[Table_Title] 南京银行（601009.SH） 非息高增，业绩好于预期 [Table_Summary] 核心观点： 南京银行发布 2024 年半年度报告，24H1 营收、PPOP、归母利润同 比增速分别为 7.9%、10.4%、8.5%；24Q2 单季度营收、PPOP、归 母净利润同比分别增长 13.6%、17.2%、12.0%。从上半年累计业绩驱 动上看，规模增长、非息收入高增、成本收入比下降是主要正贡献，息 差、拨备计提是主要负贡献。 亮点：（1）信贷保持较高增速。24H1 贷款同比增长 13.5%，结构上以 对公贷款为主，24H1 对公贷款同比增长 16.6%，基建和制造业贷款同 比增速分别为 34.3%、26.3%。个人贷款需求疲软，24H1 个贷同比增 长 4.4%，仅消费贷款正增，同比增长 9.4%。（2）其他非息收入保持 高增。24H1 公司其他非息收入同比增长 25.5%，环比 24Q1 提升 1.62pct，或主要得益于债牛行情下交易户浮盈，公允价值变动损益大 幅增长。（3）中收增长稳健。24H1 手续费及佣金净收入同比增长 13.3%，相对稳健，主要是代理咨询、担保承诺等业务保 ...

[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 华能国际(600011.SH)/华能国际电 力股份(00902.HK) 二季度火电风电盈利承压，现金流持续改善 [Table_Summary] 核心观点： ⚫ 二季度业绩盈利 29 亿元，火电、风电利润承压。公司发布 2024 年中 报，上半年实现营收 1188 亿元(同比-5.7%)，归母净利润 74.5 亿元（同 比+18.2%，Q1、Q2 分别为 46、29 亿元）。分板块税前利润，Q1、Q2 煤电盈利 28、12 亿元，折度电 3.1、1.5 分/度，环比下降预计为非供 暖季煤耗增加等影响，计算 Q2 煤耗环比提升 25 克/千瓦时、影响度电 2.5 分；上半年绿电盈利 53 亿元(同比+5.0%)，其中 Q2 风电盈利同比 下降 23%、考虑为利用小时数下降致电量减少影响。上半年经营现金 流 236 亿元(同比+71.5%)，投资现金流净流出 225 亿元(同比+6.3%)。 ⚫ 看好净资产持续修复，容量及辅助服务稳定盈利。2024H1 公司还原后 的归母净资产为 559 亿元(不含永续债 796 亿元)、较上年末增 ...

Quantitative Factors and Construction - **Factor Name**: LongBuy_1p0, LongBuy_1p5, LongBuy_2p0, LongSell_1p0, LongSell_1p5, LongSell_2p0, LongBuySell_1p0, LongBuySell_1p5, LongBuySell_2p0 **Construction Idea**: These factors are based on the completion time of buy or sell orders. Orders with completion times exceeding the mean plus N standard deviations are classified as "long orders," while others are classified as "short orders" [21][23][24] **Construction Process**: - Calculate the mean and standard deviation of order completion times - Define long orders as those exceeding the mean + N standard deviations (N = 1.0, 1.5, 2.0) - Compute the proportion of long buy orders (LongBuy), long sell orders (LongSell), and their combined proportion (LongBuySell) - Formula: $ LongBuy = \frac{\text{Volume of long buy orders}}{\text{Total buy order volume}} $ $ LongSell = \frac{\text{Volume of long sell orders}}{\text{Total sell order volume}} $ $ LongBuySell = LongBuy + LongSell $ **Evaluation**: These factors effectively capture the dynamics of order completion times and provide insights into market behavior [21][24][25] - **Factor Name**: LongBuy_ShortSell_1p0, ShortBuy_LongSell_1p0, ShortBuy_ShortSell_1p0 **Construction Idea**: These factors are derived by decoupling long and short orders into four distinct attributes: long buy-long sell, long buy-short sell, short buy-long sell, and short buy-short sell [33][34][36] **Construction Process**: - Use the same thresholding method (mean + N standard deviations) to classify long and short orders - Combine long/short buy and sell orders into distinct factor categories - Example formula for LongBuy_ShortSell: $ LongBuy\_ShortSell = \frac{\text{Volume of long buy orders and short sell orders}}{\text{Total order volume}} $ **Evaluation**: These factors provide a more granular view of order dynamics by considering both buy and sell directions [33][34][36] Factor Backtesting Results LongBuySell_1p0 Factor (5-day Rebalancing) - **RankIC Mean**: 7.4% - **Win Rate**: 72% - **Long Portfolio Annualized Return**: 22.63% - **Maximum Drawdown**: 15.91% - **Sharpe Ratio**: 1.27 - **Long-Short Portfolio Annualized Return**: 54.76% - **Maximum