创新器械专题—持续血糖检测CGM 复盘海外龙头发展之路，看CGM全球发展四大趋势 西南证券研究发展中心 2024年11月 首席分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：阮雯 执业证号：S1250522100004 电话：021-68416017 邮箱：rw@swsc.com.cn 核 心 观 点 1 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_IndustryInfo] 2024 年 11 月 24 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（11.18-11.22） 欧盟与中国即将就电动汽车进口关税达成协议 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------- ...

[Table_IndustryInfo] 2024 年 11 月 24 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（1118-1124） 中国工业机器人密度超越德国日本，升至全球第三 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|-------------- ...

[2024 Table_IndustryInfo 年 11 月 23 日 ] 证券研究报告•行业研究•医药生物 医药行业周报（11.18-11.22） 持续聚焦基本面趋势向上个股 [行情回顾： Table_Summary 本周医药生物指数下跌 ] 2.36%，跑赢沪深 300 指数 0.24 个百分 点，行业涨跌幅排名第 22。2024 年初以来至今，医药行业下跌 11.88%，跑 输沪深 300 指数 24.55 个百分点，行业涨跌幅排名第 32。本周医药行业估值 水平(PE-TTM)为 27 倍，相对全部 A 股溢价率为 84%(-0.28pp)，相对剔除银 行后全部 A 股溢价率为 37.03%(+0.14pp)，相 对沪深 300 溢价率为 131.5%(+0.14pp)。本周相对表现最好的子板块是化学制剂，下跌 0.9%，年 初以来表现最好的前三板块分别是医药流通、原料药、化学制剂，涨跌幅分别 为+1.5%、-1.7%、-2%。 优化药品补充申请审评审批程序改革，扩大基层药品储备范围。11 月 22 日， 国家药监局发布批复，同意北京、天津、河北、上海、江苏、浙江、山东、广 东、重庆、四川省（市）药 ...

ooo[Table_ReportInfo] 2024 年 11 月 22 日 证券研究报告•宏观定期报告 宏观周报（11.18-11.22） 推进国资"三个集中"，特朗普提名陆续出炉 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Core Insights - The profitability of Chinese telecom operators is expected to improve, with significant potential in overseas markets. Compared to major overseas operators, China's three major telecom operators have lower gross and net profit margins due to intense domestic competition and high capital expenditures. However, with the advancement of the "Belt and Road" initiative and enhanced capabilities in exporting 5G solutions, there is considerable potential for growth in overseas business, which may further strengthen their international competitiveness and market influence [6][7]. - China's telecom infrastructure development is leading globally. Since 2019, the three major operators have significantly increased the number of 5G base stations, with China Mobile's count rising from 50,000 in 2019 to 1.94 million in 2023. Overall, China accounted for 65.3% of the global 5G base stations deployed in 2023, demonstrating superior construction speed and quality, which supports the extensive coverage and technological upgrade of domestic 5G networks [6][56]. Global Operator Financial Comparison - The revenue growth rates of Chinese telecom operators are stable despite macroeconomic fluctuations. In the first half of 2024, China Mobile achieved revenue of 546.74 billion yuan, a year-on-year increase of 3%, while China Telecom and China Unicom reported revenue growths of 2.8% and 2.9%, respectively. In contrast, major US operators like Verizon and AT&T have shown varying performance, with Verizon's revenue declining by 2.1% in 2023 [18][22]. - The gross profit margins of Chinese telecom operators are significantly lower than those of their international counterparts. In 2023, the gross profit margins for China Telecom, China Mobile, and China Unicom were 31.3%, 28.2%, and 24.2%, respectively, compared to 85.2% for AT&T and 59.1% for Verizon [30][31]. Service Capability Comparison - Chinese telecom operators lead in user numbers, with China Mobile having 991 million mobile users, significantly higher than its domestic competitors. The 5G package users also reflect this dominance, with China Mobile having 795 million 5G package users [47][48]. - The average revenue per user (ARPU) for Chinese operators is relatively low compared to global peers, indicating strong growth potential. In 2023, the ARPU for China Mobile was 49.3 yuan, while Verizon's ARPU was 829.7 yuan. However, the ARPU for Chinese operators has been increasing steadily, reaching 46.2 yuan in 2023 [50][51]. Development Outlook for Chinese Operators - The penetration rate of 5G users among the three major operators has increased significantly, with China Mobile, China Telecom, and China Unicom reaching 80.2%, 78.1%, and 78%, respectively, in 2023. This trend indicates a broader user base for 5G networks [71]. - The revenue from emerging businesses is on the rise, with traditional voice and SMS revenues declining. For instance, China Mobile's revenue from emerging businesses grew from 82.54 billion yuan in 2019 to 221.64 billion yuan in 2023 [72]. International Expansion and Cooperation - The "Belt and Road" initiative has facilitated the international expansion of Chinese telecom operators, with significant investments in digital infrastructure in partner countries. In 2023, China's direct investment in Belt and Road countries reached 40.71 billion USD, a 31.5% increase from the previous year [73][74]. - Strategic partnerships with local companies in various sectors, including energy and technology, are being established to enhance the digital economy and infrastructure in Belt and Road countries [79][81].

