构建房地产发展新模式下一步政策措施。关于加快构建房地产发展新模式 下一步具体的政策措施，包括完善住房供应体系，重点是增加保障性住房 建设和供给；部署各地以编制实施住房发展规划和年度住房发展计划为抓 手，建立"人、房、地、钱"要素联动机制；推动房地产开发企业融资从 依赖主体信用向基于项目情况转变，有力有序推进现房销售，研究建立房 屋体检、房屋养老金、房屋保险制度等。 分析师 策略研究报告 证券研究报告 策略报告 报告日期：2024 年 8 月 26 日 美联储释放降息信号 ——A 股投资策略周报告 请认真阅读文后免责条款 市场信心提振仍是关键。一些有利的因素或将支撑市场表现，一是美联储 释放 9 月降息信号，国内货币政策空间回旋余地或因此增加；二是政策积 极推动落实改革及稳增长政策提振基本面预期，如推动民营经济高质量发 展会上，发改委表示将鼓励民营企业积极参与国家重大战略实施和重点领 域安全能力建设、大规模设施更新和消费品以旧换新；三是市场估值合理， 具有比较优势。 摘要（核心观点）： 关于区域经济发展再出决议。8 月 23 日政治局会议审议《进一步推动西部 大开发形成新格局的若干政策措施》，指出"聚焦大保护、 ...

证券研究报告 化工 报告日期：2024 年 08 月 26 日 维生素持续涨价，制冷剂 R32 配额调整政策落地 ——化工行业周报 华龙证券研究所 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzqgs.com 《原油、维生素、TDI 价格向上，全面 绿色转型系统部署发布—化工行业周 报》2024.08.12 《原油价格持续波动，巴斯夫装置事故 引发维生素价格跳涨—化工行业周报》 2024.08.06 摘要： 投资评级：推荐（维持） 原油：截至 2024 年 8 月 23 日，WTI 原油期货价格为 74.83 美元/ 桶，周环比下降 2.37%；布伦特原油期货价格为 79.02 美元/桶， 周环比下降 0.83%。由于对石油消费大国需求担忧令市场承压， 周内国际油价仍然下跌，但美联储发出降息即将到来的强烈信号， 有助于增强经济并促进石油需求，提振石油价格。 聚氨酯：截至 2024 年 8 月 23 日,聚合 MDI 价格为 1.72 万元/吨， 周环比上升 0. ...

证券研究报告 通信 报告日期：2024 年 08 月 26 日 高速光器件需求持续增长，公司业绩持续高增 ——天孚通信（300394.SZ）2024 年半年报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 23 日 当前价格（元） 82.44 52 周价格区间（元） 68.59-173.99 总市值（百万元） 45,664.48 流通市值（百万元） 45,568.21 总股本（万股） 55,391.17 流通股（万股） 55,274.40 近一月换手（%） 77.76 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 《高速光器件需求放量，公司业绩高增 盈利能力提升—天孚通信（300394.SZ） 2023 年年报及 2024 年一季报点评报告》 2024.04.30 请认真阅读文后免责条款 事件： 2024 年 8 月 22 日，天孚通信发布 2024 年半年报：2024 年上半 年公司实现营业收入 15.56 亿元，同比增长 134.27%；实现归属上市 公司股东的净利润 6.54 亿元，同比增长 177.20%。 投资评级：买入（ ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 157 期，总第 1716 期（电子版） 2024 年 8 月 27 日 星期二 一、市场分析 低于预期 聚焦主线 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2855.52 | 0.04 | | 深证成指 | 8194.64 | 0.16 | | 中小 100 | 5239.6 | 0.09 | | 创业板指 | 1545.31 | -0.1 | | 沪深 300 | 3324.22 | -0.09 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41240.52 | 0.16 | | 纳斯达克 | 17725.77 | -0.85 | | 标普 500 | 5616.84 | -0.32 | | 英国富时 100 | 8327.78 | 0.48 | | 日经 225 | 38094. ...

