证 券 研 究 报 告 晨会纪要 市场研究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 09 月 06 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】周四 A 股三大指数齐涨，上证指数涨 0.14%报 2788.31 点，深证成指涨 0.28%，创业板指涨 0.65%。沪深两市成交额 0.53 万 亿元。申万行业方面，传媒、房地产、商贸零售等领涨，煤炭、家用 电器、石油石化等领跌；概念板块方面，数字货币、电子身份证、移 动支付等上涨，中船系、氟化工概念、PVDF 概念等领跌。港股方面， 香港恒生指数收跌 0.07%报 17444.3 点，录得四连跌；恒生科技指数 涨 0.14%；海外方面，美国三大股指收盘涨跌不一，道指跌 0.54%报 40755.75 点，标普 500 指数跌 0.3%报 5503.41 点，纳指涨 0.25%报 17127.66 点；欧洲三大股指收盘全线下跌；亚太主要股指收盘涨跌 不一。 【重要新闻】 【国家主席习近平在中非合作论坛北京峰会开幕式上表示，未来 3 年，中方愿同非方开展中非携手推进现代化十大伙伴行 ...

Core Insights - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 0.67% to 2784.28 points, the Shenzhen Component Index down by 0.51%, and the ChiNext Index decreasing by 0.11% [1][5] - The total trading volume in the Shanghai and Shenzhen markets was 0.56 trillion yuan [1][5] - In the Shenwan industry classification, sectors such as electric equipment, automotive, biomedicine, and textile and apparel saw gains, while non-ferrous metals, oil and petrochemicals, and construction decoration led the declines [1][5] - The Hong Kong Hang Seng Index dropped by 1.1% to 17457.34 points, and the Hang Seng Technology Index fell by 0.39% [1][5] - Internationally, the Dow Jones increased by 0.09% to 40974.97 points, while the S&P 500 and Nasdaq fell by 0.16% and 0.3% respectively [1][5] Industry Analysis - The social service sector showed significant profit growth in the first half of 2024, with total revenue reaching 68.291 billion yuan, a year-on-year increase of 9.70%, ranking second among Shenwan's primary industries [6] - The net profit attributable to shareholders in the social service sector totaled 4.157 billion yuan, marking a substantial year-on-year growth of 89.08% [6] - The return on equity (ROE) in the sector continued to improve, with a decrease in expense ratios [6] - The tourism and scenic area segment reported revenue and net profit growth of 28.47% and 13.04% respectively, driven by recovering travel demand and supportive policies [6] - The hotel and catering sector saw a significant rebound, with revenue and net profit increasing by 2.60% and 44.95% respectively, as offline leisure and business demand continued to recover [6][7] - The report suggests focusing on companies benefiting from the recovery in travel and tourism, particularly those in the duty-free and hotel sectors that are enhancing their brand and operational efficiency [7]

