Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold (600988.SH) [1][2] Core Views - The company achieved significant improvements in gold mining efficiency and effective cost reduction strategies, leading to a substantial increase in revenue and profit [1][2] - For the first half of 2024, the company reported a revenue of 4.196 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 710 million yuan, a year-on-year increase of 127.75% [1][2] - The report anticipates that the company's gold production will benefit from a trend of rising gold prices, with a projected increase in gold output from 14.35 tons in 2023 to 20.26 tons by 2026 [2] Financial Performance Summary - Revenue projections for 2024-2026 are 9.574 billion yuan, 10.442 billion yuan, and 12.269 billion yuan, respectively, with corresponding net profits of 1.610 billion yuan, 1.888 billion yuan, and 2.184 billion yuan [2][3] - The company's earnings per share (EPS) are expected to be 0.97 yuan, 1.13 yuan, and 1.31 yuan for the years 2024, 2025, and 2026, respectively [2][3] - The report indicates a compound annual growth rate (CAGR) of 12.7% for gold production from 2024 to 2026 [1][2] Cost Efficiency and Production Optimization - The company has successfully reduced its all-in sustaining costs for gold production to 264.67 yuan per gram, a decrease of 0.9% year-on-year [1] - Significant cost savings were achieved through continuous optimization of production processes and technological innovations, with procurement savings exceeding 5.4 million USD in the first half of 2024 [1][2] - The report highlights that the Sepon mine's full sustaining costs decreased by 7.95% year-on-year to 1,225.85 USD per ounce, indicating substantial improvements in mining efficiency [1][2] Growth Potential - The report suggests that the company will benefit from a structural tightening in gold supply and demand, leading to a trend of rising gold prices [2] - The anticipated increase in gold production and the company's resource advantages position it well for future growth [2][3]

东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 年半年报点评（20240830） 事件：宁波银行发布 2024 年中报：公司实现营收 344.4 亿元（YOY+7.1%）， 归母净利润 136.5 亿元（YOY+5.4%）；年化 ROE 为 14.74%，同比下降 1.41pct； 6 月末，公司不良率 0.76%，拨备覆盖率 420.55%。 1H24 盈利增速同比拆分来看，规模、成本和拨备释放是主要正向贡献。边际 来看，1H24 盈利增速较 1Q24 略降，其中边际贡献增强的是，规模增长进一 步正向拉动、息差负向影响减弱；边际贡献减弱的是，非息进一步负向拖累 盈利、拨备释放正向贡献减弱、税收对盈利负向影响加强。 1、得益量增价稳，净利息收入增速逆势提升。从量上看，上半年公司维持了 规模较快扩张，生息资产、信贷、存款较年初分别增长 11.3%、12.5%、17.6%。 在行业融资需求整体疲弱的大背景下，公司依然维持了较快的规模扩张，可 见其强大的客户融资需求挖掘能力。从信贷增长情况看，上半年对公贷款和 个贷日均余额分别较 2023 年全年增 16.1%、16.7%，增长较均衡，且对比当 ...

宏 观 研 究 2024 年 9 月 2 日 宏观经济 事件点评 欧美股市与国债利率均有所回升 ——货币流动性跟踪 8.26-8.30 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： 8 月 30 日，中国人民银行发布 2024 年二季度金融机构贷款投向统计报告。数据显示，2024 年二季度末，金融机构人民币 各项贷款余额 250.85 万亿元，同比增长 8.8%，上半年人民币贷款增加 13.26 万亿元。 主要观点： 1、 股票市场略有反弹，债券市场回暖。 2、 欧美股市与国债利率均有回升。 3、 美国二季度 GDP 上调至 3%。 4、 日本 7 月 CPI 为 2.8%，已连续 28 个月在 2%以上。 货币流动性复盘： 货币市场： 8 月 26-30 日，央行逆回购（7D）14018 亿，到期回笼 11978 亿，上周净投放为 2040 亿。（图 2） 资金价格上，DR001、DR007 均值分别为 1.62%、1.79%，较前一周（8 月 19 日-23 日）变化：-13bp、-2bp；R001 ...

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][11] Core Views - Lier Chemical reported a significant decline in revenue and profit for the first half of 2024, with revenue at 3.33 billion yuan, down 25.50% year-on-year, and net profit at 93 million yuan, down 80.63% year-on-year [2] - The core pesticide product prices have dropped significantly due to oversupply and intense market competition, leading to a 38.95% decline in revenue from the pesticide raw materials segment and a 17.64% decline in the pesticide formulation segment [2] - The industry is currently at the bottom of the cycle, with expectations for a recovery as inventory levels decrease and market demand gradually releases [2] - Lier Chemical is actively advancing its projects in the enzyme-based glyphosate sector, with a 20,000 tons/year project completed in 2023 and ongoing projects in multiple countries [2] - Future sales of glyphosate products are expected to increase as the company expands its market presence and production capacity [2] Financial Forecasts - The report adjusts the profit forecasts for Lier Chemical for 2024 to 2026, predicting net profits of 264 million yuan, 408 million yuan, and 612 million yuan respectively, with corresponding EPS of 0.33 yuan, 0.51 yuan, and 0.76 yuan [2][3] - The current price-to-earnings (P/E) ratios are projected to be 22, 14, and 9 times for the years 2024, 2025, and 2026 respectively [2][3]