Drawdown**: 10.76% - **Sharpe Ratio**: 3.80 [24][28][29] LongBuySell_1p0 Factor (20-day Rebalancing) - **RankIC Mean**: 10.4% - **Win Rate**: 77% - **Long Portfolio Annualized Return**: 23.17% - **Maximum Drawdown**: 9.31% - **Sharpe Ratio**: 1.54 - **Long-Short Portfolio Annualized Return**: 37.74% - **Maximum Drawdown**: 9.03% - **Sharpe Ratio**: 2.34 [25][30][32] ShortBuy_ShortSell_1p0 Factor (5-day Rebalancing) - **RankIC Mean**: -7.4% - **Win Rate**: 28% - **Long Portfolio Annualized Return**: 22.53% - **Maximum Drawdown**: 15.73% - **Sharpe Ratio**: 1.27 - **Long-Short Portfolio Annualized Return**: 54.85% - **Maximum Drawdown**: 11.00% - **Sharpe Ratio**: 3.78 [34][37][38] ShortBuy_ShortSell_1p0 Factor (20-day Rebalancing) - **RankIC Mean**: -10.4% - **Win Rate**: 23% - **Long Portfolio Annualized Return**: 23.03% - **Maximum Drawdown**: 9.17% - **Sharpe Ratio**: 1.53 - **Long-Short Portfolio Annualized Return**: 37.73% - **Maximum Drawdown**: 9.19% - **Sharpe Ratio**: 2.31 [36][40][41] Selected Long-Short Factor Portfolio Performance All-Market Portfolio (2021-2023) - **RankIC Mean**: 13.2% - **Win Rate**: 80.5% - **Top-150 Portfolio Annualized Return**: 21.41% - **Maximum Drawdown**: 18.70% - **Sharpe Ratio**: 1.31 - **Benchmark (CSI All-Share Index) Annualized Return**: -8.50% [10][44][49] ChiNext Portfolio (2021-2023) - **RankIC Mean**: 13.2% - **Win Rate**: 80.3% - **Top-150 Portfolio Annualized Return**: 21.52% - **Maximum Drawdown**: 29.49% - **Sharpe Ratio**: 1.07 - **Benchmark (ChiNext Index) Annualized Return**: -7.46% [50][54][82] CSI 300 Portfolio (2021-2023) - **RankIC Mean**: 10.2% - **Win Rate**: 65.9% - **Top-50 Portfolio Annualized Return**: 6.61% - **Maximum Drawdown**: 14.87% - **Sharpe Ratio**: 0.35 - **Benchmark (CSI 300 Index) Annualized Return**: -13.79% [56][58][82] CSI 500 Portfolio (2021-2023) - **RankIC Mean**: 11.1% - **Win Rate**: 65.9% - **Top-50 Portfolio Annualized Return**: 8.18% - **Maximum Drawdown**: 17.63% - **Sharpe Ratio**: 0.44 - **Benchmark (CSI 500 Index) Annualized Return**: -5.98% [61][63][82] CSI 800 Portfolio (2021-2023) - **RankIC Mean**: 11.3% - **Win Rate**: 68.7% - **Top-50 Portfolio Annualized Return**: 7.93% - **Maximum Drawdown**: 16.76% - **Sharpe Ratio**: 0.44 - **Benchmark (CSI 800 Index) Annualized Return**: -12.01% [66][69][82] CSI 1000 Portfolio (2021-2023) - **RankIC Mean**: 10.0% - **Win Rate**: 67.4% - **Top-50 Portfolio Annualized Return**: 10.59% - **Maximum Drawdown**: 20.40% - **Sharpe Ratio**: 0.58 - **Benchmark (CSI 1000 Index) Annualized Return**: -4.70% [73][74][78]

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199.SH) with a target price of 36.41 CNY per share, based on a 20x PE valuation for 2024 [3][4]. Core Insights - Jiuhua Tourism reported a revenue of 395 million CNY for 1H24, a year-on-year increase of 3.92%, and a net profit attributable to shareholders of 114 million CNY, up 2.65% year-on-year. Compared to 1H19, revenue grew by 36.08% and net profit by 41.82%. In Q2 2024, revenue reached 215 million CNY, a 14.17% increase year-on-year, with net profit growing by 25.7% [1][2]. - The company has successfully reduced its expense ratio, with a decrease of 0.24 percentage points to 15.45% in 1H24 compared