Investment Rating - The industry investment rating is "Recommended" [2][20]. Core Insights - Kweichow Moutai plans to repurchase shares worth 3-6 billion yuan, which is expected to enhance shareholder returns and potentially catalyze a rebound in the sector [2][3]. - Recent demand tracking indicates continued weakness, reflected in the declining prices of Moutai, with insufficient seasonal effects and a decrease in liquor sales [2][3]. - The report suggests that while short-term demand may not significantly improve, the long-term investment value of the sector is becoming apparent due to low TTM valuations [2][3]. Summary by Sections Industry Overview - Moutai's share repurchase is seen as a demonstration effect for the industry, with recent price declines attributed to increased shipments and weak demand [3][7]. - The overall liquor market is in a bottoming phase, awaiting signs of improvement in demand or macroeconomic conditions [3][7]. Performance Statistics - The food and beverage sector has shown weak performance since the beginning of the year, with the liquor segment experiencing significant declines [5][6]. - The report notes a slight rebound in the sector due to the Federal Reserve's interest rate cuts, with specific segments like leisure foods showing a 4.2% increase [5][6]. Key Companies and Recommendations - Recommended companies include Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and others, focusing on high-end liquor and growth-oriented consumer goods [2][3][7]. - The report highlights that the dividend yield for many companies is around 4%, with a projected PE ratio of approximately 15x for 2024 [3][7]. Market Catalysts - Potential catalysts for the sector include improvements in macroeconomic conditions, rising consumer confidence, and increased CPI or restaurant growth rates [3][7].

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [24] Core Insights - The report highlights that the market focus in the pharmaceutical sector is currently on the COVID-19 and monkeypox pandemics, with related stocks showing strong performance, although sustainability remains to be verified. The second quarter has seen significant adjustments in the pharmaceutical sector, and earnings expectations are largely priced in. The third quarter of 2023 may see improved year-on-year performance for some companies due to a low earnings base impacted by anti-corruption events. The recent announcement of a medical equipment update project in Anhui province is expected to benefit related equipment companies [2][5] Industry Perspective Update - The report discusses the results of Medicare negotiations in the U.S., where the average price reduction for the first batch of 10 drugs is 63%, effective from January 1, 2026. The drugs involved include major diabetes and anticoagulant medications, indicating a significant shift in pricing dynamics within the U.S. pharmaceutical market [3] Industry Performance Tracking - The pharmaceutical and biotechnology sector saw a slight increase of 0.05% in the week of August 12-16, ranking 13th among 31 industries. The chemical pharmaceuticals sub-sector led with a 1.31% increase, while medical devices and services experienced declines [6] Industry Dynamics and Key Company Tracking - The report notes ongoing anti-corruption efforts targeting the pharmaceutical industry, with multiple announcements from the Central Commission for Discipline Inspection emphasizing the need for stricter oversight. Additionally, a collective procurement initiative involving 19 major drugs across 14 provinces is underway, which may impact pricing and availability [7][9] Industry Data Tracking - The report provides data on the medical insurance fund, showing a total income of 1.388 trillion yuan in the first half of 2024, a 3.23% increase year-on-year. However, expenditures rose significantly by 16.76%, indicating a growing financial pressure on the healthcare system [11][15] Global Pharmaceutical Investment Data Tracking - The report mentions that global healthcare investment in July 2024 reached approximately 5.7 billion yuan, indicating a positive trend in the investment landscape for the healthcare sector [20]

