lianyun Technology's first-day gain of 492.53% and a valuation of 242.62 times [4][5] - The main board also had notable performances, with Hong Sifang's first-day gain of 714.54% [4] Electronic Industry Insights - The global wafer foundry industry revenue grew by 27% year-on-year in Q3 2024, driven by strong AI demand and a rapid recovery in the Chinese market [10][13] - Huawei's Mate 70 series was launched, showcasing a 40% performance improvement over its predecessor, indicating innovation in the consumer electronics sector [12][13] Agricultural Sector Analysis - Pig prices increased week-on-week, with average prices in key provinces showing a rise of 3.02% in Sichuan [20] - The profitability of self-breeding pigs is at 195.78 CNY per head, while purchasing piglets results in a loss of 9.98 CNY per head [20] - The overall financial condition of the pig farming industry is under pressure, necessitating a recovery cycle to improve balance sheets [21] Solar Energy Industry Developments - The U.S. Department of Commerce announced preliminary anti-dumping duties on solar cells from Southeast Asia, ranging from 0% to 271.28% [25][58] - The Chinese government is focusing on improving logistics for renewable energy products, which may enhance the solar energy supply chain [26] Coal Industry Insights - Coal prices remain supported, with the current price of thermal coal at 827 CNY per ton, showing a slight decrease of 0.72% [34] - The metallurgical coal market is experiencing weak demand due to seasonal factors, but prices are supported by rising iron ore prices [35] - The coal transportation sector is seeing increased demand due to colder temperatures, leading to a slight rise in coastal coal transportation prices [39] Fixed Income Market Overview - The official manufacturing PMI for November 2024 is at 50.3, indicating a stable economic expansion [45] - The production index reached 52.4, reflecting an increase in manufacturing activity and a positive outlook for future production [46] Investment Recommendations - In the agricultural sector, companies like Wens Foodstuffs, Shennong Group, and New Hope are recommended for investment due to expected profitability in pig farming [21] - In the solar energy sector, companies such as LONGi Green Energy and Aiko Solar are highlighted for their potential in the face of new market dynamics [32] - For the coal sector, companies like China Shenhua and Shaanxi Coal and Chemical Industry are suggested for their stable dividend yields and growth potential [41]