[Table_Page] 中报点评|多元金融 证券研究报告 [Table_Title] 江苏金租（600901.SH） 资产增速修复，息差稳定性强 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年半年报报告。公司实现营业总收入 41.21 亿元，同比 增长 9.45%；营业净收入 26.16 亿元，同比增长 8.47%；净利润 14.34 亿元，同比增长 8.80%。公司整体收益水平保持稳定增长。 ⚫ 资产增速较一季度快速修复。截至报告期末，公司资产规模 1,330.49 亿元，较上年末增加 131.29 亿元，增长 10.95%，其中融资租赁资产 规模 1,269.00 亿元，较上年末增加 127.91 亿元，增长 11.21%。融资 租赁净额 12,27.88 亿元，同比增长 11.43%。公司以能力建设为核心， 提升各方面专业化水平。一是提升行业深耕能力，持续扩大细分领域领 先优势，加快开发新行业、新业态、新模式；二是提升厂商租赁能力， 合作厂商经销商数量持续攀升，内外资品牌占比进一步均衡，重点行业 厂商粘度增强；三是区域小微队伍体系化建设和业务规范体系化建设 取得重大进展，行业聚 ...

Xml [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 33 周周报 收储扩围，淡季成交热度低位持平 [Table_Summary] 核心观点： ⚫ 本周政策情况：收储加速扩围，上海推出土拍新政。中央政策方面， 统计局 7 月数据新闻发布会指出，目前房地产市场总体仍处于调整中， 要积极支持收购存量商品房作保障房。地方政策方面，本周肇庆、商 丘等多地发布收储公告，收购价格均以保障房重置价格为上限，南京、 杭州、天津、成都、青岛等二线拟加入收储，收储加速扩围；上海土 拍政策更新，对热度较高地块施行"双高双竞"规则；成都将商贷及 公积金贷款首套住房认定范围由市缩小为区，进一步调降购房门槛。 ⚫ 本周基本面情况：淡季推盘回落，成交热度环比持平。据 Wind 及克 尔瑞，本周 51 城新房成交面积 313.7 万方，环比下降 0.9%，同比下 降 15.6%，本周新房成交热度维持低位。二手房方面，本周 13 城网签 口径成交 145.4 万方，环比持平，同比上升 14.4%，74 城认购口径日 均成交 1874 套，环比增长 0.3%，同比上涨 23. ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a target price of 9.98 CNY per share, reflecting a price-to-book (PB) ratio of 0.7 times for the year 2024 [5]. Core Insights - Jiangsu Bank's 2024 mid-year report shows revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders increased by 7.2%, 5.1%, and 10.1% year-on-year, respectively. The growth rates have declined compared to Q1 2024, indicating a significant drop in revenue growth but maintaining double-digit net profit growth, showcasing management's confidence in achieving annual targets [2][3]. Summary by Sections Financial Performance - In Q2 2024, revenue growth slowed to 2.9% from 11.7% in Q1, primarily due to a 10.7% decrease in other non-interest income. However, net profit growth remained stable at 10.1%, with a 29% reduction in impairment losses compared to the previous quarter [3]. - The reported net interest margin (NIM) for H1 2024 is 1.90%, a year-on-year decrease of 38 basis points, but the actual narrowing is less severe at 17 basis points when calculated based on net interest income over average earning assets [3]. - Fee income grew by 11.3% in H1 2024, driven by an increase in wealth management scale, which reached 604.5 billion CNY, a 16% increase from the beginning of the year [3]. Asset Quality - As of June 2024, the non-performing loan (NPL) ratio stands at 0.89%, unchanged from December 2023, with a provision coverage ratio of 357%, down 32.3 percentage points from the previous period. The new NPL generation rate is estimated at 1.34%, reflecting a year-on-year increase of 38 basis points [3][12]. Earnings Forecast - The forecast for net profit growth is 10.2% for 2024 and 11.3% for 2025, with earnings per share (EPS) projected at 2.09 CNY and 2.34 CNY, respectively. The book value per share (BVPS) is expected to be 14.26 CNY and 16.09 CNY for the same years [3].

[Table_Page] 投资策略周报|机械设备 证券研究报告 [Table_Title] 机械设备行业 继续看好稳定类资产，出口链或逐渐企稳 | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-08-18 | [Table_Summary] 核心观点： ⚫ 装备制造业压舱石地位继续凸显。7 月份，全国规模以上工业增加值同 比增长 5.1%，比上月回落 0.2 个百分点；环比增长 0.35%。分三大门 类看，采矿业增加值同比增长 4.6%，制造业增长 5.3%，电力、热力、 燃气及水生产和供应业增长 4.0%。装备制造业增加值增长 7.3%，高 技术制造业增加值增长 10.0%，分别比上月加快 0.4 和 1.2 个百分点。 ⚫ 市场表现分析：上周（8 月 12 日-8 月 16 日）机械行业指数（中信） 下跌 0.12%，沪深 300 指数上涨 0.42%，创业板指下跌 0.26%。 ⚫ 机械动态变化：根据国家统计局的数据，2024 年 1- ...

