证券研究报告 | 行业周报 [Table_Main] SEMI：全球半导体制造业在 2024 年 第二季度走强 报告要点 SEMI：全球半导体制造业在 2024 年第二季度走强。SEMI 在其 2024 年第二 季度发布的《半导体制造监测（SMM）报告》中宣布，全球半导体制造业在 2024 年第二季度继续显示出改善的迹象，IC 销售大幅增长，资本支出趋于 稳定，晶圆厂装机容量增加.虽然一些终端市场复苏放缓影响了上半年的增长 速度，但对人工智能芯片和高带宽内存 （HBM） 的需求激增创造了强大的 推动力，推动了行业扩张。 TrendForce：2030 年 AR 装置出货量预计达 2,550 万台，LEDoS 技术将成 为主流。根据 TrendForce 集邦咨询最新调查，受 AR 装置品牌厂的产品规划 推动，以及 AI 技术和应用生态系统发展的助力，预估 2030 年 AR 装置出货 量将达 2,550 万台，2023 至 2030 年的年复合增长率为 67%。其中，LEDoS 在这一领域的渗透率将逐步提高，到 2030 年有望达到 44%，成为市场的主 流技术。 21 家在韩制售电车厂商公开 69 款所载电 ...

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - The release of the game "Black Myth: Wukong" marks a significant milestone for the rise of patient capital in China, showcasing advancements in cultural and technological strength [2][14] - The game, based on the classic Chinese novel "Journey to the West," integrates traditional cultural elements and aims to promote Chinese culture globally [3][12] - The emergence of the "宅经济" (home economy) indicates a shift towards spiritual consumption, similar to Japan's experience in the 1990s, where gaming and anime thrived during economic transitions [4][15] - The "他经济" (male economy) is emerging as a new consumption blue ocean, with increasing male consumer power and interest in entertainment, finance, and technology [5][19] Summary by Sections Game Development and Cultural Impact - "Black Myth: Wukong" took approximately 4 years to develop, with a total investment of around 300-400 million RMB, and a development cost of 15-20 million RMB per hour of gameplay [2][14] - The game has achieved significant sales, reportedly surpassing 4.5 million copies within a short period, with expectations of reaching 7-10 million copies in five years [9][11] Economic Trends - The "宅经济" trend reflects a growing demand for spiritual fulfillment alongside material consumption, driven by technological advancements and changing consumer behavior [15] - The success of Japan's gaming and anime industries during its "宅经济" phase serves as a model for potential growth in China's gaming sector [15] Male Consumer Behavior - Recent reports indicate a shift in male consumer behavior, with increased engagement in various sectors, including entertainment and technology, and a notable rise in online spending [16][19] - Male consumers exhibit strong brand loyalty and higher average spending compared to female consumers, indicating a significant market opportunity [22][23]

Investment Rating - The report assigns an investment rating of "Positive" for the lithium mining industry [2] Core Insights - The lithium mining industry has entered the second phase of a downward cycle, with the turning point approaching as carbon lithium prices continue to decline [14] - The acquisition of Latin Resources by Pilbara, valued at approximately AUD 570 million, highlights the challenges faced by junior lithium mining companies in securing financing amid a depressed market [3][4] - The Salinas project owned by Latin Resources, with a resource volume of 77.7 million tons and a grade of 1.24%, is expected to become one of the top ten lithium producers globally upon completion [3] Summary by Sections Section 1: Recent Developments - Pilbara plans to acquire 100% of Latin Resources through a share swap, with Latin shareholders receiving 0.07 shares of Pilbara for each Latin share [3] - The total transaction value is estimated at AUD 570 million, with Latin shareholders expected to hold 6.4% of Pilbara post-acquisition [3] Section 2: Rationale for the Merger - Pilbara's local expansion is challenging, making overseas acquisitions a reasonable strategy [4] - Latin Resources faced cash constraints, with only AUD 21 million available before the acquisition, making the merger a necessary option [4] Section 3: Industry Implications - The acquisition reflects the difficulties junior lithium mining companies face in financing due to low lithium carbonate prices, leading to layoffs and reduced capital expenditures [6] - The ability of junior mining companies to survive may depend on being acquired by larger firms [6] Section 4: Financial Health of Major Players - Cash reserves are critical for decision-making among lithium mining companies, with Pilbara being one of the companies with the highest cash reserves globally [9] - In contrast, Albemarle (ALB) has significant liabilities, impacting its operational decisions [9] Section 5: Industry Cycle Analysis - The report outlines three phases of the lithium market cycle, indicating that the industry is currently in the second phase, characterized by pessimism and financing difficulties for most companies [14]

