证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃相关报告 relatedReport＃ 《【兴证电子】纳芯微 2023 年报 及 2024 年一季报点评：收入毛 利持续改善，坚定研发成长可 期》2024-05-03 ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 ＃研究助理： assAuthor＃ 刘珂瑞 liukerui@xyzq.com.cn 投资要点 ＃summary＃ ⚫ 公司发布 2024 年中报，2024 年上半年公司实现营业收入 8.49 亿元，同比 +17.30%，实现归母净利润-2.65 亿元，实现扣非归母净利润-2.86 亿元。Q2 单 季度实现营业收入 4.86 亿元，同比+92.50%，环比+34.18%，归母净利润-1.15 亿，同环比减亏，扣非归母净利润-1.27 亿元，亦同环比减亏。 ⚫ 营收逐季增加，毛利率改善。逐季来看，公司单季度营收于 23Q2 触底，后 续逐季环比改善，24Q2 收入 4 ...

Industry Investment Rating - The report maintains a **"Buy"** rating for the railway passenger transport industry, specifically recommending **"Buy"** for Beijing-Shanghai High-Speed Railway and **"Overweight"** for Guangzhou-Shenzhen Railway [1] Core Viewpoints - The development of China's railway passenger transport is currently in a stage similar to Japan's second phase (1976-1990), characterized by privatization reforms, large-scale railway construction, and the need for fare increases due to capital expenditures [1] - China's railway reform has laid the foundation for fare adjustments, with high-speed rail companies now having full autonomy in fare setting [1] - The future direction of railway reform may focus on increasing per-kilometer fares and diversifying fare types, with a long-term trend towards commuting and public utility attributes [1] Summary by Sections Japanese Railway Development History - **Phase 1 (1970-1975):** Railways were a new mode of transport, attracting passengers with low fares [8] - **Phase 2 (1976-1990):** Privatization reforms and large-scale railway construction led to fare increases, with fares growing 4 times during this period [1][10] - **Phase 3 (1991-Present):** Railways' public utility attributes became prominent, and fares stabilized [13] China's Railway Operation and Pricing Mechanism - China's railway operation model is based on **"network-operation separation,"** which is the cornerstone of marketization [24] - High-speed rail companies have full autonomy in fare setting, while ordinary rail fares are still determined by the National Development and Reform Commission [26] China's Railway Fare Marketization Reform - China's high-speed rail fare reform began in 2007, with the introduction of benchmark fares for EMU trains [27] - In 2016, the National Development and Reform Commission granted fare-setting autonomy to high-speed rail companies, marking a significant step in marketization [27] - Recent reforms include cross-province fare adjustments and the implementation of flexible pricing mechanisms [29] Future Reform Directions - **Fare Increases:** Due to high debt and weak profitability, fare increases are a key direction for reform [31] - **Capital Expenditure Pressure:** The construction of the "Eight Vertical and Eight Horizontal" high-speed rail network and the replacement of trains are driving significant capital expenditures [36][38] - **Diversification of Fare Types:** China's fare system is expected to become more diversified, similar to Japan's mature pricing system [53] Long-Term Outlook: Towards Railway Commuting - China's high-speed rail is moving towards a commuting model, with the trend of "high-speed rail entering cities" becoming more prominent [59] - The integration of high-speed rail into urban transportation networks is expected to enhance its role as a key link between cities [59]

行 业 跟 踪 报 告 证券研究报告 ＃industryId＃ 非银金融 ＃title＃ 公募基金市场月度跟踪（2024 年 7 月）： | --- | --- | |--------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------| | ＃investSuggestion 推荐 ＃ （ | 商业银行委外公募基金现状跟踪 | | | ＃createTime1＃ 2024 年 8 月 27 日 | | ge＃相关报告 relatedReport＃ | 投资要点＃summary＃⚫ 市场回顾：7 月权益市场下跌，沪深 300、中证 500、中证 1000 指数涨跌幅 | | 《 公 募 基 金 市 场 月 度 跟 踪（2024 年 6 月）：宽基 | 分别为-0.6 ...

