Core Viewpoints - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index down 0.35%, the Shenzhen Component down 0.28%, and the ChiNext Index down 0.6%. The total trading volume in the Shanghai and Shenzhen markets was 509.43 billion yuan. The non-ferrous metals, social services, and electronics sectors led the gains, while agriculture, media, and construction materials sectors faced declines [1][4] - Xiaomi Group reported a revenue of 164.395 billion yuan for the first half of 2024, representing a year-on-year growth of 29.6%, with adjusted net profit increasing by 51.3% to 12.666 billion yuan. In Q2 2024, Xiaomi's revenue reached a record high of 88.888 billion yuan, up 32% year-on-year, with adjusted net profit growing by 20.1% to 6.175 billion yuan. The innovative business segment, including smart electric vehicles, generated revenue of 6.4 billion yuan, with 27,307 units of the Xiaomi SU7 delivered in Q2 [5][6] Market Performance - The domestic market saw the Shanghai Composite Index close at 2,856.58, down 0.35%, and the Shenzhen Component at 8,229.75, down 0.28%. The CSI 300 Index fell by 0.33%, and the ChiNext Index decreased by 0.60%. The total trading volume was 509.43 billion yuan [2][4] - In the international market, the Dow Jones increased by 0.14% to close at 40,890.49, the S&P 500 rose by 0.42% to 5,620.85, and the Nasdaq gained 0.57% to 17,918.99. The Hang Seng Index fell by 0.69% to 17,391.01, while the Hang Seng Tech Index dropped by 1.82% [2] Industry Insights - In the express delivery industry, July saw a significant increase in online retail sales, driving a substantial rise in express delivery volumes. The overall performance remained strong despite the seasonal downturn, although price competition pressures persisted, leading to a decline in average prices. Major companies are expected to maintain strong competitive advantages, and current valuations are at relatively low historical levels, suggesting potential for valuation recovery [6][7] - The airport industry experienced a notable increase in passenger throughput during July, with significant growth in both domestic and international routes. The report suggests continued monitoring of international passenger flow and duty-free sales recovery [8][10] - The aviation sector also saw a rise in total turnover during July, with both domestic and international passenger volumes increasing. The average ticket price faced downward pressure, but the overall supply-demand dynamics are expected to improve, benefiting listed airlines [10][11] Company-Specific Analysis - Xiaomi Group's financial performance indicates a robust growth trajectory, with significant increases in both revenue and profit margins. The company's innovative ventures, particularly in the electric vehicle segment, are contributing positively to its overall financial health [5][6] - Changshu Bank reported a 12% year-on-year increase in revenue and a 19.6% rise in net profit for the first half of 2024. The bank's total assets grew by 15.6%, with loans increasing by 11.3%. The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% [12][13]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has maintained revenue growth, but the net profit growth rate has slowed compared to the same period last year. For the first half of 2024, the company achieved revenue of 2.556 billion yuan (up 10.14% year-on-year) and a net profit of 266 million yuan (up 4.51% year-on-year) [2][5] - The gross profit margin slightly increased, but the rise in financial expense ratio led to a slight decline in profitability. The gross profit margin for the first half of 2024 was 20.84%, up 0.50 percentage points year-on-year, while the net profit margin decreased by 0.68 percentage points to 10.88% [2][5] - The company’s main products, including fine wool yarn and cashmere, saw revenue growth, while revenue from wool tops declined. Fine wool yarn, cashmere, and wool tops achieved revenues of 1.479 billion, 677 million, and 361 million yuan respectively, with year-on-year growth rates of 10.01%, 19.65%, and a decline of 5.32% [2][5] Summary by Sections Financial Performance - For Q2 2024, the company reported revenue of 1.457 billion yuan (up 8.44% year-on-year) and a net profit of 170 million yuan (up 3.38% year-on-year) [2] - The company’s financial expenses increased primarily due to rising bank loan interest and exchange losses, leading to a financial expense ratio of 0.97%, up 1.68 percentage points year-on-year [2][5] Market Environment - The domestic and international market sales both grew, with domestic revenue reaching 1.672 billion yuan (up 9.45% year-on-year) and international revenue reaching 884 million yuan (up 11.48% year-on-year) [5] - The overall consumption environment remains weak, but the company performed better than the market average [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2024, 2025, and 2026 at 4.954 billion, 5.594 billion, and 6.269 billion yuan respectively, reflecting growth rates of 11.63%, 12.90%, and 12.08% [3][5] - The adjusted net profit forecasts for 2024, 2025, and 2026 are 426 million, 468 million, and 534 million yuan respectively, with corresponding earnings per share of 0.58, 0.64, and 0.73 yuan [5]

