Investment Rating - The report maintains a "Buy" rating for Ping An (2318 HK) and China Pacific Insurance (2601 HK) [3] Core Views - The adjustment of the predetermined interest rates for insurance products is expected to alleviate the risk of interest spread losses, with the new rates set at 2.5% for traditional insurance and 2.0% for participating insurance [1] - The establishment of a dynamic adjustment mechanism linking predetermined rates to market rates will allow life insurance companies to manage interest spread risks more effectively [1] - Despite recent stock price declines, the insurance products are anticipated to retain their relative attractiveness compared to long-term deposit rates due to the new mechanisms [2] Summary by Sections Regulatory Changes - The Financial Regulatory Authority issued a notice on August 2, detailing a phased reduction in predetermined interest rates for insurance products, effective from September 1 and October 1 [1] - The new maximum rates are set at 2.5% for ordinary insurance and 2.0% for participating insurance, with a minimum guaranteed rate of 1.5% for universal insurance [1] Market Impact - On August 6, insurance stocks experienced significant declines, with China Life and China Pacific Insurance dropping over 5% and 10% respectively [2] - Concerns were raised regarding the reduced competitiveness of insurance products against deposits and other investment options due to the lower interest rates [2] Valuation and Outlook - The insurance sector is currently valued at historical lows, with attractive dividend yields of over 8% for Ping An and over 6% for China Pacific Insurance [3] - The report anticipates a potential recovery in industry profits from a low base, despite ongoing asset-side pressures [3]

Investment Rating - The report maintains a positive outlook on the technology sector, particularly emphasizing strong demand for AI infrastructure from major cloud service providers [1][3]. Core Insights - The demand for AI infrastructure remains robust, with no signs of decline from major cloud service providers such as Microsoft, META, Google, and Amazon AWS. Their projected capital expenditures for CY2024/2025/2026 are expected to reach $174.3 billion, $194.1 billion, and $204.5 billion respectively, reflecting increases of 3.8%, 8.0%, and 8.3% compared to previous estimates [1][3][4]. - The report highlights that while some semiconductor companies have underperformed, those with significant exposure to AI infrastructure, such as AMD, have shown strong results. Intel's recent performance was mixed, with revenue meeting expectations but profitability disappointing due to capacity management issues [1][2][3]. - The report suggests that despite potential delays in NVIDIA's product releases, the overall demand for AI infrastructure remains strong, with NVIDIA being a major beneficiary in the current market [2][3]. Summary by Sections Capital Expenditure Insights - Microsoft and META have expressed strong intentions to increase capital expenditures, with Microsoft expecting a rise in spending to meet growing AI and cloud demands [3][4]. - META has raised its capital expenditure forecast for 2024 to between $37 billion and $40 billion, indicating a significant increase in investment to support AI research and product development [4][5]. - Amazon plans to increase its capital investments in AI, with a focus on enhancing AWS infrastructure to meet strong demand for both generative and non-generative AI workflows [4][5]. Performance of Major Cloud Service Providers - Google has emphasized the risks associated with underinvestment in AI infrastructure, indicating a commitment to continue investing heavily in this area [5]. - The report notes that Google is projected to have the highest growth in capital expenditures among the major cloud service providers, with an expected increase of over 58% in 2024 compared to 2023 [5][8]. Semiconductor Market Dynamics - The report indicates that while some semiconductor companies face challenges, those aligned with AI infrastructure, such as AMD, are performing well. Intel's issues are attributed to management decisions during its transition phase [1][2][3]. - ARM and other semiconductor architecture companies are experiencing volatility due to unpredictable revenue from new patent licenses, while companies like Qualcomm and TSMC have generally met or exceeded market expectations [1].

交營區麻呀寬 行业 人 新 2024 年 8 月 2 日 互联网行业 行业评级 领先 行业走势与大盘一致 ，关注游戏行业及利润可能超预期的低估值公司 O 7月行业及个股表现面原：中核五联网指数（KWEB）随大盘小幅波动 • 月 环比跌 2% · 对比纳指/饭指分别跌 1%/2% · 行业表现未在：电商/搜索及广 杏+3%>文娱-1%>生活服务/诗戏/社交-3%>教育-9%>OTA -10% 。个殷添英福 排斥 未看 • 欢 黎 （+11%）/李 文 （+10%）/穆卡 （+10%）/阿里尼尼 （+10%）/达达（+5%）涨幅位于前列・途虎（-27%）/有道（-21%）/顾 手阿城（-20%）/东方轰选（-14%）/阿轻（-12%）跌幅较大 • O 7月根舍：行业创桥：新质生产力・业绩预览： 阿里/文东/百度/换卡/文东 物流/好未未/半宝/免予艺/顺手回境/迭迭・快报：三中全会/百度萝卜快跑 /东方数钱出售与辉回行及股东会回应/汇通达 • 月报：更奇/熟线/换递 • Θ 8 月立点关注： 游戏：新手游上线加速 • 老游戏稳定远至维续带来收入增量 • 我们建议关 注册视（15.4 倍 2024 年市至年）・主委 ...

