Investment Rating - The report provides a "Buy" rating for the textile and apparel industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [22]. Core Insights - The proportion of public funds holding positions in the Hong Kong textile and apparel industry remains at historically low levels, with a quarter-on-quarter decline in Q2 2024 [2][8]. - The number of funds heavily invested in Anta Sports leads the sector, followed by Bosideng and Li Ning [2][10]. - In terms of total shares held by funds, Bosideng ranks first, followed by Xtep International and Li Ning [2][12]. - By market value of holdings, Shenzhou International tops the list, with Anta and Li Ning following [2][14]. - The report highlights a slight decrease in fund holdings compared to Q1 2024, reflecting low interest in the sector [2][18]. Summary by Sections 1. Fund Holdings in the Hong Kong Textile and Apparel Industry - The proportion of public funds and QDII holdings in the textile and apparel sector has been on a downward trend since reaching a peak of 5.88% in Q3 2019, dropping to 0.86% in Q2 2024 [2][8]. 2. Number of Funds by Heavy Holdings - In Q2 2024, Anta Sports had 34 funds heavily invested, while Bosideng had 27 and Li Ning had 15 [2][10]. 3. Total Shares Held by Funds - Bosideng led with 98.86 million shares held, followed by Xtep International with 66.27 million shares and Li Ning with 35.37 million shares [2][12]. 4. Market Value of Fund Holdings - Shenzhou International had a market value of 870 million RMB in fund holdings, while Anta and Li Ning had 855 million RMB and 546 million RMB, respectively [2][14]. 5. Market Value as a Percentage of Total Company Value - Xtep International had the highest percentage of fund holdings relative to its total market value at 2.51%, followed by Li Ning at 1.37% and Bosideng at 0.90% [2][16]. 6. Summary of Fund Holdings Changes and Investment Recommendations - The report suggests focusing on Shenzhou International due to expected order recovery and improved gross margins, while also recommending Bosideng for its brand strength and stable growth prospects [2][18][19].

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [15]. Core Insights - The report highlights that the company achieved record-high performance in FY2024Q3, with revenue reaching 236.65 billion JPY, a year-on-year increase of 10.4%. The revenue for FY2024Q3 alone was 76.75 billion JPY, up 13.51% year-on-year, driven by strong performances in North America, Europe, and Southeast Asia, with Japan also showing rapid growth [2][3]. - The net profit attributable to shareholders for FY2024Q1-3 was 31.28 billion JPY, reflecting a year-on-year increase of 31.15%, while FY2024Q3 net profit was 11.69 billion JPY, up 37.33% year-on-year [2]. - The gross profit margin improved to 56.51% in FY2024Q3, an increase of 2.66 percentage points year-on-year, while the net profit margin reached 15.96%, up 2.61 percentage points year-on-year [2][3]. - The company has raised its FY2024 revenue forecast to 307 billion JPY, expecting an 11.0% year-on-year growth, and a net profit of 36.50 billion JPY, which is a 23.2% increase year-on-year [2]. Summary by Sections Company Performance - Revenue for FY2024Q3 was 76.75 billion JPY, a 13.51% increase year-on-year, with strong contributions from North America, Europe, and Southeast Asia [2]. - Net profit for FY2024Q3 was 11.69 billion JPY, a 37.33% increase year-on-year [2]. - The gross profit margin for FY2024Q3 was 56.51%, up 2.66 percentage points year-on-year [2]. Brand Performance - UNIQLO generated revenue of 64.58 billion JPY in FY2024Q3, a 15.96% increase year-on-year, accounting for 84.14% of total revenue [3]. - GU's revenue for FY2024Q3 was 8.69 billion JPY, up 5.41% year-on-year, representing 11.32% of total revenue [3]. - Global Brands saw a revenue decline of 5.10% year-on-year, totaling 3.44 billion JPY, which accounted for 4.48% of total revenue [3]. Regional Performance - Japan's revenue for FY2024Q3 was 23.69 billion JPY, a 10.42% increase year-on-year [3]. - Revenue from China was 16.20 billion JPY, up 4.29% year-on-year, but profitability in this region decreased significantly [3]. - North America reported a revenue of 5.18 billion JPY, a substantial increase of 41.08% year-on-year [3]. - Europe experienced a revenue increase of 54.83% year-on-year, reaching 6.33 billion JPY [3]. Operational Metrics - The total number of stores reached 3604, with a net increase of 10 stores year-on-year [3]. - Cash and cash equivalents at the end of FY2024Q3 were 109.76 billion JPY, an increase of 18.99% year-on-year [3]. - Accounts receivable stood at 11.06 billion JPY, up 8.68% year-on-year, while inventory was 40.48 billion JPY, a 4.49% increase year-on-year [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.57 RMB per share based on a 2024 PE of 18x [4][2]. Core Views - In Q2 2024, the company experienced accelerated revenue growth, achieving 5.59 billion RMB in revenue, a year-on-year increase of 11.3%, and a net profit of 470 million RMB, up 6.4% year-on-year [2][3]. - The company demonstrated resilience in a weak domestic demand environment, with revenue growth accelerating by 2.9 percentage points quarter-on-quarter, attributed to increased market share in core product categories and a recovery in external sales as inventory depletion ended for major clients [2][3]. - The company is expected to maintain steady growth in revenue and profits, driven by robust overseas demand and an increasing domestic market share in kitchen appliances [2][3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 22.665 billion RMB, with a growth rate of 6.4% [3]. - The net profit for 2024 is estimated at 2.297 billion RMB, reflecting a growth rate of 5.4% [3]. - The earnings per share (EPS) is forecasted to be 2.87 RMB for 2024, with a PE ratio of 16.18x [3][4]. - The company’s return on equity (ROE) is expected to be 29.0% in 2024, indicating strong profitability [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.87 CNY per share based on a 2024 PE valuation of 18 times [13][11]. Core Insights - The company is expected to achieve significant growth in net profit for the first half of 2024, with estimates ranging from 400 to 460 million CNY, representing a year-on-year increase of 118.45% to 151.21% [28]. - The growth is attributed to innovation in product offerings, cost control measures, and the gradual production ramp-up of the Huai'an project, which is expected to enhance the company's competitive position in the differentiated nylon market [29][31]. - A new stock incentive plan for 2024 has been introduced, aimed at binding key management and demonstrating confidence in the company's future growth [31]. Financial Projections - The company forecasts earnings per share (EPS) of 0.88 CNY, 0.97 CNY, and 1.07 CNY for the years 2024, 2025, and 2026 respectively [11]. - Revenue projections for 2024 to 2026 are 6419 million CNY, 7900 million CNY, and 8670 million CNY, with growth rates of 26.0%, 23.1%, and 9.7% respectively [17]. - The net profit is expected to grow from 785 million CNY in 2024 to 954 million CNY in 2026, with growth rates of 74.9% and 10.3% for the respective years [17]. Company Overview - The company is positioned as a leader in differentiated nylon production, with ongoing projects aimed at enhancing production capacity and product value [29]. - The report highlights the company's strategic focus on innovation and cost management as key drivers for future growth [28][29].

