The fundamental logic of gold stocks in November:

Household appliances - Edifier (002351. SZ) On September 25, 2024, the company officially announced the new brand spokesperson Wang Yibo of Edifier, and launched a number of co-branded or similar products such as LolliClip, NeoBuds Evo, and M230; The company's new spokesperson played a significant role in attracting traffic and promoting sales, and a number of the same products on the online platform were sold out on the day of the official announcement, and the sales of the live broadcast room of the whole platform of e-commerce were +410.43% month-on-month. We believe that with the joint help of the official announcement of the new spokesperson and the Double 11 promotion, the company's sales performance and revenue performance are expected to achieve sustained and rapid growth in 2024Q4. Combined with the assessment target of the employee stock ownership plan released by the company, it is expected that the net profit growth rate from 2024 to 2026 will reach 10%-15%, 9.09%-11.30% and 8.33%-9.38% year-on-year respectively; Or based on 2023, the total net profit growth rate from 2024 to 2025 will exceed 30%-43% or more, or the total net profit growth rate from 2024 to 2026 will exceed 60%-83% and above (corresponding to the attribution ratio of 80% and 100% respectively) National defense and military industry - Narui Radar (688522. SH) has sufficient orders for phased array radar products, which are not only rapidly scaled up in meteorological detection, water conservancy and flood control, but also accelerated expansion to civil aviation and other application fields.

Power Equipment——Putailai (603659. SH) is the world's leading lithium battery materials platform; The negative electrode and separator business is expected to improve in the medium and long term; New products such as silicon-based anodes and composite current collectors are expected to continue to make breakthroughs.

Power equipment - CATL (300750.HK) As a global leader in lithium batteries, the company's market share and profitability are rising, and new technologies and overseas markets bring flexibility and space.

Food & Drink – Three Squirrels (300783. SZ) invested in mergers and acquisitions of snack wholesalers and protein beverage companies, launched a new chapter in coin-operated mergers and acquisitions, and re-launched Q4 Spring Festival stocking and offline distribution to boost high performance growth, with a three-year revenue growth of more than 20%.

Pharmaceutical Biologics - Baili Tianheng-U(688506.SH) Bispecific Antibody ADC updated PFS data for HR+ breast cancer and triple-negative breast cancer on SABCS, and CD33 ADC published dose escalation data on ASH; BMS has initiated the clinical trial of bispecific antibody ADC combination, and is expected to start phase 3 clinical trial in 25 years; Bispecific antibody ADC will be produced in China next year.

Pharmaceutical Biology - Northgate (301333. SZ) China-US interest rate cut cycle has begun, pharmaceutical investment and financing is expected to continue to pick up, and global biotech financing in 24H1 increased by 63% year-on-year; There is a large space for clinical CRO internationalization, and in the long run, the reform of pricing and payment is expected to enhance international competitiveness. The company's digital system business has accelerated its development, optimized its structure and improved its profitability.

Risk Warning:

1. The launch of new products and new production capacity is less than expected;

2. The industry's prosperity has declined more than expected;

3. Economic growth is less than expected.