行 业 研 究 证券研究报告 ＃industryId＃ 银行 理财规模快速增长，银行业半年报拉开帷幕 ——银行业周报（2024.07.29-2024.08.02） ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 8 月 4 日 ＃相关报告 relatedReport＃ 投资要点 ＃⚫ summary 本周（＃7.29-8.02）中信银行指数整体上涨 0.46%，跑赢沪深 300 指数 1.19 个百分点， 表现居前为：南京银行（+4.47%）、无锡银行(+3.36%)、苏农银行(+3.18%)。 ⚫ 股份行集体官宣下调存款利率，存款挂牌利率进入"1%"时代。7 月 29 日，兴业银 行、光大银行、民生银行、浦发银行、中信银行、华夏银行、广发银行、浙商银 行、渤海银行、恒丰银行 10 家股份制银行下调人民币存款挂牌利率。招商银行和平 安银行两家股份行在 7 月 26 日已率先下调。活期存款挂牌利率普遍调整为 0.15%， 下调 5 个基点，定期存款挂牌利率下调幅度在 10-20 个基点区间。本次银行主动 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [2][3]. Core Insights - Apple reported a total revenue of $85.777 billion for FY24Q3, a 5% year-on-year increase, and a net profit of $21.448 billion, up 8% year-on-year. The company plans to invest more in Apple Intelligence, which will be launched in phases starting this fall [3][25]. - The AI investment trend is driving demand for AI applications across various devices, including smartphones, PCs, and wearables. Key companies recommended for investment include PCB leader Pengding Holdings, battery leader Zhuhai Guanyu, and precision electronics manufacturer Luxshare Precision [3][25]. - The semiconductor industry is experiencing a resurgence, with companies like Samsung reporting significant profit increases due to AI-driven demand for storage chips. Samsung's Q2 sales reached approximately 74.07 trillion KRW, a 23.44% increase year-on-year, with net profit soaring by 470.97% [3][11][26]. Summary by Sections 1. Market Review - From July 29 to August 2, the overall market declined, with the Shanghai Composite Index rising by 0.50%. The electronic industry index outperformed the market, increasing by 0.48% [6][10]. 2. Sub-industry News 2.1 Semiconductor - Samsung's semiconductor division reported sales of 28.56 trillion KRW, with a significant increase in high-value products like HBM and DDR5 [11][26]. - Lam Research's Q2 revenue was $3.872 billion, up 20.6% year-on-year, indicating strong growth in semiconductor equipment spending [3][26]. 2.2 AI, IoT, and Automotive Electronics - Omdia predicts that humanoid robots will see a compound annual growth rate of 83% from 2024 to 2030, driven by advancements in generative AI [15][16]. 2.3 Innovative Electronics & Wearables - Apple Vision Pro can now be controlled via a brain-computer interface, showcasing advancements in wearable technology [18]. 2.4 Mobile & 5G - Global smartphone shipments reached 289.1 million units in Q2 2024, a year-on-year increase of 8%, with Apple leading in revenue share [21][22]. 2.5 LCD & LED - In H1 2024, Chinese companies accounted for 50.7% of the global smartphone OLED display market, marking a significant increase from the previous year [23][24]. 3. Industry Investment Strategy - The report emphasizes the importance of AI in driving growth across various sectors, recommending investments in companies that are well-positioned to benefit from this trend, such as Luxshare Precision and Pengding Holdings [3][25][27].

