Group 1 - The report highlights that the accelerated implementation of policies is expected to form a mid-term bottom in the A-share market, with a combination of measures from the central bank, the China Securities Regulatory Commission, and the Financial Regulatory Bureau [2][3] - New monetary policy tools have been introduced to support market stability, providing liquidity channels for financial institutions and listed companies, which is anticipated to enhance the long-term funding sources for the capital market [2][3] - The report indicates that the overall valuation of the A-share market is at historically low levels, and the improvement in liquidity is crucial for the market's value recovery [2][3] Group 2 - The report suggests prioritizing investments in non-bank financial sectors, particularly brokerage and insurance companies, as they are expected to benefit directly from the liquidity improvement policies [3] - Consumer sectors, especially those in alcohol, beauty, and daily consumer goods, are also highlighted as having high potential due to their low valuations and strong cash flows, which could recover as liquidity and fundamentals improve [3] - The report identifies sectors such as automotive, home appliances, and information technology as having good investment value due to fiscal policy support and market recovery [3]

Investment Rating - The industry investment rating is "Positive" [14] Core Viewpoints - The report highlights that multiple regulatory measures have been introduced to support the capital market and boost investor confidence, which is crucial for the economic recovery [1][6] - The report outlines eight key policy measures aimed at enhancing market liquidity and stabilizing the capital market, including lowering reserve requirements and interest rates [1][2] - The introduction of new monetary policy tools is expected to support the stability and development of the stock market, addressing funding challenges faced by financial institutions [2][6] - The report emphasizes the importance of developing equity public funds and optimizing the investment environment to encourage long-term investments [6][7] Summary by Sections Policy Measures - The central bank plans to lower the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the financial market [1] - A reduction in existing mortgage rates is expected, with an average decrease of about 0.5 percentage points, and the minimum down payment for second homes will be lowered from 25% to 15% [1][2] - New monetary policy tools will facilitate liquidity access for securities, fund, and insurance companies, enhancing their capacity to buy back stocks [2][6] Market Environment - The report notes that the capital market has faced significant pressure since the pandemic, with insufficient recovery momentum in consumption and investment [1] - Regulatory bodies are expected to accelerate reforms in the capital market, focusing on listing, dividends, and trading regulations [2][6] - The report anticipates that the development of new industries will be supported through mergers and acquisitions, enhancing the vitality of the capital market [6][7] Investment Recommendations - The report suggests that the combined efforts of regulatory agencies will stabilize market expectations and improve the operating environment for the securities industry [6][7] - It highlights the potential for increased investment value in leading institutions within the securities and insurance sectors due to the expected acceleration of mergers and acquisitions [7]

Group 1: Core Views - Zhenyou Technology (688418.SH) has autonomous and controllable R&D capabilities in core network technology, continuously investing in 5G communication network system development [1] - The company is actively participating in the China Star Network low-orbit satellite project, which is a significant trend in the industry [1] - The domestic satellite internet project requires technology to be autonomous and controllable, providing Zhenyou Technology with opportunities for growth as competitors face restrictions [1] Group 2: Financial Projections - Revenue forecasts for Zhenyou Technology are projected to be 1.016 billion, 1.286 billion, and 1.562 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 9 million, 48 million, and 83 million yuan [1] - The corresponding price-to-earnings ratios (PE) are expected to be 303X, 58X, and 33X for the same years [1] Group 3: Industry Insights - The express delivery industry saw a business completion volume of 14.383 billion items in August, a year-on-year increase of 19.4%, although the growth rate decreased from 22.2% in July [2][5] - The price competition in the express delivery sector has eased, with the average single ticket price rising to 7.93 yuan, a decrease of 10.8% year-on-year [5] - YTO Express has increased its market share significantly, indicating a strong demand for market share despite a general decline in growth rates among competitors [5] Group 4: Important Company News - Miniso announced a 6.3 billion yuan acquisition of a 29.4% stake in Yonghui Supermarket, which will make it the largest shareholder [6] - Nantian Information is planning to issue A-shares to raise up to 650 million yuan, with a significant portion expected to be subscribed by Yunnan Industrial Investment Holding Group [6] - Enjie Co. plans to invest approximately 2 billion yuan in a lithium battery separator project in Malaysia, with an expected capacity of about 1 billion square meters per year [7]

