Investment Rating - The report gives a "Buy" rating for the company, with a target price of 10.78 CNY per share based on a 15x PE ratio for 2024 [4][43]. Core Views - Hailiang Co., Ltd. is a global leader in copper processing, continuously expanding production capacity and upgrading product structure. By the end of March 2024, the total production capacity will reach 1.28 million tons, with overseas capacity accounting for 36%. The company plans to add another 400,000 tons of new capacity in the future. Since 2019, the gross margin contribution from copper pipes has consistently exceeded 80%, with overseas sales gross margin reaching 49% in 2023. The company aims to become the largest copper foil producer globally by 2027, focusing on green manufacturing and accelerating new product development [2][3][10][21]. Summary by Sections Company Overview - Hailiang Co., Ltd. is a core subsidiary of Hailiang Group, established in 2001, and listed on the Shenzhen Stock Exchange in 2008. It is a leading manufacturer of copper pipes and rods, with products used in various industries including air conditioning, refrigeration, and electronics. The company operates 23 production bases globally and has established long-term relationships with nearly 10,000 customers across over 130 countries [10][11][12]. Production Capacity and Structure - As of March 2024, Hailiang's total copper processing capacity will be 1.28 million tons per year, with 36% of this capacity located overseas. The company plans to build an additional 400,000 tons of capacity, with production steadily increasing, reaching 850,000 tons in 2023 [13][15][17]. Financial Analysis - Hailiang's profitability is better than domestic peers, with a projected increase in earnings driven by global expansion and product upgrades. The company has a strong cost control capability and a stable profit model, which positions it well for future growth. The report forecasts net profits of 1.437 billion, 1.500 billion, and 1.635 billion CNY for 2024, 2025, and 2026, respectively, with EPS expected to be 0.72, 0.75, and 0.82 CNY per share [23][41][43]. Future Outlook - The company is focused on green manufacturing and aims to enhance its R&D capabilities to develop new products, particularly in the copper foil sector. Hailiang plans to leverage its existing R&D foundation to explore new market opportunities in emerging fields such as new energy materials and digital transformation [21][35][36]. Profit Forecast and Investment Recommendations - The report anticipates significant growth in Hailiang's copper processing output from 2024 to 2026, driven by recovering global demand and improved pricing. The company is expected to benefit from rising copper prices and an increase in processing fees, leading to enhanced profitability [41][43].

[Table_Contacts] [Table_Title] 证券Ⅱ行业 头部券商开启整合大幕，供给侧改革助推行业估值修复 [Table_Summary] 核心观点： ⚫ 9 月 5 日晚，国泰君安、海通证券发布公告因吸收合并停牌，预计停 牌时间不超过 25 个交易日。国泰君安证券正在筹划由公司通过向海 通证券全体 A 股换股股东发行 A 股股票、向海通证券全体 H 股换 股股东发行 H 股股票的方式换股吸收合并海通证券并发行 A 股股 票募集配套资金。本次重组涉及到 A 股和 H 股，涉及事项较多、涉 及流程较为复杂，本次重组有利于打造一流投资银行、促进行业高质 量发展，优化上海金融国资布局，推动上海国际金融中心建设。9 月 5 日，海通证券（A/H）的 PB 估值分别为 0.7x/0.27x，国泰君安（A/H） 的 PB 估值分别为 0.88x/0.44x，若 AH 对价换股，则标的方的估值有 望重估。 ⚫ 国泰君安和海通证券的整合会对证券行业格局产生深远影响。据公司 半年报，截止 2024 年半年度，国泰君安总资产 8981 亿元，海通证券 总资产 7214 亿元，分别排名第二和第五，合并后总资产 16 ...