Investment Rating - The report assigns an investment rating of "Positive" for the lithium mining industry [2] Core Insights - The lithium mining industry has entered its second phase of a downward cycle, with a clear path towards a potential turning point as lithium carbonate prices continue to decline [14] - The acquisition of Latin Resources by Pilbara, valued at approximately AUD 570 million, highlights the challenges faced by junior lithium mining companies in securing financing amid a depressed lithium carbonate market [3][4] - The Salinas project owned by Latin Resources, with a resource estimate of 77.7 million tons and a planned production capacity of 49.9 thousand tons of lithium concentrate, is expected to position it among the top ten lithium producers globally [3] Summary by Sections Section 1: Acquisition Details - Pilbara plans to acquire 100% of Latin Resources through a share swap, with Latin shareholders receiving 0.07 shares of Pilbara for each Latin share, translating to a total transaction value of AUD 570 million [3] - The Salinas project, once operational, is projected to produce 40.5 thousand tons of SC5.5 lithium concentrate and 12.3 thousand tons of SC3.0 lithium concentrate, with total capital expenditure estimated at USD 308 million and cash costs at USD 567 per ton [3] Section 2: Rationale for the Merger - Pilbara's local expansion in Australia is becoming increasingly difficult, making the acquisition of overseas resources a strategic move [4] - Latin Resources faced cash constraints, with only AUD 21 million available prior to the acquisition, making the merger a necessary option for survival [4] Section 3: Industry Implications - The acquisition reflects the broader trend of junior lithium mining companies struggling to secure financing due to low lithium carbonate prices, leading to layoffs and reduced capital expenditures [6] - The behavior of leading mining companies has shown significant variance this year, with cash reserves playing a crucial role in decision-making [9] Section 4: Current Industry Cycle - The report outlines three phases of the lithium market cycle, indicating that the industry is currently in the second phase, characterized by a pessimistic outlook and difficulties in financing for most companies [14]

《黑神话 悟空》：耐心资本崛起的里程碑 事件描述 10 月 20 日，国内首款备受瞩目的 3A 级游戏《黑神话：悟空》正式发布，引 起了国内外的空前关注。游戏的推出，代表着国内耐心资本的崛起，也肩负着 文化软实力和技术实力弘扬的使命。 事件点评 耐心资本的崛起，肩负文化软实力和技术实力弘扬的使命 《黑神话：悟空》的出现代表了国家文化软实力和技术实力的进步，更是科技 在消费领域变现的一种方式，是中国文化产业实现工业化过程中里程碑式的 作品。3A 游戏之所以被视为游戏行业的顶级制作，是因为它在内容、剧情和 美术上的卓越追求，在文化价值上的注重与弘扬，在技术上的追求持续创新。 《黑神话：悟空》研发周期 4 年，每小时游戏时长的开发成本约为 1500 至 2000 万元，整体游戏时长约在 20 个小时以上，投资规模约 3-4 亿人民币。 在资本急功近利，游戏及其他快销行业陷入低质、圈钱怪圈的当下，《黑神话： 悟空》成了重磅的破局者。 文化共鸣与情怀要素的碰撞 游戏基于《西游记》原著的世界观背景设计了主线、支线剧情，努力还原西游 原著背景的同时，也在产品开发与设计过程中加入了众多中国传统文化元素， 以其独特的艺术风格和 ...

证券研究报告 | 行业周报 [Table_Main] SEMI：全球半导体制造业在 2024 年 第二季度走强 报告要点 SEMI：全球半导体制造业在 2024 年第二季度走强。SEMI 在其 2024 年第二 季度发布的《半导体制造监测（SMM）报告》中宣布，全球半导体制造业在 2024 年第二季度继续显示出改善的迹象，IC 销售大幅增长，资本支出趋于 稳定，晶圆厂装机容量增加.虽然一些终端市场复苏放缓影响了上半年的增长 速度，但对人工智能芯片和高带宽内存 （HBM） 的需求激增创造了强大的 推动力，推动了行业扩张。 TrendForce：2030 年 AR 装置出货量预计达 2,550 万台，LEDoS 技术将成 为主流。根据 TrendForce 集邦咨询最新调查，受 AR 装置品牌厂的产品规划 推动，以及 AI 技术和应用生态系统发展的助力，预估 2030 年 AR 装置出货 量将达 2,550 万台，2023 至 2030 年的年复合增长率为 67%。其中，LEDoS 在这一领域的渗透率将逐步提高，到 2030 年有望达到 44%，成为市场的主 流技术。 21 家在韩制售电车厂商公开 69 款所载电 ...