Xml [Table_Title] 国防军工行业 板块环比趋势改善明确，新质生产力快速发展 [Table_Summary] 核心观点： ⚫ 军工板块中长期高质量发展趋势明确。8 月 15 日，据"求是网"公众 号，中国共产党第二十届中央委员会第三次全体会议，中央委员会总 书记习近平作重要讲话。围绕持续深化国防和军队改革，提出完善人 民军队领导管理体制机制，深化联合作战体系改革，深化跨军地改革。 ⚫ 央国企积极参与大飞机产业建设，船舶板块、低空经济等民用高成长 方向积极变化较多。船舶方面，据"中国船舶工业行业协会"公众号， 近期，我国部分船企发布了上半年业绩，多项指标实现增长，生产经 营再传捷报。例如，大连造船交工船海产品 13 艘，完成年度计划的 50%。央国企积极参与大飞机产业，C919 海外布局前景佳，据中航重 机公众号， 8 月 13 日，中航重机与中国商飞采购与供应管理部开展 党的二十届三中全会精神联学共建活动。8 月 9 日，据环球网引用《南 华早报》，上个月欧洲航空安全局在上海对国产大飞机 C919 开展实 地检查并给出"积极反馈"，中国相关民航机构对 C919 客机在 2025 年获得欧盟认证感 ...

[Table_Title] 川投能源（600674.SH） 雅砻江业绩符合预期，电量结构变化电价下滑 [Table_Summary] 核心观点： ⚫ 来水好转电量提升，业绩稳健增长。2024H1 公司实现归母净利润 23.02 亿元（同比+9.74%），其中 Q2 归母净利润 10.29 亿元（同比+7.0%）， 主要系 24H1 公司投资收益 24.12 亿元（同比+4.88%），其中雅砻江水 电贡献 21.13 亿元（占比 87.6%）、国能大渡河、中核汇能分别贡献 1.47、 0.99 亿元。公司水电主业因来水好转电量提升，24H1 收入同比提升 10.2%，同时由于可转债转股及利率下行，公司 24H1 财务费用同比下 降 31.37%，自有业务利润提升，资产负债率降至 35%。 ⚫ 电量提升电价下滑，二季度雅砻江盈利恢复正常。24Q2 来水好转，雅 砻江水电发电量同比增长 37.24%，电价同比降低 9.65%，营业收入同 比增长 6.5%，实现净利润 18.3 亿元，同比基本持平。电价下降主要系 电量结构影响，23 年 4 月发电量较高、而 24 年 6 月发电量较高，四川 执行丰枯电价机制，6 月 ...

