[Table_MainInfo]行业研究/信息服务 证券研究报告 行业跟踪报告 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 信息服务 海通综指 -38.06% -29.57% -21.07% -12.58% -4.09% 4.40% 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《深入推进 DRG/DIP 2.0 版分组工作， 医疗 IT 建设有望提速》2024.07.24 《二十届三中全会：抓紧打造自主可控的 产业链供应链，因地制宜发展新质生产 力》2024.07.22 《计算机行业跟踪周报 348 期：科技体制 改革有望持续深化，长春 127 亿发展车路 云》2024.07.20 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书: ...

[Table_MainInfo]行业研究/金融/综合金融服务 证券研究报告 行业周报 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 综合金融服务 海通综指 -37.82% -29.38% -20.93% -12.49% -4.04% 4.40% 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《公募持仓观察：加保险，减券商—— 2024Q2 非银板块公募持仓分析》 2024.07.27 《转融通业务暂停；6 月寿险新单降幅扩 大》2024.07.24 《保险业南方洪涝灾害赔付超 11 亿；券 商中报或承压》2024.07.16 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 联系人:肖尧 Tel:(021)23185695 Email:xy14794@haitong.com 寿险保费维持高增长；成交量继续下滑 [Table_Summary] 投 ...

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it suggests关注 (focus on) specific companies such as Baosteel, Hualing Steel, Nanjing Steel, CITIC Special Steel, and Shougang [4]. Core Insights - The steel industry is experiencing weak performance, with a decline in production and prices. The report highlights a decrease in pig iron and finished steel production, with a week-on-week drop of 0.02% and 0.97% respectively [4][5]. - Social steel inventory has decreased by 0.84%, while the inventory of major steel mills has increased by 1.63% [4][5]. - The steel price index has fallen by 2.99%, with rebar and hot-rolled coil futures dropping by 3.10% and 2.95% respectively [4][5]. - The profitability of steel mills is under pressure, with a reported profit margin of 15.15%, down 16.88 percentage points from the previous week [4][41]. - Steel exports remain strong, with June 2024 exports at 8.745 million tons, a year-on-year increase of 24.0% [4][58][60]. - The performance forecast for the first half of 2024 is poor, with significant losses reported for the second quarter [4][60]. Summary by Sections Market Conditions - The steel sector index fell by 2.38% last week, underperforming compared to the broader market indices [10]. - The Myspic steel price index decreased by 2.99%, with specific declines in rebar and hot-rolled coil prices [15][21]. Cost Analysis - The Platts index for iron ore dropped by 5.32%, with iron ore futures down by 3.17% [25]. - Coking coal prices remained stable, while coke futures fell by 4.45% [28]. - Scrap steel prices in Tangshan decreased by 2.47%, and the BDI index fell by 4.94% [31]. Supply and Inventory - Daily pig iron production decreased by 0.02%, and total finished steel production fell by 0.97% [43]. - Social inventory of steel decreased by 0.84%, while major steel mills' inventory increased by 1.63% [49]. - Iron ore port inventory rose by 0.90%, with a year-on-year increase of 20.82% [54]. Trade Activity - Mainstream traders reported a significant decline in construction steel sales, with a year-on-year drop of 30.50% [56]. - Steel exports for June 2024 were strong, totaling 8.745 million tons, despite a month-on-month decline [58]. Performance Forecast - The performance forecast for the first half of 2024 indicates substantial losses, with the second quarter showing a loss of 4.983 billion yuan, an improvement from the previous quarter [60].

