Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The insurance sector's performance exceeded market expectations, driving valuation recovery, with continued growth anticipated in the second half of the year due to a gradually lowering base [3][15] - In the securities sector, brokerage firms reported mid-term results with a notable increase in dividend distribution, indicating a positive outlook despite overall revenue and profit declines [3][17] Summary by Sections Insurance - The insurance sector's mid-term performance showed significant growth, with double-digit increases in value realization and investment performance [3][15] - The People's Bank of China has been actively managing long-term interest rate risks, which is expected to benefit the insurance sector [3][16] - The demand for savings-type products is anticipated to rise in the third quarter, driven by adjustments in product interest rates [3][16] - Recommended stocks include China Pacific Insurance, China Property & Casualty Insurance, China Life, China Taiping, New China Life, Ping An Insurance, and AIA Group [3][16] Securities - In the first half of 2024, 43 listed brokerages reported a total revenue of 235.2 billion CNY, a 13% year-on-year decrease, with net profit down 22% to 63.5 billion CNY [3][17] - The top brokerage, CITIC Securities, led the industry with a revenue of 30.18 billion CNY, while several smaller firms showed remarkable growth due to low base effects [3][17][18] - Asset management emerged as a stabilizing factor for performance, with total asset management revenue at 22.2 billion CNY, a slight decline of 3% [3][18] - Recommended stocks in the securities sector include Guotai Junan, China Galaxy, Huatai Securities, CITIC Securities, and Dongfang Wealth [3][17]

Investment Rating - The industry rating is "Buy" [4] Core Views - The white liquor industry has entered a traditional off-season since Q2 2024, with a noticeable decline in terminal demand. The "Matthew Effect" continues to manifest, with leading brands like Moutai and Wuliangye showing stronger performance certainty. In terms of price segments, high-end liquor achieved a revenue growth of 15.2% year-on-year in H1 2024, leading among all price segments. As of September, the industry is transitioning from the traditional off-season to the peak season of Mid-Autumn Festival and National Day, with demand expected to recover and stabilize prices for mainstream products [2][10]. Revenue Analysis - High-end liquor shows stable performance, while other liquor companies exhibit significant differentiation. In H1 2024, three high-end liquor companies achieved a combined revenue of CNY 151 billion, a year-on-year increase of 15.2%. In Q2 2024, their quarterly revenue reached CNY 60.5 billion, up 14.2%, ranking first among all price segments. The second-tier liquor segment shows mixed results, with Fenjiu leading, while Shede entered an adjustment period with negative revenue growth in Q2. Despite a slowdown in Q2 compared to Q1, companies like Gujinggongjiu, Jinshiyuan, and Yingjiagongjiu maintained over 20% revenue growth in H1 2024 [2][15][18]. Profit Analysis - Overall expenses are contracting, with differentiation across price segments. The average gross margin for the sector in H1 2024 and Q2 2024 was 81.2% and 81.1%, respectively, both showing year-on-year increases. High-end liquor companies like Moutai and Luzhou Laojiao maintained stable gross margins, while Wuliangye's gross margin increased by 0.6 percentage points in H1 2024 and 1.7 percentage points in Q2 2024. In the second-tier segment, most companies saw a decline in Q2 gross margins, while leading real estate liquor companies showed an upward trend in gross margins year-on-year [2][22][23]. Cash Flow and Prepayments - Brand strength is evident, with leading companies showing better cash collection. In Q2 2024, sales cash collection showed differentiation among three liquor companies, with Moutai and Wuliangye experiencing year-on-year increases of 22.6% and 93.4%, respectively. In terms of prepayments, Wuliangye performed exceptionally well, with a 61.6% quarter-on-quarter increase in Q2 2024. In the second-tier segment, Fenjiu's prepayments increased by 2.5% quarter-on-quarter, while Shede's saw a significant decline of 30.9% [2][10][18]. Investment Recommendations - Since 2021, the valuation of the white liquor sector has continued to decline and is currently at historically low levels. Leading liquor companies are increasing dividend returns, and from the perspective of PB-ROE analysis, these companies are undervalued. Given the performance differentiation observed in the second quarter, the market is expected to reassess after inventory clearance. Core recommendations include Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Gujinggongjiu, Jinshiyuan, and Yingjiagongjiu [3][10].

