Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [32]. Core Insights - The report highlights the investment opportunities arising from the iteration and innovation of large AI models and their applications, particularly in the context of the recent establishment of China's first AI standardization research institution [1][29]. - The report notes a significant decline in the computer industry, with a 2.69% drop last week, underperforming the Shanghai Composite Index by 2.14 percentage points, ranking 15th among the primary industries [1][12]. - The report emphasizes the increasing market size of China's large model platform and related applications, which reached 1.765 billion RMB in 2023, with major players like Baidu, SenseTime, and Zhiyuan AI leading the market [5][6]. Summary by Sections Industry Dynamics - The IDC report indicates that the market for large model platforms in China reached 1.765 billion RMB in 2023, with Baidu leading at 19.9% market share [5]. - Inspur Information launched the Source 2.0-M32 model, claiming performance comparable to the 700 billion parameter LLaMA3 model, with a significantly reduced memory requirement of 23GB [6]. - Moore Threads released the MooER model, the first large open-source speech model trained on domestic GPUs, achieving near-industrial-level performance in speech recognition and translation [7][11]. - The KUAE 1.2 version from Moore Threads supports 64K long texts and includes a range of new models [8]. - The Beijing AI Standardization Research Institute was established, focusing on key technologies and risk governance in AI [9][11]. Market Review - The computer industry index fell by 2.69%, with a year-to-date decline of 32.19%, ranking 30th among 31 industries [12][14]. - The average daily trading volume in the computer sector increased by 26.54% to 41.565 billion RMB last week [16]. - Over 79.72% of stocks in the computer sector declined last week, with only 68 out of 355 stocks rising [12][16]. Investment Recommendations - The report suggests focusing on digitalization, intelligence, and trusted innovation (信创) investment themes, including the exploration of public data value and the development of AI models [29].

[Table_RightTitle] 证券研究报告|通信 [Table_Title] 关注绿色低碳及数据中心产业链 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——通信行业周观点(08.19-08.25) [Table_ReportDate] 2024 年 08 月 26 日 [行业核心观点： Table_Summary] 上周（8.19-8.23）沪深 300 指数下跌 0.55%，申万通信行业指数下跌 1.53%，在 31 个申万一级行业中排名第 7 位，跑输沪深 300 指数 0.98 个百分点。建议重点关注人工智能、光模块、卫星互联网等细分板块投 资机会。 投资要点： 证 券 研 究 报 告 行业周观点 行业研究 3256 产业动态：（1）政策：十部门联合印发《数字化绿色化协同转型发展实 施指南》，明确了推动数字产业绿色低碳发展、加快数字技术赋能行业 绿色化转型等双化协同两大发力方向。（2）数据中心： LightCounting 在最新的报告中介绍到，谷歌母公司Alphabet和微软在第二季度的资 本开支均创下历史新高，分别增长了91%和55%。预 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 27 日 星期二 [Table_Summary] 概览 核心观点 周一 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.04%，深成指收 涨 0.16%，创业板指收跌 0.1%。沪深两市成交额 0.53 万亿元。申万 行业方面，电力设备、有色金属、房地产领涨，美容护理、通信、食 品饮料领跌；概念板块方面，固态电池、柔性屏、钠离子电池概念领 涨，MLOps 概念、ETC、互联网保险概念领跌。港股方面，恒生指数收 涨 1.06%，恒生科技指数收涨 0.98%；海外方面，美国三大指数涨跌 不一，道指收涨 0.16%，标普 500 收跌 0.32%，纳指收跌 0.85%。 【重要新闻】 【今年前 7 个月全国一般公共预算收入 135663 亿元】财政部 26 日 公布了 2024 年 1 至 7 月财政收支数据。数据显示，1 至 7 月，全国 一般公共预算收入 135663 亿元，同比下降 2.6%，扣除去年同期中小 微企业缓税入库抬高基数、去年年中出台的减税政策翘尾减收等特殊 因素影响后，可比增长 1.2%左 ...

