Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - 5G user numbers are steadily growing, with China Mobile, China Telecom, and China Unicom all reporting significant increases in 5G subscribers [3] - The global telecom equipment market continues to face pressure, with a 16% YoY decline in revenue in Q2 2024, particularly in China, which saw a 17% YoY drop [3] - Satellite laser communication is rapidly advancing, with China completing its first operational ground station for satellite-ground laser communication, achieving transmission rates nearly a thousand times faster than microwave communication [3] - The report highlights the importance of AI-driven communication capabilities, with advancements in GPU technology and inter-chip connectivity speeds [2] - Satellite internet is expected to see rapid development, supported by national policies and local government initiatives [2] Key Company Developments - **Changfei Fiber**: Acquired a 30% stake in Baosheng Submarine Cable for 583 million yuan, increasing its total stake to 60% and making Baosheng Submarine Cable a subsidiary [4] - **263 Group**: Plans to increase capital in its enterprise communication and Hainan 263 subsidiaries by 350 million yuan and 200 million yuan respectively, with an additional 150 million yuan investment in its software technology subsidiary [5] - **Hailanxin**: Proposed a restricted stock incentive plan for 21 individuals, with conditions tied to revenue growth and profitability targets for 2024 and 2025 [5] - **Runjian**: Won a bid for a 275 million yuan project with China Mobile Guangdong for indoor distribution system construction services [6] Investment Portfolio - The simulated investment portfolio for September includes companies like **Zhongji Innolight**, **New H3C Technologies**, and **China Mobile**, with varying weights and performance metrics [7][8] - The portfolio underperformed the WIND Communication Index, with an average decline of 4.68% in September [10][11] Market Performance - The WIND Communication Index rose by 0.43% last week, while the portfolio declined by 2.06% [10] - Year-to-date, the top-performing sectors in the communication industry are **optical modules**, **PCB-related**, and **operators**, with gains of 35.90%, 34.74%, and 13.50% respectively [12][13] - Last week, the top-performing sectors were **military security**, **main equipment**, and **IoT**, with gains of 3.17%, 2.46%, and 1.10% respectively [12][13] Global Market Highlights - In the A-share market, **Dingxin Communication**, **Yitong Century**, and **Hytera** were among the top gainers [14][15] - In the US TMT market, **GDS Holdings**, **Lattice Semiconductor**, and **CommScope** led the gains [14][15] - In the Hong Kong TMT market, **Xindong Company**, **New World Development**, and **China Software International** were the top performers [14][15]

[Table_MainInfo]行业研究/公用事业 证券研究报告 行业周报 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.45% -4.87% 1.72% 8.30% 14.89% 21.47% 2023/9 2023/12 2024/3 2024/6 公用事业 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《电价预期或可乐观，行业值得看好》 2024.09.19 《碳排规则变化，成本影响不大》 2024.09.10 《电价继续好转，向上趋势或开启》 2024.09.03 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:fyf11758@haitong.com 证书:S0850519100001 联系人:阎石 Tel:(021)23185741 Email:ys14098@hai ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company showcased its strength in the global automotive industry by presenting multiple new energy commercial vehicle products and advanced technologies at the IAA Transportation 2024 in Germany [4] - The company has launched its European strategy aimed at creating greener cities through localized operations, linking various industry resources to establish a new benchmark for green logistics in Europe [4] - The company is expected to see significant improvements in its financial performance, with projected net profits of 220 million, 270 million, and 400 million yuan for 2024, 2025, and 2026 respectively [4] Financial Summary - Revenue is projected to grow from 45,016 million yuan in 2023 to 60,215 million yuan in 2026, reflecting a year-on-year growth rate of 23.1% in 2023 and 9.7% in 2026 [5][7] - The net profit is expected to recover from a loss of 1,582 million yuan in 2022 to a profit of 400 million yuan by 2026, indicating a significant turnaround [5][7] - The gross margin is forecasted to improve from 11.3% in 2023 to 12.5% in 2026, showcasing enhanced operational efficiency [5][7] Valuation Metrics - The company is assigned a price-to-book ratio (PB) of 4.0-5.0 for 2024, with a corresponding reasonable price range of 24.72 to 30.90 yuan [4] - Comparatively, the average PB for peer companies is around 5.7 for 2023 and 4.3 for 2024, indicating a competitive valuation [6] Market Performance - The company's stock has shown an absolute increase of 8.2% over the past month, 11.6% over the past two months, and 34.5% over the past three months, outperforming the market index [3]

[Table_MainInfo]行业研究/金融/综合金融服务 证券研究报告 行业信息点评 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -28.95% -22.18% -15.42% -8.65% -1.89% 4.87% 2023/9 2023/12 2024/3 2024/6 综合金融服务 海通综指 | --- | |-----------------------------------------------------------| | | | | | 资料来源：海通证券研究所 | | 相关研究 | | [Table_ReportInfo] 《寿险保费实现高增长，新国十条聚焦保 | | 险行业高质量发展》 2024.09.19 | | 《首次披露股票型指数基金保有规模，券 | | 商及第三方优势显著》 2024.09.16 | | 《持续看好保险，基本面改善驱动估值提 | 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.co ...

