Investment Rating - The report maintains an investment rating of "Leading the Market-A," indicating an expected investment return that will exceed the CSI 300 index by 10% or more over the next six months [16]. Core Insights - Huawei's 2024 Connect Conference emphasized the theme of "Win-Win Industry Intelligence," highlighting the dual mission of promoting industry intelligence and domestic innovation (Xinchuang) amid geopolitical uncertainties and technological self-reliance strategies [11][20]. - The report suggests that Huawei's hardware and software products, including Kunpeng and Ascend computing infrastructure, Harmony and Euler operating systems, and Huawei Cloud, are expected to drive industry intelligence and domestic innovation, presenting investment opportunities in the second half of the year [11][20]. - The report identifies the growing trend of liquid cooling in high-density computing clusters as a response to increasing energy consumption and thermal management needs in data centers [24]. Summary by Sections Section 1: Industry Performance - The computer industry index increased by 3.62% this week, outperforming the Shenzhen Component Index by 2.47% and the ChiNext Index by 3.53% [25][26]. - The report highlights the performance of individual stocks within the computer sector, with notable increases in stocks such as Yinzhijie (42.15%) and Changshan Beiming (29.52%) [30]. Section 2: Huawei's Innovations - Huawei has established a strong presence in the computing industry with its Kunpeng and Ascend products, which have been widely adopted across key sectors such as government, finance, telecommunications, and power [12][21]. - The openEuler operating system has captured a 36.8% market share in China's new server OS market, with over 3.5 million downloads globally [12][21]. - Huawei plans to invest 1 billion RMB annually over the next three years to accelerate the development of the Kunpeng and Ascend native application ecosystem, aiming to develop over 1,500 native application partners [12][21]. Section 3: HarmonyOS Development - HarmonyOS has seen significant growth, with over 10,000 applications launched and a developer community that has expanded to 6.75 million, reflecting a tenfold increase over five years [13][22]. - Huawei is committed to investing over 6 billion RMB annually to support and incentivize HarmonyOS developers, fostering a collaborative ecosystem [13][22]. Section 4: Liquid Cooling Trends - The report notes that traditional air cooling methods are insufficient for high-density computing nodes, leading to a shift towards liquid cooling solutions [24]. - Huawei's Atlas 900 AI computing cluster has implemented a hybrid liquid cooling design, achieving over 95% liquid cooling efficiency and supporting up to 50kW of thermal power [24]. Section 5: Industry News - The report discusses various initiatives in industrial software and digital transformation, including the Ministry of Industry and Information Technology's guidelines for updating industrial software and systems [31]. - It also highlights the establishment of data trading platforms and regulations aimed at enhancing data economy and innovation across different provinces [32][33].

2024 年 09 月 23 日 建筑 发改委提加强逆周期调节，看好 Q4 央 企和出海板块投资机会 本周投资建议： 9 月 19 日，发改委举行新闻发布会，介绍项目投资审批、近期出台 政策文件等情况。1-8 月份，发改委共审批核准固定资产投资项目 83 个，总投资 6731 亿元，其中审批 53 个，核准 30 个，主要集中在高 技术、能源、交通运输等行业。发改委提出，下一步要加大宏观调控 力度，加强逆周期调节，加快全面落实已确定的政策举措，统筹抓好 项目建设"硬投资"和政策、规划、机制等"软建设"，促进"两重"等政策 投资项目尽快开工建设并形成实物工作量。 在基建资金端，Q3 起专项债发行持续提速，基建资金支持力度加大， Q4 为建筑企业传统施工和收款旺季，后续资金改善持续，投资政策 发力值得期待，或带动基建投资需求提升，建筑装饰行业整体订单、 营收提速及回款有望改善，建议关注低估值优质建筑央企。 9 月 19 日，美联储决定降息 50 个 pb，将联邦基金利率目标范围下调 至 4.75%-5%，为 2020 年 3 月来的首次降息。本轮美联储降息后，海 外工程建设需求有望释放，叠加前期国际工程板块回调后 ...