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业周报 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 银行 海通综指 -16.21% -9.76% -3.32% 3.12% 9.56% 16.00% 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《周报：银行业绩快报向好，三中全会强 调化解风险》2024.07.25 《6 月社融数据点评：社融信贷月度同比 少增，政府债券支撑社融》2024.07.15 《周报：盘活存量信贷仍是主线》 2024.07.14 分析师:林加力 Tel:(021)23154395 Email:ljl12245@haitong.com 证书:S0850518120003 分析师:董栋梁 Tel:(021)23185697 Email:ddl13206@haitong.com 证书:S0850523100001 分析师:徐凝碧 Tel:(021)23185609 Email:xnb146 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1][21]. Core Insights - As of Q2 2024, the proportion of pharmaceutical stocks in all public fund heavy holdings decreased slightly to 9.41%, down by 0.91 percentage points from Q1 2024 [4]. - The total market value of pharmaceutical stocks held by public funds dropped from 281 billion to 242.7 billion, representing a decline of 14% from Q1 2024 to Q2 2024 [10]. - The top five segments by market value in Q2 2024 were: Medical Devices (63.6 billion, 26%), Chemical Preparations (60.3 billion, 25%), Traditional Chinese Medicine (27.1 billion, 11%), Medical R&D Outsourcing (26.8 billion, 11%), and Medical Consumables (14.8 billion, 6%) [7]. Summary by Sections 2024Q2 Pharmaceutical Stock Holdings Ratio - The pharmaceutical stock holdings ratio among public funds slightly decreased to 9.41% in Q2 2024 [4]. 2024Q2 Pharmaceutical Subsector Public Fund Holdings Market Value - The market value of pharmaceutical stocks held by public funds saw a general decline, with specific segments experiencing both increases and decreases in market value [10]. - The segments that saw an increase included Raw Materials (+2 billion), Blood Products (+1.1 billion), Pharmaceutical Distribution (+0.3 billion), and Medical Devices (+0.03 billion) [10]. 2024Q2 Public Fund Heavy Holdings - The top five public fund heavy holdings by number of funds were: Mindray Medical (512 funds), Heng Rui Medicine (385 funds), Kelun Pharmaceutical (173 funds), WuXi AppTec (111 funds), and Yuyue Medical (103 funds) [13]. - The top five public fund heavy holdings by market value were: Mindray Medical (41.4 billion), Heng Rui Medicine (25.9 billion), WuXi AppTec (12.3 billion), Aier Eye Hospital (7.6 billion), and Kelun Pharmaceutical (7.5 billion) [15].

[Table_MainInfo]行业研究/传媒 证券研究报告 行业月报 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -26.74% -20.26% -13.79% -7.32% -0.84% 5.63% 传媒 海通综指 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《业绩期关注核心标的，24H2 紧密跟踪 国内外 AI 进展》2024.07.20 《业绩期持续关注低估值白马和高股息 方向，中长期看好 AI 产业大趋势，静待 AI 爆款应用产品落地》2024.07.14 《中报季关注低估值优质白马，暑期档重 点影片陆续上线，行业景气度有望提升》 2024.07.06 分析师:毛云聪 Tel:(010)58067907 Email:myc11153@haitong.com 证书:S0850518080001 分析师:孙小雯 Tel:(021)23154120 Email:sxw10268@haitong.com 证书:S08505 ...

证券研究报告 （优于大市，维持） 半导体存储行业跟踪： 利基型存储NOR Flash市场向好 张晓飞（SAC号码：S0850523030002） 联系人：郦奕滢 2024年07月29日 投资策略 根据199IT互联网数据中心微信公众号及52RD微信公众号援引IDC最新数据，可穿戴设备市场从2024 年开始出现较高幅度增长，第一季度全球可穿戴设备出货量同比增长8.8%，达到1.13亿台。伴随销量 增长，市场出货节奏明显加快。 其中，智能手表市场 2024 年第一季度出货量 910 万台，同比+54.1%，头部厂商新品迭代带动出货量 增长显著；耳戴设备市场 2024 年第一季度出货量 2075 万台，同比+30.6%；真无线耳机出货量 1704 万，同比+ 37.2%。相较之下，2024 年第一季度全球可穿戴出货量 1.1 亿台，同比增长 8.8%，中国 市场该季度增速为全球市场的 4 倍。 根据52RD微信公众号援引Canalys发布的最新数据显示，2024年第一季度，全球TWS耳机市场呈现 稳健的增长态势，出货量达6500万，同比增长6%。 2 请务必阅读正文之后的信息披露和法律声明 投资策略 兆易创新发布2 ...

