证 2024 年 07 月 28 日 告 行 研 究 Meta 发布最强模型 Llama3.1，开源引领新时代 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |--------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 计算机(申万) | -5.2 | -15.5 | -34.3 | | 沪深 300 | -1.3 | -4.9 | -12.6 | 市场表现 -50 -40 -30 -20 -10 0 10 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：OpenAI 发布 GPT-4omini ， 引 领 大 模 型 普 及 时 代》2024-07-21 2、《计算机行业周报：AI 助理包围 WAIC2024，共建共治智能体生态》 2024-07-14 3、《计算机行业周报：商汤发布流 式多模态大模型日日新 5.5，国内首 次全面对标 GPT-4o》2 ...

证 2024 年 07 月 28 日 告 究 生猪养殖存量博弈，强者恒强 —农林牧渔行业周报 ▌ 本周观点 2024 年下半年，生猪养殖企业将会进行存量博弈，强者恒 强，推荐首选成本和资金两方面拥有行业优势的生猪养殖企 业。从生猪养殖供给端看，生猪养殖板块企业已经度过亏损 承压期，步入 2024 年一季度，猪肉价格周期开始反转上升， 2024 年 3 月迎来猪价上涨期。我们预计本轮猪肉价格高位周 期将至少持续一年，持续看好 2024 年 11 月前猪价上涨走 势，预计 2024 年 12 月猪价将会受国内猪肉消费情况影响， 将存在价格波动。同时我们预计生猪养殖板块企业 2024 年第 二季度将结束盈利承压期，利润实现扭亏为盈，第三季度盈 利空间将会持续上升，第四季度盈利空间将会略有下调。从 生猪养殖行业竞争看，企业将在存量市场博弈，强者恒强， 具有成本优势和现金流优势的企业盈利能力将更强。目前各 企业补栏积极性并不强烈，盈利周期将会被拉长。在这样的 竞争环境中，具有成本优势和现金流优势的企业盈利能力将 更强，具备更加强大的行业竞争力来抢夺行业市场份额。 ▌ 本周重点推荐个股 给予生猪养殖行业推荐评级。 建议积 ...

全球权益资金继续回流，流入风格仍存分歧 债券与黄金的资金流动： 大盘风格单周净流入236亿美元，金额较前一周有所下降，资金连续14周净流入。中盘风格单周净流入10亿美元，金额 较前一周上升，资金连续2周净流入。小盘风格单周净流入236亿美元，金额较前一周有所下降，资金连续14周净流入。 平衡风格单周净流入320亿美元，金额较前一周下降，资金连续14周净流入。成长风格单周净流出29亿美元，较前一周 又流入转为流出。价值风格单周净流出22亿美元，流出金额较前一周大幅上升，资金连续4周净流出。 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 2 投 资 要 点 ETF行业与风格层面的资金流动： 风格层面，大盘风格上周净流入291亿美元，较上周略有下降。中盘风格净流入15亿美元，与前一周持平。小盘风格净流 入28亿美元，较前一周明显下降。价值风格净流出9亿美元，由流入转为流出。平衡风格净流入341亿美元，较前一周略 有下降。成长风格净流入2亿美元，较前一周下降。 风 险 提 示 0. 资金流动概况 1. 债券与黄金的资金流动 用 到 10值 流入金额（亿美元） 截至7月24日，上周股票流入222亿美元， ...

证券研究报告 行业周报 维生素品种价格提升，关注后续业绩趋势 医药行业周报 投资评级： 推荐 (维持) 报告日期： 2024年07月28日 ■ 分析师：胡良好 ■ SAC编号：S1050522120002 an and the film of the film o 医 药 行 业 观 点 1. 维生素品种成交价格提升，关注后续业绩趋势 原料药及中间体是制药产业的上游，受到医保等政策因素影响较少，而且出口收入占比高，其中大宗原料药品种呈现一定 的价格周期。维生素等周期性品种，其价格涨跌主要由供给端驱动，下游需求影响则相对较少。根据医保商会数据，2023 年中国原料药出口呈下降的趋势，国内竞争导致价格下滑，化学原料药子行业利润下降。低价竞争下，部分品种的供应格 局转变，龙头企业主动限量提升价格 。部分维生素品种如VB1和VB6等品种从2023年Q4已开始触底回升 。目前已7-8月夏 季高温阶段，维生素企业选择停产检修，主动降低开工率，更有利于限制供给，加速提价。近期VE、VD3、VB1和VB6的 成交均价都有所上升 。预计从2024年Q2或者Q3起，部分品种提价带动的盈利好转有望逐步可见 。根据新和成发布的202 ...

