Investment Rating - The report maintains a "Buy" rating for key companies including Beijing-Shanghai High-Speed Railway, Guangzhou-Shenzhen Railway, Ninghu Expressway, Anhui Expressway, and Spring Airlines [1][2][3]. Core Insights - The express delivery industry is experiencing better-than-expected mid-year performance, with policies being developed to support price increases in the sector [2][3]. - The report highlights significant changes in international air routes and the prohibition of route subsidies, which may impact consumer travel [6][9]. - The overall performance of major express companies shows a positive trend, with revenue and profit growth across the board [7][8]. Summary by Sections Weekly Focus (8.25-8.31) - The report discusses the prohibition of route subsidies and major changes in international routes, emphasizing the importance of hub airport development [6]. - It notes the merger of Eastern Airlines with its subsidiary, aiming to optimize management and improve operational efficiency [6]. Industry Data Tracking (8.25-8.31) - Domestic flight volume reached 99,495 flights, with a daily average of 14,214 flights, reflecting a 2.13% decrease from the previous week [9]. - Domestic passenger volume was 14.54 million, down 2.31% from the previous week, but still 121.70% of the same period in 2019 [9][10]. - The average ticket price decreased by 4.74% compared to the previous week, indicating a trend towards lower fares [9]. Express Delivery Performance - YTO Express reported a revenue of 32.565 billion yuan, a year-on-year increase of 20.61%, with a net profit of 1.988 billion yuan, up 6.84% [7]. - Yunda Express achieved a revenue of 23.252 billion yuan, a 7.78% increase, and a net profit of 1.041 billion yuan, up 19.80% [8]. - SF Express reported a revenue of 134.41 billion yuan, an 8.08% increase, with a net profit of 4.807 billion yuan, up 15.10% [8]. Weekly Recommendations - The report suggests focusing on companies like YTO Express, Yunda Express, and SF Express due to their strong performance and market positioning [1][2][3].

Investment Rating - The report maintains a positive investment rating for the home appliance sector, recommending "Overweight" for key companies such as Midea Group, Haier Smart Home, and Stone Technology [1][2]. Core Insights - The home appliance industry shows solid performance with a year-on-year revenue growth of 4.6% in Q2 2024, driven by strong export demand and supportive policies like the trade-in program [1][2]. - The white goods segment is highlighted as the most resilient, with a revenue increase of 4.8% in Q2 2024, while other segments like kitchen appliances and black goods face challenges [1][2]. - The report emphasizes the importance of structural optimization and cost reduction in improving profitability across various segments [1][2]. Summary by Sections 1. Home Appliance Industry Overview - Q2 2024 revenue growth of 4.6% year-on-year, with notable performance in white goods (+4.8%) and components (+10.3%) [7][9]. - Profitability improved with a net profit growth of 9.6% year-on-year, driven mainly by white goods and lighting segments [9][12]. 2. White Goods - Revenue for major players: Midea Group (+10.4%), Haier Smart Home (+0.1%), and Hisense Home Appliances (+7.0%) in Q2 2024 [16][17]. - Profit margins improved, with net profit margins for Midea Group at 10.6% and Haier at 8.5% [18]. 3. Kitchen Appliances - Revenue decline of 9.3% year-on-year in Q2 2024, with companies like Boss Electric and Zhejiang Midea facing significant challenges [1][2]. - Profitability under pressure, with net profit margins declining for several key players [1][2]. 4. Small Appliances - Revenue growth of 5.5% year-on-year in Q2 2024, with strong performance from companies like Supor and Xinbao [1][2]. - Profitability remains stable, with some companies like Stone Technology showing improvement [1][2]. 5. Black Goods - Revenue growth of 2.3% year-on-year in Q2 2024, with Hisense maintaining a focus on high-end products [1][2]. - Profitability under pressure due to cost fluctuations, but potential for recovery in the second half of 2024 [1][2]. 6. Lighting and Electrical - Revenue growth slowed to 2.0% year-on-year in Q2 2024, but profitability improved due to structural optimization [1][2]. 7. Components - Continued strong performance with a revenue increase of 10.3% year-on-year in Q2 2024, indicating robust demand [1][2].