[2024 Table_IndustryInfo 年 11 月 16 日 ] 证券研究报告•行业研究•医药生物 医药行业周报（11.11-11.15） 建议聚焦基本面趋势向上个股 [行情回顾： Table_Summary 本周医药生物指数下跌 ] 3.92%，跑输沪深 300 指数 0.63 个百分 点，行业涨跌幅排名第 19。2024 年初以来至今，医药行业下跌 9.76%，跑输 沪深 300 指数 25.43 个百分点，行业涨跌幅排名第 31。本周医药行业估值水 平(PE-TTM)为 28 倍，相对全部 A 股溢价率为 84.28%(-0.78pp)，相对剔除银 行后全部 A 股溢价率为 36.89%(-0.15pp)，相对沪深 300 溢价率为 131.36%(- 2.19pp)。本周相对表现最好的子板块是医药流通，上涨 0.1%，年初以来表现 最好的前三板块分别是医药流通、原料药、化学制剂，涨跌幅分别为+2.6%、 +1%、-1.1%。 建议聚焦基本面趋势向上个股。个股三季报发布以后，在市场情绪转好并且 流动性提升的情况下，建议聚焦基本面趋势向上的个股。此外，近日默沙东宣 布以 5.9 亿美元首付款、 ...

[Table_IndustryInfo] 2024 年 11 月 05 日 强于大市(首次) 证券研究报告•行业研究•交通运输 干散货运行业深度报告 基础数据 [股票家数 Table_BaseData] 124 行业总市值（亿元） 31,998.37 流通市值（亿元） 29,473.15 行业市盈率 TTM 17.0 沪深 300 市盈率 TTM 12.6 [Tale_Finance] 代 码 名 称 当 前 价 格 投 资 评 级 EPS（元） PE 2023A 2024E 2025E 2023A 2024E 2025E 601872.SH 招商轮船 6.75 买入 0.59 0.85 0.93 11 8 7 603162.SH 海通发展 9.97 - 0.2 0.55 0.82 50 18 12 833171.BJ 国航远洋 6.80 - 0 0.2 0.32 1675 34 21 600751.SH 海航科技 2.89 持有 0.08 0.04 0.07 36 72 41 600710.SH 苏美达 9.23 买入 0.79 0.93 1.07 12 10 9 数据来源：Wind，西南证券 远距离矿石运 ...

[Table_IndustryInfo] 2024 年 11 月 15 日 证券研究报告•行业研究•家用电器 家用电器行业 2024 年三季报总结 政策刺激效果明显，拐点已现 [Table_Summary 行业整体回顾：] 家电板块上市公司（家电板块主要标的，见附录）2024Q1-Q3 实现营收 10883.4亿元（+4.6%），实现归母净利润 877.7亿元（+7.0%）；其 中单三季度实现营收 3580.7 亿元（+1.5%），实现归母净利润 288.4 亿元 （+2%）。 内销景气度提升，外销延续增长。内销来看：根据国家统计局数据，中国限额 以上家电零售额呈现增长态势，2024年前三季度零售额为 6839.4亿元，同比 增长 4.4%。单三季度来看，中国限额以上家电零售额为 2289.1亿元，同比增 长 10.5%，Q3 较 Q2 的同比增速提高 8pp。外销来看：根据海关总署数据， 2024 年前三季度我国家电出口 752.7 亿美元，同比增长 11.8%，单三季度我 国家电出口 262.2 亿美元，同比增长 11%。 子板块表现：分板块来看，2024年 Q3白电板块实现营收2545.6亿元（+0.8 ...

[Table_IndustryInfo] 2024 年 11 月 17 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（11.11-11.15） 广州车展开幕，华为智驾赋能加速 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...