Investment Rating - The report rates the internet media industry as "Buy" [2] Core Insights - The report highlights that the media sector experienced a decline of 1.50% during the week of July 22 to July 26, 2024, outperforming the Shanghai Composite Index by 1.57 percentage points. The decline is attributed to a lack of fundamental catalysts and poor box office expectations for the summer season, leading to volatility in certain stocks. The report suggests focusing on two main lines: selecting high-performing sectors and quality companies, and tracking marginal changes in AI applications within the sector [2][7] - Investment recommendations include focusing on the recovery of platform economy performance and valuation, as well as opportunities in AI and the digital economy. Specific companies to watch include Tencent, Meituan, Kuaishou, Bilibili, and iQIYI, among others [9] Summary by Sections Media Weekly Perspective - The report discusses the release of AI video generation tools and the impact of new AI models on the industry. It notes that the media sector's performance is influenced by macroeconomic pressures and competition in advertising and e-commerce [7][8] Game Dynamics - The report states that the domestic game market's actual sales revenue for the first half of 2024 was 147.27 billion yuan, a year-on-year increase of 2.08%. Mobile game revenue reached 107.52 billion yuan, growing by 0.76% year-on-year, with mini-games being the fastest-growing segment [7] Company Announcements - The report includes financial performance highlights for key companies such as Tencent, Meituan, and Kuaishou, emphasizing their revenue growth and profitability metrics. For instance, Tencent's revenue for Q1 2024 was 159.5 billion yuan, a year-on-year increase of 6.34% [10][11][12][13] Industry News - The report covers significant developments in the media and entertainment industry, including the performance of various segments such as film, television, and online content. It emphasizes the importance of AI technology in enhancing content creation and distribution [9][10]

Investment Rating - The industry rating is "Buy" [4] Core Insights - The deepening reform of the national defense science and technology industry and the improvement of the weapon procurement system are expected to support high-quality development in the industry, with a positive outlook for medium to long-term improvement trends and increased prosperity [2][14] - The shipbuilding sector is experiencing sustained growth, with the National Development and Reform Commission proposing support for the scrapping and updating of old operating vessels, and Chinese shipyards expected to account for over 60% of global new ship orders in the first half of 2024 [2][14] - The aerospace sector, including large aircraft, satellite internet, and military trade, continues to show strong growth, with significant increases in orders and profits reported by major companies [2][14] - Looking ahead to the second half of 2024, high prosperity in new productivity sectors such as aerospace and large aircraft is expected to continue, with a favorable outlook for equipment procurement and military trade exports [2][14] Summary by Sections Section 1: Recent Developments - The report highlights the importance of institutional optimization for the high-quality development of the defense industry, emphasizing the need for a modern management system for weaponry and equipment [2][14] - The shipbuilding industry is supported by government measures aimed at promoting the scrapping of high-emission vessels and the development of clean energy ships [2][14] Section 2: Market Performance - The report notes that the aerospace sector is seeing a rise in demand, with significant order growth reported by GE Aviation and the upcoming delivery of the first C919 aircraft by China Southern Airlines [2][14] Section 3: Investment Recommendations - The report suggests a low-valuation strategy with a focus on military stocks, recommending companies such as Aero Engine Corporation, AVIC Heavy Machinery, and others for their growth potential and market positioning [3][15] - Specific companies are highlighted for their strong growth prospects, including Guangwei Composites, China Power, and others, with expected increases in net profits and favorable valuations [15][19][20]