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and 信达生物, and an "Accumulate" rating for 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [1][20]. Core Insights - The pharmaceutical sector is expected to continue its steady growth, with a positive performance outlook for the second half of 2024, driven by innovative drugs and internationalization [2][3]. - The report highlights that the pharmaceutical industry has experienced a 0.39% year-on-year increase in revenue for the first half of 2024, while net profit attributable to shareholders decreased by 0.01% [3][9]. - The report emphasizes the importance of innovation as a key trend in the industry, with companies that have blockbuster products likely to thrive [3][14]. Summary by Sections 1. September 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report reviews the performance of the pharmaceutical sector in August 2024, noting a decline in the CSI 300 index by 3.51% and a 3.27% drop in the CITIC Pharmaceutical Index, which outperformed the broader market [7][23]. - The investment strategy for September 2024 focuses on high-growth areas, including innovative drugs and medical devices, while considering performance catalysts and industry trends [9][15]. 2. Pharmaceutical and Biological Sector Performance in August 2024 - The pharmaceutical sector's valuation as of August 30, 2024, stands at 23.12 times TTM, with a premium of 112.81% over the CSI 300 index [25]. - The report indicates that 175 stocks in the pharmaceutical sector rose in August, with notable performers including *ST 景峰 and 乐心医疗 [29][30]. 3. Recommended Companies and Rationale - Recommended companies include: - 恒瑞医药: Transitioning through innovation, with multiple new drugs gaining traction [20]. - 信达生物: Entering a rapid growth phase with significant product launches expected [20]. - 百济神州: Experiencing strong performance from its flagship product, 泽布替尼 [20]. - 翰森制药: A comprehensive pharmaceutical company with expanding international opportunities [20]. - 爱博医疗: Growth driven by innovative product launches [20]. - 恩华药业: Steady growth in the anesthetic sector [20]. - 鱼跃医疗: Leading in home medical devices with stable growth [20].

行 业 研 究 证券研究报告 ＃industryId＃ 汽车 ＃相关rel报ate告dReport＃ ＃title＃ 行业整体量利双升，乘用车及客车表现亮眼 ——汽车板块 2024 中报总结 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 9 月 5 日 行 业 投 | --- | --- | --- | |-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the defense and military industry, specifically focusing on loitering munitions [1] Core Views - Loitering munitions, also known as "suicide drones" or "kamikaze drones," are a fusion of UAV technology, precision-guided munitions, and cruise missile technology, capable of performing reconnaissance, target designation, precision strikes, and damage assessment [2] - Loitering munitions offer cost advantages and high flexibility compared to larger UAVs and cruise missiles, making them suitable for rapid deployment and penetration in various military operations [2] - The development of loitering munitions is trending towards universalization, long endurance, precision, and stealth, with a focus on integrating reconnaissance, surveillance, and strike capabilities [2][62] - Recent geopolitical conflicts have highlighted the effectiveness of loitering munitions, with significant usage by the US, Azerbaijan, and Ukraine, demonstrating their impact on modern warfare [2][66][67] Summary by Sections 1. Loitering Munitions Overview - Loitering munitions are categorized into reconnaissance and attack types, with attack types further divided into main combat and suppression types, each serving different tactical purposes [7][8] - The structure of loitering munitions includes a warhead, guidance system, propulsion system, control system, and stabilization system, allowing for versatile deployment and operation [9][10][11][12][13][14][15][16][17] - Compared to larger UAVs and cruise missiles, loitering munitions are more cost-effective and flexible, with lower operational costs and the ability to be deployed from multiple platforms [18][19][20][21] 2. International Development of Loitering Munitions - The US leads in loitering munition technology, with a well-established product line including the LOCAAS, LAM, Switchblade, Quicklook, and Phoenix Ghost [23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] - Other countries, such as the UK, Israel, Russia, Poland, and Iran, have also developed their own loitering munitions, each with unique capabilities and operational ranges [44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61] 3. Trends in Loitering Munition Development - Future loitering munitions are expected to become more universal, with longer endurance, higher precision, and stealth capabilities, driven by advancements in propulsion, guidance, and data link technologies [62][63][64][65] 4. Geopolitical Impact and Demand - Recent conflicts, such as those in Afghanistan, Nagorno-Karabakh, and Ukraine, have demonstrated the strategic value of loitering munitions, leading to increased procurement by the US military and other nations [66][67][68][69][70][71][72][73]