宏 观 研 究 2024 年 9 月 24 日 宏观经济 事件点评 分析师 康明怡 电话：021-25102911 邮箱：kangmy@dxzq.net.cn 执业证书编号：S1480519090001 人民银行降准降息，创设两大工具为股市 提供增量资金，市场反应积极 ——9 月 24 日人民银行、金融监管总局、证监会发布会点 评 事件： 人民银行降准 0.5%；降低 7 天逆回购利率 0.2%，从 1.7%降至 1.5%。 主要观点： 1、 9 月 24 日，人民银行、金融监管总局和证监会发布的组合拳，回应了市场关切的问题，有助于金融体系的稳定。 2、 降准降息：下调存款准备金率50bp，向金融市场提供长期流动性约1万亿元；年内还将视情况择机进一步下调25或50bp。 降低政策利率（7 天逆回购）20bp，从 1.7%降至 1.5%。同时引导存贷款利率同步下行，保持商业银行净息差的稳定。 3、 房贷：降低存量房贷利率约 50bp；二手房最低首付与首套房一致，为 15%。 4、 房地产：提高中央银行支持比例。将 5 月份人民银行创设的 3000 亿元保证性住房再贷款，人民银行资金支持由 60%升 至 100% ...

行 业 研 究 2024 年 9 月 24 日 看好/维持 农林牧渔 行业报告 资料来源：同花顺、东兴证券研究所 行业基本资料 占比% 股票家数 100 2.2% 行业市值(亿元) 10388.22 1.37% 流通市值(亿元) 7791.18 1.28% 行业平均市盈率 46.82 / 分析师：程诗月 010-66555458 chengsy_yjs@dxzq.net.cn 执业证书编号： S1480519050006 农林牧渔行业：8 月均价冲高回落， 能繁存栏小幅下行 ——生猪养殖行业月度跟踪 行业供需表现：8 月猪价先涨后跌，均价继续抬升。农业农村部监测数据显示， 2024年8月仔猪、活猪和猪肉均价分别为44.27元/公斤、20.35元/公斤和31.21 元/公斤，同比变化分别为 34.75%、19.57%和 17.07%，环比变化分别为 0.79%、 9.10%和 7.27%。供应端：8 月上旬生猪价格表现强势，存栏生猪体重不大， 养殖端压栏挺价情绪较重，市场猪源供应有限。下旬猪价回调，养殖端被迫降 价出栏，猪源供应有所增多。消费端：淡季需求难以支撑猪价持续上涨，高价 猪走货不畅，随猪价回调和天气转 ...

行 业 研 究 执业证书编号： S1480521080001 房地产行业政策点评：央行宣布降 低存量房贷利率和二套房首付比， 金融政策支持力度大幅加强 2024 年 9 月 24 日 看好/维持 房地产 行业报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：国务院新闻办公室 9 月 24 日上午 9 时举行新闻发布会，发布会上，中 国人民银行行长潘功胜宣布，1）引导商业银行将存量房贷利率降至新发放贷 款利率的附近，预计平均降幅大约在 0.5 个百分点左右。2）将全国层面的二 套房贷款最低首付比例由当前的 25%下调到 15%。3）3000 亿元保障性住房 再贷款，中央银行资金的支持比例由原来的 60%提高到 100%，增强对银行和 收购主体的市场化激励。4）将年底前到期的经营性物业贷款和"金融 16 条" 这两项政策文件延期到 2026 年底。 点评： 1） 降低存量房贷利率有助于降低居民利息负担，一方面有助于减少提前还贷 现象和违规置换房贷的空间，提升居民消费信心；另一方面，也有望减少 二手房抛压，稳定楼市预期。 2） 统一首套房和二套房的房贷最低首付比例，二套房购房门槛得到大幅降 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes that the recent monetary policy adjustments, including reserve requirement ratio (RRR) cuts and interest rate reductions, have met market expectations for easing, which is expected to support the banking sector [1][5] - The adjustment of existing mortgage rates is anticipated to have a neutral impact on banks, as it will alleviate early repayment pressures and stabilize the quality of loans [2][5] Summary by Sections Industry Overview - The banking sector comprises 48 listed companies, with a total market capitalization of 113,618.8 billion yuan, representing 14.95% of the market [1] - The average price-to-earnings (P/E) ratio for the industry is 5.47 [1] Recent Developments - The People's Bank of China (PBOC) announced a 0.5 percentage point RRR cut, releasing approximately 1 trillion yuan in long-term liquidity, which is expected to ease funding pressures [1] - The main policy interest rate was reduced by 20 basis points to 1.5%, which is expected to lower the cost of financing for the real economy [1][2] Mortgage Rate Adjustments - The PBOC will guide banks to adjust existing mortgage rates down to levels close to new loan rates, with an expected average reduction of around 50 basis points [2] - This adjustment is projected to reduce annual interest expenses for households by approximately 150 billion yuan, promoting consumption and investment [2] Financial Policies - The extension of financial support policies for real estate companies is expected to alleviate cash flow pressures and stabilize the quality of real estate loans [5] - The report suggests that the banking sector should focus on high-dividend assets and banks with stable performance for investment opportunities [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][25]. Core Views - The company possesses autonomous and controllable R&D capabilities in core network technology, continuously investing in 5G communication network systems and satellite internet development, making it one of the few domestic companies with core network technology capabilities in satellite internet [2][11]. - The company is actively participating in the China Star Network low-orbit satellite core network project, which is crucial for the integration of satellite and terrestrial communication networks, positioning the company favorably in a rapidly growing market [2][14]. - The domestic satellite internet market requires technology to be autonomous and controllable, providing opportunities for the company as competitors like Ericsson and Nokia face restrictions [2][18]. Summary by Sections Core Network as an Important Component of Satellite Internet - The core network is a vital part of the satellite-ground integrated communication architecture, which includes terminal, wireless access network, bearer network, and core network [9]. - The satellite internet core network consists of both ground and satellite core networks, with the current focus on reducing latency and improving service efficiency through satellite-based data forwarding [9][18]. Participation in China Star Network Low-Orbit Satellite Project - The China Star Network, established with state-owned enterprises, is set to receive significant support for its development, enhancing the company's involvement in the project [14]. - The company won the bid for the prototype system project of the low-orbit satellite core network in 2022 and is involved in setting technical standards and system construction [2][17]. Growth Prospects for Core Network Business - The company is expected to benefit from the rapid growth of the domestic satellite internet market, with projected revenues of 1.02 billion, 1.29 billion, and 1.56 billion yuan for 2024, 2025, and 2026 respectively [2][25]. - The core network business is anticipated to see significant growth as the China Star Network progresses into regular launch phases, with a high gross margin expected due to the nature of software and R&D costs [18][19]. Financial Forecasts - The company is projected to achieve revenues of 1.02 billion yuan in 2024, with net profits of 9.21 million yuan, and a PE ratio of 303x [2][25]. - The financial outlook indicates a recovery from previous losses, with expectations of profitability starting in 2024 as operational efficiencies improve [21][25].

