Group 1: Industrial Enterprises Performance - In July, industrial enterprises' profits continued to grow, with cumulative operating income from January to July increasing by 2.9% year-on-year, and total profit rising by 3.6% year-on-year[4] - The growth rate of finished product inventory from January to July was 5.2%, up from 4.7% in the previous period, indicating a sustained upward trend[4] - Total assets of industrial enterprises increased by 5.3% year-on-year, while total liabilities rose by 5.1%, both showing a decline compared to previous values[4] Group 2: Fiscal Revenue and Expenditure - Cumulative public fiscal revenue from January to July decreased by 2.6% year-on-year, while expenditure increased by 2.5% year-on-year[4] - Central fiscal revenue was 59,745 billion yuan, down 6.4% year-on-year, accounting for 44.0% of total revenue; local fiscal revenue was 75,918 billion yuan, up 0.6% year-on-year, accounting for 56.0%[4] - Government fund revenue fell by 18.5% year-on-year, with land use rights revenue decreasing by 22.3%[4] Group 3: Future Outlook and Risks - The recovery of industrial enterprise profits is expected to drive an increase in finished product inventory, but the Producer Price Index (PPI) remains negative, indicating room for further profit recovery[4] - The report highlights potential risks from geopolitical events affecting Chinese exports and the Federal Reserve's policy shifts impacting China's policy space[6]

Investment Rating - The industry investment rating is maintained at "Overweight" [1][6]. Core Viewpoints - The 2024 World Robot Conference held in Beijing is expected to accelerate the industrialization of the global robotics industry. Notable advancements include the world's first full-size pure electric humanoid robot achieving new skills and the introduction of AI-powered surgical robots [5][11]. - China's humanoid robot industry shows significant advantages, with over 190,000 effective patents related to robotics, accounting for about two-thirds of the global total. China has been the largest industrial robot market for 11 consecutive years, with a robot density of 470 units per 10,000 workers, increasing nearly 19 times over the past decade [5][11]. - The humanoid robot sector is experiencing diversified competition, with numerous domestic companies entering the market, showcasing China's competitiveness in the global humanoid robot market [5][11]. Summary by Sections 1. Weekly Core Viewpoints and Investment Recommendations - The report emphasizes the ongoing development and commercialization of humanoid robots, suggesting a focus on companies like Wuzhou Xinchun, Best, and Shuanghuan Transmission [5][6]. 2. Sector Market Review - During the period from August 19 to August 23, the CSI 300 index fell by 0.55%, while the A-share Shenwan Machinery Equipment Index decreased by 2.52%, ranking 13th among 31 first-level sub-industries [7][9]. 3. Key Industry News (August 19-23, 2024) - The World Robot Conference highlighted China's role in robotics innovation, with significant advancements in humanoid robots and AI applications [11][12]. 4. Key Company Announcements (August 19-23, 2024) - Notable announcements include share buybacks and profit distributions from various companies, indicating active corporate governance and shareholder engagement [13].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.38 RMB per share [3][5] Core Viewpoints - The company is a leading domestic carbon fiber equipment manufacturer, benefiting from the recovery of commercial aviation, the development of low-altitude economy, and the rising demand for carbon fiber in new energy vehicles [2][3] - The company has formed a "two main and two auxiliary" industrial development pattern, focusing on carbon fiber equipment and new energy equipment, while also expanding into intelligent construction machinery and intelligent textile machinery [2] - The domestic carbon fiber market is growing rapidly, with the domestic market share increasing from 31.7% in 2019 to 76.7% in 2023, accelerating the process of domestic substitution [2] - The company has successfully expanded into overseas markets, including South Korea and Vietnam, and is expected to further increase its overseas market share [2][64] Business Overview - The company has established a complete industrial chain for carbon fiber equipment, including precursor equipment, carbonization equipment, and composite material equipment, achieving series and batch production capabilities [2][34] - The company has delivered over 20 carbon fiber production lines/core equipment, with a domestic market share exceeding 50% [2][58] - The company plans to raise 943 million RMB to replace and add carbon fiber equipment-related production capacity, aiming to improve production efficiency and product performance [2][61] Market and Industry Analysis - The global carbon fiber market demand has grown from 53,000 tons in 2015 to 115,000 tons in 2023, with a compound annual growth rate of 10.17% [46] - China's carbon fiber market demand has grown from 16,789 tons in 2015 to 69,075 tons in 2023, with a compound annual growth rate of 19.34%, making it the largest carbon fiber market in the world [46] - The application of carbon fiber in commercial aviation, low-altitude economy, and new energy vehicles is driving market growth, with eVTOL (electric vertical take-off and landing) vehicles expected to significantly increase carbon fiber demand [52][53] Financial Projections - The company's revenue is expected to grow to 1.776 billion RMB in 2024, 2.019 billion RMB in 2025, and 2.504 billion RMB in 2026, with year-on-year growth rates of 15.3%, 13.7%, and 24.0% respectively [3][67] - Net profit attributable to the parent company is expected to be 212 million RMB in 2024, 258 million RMB in 2025, and 357 million RMB in 2026, with year-on-year growth rates of 15.8%, 21.5%, and 38.4% respectively [3][67] - The company's EPS is projected to be 0.47 RMB in 2024, 0.57 RMB in 2025, and 0.78 RMB in 2026, with corresponding P/E ratios of 26.54, 21.85, and 15.79 [3][67]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery sector [2]. Core Insights - Natrion has been selected by the U.S. Air Force for two contracts worth over $1.5 million, focusing on advanced lithium metal solid-state batteries with a 50% higher energy density than conventional lithium-ion batteries [6][2]. - The development of the global solid-state battery industry is expected to drive further upgrades in the lithium battery sector, positively impacting the lithium battery segment [6]. Summary by Sections 1. Core Insights - Natrion's contracts with the U.S. Air Force aim to enhance the performance of high-end electronic devices and directed weapons through advanced solid-state battery technology [6]. 2. Market Review - The performance of the Shenwan Electric Equipment index decreased by 2.60% during the week of August 19-23, 2024, while the Shenwan Lithium Battery index increased by 2.44% [7]. - Notable stock performances included Penghui Energy (+33.4%) and Ningde Times (+4.7%), while companies like Yiwei Lithium Energy (-12.0%) and Hunan Youneng (-6.8%) saw declines [7]. 3. Lithium Battery Industry Data Tracking 3.1 Downstream - In July 2024, China's new energy vehicle sales reached 991,000 units, a month-on-month decrease of 6% but a year-on-year increase of 27% [10]. 3.2 Midstream - China's lithium battery production in July 2024 was 94.8 GWh, showing a year-on-year increase of 7% but a month-on-month decrease of 2% [18]. 3.3 Upstream - China's lithium carbonate imports in July 2024 increased by 23% month-on-month, totaling 24,200 tons, with a year-on-year increase of 87% [26]. 3.4 Industry Chain Prices - As of August 23, 2024, battery-grade lithium carbonate prices ranged from 74,300 to 77,300 CNY per ton, while prices for square power cells (NCM) were between 0.41 and 0.49 CNY/Wh [28]. 4. Industry and Company Dynamics 4.1 Industry News - A new GW-level lithium iron phosphate battery factory has commenced operations in Norway, with an annual production capacity of 300 million battery units [34]. - A solid-state battery innovation industrial park is set to begin construction in Yibin, Sichuan, with a planned capacity of 40 GWh and an investment of nearly 10 billion CNY [34]. 4.2 Company Announcements - Companies like Zhongwei Co. and New Energy Co. have made announcements regarding project adjustments and share repurchases, reflecting ongoing strategic developments in the sector [36][37].

