Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, indicating a positive outlook for the sector [1]. Core Insights - The express delivery industry experienced a significant increase in business volume, with a total of 14.38 billion packages delivered in August 2024, representing a year-on-year growth of 19.5% [1][3]. - The average revenue per package decreased to 7.93 yuan, a decline of 5.5% year-on-year, while total revenue for the industry reached 114.12 billion yuan, reflecting a year-on-year increase of 12.9% [1][3]. - The report highlights the strong performance of major players in the industry, with YTO Express, Yunda, and Shentong reporting revenue growth rates of 20.7%, 11.4%, and 21.5% respectively [1][8]. Summary by Sections Industry Overview - The express delivery sector is showing robust demand, with a business volume growth of 19.5% year-on-year and a total of 143.8 billion packages delivered in August 2024 [1][3]. - The industry’s CR8 index stands at 85.2%, indicating a stable competitive landscape [1][2]. E-commerce Delivery - Major companies such as YTO Express, Yunda, and Shentong reported significant increases in business volume, with YTO Express achieving a 29.9% growth [1][8]. - The average price per package for these companies has seen a decline, with YTO Express at 2.17 yuan, down 7.1% year-on-year [1][9]. Financial Performance - SF Express reported a total revenue of 229.81 billion yuan, up 13.4% year-on-year, with a business volume of 10.43 billion packages, reflecting a 14.6% increase [1][8]. - The report emphasizes the potential for revenue and valuation growth in the express delivery sector, driven by strong demand and favorable market conditions [1][3].

＃title＃ 重点公司 重点公司 评级 宁德时代 买入 东方电缆 买入 许继电气 增持 阳光电源 增持 特锐德 增持 ＃summary＃ 行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 甘肃-浙江特高压直流工程稳步推进，持续看好电网设备 维持 ） ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ ＃createTime1＃ 2024 年 09 月 21 日 行 业 周 报 《【兴证电新-周报】关注锂电材 料旺季产能利用率修复，取向硅 钢价格再上涨》2024-09-15 《【兴证电新-周报】国网招标持 续落地，9 月硅片电池排产环比 收缩酝酿涨价》2024-09-07 《【兴证电新-周报】输变电第四 批招标落地，电网设备景气度持 续提升-20240901》2024-09-01 分析师： 王帅 wangshuai21@xyzq.com.cn S0190521110001 高元甲 gaoyuanjia@xyzq.com.cn S0190524080001 行业策略 电力设备 电改背景下电网智能化推进加速，持续关注出口带来的高景气及特高压业绩 ...

Investment Rating - No rating is provided for the company [2] Core Views - The company maintains a leading position in the lithium battery anode sector, with global leadership in shipments [3] - The company has a complete industrial chain in natural graphite anode materials, ensuring stable supply and quality [3] - In the artificial graphite anode sector, the company has established an integrated industrial chain through self-construction and cooperation, reducing production costs through process innovation [3] - The company is one of the earliest domestic enterprises to mass-produce silicon-based anode materials, with leading shipment volumes in the industry [3] - The company's silicon-carbon anode materials have reached the fifth generation, with a specific capacity of over 2,000Ah/g, and silicon-oxygen anode materials have achieved a specific capacity of over 1,500Ah/g [3] - In H1 2024, the company's anode material production capacity reached 495,000 tons/year, generating revenue of 5.179 billion yuan, with shipments exceeding 200,000 tons, a year-on-year increase of 18.96% [3] - The company faces pressure in ternary cathode shipments due to slowing downstream demand [3] - The company focuses on the R&D and production of low-cobalt, high-energy-density, and cost-effective high-nickel ternary cathode materials [3] - In H1 2024, the company's cathode material production capacity reached 63,000 tons/year, generating revenue of 1.587 billion yuan, with shipments exceeding 9,000 tons, a year-on-year decrease of 50.30% [3] - The company is accelerating its global strategic layout, with projects in Indonesia and Morocco to enhance market share and competitiveness [3] - As of September 13, 2024, the company's market capitalization was 15.5 billion yuan, with a PE (TTM) of 11.9x [3] Financial Performance - In 2023, the company's operating revenue was 25.11944 billion yuan, a year-on-year decrease of 2.18% [2] - Net profit attributable to the parent company in 2023 was 1.65391 billion yuan, a year-on-year decrease of 28.42% [2] - The gross profit margin in 2023 was 17.66%, and ROE was 14.29% [2] - Earnings per share in 2023 were 1.5 yuan, with a P/E ratio of 15.30 [2] - In H1 2024, the company's operating revenue was 7.038 billion yuan, a year-on-year decrease of 47.57% [2] - Net profit attributable to the parent company in H1 2024 was 493 million yuan, a year-on-year decrease of 41.84% [2] - Net profit attributable to the parent company after deducting non-recurring gains and losses in H1 2024 was 534 million yuan, a year-on-year decrease of 24.76% [2] Market Data - As of September 13, 2024, the company's closing price was 13.89 yuan [1] - The total share capital is 1.11668 billion shares, with a circulating share capital of 1.09934 billion shares [1] - The net assets are 11.70753 billion yuan, and total assets are 30.69465 billion yuan [1] - The net assets per share are 10.48 yuan [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company is actively participating in the Huawei ecosystem, enhancing its collaboration and positioning within the "Hongmeng + Euler" ecosystem [7]. - The company's performance shows steady growth, with a revenue of 1.58 billion yuan in H1 2024, representing a year-on-year increase of 10.10% [7]. - The innovative business segment is accelerating, with a revenue of 338 million yuan in H1 2024, a significant year-on-year growth of 95.84%, accounting for 21.38% of total revenue [8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2024-2026 are projected at 3.76 billion, 4.53 billion, and 5.42 billion yuan, with year-on-year growth rates of 21.1%, 20.4%, and 19.6% respectively [6]. - **Net Profit Forecast**: The forecasted net profits for the same period are 239 million, 328 million, and 427 million yuan, with growth rates of 45.9%, 37.3%, and 30.2% respectively [6]. - **Gross Margin**: The gross margin is expected to stabilize at 26.1% from 2024 to 2026 [6]. - **Return on Equity (ROE)**: Projected ROE is expected to increase from 6.6% in 2024 to 9.8% in 2026 [6]. Business Segment Performance - **Financial Technology**: Revenue of 839 million yuan in H1 2024, with a growth rate of 6.69% [7]. - **Smart IoT**: Revenue of 489 million yuan in H1 2024, with a growth rate of 15.50% [7]. - **Smart Energy Information**: Revenue of 191 million yuan in H1 2024, with a growth rate of 22.74% [7].