宏 观 研 究 2024 年 9 月 23 日 宏观经济 事件点评 美联储首次降息幅度略超预期 ——货币流动性跟踪 9.16-9.20 分析师 康明怡 电话：021-25102911 邮箱：kangmy@dxzq.net.cn 执业证书编号：S1480519090001 金融统计数据： 2024 年二季度末，我国金融业机构总资产为 480.64 万亿元，同比增长 7.0%，其中，银行业机构总资产为 433.10 万亿元， 同比增长 6.6%；证券业机构总资产为 13.75 万亿元，同比下降 0.1%；保险业机构总资产为 33.80 万亿元，同比增长 15.7%。 主要观点： 1、 美联储宣布降息 50bp，为 4 年来首次降息。 2、 美联储降息开启"全球央行周"，紧随其后，科威特，巴林，阿联酋，卡塔尔，南非等多个多家以及中国香港地区跟随降 息。 3、 本周全球股市回暖。 货币流动性复盘： 货币市场： 9 月 16-20 日，央行逆回购（7D）18024 亿，到期回笼 8845 亿，上周净投放为 9179 亿。（图 2） 资金价格上，DR001、DR007 均值分别为 1.87%、1.94%，较前一周（9 月 ...

行 业 研 究 2024 年 9 月 23 日 看好/维持 交通运输 行业报告 行业基本资料 占比% 股票家数 128 2.82% 行业市值(亿元) 28157.51 3.72% 流通市值(亿元) 24798.53 4.08% 行业平均市盈率 15.33 / 快递 8 月数据点评：单票收入降幅收窄， 圆通增速领跑 事件：8 月全国快递服务企业业务完成量 143.83 亿件，同比增长 19.4%，增速较 8 月的 22.2%环比下降。分类型看，8 月同城件业务量 增长 13.9%，异地件业务量增长 19.7%。 点评： 业务量增速略降，圆通增速领跑：8 月行业依旧处于淡季，快递业务量 较 7 月微增，但业务量同比增速回落至 20%以下。通达系三家上市公 司增速较上月有一定变化，此前增速一直处于行业均值附近的圆通，8 月业务量增速有明显提升，超过了申通与韵达。市场份额较去年同期 提升 1.2pct；申通和韵达份额分别提升 0.9pct 和 0.2pct。 价格竞争有所缓和，邮政局明确反内卷：价格方面，8 月行业价格竞争 有所缓和。单票价格环比提升 0.16 元至 7.93 元/票，同比降幅收窄至 10.8%。8 ...