住建部明确保交房任务落实到户， 有望推动地产高质量发展 ——建材行业周报（2024.8.19-2024.8.23） ◼ 核心观点 本周核心观点与重点要闻回顾 | --- | |-------------------------------------------------------------------| | 消费建材：7月单月销售降幅有所扩大，住建部明确 396万套保交房任 | | 务目标。1-7 月地产新开工/施工/竣工/销售面积分别同比下降 | | 12.1%/21.8%/ 18.6%，降幅分别较前 6 月变动+0.5/-0.1/0/+0.4pct； | | 地产开发投资同比下降 10.2%。据中指研究院，7 月单月商品房销售面 | | 积同比下降 15.4%，降幅较 6月扩大 0.9个 pct。据新京报，8月 23 | | 住建部举行 "推动高质量发展"主题新闻发布会，表示锁定应在年底 | | 前交付的 396 万套任务目标，将工作目标落实到户，我们认为该举措 | | 能够有效保障保交房工作的顺利进行，有望推动地产高质量发展。 | | 玻纤：据卓创资讯，本周国内无碱粗纱市场行情延续稳定走势，截至 ...

Investment Rating - The investment rating for the oil and petrochemical industry is "Overweight" (maintained) [1][33]. Core Views - The international oil prices are expected to remain at relatively high levels, benefiting upstream oil and gas companies despite a projected increase in U.S. crude oil production over the next two years [16][11]. - The oil service sector is seeing a decline in active drilling rigs in North America, while OPEC countries continue to increase their drilling activities, which is favorable for oil service companies operating in the Middle East [17][16]. - The refining sector is experiencing a recovery in performance, with significant price differentials for certain products, indicating potential for improved profitability [19][18]. - The polyester sector is witnessing a tightening supply-demand balance, with recommendations to focus on specific companies as their performance is expected to improve [23][24]. Summary by Sections Market Performance - The CITIC oil and petrochemical sector declined approximately 1.42% during the week of August 19-23, 2024, underperforming the Shanghai Composite Index by about 0.55 percentage points [7][9]. - Key stocks that performed well included Yuxin Co., Sinopec, and Hengtong Co., while stocks like Zhun Oil and Beiken Energy saw declines [10][9]. Upstream Oil & Gas Sector - Brent crude oil futures settled at approximately $79.02 per barrel, with a weekly decline of about 0.83%, while WTI crude oil futures were around $74.83 per barrel, down 2.4% for the week [11][13]. - U.S. commercial crude oil inventories decreased by about 4.65 million barrels, indicating a tightening supply [14][16]. Oil Service Sector - The number of active drilling rigs in North America decreased by 1 week-on-week, with a more significant year-on-year decline of 47 rigs [17][18]. - OPEC countries increased their drilling platforms, which is beneficial for oil service companies [17][16]. Midstream Refining Sector - Domestic refined oil prices saw slight declines, with gasoline prices around 8249 RMB/ton and diesel prices at 6940 RMB/ton [19][20]. - The price differentials for products like ethylene and PX have shown fluctuations, indicating potential for refining companies to recover performance [19][18]. Polyester Sector - The average price for POY in East China was approximately 7470 RMB/ton, with a price differential of about 1297 RMB/ton [23][24]. - Inventory levels for polyester products have increased, but the performance outlook remains positive for certain companies [23][24]. Investment Recommendations - The report suggests focusing on four main investment themes within the oil and petrochemical sector, including state-owned enterprises, oil service companies, and specific refining and polyester firms [33][2].

