Investment Rating - The report maintains a "Buy" rating for the media sector, indicating a positive outlook based on historical valuation and market sentiment [2][4]. Core Insights - The launch of the AI video generation models, Doubao Video Generation - PixelDance, by ByteDance's Volcano Engine marks a significant advancement in the media industry, suggesting a potential rebound from the current market bottom [2][3]. - The report highlights that the media sector's valuation and fund holdings have returned to historical low levels, with significant market recovery expected due to improved liquidity and risk appetite [3][4]. - Three main investment themes are recommended: gaming, traditional culture, and AI applications, with specific companies highlighted for potential investment [3][4]. Summary by Sections Investment Suggestions - The media sector is currently at a historical low, with previous bottoms noted in January 2019, October 2022, and September 2024, indicating a potential for rebound [3]. - Key investment lines include: 1. Gaming sector, driven by the success of "Black Myth: Wukong," which is expected to enhance market growth and valuations [3]. 2. Traditional culture, with anticipated high-quality game and cultural product developments [3]. 3. AI applications, with ongoing advancements in large models and multi-modal capabilities expected to drive growth in the media sector [3]. Related Reports - The report references several related analyses that discuss the implications of AI advancements in video generation and the overall media landscape, emphasizing the importance of these developments for future growth [2][3].

Investment Rating - The report maintains a "Buy" rating for key companies such as CITIC Securities, Huatai Securities, Guolian Securities, Zheshang Securities, and East Money [3] Core Views - The brokerage business profit model is defined as: Profit = Number of Clients × (Average Assets per Client × Average Revenue Generation Rate - Customer Acquisition Cost) - Operating Costs [5] - Over the past 30 years, the brokerage industry has seen a significant increase in the number of clients but a decline in the effective client rate, with the effective client rate dropping from 44% in 2007 to 14% in 2022 [5] - The average net commission rate has decreased from 1.62‰ in 2008 to 0.205‰ in 2023, an 87% decline, leading to a situation where the industry has grown in volume but not in revenue [5] - The future of retail brokerage competition will likely focus on offline services, with online services serving as a supplementary channel for managing existing and long-tail clients [6] Industry Overview - The brokerage business primarily includes three parts: securities trading commission income, seat rental income, and financial product distribution income [11] - The total revenue of the brokerage business has not seen significant growth over the past 20 years, with the daily average stock and fund trading volume increasing by 794% from 2008 to 2023, while the net income from brokerage business only increased by 12% [12] - The industry's average net commission rate has decreased from 1.62‰ in 2008 to 0.205‰ in 2023, primarily due to intense price competition [13] Historical Development of Brokerage Business - The first major transformation in the brokerage industry was initiated by the "Bank-Securities Link" in 1999, which allowed clients to trade securities directly through bank accounts, significantly expanding the client base for some brokers [22] - The second major transformation was the introduction of online account opening in 2013, which, combined with the internet securities business and the "one person, multiple accounts" policy in 2015, led to a surge in client acquisition through online channels [33] - The third major transformation was the shift from trading commissions to wealth management, driven by the rapid growth of public fund sales from 2020 to 2021 [42] Current Challenges and Future Directions - The brokerage industry is currently facing challenges due to a prolonged bear market, with both new and existing businesses under pressure [44] - The reform of public fund fee structures has disrupted the traditional wealth management business model, forcing brokers to focus on cost reduction and efficiency improvement [44] - Many brokers are now closing down physical branches to reduce operating costs, with some brokers like Guotou Securities closing over 30 branches in the first half of 2024 [45] - The future of brokerage business may involve more centralized operations through financial technology, especially for managing long-tail clients [46]

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - Revenue and gross profit show steady growth: In H1 2024, the company's revenue reached $758 million, a YoY increase of 29.3%, while gross profit was $391 million, up 43.4% YoY. The gross margin improved by 5.1 percentage points to 51.6%, driven by lower raw material and packaging costs, as well as optimized freight costs [3] - North America remains the primary revenue driver, while Europe shows strong growth: In H1 2024, North America contributed $722 million, accounting for 95.3% of total revenue, with a YoY growth of 29.0%. Europe's revenue grew by 49.9% YoY to $31 million, representing 4.1% of total revenue [3] - The company is rapidly expanding its overseas distribution network: In March 2024, Celsius entered into an incentive program with Pepsi to expand its product portfolio in the US. Additionally, the company signed manufacturing, sales, and distribution agreements with Suntory Ocean for Australia and New Zealand, and with Suntory France for the French market. In Q2 2024, the company began selling through fitness channels and gyms in the UK and Ireland [4] Financial Projections - Revenue is expected to grow significantly: The report forecasts revenue of $1.88 billion, $2.64 billion, and $3.62 billion for 2024, 2025, and 2026, respectively, representing YoY growth rates of 42.5%, 40.5%, and 37.1% [4] - Net profit is projected to increase substantially: The company's net profit is expected to reach $310 million, $420 million, and $560 million in 2024, 2025, and 2026, with YoY growth rates of 71.3%, 34.8%, and 32.2%, respectively [4] Financial Metrics - Key financial indicators show positive trends: The company's gross margin is expected to remain stable at around 50% from 2024 to 2026, while the net profit margin is projected to be 16.6%, 15.9%, and 15.4% for the same years [5] - The company's asset turnover ratio is expected to improve from 1.0 in 2023 to 1.3 in 2026, indicating better efficiency in utilizing assets [13]