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report highlights that the real estate market is entering a period of weak transactions, with a focus on the potential for interest rate cuts and their impact on the market [2][3] - Recent policies include the expansion of the scope for housing provident fund mutual assistance and improvements in residential quality in Shanghai [2] - The report notes that new housing transaction volumes remain low compared to last year, with a 23.5% year-on-year decline in new housing transactions across 51 cities [17][20] Summary by Sections 1. Industry Policy and Fundamental Tracking - Central policies include the Ministry of Finance's report on promoting the "three major projects" in real estate to facilitate high-quality development [9][10] - Local policies have seen cities like Shanghai and Guangzhou implement measures to improve housing quality and reduce mortgage rates [11][12] 2. Key City Transaction Situation - In the week of August 23-29, 2024, the monitored 51 cities recorded a total new housing transaction area of 381.2 million square meters, a 3.2% increase from the previous week but a 23.5% decrease year-on-year [17][20] - The report indicates that transaction volumes in first-tier cities have shown a mixed performance, with Beijing seeing a 23.3% increase while other cities like Shanghai and Guangzhou experienced declines [27][30] 3. Key Company Tracking - The report includes a list of recommended stocks in the real estate sector, with companies like Vanke A and China Overseas Development receiving "Buy" ratings [4] 4. Real Estate Development Sector Investment View - The report emphasizes the weak transaction performance of real estate companies and the importance of monitoring interest rate trends [2][3] 5. Property Management Sector Investment View - The property management sector has shown positive trends, with the Hang Seng Index rising by 2.1% and the property management sector averaging a 3.2% increase [3]

Investment Rating - The report rates the real estate industry as "Buy" [2] Core Insights - The policy environment is shifting towards long-term housing system construction and institutional development, with a focus on the acquisition of existing housing for affordable housing and the establishment of housing inspection, insurance, and pension systems [2][19] - In July 2024, the national sales amount of commercial housing was 619.7 billion yuan, a year-on-year decrease of 18.5%, with the decline expanding by 4.2 percentage points compared to June [2][35] - The financing market shows a slight improvement in funds available, with July's funds for real estate companies at 836.3 billion yuan, down 11.8% year-on-year, but the decline has narrowed by 3.4 percentage points compared to June [3] Summary by Sections 1. Policy Environment Overview - Local policies have been introduced 47 times in July 2024, with a focus on improving housing conditions and easing restrictions [16] - The "517 New Policy" has led to a relaxation of certain restrictions, with the four-limit policy index remaining unchanged for two consecutive months [16][18] - The government aims to ensure the delivery of 3.96 million housing units by the end of the year, with a focus on a tailored approach for each project [19] 2. Transaction Market Overview - The sales performance in July was below expectations, with a high proportion of cities experiencing price declines [33] - The cumulative sales amount from January to July 2024 was 5.33 trillion yuan, a year-on-year decrease of 24.3% [35] - The number of cities with new housing prices declining or remaining stable reached 97% in July [2] 3. Land Market Overview - The land transaction volume remains low, with a year-on-year decrease of 36.6% in July [2] - The average discount for land acquisition prices is estimated to be around 67% of the new housing market price [20] 4. Development Investment Market Overview - The new construction area in July was 57.1 million square meters, down 19.7% year-on-year, indicating a continued decline in investment [2] 5. Financing Market Overview - The financing environment is showing slight improvements, with a reduction in the decline of development loans [3] - The demand side saw a year-on-year decrease of 17.3% in returns, with a notable drop in mortgage loan scales [3]

Investment Rating - The overall investment rating for the industry is cautious, with a focus on specific segments such as domestic computing power and industrial software [6][7]. Core Insights - The performance of the semi-annual reports confirms a cautious outlook for the industry since May, indicating weak revenue growth in cyclical sectors like ToG and enterprise custom development services [6][7]. - Hardware infrastructure demand is strong, with a notable growth rate of 24% in the computer hardware sector, while software and technical services have seen a decline of 3.14% [7][8]. - The recent index increase is attributed more to liquidity changes and secondary market factors, with sustainability being uncertain [6][7]. Summary by Sections Industry Performance - The computer hardware sector's revenue growth reached 24%, while the software and technical services sector experienced a decline of 3.14% [7]. - Hardware sector net profit grew by 41.5%, contrasting with a significant average decline of 190% in the software and technical services sector [7]. - The overall gross margin remains stable, but traditional software and service companies face significant profit pressure due to rigid costs amid weak demand [7][8]. Key Recommendations - Focus on companies like Cambrian (寒武纪) representing the domestic computing power sector, and Zhongwang Software (中望软件) in the industrial software space, along with companies like Kingdee International (金蝶国际) and Top Software (顶点软件) [6][9]. - Cambrian's financial performance aligns with expectations, with a strong recovery in the supply chain anticipated around Q3 2024 [8]. - Zhongwang Software shows significant growth in its 3D CAD products, with a revenue increase of 30.2% [9]. Notable Companies - Cambrian (寒武纪): A leading independent AI computing platform company, benefiting from the rapid growth in demand for AI chips and acceleration cards [12]. - Kingdee International (金蝶国际): Continues to see growth in cloud transformation, with a 24.2% increase in ARR [9]. - Unisoc (紫光股份): Strong positioning in the server and network equipment sectors, with a market share of 34.8% in Ethernet switches [9]. - Top Software (顶点软件): Despite a 21% decline in net profit, the company is advancing in key projects and has a solid dividend plan [9].

