证 2024 年 09 月 02 日 告 基本数据 2024-08-30 当前股价（元） 13.47 总市值（亿元） 653 总股本（百万股） 4847 流通股本（百万股） 4847 52 周价格范围（元） 8.68-18.17 日均成交额（百万元） 635.06 公 司 研 究 Q2 业绩同比增长，期待纱岭金矿贡献增长动能 —中金黄金（600489.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 市场表现 -40 -20 0 20 40 60 80 (%) 中金黄金 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中金黄金（600489）：业绩符 合预期，资源增储成果显著》2023- 05-01 2、《中金黄金（600489）：央企背 景，金矿铜矿资源丰富》2023-04- 10 中金黄金发布 2024 半年报：2024 上半年公司营业收入为 285.32 亿元，同比-3.34%；归母净利润为 17.43 亿元，同比 +27.69%；扣除 ...

Investment Rating - The report maintains a recommendation rating for the pig farming industry [3][17]. Core Viewpoints - The pig farming industry has entered a performance realization phase in H1 2024, with most companies turning losses into profits. Future focus should be on high-quality small pig enterprises with both cost and capital advantages [2][14]. - The increase in pig prices and the year-on-year growth in the number of pigs slaughtered have led to a rise in revenue for most companies. Many pig farming enterprises have ended their profit pressure since Q2 and have achieved profitability in H1 2024 [2][14]. - The cost of pig farming is expected to continue to decline due to the ongoing decrease in feed raw material costs, which will further expand profit margins [2][14]. Summary by Sections Industry Review - The report highlights that from August 26 to August 30, 2024, the pig farming sector experienced significant fluctuations, with some companies like Juxing Agriculture and Pulaike seeing increases in stock prices [10][12]. - Russia has entered the top five pork suppliers to China, with a notable increase in import share [13]. Company Recommendations - Key recommended stocks include: - Juxing Agriculture (603477.SH): Expected to maintain industry-leading cost advantages, with a projected cost reduction to below 13 RMB/kg in H2 2024 [3][18]. - Zhengbang Technology (002157.SZ): Recently restructured with the introduction of a new investor, expected to improve cost control and business recovery [3][18]. - Muyuan Foods (002714.SZ): Projected to have a significant output of 66-72 million pigs in 2024, with a strong cost reduction forecast [3][18]. - Wens Foodstuff Group (300498.SZ): Anticipated to maintain a robust output of 32 million pigs in 2024 [3][18]. Industry Data - As of August 30, 2024, the domestic pig market price was 20.90 RMB/kg, with a year-on-year increase of 22.22% [25]. - The total pig inventory as of the second quarter of 2024 was 415.33 million heads, showing a year-on-year decrease of 4.56% [25]. - The average price of pork in China as of August 22, 2024, was 31.97 RMB/kg, reflecting a year-on-year increase of 17.84% [32].

Investment Rating - The report maintains a "Buy" rating for key companies in the AI sector, including Keda Xunfei (002230.SZ), Jinqiao Information (603918.SH), and Dingtong Technology (688668.SH) [5][33]. Core Insights - AMD plans to officially release its RDNA4 GPU architecture graphics card in January 2025, featuring 56 compute units and 16GB of GDDR6 memory, with a clock frequency of 2,101MHz [2][11]. - The newly launched GLM-4-Plus model by Zhiyuan demonstrates significant improvements in language understanding, instruction following, and long text processing, positioning it competitively against leading models like GPT-4o [17][18]. - AI application traffic data shows a 23.74% increase in average session duration for Wenxin Yiyan, indicating growing user engagement [15][16]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific configurations such as A100-40G priced at 28.64 CNY/hour on Tencent Cloud and A100-80G at 8.50 CNY/hour on Hengyuan Cloud [9][10]. - AMD's RDNA4 GPU architecture graphics card is expected to have 56 compute units and 3,584 stream processors, aligning with industry expectations [11][12]. 2. AI Application Dynamics - The GLM-4-Plus model was officially launched at the KDD conference, showcasing enhanced performance across various tasks, including reasoning and programming algorithms [17][18]. - The traffic data for AI-related websites indicates that ChatGPT leads with 633.8 million visits, followed by Bing and Canva, with Wenxin Yiyan showing a notable increase in user engagement [15][16]. 3. AI Financing Trends - Magic and Codeium secured significant funding, with Magic raising 320 million USD and Codeium 150 million USD, highlighting the ongoing investment interest in AI startups [23][24]. 4. Market Review - The AI computing index and AI application index experienced notable fluctuations, with the highest daily increase of 3.55% and 3.52% respectively, indicating a dynamic market environment [26]. 5. Investment Recommendations - The report suggests focusing on leading AI companies such as Keda Xunfei, Jinqiao Information, and Dingtong Technology, which are expected to benefit from the growing demand in AI applications [5][33].

