证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年09月09日 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -37% -32% -28% -23% -18% -13% -9% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 建筑材料 沪深300 [Table_ReportInfo] 相关报告： 《存量房贷利率有望下调，房屋养老金新 举措试点》 ——2024 年 09 月 02 日 《西部大开发再出政策支持，关注基建受 益板块》 ——2024 年 08 月 27 日 《加快全面绿色转型，关注西南水电建 设》 ——2024 年 08 月 20 日 "金九"水泥推涨，关注旺季需求改善 ——建筑材料行业周报（20240902-20240906） [Table_Rating] 增持（维持） [ ...

证 券 研 究 报 告 行 业 周 报 周观点：Neo 采用高扭矩低转速电机，专注 泛任务化具身智能 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年09月09日 [Table_Author] 分析师: 陈旻 Tel: 021-53686134 E-mail: chenmin@shzq.com SAC 编号: S0870522020001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 传媒 沪深300 -30% -25% -20% -15% -10% -5% 0% 5% 10% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_ReportInfo] 相关报告： 《周观点：1X 发布新型人形 Neo Beta， "AI+硬件"有望率先落地》 ——2024 年 09 月 01 日 《周观点：《黑神话：悟空》销量超预 期，或将开启反向"手转端"趋势》 ——2024 年 08 月 27 日 《周观点：AI 可穿戴设备热潮涌现，新一 轮 AI 周期有望开启》 ——2024 年 08 月 19 日 ——互联网传媒行 ...

