Investment Rating - The report upgrades the investment rating of Great Wall Motors to "Buy" [2]. Core Viewpoints - The trend of vehicle replacement is evident, with high-priced models expected to exceed 10 million units, indicating a broader demand for high-priced vehicles. The proportion of vehicles priced above 200,000 yuan is continuously increasing, supported by rising disposable income and shorter replacement cycles due to the advent of smart electric vehicles [2][19]. - The Wei brand is positioned as a key player in the family large space segment, with the new model "Blue Mountain" expected to significantly boost sales after addressing previous shortcomings in intelligence and distribution channels [2][39]. - The Tank brand is set to dominate the professional off-road segment, leveraging technology to create a competitive edge. The off-road SUV market is projected to capture 10% of the sales of vehicles priced above 200,000 yuan, with the Tank brand benefiting from this growth [2][39]. - Focusing on high-priced vehicles is expected to yield significant results, as there is ample opportunity in the mass market. The strategy to prioritize high-priced segments will help reduce internal competition while enhancing brand image [2][39]. Summary by Sections Vehicle Replacement Trends - The replacement ratio has exceeded 50%, driving an increase in average transaction prices in the automotive market. The average price of passenger vehicles has risen from 168,900 yuan in 2016 to 227,700 yuan in early 2024, reflecting a core trend of consumption upgrading [7][9]. - The theoretical demand for vehicle replacement from 2019 to 2023 is estimated at 97.72 million units, with actual replacement sales at 42.3 million units, indicating a backlog of over 55.42 million units [13][19]. Wei Brand and Blue Mountain Model - The old Blue Mountain model maintained a stable monthly sales volume of around 2,000 units, while the new model received 8,571 pre-orders within 24 hours of its launch [28][39]. - The new Blue Mountain features significant upgrades in comfort and technology, including a self-developed cockpit platform and high-end amenities [32][33]. Tank Brand and Off-Road Segment - The Tank brand is positioned as the leading brand in the high-value off-road market, with a strong focus on technology to enhance its competitive advantage [2][39]. Market Potential and Strategy - The report emphasizes the vast potential in the mass market, with a strategic focus on high-priced vehicles expected to yield better profitability and reduced competition among domestic brands [2][39].

证券研究报告|行业点评报告 [Table_Date] 2024 年 09 月 23 日 [Table_Title] 券商风控指标计算标准新规点评：评级优异券商杠杆上限进一步打 开，重点业务风险加强防范 [Table_Title2] 证券Ⅱ 行业评级: 推荐 [Table_Summary] 事件概述: 2024 年 9 月 20 日，证监会正式发布修订后的《证券公司风险控制指标计算标准规定》（后称新规），新规将于 2025 年 1 月 1 日起正式施行。 背景及导向： 2016 年，中国证监会修订发布了《证券公司风险控制指标管理办法》及配套风控指标计算标准。对于《证券公 司风险控制指标计算标准规定》，2020 年第一次修订，2024 年第二次修订。 新规体现四方面监管导向：1）全面覆盖：对券商所有业务活动纳入风控指标约束范围，提升指标体系的完备 性；2）审慎从严：针对创新业务和风险较高的业务从严设置风控指标计算标准；3）强化风险管理：根据券商 风管水平、业务风险特征和期现匹配性，合理完善计算标准，提高指标体系科学性、有效性；4）促进功能发 挥：引导券商优化业务结构和资产配置，加大实体经济服务和居民财富管理力度， ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The importance of network and information security is increasing amid geopolitical uncertainties, with related security expenditures expected to maintain a high growth rate [3][8] - The hardware devices are gradually moving to the cloud, while security software and services continue to grow, with key downstream clients being government, finance, and telecommunications [10][12] Summary by Sections 1. Geopolitical Context and Security Importance - Recent geopolitical conflicts have highlighted the critical nature of network security, as evidenced by incidents like the remote manipulation of communication devices in Lebanon leading to casualties [3][8] - Despite a cautious financial strategy from governments and organizations, the demand for network security is expected to rise due to increasing risks [8] 2. Market Dynamics and Growth Projections - The global cybersecurity IT investment is projected to reach $215 billion in 2023, growing to $373.29 billion by 2028, with China's market expected to grow from $12.16 billion to $20.2 billion during the same period, reflecting a compound annual growth rate (CAGR) of 10.7% [10][12] - The cybersecurity hardware market in China is anticipated to reach 28 billion yuan in 2024 and 35 billion yuan by 2028, with a CAGR of 5.6% [10][12] 3. Competitive Landscape - The cybersecurity market is witnessing a trend of increasing concentration, with leading companies gaining market share. The concentration ratio (CR) for the top four companies rose from 21.71% in 2018 to 28.59% in 2022 [13][14] - Major players in the market include comprehensive security firms like Qihoo 360, Sangfor Technologies, and Unisoc, which are expanding their market presence [15] 4. Investment Opportunities - Comprehensive security vendors are expanding their boundaries to meet customized demands in specific application scenarios, with companies like Unisoc, Qihoo 360, and Sangfor Technologies leading the way [15] - The increasing importance of cloud-based security solutions is being addressed by major internet and ICT companies such as Alibaba, Tencent, and Huawei [15] - Key industries such as telecommunications are expected to see a continued increase in cybersecurity spending, benefiting companies with strong telecom operator client bases [15] - Emerging technologies like IoT and industrial automation are creating new demands for cybersecurity, with companies like Tongdun Technology positioned to capitalize on these trends [15]