行 ＃title＃ 行 बार 周 周 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 重点公司 福耀玻璃 买入 科博达 增持 yupengliang@xyzq.com.cn Liusiyi23@xyzq.com.cn 风险提示：汽车销量不及预期；原材料价格波动；行业价格战加剧 dongxiaobin@xyzq.com.cn S0190520080001 wangkaili@xyzq.com.cn S0190522070001 S0190524030006 liuxinyao@xyzq.com.cn S0190524070005 刘思仪 《【兴证汽车】周动态：阿维塔入 股华为引望，腾势 Z9/Z9GT 开始预 售》2024-8-25 《【兴证汽车】周动态：三部门联 合发文促进电动汽车基建加速，享 界 S9 正式发布》2024-8-12 《【兴证汽车】周动态:广州拟立法 支持自动驾驶出租车和公交车，比 亚迪与 Uber 合作》2024-8-4 ＃emailAuthor＃ 分析师： 董晓彬 证券研究报告 ＃industryId＃ 汽车 周动态：小鹏 Mona ...

＃title＃ 行 业 周 报 公司 评级 中国中免 增持 锦江酒店 增持 行动教育 增持 科锐国际 增持 爱美客 增持 珀莱雅 增持 贝泰妮 增持 锦波生物 增持 润本股份 增持 来源：兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ ＃板su块mm观ary点＃ ： 景区：出行景气度延续，行业利好政策频出，服务消费成为政策新的发力点，期 待 8 月数据提升带动需求继续向上。 教育：看好 K12、招录及管理培训。K12 方向行业政策面再迎利好，服务消费鼓 励支持教育和培训服务，供需结构较好且需求稳健，经营效率提升，部分公司门 店重启扩张，暑期旺季收款情况良好；24 年高校毕业生和高考报名人数均再创新 高，24 年国考报名及参考人数增长明显，招录就业培训需求旺盛，行业竞争格局 改善，部分公司凭借高质量和高品质的教学脱颖而出；管理培训业务景气度有所 走弱，但公司高分红；另外可关注 IT 培训相关的鸿蒙生态体系发展。 线下美护：线下美护行业需求端增速放缓，消费力减弱，医美机构现金流恶化； 上游产品端竞争格变差，传统品类如玻尿酸竞争格局恶化，部分再生材料、重组 胶原蛋白赛道热度仍然较高；头部医美机构 ...

行 业 研 究 行 业 周 报 | --- | --- | --- | --- | |----------------------------------------------------|--------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggestion investSuggestion 推荐 ＃ | ( ＃ investS 维持） \nuggesti onChan | ＃ | ＃ title ＃ \n三氯蔗糖厂商开启集体挺价，涤纶长丝需求渐起 （ 20240826-20240830 ） \ncreateTime1 ＃ 2024 年 09 月 03 日 | | 重点公司 | ge ＃ | | 投资要点 | | 重点公司 | 评级 | ＃ | summary ＃ | | 万华化学 ...