Core Viewpoints - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index down 0.93%, the Shenzhen Component down 1.24%, and the ChiNext Index down 1.34%. The total trading volume in the Shanghai and Shenzhen markets was 557.74 billion yuan [1][4] - The advertising market in China showed signs of recovery in the first half of 2024, achieving a year-on-year growth of 2.7%. Notably, the advertising expenditure in the food and beverage sector decreased by 8.7% and 13.4% respectively [5][6] - Jiangsu Bank reported a year-on-year revenue growth of 7.2% and a net profit growth of 10.1% for the first half of 2024, with total assets increasing by 14.5% year-on-year [6] Market Review - The banking, home appliance, and media sectors led the market, while coal, agriculture, forestry, animal husbandry, and computer sectors lagged behind. Concept stocks related to titanium dioxide, e-sports, and internet insurance performed well, while Huawei-related stocks faced declines [1][4] - The gaming industry saw a significant boost with the launch of the domestic 3A game "Black Myth: Wukong," which achieved over 4.5 million sales and more than 1.5 billion yuan in revenue shortly after its release [1][4] Advertising Market Insights - The advertising expenditure in the elevator scene grew significantly, with LCD and poster advertising in elevators increasing by 22.9% and 16.8% year-on-year respectively. The outdoor advertising for cleaning products saw a tenfold increase compared to the previous year [5][6] - The recovery of the advertising market is attributed to the overall economic recovery, policy relaxation, and increased consumer willingness to spend, with fast-moving consumer goods and pharmaceuticals remaining the primary sectors for advertising investment [5][6] Banking Sector Analysis - Jiangsu Bank's net interest margin narrowed to 1.9%, a decrease of 38 basis points year-on-year. The bank's asset quality remained stable, with a non-performing loan ratio of 0.89% as of June 2024 [6] - The bank's fee and commission income grew by 11.3%, driven by a 31% increase in agency fee income, which contributed over 50% to the total income [6]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [3]. Core Insights - In July, online retail sales of physical goods grew rapidly, driving significant increases in express delivery volumes, demonstrating strong performance even in the off-season. However, competitive pricing pressures remain, leading to a decline in overall unit prices. It is anticipated that price competition may ease due to cost constraints, and leading companies maintain strong competitive advantages. Current valuations of major stocks are at relatively low historical levels, suggesting opportunities for valuation recovery [1][2]. Summary by Relevant Sections Retail Sales Performance - In July, the online retail sales of physical goods increased by 13.7% year-on-year, with total retail sales from January to July reaching 7 trillion yuan, a year-on-year increase of 8.7%. This accounted for 25.6% of total consumer retail sales, up by 0.3 percentage points from the previous value [1]. Express Delivery Industry Growth - In July, the express delivery business revenue reached 110.77 billion yuan, a year-on-year increase of 14.1%, with a month-on-month increase of 5.5 percentage points. The business volume reached 14.26 billion pieces, a year-on-year increase of 22.2%, with a month-on-month increase of 4.5 percentage points. The average price per piece was 7.77 yuan, down by 2.3% month-on-month. From January to July, the express delivery business revenue totaled 763.78 billion yuan, a year-on-year increase of 15.0%, while the business volume reached 94.42 billion pieces, a year-on-year increase of 23.0% [1]. Industry Concentration and Competition - The industry concentration index (CR8) for express delivery services in July was 85.2%, a slight decrease of 0.1 percentage points, indicating relatively stable concentration levels. The market share of leading companies is expected to increase further due to various factors. In July, the business volumes for major companies were as follows: SF Express at 1.03 billion pieces, Yunda at 2.01 billion pieces, YTO Express at 2.138 billion pieces, and Shentong at 1.949 billion pieces, with year-on-year growth rates of 16.6%, 27.8%, 26.5%, and 35.4%, respectively. Despite the off-season, leading companies experienced further increases in volume, although pricing pressures continue [1].