[Table_MainInfo]行业研究/金融/保险 证券研究报告 行业月报 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 保险 海通综指 -29.12% -22.90% -16.69% -10.47% -4.25% 1.97% 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《上市险企 6 月保费点评：高基数下 Q2 寿险新单承压，产险增速环比改善》 2024.07.17 《保险行业 5 月月报：负债端韧性凸显， 产寿险保费增速均环比提升》2024.06.26 《推进高质量普惠保险体系建设，为社会 稳定与经济发展保驾护航》2024.07.07 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 分析师:曹锟 Tel:010-56760090 Email:ck14023@haitong.com 证书:S0850523070002 保险行业 6 月月 ...

Investment Rating - The report maintains an "Outperform" rating for the AI mobile chip industry [1][49]. Core Insights - The AI mobile chip market is expected to become the largest segment of edge-side chips, driven by high penetration rates of AI smartphones, with a projected compound annual growth rate (CAGR) of 63% from 2023 to 2028 [2][4]. - By 2024, 16% of global smartphone shipments are expected to be AI smartphones, increasing to 54% by 2028, indicating a significant shift towards AI capabilities in mobile devices [2][22]. - Major competitors in the AI mobile chip market include established players like Apple, Qualcomm, and MediaTek, which are expected to catalyze further growth in the AI chip market [2][4]. Summary by Sections 1. Mobile Chip Development History - The evolution of mobile phones has seen significant milestones, from the first portable phone by Motorola in 1983 to the introduction of 5G smartphones by Apple in 2020 [7][18]. - The smartphone market has reached a saturation point, with global shipments declining by 12% in 2022 due to reduced demand [18][20]. 2. AI Mobile Phones and Chips - AI smartphones are emerging as a new highlight in the market, with traditional mobile chips facing limitations in AI capabilities [22][26]. - The development of Neural Processing Units (NPUs) is crucial for enhancing AI functionalities in mobile devices, although challenges remain in optimizing performance and energy efficiency [28][30]. - The deployment of small language models (SLMs) is expected to drive demand for AI mobile chips, as they can be effectively utilized in mobile environments [31][34]. 3. Current Progress of Major Manufacturers - Qualcomm's Snapdragon 8 Gen3 chip is designed for generative AI applications, supporting large language models (LLMs) and visual language models (LVMs) [36]. - MediaTek's Dimensity 9300 chip aims to provide a comprehensive toolchain for developers to deploy multimodal applications efficiently [38]. - Apple's M4 chip, built on a 3nm process, features a dedicated NPU for accelerating AI tasks, significantly enhancing performance compared to previous models [41]. 4. Key Conclusions - The demand for AI chips is expected to surge, driven by the capabilities of large language models and the need for enhanced AI functionalities in mobile devices [44]. - The AI mobile chip market is poised to redefine the ecosystem of edge products, potentially setting new standards for mobile technology [44].

[Table_MainInfo]行业研究/医药与健康护理 证券研究报告 行业信息点评 2024 年 07 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -23.39% -18.22% -13.06% -7.89% -2.73% 2.43% 医药与健康护理 海通综指 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《业绩期临近，关注企业中报成长》 2024.07.14 《国务院常务会议通过《全链条支持创新 药发展实施方案》，重点关注创新、出海、 国改三大方向》2024.07.07 《多地上线药品比价系统，药价治理进行 中》2024.07.01 分析师:贺文斌 Tel:(010)68067998 Email:hwb10850@haitong.com 证书:S0850519030001 分析师:余文心 Tel:(8610)58067941 Email:ywx9461@haitong.com 证书:S0850513110005 分析师:周航 Tel:(021 ...