＃title＃ 请务必阅读正文之后的信息披露和重要声明 ＃summary＃ 重点数据跟踪：1）综艺方面，本期（07/08-07/11）腾讯视频/爱奇艺/优酷视频/芒 果 TV 分别各有 12/10/9/8 款综艺进入 TOP30，环比上期（07/01-07/05）+0/-1/- 1/+0 部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果 TV 分别各有 14/14/9/4 款剧集进入 TOP30，环比上期-3/+3/+2/-1 部。 核心观点：经历大小盘分化行情的演绎，当前传媒板块估值及基金持仓均回到历 证券研究报告 ＃industryId＃ 传媒 行 业 研 究 Open AI 发布 o1 模型，快手启动"可灵 AI"电影共创计划 行 业 周 报 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 2024＃createTime1 年 09 月 17 ＃日 | --- | --- | --- | |------------------------------------------------------------------------- ...

Investment Rating - The report maintains a positive investment rating for the computer industry, particularly focusing on domestic and AI sectors [1]. Core Viewpoints - The report emphasizes a sustained optimism towards the development of domestic and AI industries, particularly in focusing on leading companies within these segments [7]. - The computer sector has shown strong performance recently, indicating a potential bottoming out, with institutional holdings and market expectations at low levels, suggesting a high safety margin [7]. - Future positive changes are anticipated due to personnel structure optimization, the issuance of long-term government bonds improving demand, and the expected rise in mainstream sectors like domestic innovation and AI [7]. Summary by Sections 1. Industry Weekly Viewpoints - The computer sector is expected to continue its upward trend, with a focus on domestic innovation and AI opportunities [7]. - The report suggests increasing allocations to the sector as it approaches the end of the third quarter [7]. 2. Database: Core Infrastructure Software - The database industry is identified as a core area benefiting from the rise of domestic innovation, with resilient demand and a clear industry structure [9]. - The report highlights the growth of the database market, with China's market size reaching approximately 74.1 billion USD in 2023, expected to grow to 930.29 billion RMB by 2028, reflecting a CAGR of 12.23% [19][21]. - Domestic database products are gaining market share, with local vendors increasing their presence from 33.51% to 38.54% from 2021 to 2023 [22]. 3. Market Performance Review - The report notes that the CITIC computer index rose by 0.30%, outperforming both the ChiNext index and the Shanghai Composite index [30]. 4. Key Companies in the Database Sector - The report recommends focusing on key companies such as Dameng Data, Haima Data, and Softcom Power, which are expected to benefit from the domestic innovation wave [29].

司总 评 | --- | --- | |-------------------------------------------|------------------| | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | | | 收盘价（元） | 2024-09-16 40.42 | | 总股本（百万股） | 193.34 | | 流通股本（百万股） | 171.23 | | 净资产（百万元） | 1344.11 | | 总资产（百万元） | 1658.12 | | 每股净资产(元 ) | 6.95 | | | | 理 投资要点 ＃summary＃ 事件：2024 年 H1 公司实现营业总收入 7.05 亿元，同比下降 1.80%；归母 净利润 0.24 亿元，同比下降 43.99%；扣非净利润 0.16 亿元，同比下降 54.77%。2024 年二季度，公司实现营业总收入 3.47 亿元，同比下降 4.41%；归母净利润亏损 0.01 亿元，去年同期 0.23 亿元；扣非净利润亏损 0.07 亿元，去年同期 0.17 亿元。 视频业务稳健，实用工具业务略降。2024H1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Tonghuashun (300033) [3]. Core Insights - In H1 2024, the company achieved operating revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%. The net profit attributable to shareholders was 363 million yuan, down 20.99% year-on-year [3][4]. - The company is focusing on AI applications, launching multiple products across various business segments, including financial information, investment research, and customer service [3][4]. Financial Performance Summary - For H1 2024, the average daily trading volume in the market was 984.6 billion yuan, a decline of 6.8% year-on-year. The company's value-added telecommunications business revenue was 769 million yuan, down 10.96% year-on-year [3]. - The company's contract liabilities reached 1.202 billion yuan, reflecting a year-on-year growth of 9.7% [3]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 1.052 billion yuan, 1.446 billion yuan, and 1.748 billion yuan, respectively [4]. Key Financial Metrics - The company's gross profit margin for H1 2024 was 84.9%, a decrease of 1.16 percentage points year-on-year. The sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [3][4]. - The report provides projections for operating revenue and net profit for the years 2024E to 2026E, indicating a revenue forecast of 3.233 billion yuan in 2024E, with a year-on-year decline of 9.3% [5].

