Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Views - The report indicates that the inverter export market is currently under pressure due to short-term factors, but the long-term trends remain positive with considerable demand [2][3] - The National Energy Administration reported that the newly installed capacity for wind power in July 2024 was 21.05GW, a year-on-year increase of 12%, while the cumulative installed capacity for the first seven months reached 123.5GW, up 27% year-on-year [5] - The report suggests that while the inverter export market is experiencing fluctuations, the core driving factors for demand remain unchanged, particularly in regions facing electricity shortages [3][4] Summary by Sections Industry Performance Review - The photovoltaic index fell by 6.49% from August 19 to August 23, underperforming the Shanghai and Shenzhen 300 index, which declined by 0.55% [3] - The wind power index also decreased by 5.2% during the same period, with only a few stocks showing positive performance [3] Policy Tracking - The report highlights that the U.S. government has increased the annual exemption quota for photovoltaic batteries from 5GW to 12.5GW, reflecting real market demand [4] - The National Energy Administration's data shows significant growth in newly installed capacities for both photovoltaic and wind power, indicating a robust market outlook [5][6] Key Stocks - The report identifies key stocks to watch, including Dongfang Cable (603606), Dajin Heavy Industry (002487), Jinlei Co. (300443), and others, suggesting a focus on companies with strong overseas capacity and cost control [2]

研究所 国都证券 [table_reportdate] 食品饮料 2024 年 08 月 26 日 交流会板块修复反弹茅台批价 企稳[table_main] 行业周报 行业研究 行业周报 投资评级：推荐 需求反馈持续疲弱 1）摘要 板块进入中报业绩密集披露期，整体在报表端体现了需求端仍较疲弱。 白酒业绩预计高端平稳落地，次高端压力凸显，区域性酒企业绩仍有韧 性；大众品板块则收入预计仍有所承压，利润端在成本红利下具有一定 弹性；目前板块相对预期低，现实弱，利好催化较少，静待需求端向好； 下半年旺季的逐步来临，宏观经济预期有望向好，自上而下逻辑看或有 望对板块需求形成一定正向反馈；目前板块滚动 TTM 估值，估值均处于 偏低水平，中长期投资价值显现；整体观点：建议战略配置，以高端白 酒为主，以及大众品中具有成长属性的标的，推荐贵州茅台、五粮液、 山西汾酒、安井食品、天味食品等。 核心观点 股价走势图 资料来源：国都证券，ifind 2）行业观点更新 白酒：酒企为中秋和国庆旺季已开启预热准备，渠道目前有一定担忧； 近期渠道反馈部分区域增速边际走弱；高端白酒近期批价相对稳健，预 计相对稳健；中报来看，持续分化，高端和 ...

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry, indicating a positive outlook for the sector over the next six months [24]. Core Insights - The pharmaceutical and biotechnology sector experienced significant adjustments recently, with a notable decline of 4.99% in the industry index, ranking 29th among 31 sectors [6]. - The report highlights the introduction of new policies in Shanghai aimed at enhancing the clinical trial quality and accelerating the registration of innovative drugs and medical devices, which is expected to improve the overall innovation service mechanism in the region [3]. - The report suggests that the third quarter of 2023 may present a good opportunity for investment, as the performance of some companies is expected to improve significantly in the third quarter of 2024 compared to the same period in 2023 [2][3]. Summary by Sections Industry Performance Tracking - The pharmaceutical and biotechnology sector saw a decline of 4.99% in the week of August 19-23, 2024, with the medical services sub-sector experiencing the largest drop at -8.26% [6]. - The report notes that the price-to-earnings ratio (TTM) for the pharmaceutical and biotechnology sector is 22.33x, which is below the median level since 2010, indicating a potential undervaluation [6]. Industry Dynamics and Key Company Tracking - The report mentions that the National Medical Insurance Bureau has taken action against companies involved in collusion in drug procurement, which may impact market dynamics [7]. - The report identifies key companies to watch, including Heng Rui Medicine, Bai Jie Shen Zhou-U, and Mai Rui Medical, which are expected to benefit from the new policies and market conditions [5][3]. Industry Data Tracking - The report provides data indicating that the cumulative revenue of the pharmaceutical manufacturing industry for the first half of 2024 was 1,235.27 billion yuan, showing a slight decline of 0.90% year-on-year, while the total profit increased by 0.70% [15]. - The report also highlights that the basic medical insurance fund's income for the first half of 2024 was 1,388.43 billion yuan, reflecting a growth of 3.23% compared to the same period in 2023 [11].