证 券 研 究 报 告 行 业 周 报 持续追踪华为三折叠手机进展，24Q3 晶 圆代工产能利用率有望进一步改善 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月09日 [Table_Author] 分析师: 马永正 Tel: 021-53686147 E-mail: mayongzheng@shzq.com SAC 编号: S0870523090001 联系人: 陈凯 Tel: 021-53686412 E-mail: chenkai@shzq.com SAC 编号: S0870123070004 联系人: 杨蕴帆 Tel: 021-53686417 E-mail: yangyunfan@shzq.com SAC 编号: S0870123070033 | --- | --- | --- | |----------------|-------------------------------------------|-----------------------| | | | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [5] Core Insights - The report highlights the upcoming Mid-Autumn Festival and its impact on demand trends in the food and beverage sector [5] - Key industry news includes the launch of Moutai Group's "Quality Month" activities, emphasizing quality as a core value [5][17] - Moutai received the "Global Brand Building Award" at the 2024 Phoenix Star Listed Company Awards, reinforcing its commitment to quality and market expansion [5][17] - Wuliangye is accelerating its internationalization efforts, participating in trade promotion events in Denmark and Finland [5][17] - Jinshiyuan is expanding its production capacity, with new facilities expected to increase total capacity to 78,000 tons by 2025 [5][17] - Six major liquor-producing regions issued a joint declaration to promote cooperation and ecological sustainability [5][17] - The report notes the successful launch of limited edition products and recognition of Yanghe's distillery as a Guinness World Record holder [5][17][18] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report emphasizes structural opportunities in the liquor sector, particularly for high-end and regional wines [9][22] - Recommendations include focusing on companies like Luzhou Laojiao, Jinshiyuan, and others that cater to both high and low-end consumer demands [9][22] 2. Market Performance Review - The SW Food and Beverage Index fell by 3.53%, underperforming the CSI 300 Index, which declined by 2.71% [24] - Among sub-sectors, meat products saw a slight increase, while snacks and soft drinks experienced declines [24] 3. Key Industry Data Tracking - The report tracks significant data in the liquor sector, noting a 5.10% year-on-year decline in national liquor production in July 2024 [34] - The average price for high-end liquor in major cities is reported at approximately 1,220.85 CNY per bottle [34] 4. Cost and Packaging Data Tracking - The report discusses trends in raw material prices and packaging costs, which are critical for the food and beverage industry [20][21] 5. Important Company Announcements - The report summarizes key announcements from various companies, including new product launches and capacity expansions [5][17][18] 6. Industry News - The report covers significant events and developments in the food and beverage industry, including competitions and awards that highlight quality and innovation [5][17][19]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月08日 [Table_Author] 分析师: 翟宁馨 Tel: 021-53686140 E-mail: zhainingxin@shzq.com SAC 编号: S0870523100005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -37% -32% -27% -23% -18% -13% -8% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《市内免税迎政策利好，免税市场扩容有 望》 ——2024 年 09 月 01 日 《潮玩出海势头强劲，关注大众旅游市 场》 ——2024 年 08 月 25 日 《思考乐教育中期业绩亮眼，关注体育旅 游消费》 ——2024 年 08 月 18 日 中秋假期旅游需求提前释放，酒店业进 入竞争新阶段 ——社服行业周报（2024.09.02-09.06） [Table_Rating] 增持（ ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][12]. Core Viewpoints - The SW pharmaceutical and biotechnology index fell by 21.09% in the first half of 2024, underperforming the CSI 300 index by 21.98 percentage points. Among sub-industries, the SW Traditional Chinese Medicine II index had the best performance, declining by 12.73%, while SW Medical Services saw the largest drop at 38.23% [6][7]. - Overall revenue remains stable, with an improvement in sales expense ratio and an increase in R&D expense ratio. The total revenue for the SW pharmaceutical and biotechnology sector in H1 2024 was CNY 12,650.18 billion, a year-on-year decrease of 1.43%, while net profit attributable to shareholders was CNY 1,041.50 billion, down 9.79% year-on-year [6][7]. - The second quarter of 2024 saw a revenue of CNY 6,232.59 billion for the SW pharmaceutical and biotechnology sector, reflecting a year-on-year increase of 3.85%, with a net profit of CNY 501.56 billion, down 7.70% year-on-year [6][7]. Summary by Sections Revenue and Profitability - The gross margin for the SW pharmaceutical and biotechnology sector was 33.05%, up 1.03 percentage points year-on-year, while the net margin was 8.70%, down 0.89 percentage points year-on-year [6]. - In Q2 2024, the gross margin was 33.27%, an increase of 1.43 percentage points year-on-year, and the net margin was 8.47%, down 1.00 percentage point year-on-year [6]. Sub-industry Performance - The top three sub-industries in terms of revenue growth in H1 2024 were chemical pharmaceuticals (+1.92%), pharmaceutical commerce (-0.04%), and medical devices (-0.18%). The net profit growth leaders were chemical pharmaceuticals (+14.09%), medical devices (-6.38%), and pharmaceutical commerce (-7.96%) [7]. - In Q2 2024, the revenue growth leaders were medical devices (+37.64%), chemical pharmaceuticals (+16.37%), and medical services (+4.65%). The net profit growth leaders were medical devices (+21.58%), chemical pharmaceuticals (-9.43%), and traditional Chinese medicine (-11.45%) [7]. Policy Support and Recommendations - Continuous supportive policies are being introduced, with a focus on innovation in drugs and medical devices. The government aims to strengthen policy guarantees across the entire chain, optimizing pricing management, medical insurance payments, and drug supply mechanisms [7][8]. - The report suggests focusing on sub-sectors with strong Q2 performance, particularly chemical pharmaceuticals and medical devices, and highlights specific companies such as Kangfang Biotech, Ailisi, United Imaging, Yuyue Medical, and Aohua Endoscopy [8].

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月08日 [Table_Author] 分析师: 翟宁馨 Tel: 021-53686140 E-mail: zhainingxin@shzq.com SAC 编号: S0870523100005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -37% -32% -27% -23% -18% -13% -8% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《市内免税迎政策利好，免税市场扩容有 望》 ——2024 年 09 月 01 日 《潮玩出海势头强劲，关注大众旅游市 场》 ——2024 年 08 月 25 日 《思考乐教育中期业绩亮眼，关注体育旅 游消费》 ——2024 年 08 月 18 日 中秋假期旅游需求提前释放，酒店业进 入竞争新阶段 ——社服行业周报（2024.09.02-09.06） [Table_Rating] 增持（ ...