Investment Rating - The industry investment rating is "Outperform the Market" with expectations of an index increase of over 10% relative to the market in the next six months [3]. Core Insights - July marks the peak season for air travel, with a significant month-on-month increase in total civil aviation turnover. Both domestic and international passenger volumes continue to grow, although ticket prices are under pressure, with the average price for domestic economy class (excluding tax) in July 2024 down 15% compared to the same period in 2023 and down 2% compared to 2019 [1]. - The aviation supply and demand are expected to continue improving, benefiting the performance of listed airlines, thus maintaining the "Outperform the Market" rating for the industry [1]. Summary by Sections Industry Performance - In July 2024, total civil aviation turnover reached 136.3 billion ton-kilometers, a year-on-year increase of 19.9% and a month-on-month increase of 12.8%. Domestic routes grew by 8% year-on-year, while international routes surged by 53.2% [1]. - From January to July 2024, total civil aviation turnover increased by 30% year-on-year, with passenger volume reaching 420 million, a year-on-year growth of 21%. Compared to the same period in 2019, the growth rate is 10%. International routes saw a passenger volume of 35.8 million, up 205.3% year-on-year, recovering to 83.5% of the 2019 level, while domestic routes grew by 14.7% year-on-year, up 13.6% compared to 2019 [1]. - The six listed airlines reported a year-on-year change in RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) of +18.4% and +14%, respectively, with month-on-month changes of +18.3% and +17.8%. Domestic routes saw a month-on-month change of +19.2% and +19%, while international routes changed by +16.2% and +14.8% [1]. Capacity and Utilization - The overall passenger load factor for civil aviation from January to July 2024 was 82.5%, an increase of 0.3 percentage points compared to the first half of the year. In July, the load factor for the six listed airlines was 83.3%, with a month-on-month increase of 0.4 percentage points. Among these airlines, only Eastern Airlines and Juneyao Airlines saw a slight decrease in load factor, while the other four experienced increases [1]. - As of the end of July, the number of operational aircraft for the six listed airlines was 3,206, a 1.2% increase from the end of the previous year, with a net increase of one aircraft from the previous month. Southern Airlines and Air China each added two aircraft, while Eastern Airlines reduced its fleet by four aircraft. The pace of fleet introduction is expected to maintain low growth [1].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [3]. Core Viewpoints - July marks the peak travel season, with significant month-on-month increases in passenger throughput across four listed airports. The international passenger flow is expected to continue its recovery, while domestic passenger traffic is anticipated to stabilize. Continuous monitoring of international passenger flow and duty-free sales recovery is recommended [1][2]. Summary by Relevant Sections Passenger Throughput Data - Shanghai Airport reported a passenger throughput of 11.1688 million in July, a year-on-year increase of 17.3%. Domestic passenger throughput was 7.8894 million (+5.9%), while international passenger throughput reached 2.6707 million (+76.5%) [1]. - Baiyun Airport's passenger throughput was 6.7 million, up 10.8% year-on-year, with domestic and international passenger numbers increasing by 4.8% and 47.9%, respectively [1]. - Shenzhen Airport saw a total passenger throughput of 5.3276 million, reflecting a 12.91% year-on-year increase, with international passenger traffic rising by 76.18% [1]. - Beijing Capital Airport had a passenger throughput of 5.9154 million, up 17.1% year-on-year, with international traffic increasing by 66.6% [1]. Flight Operations Data - In July, Shanghai Airport recorded 70,500 flight takeoffs and landings, a 9.6% increase year-on-year, with international flights up 58.6% [1]. - Baiyun Airport had 44,900 flight operations, also a 9.6% increase, with international flights growing by 41.3% [1]. - Shenzhen Airport's flight operations totaled 37,400, marking a 9.71% increase year-on-year, with international flights up 56.45% [1]. - Beijing Capital Airport reported 37,700 flight operations, a 10.1% increase, with international flights rising by 45.4% [1].

Investment Rating - The investment rating for the company is "Add" [4][9]. Core Insights - The company reported a robust revenue growth of 12% year-on-year for the first half of 2024, with net profit increasing by 19.6% [2]. - Total assets grew by 15.6% year-on-year, with loans increasing by 11.3% and financial investments rising by 25.8% [2]. - The net interest margin decreased by 7 basis points to 2.79% compared to the beginning of the year [2]. - The asset quality remains stable, with a non-performing loan ratio of 0.76%, slightly up by 1 basis point [2]. - The forecast for net profit from 2024 to 2026 is set at 3.773 billion, 4.294 billion, and 4.748 billion respectively, maintaining the profit predictions unchanged [2]. Summary by Sections Revenue and Profit Growth - Revenue for the first half of 2024 reached 9.87 billion, with a growth rate of 12.05% projected for the following years [3]. - Net profit for the same period was 3.282 billion, with a forecasted growth rate of 19.60% for 2024 [3]. Asset and Loan Growth - Total assets are projected to reach 334.456 billion in 2024, with a growth rate of 15.6% [8]. - The total loan amount is expected to grow to 222.439 billion by 2024 [8]. Profitability Metrics - The earnings per share (EPS) is projected to be 1.20 in 2024, with a price-to-earnings (P/E) ratio of 5.76 [3]. - The price-to-book (P/B) ratio is expected to be 0.75 in 2024 [3].

