究 报 告 策 研 证券研究报告 请阅读最后一页重要免责声明 2 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | 1、 | 北证指数抬头上行,成交量能回升 | | | | 北证指数与成交额概览 ... ... ... ... ... ... . 1. 1、 | | | | 1. 2、 北证签体与行业估值概览 ........................................................................................................................... 5 | | | | 2、 北证行业涨跌分化,超半数行业收涨. | | | 3、 | 北证个股整体回暖, ...

2024 年 07 月 14 日 电动化及自主品牌渗透率持续提升,特斯拉 Optimus 加速人形机器人落地进程 —汽车行业周报 推荐(维持) 投资要点 分析师:林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 1.0 -1.2 -5.2 沪深 300 -2.0 -0.1 -10.9 市场表现 -30 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《汽车行业周报:北汽享界将首 次亮相门店,理想 7 月内推送无图 NOA,2024WAIC 关键词是"应用"》 2024-07-08 2、《汽车行业动态研究报告:新势 力 6 月销量点评:蔚来、极氪、零 跑交付量创历史新高,中国高端新 势力格局稳定》2024-07-03 3、《汽车行业周报:理想、问界稳 居中国新势力品牌 6 月周销量前 二,豪华品牌周销量呈增长趋势》 2024-06-30 业 研 究 报 告 行 研 究 ▌ 乘联会公布 6 月乘用车市场数据,6 月环比 +3.2%,24H1 同比+3.3%,新 ...

券 2024 年 07 月 14 日 研 告 业 研 究 AI 助理包围 WAIC 2024,共建共治智能体生态 报 行业相对表现 表现 1M 3M 12M 计算机(申万) -7.8 -12.5 -36.6 沪深 300 -2.0 -0.1 -10.9 市场表现 资料来源:Wind,华鑫证券研究 相关研究 1、《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》2024-07-07 2 、 《 计 算 机 行 业 周 报 : 首 款 Transformer 专用芯片 Sohu 亮相, 10 倍于 B200 速度成为最快 AI 芯 片》2024-06-30 3 、 《 计 算 机 行 业 周 报 : 华 为 HarmonyOSNEXT 强势亮相,"纯血鸿 蒙"有望重塑 AI 操作系统市场格 局》2024-06-23 行 究 推荐(维持) 投资要点 —计算机行业周报 ▌AI 应用: AI 助理包围 WAIC 2024,共建共治智能 体生态 分析师:宝幼琛 S1050521110002 baoyc@cfsc.com.cn 7 月 4 日,世界人工智能大会 WAIC 首次更名 ...

券 2024 年 07 月 14 日 研 告 业 研 究 AI 助理包围 WAIC 2024,共建共治智能体生态 报 行业相对表现 表现 1M 3M 12M 计算机(申万) -7.8 -12.5 -36.6 沪深 300 -2.0 -0.1 -10.9 市场表现 资料来源:Wind,华鑫证券研究 相关研究 1、《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》2024-07-07 2 、 《 计 算 机 行 业 周 报 : 首 款 Transformer 专用芯片 Sohu 亮相, 10 倍于 B200 速度成为最快 AI 芯 片》2024-06-30 3 、 《 计 算 机 行 业 周 报 : 华 为 HarmonyOSNEXT 强势亮相,"纯血鸿 蒙"有望重塑 AI 操作系统市场格 局》2024-06-23 行 究 推荐(维持) 投资要点 —计算机行业周报 ▌AI 应用: AI 助理包围 WAIC 2024,共建共治智能 体生态 分析师:宝幼琛 S1050521110002 baoyc@cfsc.com.cn 7 月 4 日,世界人工智能大会 WAIC 首次更名 ...