to the previous year, and a 0.8 percentage point reduction compared to 1H19. The management expense ratio decreased by 0.32 percentage points to 11.8% year-on-year [1]. - The breakdown of revenue by business segment shows: - Hotel: 120 million CNY, up 2.72%, with a gross margin of 18.31% - Passenger transport: 90 million CNY, up 28.1%, with a gross margin of 57.77% - Cable car: 150 million CNY, down 6.1%, with a gross margin of 87.8% - Travel agency: 140 million CNY, up 17.9%, with a gross margin of 1.97% [1]. Financial Summary - The financial projections for Jiuhua Tourism indicate expected net profits of 200 million CNY, 220 million CNY, and 240 million CNY for 2024, 2025, and 2026 respectively, representing growth rates of 15.4%, 10.7%, and 9.1% [2][6]. - The company’s revenue is projected to grow from 798 million CNY in 2024 to 945 million CNY by 2026, with growth rates of 10.3%, 9.4%, and 8.3% for the respective years [2][7].

[Table_Page] 跟踪研究|公用事业 证券研究报告 [Table_Title] 中国广核(003816.SZ)/中广核电力 (01816.HK) 电量稳定、机组开工，可转债融资保障成长 [Table_Summary] 核心观点： ⚫ 公司拟发行可转债募资，保障核电机组建设。公司发布公开发行可转 债预案公告，拟募资不超过 49 亿元，用于陆丰 5、6 号机组建设根据 公司财报及投产公告，截至 2024 年 5 月末，公司在运装机 31.76GW， 在建+核准 10 台机组合计 12.06GW，其中陆丰#5、#6 为公司自行建 设，预计总投资 409 亿元，也是此次可转债募资方向；宁德#5、#6 由 联营企业宁德第二核电建设（公司持股 43%），宁德#5 已于 7 月 28 日开工，惠州、苍南 6 台机组由集团委托公司管理在建。除此次募资 外，截止 Q1 公司资产负债率仅 60%，未来自有资金融资空间充裕。 ⚫ 多机组并网贡献增量，业绩稳健增长。根据公司财报，因防城港#3 于 2023 年 3 月投产、及平均利用小时数提升，2023 年公司控股核电发 电量同比+7.3%，带动 23 年利润同比提升 7.6 ...

Investment Rating - The investment rating for the company is "Buy" with a reasonable value of 30.32 CNY per share, corresponding to a PE ratio of 20 times for the year 2024 [4][10]. Core Views - The company has significantly reduced its breeding costs, leading to a substantial turnaround in performance for the second quarter. The half-year report for 2024 shows a revenue of 7.8 billion CNY, a year-on-year increase of 12%, and a net profit attributable to shareholders of 570 million CNY, a year-on-year increase of 197%. The second quarter alone generated a revenue of 4.1 billion CNY, with a net profit of approximately 500 million CNY, marking a year-on-year increase of 346% [2][3]. - The company experienced steady growth in yellow chicken output, with 235 million birds sold in the first half of 2024, an increase of 11% year-on-year. The average selling price was 6.6 CNY per jin, while the total cost dropped to 6.1 CNY per jin, resulting in an estimated profit of about 2 CNY per bird [2][3]. - The scale of pig farming has rapidly increased, with 435,000 pigs sold in the first half of 2024, a year-on-year increase of 19%. The second quarter saw approximately 242,000 pigs sold, an increase of 88% year-on-year. The breeding cost for pigs significantly decreased to 7.4 CNY per jin in the second quarter [2][3]. Financial Summary - The company's revenue is projected to grow from 15.35 billion CNY in 2023 to 17.13 billion CNY in 2024, reflecting a growth rate of 11.6% [3][8]. - The net profit is expected to recover from a loss of 437 million CNY in 2023 to a profit of 1.26 billion CNY in 2024, indicating a growth rate of 386.8% [3][8]. - The earnings per share (EPS) are forecasted to be 1.52 CNY in 2024, increasing to 2.07 CNY in 2025 and 2.78 CNY in 2026 [2][3].