行业周报 2024 年 09 月 22 日 环保及公用事业 行业走势： 本周要点： 电力需求旺盛，水电增速回落，火电增速由降转增，动力煤小幅探涨： 9 月 20 日，国家能源局发布电量数据，2024 年 8 月，全社会用电量 9649 亿千瓦时，同比增长 8.9%。分产业来看，第一产业用电量 149 亿千瓦时，同比增长 4.6%；第二产业用电量 5679 亿千瓦时，同比增 长 4.0%；第三产业用电量 1903 亿千瓦时，同比增长 11.2%；城乡居 民生活用电量 1918 亿千瓦时，同比增长 23.7%。8 月电力需求仍保持 旺盛水平。从发电量数据来看，据国家统计局，2024 年 8 月，规上 工业发电量 9074 亿千瓦时，同比增长 5.8%，环比上升 3.3%；规上工 业日均发电 292.7 亿千瓦时。分品种看，8 月份，规上工业火电由降 转增，水电增速回落。火电同比增长 3.7%，增幅比 7 月份的-4.9%有 所增长；水电增长 10.7%，增速比 7 月份回落 25.5%。预计后续我国 水电发电量增速或将受限于去年高基数影响以及后续来水情况从而 出现增速回落趋势，有望继续对火力发电形成支撑，为"金九 ...

2024 年 09 月 22 日 电子 行业周报 苹果正式推出 iOS 18，AP 芯片份额华 为海思快速增长 证券研究报告 投资评级 领先大市-A 维持评级 首选股票 目标价（元） 评级 苹果正式发布 IOS 18，带来一系列 AI 功能 苹果于 9 月 17 日正式推出 iOS 18，带来一系列人工智能功能，优 化用户体验。新系统利用机器学习和自然语言处理，根据用户习惯 优化应用推荐，提升 Siri 的响应能力。此外，iOS 18 增强了图片 和视频处理能力，允许用户生成艺术感照片和动漫风格头像，满足 个性化需求。同时，vOS 18 为 Apple TV 4K 和 HD 用户提供语音搜 索功能，计划在未来扩展 AI 推荐系统，以更精准地推送影片。 watchOS 11 则在健康管理上引入更多监测功能，利用 AI 分析运动 和睡眠数据，提供个性化健康建议，帮助用户更好地了解健康状况。 除了设备本身的创新，这些 AI 功能的推出也与我们日常使用的 AI 绘画和写作工具紧密相连。AI 绘画工具结合了计算机视觉和生成 对抗网络（GANs），能够依据用户简要描述生成高质量图像。同时， AI 写作工具利用大型语言模型 ...

Investment Rating - The report maintains an "Outperform" rating for the biotechnology sector, indicating a positive outlook compared to the market [5]. Core Insights - The report highlights significant advancements in the ADC (Antibody-Drug Conjugates) and bispecific antibody sectors, with domestic companies leading in innovation and clinical data, suggesting potential for continued overseas licensing opportunities [2][21]. - Key data from recent conferences (ASCO 2024, WCLC 2024) showcased promising results for various therapies, particularly in the treatment of NSCLC (Non-Small Cell Lung Cancer) and other cancers [2][21]. - The report notes that 87 new drug INDs (Investigational New Drug applications) were approved domestically, with 18 INDs accepted and 5 NDAs (New Drug Applications) received [3][21]. Summary by Sections New Drug Market Review - From September 16 to September 20, 2024, the top five companies in the new drug sector by stock performance were: - Haichuang Pharmaceutical (19.67%) - Yasheng Pharmaceutical (15.99%) - Gilead Sciences (14.94%) - Oconvision (10.28%) - Heptares Therapeutics (9.73%) - The companies with the largest declines were: - Chuangsheng Group (-13.33%) - Shouyao Holdings (-11.78%) - Rongchang Biotech (-10.00%) - Deqi Pharmaceuticals (-8.33%) - Betta Pharmaceuticals (-7.76%) [1][16]. Key Analysis of New Drug Sector - The report emphasizes the innovative progress in ADC and bispecific antibody fields, with several companies presenting excellent clinical data at major conferences. Notable mentions include: - Kangfang Biotech's PD-1/VEGF bispecific antibody AK112 showing superior data in first-line treatment for PD-L1 positive NSCLC. - Innovent Biologics' PD-1/IL-2α-bias bispecific antibody demonstrating strong results in NSCLC and colorectal cancer [2][21]. - ADC developments include: - Kelun Biotech's TROP2 ADC SKB264 showing promising data in cervical cancer. - Bai Li Tianheng's EGFR/HER3 bispecific ADC BL-B01D1 with positive results in esophageal and urinary tract cancers [2][21]. New Drug Approvals and Applications - The report details the approval and acceptance of new drugs, including: - Heng Rui Medicine's new drug application for Rilaforpu-α injection for advanced gastric cancer received acceptance from China's NMPA [3][21]. - Lepu Biotech's EGFR ADC for recurrent/metastatic nasopharyngeal carcinoma proposed for priority review [3][21]. Overseas New Drug Highlights - Key developments in the overseas market include: - Bristol-Myers Squibb and Regeneron presenting data on their LAG-3 targeted therapy combined with PD-1 inhibitors for advanced cancer treatment. - Daiichi Sankyo and Merck announcing their antibody-drug conjugate achieving primary endpoints in clinical trials [7].