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The textile and apparel industry has shown stable growth in textile exports, with year-on-year growth rates of 2.61%, 3.84%, and 3.69% for the first quarter, second quarter, and July respectively, driven by improved demand and low base effects from the previous year [2][3] - Retail sales of clothing and textiles have faced pressure, with year-on-year growth rates of 2.50%, 0.03%, and -5.18% for the same periods, indicating a challenging consumer environment [2] - The textile manufacturing sector is expected to perform well in the third quarter of 2024, while the apparel and home textile sector is anticipated to face continued pressure [2][3] Summary by Sections Textile Manufacturing Sector - The textile manufacturing sector is primarily engaged in OEM export business, benefiting from low performance bases from the previous year and improved demand from overseas brands [2][3] - Key companies to watch include Huayi Group, Jian Sheng Group, and Lutai A, which are expected to accelerate performance in the third quarter compared to the second quarter [3] - Companies like Xin Ao Co. and Bailong Dongfang are expected to show improved performance in the second half of the year due to previous high inventory costs being digested [3] - Traditional textile leaders involved in ultra-high molecular weight polyethylene fiber are expected to benefit from clarified export policies, with companies like Nanshan Zhishang and Henghui Anfang poised for performance acceleration [3] Apparel and Home Textile Sector - The apparel and home textile sector is expected to face short-term performance pressure, but long-term prospects remain positive for high-end and cost-effective brands [3] - Companies such as Hailan Home, Biyin Lefen, and Anta Sports are recommended for their resilience in the current consumer environment [3]

风险提示：长期债券收益率下行、代理人超规模下滑、大灾损害提升。 证券研究报告 [Table_Title] 保险Ⅱ行业 7 月行业保费点评-人身险与财产险的保费 增长均有所提速 [Table_Summary] 核心观点： 人身险方面，受益于预定利率下调及居民储蓄意愿较高等因素，景气 度仍然较高。根据国家金融监督管理总局及公司月度保费公告，1-7 月 人身险公司保费收入增速为 13.1%，较 1-6 月的 13%有所提速，主要 受益于预定利率切换带来的需求释放，且增速明显高于同期的上市险 企，如平安（6.3%）、国寿（4.4%）、新华（-6.4%）、太保（-2.6%）， 预计主因上市险企更加注重高价值的业务，主动优化缴费结构和渠道 结构，截至 7 月底的市场份额分别为平安（12.6%，同比-0.8pct，下 同）、国寿（18%，-1.5pct）、新华（3.9%，-0.8pct）、太保（5.9%， -0.9pct）。其中寿险 6 月单月保费增速为 16.1%，较前值的 19.7%有所 收窄，主要前期部分代理人自发宣导预定利率下调已经推动一部分保 费兑现；健康险单月保费增速为 9.3%（前值为 7.5%），增速的提升 ...

[Table_Title] 杭州银行（600926.SH） 资产质量优异，业绩表现亮眼 [Table_Summary] 核心观点： ⚫ 杭州银行发布 2024 年半年度报告，我们点评如下：24H1 营收、PPOP、 归母利润同比增速分别为 5.4%、5.4%、20.1%，增速较 24Q1 分别变 动+1.86pct、+0.89pct、-1.05pct。从业绩驱动来看，规模增长、其他 非息、拨备计提形成正贡献，净息差收窄、中收承压为主要拖累。 ⚫ 亮点：（1）信贷规模高增，存款增速回升。24H1 生息资产同比增长 13.8%，贷款、投资类资产保持高增，同比分别增长 16.5%、16.1%， 对公信贷投放保持高位，同比增长 18.3%，增量贡献依旧主要来自广 义基建和制造业，个人贷款增速有所回升，整体保持稳健。负债端， 24H1 存款同比增长 13.9%，增速较 24Q1 回升 1.59pct，同时主动负 债增速较高，以配合资产端扩张。（2）资产质量保持优异。24Q2 末不 良率 0.76%，连续 6 个季度持平。个人贷款风险有所暴露，24H1 对 公、零售贷款不良率分别为 0.76%、0.76%，较 23A 分 ...