2024年7月30日 > 品!!! 合理,早期日均有可以正確现了12,329 (5) 共同。布局产业推的西程中，合肥收 府校资平台的月早勿能发挥了关键作 作用，产业技术品品批发布场是其 界投融资方式. 银行信贷对合肥和安徽广科技企业的 金融支持近年受受受加大。我们预计 在城市平北市局成熟阶段，银行融资 将英祖国大的作用，同时政府总日降 低情愿不对称住、提供风险补偿、加 和快贷取可可加大支持力度。 {我正科创企业的会融机构：[ 轻损 行兴实市场的后示。 分析师 上元 职 我们从为在全国发展的不同阶段是要严 前是平的最终后来。 产业培育初期， 在平均同同樣的重要 产业基金和经长 银行信贷款支持理大 市场支持不可售 的情形。我国目前以 代的作用，仍然是 银行间送取经力量， 加大日日本人 長行為雙加大創新和 供型力度以对新质车 成功率。 产力疾展提供理有力 HISTINGE。 这里皮根行一方面是开自身创新能力, 另一万面加盟与科技行业企业技能经生 志望的合作，以及加强内部办同。 交條目际研究 疗业创村 金融行业 以合肥为样本，金融业如何服务新质生产力？ ○ 合肥无贫困绒市成功实现户业种型的美殖・合肥充分利用自身的区位 ...

Investment Rating - The report assigns a "Buy" rating to several companies within the automotive sector, indicating a positive outlook for their future performance [5]. Core Insights - The report highlights the increased support for vehicle trade-in programs, particularly for new energy vehicles (NEVs) and natural gas heavy trucks, driven by government initiatives [1][2]. - A significant financial commitment of approximately 300 billion yuan is allocated for the promotion of large-scale equipment updates and consumer goods trade-ins, which is expected to stimulate demand in the automotive market [1]. - The report anticipates that the new policies will lead to an increase of about 200,000 units in the passenger vehicle market and 600,000 units in the commercial vehicle market due to the trade-in incentives [2]. Summary by Sections Government Initiatives - The National Development and Reform Commission and the Ministry of Finance have announced measures to enhance subsidies for consumers trading in old vehicles, with subsidies for NEVs increasing from 10,000 yuan to 20,000 yuan [1]. - The average subsidy for scrapping and updating old commercial vehicles is set at 80,000 yuan, with additional support for new energy buses and battery updates [2]. Market Impact - The report estimates that approximately 1.48 million old vehicles are eligible for trade-in, which will significantly boost the market for new energy vehicles and low-emission heavy trucks [1][2]. - The report identifies key investment opportunities in companies such as China National Heavy Duty Truck Group, Weichai Power, BYD, Li Auto, and NIO, which are expected to benefit from the new policies [2].

Investment Rating - The report assigns a "Neutral" rating to the company, Dongfang Zhenxuan (1797 HK), with a target price of 13.40 HKD, reflecting an 8.1% upside from the closing price of 12.40 HKD [3]. Core Insights - Dongfang Zhenxuan announced the sale of its subsidiary, Yuhui Tongxing, to its former employee, Dong Yuhui, which is expected to impact the company's profits by over 20% for the fiscal year 2025. The sale price was 76.59 million RMB, equal to the net asset value of Yuhui Tongxing, resulting in no gain or loss from the transaction [1]. - The financial performance of Yuhui Tongxing for the first half of 2024 showed a Gross Merchandise Value (GMV) of approximately 3.5 billion RMB, contributing around 410 million RMB in revenue and 140 million RMB in profit, with a profit margin of 33% [1]. - Following the sale, the company plans to reallocate resources to strengthen its own brand and expand its self-operated products and live-streaming e-commerce business, aiming to better meet consumer demands [1]. Summary by Sections Company Overview - Dongfang Zhenxuan is transitioning its business strategy by divesting from Yuhui Tongxing, which was previously wholly owned and contributed significantly to its revenue [1]. Financial Impact - The divestment is projected to lead to a reduction in GMV, revenue, and profit forecasts for fiscal year 2025 by 34%, 9%, and over 20% respectively, while also potentially reducing public relations risks [1]. Strategic Direction - The company intends to focus on its self-operated strategies and multi-platform development post-divestment, which may lead to more stable operations in the long term [1].

