2024 年 08 月 09 日 证券研究报告•金融工程动态报告 因子情绪表现与基金仓位探测周跟踪（8.5-8.9） 因子情绪观察与基金仓位高频探测 两融情况：截至 2024 年 8月 8日，两融余额为 14236.82亿元，其中融资余额 为 14052.66 亿元，融券余额为 184.16 亿元。整体来看，本周融资净买入额及 融券净卖出额分别为 58.62亿元、-35.89亿元，相较于上周（-55.21亿元、-27.97 亿元）融资净买入额有所上升，融券净卖出额下降。 主动权益基金发行情况：本周主动权益基金发行规模总计 21.49亿元，相较于上 一周（28.60 亿元）有所降低。主动权益基金近一个月发行规模 107.48亿元。 摘要 西南证券研究发展中心 市场情绪跟踪 股指期货升贴水情况：截至本周末(2024年 8月 9日)，沪深 300、中证 1000、 上证 50以及中证 500股指期货均处于升水状态（现货价格低于期货价格），升 贴水率分别为-0.19%、-0.33%、-0.10%以及-0.17%。本周内股指期货长期处于 升水状态，其中沪深 300、中证 1000、上证 50 以及中证 500 股指期货 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a revenue of 2.79 billion yuan for H1 2024, representing a year-on-year increase of 9.2%. The net profit attributable to shareholders was 437 million yuan, up 2.0% year-on-year, while the net profit excluding non-recurring items was 403 million yuan, an increase of 4.7% year-on-year [2] - In Q2 2024, the company achieved a revenue of 1.60 billion yuan, which is a 11.1% increase year-on-year and a 34.2% increase quarter-on-quarter. The net profit attributable to shareholders for Q2 was 304 million yuan, up 7.1% year-on-year and 129.4% quarter-on-quarter [2] - The company is focusing on strengthening its existing advantageous businesses, with significant contributions from environmental testing, industrial testing, and consumer product testing segments [2] - The company is actively investing in strategic sectors such as life sciences, new energy, and semiconductor testing, which are expected to drive long-term growth [2] Summary by Relevant Sections Financial Performance - For H1 2024, the life sciences segment generated 1.26 billion yuan in revenue, a 21.7% increase year-on-year, with a gross margin of 49.2%. The industrial testing segment achieved 560 million yuan in revenue, up 13.8% year-on-year, with a gross margin of 45.5% [2] - The trade assurance segment reported 380 million yuan in revenue, a 9.3% increase year-on-year, with a gross margin of 72.7%. The medical and pharmaceutical segment faced challenges, generating 140 million yuan in revenue, down 34.2% year-on-year [2] - The overall gross margin for H1 2024 was 49.5%, a slight increase of 0.15 percentage points year-on-year, while the net margin was 15.7%, down 1.48 percentage points year-on-year [2] Market Outlook - The company is well-positioned in the TIC industry, which has seen growth from 31,000 institutions in 2015 to 54,000 in 2023, with the market size expanding from 180 billion yuan to 467 billion yuan [2] - The domestic inspection and testing certification service industry is projected to reach a total revenue of 500 billion yuan by 2025, indicating significant growth potential [2] - The company maintains a competitive edge in traditional sectors while expanding into new growth areas, which is expected to support stable revenue growth [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.02 billion, 1.17 billion, and 1.34 billion yuan, respectively, with corresponding EPS of 0.61, 0.70, and 0.80 yuan. The projected PE ratios are 19, 17, and 15 times for the respective years [3]

2024 年 08 月 11 日 迁 养坏 充报告•行业研究•汽 丰 汽车行业周报（8.5-8.9） 强于大市(维持) 7 月新能源乘用车渗透率达 51.1%, 新车周期开启有望刺激富永释怎 投资夫点 ● 投資难谈：７月新能源乘用车涉违率再创新高，批发站涉违率达 48.1%，网比 找升 12.4pp, 李告瑞渉连单达 51.1%, 网比找升 15pp, 开年以未优化电丰使 用环境、以旧换新等多套政策组合事效果开始显现，伴随以旧换新持续推进以 及下半年新车供给增加，看好后续车市表现。此外，享界 S9 猜规轿车正式发 布，年为丰型矩阵再度无著。该丰型搭载 ADS3.0，充分满足消费者对豪华与 省驾的宽未，上市 72 小时大定突破 4800 台，后续表现伤值得期待。投资机会 方面，建议关注以旧换新政策持续推进给行业带来的向上机会；建议关注年为 高阶智能驾驶 3.0 版本上市以及享界 S9 给智能驾驶板块、华为产业链带来的 机会； 此外， 建议关注关系 外重卡板块机会以及《关于实施老旧管运货车报废 更新》政策持续推进带未的重卡置换宽未释放机会。 ● 2.6%，今年累计李告 1,155.6 万辆，阿比增长 2.3%； ...