[Table_Contacts] [Table_Page] 中报点评|物流 证券研究报告 [Table_Title] 德邦股份（603056.SH） 费用管控继续推进，半年业绩符合预期 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年半年报。24H1，公司实现营收 184.46 亿元，同比 +17.54%；实现归母净利润 3.33 亿元，同比+37.08%，实现扣非归母 净利润 1.98 亿元，同比+51.03%。其中 24Q2，公司实现营收 91.51 亿元，同比+10.58%，实现归母净利润 2.40 亿元，同比+41.07%，实 现扣非归母净利润 1.82 亿元，同比+43.97%。 ⚫ 费用管控继续推进，二季度业绩符合预期。24H1，公司快运业务收入 为 166.35 亿元，同比+21.13%，快运核心业务货量 603.36 万吨，同 比+7.67%，网络融合项目稳步推进，公司核心业务收入端实现稳步增 长。成本端，公司人工成本占收入比同比下降 6.44pps，随着精益管理 的不断推进，公司收派、中转等操作环节人效稳步增长；公司运输成本 占收入比同比上升 9.66pps，主要系业务 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.36 CNY per share [1] Core Viewpoints - The company has demonstrated resilience and growth through strategic acquisitions, product development, and market expansion, particularly in Europe and the US [1][2] - The company's core competitiveness lies in its management's forward-looking strategies, cost control capabilities, and strong product development through acquisitions [1] - The company is well-positioned to capitalize on the growing demand for electric and high-reach boom lifts in both European and US markets [2][4] Company Overview Historical Development - The company has undergone three major phases of development: domestic and international expansion (2006-2015), strategic acquisitions (2016-2017), and tariff-related challenges (2018-2021) [1] - The company has successfully transitioned from a focus on scissor lifts to boom lifts, with significant growth in the European market since 2022 [1] Core Competitiveness - The company's management has a strong focus on R&D and cost control, with 90% modular design and low labor costs contributing to high gross margins [1] - Strategic acquisitions of Magni, CMEC, and Teupen have provided the company with advanced technology, overseas channels, and brand recognition [1][17] Current Market Position - The company has achieved significant growth in the European market, with boom lift sales increasing rapidly in 2022-2023 [1][29] - The company's market share in Europe is estimated to be between 6%-9%, with further room for growth [13] Future Prospects - The company is poised to expand its presence in the US market, leveraging its partnership with CMEC and the growing demand for electric boom lifts [2][13] - The US market represents the largest opportunity for the company, with a market size of approximately 650 billion CNY and a strong demand for boom lifts [2][13] Financial Performance Revenue and Profit Forecast - The company's revenue is expected to grow from 5.445 billion CNY in 2023 to 10.422 billion CNY in 2026, with a CAGR of 17.7% [4] - Net profit is forecasted to increase from 1.867 billion CNY in 2023 to 3.203 billion CNY in 2026, with a CAGR of 24.3% [4] Valuation - The company is valued at 15x PE for 2024, with a target price of 64.36 CNY per share [2] Market Analysis European Market - The European market for aerial work platforms is mature, with a focus on boom lifts, which account for 43% of the rental market [48] - The company's market share in Europe is relatively low, with significant potential for growth, particularly in the electric boom lift segment [65][66] US Market - The US market is the largest and most mature market for aerial work platforms, with a strong demand for boom lifts, which account for 39% of the market [74] - The company is well-positioned to capitalize on the growing demand for electric boom lifts in the US, with a focus on expanding its presence through CMEC [2][13] Product Development - The company has a strong focus on electric and high-reach boom lifts, with 73.4% of its boom lift sales being electric in 2023 [41][66] - The company's D-series boom lifts, launched in 2023, are fully self-developed and represent a significant step forward in its product offerings [17] Strategic Acquisitions - The company's acquisitions of Magni, CMEC, and Teupen have provided it with advanced technology, overseas channels, and brand recognition [1][17] - The company has retained full ownership of patents and intellectual property from these acquisitions, strengthening its competitive position [38] Cost Control and Manufacturing - The company has a strong focus on cost control, with 90% modular design and low labor costs contributing to high gross margins [1] - The company's manufacturing strategy involves modular production in China, with components shipped in containers to reduce costs [42][44]

[TAblE_TitlE] 农林牧渔行业 本周猪价继续上行，行业享受高景气 [TAblE_SummAry] 核心观点： 畜禽养殖：据搜猪网，8月16日，全国瘦肉型生猪出栏均价21.51元/公 斤，环比上周上涨3.07%，同比上涨29.11%。前期产能去化效应显现， 本周猪价继续上行，自繁自养利润约682元/头。据饲料工业协会数据， 上半年猪饲料产量同比下滑7.3%，其中仔猪料同比下降13.5%。仔猪料 或侧面反映新生仔猪数量下滑较明显，按6个月生猪生长期推算，下半 年供给收缩有望延续。另一方面，仔猪以及后备母猪的价格涨幅显著落 后于商品肥猪，或侧面反映行业扩产相对谨慎，后续产能恢复速度或较 为缓慢，行业景气持续时间有望超出市场预期。当前板块估值再次回落 至相对低位，大型养殖企业重点推荐温氏股份、牧原股份，关注新希望， 中小养殖企业建议关注唐人神、天康生物、华统股份以及川渝生猪龙头 企业。白羽鸡方面，伴随消费旺季逐步到来，据Wind，本周商品代鸡苗 和毛鸡价格延续反弹，分别环比上涨0.9%、0.8%，圣农发展、益生股 份等将受益，同时建议持续关注海外禽类疫情发展情况。黄羽鸡方面， 当前种鸡存栏持续处于相对低位， ...

[Table_Page] 投资策略周报|非银金融 证券研究报告 [Table_Title] 非银金融行业 央行重视长端利率风险，利率回升期利好保险资产端 [Table_Summary] 核心观点： ⚫ 证券：监管发声透露严监管"四大动向"，科创板打新优化准入规则。 据 wind，本周沪深两市成交额日均 0.52 万亿元（环比下跌 22.84%）， 沪深两融余额 14203.60 亿元（环比下跌 0.31%）。8 月 16 日，证监 会发布了 2024 年上半年证监会行政执法情况综述。今年上半年合计 罚没款金额 85 亿余元，超过去年全年总和，无论对于上市公司、中介 机构，还是游资等相关个体的监管变得更加全面与严格。未来，预计 证监会将继续坚持"长牙带刺"的原则，保持一贯的严格监管态势，突出 从严导向、规范公正、合力共治和惩防并举。通过加强行政执法力度， 确保资本市场的高质量发展，进一步提升投资者的获得感和投资安全 感。同日，上交所发布《上海市场首次公开发行股票网下发行实施细 则》的通知。本次修订主要对投资者参与科创板网下发行业务，增加 了持有科创板市值的要求。旨在通过强化网下投资者的持股要求，推 动权责利匹配 ...