Investment Rating - The investment rating for the company is "Buy" for both Hong Kong and US stocks [2]. Core Views - The company reported a slight profit exceeding expectations, with a continuous optimization of its customer structure [2]. - For the first half of 2024, the company achieved revenue of 20.69 billion RMB, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 4.04 billion RMB, a year-on-year decrease of 4.1% [3][4]. - The adjusted net profit for the same period was 5.03 billion RMB, reflecting a year-on-year increase of 13.0% [3]. - The company completed a business volume of 15.623 billion pieces in the first half of 2024, representing a year-on-year growth of 11.8% [3]. Financial Performance - In Q2 2024, the company achieved revenue of 10.73 billion RMB, a year-on-year increase of 10.1%, and a net profit of 2.61 billion RMB, a year-on-year increase of 2.8% [3][4]. - The adjusted net profit for Q2 was 2.81 billion RMB, a year-on-year increase of 10.9% [3]. - The adjusted profit per ticket increased slightly by 0.7% to 0.33 RMB, while the core revenue per ticket remained stable at 1.24 RMB, despite a 12% decline in the industry average [4]. Strategic Insights - The company is actively exploring a new balance between market share and profit margin amidst ongoing price competition in the industry [4]. - The revenue from direct customer business grew by 26.2% year-on-year, indicating a focus on high-quality development strategies [4]. - The company announced a dividend of 0.35 USD per share, highlighting its commitment to synchronizing dividends with growth [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 12.73 RMB, 14.89 RMB, and 17.42 RMB, respectively [5]. - The company is assigned a 15x price-to-earnings (PE) valuation for 2024, leading to a target price of 208.57 HKD per share and 26.73 USD per share for Hong Kong and US stocks, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 110.60 CNY per share, reflecting a reasonable PE of 30 times for 2024 [4][13]. Core Insights - The company continues to demonstrate high growth, with a significant increase in revenue and net profit for the first half of 2024. Revenue reached 11.69 billion CNY, up 34.0% year-on-year, while net profit was 840 million CNY, up 38.1% year-on-year [2][10]. - The company has made substantial progress in international markets, particularly in Europe and India, with expectations for significant contributions to performance starting in 2026 [2][11]. - The report highlights the resilience of the company's gross margin, which improved in Q2 2024, driven by factors such as low-cost inventory procurement and scale effects [2][10]. Financial Performance Summary 2024 H1 Financial Data - Revenue: 11.69 billion CNY, up 34.0% YoY - Net Profit: 840 million CNY, up 38.1% YoY - Non-recurring Net Profit: 790 million CNY, up 49.7% YoY [7][10]. 2024 Q2 Financial Data - Revenue: 6.04 billion CNY, up 27.5% YoY - Net Profit: 450 million CNY, up 64.0% YoY - Non-recurring Net Profit: 420 million CNY, up 77.3% YoY [8][10]. Margin Analysis - Q1 2024 Gross Margin: 19.3% - Q2 2024 Gross Margin: 21.3%, showing a year-on-year increase of 1.0 percentage points [2][10]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2.046 billion CNY, 2.651 billion CNY, and 3.759 billion CNY for 2024, 2025, and 2026, respectively [13][14]. - The report emphasizes the company's strong order backlog and successful business expansion, which are expected to drive future growth [13][14].