Investment Rating - The report maintains the investment rating for the computer industry [2] Core Insights - The overall revenue of the computer industry showed a slight increase, while profits continued to be under pressure. In H1 2024, the total revenue reached 774.84 billion yuan, a year-on-year increase of 15.74%. Excluding key server companies, the revenue was 357.14 billion yuan, with a smaller growth of 4.27% [10][12] - The net profit attributable to shareholders in H1 2024 was 12.52 billion yuan, down 22.53% year-on-year, indicating ongoing profit pressure [12] - The gross margin for H1 2024 was 16.60%, a decrease of 2.03 percentage points compared to the previous year, which affected profit growth [19] - The industry is experiencing a continuous differentiation in performance across segments, with B-end and C-end fields performing relatively better. Key segments like cloud computing, smart vehicles, and industrial software showed strong growth, while sectors like network security and financial technology faced declines [31][10] Summary by Sections Overall Industry Performance - In H1 2024, the computer industry achieved a revenue of 774.84 billion yuan, with a year-on-year growth of 15.74%. The revenue growth rate for the median company was only 0.9%, indicating stronger resilience among leading companies [10][12] - For Q2 2024, the revenue was 428.43 billion yuan, a year-on-year increase of 21.32%, with a median growth rate of 0.7% [10][12] Profitability - The net profit attributable to shareholders for H1 2024 was 12.52 billion yuan, down 22.53% year-on-year, with a median growth rate of -11.76% [12][15] - In Q2 2024, the net profit was 9.60 billion yuan, a decrease of 4.04% year-on-year, with a median growth rate of -7.36% [12][15] Segment Analysis - The cloud computing segment showed robust growth, with SaaS leading the way. In H1 2024, the average revenue for leading SaaS companies was 3.06 billion yuan, up 6.57% year-on-year, with a gross margin of 71.87% [31][34] - The industrial software segment also demonstrated resilience, while sectors like network security and financial technology faced challenges due to reduced IT spending [31][10] Cost and Margin Analysis - The overall gross margin for H1 2024 was 16.60%, down 2.03 percentage points from the previous year. The cost structure showed a slight decrease in expense ratios across management, sales, R&D, and financial expenses [19][23]

公 司 研 究 证券研究报告 ＃＃industryId＃＃ 零售 ＃investSuggestion＃ ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持） 公 司 点 评 报 告 | --- | --- | |--------------------------------|-------------------------------------| | | | | 日期 | 2024-09-11 | | 收盘价（元） | 4.21 | | 总股本（百万股） | 1,360.00 | | 流通股本（百万股） | 1,077.58 | | 净资产（百万元） | 4,208.48 | | 总资产（百万元） | | | | 8,096.77 | | 每股净资产（元） 来源： WIND | 3.09 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证社服&零售】红旗连锁 2023 年报暨 2024 一季报点评： 业绩稳健增长，国资入驻强化资 源整合》 《【兴证社服&零售】红旗连锁：积 极探索线上业态，投资收益增长明 显》 ...