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2] Core Views - Longbai Group's core business, particularly in titanium dioxide and sponge titanium, has shown good growth, contributing to the company's overall performance [2] - The company is actively expanding its upstream mineral resources to strengthen its integrated supply chain advantages [2] - The report adjusts profit forecasts for 2024-2026, predicting net profits of 36.15 billion, 42.25 billion, and 48.77 billion respectively, with corresponding EPS of 1.52, 1.77, and 2.05 [2] Financial Performance - In the first half of 2024, Longbai Group achieved revenue of 137.91 billion, a year-on-year increase of 4.10%, and a net profit of 17.21 billion, up 36.40% year-on-year [2] - The titanium dioxide business revenue grew by 6.78% to 93.85 billion, with sales volume increasing by 3.7% to 599,600 tons [2] - Sponge titanium revenue increased by 21.47% to 13.19 billion, with sales volume rising by 60.32% to 30,800 tons [2] Production Capacity and Resource Development - Longbai Group is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons for titanium dioxide and 80,000 tons for sponge titanium, ranking among the top globally [2][3] - The company is developing joint mining projects to significantly enhance its controlled resources of vanadium-titanium magnetite, laying a solid foundation for future raw material supply [2] Strategic Partnerships - Longbai Group has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to collaborate in various fields, including mining, vanadium-titanium industry, and titanium concentrate trade [2]

行 业 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 房地产周报 20240902:二手房成交 维持增长，广州将推行购房即交房 交证 近 5 个交易日 A 股地产板块表现强于大盘、H 股地产板块表现强于大盘。 A 股房地产指数(801180.SL)近 5 个交易日累计涨幅为 2.55%，中证 A 股指数 (930903.CSI)近 5 个交易日累计涨幅为 1.27%。A 股房地产板块近 5 个交易日 累计涨幅最高的 5 家公司为*ST 中迪(16.3%)、特发服务(10.9%)、苏宁环球 (10.6%)、信达地产(10.3%)、天地源(10.3%)。 H 股恒生地产及物业管理指数(HSPDM.HK)近 5 个交易日累计涨幅为 4.82%， H 股恒生指数(HSI.HK)近 5 个交易日累计涨幅为 2.14%。H 股房地产板块近 5 个交易日累计涨幅最高的5家公司为华润万象生活(20.2%)、永升服务(19.3%)、 易居企业控股(18.3%)、汇景控股(18.2%)、绿城服务(17.1%)。 新房销售降幅收窄，二手房成交维持增长。 25 城商品房年内累计销售面积(1/1~8/30)同 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The domestic optical fiber and cable market is currently in a stable growth phase, transitioning from rapid growth (2014-2018) driven by large-scale construction of fiber broadband access networks and 4G mobile communication bases to a focus on 5G and fiber network upgrades (2019-2023). The main drivers for future growth will be the internal fiberization of data centers, interconnection of fiber nodes, and international submarine cable connections, with overseas markets becoming crucial for leading fiber cable manufacturers [2] - According to CRU, the global demand for optical fibers and cables is approximately 539 million fiber-kilometers in 2023, with a projected annual compound growth rate of 4% from 2023 to 2027 [2] Summary by Sections Industry Overview - The industry consists of 117 stocks, accounting for 2.57% of the market, with a total market value of 40,766.07 billion and a circulating market value of 12,889.99 billion. The average industry price-to-earnings ratio is 20.01 [1] Market Trends - In the week of August 26 to August 30, 2024, the media index rose by 4.41%, while the communication index fell by 0.50%. The Shanghai Composite Index decreased by 0.43%, and the ChiNext Index increased by 2.17% [3][10] - Key stocks in the A-share media and communication sector showed varied performance, with notable increases for companies like Jibite (+10.83%) and Mango Super Media (+4.20%) [15] Key Announcements - The Ministry of Commerce will focus on showcasing satellite internet, big data, and low-carbon technologies at this year's service trade fair [19] - Amazon has been approved to purchase land in New Zealand for its satellite internet project, part of the "Kuiper Project," which aims to provide broadband internet via a constellation of over 3,000 satellites [19] - Google plans to build a large-scale data center in Vietnam, marking its first such investment in Southeast Asia, driven by the growing digital economy in the region [19]