2024 年 07 月 14 日 苹果市值创历史新高重回美股第一,台积电 2nm 制程芯片将试产 —电子行业周报 推荐(维持) 投资要点 分析师:毛正 S1050521120001 maozheng@cfsc.com.cn 分析师:吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 2.0 9.6 -13.1 沪深 300 -2.0 -0.1 -10.9 市场表现 -40 -30 -20 -10 0 10 (%) 电子 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《电子行业周报:WAIC2024 开 幕,三星研发 3.3D 先进封装》 2024-07-07 2、《电子行业周报:长鑫科技拟在 上海建设先进封装芯片厂,国行版 VisionPro 正式发售》2024-06-30 3、《电子行业专题报告:跨越带宽 增长极限,HBM 赋能 AI 新纪元》 2024-06-29 行 券 研 究 报 告 业 研 究 ▌ 上周回顾 7 月 8 日-7 月 12 日当周,申万一级行业大部分处于上涨状 态。其中电子行业上涨 6.62%,位列 ...

Investment Rating - The report maintains a "Buy" rating for the company Longda Meishi (002726.SZ) [3] Core Views - The company is expected to turn losses into profits due to the recovery in pig prices and continuous optimization of its business structure [3] - The traditional business segment is showing improved profitability, and the prepared food segment is progressing well [3] Summary by Relevant Sections Company Events - On July 12, 2024, Longda Meishi released its half-year performance forecast for 2024, indicating a turnaround in profitability [3] Financial Data - Current stock price: 6.25 CNY - Total market capitalization: 6.7 billion CNY - Estimated net profit for the first half of 2024: 55-65 million CNY, compared to a loss of 624 million CNY in the same period of 2023 [3] - Estimated net profit for Q2 2024: 25-35 million CNY, compared to a loss of 646 million CNY in Q2 2023 [3] Profitability Forecast - The company is expected to achieve significant profit growth in the coming years, with projected earnings per share (EPS) of 0.09 CNY in 2024, 0.20 CNY in 2025, and 0.29 CNY in 2026 [5] - The return on equity (ROE) is projected to improve from -92.8% in 2023 to 5.6% in 2024 and further to 13.6% by 2026 [5] Revenue and Growth Rates - Main revenue forecast for 2024: 15.144 billion CNY, with a growth rate of 13.7% [5] - The company anticipates a recovery in profitability driven by the optimization of its breeding and slaughtering segments, alongside the development of its prepared food business [3][5]

Performance Overview - The Nasdaq Biotechnology Index increased by 5.86% after the inclusion of new stocks[2] - The Xin Selected ETF strategy achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% and a Sharpe ratio of 1.44[7] - The total return of the China-US core asset portfolio from early 2015 to now is 32.62%, outperforming equal-weighted indices by 11.09%[10] Fund Issuance and Market Trends - A total of 13 new public funds were established this week, raising a total of 3.547 billion yuan, with four new index funds accounting for 409 million yuan[31] - This week, seven new index funds were reported, primarily focusing on dividend themes[54] - Two new Saudi ETFs are set to be listed next week[34] ETF Fund Flows - The Xin Selected ETF strategy has a total return of 4.6% year-to-date, outperforming equal-weighted ETFs by 6.4%[45] - A-share ETFs saw a net inflow of 11.432 billion yuan this week, while bond ETFs had a net inflow of 1.467 billion yuan[90] - The cross-border ETF market saw a net inflow of 4.571 billion yuan, with US ETFs gaining 3.228 billion yuan[70] Sector Performance - The electronic and pharmaceutical sectors received net inflows, while non-bank financials and renewable energy sectors faced significant sell-offs[92] - The broad-based dividend ETFs saw a net inflow of 763 million yuan, indicating strong market consensus on dividend strategies[92]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7]. Core Insights - The company's performance in the first half of 2024 is expected to show significant growth, driven by the recovery of production capacity and rising aluminum prices. The forecasted net profit for the first half of 2024 is between 2.4 billion to 2.6 billion yuan, representing a year-on-year increase of 58.42% to 71.62% [4][5]. - The company is the largest green low-carbon aluminum supplier in China, and the market is beginning to recognize the premium for green aluminum. The company plans to leverage this advantage to convert its green brand benefits into economic returns [5]. Summary by Sections Basic Data - Current stock price is 14.09 yuan, with a total market capitalization of 48.9 billion yuan and total shares outstanding of 3,468 million [1][2]. Market Performance - The average price of A00 aluminum in the first half of 2024 was 19,781 yuan per ton, an increase of 6.99% year-on-year. The average price of alumina was 3,505 yuan per ton, up 12.76% year-on-year [5]. Profit Forecast - The company’s projected revenues for 2024 to 2026 are 48.765 billion, 49.592 billion, and 50.419 billion yuan, respectively. The projected net profits for the same years are 5.046 billion, 5.418 billion, and 5.791 billion yuan, with corresponding P/E ratios of 9.7, 9.0, and 8.4 [6][9]. Financial Metrics - The report indicates a significant increase in net profit for Q2 2024, estimated between 1.236 billion to 1.436 billion yuan, reflecting a year-on-year growth of 96.15% to 127.89% [5]. - The company is expected to maintain a gross margin of 16.9% in 2024, with a projected return on equity (ROE) of 15.5% [9]. Strategic Positioning - The company is actively enhancing communication with power management departments to accelerate the recovery of its electrolytic aluminum production capacity, which has led to a substantial increase in production load rates [5]. - The company aims to capitalize on the favorable conditions created by the national push for a green low-carbon economy and the EU's carbon border tax [5].