行 业 研 究 ＃industryId＃ 农林牧渔 ＃title＃ 猪价窄幅调整，鸡苗价格回落 (农业行业周报 20240819-20240823) ＃createTime1＃ 2024 年 08 月 26 日 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 | | | | ＃相关报告 relatedReport＃ 《【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 jiyuze@xyzq.com.cn S0190522080004 曹心蕊 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ⚫ 投资建议：短期板块震荡调整，看好猪价进入上涨后的右侧逻辑。根据 ...

行 业 研 究 维持） 降息预期增强，短期关注"金九银十"化工旺季 （20240819-20240823） ＃createTime1＃ 2024 年 08 月 26 日 行 业 周 报 ＃investSuggestion investSuggestion 推荐 ＃ (＃ investS uggesti | --- | --- | |--------------------------|-------| | 重点公司 | ge＃ | | 重点公司 | 评级 | | 万华化学 | 买入 | | 华鲁恒升 | 买入 | | 扬农化工 | 买入 | | 中国巨石 | 增持 | | 联化科技 | 增持 | | 华峰化学 | 增持 | | 金禾实业 | 买入 | | 新和成 | 增持 | | 润丰股份 | 增持 | | 中国石油 | 增持 | | 中国石化 | 增持 | | 宝丰能源 | 买入 | | 恒力石化 | 增持 | | 卫星化学 | 增持 | | 荣盛石化 | 增持 | | 东方盛虹 | 增持 | | 桐昆股份 | 增持 | | 新凤鸣 | 增持 | | ＃分析师： emailAuthor＃ | | 张志扬 z ...

证券研究报告 ＃industryId＃ 交通运输 分析师： 王凯 wangkai21@xyzq.com.cn S0190521090002 投资要点 ＃summary＃ 油轮 vlcc 市场 7 月运价同比下降，新订单数量提升。油轮市场 7 月运价 表现来看，vlcc-tce 在 7 月的均价为 23769 美元/天，其中 7 月 vlcc 船运价 水平同比下降 35.61%。2024 年 7 月 vlcc 没有新签造船订单， 2024 年 1-7 月合计新订单已经达到 43 艘。2024 年 7 月油轮市场 vlcc 在手新船订单合 计达到 65 艘，当前订单占运力比重为 7.2%，需求端海关总署数据显示， 中国 2024 年 7 月原油进口量为 4234 万吨，其中 7 月原油进口量同比下降 3.1%。 投资建议：油轮供给端优化空间较大，新船订单处于历史低位，潜在可拆 解的老旧船舶较多，预计未来几年供给增速将明显放缓。当前运价完成筑 底，随着旺季来临，建议关注油运公司中远海能、招商轮船、招商南油。 风险提示：1）运输经营风险；2）行业竞争加剧；3）燃油成本扰动利润； 4）红海事件扰动风险。 ＃inve推s ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and "Increase" ratings for China Shenhua, Yanzhou Coal, Huaibei Mining, Lu'an Environmental Energy, Jincheng Anthracite, Shanxi Coking Coal, Electric Power Investment, Huayang Co., Pingmei Shenma, and Zhongmei Energy [1][2][46]. Core Viewpoints - The coal prices are showing weak stability, with a slight decline in thermal coal prices due to a decrease in daily consumption at power plants. However, the reduction in port coal inventories is expected to provide short-term support for prices. The upcoming off-peak season for electricity coal will require attention to power plant replenishment needs and the recovery of industries such as chemicals and cement. For coking coal, the demand for steel remains under pressure, but prices may stabilize as the steel off-peak season ends and replenishment demand increases [2][45]. Summary by Sections 1. Weekly Data Tracking - Thermal coal port price on August 23 was 844 CNY/ton, down 0.4% week-on-week. The long-term contract price for August 2024 was 699 CNY/ton, down 0.1% year-on-year and down 0.7% month-on-month [3][8]. - The production prices at the pit for thermal coal on August 23 were 705 CNY/ton in Shanxi, 644 CNY/ton in Ordos, and 710 CNY/ton in Shaanxi, with respective week-on-week decreases of 7, 18, and 14 CNY/ton [3][8]. - The total coal production in Shanxi, Inner Mongolia, and Shaanxi was 27.53 million tons for the week ending August 18, an increase of 720,000 tons week-on-week [18]. 2. Market Review (08.19-08.23) - The report indicates that the coal sector underperformed compared to the broader market, with specific recommendations for stocks that exhibit stable performance and high return on equity (ROE) [45][46]. 3. Weekly Outlook (08.18-08.24) - The report emphasizes the importance of monitoring the recovery pace of non-electric demand and the potential for price stabilization in coking coal as the steel market begins to recover [45].