证券研究报告 食品饮料 报告日期：2024 年 08 月 26 日 需求温和复苏，关注结构性机会 ——食品饮料行业周报 华龙证券研究所 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzqgs.com 《中报陆续披露，关注业绩确定性个股 —食品饮料行业周报》2024.08.19 《扩大内需消费政策积极，白酒龙头分 红规划信心提升—食品饮料行业周报》 2024.08.12 《固本开新，行稳致远—---食品饮料行 业 2024 年中期策略报告》2024.07.29 摘要： 食品饮料板块跑输上证指数。上周（08 月 19 日-08 月 23 日）食 品饮料板块涨跌幅为-2.81%，在申万 31 个行业中排名第 16，上 证指数涨跌幅为-0.87%，食品饮料跑输上证指数-1.94pcts。子板 块来看，肉制品（-0.76%）、零食（-1.54%）、调味品（-1.66%） 跌幅较小，其他酒类（-7.04%）跌幅较大。当前需求仍处于温和 复苏阶段，市场预期较低，龙头企业业绩确定性较强，具备一定 的抗风险能力，估值回调后中长期配置性价比凸显，我们维持行 业"推荐"评级。 投资评 ...

证券研究报告 银行/非银金融 报告日期：2024 年 08 月 26 日 银行板块高股息相对价值仍较高 关注险企基本面修复 ——金融周报 华龙证券研究所 最近一年走势 市场数据 2024 年 8 月 23 日 行业,% 1M 3M YTD 沪深 300 -3.28 -8.64 -3.03 非银金融 0.53 -6.73 -7.09 银行 2.38 -0.80 20.22 证券 0.47 -7.58 -12.63 保险 1.13 -3.44 8.95 分析师：杨晓天 执业证书编号：S0230521030002 邮箱：yangxt@hlzqgs.com 《银行板块高股息+稳定性投资价值提 升—金融周报》2024.08.20 《央行强化长期国债利率稳定性 助力 银行保险改善资产配置—金融周报》 2024.08.12 《预定利率下调等政策助力险企缓解负 债、长期投资稳定性增强—金融周报》 2024.08.06 摘要： 上周（8 月 19 日至 8 月 23 日，下同）A 股市场走出结构性行情， 金融指数（申万）银行与保险上行，沪深 300 指数上周下跌 0.55%， 全年跌幅为 3.03%；银行指数上周上涨 2.86 ...

证券研究报告 化工 报告日期：2024 年 08 月 21 日 磷矿石、特种化学品维持较高盈利水平，农药、肥料业绩表现转好 ——兴发集团（600141.SH）2024 年中报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 21 日 当前价格（元） 18.01 52 周 价 格 区 间 14.31-24.83 （元） 总市值（百万元） 19,869.62 流通市值（百万 19,869.62 元） 总股本（万股） 110,325.46 流通股（万股） 110,325.46 近一月换手（%） 21.19 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzqgs.com 相关阅读 请认真阅读文后免责条款 事件： 公司于 2024 年 8 月 19 日发布 2024 年度中期报告，2024 年 H1 公司实现营业收入 134.04 亿元，同比-2.09%，归母净利润为 8.05 亿元，同比+29.85%；2024 年 Q2 公司营业收入 65.16 亿元， 较 2 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's flexible circuit board (FPC) and touch panel businesses have shown significant growth, partially offsetting the decline in gross margin from its main electronic circuit business. In the first half of 2024, the electronic circuit business achieved revenue of 10.85 billion yuan, a year-on-year increase of 20.93%, maintaining a revenue share of over 65% [1] - The company reported a total revenue of 16.629 billion yuan in the first half of 2024, representing a year-on-year growth of 21.67%, while the net profit attributable to the parent company was 561 million yuan, a decrease of 32.01% year-on-year [1] - The AI wave is driving growth in the FPC business, and the new energy business is expected to grow steadily. The revenue from the new energy business reached 3.81 billion yuan, a year-on-year increase of approximately 29.33%, further increasing its share of total revenue [1] Financial Performance Summary - The company’s revenue for 2024 is projected to be 38.466 billion yuan, with a growth rate of 14.31%. The net profit attributable to the parent company is expected to be 1.97 billion yuan, reflecting a slight increase of 0.27% [2] - The company’s gross margin is expected to improve slightly to 15.71% in 2024, compared to 15.18% in 2023 [6] - The company’s earnings per share (EPS) for 2024 is projected to be 1.15 yuan, with a price-to-earnings (P/E) ratio of 19.1 times [2][6] Comparable Company Valuation - The company is compared with similar firms such as Huadian Technology, Shenzhen South Circuit, and Jingwang Electronics. The average P/E ratio for these comparable companies is 25.6 times, while the company’s current valuation is lower than the industry average, justifying the "Accumulate" rating [3][6]