证券研究报告|行业研究周报 [Table_Date] 2024 年 9 月 22 [Table_Title] 硅料价格小幅上涨，海外大储维持高景气度 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告|行业研究周报 [Table_Date] 2024 年 09 月 21 日 [Table_Title] 美联储降息落地，金价站上 2600 美元/盎司 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: ►贵金属：美国降息落地后金价依旧表现强势，价格 站上 2600 美元/盎司，黄金股预计将迎来股价修复 本周 COMEX 黄金上涨 1.57%至 2,647.1 美元/盎司， COMEX 白银上涨 1.38%至 31.5 美元/盎司。SHFE 黄金上涨 1.21%至 590.62 元/克，SHFE 白银上涨 1.67%至 7,548.00 元/千 克。 本周金银比上涨 0.18%至 84.05。本周 SPDR 黄金 ETF 持 仓增加 157,099.76 金衡盎 司，SLV 白银 ETF 持仓 减少 10,810,846.50 盎司。 周二，美国 8 月零售销售月率 0.1%，预期-0.2%，前值由 1.00%修正为 1.1%。 周三，美国 8 月新屋开工总数年化 135.6 万户，预期 131 万户，前值由 123.8 万户修正为 123.7 万户。 ...

证券研究报告|行业研究周报 [Table_Date] 2024 年 9 月 22 日 [Table_Title] 风控指标调整落地，优质券商资本空间拓宽 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2024.9.15-2024.9.21）A 股日均交易额 5,626 亿元，环比增加 8.3%，同比减少 19.2%。2024 年三季度至 今日均成交额 6,109 亿元,较 2023 年三季度日均交易额减 少 23.1%。2024 年至今日均交易额 7,777 亿元，较 2023 年 日均交易额减少 10.9%。投行：本周发行新股 2 家，募集资 金 5.9 亿元；本周上市新股 1 家，募集资金 6.8 亿元。 2024 年至今，A 股 IPO 上市 65 家，募集金额 454.4 亿元。 2023 年，A 股 IPO 上市 313 家，募集金额 3,565 亿元。两 融：截至 2024 年 9 月 19 日，两市两融余额 13,748.9 亿 元，环比减少 0.84%，较 2023 年日均水平（16,057.97 亿 元）减少 14.38%。两市融券余额 98. ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights & Investment Recommendations - Recent product launches from Sony and Unity are expected to drive a new wave of innovation in the gaming industry, with the PS5 Pro showing a performance improvement of approximately 45% over the standard version and Unity 6 being touted as the most stable and high-performance version to date. The success of "Black Myth: Wukong" highlights the game development capabilities of Chinese manufacturers, suggesting a promising commercial outlook for domestic titles [4][18] - During the Mid-Autumn Festival, cinema and cultural tourism consumption continued to recover, with box office revenue exceeding 1 billion yuan in September. The total number of screenings during the Mid-Autumn period surpassed 1.356 million, setting a record for the highest number of screenings in Chinese history for this holiday. Despite adverse weather conditions, the cultural tourism market in Jiangsu province showed remarkable resilience and innovation, ranking second nationally in consumption [4][18] - The report maintains a positive outlook on the overall recovery of entertainment consumption and recommends Hong Kong internet stocks, as well as sectors like publishing and AI film and television, which are expected to benefit from industry policies. Beneficiary stocks include Tencent, 37 Interactive Entertainment, Jiecheng Co., Fengshang Culture, Mingchen Health, Kaiying Network, Dafeng Industrial, Aoto Electronics, and Fengyu Zhu [4][18] Market Performance Overview - In the 37th and 38th weeks of 2024, the Shanghai Composite Index fell by 1.05%, the CSI 300 Index decreased by 0.94%, and the ChiNext Index dropped by 0.1%. The Hang Seng Index declined by 0.43%, while the Hang Seng Internet Index fell by 0.42%. The SW Media Index decreased by 0.87%, ranking 15th among 31 industries in terms of performance [3][11] - Among sub-industries, internet services, broadcasting, and advertising marketing were the top performers, with increases of 2.73%, 1.45%, and a decrease of 0.59%, respectively [3][11] Industry Data - The top three films at the box office were "Wild Child," "One Snow Before," and "Rebirth." The top three streamed films were "All In," "Sun Wukong: The Great Lion Camel Ridge," and "Evacuate from the 21st Century." The top three TV series were "The Song of Ordinary People," "Snow Maze," and "Changle Qu." The top three variety shows were "YES OR NO Season 3," "Chinese Restaurant Season 8," and "Flowers and Youth Season 6." The top three anime were "Battle Through the Heavens," "Immortal Reversal," and "Devouring the Starry Sky." The top three iOS games were "Honor of Kings," "Dungeon and Fighter: Origin," and "Peacekeeper Elite," while the top three Android games were "Heartbeat Town," "Return of the Dragon Tide," and "Dragon Clan: Castle of Cassel" [5]