证 券 研 究 报 告 行业周报 维生素品种价格提升，关注后续业绩趋势 医药行业周报 报告日期： 推荐 (维持) 投资评级： 2024年07月28日 ◼ 分析师：胡博新 ◼ SAC编号：S1050522120002 医 药 行 业 观 点 1. 维生素品种成交价格提升，关注后续业绩趋势 原料药及中间体是制药产业的上游，受到医保等政策因素影响较少，而且出口收入占比高，其中大宗原料药品种呈现一定 的价格周期。维生素等周期性品种，其价格涨跌主要由供给端驱动，下游需求影响则相对较少。根据医保商会数据，2023 年中国原料药出口呈下降的趋势，国内竞争导致价格下滑，化学原料药子行业利润下降。低价竞争下，部分品种的供应格 局转变，龙头企业主动限量提升价格。部分维生素品种如VB1和VB6等品种从2023年Q4已开始触底回升。目前已7-8月夏 季高温阶段，维生素企业选择停产检修，主动降低开工率，更有利于限制供给，加速提价。近期VE、VD3、VB1和VB6的 成交均价都有所上升。预计从2024年Q2或者Q3起，部分品种提价带动的盈利好转有望逐步可见。根据新和成发布的2024 年中报预期，扣非后净利同比增长50%—60%，蛋氨酸等 ...

证 2024 年 07 月 28 日 告 行 研 究 进入中报披露期，关注个股机会 究 报 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |----------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 食品饮料(申万) | -3.7 | -17.6 | -30.0 | | 沪深 300 | -1.5 | -4.9 | -14.6 | 市场表现 -35 -30 -25 -20 -15 -10 -5 0 5 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：反弹为短 期主线，关注中报表现》2024-07- 21 2、《食品饮料行业周报：底部迎反 弹，关注中报催化剂》2024-07-15 3、《食品饮料行业周 ...

证 2024 年 07 月 28 日 告 行 研 究 券 研 究 报 OpenAI 推出 SearchGPT 关注多巴胺与内啡肽经 济 —传媒行业周报 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 分析师：于越 S1050522080001 yvyue@cfsc.com.cn 行业相对表现 | --- | --- | --- | |------------|-------|-------| | 表现 | 3M | 12M | | 传媒(申万) | -18.8 | -33.4 | | 沪深 300 | -4.9 | -12.7 | 市场表现 -40 -30 -20 -10 0 10 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：文化强国之科 技与内容有望齐鸣 关注体育赛事》 2024-07-21 2、《传媒行业周报：三季度如何 看？》2024-07-07 3、《传媒行业周报：迎世界人工智 能大会 看暑假档与体育赛事撬动情 绪》2024-06-23 ▌ 本周观点更新 AI 应用端，2024 年 7 月，Open ...

