Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3]. Core Views - The China Communications Construction Group has proposed to implement a mid-term dividend plan for 2024, suggesting a dividend amount not exceeding the net profit attributable to shareholders for the first half of 2024 [1]. - New contracts signed in Q2 2024 show stable growth, with a total of 453.6 billion yuan, a year-on-year increase of 6%, and significant growth in overseas contracts, which rose by 82% [1]. - The company is focusing on state-owned enterprise reform to enhance value creation and realization, including stock incentives and plans for a separate listing of its design unit [1]. - The company aims to achieve a net profit of 25.7 billion yuan in 2024, with a projected growth rate of 8% [2]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 758.7 billion yuan, with a growth rate of 5.1%. The net profit for 2023 is expected to be 23.8 billion yuan, reflecting a growth rate of 23.6% [2]. - The company anticipates a net profit of 25.7 billion yuan in 2024, with an EPS of 1.58 yuan per share [2]. - The P/E ratio for 2024 is estimated at 5.47, indicating a favorable valuation [2]. Strategic Initiatives - The company is enhancing shareholder returns by increasing the dividend payout ratio to 20% in 2023, with expected dividend yields of 3.7% for A-shares and 7.6% for H-shares in 2024 [1]. - The focus on urban construction and overseas markets is expected to drive growth, particularly in regions like the Middle East, Africa, and Southeast Asia [1]. Future Outlook - The company aims for a new contract growth rate of at least 13.2% and revenue growth of 8.2% in 2024 [1]. - The projected net profits for 2024, 2025, and 2026 are 25.7 billion yuan, 27.7 billion yuan, and 29.9 billion yuan, respectively [2].

[Table_Contacts] [Table_Page] 公告点评|出版 证券研究报告 [Table_Title] 皖新传媒（601801.SH） 控股股东提议中期分红，提质增效重回报 [Table_Summary] 核心观点： 事件：公司昨日收到控股股东出具的《关于 2024 年度中期分红的提 议》，为提升上市公司的投资价值，控股股东提议 2024 年度中期向全 体股东派发现金红利 0.10 元/股（含税），上市公司将拟定 2024 年度 中期分红方案并提交董事会、股东大会审议。2023 年度公司已将年末 分红金额从 2022 年度的 0.185 元/股大幅提高至 0.305 元/股，2024 年 度再度提议增加中期分红，这彰显了公司充沛的现金流实力、对未来发 展前景的坚定信心、与投资者共享发展成果的理念。目前在 A 股的教 育出版板块中，皖新传媒的在手现金规模、回购金额、分红比例和股息 率均位居板块前列。 盈利预测与投资建议。我们预计 2024-2026 年，公司的营业收入为 111.61/113.34/115.42 亿元，归母净利润为 8.93/10.42/11.51 亿元。因 公司此前享受的免征企业 ...

[Table_Title] 【广发非银&海外】中银航空租赁 （02588.HK） 利润弹性大于预期，估值稳健上行 [Table_Summary] 核心观点： ⚫ 2024 年 8 月 5 日公司发布正面盈利预告，公告显示公司 2024 年上半 年净利润同比增速在 70-80%，主因 2024 年 3 月初自俄罗斯收回的 2 架飞机带来的增量影响。 ⚫ 复盘 2023 年俄罗斯保险赔付金额，首先，2022 年俄乌冲突为公司带 来 5.07 亿美元的净亏损。2023 年 11 月俄罗斯保险公司针对滞留俄罗 斯的 8 架飞机赔付 2.08 亿美元，到 2023 年底俄罗斯保险公司已针对 11 架飞机赔付 2.58 亿美元。 ⚫ （1）飞机销售数量：公司 2024H1 销售自有飞机 15 架，2023 年 H1 同期仅销售 3 架飞机，参考同业公司，截至 24H1，AERCAP\AIRLEASE 共计销售 64、16 架，去年同期销售 49、10 架，亦有所增长，一定程 度反应波音交付下滑加快航司向飞机租赁公司购买飞机的动作，同时， 飞机销售数量的增长有望推高销售净额。 ⚫ （2）应收租赁款增长：公司应收租赁款在 2 ...

[Table_Title] 九号公司（689009.SH） 24Q2 业绩超预期，两轮车保持高增长 [Table_Summary] 核心观点： ⚫ 公司发布 2024 中报，24Q2 业绩超预期。24H1 公司营业收入 66.7 亿 元（YoY+52.2%），归母净利润 6.0 亿元（YoY+167.8%），扣非归母净 利 润 5.8 亿 元 （ YoY+175.6% ）。 24Q2 单 季 收 入 41.0 亿 元 （YoY+51.0%）；归母净利润 4.6 亿元（YoY+124.5%），扣非归母净利 润 4.4 亿元，（YoY+109.4%）。 ⚫ 24H1 两轮车保持高增速，全地形车、割草机等新品类同样快速成长。 （1）电动平衡车：24H1 自主品牌零售滑板车销量 51.81 万台，收入 10.31 亿元（YoY+21.4%）。（2）电动两轮车：24H1 收入 33.83 亿元 （YoY+114.8%），中国区专卖门店超 6,200 家，覆盖 1100 余个县市， 国内累计出货量突破 400 万台。（3）全地形车销量 1.21 万台，收入 5.07 亿 元 （ YoY+78.5% ）。（ 4 ） 割 草 ...