证券研究报告|行业深度 2024/8/21 电气设备行业 新能源半年度市场洞察：供给升级带来产 投资评级 看好 业变革 五矿证券研究所 新能源行业 分析师：张鹏 登记编码：S0950523070001 邮箱：zhangpeng1@wkzq.com.cn 联系人：顾思捷 邮箱：gusj@wkzq.com.cn 分析师：张斯恺 登记编码：S0950523110002 邮箱：zhangsikai@wkzq.com.cn 联系人：周越 邮箱：zhouyue@wkzq.com.cn 分析师：蔡紫豪 登记编码：S0950523070002 邮箱：caizihao@wkzq.com.cn 联系人：钟林志 邮箱：zhonglinzhi@wkzq.com.cn 分析师：张娜威 登记编码： S0950524070001 邮箱： zhangnawei@wkzq.com.cn Contents 目录 01 光伏风电半年度市场洞察 02 电源支持侧半年度市场洞察 03 新能源汽车半年度市场洞察 04 锂电材料/电池半年度市场洞察 05 锂电新材料半年度市场洞察 06 电池金属半年度市场洞察 07 氢能半年度市场洞察 08 风险提示 光 ...

证券研究报告|行业深度 2024/8/21 电气设备行业 新能源半年度市场洞察：供给升级带来产 投资评级 看好 业变革 五矿证券研究所 新能源行业 分析师：张鹏 登记编码：S0950523070001 邮箱：zhangpeng1@wkzq.com.cn 联系人：顾思捷 邮箱：gusj@wkzq.com.cn 分析师：张斯恺 登记编码：S0950523110002 邮箱：zhangsikai@wkzq.com.cn 联系人：周越 邮箱：zhouyue@wkzq.com.cn 分析师：蔡紫豪 登记编码：S0950523070002 邮箱：caizihao@wkzq.com.cn 联系人：钟林志 邮箱：zhonglinzhi@wkzq.com.cn 分析师：张娜威 登记编码： S0950524070001 邮箱： zhangnawei@wkzq.com.cn Contents 目录 01 光伏风电半年度市场洞察 02 电源支持侧半年度市场洞察 03 新能源汽车半年度市场洞察 04 锂电材料/电池半年度市场洞察 05 锂电新材料半年度市场洞察 06 电池金属半年度市场洞察 07 氢能半年度市场洞察 08 风险提示 光 ...

[Table_Main] 小商品城（600415）24H1 点评 : 稳健优绩 引领商贸领域迈向新质生产力 事件描述 公司发布 2024 年半年度报告，主营业务增长稳健，新兴及平台业务盈利性显 著提升，同时，公司制定义乌指数三年行动规划，催生商贸领域数据要素新质 生产力。 事件点评 义乌市场景气度高，客流量超 19 同期水平 24 上半年，义乌市场日均客流量 21.88 万人次；日均外商超 3600 人，同比 增长超 80%，外商入场人数显著增加，市场主要客流量指标均超 2019 年同 期水平。2024 年上半年，义乌市公路、铁路、航空客流总量约 1200 万人次， 同比增长约 15%，入境外商约 25 万人次，同比增长约 95%。 制定义乌指数三年行动计划，催生商贸领域数据要素新质生产力 公司联合高校持续更新小商品指数，并制定关于数据要素三年行动计划：1） 2024 年完善指数模型并全面升级，持续推进数据入表工作，催生商贸领域数 据要素新质生产力；2）2025 年开发更多子指数以满足不同层面需求，逐步 扩大人工智能的融合及应用；3）2026 年做到小商品分类标准国际化，跻身 全球商贸领域数据领先地位。 Ch ...

[Table_Main] 小商品城（600415）24H1 点评 : 稳健优绩 引领商贸领域迈向新质生产力 事件描述 公司发布 2024 年半年度报告，主营业务增长稳健，新兴及平台业务盈利性显 著提升，同时，公司制定义乌指数三年行动规划，催生商贸领域数据要素新质 生产力。 事件点评 义乌市场景气度高，客流量超 19 同期水平 24 上半年，义乌市场日均客流量 21.88 万人次；日均外商超 3600 人，同比 增长超 80%，外商入场人数显著增加，市场主要客流量指标均超 2019 年同 期水平。2024 年上半年，义乌市公路、铁路、航空客流总量约 1200 万人次， 同比增长约 15%，入境外商约 25 万人次，同比增长约 95%。 制定义乌指数三年行动计划，催生商贸领域数据要素新质生产力 公司联合高校持续更新小商品指数，并制定关于数据要素三年行动计划：1） 2024 年完善指数模型并全面升级，持续推进数据入表工作，催生商贸领域数 据要素新质生产力；2）2025 年开发更多子指数以满足不同层面需求，逐步 扩大人工智能的融合及应用；3）2026 年做到小商品分类标准国际化，跻身 全球商贸领域数据领先地位。 Ch ...