[Table_RightTitle] 证券研究报告|食品饮料 [Table_Title] 渠道、产品建设成果斐然，业绩保持高增长 [Table_StockName] ——东鹏饮料（605499）点评报告 [Table_ReportDate] 2024 年 09 月 03 日 [Table_Summary] 报告关键要素: 2024 年 8 月 31 日，公司发布 2024 年半年度报告。2024 年上半年，公 司实现营收 78.73 亿元（同比+44.19%），归母净利润 17.31 亿元（同 比+56.17%），扣非归母净利润 17.07 亿元（同比+72.34%）。其中， 2024Q2 实现营收 43.91 亿元（同比+47.88%），归母净利润 10.67 亿元 （同比+74.62%），扣非归母净利润 10.82 亿元（同比+101.51%）。 证 券 研 究 报 告 公司点评报告 公司研究 3235 投资要点: ⚫ 公司 2024 年上半年营业收入高达 78.73 亿元，2024Q2 业绩增速环比明 显提升。2024 年上半年，公司实现营收 78.73 亿元（同比+44.19%）， 归母净利润 17. ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry as of September 4, 2024 [1]. Core Insights - The social services sector experienced significant profit growth in the first half of 2024, with total revenue increasing by 9.70% year-on-year, ranking 6th among Shenwan's primary industries. The net profit attributable to shareholders rose by 89.08%, ranking 2nd among the same industries [6][33]. - The tourism and scenic spots sector saw a revenue increase of 28.47% and a net profit increase of 13.04% in the first half of 2024, driven by recovering demand and supportive policies [33]. - The hotel and catering sector reported a revenue growth of 2.60% and a net profit growth of 44.95%, indicating a recovery in offline leisure and business demand [33]. Summary by Sections 1. Social Services Industry Performance - The social services sector's total revenue reached 682.91 billion yuan, with a year-on-year growth of 9.70% and a net profit of 41.57 billion yuan, reflecting a year-on-year increase of 89.08% [6][33]. - The sector's return on equity (ROE) improved to 2.65%, with a gross margin of 29.37% and a net margin of 6.75% [8][12]. 2. Subsector Performance 2.1 Tourism and Scenic Spots - The tourism and scenic spots sector achieved a revenue of 155.50 billion yuan, up 28.47% year-on-year, and a net profit of 11.46 billion yuan, up 13.04% [14][15]. - Key players like Zhongxin Tourism and Songcheng Performance showed significant revenue growth, while others like Qujiang Cultural Tourism faced substantial profit declines [14]. 2.2 Hotel and Catering - The hotel and catering sector generated 147.93 billion yuan in revenue, a 2.60% increase, and a net profit of 11.22 billion yuan, a 44.95% increase [16][19]. - Major hotel chains like Jinjiang Hotels and Shoulu Hotels reported profit recoveries, while the sector's gross margin was 33.76% [19]. 2.3 Professional Services - The professional services sector recorded a revenue of 302.51 billion yuan, an 8.57% increase, but the net profit fell by 23.34% to 16.27 billion yuan [20][21]. - The sector's gross margin was 23.22%, indicating a decline in profitability despite revenue growth [20]. 2.4 Education - The education sector's revenue was 63.81 billion yuan, a 5.41% decrease, with a net profit of 2.47 billion yuan, up 3.62% [24][25]. - The sector is undergoing adjustments, with some leading companies reducing losses while others continue to decline [24]. 2.5 Sports - The sports sector showed improvement, with Zhongti Industry's revenue growing by 78.41% and net profit increasing by 146.36% [28][29]. 2.6 Duty-Free - The duty-free sector faced a decline, with China Duty-Free's revenue down 12.81% and net profit down 15.07% [30][31]. - New policies are expected to boost the sector's performance in the future [30]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the recovery in inbound tourism and new policies in the duty-free sector, as well as those excelling in brand development and operational efficiency in the tourism destination market [33].

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index down 0.29% to 2802.98 points, while the Shenzhen Component Index rose 1.17% and the ChiNext Index increased by 1.26% [2][6] - The total trading volume in the Shanghai and Shenzhen markets was 0.58 trillion yuan [2][6] - Key sectors leading the market included electric power equipment, computers, home appliances, and automobiles, while oil and petrochemicals, banking, and public utilities lagged behind [2][6] Market Review - The Hong Kong Hang Seng Index fell 0.23% to 17651.49 points, while the Hang Seng Tech Index rose 0.29% [2][6] - U.S. markets saw all three major indices decline, with the Dow Jones down 1.51% to 40936.93 points, the S&P 500 down 2.12% to 5528.93 points, and the Nasdaq down 3.26% to 17136.30 points, marking the largest single-day drop since August 5 [2][6] - European and Asia-Pacific indices also closed lower [2][6] Important News - The Shanghai Municipal Government released a plan to promote the replacement of consumer goods, providing significant support for personal vehicle and home appliance upgrades, including subsidies of 20,000 yuan for qualifying new energy vehicles and 15% subsidies for certain home products [3][6] - The relationship between China and Nigeria was elevated to a comprehensive strategic partnership, with both countries aiming for high-quality cooperation to achieve modernization [3][6] Company Analysis: Dongpeng Beverage (605499) - Dongpeng Beverage reported a revenue of 7.873 billion yuan for the first half of 2024, a year-on-year increase of 44.19%, and a net profit of 1.731 billion yuan, up 56.17% [7][8] - In Q2 2024, the company achieved a revenue of 4.391 billion yuan, reflecting a year-on-year growth of 47.88%, and a net profit of 1.067 billion yuan, up 74.62% [7][8] - The company continues to implement a full-channel strategy, with significant growth in sales across various regions, particularly in the Southwest and North China regions, which saw increases of 75.57% and 99.14% respectively [8][9] Product Performance - The core product, Dongpeng Special Drink, generated sales of 6.855 billion yuan, a 33.49% increase, while Dongpeng Water saw a remarkable growth of 281.12% to 476 million yuan [8][9] - The company is transitioning from a single product focus to a multi-category beverage group, enhancing brand recognition and market presence [8][9] Financial Metrics - The gross margin for the first half of 2024 was 44.60%, an increase of 1.50 percentage points, driven by lower raw material costs [8][9] - The net profit margin improved to 21.98%, up 1.69 percentage points, due to effective cost control across various expense categories [8][9] Earnings Forecast and Investment Recommendation - The company is expected to continue its growth trajectory, with revised profit forecasts for 2024-2026 indicating net profits of 3.094 billion, 3.916 billion, and 5.057 billion yuan respectively [8][9] - The recommendation maintains a "Buy" rating based on the company's strong performance and market expansion strategy [8][9]