Industry Investment Rating - The industry is rated as **Buy** [4] Core Views - The market has recently focused on the bond-selling behavior of major banks, and the report estimates the scale of government bonds held by the four major banks for investor reference [2] - The four major banks do not separately disclose the "government bond" scale, but it can be estimated through two approaches: - For **ICBC** and **ABC**, the scale of government bonds held can be obtained from the "related party transactions" section in their financial reports, with ICBC holding CNY 2.37 trillion and ABC holding CNY 1.35 trillion at the end of 2023 [2] - For **CCB** and **BOC**, the scale of government bonds can be estimated based on the "High-Quality Liquid Assets" (HQLA) balance, with CCB holding approximately CNY 1.97 trillion and BOC holding CNY 0.98 trillion at the end of 2023 [2] - Overall, the four major banks held a total of CNY 6.66 trillion in government bonds at the end of 2023, accounting for approximately 22% of the total market government bond balance of CNY 29.71 trillion [2] - By August 6, 2024, the total market government bond balance increased to CNY 31.81 trillion, and the estimated holding of the four major banks is approximately CNY 6.99 trillion [2] Government Bond Distribution - The majority of government bonds held by the four major banks are in the **hold-to-maturity** category [3] - At the end of 2023, the proportion of government bonds classified as **trading financial assets** and **other debt investments** was 1.3% and 19%, respectively [3] - The estimated non-hold-to-maturity government bond investment scale of the four major banks was approximately CNY 1.3 trillion at the end of 2023, and by August 6, 2024, it is estimated to be CNY 1.4 trillion [3] Financial Investment Structure - The financial investment structure of the four major banks shows that government bonds account for a significant portion of their financial assets [9] - **ICBC**: Government bonds account for 74.20% of financial investments, with government bonds making up 19.96% of total financial investments [9] - **CCB**: Government bonds account for 75.80% of financial investments, with government bonds making up 20.42% of total financial investments [9] - **ABC**: Government bonds account for 62.00% of financial investments, with government bonds making up 12.00% of total financial investments [9] - **BOC**: Government bonds account for 69.47% of financial investments, with government bonds making up 13.72% of total financial investments [9] Stock Valuation and Ratings - All major banks listed in the report, including **ICBC**, **CCB**, **ABC**, **BOC**, and others, are rated as **Buy** with target prices and valuation metrics provided [7]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The internet consumer finance market has significant growth potential, with a market structure becoming increasingly concentrated due to regulatory pressures. In 2022, internet finance platforms contributed 16% to the narrow consumer credit balance in China, with consumer credit balance as a percentage of GDP at 15.7%, lower than the US's 18.4% [2][12][14] - Revenue sources and cost structures are diversified, with both light and heavy capital business models having their advantages. The revenue primarily comes from interest, loan facilitation services, and guarantee income, while costs include customer acquisition, risk control, financing, and post-loan management [2][36] - Customer acquisition strategies are evolving, with self-generated traffic and overseas expansion becoming key competitive factors. The cost of third-party online customer acquisition is high, leading to a shift towards self-generated traffic, which is expected to enhance long-term cost efficiency [2][56][58] - Key companies to watch include Qifu Technology, Xinye Technology, and Lufax, each with distinct characteristics. Qifu Technology's light capital model shows strong performance, while Xinye Technology's overseas expansion has become a significant growth driver. Lufax, transitioning to a 100% guarantee model, has faced short-term challenges but is seeing profitability improvements [2][36][68] Summary by Sections 1. Development Space and Market Structure of Internet Consumer Finance - The recovery in consumption is expected to drive growth in the consumer finance industry, with internet consumer finance playing a significant role. The industry has formed a diversified and efficient financial ecosystem supported by regulatory policies [12][14] - The regulatory environment has shifted from disorderly expansion to standardized development, with stricter controls leading to a more concentrated market [21][22] 2. Profit Models and Business Development Trends - The profit model relies on diversified capabilities and licenses, primarily focusing on joint loans and facilitation services. The business model can be categorized into light and heavy capital types, each with distinct revenue and risk profiles [36][37] - The light capital model is gaining traction, with companies like Qifu Technology showing significant growth in this area, while heavy capital models face higher risks but potentially greater returns [40][42] 3. Key Credit Technology Platforms - Major players in the industry include Qifu Technology, Xinye Technology, and Lufax, each demonstrating unique strengths in their business models and market strategies. Qifu Technology's focus on technology-driven solutions has positioned it well for growth [68][73][86]

