证 券 研 究 报 告 行 业 周 报 [Table_RiskWarning] 以旧换新政策力度超预期，有望刺激汽车消费 ——汽车与零部件行业周报（2024.7.22-2024.7.26） [Table_Rating] 增持（维持） [Table_Summary] ◼ 行情回顾 [行业Table_Industry] : 汽车 日期: shzqdatemark 2024年07月31日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -24% -20% -17% -13% -10% -6% -3% 1% 07/23 10/23 12/23 03/24 05/24 07/24 汽车 沪深300 [Table_ReportInfo] 相关报告： 《7 月初车市批发走势较弱，多地"车路云 一体化"建设部署推进》 ——202 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月31日 [Table_Author] 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 07/23 10/23 12/23 03/24 05/24 07/24 计算机 沪深300 -37% -32% -26% -21% -15% -10% -5% 1% 6% [Table_ReportInfo] 相关报告： 《自主可控逻辑强化，AI 算力高景气持 续》 ——2024 年 07 月 24 日 《"车路云"政策利好频现，Robotaxi 商业 化加速》 ——2024 年 07 月 16 日 《WAIC 2024 开幕，AI 大模型及应用百花 齐放》 ——2024 年 07 月 08 日 《OpenAI 收紧管制，国产大模型迎新契 机》 ——2024 年 07 月 02 日 《鸿蒙+盘古构建系统级原生智 ...

増持（维持） 什么: 日 丸 不成 2024年07月 30 日 分析判： 021-53686134 chenmin@shzq.com SAC 為手： S0870522020001 Tel: E-mail: 味天 其这一年行业格教与论坛 300 比較 和火氣や: 《周亮点： 亮色方体复方绳用 Agent 新福 K, TTT 大模型射米粉美生) –2024 ￥ 07 月 17 日 《周亮点：青岛史本周内青个选夫乡装态 丈王美爱，可是再再滿上網》 –2024 ✦ 07 Å 10 Å 《周亮点：LeCun 神条宁肯定全新表史多 Exec愛，Unique3D 齐美国神 3D 教堂》 –2024 ￥ 06 月 28 日 周观点： 7 月 发放 105 赦券戏版号，游戏行业 基本面持续向好 -互联网传媒行业周报 (20240722-202406728) 主夫观点 7 月 22 日，国家新闻出版署发效 105 款游戏版予，继续维持每月百款 左右的供给救受 (2024 年 1 月至 6 月，国家新闻出版署分别发放版号 115 款、111 款、107 款、95 款、96 款、104 款），其中移动游戏 104 數（含 40 數休 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年07月30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 07/23 10/23 12/23 03/24 05/24 07/24 传媒 沪深300 -34% -29% -25% -20% -15% -10% -5% 0% 5% [Table_ReportInfo] 相关报告： 《周观点：昆仑万维发布通用 Agent 新框 架，TTT 大模型新架构诞生》 ——2024 年 07 月 17 日 《周观点：商汤发布国内首个流式多模态 交互模型，可灵网页端上线》 ——2024 年 07 月 10 日 《周观点：LeCun 谢赛宁首发全新视觉多 模态模型，Unique3D 开源图转 3D 模型》 ——2024 年 06 月 28 日 周观点：7 月发放 105 款游戏版号，游戏行业 基本 ...

证 券 研 究 报 告 行 业 周 报 5 年期 LPR 年内二次调降，继续引导房 贷利率下调 ——建筑材料行业周报（20240722-20240726） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 5 年期 LPR 年内二次调降，与"517"取消个人住房贷款利率下限形成合 力，带动房贷利率下调。2024 年 7 月 22 日，央行分别下调 1 年期和 5 年 期 LPR 利率 10 个 bp，其中 1 年期 LPR 利率下调至 3.35%，5 年期 LPR 利率下调至 3.85%，且此次调降是 5 年期 LPR 利率继今年 2 月 20 日之后 年内第二次调降，累计调降幅度 35bp。随着本次 LPR 利率的下调，直接 带动房贷利率的回落。 上海及北京地区部分银行，已开始下调首套房贷利率至 3.4%。根据上证 报消息，上海及北京地区部分银行已经开始下调房贷利率，首套房贷利率 降至 3.4%，二套房贷利率降至 3.6%。我们认为，此次房贷利率的下调， 一方面能够直接降低购房成本，释放新增购房需求；另一方面也与前期 "517"政策提到的取消全国层面首套和二套住房商业性 ...

核电项目集中开工，关注核电装机项目 进一步扩大 -公用李业周抚（20240722-20240726） 增持（维持） 什么: 日 海 众用孝业 2024 牛07 月 30 日 分析养： 才具 021-53686475 Tel: fangchen@shzq.com E-mail: SAC 為手： S0870523060001 一年付主拍卖与ゲ某 300 比較 *** -2024 ✦ 07 Å 24 Å 毛失无常引入非常重合，关病责全 {$$} -2024 ￥ 07 月 16 日 む才東夏市，七力关注人 -2024 ✦ 07 用 09 用 技心观点 国家七网 2024 半七网被其将地 6000 亿元，创历文新高，社校七网被 并共进。根据国家屯阿消息，为か供构建新型屯力系统，2024 辛国家 屯司公司全年屯司投资将越过 6000 亿元，比去年新增 711 亿元，创历 文新高，新增投资主委用于特高压交直流工程建设、屯网数字化智能 升級等。对比往年，2023 年国家屯司计划投资越过 5200 亿元，同比 增长约 4%: 2022 年国家屯司计划安排屯司投资领为 5012 亿元，同比 塔长约 6%。 中广林宁雄 5 寺杭娱 ...