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The pig price is experiencing slight fluctuations, with the average price for lean pigs at 19.26 CNY/kg as of July 26, showing a 0.05% decrease week-on-week but a 10.94% increase year-on-year. The estimated profit for self-breeding and self-raising exceeds 400 CNY per head [2][10] - The feed industry is seeing a recovery in profitability, with a notable increase in pig feed sales. The demand for poultry feed remains stable, and the aquaculture feed sector is also improving due to lower costs [3][10] - The sugar market is expected to maintain a weak fluctuation trend, with domestic sugar prices at 6480 CNY/ton, up 0.3% week-on-week, while international raw sugar prices are at 18.95 cents/pound, down 2.60% [11][45] Summary by Sections Livestock Farming - The average price for lean pigs is 19.26 CNY/kg, with a slight week-on-week decrease and a significant year-on-year increase. The profit for self-breeding pigs is estimated at 459.35 CNY per head [10][19] - The feed production for pigs has decreased by 7.3% year-on-year, indicating a potential supply contraction in the second half of the year [10] - Recommended companies include Wens Foodstuffs, Muyuan Foods, and Lihua Agricultural [10] Feed and Animal Health - Corn and soybean meal prices are experiencing slight fluctuations, with pig feed sales showing a positive trend. The demand for aquaculture feed is also expected to recover [3][10] - The animal health sector is projected to recover as profitability in farming improves, with recommended companies including BioFuda and Zhongmu [3][10] Crop Farming - Domestic sugar prices are at 6480 CNY/ton, with expectations of a weak fluctuation trend due to increased supply and import pressures [11][45] - The international raw sugar price is at 18.95 cents/pound, reflecting a decrease [11][45] Industry Tracking - The agricultural sector has underperformed the market by 0.8 percentage points, with the aquaculture sector showing a slight increase [17] - The average price for broiler chickens is 3.90 CNY/kg, with a week-on-week increase of 4.84% [25][19]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.0 CNY per share, compared to the current price of 35.84 CNY [4][2]. Core Insights - The company reported a revenue of 1.72 billion CNY for the first half of 2024, representing a year-on-year increase of 12.6%. The net profit attributable to the parent company was 240 million CNY, up 19.5% year-on-year [2][3]. - In Q2 2024, the company achieved a record revenue of 790 million CNY, a 16.6% increase year-on-year, with net profit attributable to the parent company reaching 56.12 million CNY, reflecting a 29.6% increase [2][3]. - The growth in revenue was driven by high-end product sales, which increased by 14.7% to 720 million CNY, while mid-range product sales decreased by 43.6% to 22.7 million CNY [2][3]. - The gross margin for liquor products improved, with a gross margin of 85.2% for Q2 2024, up 3.2 percentage points year-on-year [2][3]. Financial Summary - Revenue projections for 2024-2026 are 5.378 billion CNY, 5.965 billion CNY, and 6.709 billion CNY, respectively, with year-on-year growth rates of 8.6%, 10.9%, and 12.5% [3][7]. - The net profit attributable to the parent company is expected to reach 1.4 billion CNY in 2024, 1.573 billion CNY in 2025, and 1.812 billion CNY in 2026, with growth rates of 10.3%, 12.4%, and 15.2% respectively [3][7]. - The company's price-to-earnings (P/E) ratio is projected to be 12.51 for 2024, decreasing to 9.66 by 2026, indicating an attractive valuation [3][7].

Investment Rating - The industry investment rating is "Buy" [3] Core Views - The life insurance sector continues to show high growth due to expectations of a decrease in the preset interest rate and a high willingness of residents to save. The premium income growth rate for life insurance companies from January to June is 13%, an increase from 12.3% in January to May, significantly higher than the growth rates of listed insurance companies such as Ping An (5%), China Life (4.1%), New China Life (-8.4%), and China Pacific Insurance (-1.2%) [2][3] - In the property insurance sector, the growth rate of auto insurance premiums has slowed, while non-auto insurance has seen accelerated growth. The premium income growth rate for property insurance companies from January to June is 4.5%, slightly up from 4.4% in January to May. Among listed insurers, China Pacific Insurance (7.7%) outperformed the industry growth rate, while PICC Property (3.7%) and Ping An Property (4.1%) lagged behind [2] Summary by Sections Life Insurance - The premium growth rate for life insurance in June was 19.7%, up from 15.5% previously, indicating a strong willingness to save among residents. The growth in health insurance premiums was 7.5%, while accident insurance premiums saw a decline of 26.5% [2] - The market shares of major life insurers as of the end of June were: Ping An (12.2%, down 0.9 percentage points), China Life (18.6%, down 1.6 percentage points), New China Life (3.8%, down 0.9 percentage points), and China Pacific Insurance (5.8%, down 0.8 percentage points) [2] Property Insurance - The growth rate for auto insurance premiums in June was 1.9%, down from 3.3% previously, primarily due to a 6.8% decline in monthly auto sales. Non-auto insurance premiums grew by 7.4%, up from 4.7%, driven by the gradual progress of policy-related insurance bidding processes [2] - The market shares for property insurers as of the end of June were: PICC Property (34%), Ping An Property (17.5%), and China Pacific Insurance (12.3%), with slight changes in market share percentages [2] Investment Recommendations - The report maintains a "Buy" rating for the insurance sector, noting that the valuation of insurance stocks is currently at historically low levels. It suggests continued attention to insurance stocks, specifically recommending: China Pacific Insurance (A/H), China Property Insurance (H), China Life (A/H), China Taiping (H), New China Life (A/H), Ping An (A/H), and AIA Group (H) [2]

Investment Rating - The report rates the real estate industry as "Buy" [2] Core Viewpoints - The short-term policy direction focuses on "de-stocking and stabilizing demand," while the long-term goal is to improve institutional frameworks [18][19] - The cumulative index of restrictive policies has decreased significantly, indicating a reduction in policy constraints [25][28] - The sales market shows signs of improvement, with a narrowing decline in transaction volumes and a marginal increase in prices [2][18] - The financing environment is improving, with a notable decrease in the decline of funds available to real estate companies [2][30] Summary by Sections Policy Environment Overview - The 20th Central Committee's third plenary session emphasized the need to prevent and resolve risks in the real estate sector, with a focus on optimizing both existing and new policies [18][19] - The cumulative index of restrictive policies has dropped from 2304 in January 2022 to 852 by July 2024, a decrease of 63% [25][28] Transaction Market Overview - In June 2024, the total sales amount of commercial housing reached 1.15 trillion yuan, a year-on-year decline of 14.3%, but the decline has narrowed by 12.1 percentage points compared to May [2][18] - The average sales price growth turned positive for the first time in the year, with a month-on-month increase of 0.2% [2][18] Land Market Overview - In June 2024, the land transfer revenue in 600 cities was 179.6 billion yuan, a year-on-year decline of 52.0% [2][18] Development Investment Market Overview - The new construction area of commercial housing in June 2024 was 79.33 million square meters, a year-on-year decline of 21.7% [2][18] Financing Market Overview - The funds available to real estate companies in June 2024 amounted to 1.1 trillion yuan, a year-on-year decline of 15.2%, but the decline has improved compared to previous months [2][30]

