"细"节定成败 ——美国大选辩论及 8 月通胀数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 联系人 马乐怡 maly@ctsec.com 相关报告 1. 《低通胀稳固降息预期——7 月美国 通胀数据解读》 2024-08-15 2. 《降息条件达成——6 月美国通胀数 据解读》 2024-07-12 3. 《通胀有所降温——5 月美国通胀数 据解读》 2024-06-13 宏观月报 / 2024.09.12 核心观点 ❖ 哈里斯首次辩论占优。哈里斯和特朗普进行首次总统竞选辩论，辩论结束 后，PredictIt 数据显示哈里斯的胜算从 53%上升至 57%。不过，从摇摆州形势 来看，特朗普或仍有余地，目前哈里斯仅在三个摇摆州领先，此外在票数最多 的宾夕法尼亚州，两人支持率持平。本次辩论中，两人均基本延续了此前竞选 活动中的主要政治主张，政见增量较少，但哈里斯宣传更细。对外关系方面， 哈里斯强调加强与盟友关系，并明确认为和中国是竞争关系，通过投资保证美 国在科技领域获胜；而特朗普仍然注重于贸易关税手段。 ❖ 能源项带动 CPI 大幅降温 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Insights - The company is a leading player in high-precision positioning, focusing on satellite navigation and related solutions since its establishment in 2003. Its main products include high-precision GNSS receivers, measurement systems, GIS, drone navigation, and autonomous driving applications, serving industries such as surveying, agriculture, construction, transportation, and defense [2][19]. - In 2023, the company reported revenues and net profits of 2.678 billion yuan and 449 million yuan, respectively, representing year-on-year growth of 19.77% and 24.32%. For the first half of 2024, revenues and net profits reached 1.484 billion yuan and 251 million yuan, with year-on-year growth of 22.86% and 42.96% [2][20]. - The global GNSS market is projected to grow from 260 billion euros in 2023 to approximately 580 billion euros by 2033, with a CAGR of 8.35%. The company is well-positioned in the Beidou industry chain, providing comprehensive smart solutions and equipment to downstream customers [2][29]. Summary by Sections High-Precision Positioning Equipment and Solutions - The company has been deeply engaged in satellite positioning for 20 years, providing GNSS technology and related application solutions. Its products are widely used across various sectors [19][20]. "Beidou+" Steady Growth and Exploration of New Businesses - The "Beidou+" initiative is driving steady growth in the company's business, with significant contributions from agricultural and infrastructure sectors. The company is also actively exploring autonomous driving, achieving a 61% year-on-year growth in this segment in 2023 [2][3][29]. Low Altitude Economy Opens Second Growth Curve - The low-altitude economy in China is expected to grow significantly, with a projected scale of over 1 trillion yuan by 2026. The company’s expertise in high-precision positioning and spatial information collection positions it well to capitalize on this emerging market [2][3][29]. Financial Projections - The company is expected to achieve revenues of 3.316 billion yuan, 4.211 billion yuan, and 5.344 billion yuan from 2024 to 2026, with corresponding net profits of 574 million yuan, 739 million yuan, and 958 million yuan. The projected PE ratios are 28x, 21x, and 17x for the same period [3][4]. Competitive Advantages - The company maintains a competitive edge in the industry, with strong performance in gross and net profit margins compared to peers. Its continuous investment in R&D supports its technological advantages and product leadership [2][31][32].

建筑材料 / 行业专题报告 / 2024.09.11 投资评级:看好(维持) | --- | --- | |--------|----------------------------------| | | 月市场表现 \n建筑材料 沪深 300 | | -8% 0% | | | -15% | | | -23% | | | -31% | | | -38% | | 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com | --- | --- | |--------------------------|------------| | | | | | | | | | | | | | 相关报告 | | | 1. 《建材行业策略周报》 | 2024-09-02 | | 2. 《建材行业策略周报》 | 2024-08-26 | | 3. 《建材行业策略周报》 | 2024-08-20 | B 端消费建材减值计提专题研究——涂料篇 证券研究报告 地产仍处调整期，计提减值压力依存 核心观点 ❖ 背景：地产开启下行周期，涂料企业情况各异，整体计提压力依存。 2020 年 7 月开始，为了调 ...

