上海规划 29.3GW 深远海风电+广西拟启动 6.5GW 海风竞配,看好国内外海风景气提升 事件点评 近日,上海市政协召开"推进能源结构转型,助推上海实施双碳战略"重点提案 专题督办办理推进会。从会上获悉,深远海风电是上海市未来可持续开发的最大 绿电资源宝库,上海市市发改委已编制规划并获得国家批复,总规模 2930 万千 瓦,全部建成后每年可提供约 1000 亿千瓦时绿电。 7 月 19 日,国家能源招标网发布《国电电力广西风电开发有限公司海上风电竞 争性配置技术服务公开招标项目招标公告》。公告显示,本次广西北海海上风电 竞争性配置拟于近期组织开展,本次海上风电竞争性配置技术咨询服务基于广西 壮族自治区北海市南面海域的 N、P 场址,N 场址(N1、N2、N3、N34、N4、 N51、N52)规划容量 570 万千瓦,P 场址规划容量 80 万千瓦,各场址中心离 岸直线距离约 94~120km,水深约 15~45m。 海上风电迈向"深蓝",深远海趋势明确。根据国家批复的各省份海上风电规划, 海上风电总量超过 3 亿千瓦,其中 90%以上为常规意义上的深海或远海风电项 目。2024 年以来,浙江、广东、海南等 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the semiconductor industry, indicating expected returns to exceed the market by over 10% in the next six months [1]. Core Insights - The report highlights that the performance of niche storage manufacturers in Taiwan is continuously improving, signaling the arrival of an upward industry cycle expected to last for two years [1]. - In Q2 2024, major Taiwanese storage companies such as Macronix and Winbond reported significant revenue increases, with Macronix achieving a revenue of NT$6.456 billion, a 12.08% increase quarter-over-quarter, while Winbond's revenue reached NT$21.778 billion, reflecting a 6.77% quarter-over-quarter growth [1]. - Nanya Technology reported a revenue of NT$9.921 billion in Q2 2024, marking a 41.18% year-over-year increase and a 4.40% quarter-over-quarter increase, with a gross margin of 2.9%, the first positive margin since 2023 [1]. - The report anticipates growth in the PC market by 5% to 10% in 2024, with the smartphone market expected to recover from a three-year downturn, projecting single-digit growth [1]. Summary by Sections Company Performance - Macronix's Q2 2024 revenue was NT$6.456 billion, down 13.10% year-over-year but up 12.08% quarter-over-quarter, ending a three-quarter decline [1]. - Winbond's Q2 2024 revenue was NT$21.778 billion, up 14.21% year-over-year and 6.77% quarter-over-quarter, marking two consecutive quarters of growth [1]. - Nanya Technology's Q2 2024 revenue was NT$9.921 billion, with a gross margin of 2.9%, the first positive margin since 2023 [1]. Market Outlook - The report indicates that the industry is entering an upward cycle, with expectations for continued improvement in 2025 [1]. - The demand for storage products is expected to rise due to recovery in downstream markets, particularly in consumer electronics and networking sectors, driven by new applications such as Wi-Fi 7 [1]. - The report recommends stocks such as Zhaoyi Innovation, Beijing Junzheng, and Dongxin Technology as potential investment opportunities [2].

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for the next six months [31]. Core Insights - The company is expected to benefit from the growth in domestic semiconductor demand and the recovery of the foreign semiconductor market, with projected revenue for Q2 2024 reaching between 1.48 billion to 1.53 billion yuan, representing a year-on-year growth of 78.63% to 84.66% [31][32]. - The planned acquisition of Yisheng Precision is expected to strengthen the company's semiconductor component platform, enhancing product, customer, and technology synergies [31][32]. - The company has completed nearly 1,800 types of domestic material component verifications, indicating a strong position in the domestic semiconductor supply chain [31][32]. Financial Summary - Revenue projections for 2024 to 2026 are estimated at 3.131 billion, 4.266 billion, and 5.015 billion yuan, with growth rates of 51.6%, 36.3%, and 17.6% respectively [33]. - The net profit attributable to the parent company is projected to be 308 million, 440 million, and 561 million yuan for the same period, with growth rates of 82.5%, 42.8%, and 27.6% respectively [33]. - The report highlights a decrease in gross margin for 2023 to 25.2%, with an expected recovery to 29.1% in 2024 [33].