[Table_Title] 房地产行业 政治局会议明确收储重要性，下半年稳经济力度将加强 [Table_Summary] 核心观点： ⚫ 政治局会议召开，更新地产定调。24 年 7 月 30 日中央政治局会议召 开，对地产定调为，落实好促进房地产市场平稳健康发展的新政策，坚 持消化存量和优化增量相结合，积极支持收购存量商品房用作保障性 住房，进一步做好保交房工作，加快构建房地产发展新模式。 ⚫ 7 月 30 日政治局会议布局应对当前经济问题。相比 4 月份"经济持续 回升向好仍面临诸多挑战"，到 7 月份会议"下半年改革发展稳定任务 很重，坚定不移完成全年经济社会发展目标任务"，将提振内需，稳定 外需重要性提高，也强调了基层政策执行效率问题，对当前形式的分析 是比较到位的。 ⚫ 进一步强调以存量房明确为去库存政策方向。4 月地产的表述为统筹 研究消化存量房，7 月的表述为积极支持收购存量商品房用作保障房工 作，下半年财政和地方政府的发力重点讲在收储方面。当前市场整体库 存规模并不高，若政府收储力度较大，考虑政府本金出资和杠杆作用， 对新房市场将会形成超 5000 万方的规模带动作用，对稳定价格将起到 一定作用 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.64 CNY per share based on a 40x PE valuation for 2024 [3][57]. Core Insights - The company's performance in Q2 2024 shows a significant recovery, with revenue of approximately 71.44 million CNY, a year-on-year increase of 76%, and a quarter-on-quarter increase of 207%. The net profit for the same period was 23.57 million CNY, marking a turnaround from a loss in Q1 2024 [1][17]. - The demand for spent fuel processing in China is expected to grow, as the current processing capacity is only 50 tons per year, indicating a clear opportunity for the company to benefit from this market gap [1][32]. - The company is expanding into new growth areas such as renewable energy and healthcare, with strategic acquisitions and product development aimed at military and defense sectors [1][11]. Summary by Sections Company Overview - The company specializes in the research, development, production, and sales of special robots and intelligent equipment, primarily for the nuclear industry, including spent fuel processing [11][12]. Financial Performance - In the first half of 2024, the company achieved revenue of approximately 94.7 million CNY, a year-on-year increase of 2.22%, and a net profit of about 12.4 million CNY, up 18.16% year-on-year [1][17]. - The company forecasts significant growth in EPS, estimating 0.82 CNY for 2024, 1.44 CNY for 2025, and 2.13 CNY for 2026 [2][57]. Market Potential - The nuclear power sector in China is experiencing a resurgence, with approvals for new nuclear units accelerating, which is expected to enhance the downstream market conditions [26][30]. - The importance of spent fuel processing is increasing, with projections indicating a substantial rise in the demand for processing capabilities in the coming years [32][38]. Competitive Position - The company has established a strong foothold in the nuclear industry, with a focus on high-tech equipment and robots that meet stringent safety and operational standards [11][40]. - The company is also working on domestic production of critical components, reducing reliance on imports and enhancing its competitive edge [40][46]. Investment Strategy - The company is investing in high-end intelligent equipment and robot manufacturing bases, as well as product R&D centers, to bolster its production capacity and technological capabilities [46][51]. - The strategic partnership with China National Nuclear Corporation (CNNC) is expected to deepen collaboration and enhance the company's market position [45][46].