汽车行业周报 单击或点击此处输入文字。 汽车 / 行业投资策略周报 / 2024.09.11 投资评级:看好(维持) 最近 12 月市场表现 | --- | --- | |-------|----------| | | | | | 上证指数 | | 1% 7% | | | -5% | | | -11% | | | -17% | | | -23% | | 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《上海市电动自行车以旧换新补贴政 策点评》 2024-09-05 2. 《8 月重卡行业洞察》 2024-09-05 3. 《8 月新能源汽车行业洞察》 2024- 09-05 新能源车及汽车出口带来市场增量 证券研究报告 核心观点 ❖ 板块表现： 9 月 2 日-9 月 6 日沪深 300 指数涨幅-1.03%，申万行业指数中，一级行业汽车 相对收益为 3.70%，二级行业中，汽车零部件相对收益为 2.94%，汽车服务相 对收益为 2.68%，摩托车及 ...

食品饮料 / 行业投资策略报告 / 2024.09.11 投资评级:看好(维持) | --- | --- | --- | |------------------------|-------|-----------------------| | 最近 12 \n食品饮料 | | 月市场表现 \n沪深 300 | | -6% 0% | | | | -12% | | | | -19% | | | | -25% | | | | -31% | | | 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 李茵琦 SAC 证书编号：S0160523020001 liyq03@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 分析师 任金星 SAC 证书编号：S0160524010001 renjx@ctsec.com 相关报告 1. 《24Q2 食品饮料基金持仓分析》 2024-07-23 2. 《食品饮料 2024 年半年报前瞻》 2024-07-03 3. 《啤酒行业研究专题报告》 2024- 06 ...

Industry Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Views - Low-altitude economy is experiencing rapid development under policy support, with continuous improvements in regulatory frameworks [4] - Local governments are actively responding by formulating development strategies tailored to regional characteristics [4] - Regional industrial clusters are being leveraged to build low-altitude economy hubs, with notable progress in provinces like Jiangxi and Guangdong [4] - Investment recommendations focus on key areas such as airspace planning, air traffic control informatization, 5G infrastructure, eVTOL aircraft, and drone systems [4] Regional Summaries Central China - **Hunan Province**: Aims to become a national low-altitude economy demonstration province, targeting over 20 large-scale enterprises and a total output value of 160 billion yuan by 2025 [10] - **Sunward Intelligent (002097.SZ)**: A leader in underground engineering equipment, with a growing aviation business segment and a strategic partnership with Volkswagen for flying car development [11][12][13] - **Hubei Province**: Wuhan and Shiyan are actively promoting low-altitude economy development through policy incentives and infrastructure investments [15][16][17] - **Aerospace Nanhu (688552.SH)**: A major supplier of air defense early warning radar systems, though facing short-term performance pressure due to delivery delays [18][19][20] Southwest China - **Sichuan Province**: Plans to build 20 general airports and over 100 vertical take-off and landing points by 2027, aiming for comprehensive coverage of regional airports [22] - **AVIC UAV (688297.SH)**: A specialized company in high-end UAV systems, with significant revenue growth from 2018 to 2022, though facing a slight decline in 2023 [24][25][26] - **Zongheng UAV (688070.SH)**: A market leader in industrial UAVs, focusing on low-altitude digital economy applications, though profitability remains under pressure [27][28][29][30] - **Sichuan Jiuzhou (000801.SZ)**: A traditional air traffic control and military enterprise, with stable revenue but declining profitability [32][33][34] Northwest China - **Shaanxi Province**: Released a development plan for the low-altitude manufacturing industry, aiming for comprehensive industrial upgrading by 2027 [46] - **AECC Aviation Power (600893.SH)**: China's leading aero-engine manufacturer, with steady revenue growth and a focus on military and civilian applications [46][47] - **Tianhe Defense (300397.SZ)**: A high-tech enterprise specializing in military-civilian dual-use technologies, with a focus on low-altitude airspace management [48][49][50] Northeast China - **Liaoning Province**: Shenyang aims to establish a low-altitude economy ecosystem by 2026, with over 100 related enterprises and an industry scale of 3 billion yuan [51] - **Heilongjiang Province**: Plans to build 46 A2-level general airports by 2025, with a focus on general aviation industry development [51][52] - **AVIC Helicopter (600038.SH)**: A leading helicopter manufacturer in China, with a diverse product portfolio and ongoing development of eVTOL aircraft [52][53] - **Guanglian Aviation (300900.SZ)**: An aerospace manufacturing company expanding into the UAV market, with steady revenue growth but declining profitability due to increased R&D investment [53][54]