食品及饲料添加剂 行业快报 维生素格局良好,供给扰动价格上行 投资要点 事件:据今日维生素,近期多个维生素品种价格出现明显上涨态势。截止 7 月 19 日,花园生物、新和成 VD3 产品价格 195 元/kg,较上周(160 元/kg)、月初(98 VE 产品价格 100 元/kg,较上周(91 元/kg)、月初(83 元/kg)和年初(60 元/kg) 30.7%。 元/kg)和年初(60 元/kg)分别上涨 21.9%、99.0%、225.0%;浙江医药、新和成 分别上涨 9.9%、20.5%、66.7%;浙江医药、新和成等 VA 产品价格 98 元/kg,较 较上周(98 元/kg)、月初(92 元/kg)和年初(75 元/kg)分别上涨 0.0%、6.5%、 维生素作用重要,市场稳步增长。维生素是人和动物生长必须摄取的微量有机 物质,在生物体生长、代谢、发育过程中发挥着重要的作用。这类物质在体内既 不是构成身体组织的原料,也不是能量的来源,而是一类调节物质,在物质代谢 中起重要作用。据中商产业研究院,在维生素行业各细分品种中,维生素 B 族、 维生素 E、维生素 C 和维生素 A 市场份额最大,分别为 ...

食品饮料 行业周报 重仓比例大幅下降,水平回至 17Q2 附近 投资要点 行情回顾:上周食品饮料(申万)行业上涨 3.33%,在 31 个子行业中排名第 2 位,跑赢上证综指 2.96pct,跑赢创业板指 0.85pct。二级(申万)子板块对比, 上周各板块除休闲食品外均有不同程度上涨,其中白酒涨幅领先,上涨 3.72%, 食品加工次之,上涨 3.57%,休闲食品则下跌 0.77%。三级子行业中预加工食 品涨幅第一,上涨 5.94%,白酒次之,上涨 3.72%,零食表现最差,下跌 1.75%。 上周大事: 24Q2 食品饮料行业大幅减仓,持仓占比回归至近 17Q2 水平。24Q2 基金重仓 持有的食品饮料股票市值占基金重仓投资总市值的 10.86%,环比 24Q1 下降 3.13pct(环比下降 22%),同比 23Q2 下降了 1.75pct(同比下降 14%)。 从持仓占比的绝对数据来看,24Q2 食品饮料持仓占比已处于历史低位,从数据 层面来讲,历史上重仓占比低于 10%的时间段为 13Q4-17Q2,目前食品饮料重 仓已接近 10%,回归至 17Q2 左右水平,我们认为持仓水平与食品饮料基本面 有正向 ...

新股专题 对于本周即将上市的新股，截止最新，本周共有 2 只新股完成申购待上市；其中，2 只均为 创业板。以本周已完成申购的待上市注册制新股来看，假设以 2023 年归母净利润计算，平均绝 对发行市盈率约为 18.8X。比较来看，当前新股首日再定价总体趋于相对充分，假设标的暂无事 件或政策预期催化，短暂交易日内还是应当警惕可能的波动风险。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|----------|---------------------|----------------------------|----------------------|----------------------|-----------------------------|-----------------------------|------------------------------------------| | 代码 | 简称 | 所属行业 | 2023 年收 入-万元 | 2023 年归 母 ...

| --- | --- | |--------------------------------------------------------|-------| | | | | | | | 日元再度反常升值,BoJ 直接干预模式再现,而"子弹"越打越少 | | | ６月日本核心 CPI 小幅反弹,是趋势改善还是如晨薄冰？ … | | | 美国经济却在供需两端再度传递出逆势增长的信号 . | | | 欧央行对美国明年可能无差别加征关税的担忧已浮出水面 | | | 华金宏观-全球宏观资产价格综合面板（GMAPP） | | | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

