混产品保有规模 CR10 为 59%（23Q4 55%），固收类产品保有规模 CR10 为 64%（23Q4 66%）。 [Table_Page] 深度分析|非银金融 | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Page] 深度分析|计算机 证券研究报告 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to key companies in the water transport industry, including China Communications Construction Company (CCCC), China Electric Power Construction Company (CEPC), and Anhui Construction Engineering Group [6][7]. Core Insights - The water transport industry is experiencing high investment demand driven by policy support and economic growth potential, with significant multiplier effects from water transport investments [3][19]. - The report highlights the strategic importance of the Pinglu Canal project, which aims to optimize the western water transport structure and enhance connectivity with the Belt and Road Initiative [31][32]. - The report emphasizes the long-term cost advantages of water transport compared to road and rail, with lower freight rates and energy consumption [26][28]. Summary by Sections Industry Overview - The water transport industry consists of three segments: upstream equipment and materials manufacturing, midstream engineering construction, and downstream investment and operation [11][14]. - Key players in the midstream include CCCC, CEPC, and Anhui Construction, which are responsible for project planning, design, and construction [11][13]. Investment Multipliers and Cost Efficiency - Short-term, water transport investments can act as a counter-cyclical tool, with multipliers of approximately 1:6 for coastal and 1:3 for inland water transport [3][19]. - Long-term, the report notes that water transport is more cost-effective than road and rail, with significant reductions in transportation costs and emissions as vessel sizes increase [26][28]. National Strategic Planning - The "Five Vertical and Four Horizontal" national planning framework aims to construct 25,000 kilometers of high-grade waterways by 2035, indicating substantial investment opportunities [34][35]. - The report outlines the urgency of upgrading inland waterways to accommodate larger vessels and improve overall transport efficiency [30][31]. Pinglu Canal Project - The Pinglu Canal, approximately 134.2 kilometers long with an estimated cost of 727 billion CNY, is a key project that has already seen over 368 billion CNY in investment [4][31]. - The project is expected to significantly enhance the economic development of western regions and alleviate congestion in existing waterways [31][33]. Key Companies to Watch - The report suggests focusing on leading design and construction firms with extensive domestic and international operations, such as CCCC and CEPC, as well as regional players like Anhui Construction and Huase Group [4][6].

召开，持续关注低空信息基 [Table_Title] 通信行业 OpenAI 发布 $$^ { \circ 1 }$$ 模型，有望驱动推理算力需求再上新台阶 [Table_Summary] 核心观点： 9 月 12 日，OpenAI 正式发布 o1 模型，测试表明在数据分析、编码 和数学领域中，o1 的受欢迎程度远远高于 GPT-4o。相较于 GPT-4、 GPT-4o 等传统 LLM，我们认为 o1 有四大关键变化值得关注。 （1）LLM 的思考分析能力再次得到强化，数理、代码能力显著得到加 强。根据 OpenAI 的测试，在国际数学奥林匹克（IMO）资格考试中， GPT-4o 仅正确解决了 13%的问题，而 o1 得分为 83%；o1 在 Codeforces 比赛中位居 89%分位；此外，在绝大多数推理需求较强的 任务中，o1 的表现明显优于 GPT-4o。o1 在回答问题时会进行思考， 将复杂问题分解为若干简单问题，并尝试不同解题路径，该过程可以极 大提升模型推理能力。在 OpenAI 给出的解码问题实例中，o1 会通过 自问自答的方式将问题拆解为诸多细分问题，并相继给予解答或否定。 （2）o1 能力 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.71 CNY and a fair value of 13.73 CNY [1]. Core Insights - The company's formulation sales have stabilized after the impact of centralized procurement, with new products gradually gaining traction. In the first half of 2024, the company achieved operating revenue of 2.138 billion CNY, a year-on-year increase of 0.93%, and a net profit attributable to shareholders of 340 million CNY, up 12.56% year-on-year [2]. - The sales revenue from formulation products reached 1.215 billion CNY, reflecting a growth of 10.6% year-on-year, while the sales revenue from APIs and intermediates was 910 million CNY, down 9% year-on-year [2]. - The company is actively enhancing its core competitiveness, with a mature sales system. The growth in formulation products is primarily driven by overcoming the impact of centralized procurement, with new products showing significant growth [2]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of 340 million CNY, with a year-on-year growth of 12.56%. The adjusted net profit was 331 million CNY, up 11.78% year-on-year [2]. - The company forecasts net profits of 679 million CNY, 808 million CNY, and 969 million CNY for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 17, 14, and 12 times [2]. - The company’s operating revenue is projected to grow from 4.419 billion CNY in 2024 to 5.626 billion CNY in 2026, with growth rates of 7.2% and 14.6% respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.68 CNY per share, compared to the current price of 50.30 CNY [5]. Core Views - The company reported a strong performance in Q2 2024, with a net profit of 6.02 billion CNY, a year-on-year increase of 8.07%, driven by rising gold prices that boosted gross margins [3]. - The company achieved a total revenue of 399.59 billion CNY in H1 2024, a slight decrease of 0.95% year-on-year, while the net profit increased by 10.28% [3]. - The company is expanding its market presence with new store formats and has opened 28 new stores in the first half of the year, bringing the total to 6022 stores [3]. Financial Summary - In Q2 2024, the company recorded a revenue of 143.29 billion CNY, down 9.22% year-on-year, but the gross margin improved to 10.71%, an increase of 1.57 percentage points [3]. - The jewelry segment saw a revenue decline of 3.95% to 341.96 billion CNY, while the gold trading segment experienced a significant revenue increase of 26% to 54.82 billion CNY [3]. - The company forecasts net profits of 23.8 billion CNY, 27.9 billion CNY, and 31.6 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 7.4%, 17.3%, and 13.3% [3][4].