[Table_ 相关研究： DocReport] 吉电股份（000875.SZ）:火 2024-05-05 电调峰稳定盈利，绿电投产 贡献增量 吉电股份（000875.SZ）:绿 2024-04-07 电转型利润高增，氢储并进 估值低位 [Table_Contacts] [Table_Title] 吉电股份（000875.SZ） 火电改善、绿电成长，业绩高增拟中期分红 [Table_Summary] 核心观点： ⚫ 装机增长、降本增效，2024H1 业绩同比提升 22%。公司发布 24 年中 报，24H1 公司实现营业收入 68.87 亿元（同比-9.79%），归母净利润 10.95 亿元（同比+22.03%），其中 Q1/Q2 归母净利润分别为 6.19/4.76 亿元（同比+22.94%/+20.86%），公司电力业务收入稳定，毛利率提升， 但运维等业务收入降低导致总收入下降。同时公司积极降本增效，虽然 资产负债率提升至 73.61%（同比+2.21pct），但财务费用同比降低 6.5%，此外少数股东损益同比下降 10%，带动业绩稳定提升。公司拟 中期分红 3.26 亿元，分红率 29.83%，对应最新收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value set at 26.73 CNY per share, corresponding to a PE valuation of 17 times for 2024 [3][6]. Core Insights - In July, the company experienced a steady year-on-year growth in pig sales, with an estimated profit of approximately 600 CNY per pig. The company sold 2.3233 million pigs in July, a decrease of 0.39% month-on-month but an increase of 9.02% year-on-year, generating revenue of 5.34 billion CNY, a year-on-year increase of 51.19% [1][2]. - The average selling price for pigs was 18.95 CNY per kilogram, with an average weight of 121.36 kilograms, reflecting a 1.5% decrease month-on-month. Cumulatively, from January to July, the company sold 16.7 million pigs, marking a year-on-year growth of 19.98% [1][2]. - The company has successfully reduced breeding costs, with comprehensive breeding costs dropping to 14.2 CNY per kilogram as of May. The number of breeding sows as of the end of April was 1.57 million, an increase of 20,000 from March [1][2]. - Chicken sales also saw a month-on-month increase in July, with the company selling 9.7 million chickens, a 5.2% increase from the previous month and a 2.77% increase year-on-year, generating revenue of 2.627 billion CNY, a year-on-year increase of 0.4% [1][2]. - The estimated profit per chicken exceeded 2 CNY, with cumulative chicken sales from January to July totaling 645 million, a slight decrease of 0.5% year-on-year [1][2]. - The report suggests that breeding profits may exceed expectations due to a combination of rising pig prices and declining costs, with the industry benefiting from a widening "scissors gap" between rising prices and falling costs [1][2]. - The forecast for the company's earnings per share (EPS) for 2024-2026 is projected at 1.57, 1.91, and 2.55 CNY per share, respectively [1][2].

[Table_Title] 国防军工行业 千帆星座首批组网卫星顺利升空，产业发展有望加速 [Table_Summary] 核心观点： ⚫ 事件：8 月 6 日，长六改运载火箭在太原卫星发射中心成功发射，随后 将千帆极轨 01 组卫星送入预定轨道，任务取得圆满成功。 ⚫ 千帆极轨 01 组卫星首次实现了我国平板式卫星批量化研制，远期将部 署 1.5 万余颗卫星。根据中国科学院微小卫星创新研究院公众号，"千 帆星座"是我国正在建设的低轨卫星互联网星座计划之一，其由上海垣 信卫星科技有限公司作为运营方主导规划、建设、运营等业务，"千帆 星座"空间段远景规划将部署 1.5 万余颗卫星。上海微小卫星工程中心 是"千帆星座"承研方之一，主要负责卫星系统的研制工作，包括平台 产品、有效载荷的研制以及整星的总装、集成、测试等工作。根据中国 航天基金会公众号 2024 年 8 月 5 日推送，千帆星座计划共分为三个 阶段，预计到 2025 年底实现 648 颗卫星的区域网络覆盖，到 2027 年 实现全球覆盖，并在 2030 年底完成 1.5 万颗卫星的手机直连多业务融 合服务。除"千帆星座"外，中国还有 GW 星座、Hong ...

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 两部委强化绿电消纳，关注辅助服务与绿证 [Table_Summary] 核心观点： ⚫ 关注:中广核电力+申能股份+华电国际电力股份+浙能电力+华润电力+ 广州发展+长江电力+福能股份 ⚫ 扩大绿证消费范围，重视辅助服务与绿证交易的电改节奏。本周两部委 印发 2024 年可再生能源消纳目标，一方面继续提升各省绿电消纳比例 （黑冀琼同比提升 7pct+），同时新设电解铝行业进行绿电消纳考核指 标，并以绿证消费量作为衡量标准。此外，本周两部委发布电力中长期 交易规则的绿电篇，促进绿电交易。进一步地，能源局也组织可再生能 源建档立卡，以促进绿证认定。我们认为上述政策均统一的指向了挖掘 绿电的环境价值，并引导消费侧提升绿电需求。我们始终强调电改的目 标是提升绿电装机和消纳，因此挖掘火电等调节电源价值、电网端加速 特高压及配电网建设、逐步提升绿电的经济性是三条核心主线。从电改 的节奏来看，我们看好未来绿证交易试点逐步落地（主线三），并且建 议更多关注辅助服务电价和煤电联动等政策逐步落地和推广（主线一）。 ⚫ 在 ...