[Table_IndustryRank] 行业评级： 推荐 证券研究报告|行业研究周报 [Table_Date] 2024 年 09 月 22 日 猪肉节后需求惯性回落，猪价继续下跌 [Table_Title2] 农林牧渔行业周报第 36 期 [Table_Summary] 本周观点: 种植产业链：据农业农村部，9 月 20 日，农业农村部召开全国 "三秋"农业生产工作视频会议，部党组书记、部长韩俊出席 会议并讲话。会议指出，"三秋"生产既是今年粮食生产的收 官战，又是来年夺丰收的第一季，必须毫不放松抓紧抓实抓 好。今年秋粮面积继续增加，当前在田作物长势较好，夺取粮 食和农业丰收有良好基础，但也面临农业灾害威胁等困难挑 战，决不能掉以轻心。各级农业农村部门要深刻认识抓好今年 "三秋"农业生产的重要性，以高度的政治责任感和时不我待 的紧迫感，周密谋划、扎实有力抓好秋管秋收，不误农时推进 秋播冬管，确保秋粮颗粒归仓、丰收到手，冬小麦、冬油菜种 足种好，坚决守住国家粮食安全的底线。粮食安全背景下转基 因商业化落地有序推进，转基因种子在抗虫耐药提高单产上具 有革命性作用，在保障粮食安全的大背景下，我们看好转基因 种子 ...

Investment Rating - Industry Rating: Recommended [3] Core Views - The progress of the Xinchuang industry is accelerating due to continuous policy support from the government and the rapid development of China's digital economy, leading to increasing market demand and broader development prospects for the Xinchuang industry [2][11] - Huawei's ecosystem is gradually expanding with significant innovations across multiple fields, including the launch of the world's first foldable smartphone and advancements in AI and health monitoring devices [9][25] Summary by Sections Xinchuang Industry - Recent tenders in the Xinchuang industry have accelerated, with notable projects including a 42 million yuan electronic government external network plan released by Fujian Province and a feasibility study for a Xinchuang renovation project with an estimated investment of 21.14 million yuan [2][11] - The market size of China's Xinchuang industry reached 2,096.19 billion yuan in 2023, projected to grow to 3,701.13 billion yuan by 2027, indicating unprecedented vitality in the market [16][17] Huawei Developments - Huawei has launched several innovative products, including the Mate XT foldable smartphone and a new health monitoring device powered by the Xuanji perception system, showcasing its commitment to smart health monitoring [9][25] - The HarmonyOS system is undergoing large-scale user testing, with significant partnerships established in various industries, indicating a shift towards a more mature operating system [9][31] - The Pangu model, a self-developed AI model by Huawei, has been recognized for its efficiency and is being applied across over 400 scenarios in various sectors, including government and finance [33] Investment Recommendations - Beneficial stocks in the domestic hardware sector include Nasda, Shenzhou Digital, and Kaili Co., while key software companies include Dameng Data, Kingsoft, and China Software [4][10] - The report highlights potential investment opportunities in the HarmonyOS ecosystem, with companies like RunDa Medical and Softcom Power listed as beneficiaries [4][10]

证券研究报告|行业研究周报 [Table_Date] 2024 年 09 月 21 日 [Table_Title] 电子行业周观点 [Table_Title2] 华为和苹果同日发售新品，Mate XT 与 iPhone16 同台竞争 [Table_Summary] ► 行 情 回 顾 ： 电 子 板 块 本 周 涨 跌 幅 -0.16% （27/31），10 年 PE 百分位为 43.3% （1）全行业比较：申万电子行业指数下跌 0.16%，同期沪深 300 上涨 1.32%。电子行业在全行业中涨跌幅排名为 27/31。 （2）电子板块子板块：光学光电子板块在申万电子二级行业 中涨幅最高，区间涨跌幅为 1.2820%；元件板块跌幅最大， 区间涨跌幅为-2.4067%。 （3）电子行业估值：沪深 300 指数 PE 为 10.99 倍，10 年 PE 百分位为 8.6%；电子指数 PE 为 50.44 倍，10 年 PE 百分位为 43.4%。 ► 华为和苹果同日发售新品，Mate XT 与 iPhone16 同台 竞争 9 月 10 日，华为三折叠手机 Mate XT（非凡大师）在深圳发 布，作为第一部三折叠 ...