Investment Rating - The report maintains a "Strong Buy" rating for Hangzhou Bank [9][10][23] Core Views - Hangzhou Bank's revenue and net profit for the first half of 2024 showed year-on-year growth of 5.4% and 20.1% respectively, indicating strong profitability and asset quality [2][3][10] - The bank's annualized ROE reached 19.48%, an increase of 0.82 percentage points year-on-year, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 545.2% as of June [2][10] Financial Performance Summary - Revenue for the first half of 2024 was CNY 19.34 billion, with net profit reaching CNY 10.00 billion, reflecting a year-on-year increase of 5.4% and 20.1% respectively [2][10] - The bank's net interest income grew by 0.5% year-on-year, with a significant improvement in growth rate compared to the previous quarter [4] - Non-interest income saw a decline of 9.9% year-on-year, primarily due to a drop in custodial fees, while other non-interest income surged by 28.3% driven by investment gains [5][10] Asset Quality and Provisions - As of June 2024, the non-performing loan ratio stood at 0.76%, with a provision coverage ratio of 545.2%, indicating robust asset quality [10] - The report highlights a slight increase in non-performing loans in retail and corporate real estate sectors, but overall asset quality remains stable [10] Growth Projections - The report forecasts net profit growth rates of 19.1%, 16.3%, and 15.0% for 2024, 2025, and 2026 respectively, with corresponding BVPS of CNY 18.41, CNY 21.63, and CNY 25.34 [10][11]

Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next 6 months [4]. Core Insights - The report highlights that the transaction volume of second-hand homes continues to grow, driven by a long-suppressed demand from first-time buyers in core cities. The improvement in the core city market is expected to benefit quality real estate companies such as China Resources Land, China Merchants Shekou, and Greentown China [4]. - The report notes that the supply of second-hand homes is increasing, along with their price advantage over new homes, which supports sustained transaction activity in the second-hand market. Real estate intermediaries like Beike, which focus on first and second-tier cities, are likely to benefit from this trend [4]. Summary by Sections Market Performance - In the past 5 trading days, the A-share real estate sector outperformed the broader market, with the A-share real estate index (801180.SL) rising by 2.55%, compared to a 1.27% increase in the CSI A-share index (930903.CSI) [2]. - The H-share real estate and property management index (HSPDM.HK) saw a 4.82% increase over the same period, outperforming the Hang Seng Index (HSI.HK), which rose by 2.14% [2]. Sales Data - The cumulative sales area of commercial housing in 25 cities from January 1 to August 30 showed a year-on-year decline of 22.5%, an improvement from the previous decline of 23.3% [3]. - In August, the sales area in these cities showed a year-on-year increase of 3.5%, up from 1.9% previously [3]. - The cumulative sales area of second-hand homes in 10 cities from January 1 to August 31 increased by 5.6%, slightly up from 5.3% [3]. Policy Developments - Recent policy changes include Guangzhou's initiative to allow buyers to complete payment and property registration simultaneously, effectively enabling "buying and moving in" [3]. - Nanjing has relaxed its housing fund loan policies, removing restrictions on purchasing a second home [3]. - Chongqing has optimized its real estate transaction policies, including the removal of sales restrictions and support for "old-for-new" housing exchanges [3]. Company Performance - The top five A-share companies with the highest cumulative gains over the past 5 days include *ST Zhongdi (16.3%), Te Fa Service (10.9%), Suning Universal (10.6%), Xinda Real Estate (10.3%), and Tiandi Source (10.3%) [2][9]. - In the H-share market, the top performers were China Resources Vientiane Life (20.2%), Yongsheng Service (19.3%), and E-House (18.3%) [2][11].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The domestic optical fiber and cable market is currently in a stable growth phase, transitioning from rapid growth (2014-2018) driven by large-scale construction of fiber broadband networks and 4G mobile communication bases to a focus on 5G and fiber network upgrades (2019-2023). The main drivers for future growth will be the internal fiberization of data centers, interconnection of fiber nodes, and international submarine cable connections, with overseas markets becoming crucial for leading fiber optic manufacturers [2] - According to CRU, the global demand for optical fibers and cables is approximately 539 million fiber-kilometers in 2023, with a projected annual compound growth rate of 4% from 2023 to 2027 [2] Summary by Sections Industry Overview - The industry consists of 117 listed companies, accounting for 2.57% of the market [1] - The total market capitalization of the industry is 40,766.07 billion, representing 5.2% of the overall market [1] - The circulating market capitalization is 12,889.99 billion, which is 2.05% of the total market [1] - The average price-to-earnings ratio for the industry is 20.01 [1] Market Trends - In the week of August 26 to August 30, 2024, the media index rose by 4.41%, while the communication index fell by 0.50% [3][10] - Key stocks in the A-share media and communication sector showed varied performance, with notable increases for companies like Jibite (+10.83%) and Mango Super Media (+4.20%) [15][17] Key Company Developments - Zhongtian Technology has strengthened its position in the optical fiber and cable market, achieving a revenue compound annual growth rate of 6.7% from 2019 to 2023, ranking first among its peers in revenue scale in 2023 [2] - Amazon has been approved to purchase land in New Zealand for its satellite internet project, part of its Kuiper program, which aims to provide broadband internet through a constellation of over 3,000 satellites [19] - Google plans to build a large-scale data center in Vietnam, marking its first such investment in Southeast Asia, driven by the growing digital economy in the region [19]