Investment Rating - The investment rating for the electronic industry is "Outperform the Market" [1] Core Insights - The report emphasizes the role of mergers and acquisitions in supporting the transformation towards new productive forces in the electronic industry [1][5] - The recent policy initiatives aim to enhance industrial integration and support mergers that focus on technological innovation and upgrading [3][5] Summary by Sections Industry Performance - As of September 25, 2024, the electronic industry has shown absolute returns of -0.6% over 1 month, -5.1% over 3 months, and -12.2% over 12 months, with relative returns of -2.8%, -3.4%, and -3.8% respectively [1] Policy Support - The State Council's recent press conference highlighted financial support for high-quality economic development, with a focus on mergers and acquisitions to inject quality assets into listed companies [2][3] - The new guidelines encourage industrial mergers to enhance resource allocation efficiency and support companies in acquiring unprofitable assets that can improve key technological capabilities [3] Industry Structure - The electronic industry has the highest number of companies listed on the Sci-Tech Innovation Board, with 141 companies, accounting for 25% of the total [4] - There is a significant concentration of companies in the lower and middle market capitalization ranges, indicating room for improvement in industry concentration [4] Investment Recommendations - The report suggests focusing on leading companies with merger capabilities and traditional industry leaders that can enhance competitiveness through consolidation [5] - It also highlights the potential of innovative companies seeking breakthroughs in key technology areas through acquisitions [5]

Investment Rating - The investment rating for the computer industry is "Outperform the Market" [1] Core Viewpoints - The release of liquidity is expected to catalyze valuation recovery, supported by increased merger and acquisition (M&A) activities [1][2] - The central bank's announcement of lowering the reserve requirement ratio and policy interest rates is a positive signal for economic high-quality development, which is likely to boost market confidence and risk appetite [1] - The computer sector is particularly sensitive to liquidity and risk preferences, with its valuation at historical lows since 2017, indicating a high allocation value in the context of liquidity-driven valuation recovery [1] - The regulatory environment is becoming more favorable for M&A activities, with the recent guidelines encouraging companies to pursue cross-industry mergers to enhance competitiveness and achieve high-quality development [2] - The concentration of the industry is expected to increase, highlighting the value of quality companies, as the new policies streamline the M&A process for companies with strong disclosure records [2] Summary by Sections Industry Performance - The computer sector's performance is closely linked to market liquidity, with a significant correlation observed over the past decade [1] - The recent monetary policy changes are anticipated to enhance the sector's performance, especially during economic downturns [1] M&A Support - The regulatory body has expanded support for M&A across all sectors, allowing companies to pursue strategic acquisitions to adapt to new market conditions, particularly in AI and technology [2] - The new guidelines facilitate M&A for companies seeking to enhance their product offerings and market presence, which is crucial in a competitive landscape [2] Investment Recommendations - The report suggests focusing on leading companies that are likely to enhance their business layout through M&A and those with strong resource integration capabilities [2]

Monetary Policy Measures - The central bank announced a series of monetary policy measures including interest rate cuts and reserve requirement ratio reductions to stabilize the economy[1] - The average reduction in existing mortgage rates is expected to be around 0.5 percentage points, significantly higher than previous adjustments of 10-20 basis points[2] - The reserve requirement ratio will be lowered by 0.5 percentage points, with potential further reductions of 0.25-0.5 percentage points later this year[2] Real Estate Market Insights - The leverage ratio for households increased to 63.5% in June 2023, up from 61.9% at the end of 2021, indicating rising financial pressure on consumers[2] - Land transfer revenue fell by 25% in the first eight months of the year, following a 20% decline last year, highlighting the financial strain on local governments[2] - The central bank's support for affordable housing loans will increase from 60% to 100%, with a loan rate of 1.75%[2] Capital Market Support - The introduction of a structural monetary policy tool will provide 500 billion yuan in liquidity to the capital market, enhancing the leverage capabilities of financial institutions[3] - A 300 billion yuan repurchase loan will support stock buybacks by major shareholders at a low interest rate of 2.25%, encouraging market liquidity[4] - Major stock indices rose over 3% on September 24, reflecting market confidence in the new policies[4] Economic Outlook - The current economic challenges, particularly in the real estate sector, necessitate strong buyer support to reverse market downturns[2] - Despite short-term upward pressure on bond yields due to interest rate expectations, a downward trend in interest rates is anticipated as economic conditions remain weak[4]