Investment Rating - The report maintains a "Buy" rating for the securities sector, indicating a positive outlook based on the expected performance relative to market indices [2][7]. Core Insights - The report highlights the introduction of innovative policy tools aimed at supporting the high-quality development of the capital market, including structural monetary policy tools such as stock repurchase and increase loans [3][4]. - The "Six Measures for Mergers and Acquisitions" are introduced to enhance the merger and acquisition market, allowing for greater flexibility in payment mechanisms and streamlining the review process for mergers [3][4]. - The report emphasizes the importance of market capitalization management, urging listed companies to improve operational efficiency and utilize various tools to enhance investment value [3][4]. Summary by Sections Policy Support for Capital Market - On September 24, the State Council held a press conference regarding financial support for high-quality economic development, coinciding with the release of opinions on deepening the reform of listed company mergers and acquisitions [3]. - The central bank has created new monetary policy tools to support the stock market, including a 500 billion yuan swap facility specifically for stock market investments [3][6]. Mergers and Acquisitions - The report outlines the "Six Measures for Mergers and Acquisitions," which include increasing tolerance for competition and related transactions, encouraging the use of various payment methods, and establishing a simplified review process for mergers [3][4][6]. Market Capitalization Management - The report discusses the draft guidelines for market capitalization management, which aim to enhance the investment value of listed companies through improved operational efficiency and regular share repurchase mechanisms [3][4][6]. Investment Opportunities - The report expresses optimism regarding the current stage of brokerage stocks, suggesting that the introduction of structural monetary policy tools and related policies will boost market sentiment and stabilize the fundamentals of brokerages [4]. - It identifies specific brokerage firms, such as Huatai Securities, CITIC Securities, and China Merchants Securities, as potential beneficiaries of these developments due to their financial advisory advantages and lower valuations [4].

Investment Rating - The report does not provide a specific investment rating for the company [2] Core Insights - The company has shown significant revenue growth, with Q2 2024 revenue reaching 120 million yuan, a year-on-year increase of 67.4% and a quarter-on-quarter increase of 6.8% [2] - The net profit attributable to shareholders for Q2 2024 was 34 million yuan, reflecting a year-on-year increase of 432.9% and a quarter-on-quarter increase of 18.7% [2] - The gross profit margin for Q2 2024 was 44.0%, up 19.3 percentage points year-on-year and 3.4 percentage points quarter-on-quarter [2] - The company reported a half-year revenue of 230 million yuan for H1 2024, a year-on-year increase of 72.9%, with a net profit of 63 million yuan, up 450.7% year-on-year [3] - The company maintains a strong focus on lithium manganese batteries, which accounted for 94.0% of total revenue in H1 2024 [3] - The company has established a stable customer base with many globally recognized brands, indicating strong customer loyalty [3] Financial Summary - The company's total revenue for 2023 was 346.4 million yuan, with a year-on-year growth of 23.8% [1] - The net profit attributable to shareholders for 2023 was 53.3 million yuan, with a return on equity (ROE) of 30.2% [1] - The gross profit margin for 2023 was 20.8%, showing improvement from previous years [1] - The company’s earnings per share (EPS) for 2023 was 0.1 yuan, with a price-to-earnings (P/E) ratio of 0.53 [1]

外研究 证券研究报告 ＃industryId＃ 消费行业 行业 校资策略研究报告 chenyawen@xyzq.com.cn 投资要点 ＃sum2m0a2ry4＃Q2 零售行业收入超预期：收入端 2024Q2 零售行业平均录得收入 245 亿美元，平均同比增加 3.1%，收入平均超彭博一致预期 0.4%。收入端同 比增速较快的主要为兴趣消费零售商以及日用百货零售商，收入同比增速 前 5 名的零售商分别为 SFM（有机食品零售商）、FIVE BELOW（兴趣 消费折扣零售）、罗斯百货（服装及家居折扣零售）/TJX（服装及家居折 扣 零 售 ） /BJ's （ 百 货 折 扣 零 售 ） ， 收 入 同 比 增 速 分 别 为 11.9%/9.4%/7.1%/5.6%/4.9%。收入端超预期较多的零售商主要有百思买、 SFM、塔吉特、TJX、BJ's。 2024Q2 零售行业利润超预期：2024Q2 零售行业平均录得净利润 12.1 亿 美元，平均同比变动-3.0%，净利润同比增幅较大的零售商有塔吉特/SFM / 罗斯百货/TJX/BJ's，增幅分别为 42.8%/41.5%/18.1%/11.1%/10.7%。 ...