证 券 研 究 报 告 行业周报 出口稳定恢复中，内需长期有刚性支撑 医药行业周报 报告日期： 推荐 维持 投资评级： 2024年09月01日 ◼ 分析师：胡博新 ◼ SAC编号：S1050522120002 医 药 行 业 观 点 1. 出口整体恢复增长,长期具备一定韧性 根据医保商会数据，2024年1-7月，中国市场医药产品出口额614.33亿美元，同比增长2.65%，其中医疗器械类增长 3.92%，西药类增长2.68%，中药类下滑6.82%。器械类增长领先，2024年1-7月一次性耗材出口额大增8.96%，医疗诊 断和治疗类增长3.2%。对比国内医疗设备市场，海外市场增长节奏不一致，跟中国医疗装备协会数据，2024年上半年， 国内县级医院医疗设备采购规模同比下降50.57%，截止2024年8月31日，医疗器械上市公司业绩披露结束，整体出口增 长也优于国内市场。自2023年8月起，器械出口增长已逐步恢复。经历疫情防控阶段，中国医疗器械的品质已获得海外， 尤其是一带一路国家的认可。在欧美等发达国家市场，通过FDA认证产品增加，并且高值耗材、中高端装备比例提升。化 学原料药方面，2024年上半年，西药原料药出 ...

证 2024 年 09 月 02 日 研 报 告 行 业 研 究 究 业绩利空因素出清，关注中秋旺季回款 —食品饮料行业周报 ▌ 一周新闻速递 行业新闻：1）仁怀 52.6 亿元项目集中开工。2）前 7 月宜宾 酒类增加值增长 10.3%。3）1-7 月酒饮茶制造业营收 9340.8 亿元。 公司新闻：1）贵州茅台：茅台党建入选国企优秀案例。2） 迎驾贡酒：推进大单品培育和智慧工厂建设。3）古井贡酒： 古井集团累计助学捐资超 800 万元。 ▌ 投资观点 当前我们仍维持之前子板块推荐顺序：白酒>啤酒>休闲食品= 软饮料>速冻食品>调味品>乳制品。 白酒板块：本周后半周板块反弹上涨，我们判断主要与全市 场资金与情绪面利好反弹有关，1）前期超跌后筹码结构出 清，目前均处于历史估值底部位置；2）近期半年报业绩逐步 披露，短期业绩利空消除；3）白酒板块标的作为优质资产， 长期盈利能力保持稳定，商业模式仍佳，估值水平恢复可 期。本周我们参加伊力特业绩交流会，我们认为新管理层到 位后改革幅度较大，组织/营销/渠道策略均有更新，上半年 伊力王、小老窖新品打样速度推迟，下半年新品上市后公司 着力推进全国招商铺货，产品结构有望 ...

