[Table_MainInfo] 公司研究/商业贸易 证券研究报告 菜百股份（605599）公司半年报点评 2024 年 09 月 16 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 9.73 | | 52 周股价波动（元） | 9.73-17.08 | | 总股本 / 流通 A 股（百万股） | 778/778 | | 总市值 / 流通市值（百万元） | 7568/7568 | | 相关研究 | | | [Table_ReportInfo] 《 1Q24 净利增 16% | ，金价上行受益标的，品 | | 牌势能上升期》 2024.06.02 | | | 《品牌势能上升期的华北黄金珠宝龙头》 | | | 2024.03.28 | | 市场表现 [Table_Quote ...

[Table_MainInfo]行业研究/房地产 证券研究报告 行业周报 2024 年 09 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |-----------------------------------------------------------------------------------|----------------------------------------------| | | | | [Table_QuoteInfo] 房地产 | 海通综指 | | | | | 2023/9 2023/12 2024/3 | 2024/6 | | 资料来源：海通证券研究所 | | | | | | 相关研究 [Table_ReportInfo] 36 周新房成交同比增速回升，供销 比回升》 2024.09.08 | | | 《房地产行业 1H2024 | 综述：集中度触底 | | 回升，净负债率回落》 1H2024 域，股息率成关注重点》 | 2024.09.12 年综述：估值处于底部区 ...

[Table_MainInfo]行业研究/农业 证券研究报告 行业深度报告 2024 年 09 月 16 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | |---------------------------------------------------------------------------| | | | | | [Table_QuoteInfo] 农业 海通综指 | | | | -17.19% -11.62% -6.05% -0.49% 5.08% | | -22.76% 资料来源：海通证券研究所 | | 相关研究 | | [Table_ReportInfo] 《成本下降，能繁扩张奠定未来增长基 | | 础》 2024.09.09 《出栏体重下降及肥标价差走阔或预示 着猪价将进入上行通道》 | 分析师:李淼 Tel:(010)58067998 | --- | |---------------------------| | | | Email:lm10779@haitong.com | | 证书 :S085051 ...

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 09 月 16 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -17.36% -12.95% -8.55% -4.14% 0.26% 4.67% 2023/9 2023/12 2024/3 2024/6 新能源板块 海通综指 资料来源：海通证券研究所 | --- | |----------------------------------------------------------------------------------------------| | | | 相关研究 | | [Table_ReportInfo] 《俄罗斯或限制铀出口，看好铀价》 2024.09.15 | | 《 N 型硅料价格继续上调，产业链价格缓 慢筑底》 2024.09.15 《 2h 储能系统平均报价环比回升 | | +16.4% ，单价或已阶段性见底》 2024.09.15 | 分析师:马天一 Tel:(021)231 ...

Investment Rating - The report maintains a positive outlook on the education sector and suggests focusing on "low valuation + cyclical" sectors [7]. Core Insights - The report highlights a significant increase in domestic and outbound long-distance travel, particularly from lower-tier cities and counties, indicating a shift in consumer behavior [7]. - The average daily inbound and outbound travelers during the Mid-Autumn Festival is expected to reach 1.8 million, representing a year-on-year increase of 22% [6]. - The report emphasizes the growing popularity of "micro-vacations" and short-distance travel, with nearly half of the Mid-Autumn holiday orders being for nearby trips [6]. Summary by Sections Travel Trends - During the Mid-Autumn holiday, the national railway is expected to send 16.8 million passengers, with a daily average of 11,100 trains operating, an increase of over 590 trains compared to regular operations [6]. - Major international airports are projected to see daily inbound and outbound travelers of 42,000 at Beijing Capital Airport, 95,000 at Shanghai Pudong Airport, 42,000 at Guangzhou Baiyun Airport, and 16,000 at Chengdu Tianfu Airport [6]. Consumer Behavior - The report notes that the demand for short-distance travel is particularly strong in urban clusters such as the Yangtze River Delta and the Pearl River Delta, with a notable increase in bookings for trips within three hours by high-speed rail [6]. - The average price of domestic one-way tickets during the Mid-Autumn holiday is approximately 770 yuan, a decrease of about 25% compared to the previous year [6]. Investment Recommendations - The report recommends focusing on the education sector, which is expected to benefit from reduced policy concerns and improved competitive dynamics [7]. - Suggested stocks include Xueda Education, China Duty Free Group, Tongcheng Travel, and Songcheng Performance, with additional attention on other companies like Zhongxin Tourism and ShouLai Hotel [7].