2024 年 07 月 12 日 研 究 究 新签海外海缆大单,欧洲市场开拓顺利 —东方电缆(603606.SH)公司事件点评报告 东方电缆发布《关于中标相关项目的提示性公告》,公告 20.3 亿海缆中标情况。 投资要点 ▌新签海外海缆大单,欧洲市场开拓顺利 公司现拥有陆缆、海缆、海洋工程三大产品领域,是国内海 缆、陆缆核心供应商。2023 年公司实现营业收入 73.10 亿 元,同比增长 4.30%,其中海缆及海洋工程收入 34.76 亿 元,同比增长 14.78%,陆缆收入 38.27 亿元,同比下降 3.77%;实现归母净利润 10.00 亿元,同比增长 18.78%。 截止 4 月 25 日,公司在手订单 71.37 亿元,其中海缆 25.80 亿元,陆缆 36.82 亿元,海洋工程 8.75 亿元,220 千伏及以 上海缆、脐带缆占在手订单总额近 30%。7 月 9 日,公司发布 公告,确认新中标中电建华东院海缆(约 0.8 亿元)、英国 SSE 公司海缆(约 1.5 亿元)、Inch Cape Offshore 公司海 缆(约 18 亿元),海缆中标金额合计约 20.30 亿元。此前公 司已与 I ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][9]. Core Viewpoints - The first model developed in collaboration with Huawei has entered the vehicle validation stage and is expected to be launched in the first half of next year [2][5]. - The partnership with Huawei is not limited to high-end vehicles but also includes the integration of Huawei's technology into more of JAC's models, enhancing the brand's product offerings [3][4]. - The domestic passenger car market is expanding rapidly, with JAC poised to break into the high-end vehicle segment, which has been dominated by foreign brands [4][5]. Summary by Relevant Sections Basic Data - Current stock price is 19.09 CNY, with a total market capitalization of 41.7 billion CNY and total shares outstanding of 2,184 million [1][2]. Business Development - JAC's collaboration with Huawei is progressing, with the first model expected to roll off the production line by the end of this year [2][5]. - The construction of a world-class smart factory is nearly complete, with a planned annual production capacity of 200,000 vehicles [2]. Market Positioning - The domestic passenger car market saw an increase from 821,000 units in 2022 to 1,004,000 units in 2023, with Chinese brands' market share rising from 6.5% in 2022 to 21.0% in the first five months of 2024 [4]. - JAC aims to leverage its partnership with Huawei to disrupt the high-end vehicle market, which has been largely controlled by foreign manufacturers [4][5]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 48.49 billion CNY, 69.20 billion CNY, and 80.71 billion CNY, respectively, with corresponding net profits of 258 million CNY, 585 million CNY, and 969 million CNY [6][10]. - The earnings per share (EPS) are forecasted to be 0.12 CNY, 0.27 CNY, and 0.44 CNY for the years 2024, 2025, and 2026 [10].