Group 1: Industrial Profit Trends - In May 2024, industrial enterprise profits showed a significant decline, with a cumulative year-on-year growth rate of only 0.7%, reversing the notable improvement seen in April, which was a drop of 3.3 percentage points[1] - The decline in profits was primarily due to two factors: a limited revenue improvement despite a significant narrowing of PPI declines, and a monetary policy shift towards neutrality that restricted further reductions in expense ratios[1] - Cumulative expenses increased sharply to 8.38%, rising faster than the same period last year, indicating financial pressures on enterprises[1] Group 2: Sector-Specific Insights - The mining sector saw a reduction in profit decline by 2.4 percentage points to -16.2%, driven by a slight increase in coal prices, while manufacturing and public utilities experienced profit declines of 1.7 and 7.4 percentage points, respectively[1] - The steel industry managed to turn around from three months of net losses, with product price increases significantly boosting non-ferrous metal profits, which rose by 24 percentage points to 80.6% year-on-year[1] - The computer and electronic communication equipment sectors reported substantial profit growth of 56.8% and 17.9%, respectively, driven by strong domestic demand and high export growth in the automotive sector[1] Group 3: Inventory and Demand Dynamics - PPI improvements were characterized as cost-push rather than demand-driven, with finished goods inventory showing a year-on-year increase of 0.5% to 3.6%, reaching a near one-year high[1] - The actual year-on-year growth rate of finished goods inventory, excluding the effects of PPI price changes, declined by 0.6 percentage points to 5.1%, indicating challenges in sustaining inventory replenishment[1] - The current economic environment suggests that effective demand for consumption and investment remains insufficient, which may continue to suppress the potential for inventory replenishment and industrial profit recovery[1] Group 4: Economic Policy and Future Outlook - The report anticipates a significant expansion of the general public budget deficit in the second half of the year to support equipment upgrades and consumer goods replacement, given the large fiscal shortfall in the first five months[1] - A moderate inventory replenishment cycle is expected to begin, with industrial profits likely to see steady but modest improvement throughout the year, although expectations should remain tempered[1] - Risks include slower-than-expected implementation of measures to promote effective investment and improve domestic consumption demand, which could hinder profit recovery for industrial enterprises[1]

Investment Rating - The report maintains an investment rating of "Outperform" with an expectation of leading the market by over 10% in the next six months [2][3]. Core Insights - The "Make 2024 DingTalk Ecosystem Conference" held on June 26 in Beijing emphasized the establishment of an open AI ecosystem, with DingTalk collaborating with six major model vendors, aiming to leverage data and scenario advantages to accelerate AI application deployment [1]. - DingTalk's open ecosystem is expected to empower B-end business development, with over 5,600 ecosystem partners and more than 100 AI ecosystem partners, indicating a significant daily call volume of over 10 million for DingTalk AI [1]. - The report outlines three models driving the continuous development of the open AI ecosystem: 1) Fixed product integration with major models, 2) AI agent creation by developers on DingTalk, and 3) Customized solutions for specific client needs [1]. Summary by Sections Investment Highlights - The report highlights the importance of open ecosystems in driving AI applications, with DingTalk's strategy to open its products and scenarios to major model vendors [1]. - The emphasis on matching technology with application scenarios is crucial for product deployment speed, as demonstrated by recent collaborations in the industry [1]. Market Performance - The report notes that the media sector is expected to perform well, with a projected increase of 10% compared to the Shanghai and Shenzhen 300 index [1]. - The report suggests focusing on leading companies in the industry, including Tencent, NetEase, Meitu, and others, as potential investment opportunities [1].