[Table_Title] 晶盛机电（300316.SZ） 业绩低于预期，材料业务盈利能力回落 [Table_Summary] 核心观点： ⚫ 业绩低于预期，主要系材料毛利率下滑影响。公司发布 2024 年中报， 24H1 公司实现收入 101.5 亿元，同比+20.7%；归母净利润 20.96 亿 元，同比-4.97%；扣非归母净利润 20.94 亿元，同比+1.02%。单 Q2 来看，收入实现 56.4 亿元，同比+17.3%；归母净利润 10.3 亿元，同 比-22.2%；扣非归母净利润 9.92 亿元，同比-17.2%。Q2 整体毛利率 31.8%，行业贝塔的下行已开始从订单传导至业绩。 ⚫ 坩埚价格显著回落，净利率下降至 42%。业绩低于预期主要系材料毛 利率快速下降，24H1 材料毛利率 40.15%，同比下降 14.5pct。根据公 司中报，上半年宁夏鑫晶收入 16.6 亿元，同比+22.1%，净利润 6.9 亿 元，同比+1.5%。由于石英砂供需紧张的格局解除，当前坩埚价格已显 著回落，坩埚净利率 42%，同比下滑 8pct，但仍维持在相对较高水平。 ⚫ 设备毛利率稳中略降，合同负债开始下降。 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 绿色转型聚焦价格机制，重视固废中报业绩趋势 [Table_Summary] 核心观点： ⚫ 建议关注：（1）固废：瀚蓝环境、光大环境、海螺创业、三峰环境； （2）水务：北控水务集团、洪城环境等；（3）设备类：景津装备、聚 光科技、美埃科技等；（4）再生资源：赛恩斯、朗坤环境等。 ⚫ 加快绿色转型，其中垃圾焚烧、水务价格机制理顺为重点。本周中共中 央、国务院发布《关于加快经济社会发展全面绿色转型的意见》，提出 2030 年 15 万节能环保产业规模的目标。本次政策涉及细分行业、建 设方向等内容众多，其中"完善绿色转型价格政策"是我们认为的环保 政策要点：（1）固废，推动生活垃圾收费方式改革（历史垃圾收费比例 低、征收困难。可参考深圳，通过附加水价征收的方式征收）；（2）水 务，完善居民阶梯水价等。水务、固废板块历史回款依旧可控，未来价 格机制的理顺下回款保障度进一步提高，重点关注历史回款健康，具 备分红提高的固废、水务公司。 ⚫ 重视中报业绩兑现：固废公司回款、涨价亮点频出。本周已有部分公司 发布中报业绩，其中 ...

Xm l [Table_Page] 跟踪分析|商贸零售 证券研究报告 [Table_Title] 批零社服行业 7 月社零同增 2.7%，必选表现优于可选 [Table_Summary] 核心观点： ⚫ 2024 年 7 月社零同比增长 2.7%。据国家统计局，2024 年 7 月我国社 零总额 3.78 万亿元/YOY+2.7%，增速较 6 月提升 0.7pct。其中，除汽 车以外的消费品零售总额 3.40 万亿元/YOY+3.6%。分地区看，乡村社 零增速高于城镇，7 月城镇社零总额 3.27 万亿元/YOY+2.4%，乡村社 零总额 0.51 万亿元/YOY+4.6%。分类型看，7 月商品零售 3.34 万亿 元/YOY+2.7%，餐饮收入 0.44 万亿元/YOY+3.0%，增速较 6 月分别 增长 1.2pct、下滑 2.4pct。 ⚫ 分品类看，可选消费品有所承压。粮油食品/饮料零售额 7 月同比增速 分别为+9.9%（增速环降 0.9pct）、+6.1%（增速环升 4.4pct），烟酒零 售额 7 月同比增速-0.1%（增速环降 5.3pct）。可选消费品中，化妆品 和金银珠宝零售额 7 月同比 ...

[Table_Title] 九丰能源（605090.SH） 能服+特气加速成长，稳定分红兼顾成长 [Table_Summary] 核心观点： ⚫ 优化船舶非经常性收益增加，24H1 业绩同比+55.2%。2024 年上半年 实现营业收入 112.67 亿元（同比+2.0%），归母净利润 11.06 亿元（同 比+55.2%），其中 Q1 同比+6.3%、Q2 同比+139.9%。营收方面，清 洁能源业务收入稳定，能服和特种气体业务增长趋势良好，贡献营收增 量。归母净利同比增加 3.93 亿元，主要系二季度处置 1 艘 LNG 运输 船，获利 3.36 亿元计入非经常性收益，上半年扣非归母净利润 7.88 亿 元（同比+1.8%）。24H1 实现经营性现金流 12.20 亿元（同比+72.0%）。 ⚫ 能服+特气加速成长、三大业务稳步向前。清洁能源业务稳中求升，上 半年公司 LNG、LPG 业务销气量提升，海气+陆气"双气源保障下，顺 价能力稳定。能源服务业务 24H1 营收同比+132%，毛利率提升至 26%（23 年约 21%），能源作业聚焦辅助排采和回收，24H1 回收处理 作业量约 18 万吨；能源物流 ...