Group 1: Market Performance - Major A-share indices declined during the week of August 19 to August 23, with the ChiNext Index experiencing the largest drop of 2.8% [5][6] - The beauty and personal care sector saw the most significant decline among the Shenwan first-level industries, falling by 8.29% [5][6] - The average daily trading volume in the two markets increased by 2.45% week-on-week, reaching 542.41 billion yuan [8][11] Group 2: Sector Activity - The electronics sector was the most active, with a trading volume of 408.77 billion yuan, followed by the computer and pharmaceutical sectors at 207.82 billion yuan and 204.22 billion yuan, respectively [8][11] - The majority of industries remain undervalued compared to historical levels, with only the real estate sector exceeding the 50% historical percentile for price-to-earnings ratios [21][16] Group 3: Valuation Levels - As of August 23, the dynamic price-to-earnings ratio of the Shanghai Stock Exchange 50 Index is at the 61.07% historical percentile since 2010 [16][19] - Only the real estate sector has a price-to-earnings ratio above the 50% historical percentile, while several sectors, including social services and beauty care, are below the 10% historical percentile [19][21] Group 4: Investment Recommendations - The report suggests focusing on sectors with strong earnings growth expectations and improving industry conditions during the mid-year earnings disclosure period [21] - Growth sectors such as electronics, AI computing power, and low-altitude economy are highlighted as areas of interest for investment [21]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1]. Core Viewpoints - In July, both production and sales of automobiles experienced a year-on-year and month-on-month decline, indicating a relatively flat market performance. Specifically, production reached 2.286 million units and sales 2.262 million units, down 4.8% and 5.2% year-on-year, and down 8.8% and 11.4% month-on-month respectively. For the first seven months of 2024, production and sales totaled 16.179 million and 16.31 million units, reflecting a year-on-year growth of 3.4% and 4.4%, but a slowdown compared to the previous six months [3][4]. - The commercial vehicle sector also saw a decline in July, with production and sales at 256,000 and 268,000 units, down 10.5% and 6.6% year-on-year, and down 22.4% and 20.5% month-on-month. For the first seven months of 2024, commercial vehicle production and sales were 2.262 million and 2.336 million units, showing a year-on-year increase of 0.4% and 3.5% [3][4]. - The passenger vehicle segment reported a similar trend, with production and sales of 2.03 million and 1.994 million units in July, down 4% and 5.1% year-on-year, and down 6.8% and 10% month-on-month. Cumulatively, for the first seven months of 2024, passenger vehicle production and sales reached 13.917 million and 13.974 million units, with year-on-year growth of 3.9% and 4.5% [3][4]. Summary by Sections Production and Sales Data - In July, total automobile production and sales were 2.286 million and 2.262 million units, with year-on-year declines of 4.8% and 5.2%, and month-on-month declines of 8.8% and 11.4% [3]. - Commercial vehicle production and sales in July were 256,000 and 268,000 units, with year-on-year declines of 10.5% and 6.6%, and month-on-month declines of 22.4% and 20.5% [3]. - Passenger vehicle production and sales in July were 2.03 million and 1.994 million units, with year-on-year declines of 4% and 5.1%, and month-on-month declines of 6.8% and 10% [3]. New Energy Vehicles - New energy vehicle production and sales in July reached 984,000 and 991,000 units, with year-on-year growth of 22.3% and 27%. New energy vehicles accounted for 43.8% of total new car sales [4]. - For the first seven months of 2024, new energy vehicle production and sales totaled 5.914 million and 5.934 million units, with year-on-year growth of 28.8% and 31.1% [4]. Export Trends - In July, automobile exports were 469,000 units, reflecting a year-on-year increase of 19.6% but a month-on-month decline of 3.3%. Cumulatively, for the first seven months of 2024, exports reached 3.262 million units, up 28.8% year-on-year [4]. - New energy vehicle exports in July were 103,000 units, with a year-on-year increase of 2.2%. For the first seven months of 2024, new energy vehicle exports totaled 708,000 units, up 11.4% year-on-year [4]. Market Outlook - The report suggests that policy support for the automotive industry, including incentives for replacing old vehicles and increasing subsidies for new energy buses, is expected to stimulate demand and drive growth in the sector. The competitive advantage of Chinese automobiles in terms of cost-effectiveness is anticipated to sustain export growth [8].