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业信息点评 2024 年 09 月 17 日 [Table_AuthorInfo] 分析师:林加力 Tel:(021)23154395 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.62% -4.17% 3.28% 10.73% 18.18% 25.63% 2023/9 2023/12 2024/3 2024/6 银行 海通综指 | --- | --- | |---------------------------------------------------------|--------------------------------------| | | | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《 7 民长贷同比改善》 2024.08.13 | 月社融数据点评：贷款降票据升，居 | | | | | 《周报： 6 Q2 上市银行利润增速有望提升》 2024.08.13 | 月新发放贷款利率环比下降， | ...

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [2]. Core Insights - The wind turbine sector showed outstanding performance in Q2 2024, being the only segment in the wind power industry chain to experience year-on-year profit growth, primarily due to a low base in Q2 2023 for Goldwind Technology [2][10]. - In H1 2024, the wind turbine segment continued to be the sole profit growth area, with Goldwind Technology and Mingyang Smart Energy showing recovery in gross margins [2][10]. - The report highlights a robust demand for onshore wind turbine tenders, with a significant increase in bidding volumes, indicating a high level of market activity [3][10]. Summary by Sections Wind Power Industry Overview - In H1 2024, the wind power industry achieved a revenue of 148.41 billion yuan, a year-on-year increase of 2.66%, while net profit attributable to shareholders decreased by 16.23% to 13.08 billion yuan [10][11]. - The overall gross margin for the industry was 22.22%, down by 1.61 percentage points year-on-year [10][11]. Performance by Segment - Wind Turbines: Revenue increased by 11.02%, and net profit rose by 6.88% [11]. - Wind Towers: Revenue decreased by 34.74%, and net profit fell by 43.69% [11]. - Blades: Revenue dropped by 6.78%, with net profit declining by 56.94% [11]. - Bearings: Revenue fell by 12.94%, and net profit saw a dramatic decrease of 200.05% [11]. - Forgings and Castings: Revenue decreased by 12.22%, and net profit dropped by 39.01% [11]. - Submarine Cables: Revenue increased by 10.83%, but net profit decreased by 2.81% [11]. - Power Stations: Revenue grew by 6.49%, while net profit declined by 9.55% [11]. Market Trends and Future Outlook - The report anticipates a significant increase in offshore wind demand, particularly in Europe, with a projected 40 GW of offshore wind auctions expected in 2024 [4][5]. - The domestic market is expected to see continued growth in onshore wind installations, with projected installations of 80 GW in 2024 and 90 GW in 2025 [3][4]. - The report suggests that the pricing for onshore wind turbines may have bottomed out, while offshore wind turbine prices have seen some decline [3][4]. Key Companies to Watch - The report recommends focusing on companies such as Zhongtian Technology, Oriental Cable, Dajin Heavy Industry, Hengtong Optic-Electric, Mingyang Smart Energy, and Goldwind Technology, among others, due to their strong performance and market positioning [4][5].

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[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 09 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | [Table_QuoteInfo] 0.01% 4.43% 新能源板块 海通综指 | | | -17.69% -13.26% -8.84% -4.42% | | | 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 | | | | | | 相关研究 [Table_ReportInfo] 《光伏招标机制座谈会召开，部分环节初 | | | ...