[Table_Page] 行业专题研究|软件与服务 2024 年 7 月 26 日 证券研究报告 [Table_Title] 【广发 TMT 产业研究】美股科技股观察 | 24Q2 业绩跟踪 谷歌：业绩增势延续但略放缓，云增速继续回升，维持高资本开支指引 [Tabl 分析师： 杨琳琳 [Table_Summary] 核心观点： | --- | --- | |-----------|----------------------------| | e_Author] | SAC 执证号：S0260514050004 | | | SFC CE.no: BNC117 | | | 0755-23480370 | | | yll@gf.com.cn | ⚫ 24Q2 收入和净利润保持双位数增长，但略放缓，运营利润率环比提升，净利率环比下降；资本支出环比增长。 根据财报，24Q2 收入同比+13.6%；运营利润同比+25.6%，运营利润率 32.4%（YoY+3.1pct，QoQ+0.7pct）； 净利润同比+28.6%。24Q2 资本开支 132 亿美元（YoY+91%，QoQ+10%）。公司维持 24 年季度资本支出将 ...

[Table_Title] "求知"系列二 矿山装备深度：逆流而上，从新出发 [Table_Summary] 核心观点： 矿山机械产业链：挖装、运输、破磨为主力设备。矿山开采分为勘探、 开采、洗选、冶炼四大流程，其中矿山装备主要集中在开采和洗选。开 采的核心是挖装（挖机、电铲）和矿车，洗选的核心是破碎和磨机。 长周期资本开支不足，金属价格高企+资本密集度向上为本轮新驱动。 周期复盘：矿山装备上一轮周期持续了 17 年，本轮周期从 18 年开始， 行业经历了长周期资本开支不足后缓慢上行，22 年以来资本开支开始 加速，23 年全球前十大矿企资本开支同比增长超 15%，且 24 年预期 增速维持高位。驱动因素：（1）矿石价格支撑矿企高盈利水平：本轮矿 石价格上涨幅度大、持续时间长、韧性足，铜金铝价格均处于历史高位， 矿企盈利能力回升具备资本开支能力。（2）矿石品位下降促进资本密集 度持续攀升：过去二十年，智利铜矿品位下降近 60%，现有铜矿 16-22 年资本密集度自 11378 美元/吨提升至 19542 美元/吨，提升超 70%。 从下游矿企增产意愿和矿机龙头订单来看，当前景气度持续上升。（1） 铜、金主要矿 ...

[Table_Page] 行业专题研究|纺织服饰 2024 年 7 月 27 日 证券研究报告 [Table_Title] 纺织服饰行业 从中国奥运领奖服变迁看国内运动鞋服行业竞争格局变化 | --- | --- | --- | --- | --- | --- | |----------------|----------------------------|----------|----------------------------|----------|----------------------------| | 分析师： [Tabl | 糜韩杰 | 分析师： | 左琴琴 | 分析师： | 李咏红 | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260521050001 | | SAC 执证号：S0260523100001 | SFC CE.no: BPH764 SFC CE.no: BSE791 021-38003650 021-38003540 021-38003542 mihanjie@gf.com.cn zuoqinqin@gf.com. ...

[Table_Title] 计算机行业 [Table_Page] 跟踪分析|计算机 证券研究报告 从谷歌财报看 AI 投入与产出 [Table_Summary] 核心观点： 谷歌发布 FY24Q2 财报，谷歌云营收占比提升。FY24Q2 公司实现营 收 847 亿美元，实现净利润 236.2 亿美元。分业务看，谷歌服务、谷 歌云分别实现营收 739 亿美元、103 亿美元，贡献营收占比分别为 87.2%、12.2%。 谷歌广告业务收入增长平稳，目前 AI 增量贡献或有限。谷歌于 2023 年 12 月推出 Gemini 大模型，此后应用于其广告业务中。23Q4-24Q2， 广告业务营收分别为 655 亿美元、617 亿美元和 646 亿美元，同比增 速分别为 11%、13%和 11%。在 Gemini 大模型推出后，谷歌的广告 业务的营收增长并未发生明显的持续增长。我们判断，尽管 AI 相关功 能推动其广告业务相关产品升级，但其体现在收入层面的增长数据并 不明显，目前 AI 在广告业务收入增长中的贡献或较为有限。 AI 拉动谷歌云业务增长，季度收入首次突破百亿美元。受益于 AI 拉动， 谷歌云增长强劲，FY2 ...