证券研究报告 （优于大市，维持） 美联储降息周期开启，看好有色金属行业机会 陈先龙（有色金属行业首席分析师） SAC号码：S0850522120002 甘嘉尧（有色金属高级分析师） SAC号码：S0850520010002 张恒浩（有色金属分析师） SAC号码：S0850524070008 联系人：梁琳、谭伊珊 2024年9月23日 投资要点 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

证券研究报告 （优于大市，维持） | --- | --- | --- | |------------------------------|------------------------------------------------------|----------------| | | | | | | 医药板块 24H1 复盘： | | | | 关注创新药、器械出海、国企改革 | | | 余文心（医药行业首席分析师） | SAC 执业证书编号： | S0850513110005 | | 周 航（医药行业分析师） | SAC 执业证书编号： 联系人：张子彤 2024 年 9 月 23 日 | S0850523040001 | 医药板块当前主线：创新、 器械出海、国企改革 我们认为，医药目前处于历史低位，医药是需求稳定、供给稳定的新质生产力。 当前推荐关注三大主线： 1）创新：伴随2017年国家食药监总局加入ICH同步国际标准，2018年港股18A开放未商业化生物科技公司上市，加上各地对创 新药产业链的系列政策支持，中国创新产业逐渐升级，建议关注泰格医药、恒瑞医药、特宝生物、兴齐眼药、百利天恒-U、科 伦博泰 ...

[Table_MainInfo]行业研究/农业 证券研究报告 行业周报 2024 年 09 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 市场表现 | --- | --- | --- | |----------------------------------------------------|-------------------------|-------------------------------| | | | | | | | | | [Table_QuoteInfo] 4.53% | 农业 | 海通综指 | | -0.90% -6.32% | | | | -11.75% -17.18% -22.60% 2023/5 2023/8 | 2023/11 | 2024/2 | | | | | | 资料来源：海通证券研究所 | | | | 相关研究 | | | | [Table_Rep 《行业景气分化， 牧渔行业 2024 | ortInfo] 年中报综述》 | 把握向上趋势——农林 2024.09.16 | | 《成本下降，能繁扩张奠 ...

[Table_MainInfo]行业研究/纺织与服装 证券研究报告 行业周报 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -16.82% -12.45% -8.08% -3.71% 0.66% 5.03% 2023/9 2023/12 2024/3 2024/6 纺织与服装 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《纺织服装行业 2024 年中总结》 2024.09.20 《8 月中国纺服社零与出口均环比改善》 2024.09.18 《24H1 多家制造企业净利高增，部分企 业提升股东回报》2024.08.28 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 降息周期开启利好优质港股标的，Nike 换 帅中 ...

Investment Rating - The investment rating for Jianghan New Materials (603281) is "Outperform the Market" [1][6] Core Views - The company reported a revenue of 1.174 billion yuan in the first half of 2024, a slight decrease of 0.26% year-on-year, primarily due to low market prices for functional silanes, which saw an average selling price drop of 18.84% compared to the previous year [5] - The company's net profit attributable to shareholders for the first half of 2024 was 312 million yuan, down 16.68% year-on-year, while the non-recurring net profit was 294 million yuan, a decrease of 16.55% [5] - The gross margin for the first half of 2024 was 33.84%, down 4.08 percentage points year-on-year, and the net margin was 26.58%, down 5.24 percentage points year-on-year [5] - The company has seen significant growth in production and sales volumes, with functional silane production reaching 59,000 tons and sales at 60,000 tons, marking a year-on-year increase of 21.59% [5] - The company is expanding its production capacity, with a current annual capacity of 92,000 tons for functional silanes, expected to increase to 182,000 tons by the end of 2026 [5] Financial Summary - The projected net profits for Jianghan New Materials from 2024 to 2026 are estimated at 631 million yuan, 767 million yuan, and 923 million yuan, respectively, with corresponding EPS of 1.69 yuan, 2.05 yuan, and 2.47 yuan [6][10] - The company’s revenue is expected to grow from 2.447 billion yuan in 2024 to 3.553 billion yuan in 2026, with a projected annual growth rate of 19.3% [8][10] - The gross margin is forecasted to improve slightly from 34.3% in 2024 to 35.3% in 2026 [10] Market Performance - The stock price of Jianghan New Materials has fluctuated between 19.71 yuan and 30.95 yuan over the past 52 weeks, with a closing price of 23.56 yuan as of September 20, 2024 [1] - The company has underperformed compared to the market index, with a relative decline of 31.17% from September 2023 to December 2023 [2][3]

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 百利天恒-U（688506）公司研究报告 2024 年 09 月 22 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 20 日收盘价（元） ] | 157.99 | | 52 周股价波动（元） | 76.32-215.71 | | 总股本 / 流通 A 股（百万股） | 401/90 | | 总市值 / 流通市值（百万元） 相关研究 | 63354/14290 | 市场表现 [Table_QuoteInfo] -23.86% 3.14% 30.14% 57.14% 84.14% 111.14% 2023/9 2023/12 2024/3 2024/6 百利天恒-U 海通综指 | --- | --- | --- | --- | |------------------- ...