证券研究报告 ＃industryId＃ 消费行业 chenyawen@xyzq.com.cn 2024H2 利润端仍存压力，新品推出有望带来正向作用：公司 2024 年 上半年的毛利率为 74.4%，同比下降 1.9 个百分点，主要因区域和产品 组合的不利影响；营业利润为 15.82 亿欧元，同比下降 42%，营业利 润率为 17.5%，同比下降 9.5 个百分点；净利润为 8.78 亿欧元，同比 下降 51%。公司考虑到 2024 年上半年经济放缓后未来几个月奢侈品 消费者需求变化的不确定性，预计 2024H2 营业利润同比下降约 30%。 预计随着 2024H2 的新品推出，收入有望逐步好转，但或将仍为负增长。 ＃assAuthor＃ 风险提示 1）市场竞争加剧；2）通货膨胀加剧；3）新产品市场 接受度不及预期；4）其他宏观因素；5）海外业务运营风险。 请务必阅读正文之后的信息披露和重要声明 ＃title＃ 海外奢侈品行业点评系列之开云集团： Gucci 业绩承压，基本面反转仍需时间 ＃createTime1＃ 2024 年 8 月 1 日 ＃investSuggestion＃ 无评级 投资要点 ＃sum ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 纺织服装 维持 ） 特朗普 1.0 时期关税加征对纺织业的影响 ＃investSuggestion 推荐 ＃ ( ＃ investS | --- | --- | |--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃市场ma数rk据etData＃ 市场数据日期 2024.07.31 收盘价（美元） 77.95 总股本（亿股） 11.33 总市值（亿美元） 883.33 净资产（亿美元） -79.45 总资产（亿美元） 301.12 每股净资产（美元） -7.01 数据来源：Wind，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |---------------------------------|---------|---------|---------|---------| | ＄会计zy年cw度zb|主要财务指标＄ | FY2020A | FY2021A | FY2022A | FY2023A | | 营业收入(百万美元) | 23,518 | 29,061 | 32,250 | 35,976 | | 同比增长(%) | -11.3 | 23.6 | 11.0 | 11.6 | | 净利润(百万美元) | 928 | 4,199 | 3,282 | 4,125 | | 同比增长(%) | -74.2 | 352.4 | -21.9 | 25.7 | | ...

Investment Rating - The report maintains a "Buy" rating for Stellantis (STLA N) [2] Core Views - Stellantis reported a 14% YoY decline in net revenue to €85 billion and a 48% YoY drop in net profit to €5 6 billion for H1 2024 The adjusted diluted EPS fell 35% YoY to €2 36 [2] - The company is launching at least 20 new models in 2024 with 10 already in production in H1 Key models include the Ram 1500 Dodge Charger Daytona and affordable EVs like the Citroën C3 Fiat Grande Panda and Opel Frontera [2] - Stellantis leads in plug in hybrid sales in the US and ranks second in low emission vehicle sales It also holds the top market share in Europe and South America and achieved the top position in the Middle East and Africa for the first time [2] - The joint venture between Stellantis and Leapmotor will introduce the C10 and T03 EVs globally starting in Europe in Q4 2024 followed by South America Asia Pacific the Middle East and Africa [3] Financial Performance - Stellantis' 2024H1 revenue was €85 billion down 14% YoY while net profit dropped 48% YoY to €5 6 billion [2] - The company forecasts 2024 2026 sales of 6 04 million 6 24 million and 6 52 million units respectively Revenue is projected at €174 2 billion €182 4 billion and €194 1 billion with net profit expected to be €12 2 billion €13 7 billion and €14 9 billion [3] - Adjusted diluted EPS for 2024 2026 is estimated at €3 89 €5 08 and €5 52 respectively [3] Market Position - In Europe Stellantis holds a 15 7% market share in 2024H1 down from 16 6% in 2023 Peugeot Citroën and Fiat are key contributors with Citroën showing a 22 7% YoY increase in June 2024 registrations [8] - In the US Stellantis' market share dropped to 8 6% in 2024H1 from 10 1% in 2023H1 with a 13 2% YoY decline in sales [9] - Stellantis leads in plug in hybrid sales in the US and ranks second in low emission vehicle sales [2] Product Strategy - Stellantis is focusing on a multi powertrain strategy to capture market share in uncertain times Key models include the Ram 1500 with BEV and extended range versions Dodge Charger Daytona with BEV and ICE options and affordable EVs like the Citroën C3 Fiat Grande Panda and Opel Frontera [2] - The Ram 1500 BEV version offers a range of 350 500 miles while the extended range version can reach up to 690 miles [2] Regional Performance - In Europe Stellantis maintains a strong presence with Peugeot Citroën and Fiat contributing significantly to its market share [8] - In the US Stellantis faces challenges with a 13 2% YoY decline in sales and a drop in market share to 8 6% in 2024H1 [9] - The company has expanded its market share in the Middle East and Africa achieving the top position for the first time [2]

＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持 ） ＃assAuthor＃ 研究助理： 李思倩 ⚫ 行 业 研 究 证券研究报告 ＃industryId＃ 非银金融 ＃title＃ 公募基金市场月度跟踪（2024 年 6 月）： 宽基 ETF 和纯债基金成为上半年规模胜负手 ＃createTime1＃ 2024 年 7 月 31 日 ＃相关报告 relatedReport＃ 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 5 月）：基金互认制 度优化加速基金市场互联互 通》2024-06-26 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 4 月）：政策催化， 港股红利正当布局》2024-05- 27 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 3 月）：商品基金— —多元资产配置的一块拼图》 2024-04-25 ＃emailAuthor＃ ＃分析师： emailAuthor＃ 徐一洲 S0190521060001 lisiqian@xyzq.com.cn 投资要点 ＃summary＃ ⚫ 市场回顾：6 ...