Investment Rating - The report maintains an investment rating of "Outperform" with expected returns exceeding the CSI 300 index by over 10% in the next six months [1][3]. Core Insights - The announcement by OpenAI to cease API services to unsupported countries, including mainland China and Hong Kong, presents an opportunity for domestic AI model developers such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud to gain market share as they respond to customer needs for local alternatives [1]. - The OpenAI ban is expected to accelerate the adoption of domestic AI models, enhancing their capabilities to empower local entrepreneurs and content creators [1]. - Domestic AI models are increasingly aligned with content and data security requirements, which is beneficial for the development of edge AI technologies [1]. Summary by Sections Investment Highlights - OpenAI's ban on API services is likely to benefit domestic AI models, prompting a swift response from local companies to assist users in transitioning to domestic solutions [1]. - Companies like Zhipu AI are launching comprehensive migration training programs to facilitate the switch from OpenAI to their models [1]. Market Performance - The report indicates a projected industry performance of 10% for the media sector, with a current relative return of -4.28% and an absolute return of -7.64% [1]. Analyst Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, Meitu, and others as they are expected to benefit from the shift towards domestic AI models [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The report highlights the significant event of the "Make 2024 DingTalk Ecosystem Conference" held on June 26, where DingTalk announced its commitment to building the most open AI ecosystem in China by collaborating with major model vendors [1]. - DingTalk's open ecosystem aims to leverage data and scenario advantages to accelerate AI application deployment, emphasizing the importance of open collaboration in driving business development [1]. - The report suggests that DingTalk's extensive user base and diverse application scenarios position it well to enhance AI capabilities, with over 5,600 ecosystem partners and more than 100 AI partners [1]. - The report outlines three models driving the continuous development of the open ecosystem: integrating large models with DingTalk products, allowing developers to create AI assistants on DingTalk, and providing customized intelligent solutions in collaboration with large model vendors [1]. - The report emphasizes the shift in AI development focus from technological breakthroughs to practical application scenarios, highlighting the importance of matching technology with appropriate use cases for successful product deployment [1]. Summary by Sections Investment Rating - The industry is rated as "Leading the Market" with a maintained rating [1]. Key Events - The DingTalk Ecosystem Conference on June 26 showcased DingTalk's strategy to open its platform to all major model vendors, aiming to create a collaborative AI ecosystem [1]. Ecosystem Development - DingTalk has over 5,600 partners, with daily AI call volumes exceeding 10 million, indicating robust engagement and potential for growth in AI applications [1]. Models for Ecosystem Growth - Three models are proposed to drive the open ecosystem: integrating large models with existing products, enabling developers to create AI agents, and offering tailored solutions for specific client needs [1]. Shift in AI Development Focus - The report notes a transition in AI development from technology to application, stressing the need for suitable scenarios to ensure successful implementation [1].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Viewpoints - The recent OpenAI ban on API services for unsupported countries, including mainland China and Hong Kong, is seen as a potential opportunity for domestic AI model developers, allowing them to better serve local entrepreneurs and content creators [1]. - Domestic AI model companies, such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud, are responding swiftly to assist users in transitioning to local models, which may enhance the demand for domestic AI technology and accelerate its development [1]. - The report suggests that the OpenAI ban could lead to increased competition among domestic AI model providers, resulting in improved services and resources for users, thereby fostering the growth of AI technology in China [1]. Summary by Sections Investment Highlights - The OpenAI ban is expected to benefit domestic AI models, prompting companies to offer competitive services to facilitate user migration [1]. - Major domestic AI firms are launching initiatives to provide free tokens and migration support to attract users from OpenAI [1]. Market Performance - The report notes a significant drop in relative returns, with a decrease of -4.28% for 1M, -18.32% for 3M, and -23.76% for 12M periods [1]. - Absolute returns also reflect a decline, with -7.64% for 1M, -20.11% for 3M, and -32.41% for 12M periods [1]. Analyst Recommendations - The report recommends focusing on companies such as Tencent Holdings, NetEase, Meitu, Tom Cat, Kunlun Wanwei, and others, as they are well-positioned to benefit from the shift towards domestic AI models [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the gaming industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The issuance of 104 new mobile game licenses in June marks a significant recovery, with the total number of approved domestic online game licenses reaching 628 for the year [1]. - The gaming market is experiencing a resurgence, with major companies releasing significant titles, leading to a potential explosion in new game releases during the summer season [1]. - Chinese gaming companies are performing well, with 40 companies entering the global mobile game publisher revenue TOP 100, collectively generating $2.11 billion, accounting for 39.7% of the total revenue [1]. Summary by Sections Industry Performance - The number of approved games in June has returned to over 100 per batch, with some games taking only six months from copyright registration to obtaining a license [1]. - The revenue from Tencent's mobile game "Dungeon & Fighter: Origin" has surpassed the combined revenue of "Honor of Kings" and "Peacekeeper Elite" in the domestic iOS market by the end of May [1]. Market Trends - The gaming industry is entering a competitive phase for the summer season, driven by both domestic and international market dynamics [1]. - The report highlights the importance of technological advancements, particularly in AI, game engines, and virtual reality, as key drivers for productivity improvements in the gaming sector [1]. Investment Recommendations - The report suggests focusing on companies such as Yaoji Technology, Tencent Holdings, and others, as the continuous issuance of game licenses is expected to invigorate the gaming ecosystem [1].