[Table_RightTitle] 证券研究报告|社会服务 [Table_Title] "黑神话"带火古建文旅，"现象级"IP 激 发暑期旅游新活力 [Table_ReportType] ——社会服务行业周观点(08.19-08.25) [Table_ReportDate] 2024 年 08 月 26 日 证 券 研 究 报 告 行业周观点 行业研究 3256 [行业核心观点： Table_Summary] 上周（8 月 19 日-8 月 25 日）沪深 300 指数下跌 0.55%、申万社会服务 指数下跌 2.87%，社会服务指数跑输沪深 300 指数 2.32 个百分点，在 申万 31 个一级行业指数涨跌幅排第 18。年初至今沪深 300 指数下跌 3.03%、申万社会服务指数下跌 26.87%，申万社会指数跑输沪深 300 指 数 23.84 个百分点，在申万 31 个一级子行业中涨跌幅排名第 27。上周 社会服务子板块均有下跌，酒店餐饮-1.3%、旅游及景区-2.98%、教育 -2.46%、专业服务-3.47%，体育-2.58%。板块的 PE 估值为酒店餐饮 22.67、旅游及景区 33.14、教 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 26 日 星期一 [Table_Summary] 概览 核心观点 证 券 研 究 报 告 晨会纪要 市场研究 【市场回顾】 周五 A 股三大指数集体收涨，截止收盘，沪指收涨 0.2%，深成指收 涨 0.24%，创业板指收涨 0.02%。沪深两市成交额 0.51 万亿元，北向 资金净流出 0 亿元。申万行业方面，家用电器、建筑材料、非银金融 领涨，公用事业、纺织服饰、房地产领跌；概念板块方面，华为海思 概念、华为欧拉、华为昇腾概念领涨，光电发热、固态电池、钠离子 电池概念领跌。港股方面，恒生指数收跌 0.16%，恒生科技指数收跌 1.13%；海外方面，美国三大指数集体收涨，道指收涨 1.14%，标普 500 收涨 1.15%，纳指收涨 1.47%。 【重要新闻】 【商务部等 4 部门办公厅关于进一步做好家电以旧换新工作的通知】 近日，商务部等 4 部门办公厅发布《关于进一步做好家电以旧换新工 作的通知》，明确补贴品种和补贴标准。各地要统筹使用中央与地方 资金，对个人消费者购买 2 级及以上能效或水效标准的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [9]. Core Insights - The company reported a revenue growth of 1.8% year-on-year for the first half of 2024, with a net profit growth of 0.9%. The second quarter saw a revenue decline of 0.6% but a net profit increase of 6.5%, primarily due to a decrease in provisioning [2]. - Total assets grew by 4.6% year-on-year, with loans increasing by 8.7%. The risk-weighted assets rose by 5.5%, while the core Tier 1 capital adequacy ratio decreased by 28 basis points to 9.48% [2]. - Asset quality indicators showed minor changes, with a non-performing loan (NPL) ratio of 1.08%, up 1 basis point from the previous quarter. The coverage ratio for provisions was 237.82%, down by 7.7 percentage points [2]. - The cost of deposits improved significantly, with net interest margin, yield on earning assets, and cost of interest-bearing liabilities decreasing by 9, 21, and 10 basis points respectively [2]. - The company forecasts net profits of 794.8 billion, 815.62 billion, and 836.95 billion for 2024, 2025, and 2026, with corresponding year-on-year growth rates of 3.07%, 2.62%, and 2.62% [2][3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 210,831 million, with a growth rate of -1.90% [3]. - Net profit for 2024 is estimated at 79,480 million, reflecting a growth rate of 3.07% [3]. - Earnings per share are expected to be 3.71 in 2024, with a price-to-earnings ratio of 4.53 [3]. Asset and Liability Management - Total loans are projected to reach 5,733,982 million by the end of 2024, with total assets expected to be 10,593,829 million [3]. - Deposits are forecasted to grow to 5,425,747 million in 2024 [3].