Investment Rating - The industry investment rating is "Recommended" [2][11] Core Insights - The report highlights that the chemical product price index in China decreased by 0.68% last week, indicating a weak demand season with more price declines than increases. The performance of vitamins is mixed, with VA prices declining, VE stabilizing, and VK3 prices continuing to rise [2][5] - The mid-year reports for spandex have been disclosed, showing that Huafeng Chemical has a significant cost advantage. The spandex industry is currently experiencing low profitability, with the price of 40D spandex at 25,500 CNY/ton, down 16% year-on-year and 13% since the beginning of 2024. Huafeng Chemical, the largest listed company in the industry, has a production capacity of 325,000 tons and a gross margin of 14.97%, which is better than its competitors [2][5] - The report recommends focusing on three areas: leading companies with absolute cost advantages, sectors that have completed a round of capacity expansion with improved supply-demand dynamics (such as polyester filament and refrigerants), and niche industries with high technical barriers and recovering downstream demand (such as electronic chemicals) [2] Summary by Sections Industry Performance Analysis - From August 12 to August 16, 2024, the Shenwan Basic Chemical Index fell by 2.3%, while the Shanghai Composite Index rose by 0.60%, indicating that the industry index underperformed the broader market. The best-performing sectors included civil explosives, phosphate fertilizers, and compound fertilizers, while viscose, polyester, and polyurethane sectors performed poorly [4] - The civil explosives sector showed strong performance due to ongoing policy support for industry structure optimization and consolidation, with a reported revenue of 11.736 billion CNY from January to May 2024, a year-on-year increase of 0.75% [4] Price Trends and Market Dynamics - The report notes that the spandex industry is facing an influx of new capacity, with a total capacity of 1.35 million tons and an expected additional 400,000 tons by 2024-2025. Despite a 16% year-on-year increase in domestic consumption to 460,000 tons in the first half of 2024, the industry is currently at a low point in terms of profitability [5] - The report also tracks the price movements of various chemical products, indicating a general downward trend in prices during the demand off-season, with specific products like liquid chlorine and vitamin VA experiencing significant price changes [8][9]

研究所 国都证券 [table_reportdate] 机械设备 2024 年 8 月 26 日 [table_main] 行业周报 行业研究 行业周报 投资评级：推荐 CME 预估 8 月挖机内销同比+17%，外销同比转正 ----机械设备行业周报 市场表现：机械设备（SW）板块本周下跌 2.52%，表现弱于大盘。细分 行业来看，轨交装备（+2.92%）和工程机械（+1.50%）板块表现相对较 好，其他板块则下跌幅度较大。 核心观点： 证券研究报告 1）工程机械：工程机械杂志 CME 预测 24 年 8 月销售挖机 1.43 万台左 右，同比增长 9%左右。其中，国内市场预估销量 6600 台，同比增长接 近 17%，国内市场筑底回升；出口市场预估销量 7700 台，同比增长接 近 4%，出口市场逐步修复。预计今年下半年，工程机械行业经济运行 总体上将继续保持企稳恢复、稳中有进态势。 2）机器人：今年机器人大会人形机器人新品发布并不多，但更多的产 品实现了从去年的静态展示到今年的现场演示。此外，机器人零部件企 业参展比例显著提升，尤其是在灵巧手及传感器等领域。核心零部件性 能提升仍将是人形机器人能力提升的重 ...

Investment Rating - The industry investment rating is "Recommended" indicating a favorable outlook for the sector [2][20]. Core Insights - The report highlights that the liquor industry is expected to show stable performance amidst a backdrop of low market expectations for interim results. The high-end liquor segment is particularly noted for its resilience, with companies like Kweichow Moutai and Wuliangye being recommended for strategic allocation [2][3]. - The overall food and beverage sector is experiencing a relatively weak consumption environment, with growth rates for grain and oil products, beverages, and tobacco showing mixed results. The report anticipates a gradual improvement in macroeconomic conditions, which may positively impact demand in the latter half of the year [3][8]. - The report emphasizes the importance of focusing on high-end liquor and growth-oriented consumer goods, suggesting that many companies in the sector are currently undervalued with a price-to-earnings ratio around 15x for 2024 [3][8]. Summary by Sections Industry Performance - The food and beverage sector has shown a decline in stock performance, with the liquor segment also facing challenges. However, the report suggests that the disclosure of interim results may provide some support to the sector [5][6]. - Specific companies like Jiuziyuan and Yingjia Wine have reported strong interim results, with revenue growth around 20% in the second quarter of 2024, indicating a stable performance [8]. Market Trends - The report notes that high-end liquor prices remain strong, with Moutai's price reaching 2760 RMB per box, reflecting a positive trend in the premium segment [9]. - The overall market sentiment remains cautious due to weak consumer demand, but there are expectations for a rebound as macroeconomic policies are anticipated to stabilize the economy [11]. Recommendations - The report recommends strategic investments in high-end liquor brands such as Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, as well as growth-oriented consumer goods companies like Anjijia and Tianwei Foods [2][3][8].