研 究 所 2024 年 08 月 19 日 [table_reportdate] [table_main] 行业周报 汽车 行业研究 行业周报 投资评级：推荐 7 月出口、新能源带动汽车业结构性增长 汽车周报 国 都 证 券 证 券 研 究 报 告 核心观点 行业表现对比图 一、摘要： 中报披露集中期临近，板块投资更倾向于中报业绩预期较好的龙头企 业。7 月汽车整体销售下滑，传统燃油车面临更大压力，出口、新能源 车、锂电池、充电等领域保持增长，全年销量预期开始向下修正，我们 判断 2024 年很难达到市场预期的 3-5%，预计年增速约 2%，下半年面临 较大的减速压力。结构方面，报废补贴提升至 2 万元，进一步推动新能 源车对老旧燃油车的替代。 二、行业观点更新: 基本面动态：7 月汽车销量同比下降 5%，电池装车同比增长 29%，充电 量同比增长 54%。数据显示，当下汽车产业链并不具有系统的成长性， 重点增量源自新能源汽车产业链，随着电车渗透率的额提升，销量方面 已经进入中低速增长阶段，但保有量的持续增长将持续拉动电车后市场 的需求，行业的主要投资机会在电动化、智能化的升级需求领域。 板块涨跌催化：即将 ...

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研究所 国都证券 [table_reportdate] 机械设备 2024 年 8 月 19 日 [table_main] 行业周报 行业研究 行业周报 投资评级：推荐 国铁集团第二批高级修招标超预期；世界机器人大会即将召开 ----机械设备行业周报 核心观点 行业表现对比图 市场表现：机械设备（SW）板块本周下跌 0.62%，表现弱于大盘。细分 行业来看，通用设备板块下跌幅度较小（-0.02%），自动化设备板块下 跌幅度较大（-1.19%）。 核心观点： 证券研究报告 1）轨交装备：国铁集团年内第二批动车组高级修招标，共计招标五级 修 302 组，四级修 146.625 组，三级修 24 组。二次招标数量超预期，预 计明年高级修放量趋势仍有望延续，维持推荐中国中车。 2）叉车：叉车 7 月国内同比+5.4%，受下游制造业、物流业景气度和小 车需求逐步消化的影响，内销增速有所放缓；出口同比+21.6%，海外景 气度未见明显下行，国产叉车交期较短、锂电领先、性价比突出等优势 仍可持续。板块当前回调较多，估值性价比突出，维持推荐国内叉车龙 头安徽合力、杭叉集团。 投资建议：建议关注世界机器人大会带来的相关催化，以 ...

Investment Rating - The report assigns a "Recommended" investment rating for the construction materials industry [2] Core Views - The construction materials index underperformed the CSI 300 index, declining by 3.79 percentage points, while the CSI 300 index increased by 0.42 percentage points [3] - The national average price of cement slightly increased by 0.04%, while the average price of float glass decreased by 0.90% [2][5] - The cement industry faces weak demand and inventory pressure, but price stabilization indicates a solidifying bottom range [2][9] - The glass industry is experiencing price declines and rising inventory due to insufficient demand from the real estate sector [2][9] - The consumption building materials sector, particularly plastic pipes and coatings, is seeing growth and an expanding market size [2][9] Summary by Sections Cement Industry - The national average price of 42.5-grade cement was 396.67 RMB/ton, with a slight increase of 0.17 RMB/ton [5] - Regional price variations were noted, with the central-south region seeing the largest increase of 13.34 RMB/ton, while the north and southwest regions experienced the largest declines [5] - National cement inventory levels are at a moderate level, with a capacity ratio of 64.46% [5][8] Glass Industry - The national average price of float glass was 1418.57 RMB/ton, reflecting a decrease of 12.86 RMB/ton [5] - The northwest region experienced the largest price drop of 40 RMB/ton, indicating a general decline in demand across regions [5][9] - Inventory levels for float glass have slightly increased, currently at a moderate level [5][9] Recommended Stocks - Conch Cement (600585): Expected net profits for 2024-2026 are 7.109 billion, 10.456 billion, and 10.845 billion RMB, with corresponding PE ratios of 17, 11, and 11 [10] - Huaxin Cement (600801): Expected net profits for 2024-2026 are 1.967 billion, 2.527 billion, and 2.925 billion RMB, with corresponding PE ratios of 14, 11, and 10 [10] - Qibin Group (601636): Expected net profits for 2024-2026 are 1.712 billion, 1.948 billion, and 2.178 billion RMB, with corresponding PE ratios of 9, 8, and 7 [10] - Weixing New Materials (002372): Expected net profits for 2024-2026 are 1.292 billion, 1.372 billion, and 1.460 billion RMB, with corresponding PE ratios of 16, 15, and 14 [11]