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report emphasizes a series of policy measures aimed at enhancing the stability of the capital market, supporting the recovery of the real economy, and protecting the rights of small investors [6][10] - The focus is on guiding long-term funds into the market, improving the quality of listed companies, and encouraging mergers and acquisitions [3][14] Summary by Relevant Sections "Three Highlights" Main Content - The China Securities Regulatory Commission (CSRC) will focus on enhancing the internal stability of the capital market, serving the recovery of the real economy, and protecting the rights of small investors [6][7] - Specific measures include establishing a clear investor return orientation, accelerating investment reforms, and improving the policy toolbox to maintain risk control [7][8] Key Measures in "Guidance on Promoting Long-term Funds into the Market" - Development of equity public funds, including optimizing product registration and promoting index products [8][9] - Improvement of the institutional environment for long-term investments, including removing barriers for insurance funds and encouraging diversified investments [9][10] - Continuous improvement of the capital market ecosystem to enhance the quality and investment value of listed companies [9][10] Main Content of "Opinions on Deepening the Reform of Mergers and Acquisitions" - Strong support for listed companies to transform towards new productive forces and encourage industry integration [10][11] - Simplification of review processes for mergers and acquisitions to enhance market activity [11][12] - Increased regulatory tolerance for various aspects of mergers and acquisitions to optimize resource allocation [12][13] Important Content of "Guidelines for Listed Companies on Market Value Management" - Emphasis on protecting investor rights and enhancing returns through various strategies, including mergers and acquisitions, cash dividends, and share buybacks [13][14] - Specific focus on companies with significant stock price declines to develop value enhancement plans [14] Investment Recommendations - As long-term funds are guided into the market and the quality of listed companies improves, market liquidity is expected to enhance, leading to a recovery in the performance of the securities industry [14][15] - The regulatory encouragement for mergers and acquisitions is anticipated to shift the focus of investment banks from IPOs to mergers and acquisitions, presenting new growth opportunities [15]

| --- | --- | --- | --- | --- | --- | |----------|------------------|--------|-----------------------------------------|---------------|--------| | | | | 我们不是资讯的搬运工 而是有态度的发现者 | | | | | | | 万和财富早班车 | 2024年9月24日 | | | | ● 国内金融市场 · | | | ● 股指期货 · | | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 2748.92 | 0.44% | 上证当月连续 | 2239.0 | 0.75% | | 深证成指 | 8083.38 | 0.10% | 沪深当月连续 | 3206.8 | 0.72% | | 创业板指 | 1530.51 | -0.40% | 恒生期货指数 | 23835.34 | -0.08% | 一、宏观消息汇总 1。央行:将继续坚持支持性的货币政策立场,加大货币政策调 控强度,提高货币政策调控精准性。 2. 财政部:加力支持" ...

2024 年 09 月 13 日 证券研究报告|行业研究|行业专题 1M 3M 12M 绝对收益 0.4% -12.3% -35.6% 相对收益 5.0% -1.8% -20.0% 资料来源：恒生聚源，万和证券研究所 计算机 2024 年中报业绩综述 投资评级 强于大市 维持评级 行业表现 业绩边际改善，关注技术与政策发力 投资要点 [◆table_summary] 行情回顾：跌幅居末位，估值创新低。截至 8 月 30 日，申万计算机行业指数年 初至今下跌 30.31%，跑输沪深 300 指数 27.12 个百分点，在 31 个申万一级行业 中排名最末；市盈率 31.68 倍，处于自 2017 年以来约 1%分位值，于 8 月 27 日 收盘创下新低。2024 年二季度末基金重仓申万计算机行业的持股市值占重仓股 总市值的 2.41%，季度环比减少 1.44 个百分点，较标准行业配置比例低配 2.54 个百分点。 ◆ 业绩综述：二季度边际改善，盈利压力犹存。1）上半年增收不增利，现金流恶 化。随着 AI 大模型加速迭代应用，算力需求高增带动服务器、芯片等相关产品 销量改善，24H1 计算机板块营业收入 5,43 ...

我们不是资讯的搬运工 而是有态度的发现者 | --- | --- | --- | --- | --- | --- | |----------|------------------|--------|---------------|---------------|--------| | | | | T和财富早班车 | 2024年9月20日 | | | | ● 国内金融市场 ● | | | 股指期货 · | | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 2736.02 | 0.69% | 上证当月连续 | 2231.4 | 0.49% | | 深证成指 | 8087.6 | 1.19% | 沪深当月连续 | 3198.4 | 0.84% | | 创业板指 | 1546.47 | 0.85% | 恒生期货指数 | 23562.64 | 2.18% | 宏观消息汇总 1。自然资源部:健全盘活存量土地和低效用地政策体系,进一 步激活农村存量土地资产 2。国常会：研究促进创业投资发展的有关举措，大力发展股权 转让、并购市场 推广实物分配股票试点 3。政策推动西部大开发形成新格局 ...