Investment Rating - The industry investment rating is "Buy" [1] Core Views - Recent market dynamics show a slight decline in domestic thermal coal prices, while international high-calorie coal prices remain strong. The dual coke prices continue to show weakness. As of August 16, the CCI 5500 kcal coal price is reported at 842 RMB/ton, down 9 RMB/ton week-on-week. The annual long-term contract price for 5500 kcal coal at ports is 699 RMB/ton, down 1 RMB/ton [2][9][36] - The mid-term support for coal prices is expected to come from several factors: (1) no significant positive growth in domestic supply; (2) clear support from seasonal demand in the second half of the year; (3) recent inventory levels are decreasing compared to last year [2][38] Market Dynamics - Domestic thermal coal prices have shown a slight decline, with prices in major production areas also decreasing. For instance, Shanxi region prices fell by 6 RMB/ton, while prices in Inner Mongolia and Shaanxi decreased by 4-10 RMB/ton and 5 RMB/ton, respectively [9][22] - Internationally, the FOB price for 5500 kcal thermal coal from Newcastle, Australia is reported at 87.25 USD/ton, down 0.3% from the previous week [9] - The coal mining capacity utilization rate as of August 14 is 86.9%, up 0.2 percentage points from the previous week. Coal inventory at 100 sample coal mines is 314,000 tons, up 0.4% week-on-week [13][21] Industry Perspective - The coal industry index has increased by 2.0%, outperforming the CSI 300 index by 1.5 percentage points. Year-to-date, the coal index has risen by 3.8%, also outperforming the CSI 300 index by 6.3 percentage points [35] - The report highlights that while thermal coal prices have shown slight fluctuations, they are supported by seasonal demand and low inventory levels. The overall expectation is for coal prices to improve as inventory pressures ease and macroeconomic expectations become more favorable [2][38] Key Company Recommendations - Recommended companies include: 1. China Shenhua (A, H) and Shaanxi Coal & Chemical Industry for stable dividends 2. China Coal Energy (A, H) and Yanzhou Coal Mining Company (A, H) for low valuations and long-term growth potential 3. Pingmei Shenma Energy, Huaibei Mining, Shanxi Coking Coal, and others for mid-term benefits from demand recovery and production restoration [3]

回购微量操作，长债利率波 动加大 [Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 春江水已暖 ——银行投资观察 20240818 [Table_Summary] 核心观点： 板块表现方面：本期（2024/8/12-2024/8/16），Wind 全 A 下跌 0.05%， 银行板块整体（中信一级行业）上涨 2.7%，排在所有行业第 1 位，跑 赢万得全A。国有大行、股份行、城商行、农商行变动幅度分别为 4.30%、 2.32%、1.51%、1.81%。恒生综合指数上涨 1.6%，H 股银行涨幅 3.7%， 跑赢恒生综合指数，跑赢 A 股银行。 个股表现方面：Wind 数据显示 A 股银行普遍上涨，涨幅靠前为交通银 行上涨 5.60%、邮储银行上涨 4.86%。H 股银行涨幅靠前为交通银行 上涨 6.70%、工商银行上涨 5.24%，跌幅前三为渤海银行下跌 2.17%、 江西银行下跌 1.64%、郑州银行下跌 1.33%。 北向资金方面：Wind 数据显示银行业北向资金持股占比为 2.32%，较 上期末增持 2.8bp，板块获增最高为瑞丰银行。 银行转债方面：Win ...