Investment Rating - The report assigns a "Buy" rating to Jinbo Biotech (832982 BJ) for the first time [1] Core Views - Jinbo Biotech demonstrates strong profitability and R&D capabilities, driving sustainable and healthy development [1] - The company's profitability continues to strengthen, with medical device business boosting growth [1] - The company has a robust R&D foundation, enhancing its core competitiveness [1] - With diverse end-product application scenarios, the company has established a comprehensive industry chain from raw materials to products and sales [1] Financial Performance - In H1 2024, Jinbo Biotech achieved revenue of 603 million yuan, a year-on-year increase of 90 59% [1] - Net profit attributable to shareholders reached 309 million yuan, up 182 88% year-on-year [1] - Basic earnings per share stood at 3 5 yuan, a 182 26% increase from the previous year [1] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 89 million yuan [1] Business Segments - Medical devices: Revenue of 531 million yuan in H1 2024, up 91 84% year-on-year, with a gross margin of 94 43% [1] - Functional skincare: Revenue growth driven by proprietary brand development, with a gross margin of 64 76% [1] - Raw materials and others: Revenue growth supported by advanced functional protein materials, with a gross margin of 83 03% [1] R&D and Innovation - In H1 2024, the company obtained 13 patent authorizations, including 2 international patents [1] - Completed atomic structure analysis of 2 human collagen proteins (8YUK, 8YV3) [1] - Obtained 4 Class II medical device registration certificates [1] Industry Position - Jinbo Biotech is recognized as a national "Specialized and Sophisticated" Little Giant enterprise [1] - Designated as the "Chain Leader" enterprise of Shanxi Province's synthetic biology industry chain in 2023 [1] Financial Projections - Revenue forecast for 2024-2026: 1 475 billion yuan, 2 065 billion yuan, and 2 581 billion yuan, respectively [3] - Net profit forecast for 2024-2026: 652 million yuan, 972 million yuan, and 1 217 billion yuan, respectively [3] - PE ratios for 2024-2026: 23 3x, 15 7x, and 12 5x, respectively [3] Valuation Comparison - Compared with peers like Bloomage Biotech, Novozymes, and Protheragen, Jinbo Biotech shows strong growth potential and innovation capabilities [5] - The company's PE ratios are lower than the industry average, indicating potential undervaluation [5]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 101.97% in the first half of 2024, driven by growth in power software and intelligent instruments [1][3] - The company has a three-year dividend plan, indicating confidence in future operations, with a proposed cash dividend of 3.9 yuan per 10 shares [3] - The new generation of oil chromatography products is expected to see substantial demand growth, particularly in the ultra-high voltage sector [1][3] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 404 million yuan, a year-on-year increase of 18.6% [1] - The net profit attributable to shareholders was 143 million yuan, representing a year-on-year increase of 101.97% [1] - The basic EPS for the period was 0.4 yuan per share, up 110.53% year-on-year [1] - The gross margin for the power intelligent instruments business increased to 62.99%, a year-on-year growth of 21.67% [1][3] Revenue and Profit Forecast - The company forecasts revenue growth from 1.37 billion yuan in 2024 to 1.84 billion yuan in 2026, with corresponding net profits expected to rise from 345 million yuan to 550 million yuan [4][7] - The projected PE ratios for 2024-2026 are 16.4, 12.7, and 10.3, respectively, indicating a lower valuation compared to comparable companies [3][4] Market Position and Competitive Advantage - The company is positioned as a leader in the power cost software sector, benefiting from stable growth in distribution network investments [3] - The company has a strong market share in power cost software products, maintaining a gross margin above 90% [3][4] - The environmental intelligent instruments and services segment shows resilience with a strong order backlog, contributing to stable revenue growth [3][4]