证 券 研 究 报 告 行 业 周 报 核电项目集中开工，关注核电装机项目 进一步扩大 ——公用事业周报（20240722-20240726） [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年07月30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 -21% -17% -13% -10% -6% -2% 1% 5% 9% 07/23 10/23 12/23 03/24 05/24 07/24 [Table_ReportInfo] 相关报告： 《三中全会关注电力市场改革，煤电清洁 低碳转型路径明确》 ——2024 年 07 月 24 日 《核电龙头定增引入社保基金，长期资金 助力保障国家能源安全》 ——2024 年 07 月 16 日 《新版碳配额分配方案发布，电力关注具 备成长性核电板块》 ——2024 年 07 月 09 日 [Tab ...

Group 1 - The report highlights that central enterprises are expected to invest over 3 trillion yuan in large-scale equipment upgrades and renovations in the next five years [2][9]. - The report indicates that the profit growth rate of industrial enterprises has accelerated, with a year-on-year increase of 3.5% in the first half of the year [8]. - It notes that the investment in strategic emerging industries by central enterprises accounted for over 37% of total fixed asset investment, with a year-on-year growth of 16.9% [19]. Group 2 - The report emphasizes the importance of patience in capital allocation, suggesting that investors should focus on future industries and strategic emerging sectors [7][23]. - It discusses the deepening cooperation between state-owned and private enterprises, with over 390 billion yuan in equity cooperation since the deepening of state-owned enterprise reforms [10]. - The report mentions the normalization of infrastructure REITs issuance, expanding the scope to include various asset types and increasing the flexibility of fund usage [11]. Group 3 - The report outlines the need for a focus on new technological revolutions and industrial transformations, particularly in areas such as "AI+", brain-machine interfaces, and new energy storage [23][21]. - It highlights the recent trends in equity demand, noting that the total scale of newly issued stock funds was 0.00 billion yuan, indicating a low demand level [12][22]. - The report suggests that public utility price reforms are essential, particularly in water, energy, and transportation sectors, to optimize pricing mechanisms [23].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, indicating a positive outlook for the semiconductor sector as it is expected to recover in the second half of 2024 [4][32]. Core Insights - The SW Electronics Index fell by 5.29% in the past week, underperforming the CSI 300 Index by 1.62 percentage points, with the semiconductor sector experiencing the largest decline of 6.36% [2][7]. - The foldable smartphone market is evolving, with Huawei set to release a tri-fold device in late 2024, potentially priced above 20,000 yuan, while Apple is expected to enter the foldable market in 2026 [3][21]. - External factors, such as the tightening of chip export restrictions by the U.S. and Japan, are driving the domestic production of semiconductor equipment and materials [3][20]. Market Review - The SW Electronics Index's performance in the past week showed a decline across various sub-sectors, with the semiconductor sector being the worst performer [2][7]. - The report highlights a significant drop in the prices of TV panels, while the prices of monitor and laptop panels remained stable [16]. Industry News - The report notes that the global AMOLED smartphone panel shipments increased by 50.1% year-on-year in the first half of 2024, driven by a recovery in the smartphone market and increased domestic production capacity [23]. - Japan has updated its semiconductor export controls, adding five new items that will take effect on September 8, 2024, which may impact the supply chain [20]. Company Announcements - Several companies in the electronics sector have released their profit forecasts for the first half of 2024, with notable increases in expected net profits for companies like Lexin Technology and Peak Technology [25].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [6] Core Views - The electronics sector is currently at the bottom of its cycle, with a weak recovery expected to begin in the first half of 2024, followed by a potential full recovery in the second half of the year [6] - The report highlights the emergence of new products in the foldable smartphone market, particularly Huawei's upcoming tri-fold device and Apple's anticipated entry into the market in 2026 [4][24] - External factors, such as increased export restrictions from the U.S. and Japan on semiconductor technology, are driving the domestic production of semiconductor equipment and materials [5][23] Market Review - In the week of July 22-26, the SW Electronics Index fell by 5.29%, underperforming the CSI 300 Index by 1.62 percentage points [9] - Among the six sub-sectors, the semiconductor sector experienced the largest decline at 6.36%, while the smallest decline was in the Other Electronics II sector at 1.47% [11][9] Industry News - The report notes a significant drop in TV panel prices, with 65-inch panels decreasing by 1.1% and 55-inch panels by 0.8% compared to the previous month [19] - The global AMOLED smartphone panel shipments saw a year-on-year increase of 50.1% in the first half of 2024, driven by a recovery in the smartphone market and increased domestic production capacity [26] Investment Suggestions - The report suggests focusing on semiconductor design companies with low PE/PEG ratios and real performance, as well as companies in the AIOT SoC chip sector, such as Zhongke Lanyun and Juchip Technology [6] - It also recommends monitoring companies involved in the foldable smartphone supply chain, such as Tonglian Precision and Jindian Solar [6]