＃ 除 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 | --- | --- | |----------|-------| | 重点公司 | 评级 | | 南华期货 | 增持 | | 中国太保 | 买入 | | 中国平安 | 增持 | | 新华保险 | 增持 | | 中国人寿 | 增持 | | 江苏金租 | 增持 | | 东方财富 | 增持 | | 中信证券 | 增持 | | 瑞达期货 | 增持 | | | | 来源：兴业证券经济与金融研究院 ＃非银industryId＃ ＃相关报告 relatedReport＃ 《 兴 证 非 银 周 报 （ 240902- 240906）：头部券商整合开启，证 券行业供给侧改革加速》2024-09- 08 《 兴 证 非 银 周 报 （ 240826- 240830）：保险中期业绩超预期， 继续看好板块配置机会》2024-09- 01 ＃分析师： emailAuthor＃ 孙寅 S0190521060002 研究助理： lisiqian@xyzq.com.cn 李思倩 推荐 investSuggestionChange （维持）＃ ） 周度回顾： ...

＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ jiyuze@xyzq.com.cn S0190522080004 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | |----------|-------| | | | | 重点公司 | | | 重点公司 | 评级 | | 海大集团 | 买入 | | 温氏股份 | 增持 | | 牧原股份 | 增持 | | 普莱柯 | 增持 | | 金龙鱼 | 增持 | 《【兴证农业】周报：猪价维持 震荡，鸡苗价格坚挺》 《【兴证农业】周报：猪价上涨 预期持续兑现，价格向上突破》 《【兴证农业】周报：猪价连续 调涨，毛鸡价格回落》 ＃分析师： emailAuthor＃ 纪宇泽 曹心蕊 ＃industryId＃ 农林牧渔 维持 ） 风险提示：动物疫病、 ...

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry, recommending leading companies in the manufacturing sector such as Huali Group, Weixing Co., and Biyinlefen [1][4]. Core Views - The textile manufacturing sector remains buoyant, with data from August indicating a continued reduction in apparel inventory in the US and Japan, supporting the outlook for export-oriented companies. The report highlights Huali Group and Weixing Co. as key investment opportunities, alongside suggestions to monitor Jian Sheng Group and Kai Run Co. [1][4]. - In the branded apparel segment, Semir Garment's recent equity incentive plan reflects management confidence amid a challenging consumer environment. The report recommends Semir Garment and Biyinlefen, while also suggesting attention to dividend-paying stocks like Fuanna [1][4]. Summary by Sections 1. Key Insights and Investment Recommendations - Textile manufacturing shows sustained growth, with apparel export performance slightly better than footwear. Notable revenue growth in Taiwanese apparel companies, with Ruhong up 37% YoY and Juyang up 17.24% YoY, while footwear growth is mixed [1][4]. - Wool prices have increased for two consecutive weeks, indicating potential in the wool spinning sector, particularly for Xin'ao Co. [1][4]. - The retail environment remains weak, with a 36% YoY decline in Tmall's apparel and accessories sales since September, prompting some brands to adjust strategies [1][4]. 2. Market Review - The textile and apparel sector experienced a decline of 1.8% this week, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.2%. Year-to-date, branded apparel has underperformed compared to the textile sector [6]. 3. Major Raw Material Trends - Raw material prices are generally declining, with cotton prices down 0.9% YoY and polyester POY prices down 1.8% YoY. The Australian wool index shows a 0.7% increase YoY, indicating resilient demand in high-end wool spinning [14]. 4. Export Data Tracking - In August, apparel export values showed a 2.7% YoY decline, while footwear exports fell by 5.5%. Vietnam's textile exports grew by 23% YoY, indicating a positive trend in the export landscape [19].

＃assAuthor＃ 证券研究报告 ＃industryId＃ 有色金属 ＃title＃ 铜行业 2024 年中报总结及展望： 板块盈利表现亮眼，重视降息后资源品向上弹性 ＃createTime1＃ 2024 年 09 月 17 日 ＃investSuggestion 推荐 ＃ ( ＃ investS uggesti onChan ge＃ 维持 ） 投资要点 ＃summary＃ ⚫ 2024H1 铜板块盈利整体同比增长，其中 24Q2 环比增长明显。2024H1 铜价 呈现前高后低的走势，但铜价整体中枢上移明显，铜板块企业整体盈利趋势 向好。2024H1 铜板块实现营收 9267.65 亿元，同比增长 7.6%，实现归母净利 润 317.99 亿元，同比增长 51.7%，板块盈利状况大幅增长。2024Q2，铜板块 实现营收同比增长 24.2%、环比增长 22.7%，归母净利润同比增长 33.7%、环 比增长 34.5%。其中 2024H1 铜矿/冶炼/加工样本企业的归母净利润同比变化 分别为+76.8%/+18.8%/-7.9%，铜矿环节的企业盈利表现亮眼。 ⚫ 铜矿企业业绩量价齐升，2024H1 业绩整体表 ...