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 18.43 CNY / 11.18 HKD and a fair value of 23.08 CNY / 14 HKD [2]. Core Views - The company reported stable performance in its 2024 mid-year report, with revenue of 30.183 billion CNY, down 4.18% year-on-year, and a net profit attributable to shareholders of 10.570 billion CNY, down 6.51% year-on-year. The net assets increased by 8.23% year-on-year to 284.5 billion CNY, and the leverage ratio (excluding agency funds) rose from 4.27 times at the end of 2023 to 4.43 times in H1 2024 [3][10][12]. - The business is developing in a balanced manner, with the proportion of heavy assets increasing to 48%. Key revenue components include net investment income of 11.949 billion CNY (up 0.4% year-on-year), investment banking revenue of 1.735 billion CNY (down 54.6%), brokerage business revenue of 4.880 billion CNY (down 7.8%), and asset management revenue of 4.914 billion CNY (down 1.1%) [3][4][14]. - The company is focusing on high-quality development in light asset wealth management, leveraging its leading position in investment banking and deepening internationalization. The asset management business saw a decline in revenue, while the fund management business experienced strong growth [3][16][17]. Summary by Sections 1. Revenue and Profit Stability - Revenue decreased by 4.18% year-on-year to 30.183 billion CNY, and net profit decreased by 6.51% to 10.570 billion CNY. The annualized ROE increased to 7.92%, and the leverage ratio slightly improved [10][12][11]. 2. Balanced Business Development - The revenue structure is balanced, with heavy asset business proportion rising to 47.8%. Investment income accounted for 43.8% of total revenue, while brokerage and asset management contributed 18% each [14][15]. 3. Wealth Management and Internationalization - The company is enhancing its wealth management services and expanding its global footprint, with a focus on high-net-worth clients and institutions. The number of clients reached 14.7 million, and the total managed assets remained above 10 trillion CNY [16][19]. 4. Asset Management Performance - The asset management business reported a revenue decline of 4%, while the fund management business grew by 19.8%. The company maintains a leading market share in private asset management [17][19]. 5. Investment Banking Performance - The investment banking segment faced challenges, with revenues down 54.6%. However, the company remains a leader in the market, completing numerous A-share underwriting projects [20][22]. 6. Profit Forecast and Investment Recommendations - The company is expected to benefit from institutionalization and internationalization trends. The estimated net asset per share for 2023-2024 is projected to be 19.23 CNY and 20.58 CNY, respectively, with a fair value of 23.08 CNY per share for A-shares and 14 HKD for H-shares [4][28].

Investment Rating - The report maintains a "Buy" rating for Wuliangye [5] Core Views - The company reported a total revenue of 50.65 billion yuan for H1 2024, representing a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 19.06 billion yuan, up 11.9% year-on-year [2] - In Q2 2024, the company achieved a revenue of 15.82 billion yuan, reflecting a 10.1% year-on-year growth, and a net profit of 5.01 billion yuan, which is an increase of 11.5% year-on-year [2] - The product lines are performing well, with revenue from Wuliangye and other liquor products reaching 39.21 billion yuan and 7.91 billion yuan respectively, showing year-on-year growth of 11.5% and 17.8% [2] - The company is expanding its distributor team, with a net increase of 98 and 268 distributors for Wuliangye and Wuliang Nuo Xiang liquor respectively [2] - The gross margin improved, with H1 2024 gross margin at 77.4%, up 0.6 percentage points year-on-year, and Q2 2024 gross margin at 75.0%, up 1.7 percentage points year-on-year [2] - Cash flow is strong, with sales cash receipts reaching 49.65 billion yuan, a year-on-year increase of 15.3% [2] Financial Forecast and Investment Suggestions - The report maintains previous earnings forecasts, expecting revenues of 92 billion yuan, 102 billion yuan, and 111 billion yuan for 2024-2026, with year-on-year growth rates of 11%, 11%, and 9% respectively [3] - The net profit attributable to shareholders is projected to be 33.4 billion yuan, 37.1 billion yuan, and 40.8 billion yuan for the same period, with year-on-year growth rates of 11%, 11%, and 10% respectively [3] - The current stock price corresponds to a P/E ratio of 13, 12, and 11 for 2024-2026 [3] - The report suggests a target price of 146.29 yuan per share based on a 17x P/E for 2024 [3]