Xm l [Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产及物管行业 24 年第 37 周周报 来来访已有明显改善，日均来访较 7-8 月提升 7%，新房推盘规模依然 相对较低，但 9 月末房企通常会加大推盘筹备十一黄金周，在来访改 善的背景下认购、网签或有上升。全国来看，8 月市场依然供需双弱， 销售量价及开工、投资、到位资金等供给端指标均环比变动不大，供给 疲弱叠加需求信心不足使得未来新房销售中枢仍面临较大考验，政策 端的发力方向和力度仍是后续市场变化的重要关注点，近期美联储议 息会议将召开，若 9 月开启降息进程，国内保汇的压力下降，顺周期 政策空间提升，关注后续政策进程及空间。 物业板块观点：板块行情略降。据 Wind 数据，上周恒生指数下降 0.4%， 物业板块平均下降 1.6%，其中龙头央国企下降 2.3%，龙头未违约民 企下降 2.4%，龙头违约民企下降 4.1%，物业板块整体动态 PE5.9x， 小幅下降。 风险提示。基本面不及预期，包括行业政策面改善力度不及预期；融资 | --- | --- | --- | --- | |-------|----- ...

[Table_Contacts] [Table_Page] 跟踪分析|农林牧渔 | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Page] 投资策略周报|煤炭开采 | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产行业：24 年 8 月 REITs 月报 政策端减免发行印花税，行情平稳上升 [Table_Summary] 核心观点： 8 月集中完善推进 REITs 常态化发行的配套政策。具体来看，实质性 的政策为 9 月 5 日财政部、国家税务总局发布《关于企业改制重组及 事业单位改制有关印花税政策的公告》，REITs 发行过程中资产重组 及股权转让两个交易阶段涉及的四方对手方均能享受印花税减免，最 高合计减免基础设施资产交易价格的 0.2%，且受益最多的为原始权益 人，提高了企业发行意愿。资产重组阶段为原始权益人最多节省资产 交易价格 0.1%的印花税。股权转让阶段节省的印花税通常低于资产重 组阶段，但至高为资产交易价格的 0.1%。至此，原始权益人在资产重 组和股权转让两个阶段共节省基础设施资产内部交易金额的 0.1%以 及项目公司股权交易交易金额的 0.05%。8 月 6 日，发改委就 1014 号 文发布修订版《REITs 项目申报材料格式文本》，对 1014 号文中新增 的试点行业、运营收益、权属情况等方面做出了适应性 ...