[Table_IndustryInfo] 2024 年 08 月 11 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（8.5-8.9） 7 月新能源乘用车渗透率达 51.1%， 新车周期开启有望刺激需求释放 投资建议： [Table_Summary] 7 月新能源乘用车渗透率再创新高，批发端渗透率达 48.1%，同比 提升 12.4pp，零售端渗透率达 51.1%，同比提升 15pp，开年以来优化电车使 用环境、以旧换新等多套政策组合拳效果开始显现，伴随以旧换新持续推进以 及下半年新车供给增加，看好后续车市表现。此外，享界 S9 旗舰轿车正式发 布，华为车型矩阵再度完善。该车型搭载 ADS3.0，充分满足消费者对豪华与 智驾的需求，上市 72小时大定突破 4800台，后续表现仍值得期待。投资机会 方面，建议关注以旧换新政策持续推进给行业带来的向上机会；建议关注华为 高阶智能驾驶 3.0 版本上市以及享界 S9 给智能驾驶板块、华为产业链带来的 机会；此外，建议关注天然气重卡板块机会以及《关于实施老旧营运货车报废 更新》政策持续推进带来的重卡置换需求释放机会。 乘用车：乘联会数据，7月乘用车 ...

Investment Rating - The report recommends a positive investment rating for the chemical transportation industry, specifically highlighting Xingtong Co., Ltd. (603209.SH) as a key investment target due to its strategic positioning in international chemical transportation [2][34]. Core Insights - The ongoing Russia-Ukraine conflict has significantly impacted energy trade flows into Europe, with the chemical industry being particularly affected due to its reliance on energy-intensive processes and raw materials derived from oil and natural gas, which account for 38% of energy consumption [2][15]. - The global chemical shipping capacity is expected to remain controlled over the next 2-3 years, with a slowdown in capacity growth due to an aging fleet and stricter environmental regulations. As of June 2024, the total capacity of global chemical ships is 130 million deadweight tons, with a current order backlog representing 12.9% of this capacity [2][34]. - The demand for chemical transportation is projected to grow at a rate between 3.3% and 6.3% from 2023 to 2025, driven by the need for long-distance transportation of chemical goods [2][28]. Summary by Sections Global Chemical Market Overview - The global chemical industry reached a market size of $5.7 trillion in 2022, reflecting a year-on-year growth of 12.9%. China has emerged as the largest chemical sales country, accounting for 44% of the global market [10][11]. - In 2022, the European Union exported $758.9 billion worth of chemicals, representing 42.3% of its total chemical trade, while imports amounted to $775.2 billion [10][15]. Chemical Transportation Dynamics - Chemical transportation is primarily centered around three production and sales hubs, with a focus on inter-regional transport [12]. - The report notes that the supply of core chemical ships is at a low level, particularly in the large stainless steel ship segment, with limited orders and long delivery times [34][35]. Supply and Demand Outlook - The supply of chemical shipping capacity is expected to slow down, with a significant portion of the fleet aging. The report indicates that 11.3% of the current fleet is over 20 years old [34]. - The combination of supply constraints and increasing demand is likely to strengthen the spot market for chemical transportation [38][40].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders reached 110 million yuan, up 153.6% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a growth of 169.8% [1]. - The company has shown significant improvement in profitability, with a gross margin of 40.1% in H1 2024, an increase of 4.15 percentage points year-on-year. The expense ratios for sales, management, and R&D have also improved, contributing to profit elasticity [1]. - The domestic DCS market is experiencing high demand, with the company successfully securing contracts for major projects, indicating a robust order growth trend [1]. - The company is expanding its industrial AI business and accelerating overseas expansion, which is expected to open up significant growth opportunities in the long term [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.9 billion yuan, with a growth rate of 35.03%. The net profit attributable to shareholders is expected to be 255.74 million yuan, reflecting a growth rate of 59.07% [3][5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.07 yuan, with a price-to-earnings (PE) ratio of 15.02 [3][5]. - The company’s return on equity (ROE) is projected to increase to 12.22% in 2024, up from 8.60% in 2023 [3][5].