Investment Rating - The report maintains a "增持" (Overweight) rating for the company, indicating an expected relative performance of 5% to 15% compared to the relevant market index [5][4] Core Views - The company achieved H1 2024 revenue of 2.836 billion yuan, a slight increase of 0.32% YoY, but net profit attributable to shareholders dropped significantly by 93.30% to 29.89 million yuan [1] - Wealth technology services revenue declined by 16.99% to 549 million yuan due to slowing demand for existing products and intensified competition, while asset management technology services grew by 9.17% to 722 million yuan [1] - The company's gross margin remained stable at 71.32% in H1 2024, with a slight decrease of 0.68 percentage points YoY [1] - The company has made progress in AI and Xinchuang (信创) products, with Warren Q gaining industry-wide trial adoption and 8 main products receiving exchange test certifications [4] Financial Performance - The company's total assets stood at 13.13595 billion yuan as of H1 2024, with net assets of 7.79832 billion yuan and net assets per share of 4.12 yuan [1] - For 2024-2026, the report forecasts revenue growth of 0.1%, 10.3%, and 10.7% respectively, with net profit attributable to shareholders expected to be 1.270 billion, 1.595 billion, and 1.761 billion yuan [3] - The company's ROE is projected to be 14.1%, 15.3%, and 14.7% for 2024-2026, with EPS of 0.67, 0.84, and 0.93 yuan respectively [3] Business Segments - Wealth technology services: 549 million yuan (-16.99% YoY) [1] - Asset management technology services: 722 million yuan (+9.17% YoY) [1] - Operation and institutional technology services: 552 million yuan (+3.51% YoY) [1] - Risk and platform technology services: 218 million yuan (-0.25% YoY) [1] - Data services: 167 million yuan (-3.51% YoY) [1] - Innovation business: 251 million yuan (+3.03% YoY) [1] - Enterprise finance, insurance core, and financial infrastructure technology services: 237 million yuan (-3.96% YoY) [1] - Other businesses: 138 million yuan (+71.77% YoY) [1]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 深信服 （ 300454 ） 300454 ＃title＃ Q2 利润亏损收窄，大模型持续布局 ＃createTime1＃ 2024 年 09 月 16 日 投资要点 ＃summary＃ 事件：2024 年上半年，公司实现营业总收入 27.07 亿元，同比下降 7.72%； 归母净利润亏损 5.92 亿元，去年同期亏损 5.54 亿元；扣非净利润亏损 6.54 亿元，去年同期亏损 5.88 亿元。二季度，公司实现营业总收入 16.72 亿元， 同比下降 2.84%；归母净利润亏损 1.03 亿元，去年同期亏损 1.42 亿元；扣非 净利润亏损 1.44 亿元，去年同期亏损 1.62 亿元。 网安业务承压，合同负债表现良好。2024H1 网安业务收入 13.98 亿元，同比 下降 7.34%，主要是由于下一代防火墙 AF、全网行为管理 AC 等成熟产品 线的收入下滑；云计算及 IT 基础设施业务收入 ...

行业 海 外 研 周报 证券研究报告 yanningxin@xyzq.com.cn SAC：S0190521010001 sunzhonglian@xyzq.com.cn SAC：S0190521080001 香港本地股的卖空交易：本周卖空股数/成交量前三的公司为新鸿基地产、 新世界发展和嘉里建设，分别达到 47.4%、35.9%和 26.8%；截至本周末， 未平仓卖空股数/流通股本前三的公司为新世界发展、新鸿基地产和恒隆地 产，分别达到 10.3%、8.6%和 6.3%。 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 | --- | --- | --- | --- | --- | --- | |-------------------------------------------|------------|-------|-------|-------|-------| | 相关报告 \n《香港本地股的业绩派息更坚 | 指数表现： | | | | | | 韧》 20240908 《关注业绩和派息稳健的公 | | | | | | | 司》 2024090 ...

行 业 研 究 证券研究报告 ＃industryId＃ | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 银行 政府债支撑社融增速，中小银行改革重组持续推进 ＃ investSugges tion＃ 推荐 ＃ investSugg estionChan ge＃ (维持) ——银行业周报（2024.09.09-2024.09.13） 2024 ＃年createTime1 9 月 15 日＃ 投资要点 行 业 周 报 ＃相关报告 relatedReport＃ 陈绍兴 分析师： ＃emailAuthor＃ SAC:S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC:S0190520060001 wangchenyjy@xyzq.com.cn 曹欣童 SAC:S0190522060001 caoxintong@xyzq.com.cn ⚫ 中国人民银行有关部门负责人解读 8 月金融统计数据，重要内容包括：1） 信贷方面，信贷资源更多流向重大战略、重点领域和薄弱环节，8 月末制造 业中长期贷款同比增长 15.9%，其中高技术制造业中长期贷款同比增长 13.4%；科技型中小企业贷款同比增长 21.2%；"专精特新"企业贷 ...

Investment Rating - The report maintains a positive outlook on the industry, suggesting that ETFs will become a significant growth driver in the public fund market, particularly for brokerage firms [1]. Core Insights - The overall market fund size increased by 12.6% year-on-year to 31.08 trillion yuan as of the first half of 2024, with equity funds declining by 2.0% to 6.65 trillion yuan and non-cash funds growing by 9.6% to 17.90 trillion yuan [1]. - The top 100 distribution institutions saw a decrease in equity holdings by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan, driven by a 17.2% increase in bond fund holdings [1]. - The report highlights a shift in focus among banks towards fixed-income products, with a 5.6% increase in non-cash holdings to 4.04 trillion yuan, despite a 7.6% decrease in equity holdings [1]. - Brokerages experienced a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a leading position in index funds, with seven of the top ten institutions being brokerages [1]. - Third-party institutions, particularly Ant Fund, achieved a 10.3% increase in equity holdings, driven by a strong performance in index funds, surpassing other major distributors [1]. Summary by Category Fund Size and Growth - As of mid-2024, the total market fund size reached 31.08 trillion yuan, with equity funds at 6.65 trillion yuan and non-cash funds at 17.90 trillion yuan [1]. - The top 100 institutions' equity holdings decreased by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan [1]. Institutional Performance - Banks' equity holdings decreased by 7.6% to 2.12 trillion yuan, while non-cash holdings increased by 5.6% to 4.04 trillion yuan [1]. - Brokerages saw a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a strong position in index funds [1]. - Ant Fund's equity holdings increased by 50.7% to 6.92 trillion yuan, making it the largest distributor [1]. Investment Recommendations - The report suggests that the trend towards passive investment will enhance the growth of ETFs, with brokerages like Citic Securities and Huatai Securities expected to benefit significantly [1].