Core Views - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.49% and the Shenzhen Component Index increasing by 0.08%, while the ChiNext Index fell by 0.14% [2][5] - The total trading volume in the Shanghai and Shenzhen markets reached 570.48 billion yuan, with banking, non-ferrous metals, and retail sectors leading the gains, while beauty care, pharmaceuticals, and agriculture sectors lagged [2][5] - The Hang Seng Index in Hong Kong rose by 0.8%, and the U.S. stock markets also saw collective gains, with the Dow Jones up by 0.58%, S&P 500 up by 0.97%, and Nasdaq up by 1.39% [2][5] Important News - The fifth meeting of the China-U.S. Financial Working Group was held, focusing on various financial policy topics including economic conditions, monetary policy, and cross-border payments [6] - The State Council of China, led by Premier Li Qiang, approved policies to promote high-quality development in service trade and foreign investment, aiming to enhance the liberalization and facilitation of service trade [6] Company Analysis: ZhiYuan Robotics - ZhiYuan Robotics launched five commercial humanoid robots, marking an acceleration in commercialization, with a projected shipment of around 300 units in 2024 [7][8] - The robots are designed for various applications including interactive services, flexible manufacturing, and data collection, with a focus on B-end markets before expanding to C-end [8] - The "YuanZheng A2" model is aimed at interactive service scenarios, featuring a height of 169 cm and a weight of approximately 69 kg, with a battery life of about 2 hours [9] Company Analysis: PianZaiHuang - PianZaiHuang reported a total revenue of 5.651 billion yuan for the first half of 2024, a year-on-year increase of 12% [10] - The company achieved significant growth in its liver disease medication and cosmetics segments, with revenue increases of 17.29% and 41.26% respectively [10][11] - The overall gross margin for the company was 44.83%, a decrease of 2.25 percentage points year-on-year, primarily due to rising raw material costs [11][12] Company Analysis: HuNong Commercial Bank - HuNong Commercial Bank announced a mid-term dividend payout ratio of 33%, with a cash distribution of 2.39 yuan per 10 shares [14] - As of June 2024, the bank's total assets grew by 7.02% year-on-year, with loans increasing by 6.18% [14] - The bank maintained a non-performing loan ratio of 0.97%, reflecting stable asset quality [14]

[Table_RightTitle] 证券研究报告|银行 [Table_Title] 规模增长保持高位 资产质量维持稳健 [Table_StockName] ——江苏银行（600919）点评报告 [Table_ReportDate] 2024 年 08 月 20 日 [Table_Summary] 报告关键要素: 江苏银行发布 2024 年中期业绩报告。 证 券 研 究 报 告 公司点评报告 公司研究 3263 投资要点: 规模增速保持高位，净息差进一步收窄：2024.1H 江苏银行营收同 比增速 7.2%，归母净利润同比增速 10.1%。其中，受规模增长的支 撑，利息净收入实现正增长。截至 6 月末，总资产同比增速 14.5%， 其中，重述口径的贷款同比增速估算值为 11.9%，环比有所下行； 金融投资同比增速 19%。贷款新增主要来自于三个行业，租赁和商 务服务业、制造业与水利、环境和公共设施管理业。整体看，规模 增速略有放缓，但仍维持较快水平。2024.1H 日均值测算的净息差 为 1.9%，同比下降 38BP，较 2023 年全年均值下降 8BP。其中，生 息资产收益率较年初下降 14BP，计息负债成 ...

[Table_RightTitle] 证券研究报告|传媒 [Table_Title] 电梯场景同比双位数增长，助推广告市场 24H1 回暖 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] 2024 年 08 月 20 日 证 券 研 究 报 告 行业跟踪报告 行业研究 3263 [投资要点： Table_Summary] 上半年广告市场回暖，实现同比正增长。2024 年上半年我国经济延续恢复 向好态势，广告市场同步回暖，整体实现 2.7%的同比增长。从单月同比数 据来看，2024 年开年，受节日效应影响，居民消费需求持续增长，线下消 费市场火热，1-2 月份广告花费同比上涨 3.7%、12.3%，3-6 月份同比有所 震荡调整，6 月份广告花费同比上涨 1.6%，呈现稳中有进的态势；从单月 环比数据来看，受季节性周期变化因素影响，2 月份广告花费大幅减投， 环比跌幅 17.1%，3-4 月份广告花费呈稳健回升态势，5 月份受五一假期效 应影响，环比大幅上涨 14.6%，6 月份广告花费环比微跌 1.6%。 多行业增投表现突出，食品及饮料行业呈现减投态势。随着经济 ...