Investment Rating - The report assigns a "Buy" rating to China Software International (00354 HK) with a target price of HKD 5 31 [1] Core Views - The company reported H1 2024 revenue of RMB 7 926 billion (YoY -6 2%) and net profit attributable to shareholders of RMB 286 million (YoY -18 6%) due to reduced demand from core clients [1][2] - Gross margin decreased by 0 6 percentage points YoY to 23 1% while sales expenses increased by 1 2% to RMB 426 million [1][2] - Cloud and intelligent business revenue grew by 2 0% YoY to RMB 3 368 billion accounting for 42 5% of total revenue [1][2] - The company is advancing its "1+3" strategic layout focusing on cloud intelligence AIGC HarmonyOS and AIoT applications and enterprise digital transformation services [1][3] - In AIGC the company is developing model factory services and collaborating with leading clients in finance energy and healthcare sectors [3] - In the HarmonyOS ecosystem the company is building an independent IoT platform and expanding into industries like military energy and transportation [3] - The company is strengthening its position in the ERP market targeting state-owned enterprises and leveraging Huawei Cloud partnerships [4][5] Financial Performance and Forecast - Revenue is expected to decline slightly in 2024 but recover with steady growth in 2025-2026 [1][5] - Net profit attributable to shareholders is forecasted to be RMB 676 million in 2024 and RMB 759 million in 2025 [1][5] - The company's PE ratio for 2024-2025 is estimated at 13 5x and 12 0x respectively [5] Business Segments - Core business revenue in H1 2024 was RMB 4 558 billion (YoY -11 5%) while cloud and intelligent business revenue reached RMB 3 368 billion (YoY +2 0%) [2][5] - The top five clients contributed 60 0% of total service revenue and the top ten clients contributed 68 8% [2] Strategic Initiatives - The company is deepening its collaboration with Huawei becoming a comprehensive partner in Huawei Cloud and leading in capability certifications [5] - It is expanding internationally with R&D and delivery centers in Thailand Japan Singapore Saudi Arabia and the UAE [5]

Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud with a target price of HKD 2.65 per share [1] Core Views - Mingyuan Cloud's 24H1 revenue decreased by 5.5% YoY to RMB 720 million, with a net loss of RMB 115 million and an adjusted net loss of RMB 17 million [1][2] - The company's gross margin improved by 0.4 percentage points YoY to 80.2% [2] - Cloud services revenue declined by 3.6% YoY to RMB 610 million, accounting for 88.5% of total revenue [1][2] - The company has a strong cash position with RMB 4.36 billion in cash and cash equivalents, and no bank financing [2] Business Segments Cloud Services - Customer Relationship Management (CRM) revenue decreased by 6.0% YoY to RMB 440 million, with a 9.1% decline in the number of sales offices [2] - Project Construction revenue increased by 4.9% YoY to RMB 60 million, driven by higher ARPU [3] - Asset Management & Operations revenue grew by 30.5% YoY to RMB 46 million, with a customer retention rate of 94% [3] - Tianji PaaS platform revenue decreased by 12.0% YoY to RMB 62 million, but the platform has been fully adapted for domestic use and integrated with AI capabilities [4] ERP Solutions - Localized deployment software and services revenue declined by 15.1% YoY to RMB 108 million, reflecting cautious IT spending by private residential developers [4] Strategic Initiatives - The company is focusing on deepening relationships with high-quality state-owned enterprise (SOE) clients and leveraging AI to upgrade products [5] - Mingyuan Cloud is expanding internationally, with initial breakthroughs in Southeast Asia and plans to establish local teams in Malaysia and Hong Kong [5] - The company is implementing cost-saving measures and improving operational efficiency [5] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1.59 billion, RMB 1.593 billion, and RMB 1.629 billion, respectively [6] - Adjusted net profit is expected to turn positive in 2024 and continue to improve in 2025 and 2026 [6] - The company's gross margin is forecasted to increase as SaaS revenue grows, with further optimization of expense ratios [6] Valuation - The report values Mingyuan Cloud at 3x PS for 2024, based on comparable SaaS companies such as Adobe, Salesforce, Kingdee, and Glodon [6] - The target price of HKD 2.65 per share reflects the company's improving business structure and strong cash position [6]