2024 年 8 月 19 日 [table_main] 公司点评 [table_reportdate] 计算机 行业研究 行业周报 投资评级：推荐 "车路云一体化"建设加速落地 计算机周报 核心观点 行业表现对比图 一、摘要： 随着"车路云一体化"应用试点城市名单通知公布，北京市高级别自动 驾驶示范区 3.0 扩区建设项目路侧智能感知设备项目率先启动招标，各 地项目也陆续开展了相关招标工作，落地节奏逐步提速。当前政策与产 业共振，车路云建设有望助力自动驾驶，推动智慧交通加速发展。建议 关注车端设备、路测基础设施、云控基础平台等环节相关标的。重点公 司：万集科技、金溢科技、四维图新、中科创达、德赛西威。 [table_stock] 二、市场表现回顾： 上周计算机板块（SW）上涨 0.09%，在 31 个申万行业中，表现排名第 12 位，同期沪深 300 指数上涨 0.42%。从估值的角度来看，截至 24 年 8 月 16 日，申万计算机行业 PE（TTM）（剔除负值）约为 31 倍，位于 过去五年间历史分位 0.41%的低位。 图 1：计算机板块上周表现 3% 资料来源：iFinD、国都证券 资料来源：iFi ...

研 究 所 2024 年 8 月 19 日 [table_reportdate] [table_main] 行业周报 家用电器 行业研究 行业周报 投资评级：推荐 湖北省率先落地以旧换新政策，有望提振内需 —家用电器行业周报 国 都 证 券 市场表现：家用电器（SW）板块前一周+0.3%，在 31 个申万一级行业 中，表现排名第 10 位，跑输沪深 300 指数 0.16pct。从子板块周涨跌 幅来看，白色家电、黑色家电、小家电、厨卫电器、照明设备、家电零 部件分别为 0.48%、1.16%、1.26%、-3.64%、-0.66%、-1.34%。本 周家电板块小幅反弹，基本面来看，空调零售端逐渐开始恢复增长，且 部分省份逐步开始落地以旧换新补贴政策，有望为需求带来一定程度支 撑。 核心观点 行业表现对比图 [table_stockTrend] 证 券 研 究 报 告 核心观点：8 月 7 日，湖北省商务厅印发新一轮以旧换新补贴实施公告， 并就《湖北省家电以旧换新工作补充细则》征求意见。新一轮以旧换新 8 月 10 日启动并持续至年末，品类覆盖空调（含央空）、电视、冰箱柜、 洗干衣机、油烟机、燃气灶（含集成灶） ...

研 究 所 2024 年 8 月 19 日 [table_reportdate] [table_main] 行业周报 家用电器 行业研究 行业点评 投资评级：推荐 7 月扫地机零售额同比+19%，洗地机以价换量趋势延续 ——家用电器行业点评 国 都 证 券 根据奥维云网数据，7 月传统电商清洁电器零售额同比+18.1%、零售量 同比+28.7%，其中扫地机零售额同比+19.0%、零售量同比+16.6%，洗地 机零售额同比+18.7%、零售量同比+44.8%。分品牌来看，科沃斯销售额 同比-17.5%，添可额同比+11.3%，石头额同比+10.1%，追觅额同比 +42.4%。头部品牌均价均有所下滑。 [table_stockTrend] 证 券 研 究 报 告 扫地机来看，7 月线上量价均呈现双位数增长，主要由零售量增长带动。 产品结构来看，其中 3000-3500 元、4000-4500 元价格带销额占比提升， 石头销售额同比双位数增长，石头 P10SPro 款保持行业单品销额第一， 科沃斯传统电商销额仍承压。 洗地机来看，均价仍呈现下滑趋势，线上均价同比下探至 2000 元以内， 同时销量延续+40%以上增 ...