[Table_Page] 跟踪分析|机械设备 证券研究报告 [Table_Title] 造船行业跟踪报告（八） 船企中报总结：盈利与重组的双拐点 [Table_Summary] 核心观点： ⚫ 四家上市船企中报业绩符合预期。中国船舶、中船防务、中国重工、中 国动力 24 年上半年归母净利润分别同比增长 7.3 倍/10.6 倍 /177%/66%。市场的两个疑虑点：（1）中国船舶 Q2 收入表观增速下 滑：收入和基数结构有关，剔除去年的海工处置收益后 Q2 收入同比增 幅约为 3%。（2）毛利率提升不明显：由于原材料确认采用先进先出法、 人员增加等成本前置导致毛利率涨幅尚未显著体现，但同比改善明显， Q2 净利率已经增长到了接近 5%的水平，创下了近年历史新高。 ⚫ 船企中报的重点提炼：（1）民船为主的船厂净利率已提升至较高水平。 上半年外高桥造船、中船澄西已实现 8.4%/5.5%的净利率，民船占比 高的船厂净利率提升更快；（2）交付情况：坞期缩短、人效提高，生产 效率显著提升。多家船企交付的艘数和吨位数都实现了同比增长，平均 坞期同比缩短，中国船舶、中国重工的产能利用率相比去年全年分别提 升了 4pct ...

Industry Rating - The report maintains a **Buy** rating for the media industry [2] Core Views - The media industry achieved revenue of **294.584 billion yuan** in H1 2024, a year-on-year increase of **5.02%**, but net profit declined by **29.15%** to **17.032 billion yuan** [2] - In Q2 2024, the industry's revenue grew by **3.40%** to **151.337 billion yuan**, while net profit fell by **28.22%** to **9.092 billion yuan** [2] - The internet sector saw revenue growth of **18.37%** in H1 2024, but net profit declined by **10.18%** [2] - The gaming sector grew by **2.08%** in H1 2024, with mobile games contributing **73.01%** of the market share, while PC games showed more resilience with a **2.49%** growth [34] - The film and cinema sector faced challenges due to insufficient content supply, leading to a decline in domestic box office revenue in Q2 2024 [2] Sector Performance Internet Sector - Revenue in H1 2024 reached **396.85 billion yuan**, up **18.37%** year-on-year, with Q2 revenue at **184.85 billion yuan**, a **15.3%** increase [27] - Net profit in H1 2024 was **1.983 billion yuan**, down **10.18%**, with Q2 net profit at **1.159 billion yuan**, a **8.53%** decline [27] - Key companies like **Tencent Music** and **Bilibili** are highlighted for their stable performance and potential for profit optimization [2] Gaming Sector - The gaming market generated **147.267 billion yuan** in H1 2024, with mobile games contributing **107.517 billion yuan** and PC games **33.763 billion yuan** [34] - **Black Myth: Wukong** has been a standout success, validating the potential of domestic AAA games [2] - Companies like **37 Interactive Entertainment** and **Shenzhou Taiyue** are noted for their strong performance and product pipelines [34] Film and Cinema Sector - The sector experienced a decline in domestic box office revenue in Q2 2024 due to insufficient content supply, leading to losses for some companies [2] - Companies like **Wanda Film** and **Hengdian Film** are highlighted for their potential recovery as content supply improves [2] Education Sector - The public exam preparation market is dominated by **Fenbi**, **Zhonggong**, and **Huatu**, with Fenbi narrowing the revenue gap with Huatu [2] - The K12 sector showed strong revenue growth, with new offline investments expected to drive further growth [2] Publishing Sector - Educational publishing maintained steady growth, while mass-market publishing faced a downturn [2] - Companies like **Phoenix Media** and **Anhui Xinhua Media** are noted for their cost-cutting measures and dividend policies [2] Advertising Sector - The advertising market remained stable, with strong spending from fast-moving consumer goods (FMCG) advertisers [2] - Companies like **Focus Media** are recommended for their strong performance and high dividend payouts [2] Investment Recommendations - **Internet**: Focus on **Tencent**, **Meituan**, **Kuaishou**, and **Bilibili** for their stable performance and profit optimization [2] - **Gaming**: Recommend **37 Interactive Entertainment**, **Shenzhou Taiyue**, and **G-bits** for their strong product pipelines and undervalued stocks [2] - **Film and Cinema**: Suggest **Mango Excellent Media** and **iQIYI** for their potential recovery and content-driven growth [2] - **Education**: Highlight **Fenbi** and **Gaotu Group** for their market share growth and expansion into non-academic training [2] - **Publishing**: Recommend **Phoenix Media**, **Zhongnan Media**, and **Anhui Xinhua Media** for their steady growth and dividend policies [2]