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 (Hengrui Medicine) and an "Increase" rating for 信达生物 (Innovent Biologics), 百济神州 (BeiGene), 翰森制药 (Hansoh Pharmaceutical), 爱博医疗 (Aibomed), 恩华药业 (Enhua Pharmaceutical), and 鱼跃医疗 (Yuwell) [2][23]. Core Insights - The report emphasizes the ongoing trend of "true innovation" supported by policies, with a focus on "differentiation + internationalization" as the core logic for innovation drugs [2][13]. - The pharmaceutical sector is expected to see a marginal improvement in fundamentals in the second half of 2024, driven by a low base effect from the previous year and the upcoming policy implementation [16][18]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From September 16 to September 20, the pharmaceutical sector declined by 0.79%, while the Shanghai and Shenzhen 300 Index rose by 1.32%. Year-to-date, the pharmaceutical sector has underperformed the index by 19.63 percentage points, ranking 27th among 30 sectors [6][10]. 2. Industry Events/Policy Overview - Key events include the announcement of increased tariffs on medical gloves by the U.S. Trade Representative, which will impact domestic production and exports [12]. Additionally, the annual medical insurance drug negotiation is approaching, with 445 drugs passing the formal review, indicating a stable trend in the number of drugs participating in negotiations [13][15]. 3. Industry Investment Strategy - The report highlights that the logic for quality innovative drugs to achieve accelerated volume through medical insurance negotiations remains unchanged. The macroeconomic environment, with the U.S. entering a rate-cutting cycle, is expected to improve liquidity and overall valuations for innovative drug companies [13][16]. 4. Recommended Companies - Recommended companies include: - 恒瑞医药 (Hengrui Medicine): Transitioning through innovation pains with multiple innovative drugs starting to gain traction [23]. - 信达生物 (Innovent Biologics): Entering a period of accelerated growth with major products expected to launch next year [23]. - 百济神州 (BeiGene): Continuing to exceed expectations with its product pipeline [23]. - 翰森制药 (Hansoh Pharmaceutical): A quality comprehensive pharmaceutical company with expanding international opportunities [23]. - 爱博医疗 (Aibomed): Growth driven by innovative R&D and new product launches [23]. - 恩华药业 (Enhua Pharmaceutical): Steady growth in the psychiatric anesthesia sector [23]. - 鱼跃医疗 (Yuwell): Leading domestic home medical device company with stable growth [23]. 5. Recommended Portfolio - The report suggests a portfolio including: - 爱尔眼科 (Aier Eye Hospital): Leading domestic medical service provider with strong recovery potential [24]. - 迈瑞医疗 (Mindray): Leading medical device company with robust R&D and sales capabilities [24]. - 恒瑞医药 (Hengrui Medicine): Integrated platform for innovative drugs with strong self-research capabilities [24].

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来源：兴业证券经济与金融研究院 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 ＃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 a "Buy" rating for the company [2]. Core Views - The company has significantly improved its sales volume and gross margin in Q2 2024, delivering 57,373 vehicles, a year-on-year increase of 143.9% [4]. - The company expects to deliver between 61,000 and 63,000 vehicles in Q3 2024, representing a year-on-year growth of 10.0% to 13.7% [4]. - The launch of the new brand and model, L60, is anticipated to contribute positively to sales, with a competitive pricing strategy [5]. - The company is expanding its sales and service network, aiming for full coverage of battery swap stations across county-level administrative regions by the end of 2025 [4]. Summary by Sections Market Data - As of September 20, 2024, the closing price is $5.28, with a total share capital of 2,074 million shares and net assets of 16,075 million RMB [3]. Sales and Financial Performance - In Q2 2024, the company achieved automotive sales revenue of 156.8 billion RMB, a year-on-year increase of 118.2% [4]. - The gross margin for automotive sales in Q2 2024 was 12.2%, up by 6.0 percentage points year-on-year [4]. - The net loss attributable to ordinary shareholders was 51.3 billion RMB, a decrease of 16.3% year-on-year [4]. Future Outlook - The company projects sales revenues of 696.52 billion RMB, 1,016.25 billion RMB, and 1,377.31 billion RMB for the years 2024, 2025, and 2026, respectively [5]. - The company plans to enhance its service network with over 1,000 battery swap stations and more than 200 stores across 120 cities by the end of 2024 [5].