2024 年 09 月 22 日 小反弹，不如偏向低位红利 998345880 证券研究报告 杨勇 分析师 SAC 执业证书编号：S1450518010002 上期我们认为机会仍需等待，风格上则应逐步均衡甚至逐步偏向大 盘价值风格，目前来看仍有待市场验证。 本期观点：小反弹，不如偏向低位红利 上期在我们需要什么样的双底中，提出在没有基本面驱动的情形下， 通常所说双底的第二个底大概率要创新低，而在创新低之前的反弹或 往往只是小反弹。随后在周一盘后，我们的全天候择时模型发出了市 场看多信号，而这一看多信号的主要依据是多个宽基指数出现了小级 别底背离迹象。 所谓底背离，主要指的是近期下跌力度有所减缓，而反过来看则是近 期并没有出现快速下跌，这意味着反弹过程中由纯技术面维度引发的 超跌反弹驱动力或许是有限的。也就是说，如果没有基本面维度信息 的加持，当前反弹的力度或有限，或仅仅只是一个小反弹而已。当然， 当下并没有找到反弹已近末端的证据，所以或应保持正面的心态，并 密切观察市场的异动以及时应对变化。 行业上，我们的行业四轮驱动模型建议关注银行、煤炭、交通运输、 石油石化、建筑装饰等大盘价值或低位红利板块。从大小盘的风 ...

股价表现 公司深度分析 2024 年 09 月 21 日 恒源煤电(600971.SH) 皖北煤企稳健运行，联营火电贡献增量 安徽省属企业，业务以煤为基、联动电力，分红稳中有升。公 司 2004 年在上交所上市，是安徽省最早上市的煤炭公司，控股股 东为皖北煤电集团。煤炭销售为核心业务，除 2014、2015 年，近 十年贡献煤炭毛利占总毛利比重均在 90%以上，其他业务包括电 力、铁路运输、公路运输、建筑材料等。公司注重股东回报，2019- 2023 年股利支付率稳中有升，2023 年派发现金分红总额 10 亿元 （含税），分红比率 50.10%。 煤炭业务：现有资源储量充足，资产注入预期仍存。截止 2023 年，公司煤炭资源总量 11.05 亿吨，可采储量约 5.57 亿吨，可采 年限约 51 年，矿区分布在安徽省淮北市和宿州市，下辖五个矿井 核定产能 1095 万吨/年。目前控股股东皖北煤电集团尚有 1660 万 吨/年产能，未来不排除在满足条件后注入上市公司，有望进一步 增加公司煤炭资源储备。 电力业务：联营火电贡献增量，发展绿电优化布局。公司目前 参控股在运火电厂合计权益规模 550MW，2023 年 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [2]. Core Insights - The report highlights a slight increase in the batch issuance of domestic albumin and a decrease in immunoglobulin products, indicating mixed performance across different blood products [1][7]. - Key companies to watch include TianTan Biotech, PaiLin Biotech, BoYa Biotech, Shanghai Raist, Hualan Biological, WeiGuang Biotech, and BoHui Innovation [2]. Summary by Sections 1. Overview of Blood Product Batch Issuance - In the first eight months of 2024, domestic albumin batch issuance totaled 1,123 batches, a 5% year-on-year increase, while imported albumin reached 2,417 batches, a 6% increase [1][7]. - For immunoglobulin products, the total batch issuance for the same period was 865 for IVIG (down 10%) and 58 for IMIG (down 2%) [1][7]. 2. Albumin - The annual batch issuance of albumin has shown a steady growth trend with a CAGR of 11.5% from 2011 to 2023, with domestic albumin growing at 5.5% and imported at 17.3% [9]. - In August 2024, domestic albumin saw a batch issuance of 135 (down 6%), while imported albumin had 306 (down 19%) [1][7]. 3. Immunoglobulin (IVIG & IMIG) - The report notes that IVIG has a long-term growth potential despite a slight decrease in batch issuance in August 2024 [15]. - The total batch issuance for IVIG in the first eight months of 2024 was 865, while IMIG was 58 [15][19]. 4. Specific Immunoglobulins - For specific immunoglobulins, the report indicates a mixed performance: hepatitis B immunoglobulin (乙免) batch issuance increased by 29%, while tetanus immunoglobulin (破免) decreased by 10% [1][7]. - The rabies immunoglobulin (狂免) saw a significant increase of 36% in batch issuance, while the group immunoglobulin (组免) increased by 30% [1][7]. 5. Coagulation Factors - The report indicates that the batch issuance of coagulation factors has shown varied trends, with human coagulation factor VIII increasing by 23% and human coagulation factor IX increasing by 64% in the first eight months of 2024 [1][31]. - The total batch issuance for coagulation factors in this period was 376 for factor VIII, 176 for PCC, and 190 for fibrinogen [31][36].