Investment Rating - The automotive industry is rated as "Buy" in the report [1]. Core Insights - As of the end of Q2 2024, public funds have an allocation ratio of 5.19% in the automotive sector, which is an increase of 0.14 percentage points from the previous quarter. The automotive industry's free float market value accounts for 4.29% of the total free float market value of A-shares, resulting in an overweight of 0.91 percentage points in the automotive sector [1][11]. - The report highlights that the allocation ratio for the automotive sector reached a peak of 6.20% at the end of Q3 2014, followed by a general downward trend. However, since Q2 2023, the demand for passenger vehicles has shown positive performance, coupled with a favorable policy environment, leading to a significant recovery in the sector's allocation ratio [1][11]. - The report also notes that the weighted PE (TTM) for public fund heavy stocks in the automotive sector is 32.2, which is at the 26.5% percentile since 2005, indicating a relatively favorable valuation compared to historical levels [1][21]. Summary by Sections Section 1: Fund Allocation - The allocation ratio for the automotive industry as of Q2 2024 is 5.19%, up 0.14 percentage points from Q1 2024. The allocation ratios for sub-sectors are as follows: automotive complete vehicles at 1.96% (+0.45 percentage points), passenger vehicles at 1.48% (+0.39 percentage points), commercial vehicles at 0.48% (+0.06 percentage points), automotive parts at 2.72% (-0.45 percentage points), automotive services at 0.01% (-0.02 percentage points), and motorcycles and others at 0.50% (+0.16 percentage points) [1][11][15]. Section 2: Overweight Analysis - The automotive sector is overweight by 0.91 percentage points, with specific overweights in automotive parts (0.43 percentage points), motorcycles and others (0.30 percentage points), commercial vehicles (0.14 percentage points), and passenger vehicles (0.10 percentage points). The automotive services sector is underweight by 0.06 percentage points [1][15][17]. Section 3: Valuation Metrics - As of Q2 2024, the weighted PE (TTM) for public fund heavy stocks in the automotive sector is 27.5, which is at the 49.3% percentile since 2005. The overall automotive sector's weighted PE (TTM) is 30.2, at the 31.6% percentile since 2005, indicating that public fund heavy stocks are currently valued lower than the overall automotive sector [1][21][23].