Investment Rating - The report maintains a "Buy" investment rating for the industry, particularly focusing on Bilibili (B站) as a unique video platform with growth potential [2][10]. Core Insights - The core competitive advantage of Bilibili lies in its iterative ability to adapt its business model, transitioning from game revenue to advertising revenue, and optimizing its income structure through community engagement [3][5]. - Bilibili has evolved from a niche community for ACG (Animation, Comics, Games) to a broader interest-based platform, catering to diverse content needs of its users, which enhances its community vitality and user engagement [4][22]. - The report forecasts a narrowing of losses for Bilibili in 2024, with expectations of improved operational efficiency and continued commercial potential driven by user engagement and content supply [5][81]. Summary by Sections 1. Overview and Core Competitiveness of Bilibili - Bilibili serves as a vibrant video community for the younger generation, with a focus on high-quality content and user engagement, which forms its competitive barrier [22]. - The platform has a strong user base with an average age of 25, indicating a significant market for targeted advertising and content monetization [25][27]. 2. Business Segmentation and Outlook - Bilibili's revenue streams include value-added services (VAS), gaming, and advertising, with VAS contributing 55.8 billion HKD in H1 2024, gaming at 21.8 billion HKD, and advertising at 40.6 billion HKD [35][49]. - The advertising revenue has shown significant growth, increasing from 0.23 billion HKD in 2015 to 70.76 billion HKD in 2023, with a projected 31.4% of total revenue in H1 2024 [38][45]. 3. Valuation and Industry Investment Recommendations - Bilibili's total revenue is projected to grow from 249 billion HKD in 2023 to 356 billion HKD by 2026, with a compound annual growth rate (CAGR) of approximately 13% to 16% [72]. - The report emphasizes the potential for Bilibili to leverage its unique content and community to enhance its advertising and monetization strategies, positioning it favorably within the media industry [70][81].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company reported a revenue of 8.05 billion yuan for the first half of 2024, reflecting a year-over-year decline of 7.75%, while the overall Chinese book retail market saw a decrease of 6.2% [3] - The company's revenue from book publishing, digital services, and urban space operations for the first half of 2024 was 6.24 billion, 1 billion, and 1.47 billion yuan respectively, with digital services showing growth [3] - The company has established a strong market position with a 2.68% market share in book publishing, maintaining leadership in several categories [3] - The company is accelerating its anime and cultural creative strategy, with a 30% year-over-year increase in anime book publishing revenue [4] - The company is leveraging AI technology to enhance its publishing processes and has launched a digital training platform that has seen a 15% year-over-year increase in revenue [4] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 4 billion yuan, a year-over-year decline of 9.6% but a quarter-over-quarter increase of 0.23% [2] - The net profit attributable to the parent company for Q2 2024 was 0.550 billion yuan, representing a year-over-year increase of 12.7% and a quarter-over-quarter increase of 45% [2] Revenue Forecast - The company is projected to generate revenues of 17.99 billion, 19.32 billion, and 20.90 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.58 billion, 2.00 billion, and 2.56 billion yuan [5][7] - The earnings per share (EPS) are forecasted to be 0.83, 1.05, and 1.35 yuan for the same years [5][7] Market Position and Strategy - The company is focusing on enhancing its digital infrastructure and has launched the Kuafu AI digital publishing platform to improve efficiency across the publishing process [4] - The company is also expanding its IP business through collaborations with major brands, indicating growth potential in the derivative product market [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has shown a dual increase in revenue and profit, with H1 2024 revenue reaching 14.156 billion yuan (up 9% year-on-year) and net profit attributable to shareholders at 3.453 billion yuan (up 12% year-on-year) [6] - The introduction of an employee stock ownership plan aims to enhance team motivation and align employee interests with company performance [8] - The company is focusing on optimizing its distribution channels and has seen positive results from new product development, with significant growth in various product categories [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 141.56 billion yuan, with a net profit of 34.53 billion yuan, reflecting a 12% increase [6] - The gross margin improved to 36.33% in Q2 2024, an increase of 2 percentage points, due to a decline in raw material costs [6] Product and Channel Development - Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories in Q2 2024 was 3.179 billion, 651 million, 1.041 billion, and 1.080 billion yuan respectively, with notable growth in seasoning sauce and other categories [7] - The company has streamlined its offline distribution channels, resulting in a net increase of 83 distributors, totaling 6,674 by the end of H1 2024 [7] Employee Incentives - The employee stock ownership plan for 2024-2028 involves up to 800 participants, with a funding source of 184.35 million yuan from the company's incentive fund [8] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.12, 1.21, and 1.30 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 31, and 29 times [9]