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Viewpoints - The company is positioned as a leader in the PCB industry, with significant growth potential driven by AI, consumer electronics recovery, and smart driving technologies. The global PCB market is expected to grow from $69.517 billion in 2023 to $90.413 billion by 2028, with a CAGR of 5.40% from 2023 to 2028 [3][30]. - The company's advanced packaging and IC substrate business are expected to benefit from the rapid development of high-performance computing (HPC) and AI chips, with the ABF market projected to grow at a CAGR of 5.56% from 2022 to 2028 [3][36]. - The company has made strategic investments in digital factories and high-end PCB production, enhancing its competitive edge in the market [4][16]. Summary by Sections PCB Industry Leadership - The company has over 30 years of experience in the PCB sector, focusing on chip packaging and testing, and has established a strong product matrix [10]. - It ranks 7th among domestic PCB manufacturers in China, with a monthly delivery capacity of approximately 25,000 varieties [12][16]. AI-Driven Growth - The demand for PCBs is expected to rise significantly due to the increasing adoption of AI in various sectors, including consumer electronics and smart driving [25][30]. - The global AI server market is projected to grow rapidly, with shipments expected to reach 2.37 million units by 2026, maintaining a CAGR of 25% [25][30]. Financial Performance - The company reported a revenue of 5.36 billion yuan in 2023, with a slight growth of 0.1%. However, net profit decreased by 59.8% due to increased costs associated with new projects [5][16]. - Revenue forecasts for 2024, 2025, and 2026 are 6.23 billion, 7.75 billion, and 9.30 billion yuan, respectively, with corresponding EPS of 0.14, 0.31, and 0.48 yuan [5][16]. Advanced Packaging and IC Substrate - The advanced packaging market is expected to grow significantly, with a projected CAGR of 10.02% from 2022 to 2028, driven by the demand for high-performance computing and AI chips [34][36]. - IC substrates are identified as the fastest-growing segment within the PCB industry, with a projected CAGR of 18.95% from 2018 to 2028 [36].

Market Sentiment - The current market sentiment score is 23, indicating a "cold" market condition[10] - Historical sentiment trends suggest that when the sentiment value recovers to the 50-60 range, resistance to recovery is likely[10] Key Themes - **Cybersecurity**: Issues reported globally due to third-party antivirus software updates highlight the importance of domestic cybersecurity technology in China. Relevant stocks include Electric Science and Technology Network Security (002268) and Qi An Xin-U (688561)[4] - **Vitamin Supply**: A reported shortage of Vitamin D3 has led to a significant price increase, with current market prices around 75 to 80 RMB per kilogram. Related stocks include Kingenta Ecological Engineering (002626) and New Hope Liuhe (002001)[4] - **Autonomous Driving**: Legislative support for autonomous vehicles in Beijing is expected to enhance market prospects. Relevant stocks include Four-dimensional Map (002405) and SuperMap Software (300036)[4] Market Dynamics - Recent macroeconomic factors include unexpected economic downturns, geopolitical uncertainties, and tighter liquidity conditions, which have all contributed to the current market sentiment[8] - The financing net buying indicates investor optimism, while the margin selling reflects a bearish outlook, suggesting a mixed sentiment in the market[31] Industry Performance - The top sectors for net inflow include Oil and Petrochemicals (34,821 million RMB) and Communications (16,443 million RMB), while the Transportation sector saw a significant outflow (-63,028 million RMB)[30]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a strong potential for growth with expected returns exceeding 20% over the next 12 months [15]. Core Views - The company is a leading provider of steel structure components for renewable energy generation equipment, focusing on wind and solar power markets, with a robust customer base including major international firms [10][15]. - The company has shown significant revenue growth, with a 32.28% year-on-year increase in revenue for 2023, reaching 3.842 billion yuan, and a projected revenue of 5.023 billion yuan for 2024 [10][15]. - The company is expanding its production capacity in the U.S. and plans to establish a factory in Saudi Arabia, which is expected to enhance its market position and profitability in the global solar market [10][15]. Summary by Sections Company Overview - The company specializes in steel structure components for renewable energy equipment, including wind and solar power devices, and has established a strong presence in both domestic and international markets [10]. Financial Performance - In 2023, the company achieved a revenue of 3.842 billion yuan, with a net profit of 184 million yuan, reflecting a 94.1% increase in net profit year-on-year [15][27]. - The forecast for 2024 anticipates revenues of 5.023 billion yuan and a net profit of 304 million yuan, indicating continued growth [15][27]. Production and Expansion Plans - The company has commenced production at its U.S. factory to mitigate trade policy uncertainties and plans to build a factory in Saudi Arabia with an initial capacity of 3GW, expandable to 5GW [10][15]. - The company is also focusing on offshore wind power, with investments in new facilities to support large-scale offshore wind turbine components [10][15]. Profitability Forecast - The company is projected to achieve revenues of 50.23 billion yuan, 63.69 billion yuan, and 72.66 billion yuan from 2024 to 2026, with corresponding EPS of 1.65, 2.33, and 2.85 yuan [15][27].