农林牧渔 / 行业投资策略周报 / 2024.08.11 供应偏紧猪价升破 20 元，持续推荐生猪养殖 投资评级:看好(维持) 最近 12 月市场表现 -20% -16% -12% -8% -4% 0% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 2. 《供应持续偏紧，看好猪价上行趋势》 2024-07-28 3. 《7 月 USDA 上调全球小麦、玉米产 量预测》 2024-07-22 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价偏强上涨，价格周期反转。市场挺价情绪较强，供应持续偏紧 张，猪价向上持续创年内新高；补栏积极性一般，压栏和二育进场较为谨慎。中 长期，企业现金流压力明显，价格周期反转，持续推荐配置生猪养殖。1）数量 端：7 月能繁母猪存栏有所增加。根据钢联统计，7 月能繁母猪存栏量较 6 月 环比+1.11%，其中规模场环比+1.14%，中小散环比+0.20%。2）价格端：震 荡向上。根据涌益咨询，8 月 8 日，商品猪 ...

萤石网络(688475) / 计算机设备 / 公司点评 / 2024.08.10 生态升级"2+5+N"，电商渠道出货进一步提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-09 | | 收盘价(元) | 28.88 | | 流通股本(亿股) | 4.05 | | 每股净资产(元) | 6.69 | | 总股本(亿股) | 7.88 | 最近 12 月市场表现 萤石网络 沪深300 计算机设备 -31% -18% -6% 7% 19% 32% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《发展多维感知+AI 交互，品牌出海 带来增量》 2024-04-14 2. 《业绩平稳向上，新品打开商用新篇 章》 2023-10-21 3. 《电商加码、新品放量、供应链优化 三重演绎》 2023-08-06 证券研究报告 ❖ 事件：公司 ...

● 投资评级:培持(维持) | --- | |------------| | 未未教据 | | 收益价(元) | | | 等殷冷資产(无)4.84 总股本(亿股)5.00 衰逝 12 月市场表現 � 张盘敏 分析师 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 未 陈 至 联系人 zhucx@ctsec.com � 相关报告 1. 《IP 业务短期波动，在手订半充尾》 2023-11-03 2. 《盈利能力大幅改善，核心 IP 贡献 字性》 2023-08-05 3. 《订半节奏影响短期，长期发展趋势 明 海 》 2023-04-23 芯原股份(688521) / 半乎体 / 公司点评 / 2024.08.10 业绩琢磨 ■ 证券研究报告 多地域, 总 � 事件：公司发布 2024 年半年度报告，2024 上半年公司实现营业收入 9.32 亿 无，阿比下降 21.27%；利润瑞实现归草净利润-2.85 亿元。辛二季度公司实现 登业收入 6.14 亿元，环比大幅增长 92.96%；实现归母净利润-0.78 亿元，亏损 較第一季度大幅收窄 62.40% 业绩整体环比大幅改 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The marketing strategy focuses on high-end branding, maintaining a high sales expense ratio above 26% to build a foundation for premiumization [2] - The company is increasing its investment in high-end products despite pressure on demand for mid-to-high-end products, with a focus on leveraging high-end offerings to drive growth in lower-tier products [2] - The company is adopting a dual-channel strategy to enhance efficiency and precision in its distribution, utilizing a "mushroom strategy" to target both established and emerging markets [2] Summary by Sections Company Overview - Sichuan Shui Jing Fang Co., Ltd. is a well-known mid-to-high-end liquor company in China, with its origins tracing back to 1951 [26] - The company has undergone several name changes and restructuring, becoming a national player in the mid-to-high-end liquor market [26] Market Analysis - The mid-to-high-end liquor market reached over 100 billion yuan in 2022, with a compound annual growth rate of nearly 20% from 2016 to 2022 [42] - The market is characterized by a fragmented structure, providing opportunities for established brands to gain market share [42] Product Strategy - The company focuses on high-priced products, with a product matrix that emphasizes mid-to-high-end offerings [2] - Key products include "Zhenrong Ba" and "Tianhao Chen," which are positioned to capture both high-end and mass-market segments [2] Financial Projections - The company is expected to achieve net profits of 1.37 billion yuan, 1.52 billion yuan, and 1.71 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.8%, 11.5%, and 12.0% [2]

| --- | --- | |--------------------------------------|--------------| | | | | | 证券研究报告 | | 工价初现回落 | | | 实体经济图谱 2024 年 第 3 0 期 | | | | | | 分析师：陈兴 博士 | | | 财通宏观首席分析师 S0160523030002 | | | 分析师：马骏 博士 S0160523080004 | | | 联系人：陈莹 | | 1 2024年8月10日 各行业量价速览 • 进入8月，高频数据显示经济仍暂偏弱。消费端，房地产销售增速回落，二手房价环比降幅走扩，乘用车零售销量 增速降幅收窄，厂商降价力度放缓导致市场价出现拐点，本月国内新能源车渗透率首次超越燃油车，而服务消费仍 弱于往年。受极端天气及资金到位等因素影响，生产继续放缓，本周钢材产量大幅回落，主因多家钢厂因亏损停产， 叠加新旧国标转换影响。近来政策重点关注消费领域，一方面，继续支持收购存量商品房作为保障性住房；另一方 面，促进服务消费的政策也已出台，后续消费，特别是服务消费，或是稳增长的重要突破口。 | --- | --- | - ...