证 券 研 究 报 告 行 业 周 报 | --- | --- | |--------------------------|-----------------------------| | | | | [ 行业 Table_Industry] : | 医药生物 | | 日期 : | shzqdatemark 2024年09月07日 | | [Table_Author] 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 分析师 : | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 医药生物 沪深300 -21% -17% -13% -9% -5% -1% 3% 7% 11% 09/23 11/23 01/24 04/24 06/24 09/24 ...

Investment Rating - The report maintains a "Buy" rating for the beauty and personal care sector [19] Core Insights - The cosmetics industry is experiencing increased differentiation, with a focus on channel, product, and organizational optimization. The total revenue for cosmetics in H1 2024 is projected to be 27.292 billion yuan, representing a year-on-year increase of 17.33%. The net profit attributable to the parent company for the same period is expected to be 4.080 billion yuan, up 20.71% year-on-year [4][5] - The medical beauty sector shows a slowdown in overall growth, with a focus on new materials and products driving performance. The total revenue for medical beauty in H1 2024 is expected to reach 8.702 billion yuan, a year-on-year increase of 15.36%. The net profit attributable to the parent company is projected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16% [4][12] Summary by Sections Cosmetics - Revenue for H1 2024 is projected at 27.292 billion yuan, with a year-on-year growth of 17.33%. Q2 alone is expected to generate 11.487 billion yuan, a 5.58% increase year-on-year [5][8] - The net profit attributable to the parent company for H1 2024 is expected to be 4.080 billion yuan, up 20.71% year-on-year, while Q2's net profit is projected at 1.319 billion yuan, down 3.99% year-on-year [5][8] - The overall gross margin for cosmetics in H1 2024 is expected to be 69.99%, showing a continuous improvement attributed to changes in product structure. The management expense ratio has improved, while the sales expense ratio continues to rise [8][4] Medical Beauty - Revenue for H1 2024 is projected at 8.702 billion yuan, with a year-on-year growth of 15.36%. Q2 is expected to generate 3.777 billion yuan, a 11.68% increase year-on-year [12][14] - The net profit attributable to the parent company for H1 2024 is expected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16%, with Q2's net profit projected at 1.028 billion yuan, up 26.78% year-on-year [12][14] - The overall gross margin for medical beauty in H1 2024 is expected to be 64.50%, with Q2's gross margin at 70.83%. The management and R&D expense ratios remain stable, while the sales expense ratio has improved due to enhanced efficiency [14][12] Investment Recommendations - The report suggests focusing on the trend of cost-effective consumption, highlighting companies like Runben and Shangmei. It also emphasizes strong alpha beauty leaders such as Proya, Juzhibio, and Aimeike. Additionally, it recommends paying attention to new product catalysts in medical beauty, including Jinbo Biological and Jiangsu Wuzhong [19][4]

证 券 研 究 报 告 行 业 周 报 越南纺服出口稳步增长，关注前瞻布局 海外产能的国产织造龙头 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月08日 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -23% -19% -16% -12% -8% -5% -1% 3% 09/23 11/23 01/24 04/24 06/24 09/24 纺织服饰 沪深300 [Table_ReportInfo] 相关报告： 《出海及织造板块中报优异，建议持续关 注》 ——2024 年 09 月 01 日 《纺织制造 24H1 业绩稳健，关注中报超预 期龙头》 ——2024 年 08 月 25 日 《7 月纺服社零略微承压，奥运提振体育用 品销售增长》 ——2024 年 08 月 18 日 ——轻工纺服行业周报（20240902-0906） [Table_Rat ...