[Table_InterIndex] 国际市场表现 [Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 09 月 03 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】周一A股三大指数低开低走，上证指数跌1.1%报2811.04 点，深证成指跌 2.11%，创业板指跌 2.75%。沪深两市成交额 0.71 万 亿元。申万行业方面，煤炭、银行和公共事业上涨，食饮、军工、美 容护理等领跌；概念板块方面，ST 板块、两轮车、煤炭概念等上涨， 中船系、科创次新股、国家大基金持股等领跌。港股方面，恒生指数 收跌 1.65%报 17691.97 点，恒生科技指数跌 2.08%；海外方面，美国 9 月 2 日休市。欧洲三大股指收盘涨跌不一，亚太主要股指收盘多数 上涨。 证 券 研 究 报 告 晨会纪要 市场研究 3235 【重要新闻】 【国务院办公厅发布关于以高水平开放推动服务贸易高质量发展的 意见】意见提出，全面实施跨境服务贸易负面清单。提升负面清单管 理能力，加强重点行业监管，优化资金、技术、人员、数据等要素跨 境流动监管。聚焦居民消费升级需求，推动 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [31]. Core Viewpoints - The communication industry index decreased by 0.50% last week, underperforming the CSI 300 index by 0.33 percentage points, ranking 26th among 31 first-level industries [1][13]. - Key investment opportunities are identified in the satellite internet, data elements, and intelligent computing center sectors [1][28]. - The industry valuation is currently below historical averages, with a price-to-earnings (PE) ratio of 18.36, significantly lower than the historical mean of 34.44 [17]. Summary by Sections Industry Dynamics - **Satellite Internet**: China Satellite Network announced a plan to promote the large-scale application of the BeiDou system, focusing on governance and modern industrial capabilities [5]. - **Data Elements**: A new intelligent governance platform for data elements was launched, aiming to enhance the value of data assets through a comprehensive management service [6]. - **Satellite Navigation**: The establishment of a nationwide satellite navigation positioning benchmark network was reported, enhancing high-precision navigation services [7]. - **Terminal Security**: The first national terminal security ecological alliance was formed, indicating a shift towards collaborative efforts in the terminal security industry [9][11]. - **Intelligent Computing Center**: The largest single-cluster intelligent computing center in China was officially put into operation, significantly enhancing computational capabilities [12]. Market Review - The communication industry saw a total trading volume of 123.19 billion yuan last week, with an average daily trading volume of 24.63 billion yuan, reflecting a 14.11% increase from the previous week [19]. - Among 134 stocks in the communication sector, 99 stocks rose, indicating a positive trend with 73.88% of stocks experiencing gains [21]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication industry chain, artificial intelligence computing industry chain, digital applications, and 5G construction [28].