交级国际研究 海 人 大 校 房地产行业 新征程 从三中全会看房地产行业投资机会：加快落地丶租购并举丶市质发展 2024 年 7 月 15 日產 18 日 • 第二十届中央委员会第三支全体会送子赴京举行 • 交ሉ面馬定規黨或長各行业研究面队・減入研途三中全全檢救与液集・力承 ß专业纳公布布哈格纳视角 • 摄金宁面试现代化新经量上纳新欢迎 • 三个全会关于房地产行业的主要改革方向包括： ● 加快兼地・防风险：会议指出变统筹好发展科安全・落实好防范化解房地 产 · 地方政府僚务 · 中小全融机构等重点领域风险的各项举措 · 我们认为 三中全会中首提防范房地产风险与此前政治局会议以及各工作报告/会议 悲调一致・对不同部委以及地方政府进一步推进政策推行・支持去库存和 保交易相关政策范范供扎实基础 · ◎ 加快定立参购并举的住房创度 • 加快构定房地产发展新模式：本次会议与 此前国常会的表這基本一致・發调新住房制度和新发展模式・更市场化以 及加强保障的双轨制住房体条为供应的关键 • 同时 • 加快构建租购并举的 供给关系・我们相信后续可能会有跟进措施以加大保障房以及租贷住房的 供应 • 从而增加这方面占比 • 以消足工 ...

交银国际研究 消息快报 汽车 汽车行业 2024 年 7 月 22 日 新征程 从三中全会看制造业投资机会:加快推进传统制造商端化,折照打造自 主可控产业链 2024 年 7 月 15 日至 18 日 交银国际宏观策略及各行业研究团队 • 深入研途三中全会精神与决策 • 力承以 专业的分析称崩啸性的视角 · 裸拿中国式现代化新征程上的新机遇 · © 2024 年 7 月 15 日至 18 日 , 中国共产党第二十届中央委员会第三次全体会 议于北京举行 · 7 月 21 日 · 《 中共中央关于进一步全面深化改革 · 推进中 国式现代化的决定》("《决定》")发布 • 针对制造业 • 相关政策如下: ☺ 徒全提升产业链供应链物性种安全水平制度 • 标准打造自主可控的产业链 供应链 • 当前 • 全球产业链分工格局深度调整 • 对产业链供应链的关键环 节具备较强的把控力 ,以及确保供应链能够在面临挑战时安全稳定运行显 得尤为重要 。《决定》指出 斐健全强化焦成电路 、工业母机 、医疗装备 、 仪器仪表 › 基础软件 › 工业软件 › 先进材料等重点产业链发展体制机制 › 全链条推进技术攻关 、成果应用 。 ◎ 加 ...

估值：我们下调 2024 年收入/净利润预期 3%/16%。基于 2023-25 年净利润 复合增速 13%，给予 10 倍 2024 年市盈率，下调目标价至 4.2 美元（原为 6.7 美元）。会员数有望 2 季度触底，3 季度重点内容热度表现符合预期， 预计带动收入恢复增长及利润释放确定性提升，维持买入。尽管中短期单 平台会员增长瓶颈仍存，但长视频行业受益于 AIGC 强化创新、降本提效 趋势不变。另外，建议关注行业对"后验激励"模式的探索和推进，长期 或促进优质内容产出并带来利润的进一步释放。 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 1 年股价表现 资料来源: FactSet 7/23 11/23 3/24 7/24 -40% -30% -20% -10% 0% 10% 20% 30%IQ US MSCI中国指数 赵丽, CFA zhao.li@bocomgroup.com (86) 10 8800 9788-8054 孙梦琪 mengqi.sun@bo ...

2024 年 2 季度业绩预览：我们预计收入 23 亿元（人民币，下同），与彭 博市场预期基本一致，同比下降 12%，下调 4 个百分点主要因京东到家广 告收入低于预期，达达快送/京东到家收入分别同比+44%/-46%（Visible Alpha 一致预期+40%/-41%）；经调整净亏损 1.7 亿元，对应亏损率 7.4%， 对比彭博市场预期亏损 1.9 亿元。 1 年股价表现 资料来源: FactSet 7/23 11/23 3/24 7/24 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% DADA US MSCI中国指数 2 季度业绩预览：快送业务表现优异，京东场域结合仍未大规模变现 估值：我们微调 2024 年收入预期，维持 2025-26 年总收入预期，其中，上 调2024年达达快送收入约3个百分点，以反映即时配送市场需求稳健以及 公司在第三方即时配送行业的领先地位，下调京东到家收入约 6 个百分 点，考虑与京东场域融合广告平台的打通及变现仍不是首要目标。因此对 于 2025-26 年利润表现预期仍有不确定性，我们将估值基准调整至 2025 年 ...