Xml [Table_Page] 行业专题研究|软件与服务 2024 年 7 月 24 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 台积电业绩强劲并上调全年指引，Netflix 延续增势 Q3 指引略放缓 [Table_Summary] 核心观点： | --- | |----------------| | 分析师： [Tabl | | e_Author] | | | | | | | ⚫ 台积电、Netflix 发布财报，Q2 业绩仍强劲且均上调全年指引。 ⚫ 台积电：业绩强劲，上调全年指引，预计 CoWoS 产能短缺延续至 25 或 26 年。根据公司 24Q2 财报，24Q2 收入实现 208.2 亿美元（YoY+32.8%；此前指引 196~204 亿美元）；净利润实现 76.6 亿美元，YoY+29.2%。 据 24Q2 Earnings Call，公司预计 24Q3 收入 224~232 亿美元，中值同比+32%，环比+9.5%；预计毛利率 53.5%~55.5%；同时上调 2024 年收入指引为增长 25%以上（上季度指引为 20~ ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta's main brand revenue grew in the high single digits year-on-year in Q2 2024, while FILA's revenue increased in the mid-single digits. Other brands saw revenue growth of 40%-50%, with Anta's main brand slightly exceeding expectations [2] - The improvement in discounts for Anta's main brand and the strategy to stabilize and expand is promising. E-commerce channels continue to drive steady growth, with Q2 2024 e-commerce revenue growth of 20%-25%. The online discount for the main brand improved, with a healthy inventory-to-sales ratio below 5. The signing of NBA star Kyrie Irving as a spokesperson and the opening of new high-end urban channels are expected to enhance brand value [2][3] - FILA's online performance was strong, with over 20% revenue growth despite a high base. The inventory-to-sales ratio remained healthy below 5. Descente and Kolon also performed well, with revenue growth of 60% and 35%-40% respectively in Q2 2024, indicating strong consumer purchasing power and a robust outdoor market [2] - The earnings forecast predicts EPS of 4.53, 4.87, and 5.59 CNY per share for 2024-2026. Excluding one-time gains from Amer's listing in 2024, the report assigns a 20x PE valuation for 2024, corresponding to a fair value of 91.61 HKD per share [2][3] Financial Summary - Revenue (in million CNY) is projected to grow from 62,356 in 2023 to 70,682 in 2024, reflecting a growth rate of 13.4% [3] - EBITDA is expected to increase from 17,333 in 2023 to 21,467 in 2024 [3] - Net profit attributable to shareholders is forecasted to rise from 10,236 in 2023 to 12,835 in 2024, with a growth rate of 25.39% [3] - EPS is projected to grow from 3.61 in 2023 to 4.53 in 2024 [3]

[Table_Page] 深度分析|电子 证券研究报告 [Table_Title] 电子行业公募基金二季度持仓分析 24Q2 电子为公募基金配置与超配第一，全板块加仓 [Table_Summary] 核心观点： ⚫ 公募基金 24Q2 电子配置比例与超配比例提升。根据 Wind 数据，统计 公募基金（口径见正文）24Q2 电子行业配置比例达 15.81%，环比上 升 3.77pct；超配比例为 7.99%，环比上升 3.39pct。行业比较来看， 公募基金 24Q2 电子行业配置比例和超配比例均位居申万一级行业第 一名。 ⚫ 子板块情况：公募基金 Q2 全板块加仓。根据 Wind 数据，按照申万行 业分类，公募基金 24Q2 六个电子二级子板块半导体、消费电子、元 件、光学光电子、电子化学品 II、其他电子 II 的配置比例分别为 7.35%、 4.23%、2.75%、0.92%、0.38%、0.16%。其中，半导体板块占全行业 配置额的 46.51%。环比加/减仓情况来看，消费电子、元件、光学光电 子、电子化学品 II、其他电子 II 均是行业中加仓的板块，加仓比例分别 为 0.92%、1.52%、1.22 ...

[Table_Page] 跟踪分析|计算机 证券研究报告 [Table_Title] 计算机行业 国家医保局发布 DRG/DIP 2.0 版分组方案, 推动医疗信息化建设需求升级 [Table_Summary] 核心观点: ⚫ 2024 年 7 月 23 日,医保局印发《国家医疗保障局办公室关于印发按 病组(DRG)和病种分值(DIP)付费 2.0 版分组方案并深入推进相关 工作的通知》(以下称《通知》),主要包括三方面内容要求,对于医保 局和医院端各项流程的规范性、透明性、高效性提出更高要求,我们 认为这将促进医卫组织加强医疗信息化建设。具体要求为:(1) 新版分 组出台加强数据统一性,特例单议对医保局和医院端申报及审核流程 提出更高要求。(2) 提升结算清算水平,基金预付向更加规范化的机构 倾斜。(3)细化医保基金预算指标,建立医保数据工作组。 ⚫ 短期而言,医卫机构需要根据 DRG/DIP 2.0 版分组方案对其信息系统 进行适应性改造。比如调整医疗信息化系统的分组逻辑、优化数据处 理流程等。医疗 IT 厂商需要为医疗机构提供相应的技术咨询和解决方 案,帮助其顺利完成信息系统的改造工作。我们认为一线医疗 ...

[Table_Page] 行业专题研究|国防军工 2024 年 7 月 23 日 证券研究报告 [Table_Title] 国防军工行业 新·视角:地缘冲突向工业化战争倾斜,高效费比武器优势凸显 | --- | --- | --- | --- | --- | --- | |---------------|---------------------------|---------|---------------------------|---------|---------------------------| | 分析师: [Tabl | 孟祥杰 | 分析师: | 吴坤其 | 分析师: | 邱净博 | | e_Author] | SAC 执证号:S0260521040002 | | SAC 执证号:S0260522120001 | | SAC 执证号:S0260522120005 | SFC CE.no: BRF275 SFC CE.no: BRT139 010-59136693 010-59133689 010-59136685 mengxiangjie@gf.com.cn wukunqi@gf.com.c ...