[2024 Table_IndustryInfo 年 08 月 10 日 ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（8.5-8.9） 看好创新药底部个股 [行情回顾： Table_Summary 本周医药生物指数下跌 ] 0.41%，跑赢沪深 300 指数 1.15 个百分 点，行业涨跌幅排名第 10。2024 年初以来至今，医药行业下跌 21.12%，跑 输沪深 300 指数 18.22 个百分点，行业涨跌幅排名第 25。本周医药行业估值 水平(PE-TTM)为 24 倍，相对全部 A 股溢价率为 82.46% (+2.27pp)，相对剔 除银行后全部 A 股溢价率为 36.66% (+1.99pp)，相对沪深 300 溢价率为 117.59% (+2.46pp)。本周相对表现最好的是线下药店，上涨 1.6%。 政策利好频出、降息预期渐强，精选创新药底部个股。近期继北京、广州、 珠海、上海四地发布"全链条"支持创新政策以及国常会审议通过《全链条支 持创新药发展实施方案》后，"全链条"政策开始逐步落地。下半年创新药行 业潜在催化事件，包括重点品种医保谈判、ESMO/WCLC 临床数 ...

[Table_IndustryInfo] 2024 年 08 月 11 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0805-0811） 人形机器人软硬件进一步优化，产业进程持续加速 [Table_Summary] 行情回顾：本周（8月 5日-8月 11日）机器人指数跑输大盘。中证机器人指数 下跌 3.6%，跑输上证指数 2.1个百分点，跑输沪深 300指数约 2.0个百分点， 跑输创业板指约 1.0 个百分点；国证机器人指数下跌 3.1%，跑输上证指数 1.6 个百分点，跑输沪深 300指数约 1.5个百分点，跑输创业板指约 0.5个百分点。 Figure 发布新一代人形机器人，软硬件持续升级。8 月 6 日晚， Figure 正式 发布了新一代人形机器人 Figure 02，其可以与人类实时对话，自动学习如何装 配零件，目前正在宝马位于 Spartanburg 的工厂实习工作。工程和设计团队完 成了对 Figure 02硬件和软件的彻底重新设计，硬件升级主要围绕关节执行器、 部分关节处的蜂窝状缓冲组织复合材料、灵巧手、面部传感器以及模块化快速 拆装换型能力，同时在整体外观上相比 ...

45302 [Table_Summary 事件：公司 202] 4 上半年实现营业总收入 835 亿元，同比+17.6%，归母净利润 417 亿元，同比+15.9%；其中 24Q2实现收入 370亿元，同比+17.0%，归母净 利润 176 亿元，同比+16.1%；24Q2 收入和利润超市场预期。 茅台酒与系列酒双轮驱动，24H1 收入靓丽增长。1、在外部消费环境疲软的背 景下，公司通过调整品项投放，优化渠道结构等方式从容应对，24H1营业总收 入同比+17.6%，增长韧性超市场预期。2、分产品，24H1茅台酒/系列酒分别实 现收入 686/132 亿元，同比+15.7%/30.5%；其中单 Q2 分别实现收入 289/72 亿元，同比+12.9%/42.5%，24Q2茅台酒实现双位数以上稳健增长，茅台 1935 放量带动系列酒实现高增。3、分渠道，上半年批发代理渠道实现收入 480亿元， 同比+26.5%；直销渠道收入 337 亿元，同比+7.3%，直销增速放缓或与公司 6 月减少直销团购投放量有关；此外，上半年"i茅台"数字营销平台实现酒类不 含税收入 102 亿元，同比+9.8%。4、24H1 完成茅台 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 83.5 billion yuan in the first half of 2024, representing a year-on-year increase of 17.6%, with a net profit attributable to shareholders of 41.7 billion yuan, up 15.9% year-on-year [3] - The growth was driven by both Moutai liquor and series liquor, with Moutai liquor revenue reaching 68.6 billion yuan and series liquor revenue at 13.2 billion yuan in the first half of 2024 [3] - The company has a strong cash flow performance, with cash receipts of 87.1 billion yuan, a year-on-year increase of 26.1% [3] - The company plans to maintain a cash dividend payout ratio of no less than 75% for the period of 2024-2026, which is the highest among liquor companies [3] - The earnings per share (EPS) for 2024-2026 are projected to be 69.46 yuan, 80.18 yuan, and 91.87 yuan, respectively, with corresponding dynamic PE ratios of 21x, 18x, and 16x [3] Summary by Sections Revenue and Profit - In Q2 2024, the company achieved revenue of 37 billion yuan, a year-on-year increase of 17.0%, and a net profit of 17.6 billion yuan, up 16.1% year-on-year [3] - The revenue from wholesale and agency channels increased by 26.5% year-on-year to 48 billion yuan, while direct sales revenue grew by 7.3% to 33.7 billion yuan [3] Margin and Cash Flow - The gross margin for the first half of 2024 was 91.9%, remaining stable compared to the previous year [3] - The net profit margin decreased by 0.9 percentage points to 51.7%, but profitability remains high [3] Future Outlook - The company is confident in achieving its annual revenue growth target, supported by its dual-driven strategy of Moutai and series liquor [3] - The company is focusing on three transformations in the domestic market and expanding into overseas markets to meet consumer demand [3]