Investment Rating - The report maintains an investment rating of "Buy" for certain companies and "Overweight" for others, indicating a positive outlook for the electronic industry [2][4]. Core Insights - The AI PC market in mainland China is expected to grow rapidly, with sales projected to reach 33 million units by 2028, accounting for 73% of the total PC market [3][16]. - AMD's acquisition of ZT Systems for $4.9 billion is a strategic move to enhance its AI capabilities in data centers, aiming for large-scale deployment solutions [3][17]. - The semiconductor industry is experiencing a recovery, with strong demand driven by AI applications, leading to increased revenue and production capacity [12][14]. - The report highlights the importance of domestic production in the semiconductor sector, with a focus on companies that are expanding their manufacturing capabilities [24][25]. Summary by Sections 1. Market Review - The electronic industry index fell by 2.86% during the week of August 19-23, underperforming compared to the overall market [7][8]. - A total of 57 out of 470 listed electronic companies saw their stock prices rise, while 413 experienced declines [7]. 2. Sub-industry News 2.1 Semiconductor - Global wafer foundry revenue grew by 9% quarter-on-quarter in Q2 2024, driven by strong AI demand [12]. - China's wafer foundry market is recovering faster than global peers, with major players like SMIC showing strong quarterly performance [12][14]. 2.2 AI, IoT, and Automotive Electronics - The AI PC market is set for significant growth, with a projected 73% market share by 2028 [16]. - AMD's acquisition of ZT Systems is expected to enhance its AI data center capabilities [17]. 2.3 Innovative Electronics & Wearables - Apple is exploring new ways to enhance user experience through virtual environments, as indicated by a recent patent [18]. 2.4 Mobile & 5G - The smartphone market in Africa grew by 6% in Q2 2024, with significant contributions from local brands [19]. 2.5 LCD & LED - Global TV shipments reached 56 million units in Q2 2024, with MiniLED TVs surpassing OLED for the first time in high-end segments [20]. 3. Industry Investment Strategy and Weekly Outlook - The report emphasizes the potential of AI-driven growth in the electronic sector, recommending key players in PCB manufacturing and semiconductor equipment [24][25].

| --- | --- | |----------|-------| | 重点公司 | 评级 | | 中际旭创 | 增持 | | 天孚通信 | 增持 | | 新易盛 | 增持 | | 中瓷电子 | 增持 | | 鼎通科技 | 增持 | | 中兴通讯 | 增持 | | 亿联网络 | 增持 | | 英维克 | 增持 | | 意华股份 | 增持 | | | | 行 业 研 究 行 业 周 报 通信 推荐 ( 维持 ） 相关报告 《【兴证通信】周观点：美股 AI 反弹下的光模块机会》2024-08- 20 《【兴证通信】周观点：中国移 动发布财报，运营商配置价值不 变》2024-08-11 《【兴证通信】周观点:北美大 厂资本开支总结》2024-08-04 分析师： 章林 zhanglin20@xyzq.com.cn S0190520070002 代小笛 daixiaodi@xyzq.com.cn S0190521090001 仇新宇 qiuxinyu@xyzq.com.cn S0190523070005 朱锟旭 zhukunxu@xyzq.com.cn S0190524040001 许梓豪 xuzihao@xyzq ...

行 业 研 究 证券研究报告 ＃industryId＃ 银行 LPR 维持不变，持续关注业绩驱动行情 ＃ investSugges tion＃ 推荐 ＃ investSugg estionChan ge＃ (维持) ——银行业周报（2024.08.19-2024.08.23） 2024 ＃年createTime1 8 月 25 日＃ 行 业 周 报 ＃相关报告 relatedReport＃ 分析师： ＃emailAuthor＃ 陈绍兴 SAC:S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC:S0190520060001 wangchenyjy@xyzq.com.cn 曹欣童 SAC:S0190522060001 caoxintong@xyzq.com.cn | --- | |------------------------------------------------------------------------------------------| | 投资要点 | | 本周（8.19-8.23）中信银行指数整体上涨 2.92%，跑赢沪深 300 指数 3.47＃ ...