[Table_Page] 深度分析|房地产 证券研究报告 [Table_Title] 房地产行业 2024 年中报总结 板块核心净利率转负，土地投资兑现度下降 [Table_Summary] 核心观点： ⚫ 收入下降业绩亏损，板块持续承压。根据公司中报，24 年上半年板块 56 家房企实现营业收入 1.34 万亿元，同比下降 15%，归母净亏损 460 亿元，较 23 年同期多亏 333 亿元，自 22 年起板块连续亏损，累计亏 损规模达 2008 亿元，结算规模收缩、表内外利润率下行、三费费率上 行、减值规模提升是亏损的主要原因。利润率方面，24H1 板块房企扣 税毛利率为 11.1%，同比下降 3.0pct，表外投资净收益同比下降 48%。 房价下行叠加高价地集中结算较大程度上影响房企表内外盈利能力， 营收口径销售管理费用率 6.0%，同比基本持平，财务费用率 4.8%， 同比上升 1.0pct，此外板块合计计提减值损失 625 亿元，同比增长 41%，自 21 年以来板块连续 3 年减值规模在 2200 亿元以上。房企资 产减值压力测试通常发生在四季度，24 年减值节奏有所提前，考虑当 前房价仍处在下行 ...

[Table_Contacts] [Table_Title] 基础化工行业 资本开支放缓，盈利持续改善 [Table_Summary] 核心观点： ⚫ 24Q2 行业净利润增速环比提升，民爆、橡胶制品等板块净利润环比大 幅增长。根据 Wind 数据，收入增速（同比）：24Q2 为 4.1%，环比增加 2.6pct，多数子行业营收增速环比增加；净利润增速（同比）：24Q2 为 2.46%，环比增加 4.04pct，多数子行业增速环比增加；净利润绝对值： 24Q2 净利润环比增加 15.46%，民爆、橡胶制品、塑料制品环比大幅增 长。三桶油 24Q2 净利润同比+13%，环比 24Q1 的 8.6%增加 4.6pct。 ⚫ 24Q2 行业 ROE 环比提升，费用率环比下降。根据 Wind 数据，毛利 率：24Q2 行业毛利率环比略降，半数子行业环比上升；ROE：24Q2 行 业 ROE 环比提升，民爆、涂料油墨颜料、钾肥等子行业环比提升较大； 期间费用率：24Q2 行业整体费用率环比小幅下降，同比提升。 ⚫ 24Q2 资产负债率环比下降、存货环比持平，现金流水平提升。从基础 化工行业整体来看，根据 Wind 数据 ...

[Table_Page] 行业专题研究|交通运输 2024 年 9 月 4 日 证券研究报告 | --- | --- | --- | |----------------|----------------------------------|--------------------| | [Table_Title] | 交通运输行业 2024 年中报总结 | 旱则资舟，水则资车 | | [Tabl 分析师： | 许可 | | | e_Author] | SAC 执证号： S0260523120004 | | | | SFC CE.no: BUY008 | | | | 0755-82984511 | | | | xuke@gf.com.cn | | ⚫ 航运：根据供给周期判断，油运、散货运输后续的弹性＞集装箱运输，但短期景气则因需求呈现出不同的一面。 集运在出口需求超预期和红海危机二者催化下，走出大超预期的景气行情。中报大幅增长的公司主要集中在外 贸集运、散货板块。展望后市，集运长期盈亏比相对有限。油、散则当下虽供需双弱，但供给逻辑扎实，需要 耐心等待需求反转，短期虽走震荡，但长期盈亏比更有吸引力。 ⚫ 物流：（ ...