Investment Rating - The report maintains a "Hold" investment suggestion for the real estate industry [1]. Core Insights - The overall transaction area for new and second-hand homes in 12 tracked cities decreased by 2.0% week-on-week and 19.0% year-on-year, with a cumulative year-to-date decline of 19.0% [2]. - The report indicates that the sales decline for the top 100 real estate companies has narrowed, with a total sales amount of 238.21 billion yuan from January to August 2024, reflecting a year-on-year decrease of 36.5% [2]. - The report highlights ongoing policy adjustments in various cities to stimulate the housing market, including changes in housing loan policies and property management regulations [2]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in the tracked cities was 2.251 million square meters, with a year-to-date decline of 19.0% [2]. - The cumulative sales amount for the top 100 real estate companies from January to August 2024 was 238.21 billion yuan, down 36.5% year-on-year [2]. Policy Changes - Shanghai has adjusted the construction standards for small and medium-sized housing units, mandating that a minimum of 70% of the supply in certain areas must meet these standards [2]. - Nanjing has optimized its housing loan policies to facilitate better access for contributors to public housing funds [2]. - Other cities like Chongqing and Nanning have implemented measures to ease property transactions and broaden the scope of housing fund withdrawals [2]. Company Announcements - Major companies such as China Merchants Shekou and Vanke reported significant declines in revenue for the first half of 2024, with Vanke's revenue down 199.82% year-on-year [3][8]. - Huafa Group announced a privatization plan for its property service subsidiary, which has been approved by relevant stakeholders [3]. Transaction Data - The report provides detailed transaction data for new homes across various city tiers, indicating a mixed performance with some cities showing positive trends while others continue to decline [9][10][11]. - The overall transaction volume for new homes in 49 key cities showed a week-on-week increase of 12% but a year-on-year decrease of 37% [17].

Investment Rating - The report maintains an "Overweight" rating for the beer industry, highlighting strong performance in gross profit despite sales pressure in 2024 [2][4]. Core Insights - The beer industry is experiencing sales pressure due to weak consumer demand and adverse weather conditions, but there is strong performance in gross profit margins driven by cost benefits and product upgrades [4][5]. - The report anticipates a significant acceleration in profits in Q3 2024, with a positive outlook for 2025, supported by cost elasticity and ongoing product upgrades [4][5]. Summary by Sections 1. Sales Performance and Profitability - In H1 2024, the beer sector's revenue was CNY 40.423 billion, a slight decline of 1.34% year-on-year, while net profit increased by 11.78% to CNY 5.824 billion [4][11]. - Q1 and Q2 revenues were CNY 19.332 billion and CNY 21.091 billion, with year-on-year changes of 0.78% and -1.85%, respectively [4][11]. 2. Market Dynamics - Sales pressure is evident, with major brands like China Resources and Tsingtao facing declines, while regional leaders like Yanjing and Zhujiang show resilience and growth [4][14]. - The report notes a clear differentiation in performance among companies, with Yanjing and Zhujiang benefiting from strong regional sales and effective pricing strategies [4][14]. 3. Cost and Margin Analysis - Cost benefits are being realized, with stable packaging prices and a significant drop in barley costs compared to early 2023, contributing to improved gross margins [4][17]. - The gross profit margin for major companies has shown steady improvement, with Tsingtao's gross margin at 42.79% in Q2 2024, up 2.71 percentage points year-on-year [4][19]. 4. Company Highlights - Tsingtao Brewery's sales volume in H1 2024 was 4.63 million tons, down 7.82% year-on-year, but it maintained a strong gross profit margin [4][25]. - Yanjing Brewery reported a revenue increase of 4.63% in H1 2024, driven by strong performance from its U8 product line [4][26]. - Chongqing Brewery's revenue in Q2 2024 was CNY 4.446 billion, with a sales volume of 917,000 tons, reflecting a 1.53% year-on-year growth [4][28]. - Zhujiang Brewery continues to show strong performance with a revenue increase of 8.07% in Q2 2024, supported by its 97 Pure Draft product [4][29].