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Views - The company's blood product business shows steady growth, with a focus on the blood product sector. In the first half of 2024, the blood product business generated revenue of 790 million yuan, an increase of 3.60% year-on-year, while net profit was 319 million yuan, a decrease of 42.22% [2][7]. - The company has expanded its plasma collection resources, owning 16 single plasma collection stations as of the first half of 2024, with a raw plasma collection volume of 246.89 tons, a year-on-year increase of 14.63% [3]. - The company aims to enhance its profitability per ton of plasma through increased plasma scale and product diversification, with ongoing research and development focused on both long-term and short-term innovations in blood products [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 896 million yuan, a decrease of 41.87% compared to the same period last year. The net profit attributable to shareholders was 316 million yuan, down 3.05% year-on-year [1][2]. - The revenue from the blood product business was 790 million yuan, with specific products like human albumin, immunoglobulin, and fibrinogen generating revenues of 233 million yuan (+3.48%), 220 million yuan (-14.27%), and 208 million yuan (-1.64%) respectively [2]. Market Position and Strategy - The company has strategically focused on the blood product sector, with a significant reduction in revenue from its biochemical and chemical drug businesses, which saw declines of 44.98% and 3.85% respectively [2]. - The acquisition of Green Cross (Hong Kong) has significantly enhanced the company's raw plasma scale, indicating a strong commitment to expanding its blood product capabilities [3]. Future Outlook - The company forecasts a gradual recovery in revenue and net profit over the next few years, with expected net profits of 533 million yuan, 554 million yuan, and 595 million yuan for 2024, 2025, and 2026 respectively [7][9]. - The earnings per share (EPS) are projected to be 1.06 yuan, 1.10 yuan, and 1.18 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 29.92, 28.74, and 26.79 [7][9].

Core Viewpoints - The report indicates that the domestic market is experiencing growth in sales, but rising financial costs are dragging down profitability [6][7] - The company achieved a revenue of 2.556 billion yuan, representing a year-on-year increase of 10.14%, while the net profit attributable to shareholders was 266 million yuan, up 4.51% year-on-year [6][7] - The gross profit margin slightly increased to 20.84%, but the rise in financial expense ratio led to a slight decline in overall profitability, with the net profit margin decreasing by 0.68 percentage points to 10.88% [8] Market Review - On Thursday, the three major A-share indices collectively fell, with the Shanghai Composite Index down 0.27%, the Shenzhen Component Index down 0.82%, and the ChiNext Index down 0.76% [4] - The total trading volume in the Shanghai and Shenzhen markets was 549 billion yuan [4] - The banking, public utilities, and textile sectors led the gains, while beauty care, media, and social services sectors saw declines [4] Important News - The China Securities Association is seeking industry opinions on amending the "Management Rules for Offline Investors in Initial Public Offerings," which includes new performance assessment indicators for offline institutional investors [5] - From January to July, China's non-financial direct investment abroad reached 83.55 billion USD, a year-on-year increase of 16.2%, with investments in Belt and Road countries amounting to 17.94 billion USD, up 7.7% [5] Company Performance - The company reported a revenue of 1.457 billion yuan in Q2 2024, reflecting an 8.44% year-on-year increase, while the net profit for the same period was 170 million yuan, up 3.38% year-on-year [6][7] - The company’s sales of fine wool yarn and cashmere products saw revenue growth, while revenue from wool tops declined [8] - The domestic and international markets performed better than the overall market environment, with domestic revenue increasing by 9.45% and international revenue by 11.48% [8] Profit Forecast and Investment Recommendations - The company is expected to maintain its position as a leading player in the fine wool industry, with adjusted profit forecasts for 2024-2026 being 426 million, 468 million, and 534 million yuan respectively [8] - The report maintains a "buy" rating based on the company's growth potential despite a weak domestic and international consumption environment [8]