= 内容目录 http://www.huajinsc.cn/ 近一周以来，发达经济体各项重点经济数据相继发布，加之欧央行 7 月货币政策会议召开， 共同驱动美元指数周内产生剧烈波动。我们将在本周周报中对此及美联储降息展望进行详细分析。 图 1：美元兑日元汇率与欧元兑美元汇率对比（红色虚线框内为日本央行直接干预汇率时段） 资料来源：CEIC，华金证券研究所 定期报告 6 月日本核心 CPI 小幅反弹，是趋势改善还是如履薄冰？ 资料来源：CEIC，华金证券研究所 资料来源：CEIC，华金证券研究所 注：2020.3-2022.2 为两年平均增速 实际上内需不足是当前非美发达经济体普遍面临的核心困难，近期公布的英国商品零售同 比增速大幅下行，欧元区核心 HICP 再度降温，也同样指向非美发达经济体或已普遍面临新一轮 增长停滞的泥沼。英国于当地时间 7 月 19 日和 7 月 17 日分别公布的 6 月零售销售同比和核心 CPI 同比，前者大幅下行 2.1 个百分点至 0.6%、后者持平于 2.0%低位；欧央行 6 月核心 HICP 也再度降温 0.1 个百分点至 2.8%。内需严重不足导致欧、英、日核心通胀同比从年 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the semiconductor equipment industry [1]. Core Insights - The lithography industry is undergoing an upgrade driven by light sources, numerical aperture, process coefficients, and machine capabilities. The resolution is determined by the wavelength of the light source, numerical aperture, and lithography process factors [2]. - The industry is characterized by a stable "one strong, two leaders" pattern, with new wafer fabs and production line expansions driving demand for lithography machines. EUV lithography is growing the fastest, while KrF and i-line remain the main demand types [2][3]. - Domestic companies are making strides in technology, with significant advancements in laser light sources and optical systems, indicating a potential for overcoming international monopolies [3]. Summary by Sections 01 Lithography: Core Process in Integrated Circuit Manufacturing - Lithography involves using optical-chemical reactions to transfer circuit patterns onto substrates, with key tools being lithography machines, photoresists, and masks [17]. - The lithography machine functions like a nano-level printer, projecting patterns from a mask onto a silicon wafer [18]. - Photoresists undergo chemical changes upon exposure to light, allowing for the transfer of patterns from the mask to the substrate [21]. 02 Technology: Driving Upgrades in the Lithography Industry - The resolution of lithography machines is influenced by the light source wavelength, numerical aperture, and process coefficients [2]. - Key technologies include EUV light sources, which are dominated by Cymer and Gigphoton, and advancements in optical components and manufacturing precision [2][3]. 03 Market: Demand Driven by New Wafer Fabs and Production Line Expansions - The global demand for lithography machines is expected to rise due to the establishment of new wafer fabs, particularly in China, which is projected to have 50 large fabs by the end of 2024 [3]. - The semiconductor market is anticipated to exceed $1 trillion by 2030, driven by advancements in artificial intelligence and other technologies [3]. 04 Breaking the Bottleneck: Learning from Others - ASML remains the absolute leader in the lithography machine industry, with a strong focus on R&D and strategic acquisitions to maintain its technological edge [4]. - Domestic companies are increasingly focusing on independent technology development, with several firms making significant progress in laser and optical technologies [3]. 05 Related Companies - Key players in the lithography supply chain include Chipbond Technology (direct-write lithography), Fuchuang Precision (components), and Shanghai Micro Electronics (complete machines) [5].

超预期的：发展和安全并重，强调坚定不移实现全年经济社会发展目标、扩内需。 （1）本次会议强调发展与安全并重：一是将建设高水平社会主义市场经济体制、 高质量发展放在中国式现代化建设的首位，而国家安全、国防和军队现代化建设放 在最后强调；二是强调坚定不移实现全年经济社会发展目标，表明全年 5%左右的 经济增长目标在下半年会进一步发力完成。（2）扩内需是政策发力的重点。一是 会议强调要积极扩大国内需求：首先，海外经济放缓以及特朗普当选概率上升可能 使我国外需放缓；其次，国内地产偏弱、居民收入预期偏低导致内需偏弱。二是下 半年财政发力等扩内需的政策仍有空间：首先可比口径下 1-5 月专项债发行规模总 计 1.9 万亿，去年同期为 2.3 万亿；其次上半年基建投资增速、社零增速偏低。 底部区域不悲观，短期反弹来临 2024.7.9 新股二级交投暂时性低迷，重大时间临近或 将成为短期情绪转折点-华金证券新股周报 2024.7.7 深化改革，关注科技和扩内需 事件点评 投资要点 重点强调的：改革和中国式现代化建设，着力点包括财税金融体制改革、支持民营 经济、科教兴国和创新发展等。（1）改革和中国式现代化建设是当前的时代背景 ...