研 究 所 2024 年 8 月 12 日 [tab [tlae b_ lem_ra e i p n o ] rtdate] 公司点评 电气设备 | --- | --- | --- | --- | --- | |-------------|----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------| | | 行业研究 | 行业周报 | | 跟踪评级 _ 维持：推荐 | | 证 券 | | —— 电气设备行业周报 | | | | 国 都 | 核心观点 | | | 股价走势图 | | | ...

研 究 所 2024 年 8 月 29 日 [tab [tlae b_ lem_ra e i p n o ] rtdate] 公司点评 商贸零售 行业研究 行业点评 跟踪评级_维持：推荐 市内店新政落地，有望增强国内免税竞争力 ——商贸零售点评 国 都 证 券 核心观点 股价走势图 8 月 27 日，财政部等五部门联合印发通知完善市内免税店政策，明确 自 2024 年 10 月 1 日起实施。政策核心变化： [table_stock] 1、销售对象：店型由此前针对外国人的出境店和针对中国人的外汇商 品免税店统一改为针对包括但不限于中国籍出境旅客的市内免税店； 2、额度：携带出境不设购物限额，再次携带进境的，按照进境物品管 理，即 8000 元的入境免税额度； 证 券 研 究 报 告 3、品类：除了香化精品等，鼓励市内免税店销售国货"潮品"，市内免 税店销售的国内商品免征国内环节增值税、消费税； 4、竞标主体：经国务院批准在全国范围内具有免税品经营资质的企业， 可平等竞争市内免税店经营权。 资料来源：wind、IFind、国都证券 调整前市内免税政策回顾： 1、归国人员市内免税：针对 180 天内持护照入境的中 ...

研 究 所 2024 年 8 月 26 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 商务部发布《第二轮家电以旧换新实施细则》，有望提振内需 国 都 证 券 —家用电器行业周报 市场表现：家用电器（SW）板块前一周+2.9%，在 31 个申万一级行业 中，表现排名第 1 位，跑赢沪深 300 指数 3.49pct。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 4.21%、4.95%、1.96%、-3.23%、-5.12%、-2.57%。本周 板块小幅反弹，白电及黑电板块领涨。政策来看，本周地方以旧换新政 策逐步落地，例如湖北、重庆、浙江等，有望为内销带来较强支撑。中 报业绩来看，以美的为首的白电龙头业绩较为稳健，蓄水池科目合同负 债、其他流动负债依旧表现较好。 [table_stockTrend] 证 券 研 究 报 告 核心观点：8 月 25 日，商务部、国家发展改革委、财政部、市场监管 总局四部门办公厅发布关于进一步做好家电以旧换新工作的通知。通知 中再次明确补贴品种和补贴标准，并要 ...

研 究 所 2024 年 08 月 26 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 月混动车型高速增长，比亚迪占据销量榜前列 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： 目前进入中报披露集中期，板块投资更倾向于中报业绩预期较好的龙头 企业。纯电、混动新能源路线均获得市场认可，展望后市，混动汽车可 更好的实现对燃油车的平滑过渡，目前的高增速有望维持。销量榜显示， 比亚迪旗下车型持续占据 PHEV 销量榜前列，7 月包揽前十名的好成绩； 特斯拉方面，凭借 Model Y、Model 3 两款热销的车型持续占据 EV 领域 的中高端市场。上述两大龙头及其产业链将更容易兑现业绩，建议重点 关注。 二、行业观点更新: 基本面动态：目前新能源车占汽车总销量的比例达到 43.8%，整体增速 开始放缓。EV 增速进入个位数阶段，混动车型继续保持较高增速，7 月 PHEV 车型销量 43.8 万辆，同比+81%。展望后市，汽车的结构性机会将 体现在混动车型对传统燃油车的替代。 行业投资观点：汽车行业的投 ...