公用事业 / 行业投资策略周报 / 2024.09.10 绿电环境溢价增值，绿证市场建设提速 投资评级:看好(维持) 最近 12 月市场表现 -16% -10% -4% 2% 8% 13% 公用事业 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《中电联发布 2024 年 1-7 月份全国 电力市场交易简况》 2024-09-02 2. 《关于推动新型信息基础设施协调 发展有关事项的通知》 2024-09-04 3. 《可再生能源绿色电力证书核发和 交易规则》 2024-09-05 证券研究报告 公用事业周报(2024.09.02-2024.09.07） 核心观点 ❖ 7 月全国电力市场交易数据：2024 年 7 月，完成市场交易电量 6035 亿千瓦 时，同比增长 13.6%。其中，中长期电力直接交易电量合计为 4205 亿千瓦时， 同比增长 1.1%。1-7 月，完成市场交易电量 34950.9 亿千瓦时，同比增长 9.5%， 占全社会用电量比重为 62.4%，同比增长 1pct；占电网售电量比重为 76.2%， 同比增 ...

公用事业 / 行业点评报告 / 2024.09.10 三行业碳市场工作方案征求意见稿发布 投资评级:看好(维持) | --- | --- | |-----------|------------| | | | | | 月市场表现 | | | 沪深 300 | | 13% | | | 2% 8% | | | -4% | | | -16% -10% | | 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《能源转型白皮书出台，绿证交易数 据公布》 2024-09-06 2. 《核电核准创新高 绿电交易新规落 地》 2024-08-30 3. 《国家能源局发布 7 月绿证核发与交 易数据》 2024-08-30 核心观点 碳市场跟踪 证券研究报告 ❖ 生态环境局发布水泥、钢铁、电解铝碳市场工作方案：近日，生态环境 局办公厅发布《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案 （征求意见稿）》（后文简称"《方案》"），提出积极稳妥有序将水泥、钢铁、电 解铝行业纳入全国碳排放权交易市场覆盖范围。《方案》包括总体要求、工作 目标、实施重点排放单 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides investment suggestions focusing on specific sectors and companies within the industry [4]. Core Insights - The overall market indices have declined, with the Shanghai Composite Index closing at 2765.81, down 2.69% for the week, and the chemical sector also saw a decrease of 2.42% [4][8]. - The top five gaining stocks in the chemical sector this week were: Baolidi (+24.17%), Huhua Co. (+10.35%), Qicai Chemical (+9.82%), Lekai Film (+8.96%), and Baihehua (+8.34%). Conversely, the top five losing stocks were: Ningxin New Materials (-15.45%), Zhongxin Fluorine Materials (-15.06%), Juhua Co. (-12.18%), Yingtai Biological (-11.72%), and Xiangyuan New Materials (-11.47%) [4][13][15]. - The report highlights significant price movements in chemical products, with formic acid, dichloropropane, and other products experiencing notable price increases, while trichloroethylene and ethylene glycol butyl ether saw significant declines [4][18][19]. Summary by Sections Weekly Chemical Market Review - The overall market indices have shown a downward trend, with the chemical sector specifically declining by 2.42% [4][8]. - The report details the performance of various sub-sectors within the chemical industry, noting that compound fertilizers saw a slight increase, while viscose and fluorine chemicals experienced significant declines [10]. Chemical Product Price Changes - The report indicates that crude oil prices fell by 5.66% during the week, influenced by decreased demand and increased supply concerns [16]. - The top five chemical products with price increases included formic acid (+16.67%), dichloropropane (+10.23%), and others, while trichloroethylene (-7.70%) and ethylene glycol butyl ether (-7.62%) were among the largest decliners [18][19]. Investment Recommendations - The report suggests focusing on high-end optical materials for domestic substitution, particularly in products like OCA optical adhesive and high-end resins, recommending companies such as Stik and Dongcai Technology [4]. - It also highlights the animal nutrition sector, suggesting that amino acids may replace some soybean meal demand due to ongoing reduction actions [4]. - The report emphasizes the importance of leading companies in the chemical industry, particularly those integrated with upstream and downstream operations, such as Satellite Chemical and Wanhua Chemical [4].

江淮汽车(600418) / 商用车 / 公司点评 / 2024.09.10 24Q2 业绩同比高增长，智能网联进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-09 | | 收盘价 ( 元 ) | 22.63 | | 流通股本 ( 亿股 ) | 21.84 | | 每股净资产 ( 元 ) | 6.17 | | 总股本 ( 亿股 ) | 21.84 | | 最近 12 月市场表现 | | -21% -4% 14% 32% 50% 68% 江淮汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：2024H1 实现营业收入 213.40 亿元，同比-4.77%；实现归母净利润 3.01 亿元，同比+93.01%；实现扣非归母净利润 0.92 亿元，同比+137.77%。其中， 2024Q2 ...