Investment Rating - The report maintains an "Increase" rating for the company Guanggang Gas (688548) [2] Core Views - The company's revenue growth is driven by the commercial supply of gas from on-site gas production projects, with Q2 2024 revenue reaching 512 million yuan, a year-on-year increase of 6.25% [4] - The impact of helium prices is weakening, and the gross margin remains relatively stable at 29.44% in Q2 2024, with effective cost control contributing to this stability [5] - Significant increases in fixed assets, amounting to 3.162 billion yuan at the end of Q2 2024, are expected to drive future growth [5] - The company maintains a strong position in the electronic bulk gas market, with ongoing expansion in semiconductor projects and a commitment to becoming a leading helium supplier in China [5] Financial Summary - For the first half of 2024, the company achieved revenue of 973 million yuan, a year-on-year increase of 8.60%, while net profit attributable to the parent company was 136 million yuan, down 14.39% [5] - The company's gross margin for Q2 2024 was 29.44%, showing slight stability compared to previous quarters, while net profit margin followed a similar trend [5] - The company forecasts net profits of 351 million yuan, 483 million yuan, and 620 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 32.5, 23.6, and 18.4 [5][6]

证券研究报告 ＃industryId＃ 消费行业 ＃title＃ 海外奢侈品行业点评系列之爱马仕： 2024H1 顶奢消费需求强劲 ＃createTime1＃ 2024 年 7 月 30 日 ＃investSuggestion＃ 无评级 投资要点 ＃sum皮mar具y＃、珠宝和家居等收入增速显著，日本及欧美需求强劲： 2024H1 爱马仕总销售额 75 亿欧元，固定汇率下同比增长 15%， 受益于所有地理区域收入均实现了双位数的增长，尽管大中华地 区的客流量有所下降，但全球客户的忠诚度较高。其中 2024Q2 收入 37 亿欧元，按固定汇率计算增长 13%。2024H1 拆分业务收 入看，皮革制品和马具增长 19%，得益于生产能力的提升和持续 的需求。成衣和配饰增长 15%，得益于产品线的创新和市场接受 度高。丝绸和纺织品增长 1%，尽管比较基数高，但产品多样性 支撑了增长。香水和美容产品增长 5%，新推出的产品推动了增 长。其他爱马仕部门增长 19%，包括珠宝和家居产品。分地区看， 亚洲（不含日本）增长 10%；日本增长 22%，得益于本地客户需 求强；美洲增长 13%，得益于美国市场的持续强劲增长。欧洲（ ...

Investment Rating - No rating provided for the industry [2] Core Views - The company's revenue for the first half of 2024 was 41.7 billion euros, with organic revenue growth of 2% (Q1 2024: +3%, Q2 2024: +1%) [1][3] - The Japanese market saw the highest revenue growth among all regions, with a 44% year-on-year increase in the first half of 2024 [1][3] - Sephora, the retail division, achieved significant growth, contributing to an 8% organic increase in retail revenue, reaching 8.632 billion euros [1][3] - The perfume and cosmetics segment grew organically by 6%, driven by successful flagship product lines and strong innovation [1][3] - The fashion and leather goods segment saw a 1% organic growth, while the watches and jewelry segment declined by 3% [1][3] - The wine and spirits segment experienced a 9% organic decline due to weak demand in key markets, particularly Europe [1][3] - Europe and the US saw modest revenue growth of 3% and 2%, respectively, while Asia (excluding Japan) declined by 10% [1][3] Regional Breakdown - Revenue distribution by region: Europe (24%), Asia (excluding Japan) (30%), US (25%), Japan (9%), and other regions (12%) [1][3] - Japan's revenue share increased by 2 percentage points compared to the first half of 2023, while Asia (excluding Japan) saw a 4 percentage point decline [1][3] Profitability and Currency Impact - Gross margin for the first half of 2024 was 68.8%, down 0.6 percentage points year-on-year [2][3] - Operating margin stood at 25.6%, with operating profit declining by 8% due to unfavorable currency effects, amounting to 607 million euros in negative impact [2][3] - Net profit was 7.267 billion euros, a 14% year-on-year decline [2][3] Strategic Focus on China - The company continues to invest in the Chinese market, balancing traditional and digital media marketing strategies, despite a slight slowdown in Q2 growth compared to Q1 [2][3]