Investment Rating - The report maintains a "Buy" rating for GoerTek (002241.SZ) and Pengding Holdings (002938.SZ), while it recommends "Hold" for Crystal Optoelectronics (002273.SZ) and Luxshare Precision (002475.SZ) [9][16]. Core Insights - The electronic industry saw a 3.33% increase from August 26 to August 30, ranking third among sectors, with a price-to-earnings ratio of 43.61 [5][22]. - The upcoming launch of the iPhone 16 series on September 10 is expected to drive interest in related companies, particularly those in the supply chain such as Luxshare Precision, Liying Intelligent Manufacturing, and others [6][14]. - The foldable smartphone market is experiencing significant growth, with a 49% increase in global shipments in Q1 2024, led by Huawei surpassing Samsung [7][15]. Summary by Sections 1. Stock Recommendations and Changes - The report highlights key companies to watch, including GoerTek, Crystal Optoelectronics, and Luxshare Precision, with specific earnings per share (EPS) and price-to-earnings (PE) forecasts for 2023-2025 [9][16]. 2. Weekly Market Analysis and Outlook - The electronic sector's performance is analyzed, showing a general upward trend, with specific segments like semiconductor equipment and passive components performing well [5][22][26]. 3. Industry Dynamics Tracking - The report discusses the rapid growth in the foldable smartphone segment and the competitive landscape, suggesting a focus on companies involved in this technology [7][15][8]. 4. Key Company Announcements - Notable announcements include the iPhone 16 launch and developments in the foldable smartphone market, indicating potential investment opportunities [6][14][15]. 5. High-Frequency Industry Data - The report includes various indices and performance metrics for the electronic industry, providing a comprehensive view of market trends [19][22]. 6. Recent IPOs - The report mentions recent IPOs in the semiconductor sector, highlighting their significance in the current market landscape [11]. 7. Key Company Valuation Levels and Earnings Forecasts - Detailed valuation metrics and earnings forecasts for key companies in the electronic sector are provided, aiding in investment decision-making [9][16][31]. 8. Overseas Leaders Overview - The report reviews the performance of major overseas electronic companies, noting significant fluctuations in stock prices and market capitalizations [17][18]. 9. Semiconductor Industry Overview - An analysis of the semiconductor industry indicates a mixed performance, with some companies experiencing declines while others show resilience [19][22]. 10. Weekly Performance Rankings - The report ranks companies based on their weekly performance, identifying top gainers and sectors driving growth [29][30].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company, Zhuoyi Information (688258.SH), is a leader in domestic computer firmware and is experiencing accelerated growth driven by the domestic innovation (Xinchang) initiatives. The company reported a revenue of 157 million yuan in the first half of 2024, a year-on-year increase of 16.4%, while the net profit attributable to shareholders decreased by 61.98% to 19.28 million yuan [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 157 million yuan, up 16.4% year-on-year, primarily due to the acquisition of Aipuyang [1]. - The net profit attributable to shareholders was 19.28 million yuan, down 61.98% year-on-year, mainly due to a decrease in investment income of 36.85 million yuan [1]. - The gross profit margin was 48.31%, an increase of 1.18 percentage points year-on-year, while the net profit margin was 15.16%, a decrease of 22 percentage points [1]. Business Segments - The core firmware business in cloud computing devices accounted for 40.04% of revenue, totaling 62.77 million yuan, a decrease of 6.14% year-on-year [1]. - The cloud service business generated 39.54 million yuan, down 55.82% year-on-year, with government and enterprise cloud services contributing 16.07 million yuan, a decline of 81.19% [1]. - The new PB business, stemming from the acquisition of Aipuyang, accounted for 31.22% of total revenue, generating 48.93 million yuan [1]. Market Trends - The report highlights the necessity of digital transformation, with cloud computing becoming a key driver of economic growth in China. The global cloud computing market was valued at approximately 586.49 billion USD in 2023, with a year-on-year growth of 19.4% [2]. - The Chinese cloud computing market reached 616.5 billion yuan in 2023, growing by 35.5%, and is expected to exceed 2.1 trillion yuan by 2027 [2]. Future Outlook - The company is expected to benefit from the ongoing domestic replacement trend in cloud computing, with projected revenues of 406 million yuan, 519 million yuan, and 666 million yuan for 2024, 2025, and 2026, respectively [4][6]. - Earnings per share (EPS) are forecasted to be 0.63 yuan, 0.83 yuan, and 1.05 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 38, 29, and 23 [4][6].