guoqq@essence.com.cn huyy1@essence.com.cn 2024 年 09 月 20 日 船舶制造 盈利初显，关注量价兑现及南北船重组 ——船舶板块 2024 年半年报总结 综述：我们复盘年初至今船舶板块股价表现，截止 2024/9/19，中 国船舶/中国重工/H 股中船防务/中国动力/扬子江分 别涨幅 23.12%/17.88%/23.52%/23.24%/79.87%，超额收益显著。截至 2024H1 期末，中国船舶/中船防务/中国重工/扬子江分别手持造 船订单 1996 亿元（民船）/597 亿元/1086 亿元/201.5 亿美元， 在手订单充沛，2024H2 继续关注量价兑现成本回落后的船企利润 释放，以及中国船舶换股吸收合并中国重工进展。 2023 年年报和 2024Q1 市场及经营情况概述： 1）市场表现：①年初至 2024/9/19 涨跌幅看，行业高景气，船舶板 块超额收益显著，扬子江涨幅 79.87%表现最佳，A 股中国船舶/中 国重工涨幅 23.12%/17.88%，表现优越。②区间上看，A 股中国动 力区间最大涨幅 46.03%，择时效应最好，7 月中下旬开始 ...

guoqq@essence.com.cn huyy1@essence.com.cn 2024 年 09 月 20 日 船舶制造 行业快报 重组启动，资源互补打造"中国船舶"新面貌 ——船舶行业跟踪报告一 事件：9 月 18 日晚，中国船舶公告换股吸收合并中国重工交易预 案，拟以每 1 股中国重工换 0.1335 股中国船舶的方式推动两船 重组整合。 方案：换股吸收合并，每 1 股中国重工换 0.1335 股中国船舶 ① 交易方案：本次重组采取换股吸收合并方式，即中国船舶向中国 重工全体换股股东发行 A 股股票，交换该等股东所持有的中国重 工股票。本次换股吸收合并完成后，中国重工将终止上市并注销 法人资格，中国船舶将承继及承接中国重工的全部资产、负债、 业务、人员、合同及其他一切权利与义务。 ② 换股价格：经双方协商确定，中国船舶换股价格按照定价基准日 前 120 个交易日股票均价定价为 37.84 元/股，中国重工换股价 格按照定价基准日前 120 个交易日股票均价定价为 5.05 元/股， 由此确认换股比例，即每 1 股中国重工股票可以换得 0.1335 股 中国船舶股票。中国重工总股本约 228 亿，中国 ...