Industry Overview - The report provides an in-depth analysis of the banking industry under the new capital regulations, focusing on the classification and grading of 395 bond-issuing banks [1][2] - The core view of the report is that the new capital regulations, issued by the Financial Regulatory Bureau in November 2023, have introduced a three-tier classification system for commercial banks based on consolidated asset size and overseas debt, with differentiated capital requirements [2] - The report updates the classification and grading of banks based on the latest disclosed total asset size, capital indicators, and leverage ratios from the 2023 annual reports [2] Bank Classification and Grading - Among the 395 sample bond-issuing banks, 63 are classified as Tier 1, accounting for 15.95% of the total, with total assets of 317.7 trillion yuan, representing 89.61% of the total assets [3] - Tier 2 banks comprise 325 institutions, accounting for 82.28% of the total, with total assets of 36.8 trillion yuan, representing 10.37% of the total assets [3] - Only 7 banks are classified as Tier 3, accounting for 1.77% of the total, with total assets of 450 billion yuan, representing 0.01% of the total assets [3] - Among the 42 A-share listed banks, 31 meet the Tier 1 classification requirements, while the remaining 11 are Tier 2, including 3 city commercial banks and 8 rural commercial banks [3] Bank Grading by Risk Weight - The report classifies banks into four grades (A+, A, B, C) based on their risk weight requirements under the new regulations [12] - A+ grade banks must have a core Tier 1 capital adequacy ratio of at least 14% and a leverage ratio of at least 5%, with a risk weight of 20%-30% for bank claims [12] - A grade banks must meet the minimum capital requirements and buffer capital requirements set by their respective regulatory authorities, with a risk weight of 20%-40% for bank claims [12] - B grade banks must meet the minimum capital requirements but may not fully meet other capital requirements, with a risk weight of 50%-75% for bank claims [12] - C grade banks do not meet the minimum capital requirements or have received adverse audit opinions, with a risk weight of 150% for bank claims [12] Financial Bond Issuance - As of July 30, 2024, A+ grade banks have issued 1.68 trillion yuan in outstanding certificates of deposit, accounting for 9.46% of the total, with 314.4 billion yuan in 3M and below and 1.36 trillion yuan in 3M and above [3] - A+ grade banks have issued 587 billion yuan in outstanding Tier 2 capital bonds, accounting for 14.37% of the total, and 275.3 billion yuan in perpetual bonds, accounting for 10.92% of the total [3] - A grade banks have issued 16.4 trillion yuan in outstanding certificates of deposit, accounting for 92.54% of the total, with 1.84 trillion yuan in 3M and below and 14.6 trillion yuan in 3M and above [3] - A grade banks have issued 3.52 trillion yuan in outstanding Tier 2 capital bonds, accounting for 86.08% of the total, and 2.29 trillion yuan in perpetual bonds, accounting for 90.76% of the total [3] - B and C grade banks have relatively small amounts of outstanding financial bonds, with 45.9 billion yuan in certificates of deposit, 6.6 billion yuan in Tier 2 capital bonds, and 10.3 billion yuan in commercial bank bonds [3] Key Bank Data - The report provides detailed data on key financial indicators for major banks, including total assets, core Tier 1 capital adequacy ratios, leverage ratios, and outstanding financial bonds [18][19][20] - For example, Industrial and Commercial Bank of China (ICBC) has total assets of 476 trillion yuan, a core Tier 1 capital adequacy ratio of 13.78%, and a leverage ratio of 7.68%, with 7.165 trillion yuan in outstanding certificates of deposit [19] - China Construction Bank (CCB) has total assets of 421.573 trillion yuan, a core Tier 1 capital adequacy ratio of 11.37%, and a leverage ratio of 6.79%, with 16.632 trillion yuan in outstanding certificates of deposit [19] - Bank of China (BOC) has total assets of 397.293 trillion yuan, a core Tier 1 capital adequacy ratio of 14.11%, and a leverage ratio of 7.76%, with 12.25 trillion yuan in outstanding certificates of deposit [19]

广发证券 跟踪分析|银行 银行行业 行业评级 买入 对次许级 买入 银行买了多少基金（2023）？ 报告日期 2024-07-31 GFSECURITIES 证券研究报告 核心观点： 相对市场表现 我们去年12月在报告《银行买了多少基金？》中盘点了120家发债银行 10% 2022年末基金持有规模情况、目前发债银行2023年年报已披露，本篇报 ts24 07.24 告将盘点233家发债银行2023年未基金持有情况 -10% 233家发货银行2023A基金投资占比情况见表3截至23年末， 233家 17% 发债银行会配投资规模共98万亿元， 占总资产的29%，其中基会投资规 -24% 占总金融投资规模的7.03% 分银行类型来君，服份行、 *x300 模6.92万亿元 城商行基金投资占金融投资比重相对偏高，分别为12.55% 12.16%，农 商行为6.13% 国有行占比最低，仅2.77% A股上市银行方面， 截至 分析师： 他军 23年12月为 上市银行合计金融投资规模共80.87万亿元，占总资产比 SAC 执机号: S0260518020004 6.86%，股份行和城商行同格偏高，分别为12.95%、15. ...