2024 年 06 月 26 日 公司研究●证券研究报告 兴森科技(002436.SZ) 公司快报 关键技术持续精进,FCBGA 项目稳步推进放量在 即 投资要点 2024 年 6 月 24 日,公司荣获 2023 年度国家科技进步二等奖。 关键技术持续精进,突破电子高密度互连基板制造等多项关键技术 2024 年 6 月 24 日,兴森科技参与的项目"面向高性能芯片的高密度互连封装制造 关键技术及装备"荣获 2023 年度国家科技进步奖二等奖。在后摩尔时代背景下, 以芯片高密度集成互连为核心的先进封装技术在产业链中的重要性日渐突出。兴森 科技与广东工业大学及相关产业方长期深入产学研合作,突破了电子高密度互连基 板制造等多项关键技术,形成行业领先优势。项目成果已获得国内国际一流龙头企 业的严格认证与批量采购。 封装基板:CSP 进军中高端市场,FCBGA 项目稳步推进放量在即 2023 年封装基板业务实现收入 8.21 亿元,同比增长 19.09%,增长主要来自于 CSP 封装基板业务;毛利率为-11.83%,同比下降 26.58 个百分点,主要系 FCBGA 封 装基板项目投入较大。 CSP:CSP 封装基板 ...

证券研究报告 汽车行业报告 领先大市-A(首次) 2024年6月26日 智能驾驶系列报告(一):华为智能驾驶方案简剖 分析师:李蕙 S0910519100001 联系人:曾晓婷 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u 华为ADS智驾方案始终坚持激光雷达+毫米波雷达+摄像头的多传感器融合路线,行业降本压力下硬件配置从超配逐步转 向贴合实际需求,带动整体硬件成本下降。1)单车传感器数量呈现下降趋势,包括激光雷达从3个减配至1个、毫米波雷 达从6R减配至3R、摄像头数量亦有所减少;2)车侧算力从400TOPS降低至200TOPS、更贴合实际需求,同时或在探索 "Max + Pro "双版本智驾硬件配置方案。 u 算法架构方面,从2021年的ADS 1.0到2023年的ADS 2.0,障碍物识别从人工标注走向自主决策、道路识别上从有图方案 转为无图方案,而今年4月发布的3.0版本采用端到端大模型。华为ADS在感知、决策规划两大方面持续迭代:1)障碍物 识别方面,从BEV升级至GOD,优化对异形障碍物、罕见障碍物的识别性能;2)车道识别及路径规划方面,从1.0的"有 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 index [1]. Core Insights - The recent Huawei Developer Conference introduced HarmonyOS NEXT, an independent operating system that does not rely on traditional Unix or Linux kernels, showcasing Huawei's commitment to AI integration and system-level capabilities [1]. - HarmonyOS has achieved a market share of 17% in China as of Q1 2024, surpassing iOS to become the second-largest operating system in the country, with over 900 million devices and 2.54 million developers engaged in its ecosystem [1]. - The report emphasizes the potential for AI products to penetrate various sectors as leading domestic companies complete system restructuring, suggesting a significant growth opportunity in the AI industry [1]. Summary by Sections Industry Performance - The report highlights that HarmonyOS has transitioned into a full commercial phase since its establishment in 2015, with significant advancements in AI capabilities and user experience [1]. Market Share and Developer Engagement - According to Counterpoint Research, HarmonyOS's market share reached 17% in Q1 2024, with over 900 million devices and 2.54 million developers contributing to its ecosystem [1]. Investment Recommendations - The report suggests focusing on leading companies such as Tencent, NetEase, Meitu, and others, which are expected to benefit from the increasing penetration of AI products across various fields [1].

Revenue Insights - In May, the general public budget revenue was 15,986 billion, showing a year-on-year decline of 3.2%, a slight improvement from April's decline of 3.7%[1] - Non-tax revenue increased by 15.8% year-on-year, significantly up by 10 percentage points from the previous month, supported by profits from state-owned assets and financial central enterprises[1] - The value-added tax (VAT) growth turned positive at 4.0%, improving by 13.6 percentage points, primarily due to the easing of high base effects from previous tax deferrals[1] Expenditure Trends - General public budget expenditure growth declined by 3.5 percentage points to 2.6% year-on-year, with significant reductions in education, culture, and health expenditures[1] - Despite a concentrated issuance of ordinary government bonds in May, the accumulated revenue-expenditure gap remains challenging to fill, indicating a need for more robust fiscal measures[2] Debt and Investment Dynamics - Local government debt issuance accelerated by 10.8 percentage points compared to April, but remains significantly slower than the same period in 2022 and 2023[6] - The issuance of special bonds and particularly long-term special government bonds has started, but the high standards for project profitability may hinder significant acceleration in infrastructure investment growth[6] Fund Budget Performance - Government fund income saw a year-on-year decline of 22.2%, marking a 15-month low, with land transfer income dropping by 27.4%[21] - The expenditure from government funds decreased by 14.2% year-on-year, but the decline was less severe due to last year's low base and an increase in special bond issuance[21]