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating a projected relative increase of over 10% compared to the broader market in the next six months [32]. Core Insights - The report highlights the investment opportunities arising from innovations in AI large models, particularly in industry-specific applications. It notes a 2.77% increase in the computer industry, outperforming the Shanghai Composite Index by 2.94 percentage points, ranking 9th among primary industries [1][13]. - The report emphasizes the growing interest in AI, with significant developments such as the free release of the GLM-4-Flash model by Zhipu AI and the launch of the 330 billion parameter Kunlun model by China National Petroleum, marking a first in the energy and chemical sector [6][7]. - The AI data center chip market is projected to reach $151 billion by 2029, with a current market size of approximately $78 billion [11]. - The report suggests focusing on digitalization, intelligence, and innovation-driven investments, particularly in the context of domestic AI model opportunities and the integration of smart transportation systems [29]. Summary by Sections Industry Dynamics - Zhipu AI announced the free release of the GLM-4-Flash model, supporting 26 languages and achieving a generation speed of 72.14 tokens per second [6]. - China National Petroleum launched the 330 billion parameter Kunlun model, the first approved large model in the energy sector, developed in collaboration with major tech companies [7]. - The Qwen2-VL model from Alibaba's Tongyi Qianwen team can process images of any resolution without segmentation, enhancing its usability [8]. - The first lunar science multimodal model was released by the Chinese Academy of Sciences and Alibaba Cloud, achieving over 80% accuracy in crater age and morphology classification [10]. - Omdia forecasts that the AI data center chip market will grow significantly, reaching $151 billion by 2029, with a slowdown expected post-2026 [11]. - Cerebras Systems introduced the fastest AI inference solution, claiming speeds 20 times faster than Nvidia's offerings [12]. Market Performance - The computer industry saw a 2.77% increase last week, while the Shanghai Composite Index fell by 0.17%, indicating strong relative performance [1][13]. - The average daily trading volume in the computer sector increased by 8.72% compared to the previous week, reaching approximately 451.91 billion yuan [18]. - Over 81.69% of stocks in the computer sector rose last week, with 290 out of 355 stocks experiencing gains [18]. Valuation - The current price-to-earnings (P/E) ratio for the computer industry is 31.83, significantly below the historical average of 47.96 since 2016, indicating potential undervaluation [16]. Investment Recommendations - The report advises focusing on policy guidance and demand-driven investments, particularly in digitalization, intelligence, and innovation [29].

[Table_Title] 强链补链增厚业绩，营收增速表现亮眼 [Table_StockName] ——广电运通（002152）点评报告 [Table_ReportDate] 2024 年 09 月 02 日 [Table_Summary] 报告关键要素: 公司披露 2024 年半年度报告。2024 上半年公司实现营业收入 47.07 亿 元，同比增长 29.45%；实现归属于上市公司股东的净利润 4.98 亿元， 同比增长 5.20%；实现归属于上市公司股东的扣除非经常性损益的净利 润 4.40 亿元，同比增长 6.73%。 投资要点: 公司营收实现较快增长，城市智能业务表现亮眼。公司 2024 上半年营 业收入同比增长 29.45%，实现较快增长，主要受益于中金支付、中数 智汇的并表以及城市智能业务收入的快速增长。其中，公司城市智能业 务 2024H1 实现营业收入 16.78 亿元，同比增长 29.71%，较 2023H1 的 同比增速（-6.07%）由负转正，且显著高于 2023 年城市智能业务的同 比增速（+6.32%）。公司城市智能业务营收增速的提升主要受益于公司 在"数字政府"和"智慧城市"等领 ...

Core Viewpoints - The A-share market experienced a significant rebound last Friday, with the Shanghai Composite Index rising by 0.68% to close at 2842.21 points, the Shenzhen Component Index increasing by 2.38%, and the ChiNext Index up by 2.53%. The total trading volume in the Shanghai and Shenzhen markets reached 0.88 trillion yuan [1][6] - In the Shenwan industry sector, real estate, electronics, media, and non-bank financials led the gains, while banks and public utilities saw declines. Concept stocks related to Huawei HiSilicon, internet insurance, rental and sale rights, and cloud gaming performed well, while stocks related to artemisinin and fentanyl fell [1][6] - The Hong Kong market also saw positive movement, with the Hang Seng Index rising by 1.14% to 17989.07 points, marking a 3.72% increase in August. The Hang Seng Tech Index increased by 2.87%, with a 1.24% rise in August [1][6] - Internationally, all three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up by 0.55% to 41563.08 points, reaching a historical high. The S&P 500 Index rose by 1.01% to 5648.4 points, and the Nasdaq increased by 1.13% to 17713.62 points [1][6] Important News - The National Development and Reform Commission (NDRC) has proposed new requirements for building a more complete market access system, including the orderly advancement of a revised list and comprehensive market access efficiency assessments starting next year [2] - The Ministry of Finance has emphasized increasing the implementation of fiscal policies, focusing on six key areas, including optimizing the use of special government bonds and ensuring key expenditures are met, particularly in the real estate sector [2][6] - The report indicates that the overall domestic economic operation remains stable, with industrial production continuing to grow rapidly and trade structure improving, although effective domestic demand is still insufficient [8]