Industry Investment Rating - Overweight (Maintained) [1] Core Views - Computing power is the foundation of AI systems, driving GDP growth, digital transformation, and industrial digitization [2] - The computing power industry chain spans GPU chips, servers, IDC providers, and AIGC application service providers, offering significant investment opportunities [2] - Key investment logic includes the evolution of GPU chips, server market growth, IDC customization, computing power leasing, and computing power scheduling [2] Industry Chain Analysis Upstream: GPU Chips and Moore's Law - Traditional Moore's Law is gradually becoming obsolete, with computing power driving a new version of Moore's Law [2][11] - GPU, ASIC, and FPGA are becoming increasingly important due to the growing demand for AI computing power [13] Midstream: Server Market - The AI server market is experiencing rapid growth, with global AI server shipments expected to reach 1.9 million units by 2025, a CAGR of 29% from 2022-2026 [15] - AI server prices are significantly higher than general-purpose servers, with mainstream AI servers priced between $100,000-$150,000 per unit [15] Downstream: Data Centers and AIGC Applications - Data centers are expanding rapidly, with China Mobile and China Telecom leading in computing power scale and regional node construction [25] - AIGC applications are expected to grow significantly, with China's AIGC industry projected to reach 7.2 trillion yuan by 2028 and 11.4 trillion yuan by 2030 [19][20] Company Analysis Industrial Fulian - A key supplier for NVIDIA's A100 and H100 GPU boards, with a dominant market share in high-speed switches [34] - The company is advancing in AI-driven switch iterations, with 800G switches expected to contribute to revenue by 2024 [34] Inspur Information - A global leader in server market share, ranking second globally and first in China [36] - The company has launched the G7 computing platform and AI training servers with significant performance improvements [36] Sugon - Specializes in high-end servers with advanced cooling technologies and strong R&D capabilities [38] - The company has made breakthroughs in domestic chip-based server development and holds multiple patents [38] Yunsai Zhilian - Focuses on big data, industry solutions, and intelligent products, with significant investments in AI computing centers [40] - The company's Yidian Computing Center is expected to become a leading AI computing facility in China [40] Da Ming City - Transitioning into computing power leasing, with a focus on the "Hong Kong Data, Fujian Computing" model [42] - The company is exploring new business models in collaboration with Fujian Big Data Group [42] Hengwei Technology - A leader in network visualization, transitioning towards intelligent visualization [44] - The company has strong relationships with telecom operators and has secured significant contracts in the visualization sector [44]

证 券 研 究 报 告 行 业 专 题 "一期一观"：核电蓄能，成长和确定性 兼备 [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年09月06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 公用事业 沪深300 -17% -13% -9% -5% -1% 2% 6% 10% 14% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_ReportInfo] 相关报告： 《《中国的能源转型》白皮书发布，推进能 源转型》 ——2024 年 09 月 02 日 《国常会核准 5个新项目，核电项目提速》 ——2024 年 08 月 27 日 《配电网高质量发展，风电光伏装机首超 煤电》 ——2024 年 08 月 19 日 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 回顾：我国核电行业目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Views - The company has demonstrated stable growth in its rail transit business, with a significant increase in revenue from new energy locomotive development and overseas market expansion [5]. - The emerging equipment business is expected to see breakthroughs driven by innovation, particularly in power semiconductor devices and carbon silicon products [5]. - The company is well-positioned to capitalize on the opportunities presented by the "new infrastructure" initiative, particularly in the intercity and urban rail sectors [5]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 10.284 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.507 billion yuan, up 30.56% year-on-year [5]. - The rail transit equipment segment generated revenue of 6.139 billion yuan in 2024H1, reflecting a year-on-year growth of 30.87% [5]. - The emerging equipment business reported revenue of 4.094 billion yuan in 2024H1, with a year-on-year increase of 9.21% [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.750 billion yuan, 4.374 billion yuan, and 5.285 billion yuan, corresponding to year-on-year growth rates of 20.76%, 16.61%, and 20.84% respectively [5][6]. - The earnings per share (EPS) for the same period is projected to be 2.66 yuan, 3.10 yuan, and 3.74 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [5][6]. Market Position - The company maintains a stable market share in the rail transit sector, with significant orders in the urban rail signaling system contributing to revenue growth [5]. - The company ranks among the top in the domestic market for photovoltaic inverters, with a bid-winning capacity of 8.35 GW in 2024H1 [5][7].