[Table_Contacts] [Table_Page] 深度分析|证券Ⅱ 证券研究报告 [Table_Title] 证券行业 2024 年中报总结 泛自营为业绩胜负手，出海为业务加速点 [Table_Summary] 核心观点： ⚫ 整体业绩回撤，主要是市场波动，一二级再平衡下展业压力。2024H1，43 家上市券商合计实现归母净利润 635 亿元，同比-22.5%；实现营业收入 2353 亿元，同比-12.8%；管理费用合计 1119 亿元，同比-9%。下半年在 低基数下业绩降幅压力有望缓释；上半年管理费用降幅大于营收降幅的有 17 家，随着业绩降幅企稳，降本增效持续，后续有望贡献利润增量。 ⚫ 权益市场波动加剧，集团投资业绩下行；市场结构性凸显，券商资产配置 分化。自营投资为券商业绩胜负手，2024 上半年，43 家券商投资收益（含 公允）合计为 783 亿元，同比-11%，投资收入居前的有中信、招商。（1） 高质量发展下整体杠杆下降，前十券商中仅招商、中信等三家金融投资资 产占比较年初提升，测算收益率多有下滑，仅招商、银河等三家券商有明 显提升。（2）上半年债市和红利资产表现突出，券商债券投资占比分 ...

[Table_Page] 跟踪分析|医药生物 证券研究报告 [Table_Title] 制药和 Biotech 行业 2024 年中报 总结及展望 新产品周期与院内复苏共振 [Table_Summary] 核心观点： ⚫ 行业中长期向好趋势确立。根据 Wind 数据，我们纳入分析了 58 家 A 股化学制药公司的情况，行业整体 2024 年上半年营收同比增速为 3.2%；2023 年 Q1 至 2024 年 Q2 单季度营收同比增速分别为 2.9%、 9.5%、-1.9%、1.3%、2.5%、3.8%，在行业监管趋严下，今年上半年 收入端增速逐季改善。2024 年上半年行业整体扣非净利率 13.5% (yoy +1.7pct)，盈利能力持续提升。同时，我们分析了 25 家 A 股和港股 Biotech 公司商业化药品的收入情况，2024 年上半年产品销售额达到 280.50 亿元(yoy +47%)。刚性需求的释放、创新产品周期以及行业产 品结构改善；同时，国产创新不断提质，创新药"出海"提速，行业中 长期向好趋势确立。 ⚫ 投资建议：新产品周期和院内复苏共振。从 2015 年开始，国内制药工 业从研发生产到 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Land (01109.HK) with a target price of HKD 29.77, compared to the current price of HKD 21.05 [4]. Core Insights - Development profit margins are under pressure, but recurring business serves as a stable foundation. For the first half of 2024, the company achieved revenue of CNY 79.13 billion, up 8.4% year-on-year, while net profit attributable to shareholders was CNY 10.25 billion, down 25% [2][9]. - The sales structure has improved, with the top ten cities contributing over 60% of sales. The sales amount for the first half of 2024 was CNY 124.7 billion, down 27% year-on-year, with a sales price of CNY 24,000 per square meter, down 1% [2][16]. - Investment is focused on high-tier cities, with two new comprehensive projects acquired. The company spent CNY 25.6 billion on land acquisition in the first half of 2024, with a land acquisition ratio of 72% [2][19]. - Operating real estate shows stable improvement in operational efficiency. The income from investment properties was CNY 11.47 billion, up 7% year-on-year, with a total operating area of 12.59 million square meters, up 23.9% [2][21]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of CNY 79.13 billion, with a core net profit of CNY 10.74 billion, reflecting a core net profit margin of 13.6% [2][9]. - The development business's gross profit margin was 12.4%, while the recurring business's gross profit margin was 71.5% [12][21]. Sales Analysis - The total sales amount for the first half of 2024 was CNY 124.7 billion, with a year-on-year decrease of 27%. The equity sales amount was CNY 86 billion, down 32% [2][16]. - The contribution from first-tier cities was 38%, and the top ten cities accounted for 65% of total sales [2][16]. Land Acquisition and Projects - The company acquired 11 projects in the first half of 2024, with a total land acquisition cost of CNY 25.6 billion [2][19]. - The static gross profit margin for land acquisition was 34.1%, slightly higher than the previous year [2][19]. Investment Properties - The income from investment properties was CNY 11.47 billion, with a gross profit margin of 71.5% [2][21]. - The retail sales in shopping centers reached CNY 91.6 billion, up 22% year-on-year, indicating strong performance despite rental pressure [2][21].