我们不是资讯的搬运工 而是有态度的发现者 | --- | --- | --- | --- | --- | --- | |----------|------------------|--------|----------------|---------------|--------| | | | | 行和财富早班车 | 2024年9月18日 | | | | ● 国内金融市场 · | | | 股指期货 · | | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 2704.09 | -0.48% | 上证当月连续 | 2204.4 | -0.33% | | 深证成指 | 7983.55 | -0.88% | 沪深当月连续 | 3158 | -0.57% | | 创业板指 | 1535.17 | -1.07% | 恒生期货指数 | 23060.31 | 1.28% | 宏观消息汇总 1。央行：2024前八个月社会融资规模增量累计为21.9万亿元, 比上年同期少3.32万亿元，8月货币供应量M2同比增长6.3% 2&财政部：建立全口径地方债务监测机制，坚决遏制化债不实 和新增隐性债 ...

Investment Rating - The mechanical equipment industry maintains a "Market Perform" rating [1] Core Viewpoints - The overall profitability of the mechanical equipment industry is under pressure, with a continued focus on policy support [1] - The industry index has declined by 18.89% from the beginning of 2024 to August 31, underperforming the CSI 300 index by 15.69 percentage points [1][8] - The revenue of listed companies in the industry reached 924.46 billion yuan in the first half of 2024, a year-on-year increase of 4.12%, while net profit attributable to shareholders decreased by 0.89% [1][14] - The manufacturing PMI for August was 49.1%, indicating a contraction in the manufacturing sector for four consecutive months [1] Summary by Sections Market Review - The SW mechanical equipment industry index has underperformed the market significantly, ranking 18th among 31 first-level industries [1][8] - Sub-industries such as rail transit equipment and engineering machinery recorded increases of 4.49% and 5.18%, respectively, while other sub-industries saw significant declines [1][8] Industry Performance Analysis - The overall profitability of the mechanical equipment industry has declined, with a gross margin of 23.19% and a net margin of 7.27%, both down year-on-year [1][14] - The return on equity (ROE) has decreased to 6.51% [1][14] Sub-Industry Performance Analysis General Equipment - Revenue reached 250.95 billion yuan, a year-on-year increase of 9.99%, but net profit decreased by 10.32% [19] - ROE has declined to 5.09% [19] Specialized Equipment - Revenue was 242.27 billion yuan, with a year-on-year increase of 2.32%, while net profit growth slowed significantly [26] - ROE has decreased to 5.83% [26] Rail Transit Equipment - Revenue was 162.05 billion yuan, a slight decrease of 1.31%, but net profit decreased by 1.41% [33] - Profit margins have improved, with ROE at 6.67% [33] Engineering Machinery - Revenue reached 182.03 billion yuan, a year-on-year increase of 1.51%, with net profit increasing by 7.37% [41] - ROE has improved to 8.88% [41] Automation Equipment - Revenue was 87.16 billion yuan, a year-on-year increase of 9.73%, but net profit decreased by 1.29% [51] - ROE has decreased to 7.55% [51] Performance Analysis of Enterprises in the Greater Bay Area - Companies in the Greater Bay Area achieved a revenue of 157.57 billion yuan, with a year-on-year growth rate of 18.35% [1] - The proportion of companies achieving revenue growth was 61.84%, higher than the industry average [1] Investment Recommendations - The overall performance of the manufacturing sector remains weak, with a focus on policy-driven growth [1] - Continued attention is recommended for the rail transit sector and high-end equipment manufacturing [1]

| --- | --- | --- | --- | --- | --- | |----------|------------------|--------|-----------------------------------------|---------------|--------| | | | | 我们不是资讯的搬运工 而是有态度的发现者 | | | | | | | 和财富早班 | | | | | | | | 2024年9月13日 | | | | · 国内金融市场 · | | | 股指期货 · | | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 2717.12 | -0.17% | 上证当月连续 | 2211.20 | -0.34% | | 深证成指 | 8054.24 | -0.63% | 沪深当月连续 | 3174.80 | -0.21% | | 创业板指 | 1551.81 | -0.42% | 恒生期货指数 | 22511.01 | 0.97% | 1。国务院：印发意见推动保险业高质量发展 发挥保险资金长期 投资优势 培育真正耐心资本 2.国家数据局： ...