证 券 研 究 报 告 事 件 点 评 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_ReportInfo] 相关报告： | --- | --- | |-------------------------------------------|--------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -4% 0% 09/23 11/23 01/24 轻工制造 | 04/24 06/24 09/24 沪深 300 | | -13% -9% | | | -26% -22% -18% | | | -31% | | | -35% | | [行业Table_Industry] : 轻工制造 日期: shzqdatemark 2024年09月04日 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 事件：9 月 2 日，国家烟草专卖局发布 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 基础化工 日期: shzqdatemark 2024年09月03日 [Table_Author] 分析师: 于庭泽 SAC 编号: S0870523040001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -29% -25% -22% -18% -14% -11% -7% -4% 0% 09/23 11/23 01/24 04/24 06/24 08/24 基础化工 沪深300 [Table_ReportInfo] 相关报告： 《HFCs 配额再调整，三代制冷剂涨价趋势 不改 ——基础化工行业周报（2024.8.19- 2024.8.25）》 ——2024 年 08 月 27 日 《国际油价震荡运行，碳酸锂价格大幅下 跌 ——基 础 化 工 行 业 周 报 （2024.8.12- 2024.8.18）》 ——2024 年 08 月 21 日 《三部委发文禁止新建受控 HFCs产能，维 生素、烟酰胺涨幅居前 ——基础化工行业 周报（2024.8.5-2024.8.11）》 ——2024 年 08 月 1 ...

证 券 研 究 报 告 ◼ 行 业 周 报 甘肃电力现货市场将转正式运行， 鹏辉发布第一代固态电池技术 ——电力设备与新能源行业周报（2024.08.26-08.30） [Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 过去一周，电力设备行业上涨 4.32%，表现强于大盘，在所有一级行 业中涨跌幅排名第2。分子板块看，光伏设备上涨7.08%，风电设备上 涨 6.69%，电机上涨 5.49%，电池上涨 3.39%，其他电源设备上涨 3.19%，电网设备上涨 2.62%。 ◼ 电力设备：甘肃电力现货市场即将转正式运行 8 月 27 日上午，甘肃省政府新闻办举行"深入学习贯彻党的二十届三 中全会精神 为中国式现代化甘肃实践贡献电网力量"新闻发布会，甘 肃电力现货市场将于 9 月 5 日转正式运行。我们认为，随着电力市场 化的推进和电力现货市场建设，电力设备需求有望持续保持增长，看 好电力设备板块成长的确定性和持续性，建议关注板块投资机会。 出海：推荐海兴电力、伊戈尔，建议关注威胜信息、三星医疗、金盘 科技、华明装备、神马电力、明阳电气、华通线缆。 特高压：建议关注许继电气、平高 ...

| --- | |-------| | | | | | --- | |-------| | | | | | | | | | | [行业Table_Industry] : 机械 日期: shzqdatemark 2024年09月05日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 | --- | --- | |-----------------------------------------|----------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -5% -1% 2% 09/23 11/23 | 04/24 06/24 08/24 沪深 300 | | --- | --- | |------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a revenue of 8.197 billion yuan for the first half of 2024, a year-on-year increase of 1.52%, while the net profit attributable to shareholders decreased by 18.71% to 601 million yuan [5] - The revenue from gold products continues to increase, contributing 84.93% of total revenue, while the revenue from embedded products decreased by 29.18% [5] - The company is expanding its store network, with a net increase of 124 stores in the first half of 2024, bringing the total to 5,230 stores [5] - The company maintains a high cash dividend payout ratio of 54.14% [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.126 billion yuan, a year-on-year decrease of 20.89%, and a net profit of 260 million yuan, down 30.51% [5] - The gross profit margin for the first half of 2024 was 18.38%, a slight decrease of 0.08 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, totaling 326 million yuan [5] Product and Channel Analysis - The revenue from franchise channels was 5.932 billion yuan, a slight decrease of 0.74%, while self-operated channels saw a growth of 16.35% to 963 million yuan [5] - E-commerce revenue grew by 3.09% to 1.191 billion yuan, contributing 14.53% to total revenue [5] Store Expansion - The company added 297 stores and closed 173, resulting in a net increase of 124 stores in the first half of 2024 [5] - The majority of stores are located in third-tier cities and below, accounting for 67.9% of total stores [5] Future Outlook - The company expects revenue growth of 6.77%, 9.25%, and 10.21% for the years 2024, 2025, and 2026, respectively [6] - The projected net profit for 2024 is 1.315 billion yuan, with a slight decrease of 0.09% year-on-year, followed by growth of 18.13% and 14.67% in the subsequent years [6]

| --- | |-------| | | | | | --- | |-------| | | | | | | | | | | [行业Table_Industry] : 机械 日期: shzqdatemark 2024年09月05日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 | --- | --- | |-----------------------------------------|----------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -5% -1% 2% 09/23 11/23 | 04/24 06/24 08/24 沪深 300 | | --- | --- | |------------- ...

[Table_Stock] 周大生（002867） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 事件概述 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月05日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张洪乐 | | | | | Tel: | 021-53686159 | | E-mail: | zhanghongle@shzq.com | | SAC 编号 : | S0870523040004 | | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元 ...