Group 1: Monetary Policy Insights - The loan interest rate has dropped to a record low of 3.68%, down 31 basis points (bp) from Q1 2024[5] - The general loan rate decreased by 14 bp to 4.13%, while mortgage rates fell by 24 bp to 3.45%[5] - The central bank's excess reserve ratio remained at 1.5%, unchanged from Q1 but down 0.1 percentage points year-on-year[5] Group 2: Economic Outlook - The second quarter GDP growth rate has shown signs of slowing compared to the second half of 2023, with retail and new housing starts also declining[7] - Inflation has decreased in June, and the labor market is cooling, indicating that conditions for a potential Federal Reserve rate cut are nearing[7] - The central bank emphasizes the need to balance short-term and long-term economic goals, focusing on stabilizing growth while managing risks[12] Group 3: Market Risks - The central bank warns of potential volatility in asset management product values, particularly in the context of long-term bond yields declining[9] - There is an increased focus on financial risks in the bond market, with stress tests for financial institutions holding bond assets being highlighted[12] - The report indicates a need for caution regarding the real estate market, particularly in the context of rental housing support and the evolving demand for quality housing[10]

南芯科技(688484) / 半导体 / 公司点评 / 2024.08.09 数据来源：wind 数据,财通证券研究所（以 2024年08月 08 日收盘价计算) 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-08-08 | | 收盘价(元) | 30.60 | | 流通股本(亿股) | 2.54 | | 每股净资产(元) | 9.07 | | 总股本(亿股) | 4.24 | | 最近 12月市场表现 | | 张益敏 分析师 SAC 证书编号： S0160522070002 zhangym02@ctsec.com 联系人 王 盛 wangchu()1@ctsec.com 1. 《收入茨季不淡,研发授入同比高增》 2024-04-30 2. 《环比高增, 订单饱满》 2023-09- 28 相关报告 � � 产品矩阵 收入利润维持较快增速。 ■ 证券研究报告 核心观点 � 事件:公司发布 2024HI 业绩报告,2024HI,公司实现收入 12.50 亿元,同比 +89.28%;归母净利润 2.05 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of $7.31 billion for H1 2024, representing a year-on-year growth of 6.3%, and a net profit of $550 million, which is a 15.7% increase year-on-year [3] - The professional-grade brand Milwaukee achieved a year-on-year growth of 11.2% in H1 2024, aligning with the company's expectations for double-digit growth [3] - The company is expanding its product categories and regions, particularly in the EMEA region, where it aims to grow from a $10 billion traditional power tools market to over $50 billion [3] - The company expects to achieve revenues of $14.91 billion, $16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of $1.16 billion, $1.32 billion, and $1.49 billion [3] Financial Performance - The company's net profit margin for H1 2024 was 7.5%, an increase of 0.6 percentage points year-on-year, with a gross margin of 39.9% [3] - The company’s inventory turnover days decreased by 24 days to 104 days, with finished goods inventory down by 20 days to 81 days [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are $0.63, $0.72, and $0.81 respectively [5] Market Performance - The company's North American revenue grew by 5.6% year-on-year, while European revenue increased by 7.9%, and revenue from Australia and Asia saw a growth of 13% [3] - The company is focusing on enhancing its sales team to drive regional expansion [3]

汽车 / 行业点评报告 / 2024.08.08 7 月新能源汽车行业洞 ● 我们平级:未好(维持) 衰逝 12 月市场表现 所 分析师 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 手 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 头部新努力领主同比持续增长，新努力力快出海步伐 ■ 证券研究报告 学校网, 教 自主品牌销量：摇冬公司发布的７月销量数据，总体未希主委结论有如下几 点：1）头爷新势力丰企销查问比持续增长，理想和李跑汽车的销查问比增速 較高。2）新芬力か快出海进程。 � 蔚未：7 月交付重同比+0.2%，环比-3.4%。据公司官方微信公众号， 2024 年 7 月，蔚未交付新丰 20498 台，阿比+0.2%，环比-3.4%。今年 1-7 月，蔚未 累计交付新车 107924 台，阿比增长 43.85%。 � 理想： 7 月文付重同比+49.4%，环比+6.8%。 塔公司官方微信公众号， 2024 年 7 月，理想汽车交付新车 51000 辆，阿比+49.4%，环比+6.8%。2024 年 1-7 月，理想汽 ...

长白山(603099) / 旅游及景区 / 公司点评 / 2024.08.08 冰雪游显著带动业绩,沈白高铁持续推进 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-08-07 | | 收盘价(元) | 22.93 | | | | | 流通股本(亿股) | 2.67 | | 每股净资产(元) | 3.90 | | 总股本(亿股) | 2.67 | | 最近 12月市场表现 | | 刘洋 分析师 SAC 证书编号: S0160521120001 liuyang()1@ctsec.com 相关报告 1. 《冰雪游带动业绩高增,关注外部交 通改善》 2024-04-27 2. 《23年各业务高增,关注 24年一季 度冰雪游贡献》 2024-03-22 3.《关注冰雪游高热度有望拉动公司一 季度业绩》 2024-01-22 of 核心观点 ■ 证券研究报告 事件:长白山发布 2024年半年度报告。2024年上半年公司营业收入为 2.54 亿元，同比增长 51.73%；归属于上市公司股东的净利润为 0.21 亿元， ...