证 券 研 究 报 告 行 业 研 究 行 业 周 报 传媒 行业研究/行业周报 A 《黑神话：悟空》销售数据亮眼，Top100 生成式 AI 应用揭晓 ——传媒行业周报（2024.8.19 -2024.8.23） ◼ 核心观点 本周核心观点与重点要闻回顾 游戏：《黑神话：悟空》销售数据亮眼，相关板块有望受益。据国 外市场研究公司 vginsights 的预估数据显示，《黑神话：悟空》自 发售以来，三天内在 Steam 平台的销量已突破 840 万份，好评率超 97%，平均游戏时间 9.7 小时，总收入超过 4 亿美元。 AI 应用：Top100 生成式 AI 应用揭晓，字节跳动和美图公司旗下产 品上榜，相关板块有望受益。全球顶级科技投资公司 a16z 发布 《Top100 消费级生成式 AI 应用》榜单。移动应用端榜单中，按月 活跃用户数排名，ChatGPT 位居榜首。美图公司旗下美图秀秀排名第 9，是唯一进入前十的中国产品。字节跳动旗下豆包首次进入榜单， 排名第 26，字节跳动旗下照片和视频编辑器 Hypiv 和助手 Cici 分别 排在第 19 位和第 34 位。 广告营销：AI 辅助搜索公司 Perp ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a significant increase in Q2 revenue, with a year-on-year growth of 38.20% and a quarter-on-quarter growth of 50.64%, indicating a potential recovery in industry conditions [2]. - The company is expanding its presence in key applications such as network communication, surveillance, and automotive electronics, which contributed to a substantial increase in sales volume [2]. - The increase in R&D expenses, amounting to approximately 1.06 billion yuan, is a primary reason for the company's inability to achieve profitability [2]. - The company plans to invest 200 million yuan in Shanghai Lishuan, acquiring a 37.88% stake, which will enhance its capabilities in chip design and computing power [2]. Financial Summary - For the first half of 2024, the company achieved revenue of approximately 266 million yuan, a year-on-year increase of 11.12%, while the net profit attributable to shareholders was approximately -91 million yuan, reflecting a year-on-year loss increase of 16 million yuan [2]. - The projected net profits for 2024-2026 are estimated at 70 million, 206 million, and 335 million yuan, respectively, with corresponding EPS of 0.16, 0.47, and 0.76 yuan [3]. - The company’s revenue is expected to grow significantly, with a forecasted increase of 65.2% in 2024 and 55.8% in 2025 [3].

汽车 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 8 月乘用车零售市场预计约为 184 万辆，环比+7% ——汽车行业周报（2024/08/19~2024/08/23） ◼ 行情回顾 过去一周(2024/08/19~2024/08/23），申万汽车行业下跌 2.18%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 10。细分板块涨跌 幅：过去一周(2024/08/19~2024/08/23），摩托车及其他涨幅最大，汽 车服务跌幅最大。摩托车及其他上涨 0.54%，乘用车下跌 1.09%，汽 车零部件下跌 2.81%，商用车下跌 3.04%，汽车服务下跌 4.18%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2024 年 7 月汽车销量约 226.2 万辆， 环比-11.4%，同比-5.2%。 2）车企端：据乘联会数据，2024 年 7 月，比亚迪、吉利和一汽大众 零售销量位列前三，分别约 31.2、11.8 和 11.4 万辆，份额分别约为 18.1%、6.9%和 6.6%。其中奇瑞汽车、理想汽车分别同比+51.0%、 +49.4%。 3）周度数据： 据乘联 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 通信 行业研究/行业周报 A 1-7 月我国通信行业总体平稳，松江区出台政策支持 卫星互联网产业 ——通信行业周报（2024.8.19-2024.8.23） ◼ 核心观点 本周核心观点与重点要闻回顾 运营商：1-7 月电信业务总量同比增长 11.2%，我国通信业运行总体 平稳，相关板块有望受益。工业和信息化部数据显示，今年 1-7 月， 我国通信业运行总体平稳。电信业务总量和收入保持稳步增长，网络 基础设施逐步完善。1-7 月，电信业务总量同比增长 11.2%，完成电 信业务收入 10354 亿元，同比增长 3%，增速与上半年持平。 卫星互联网：上海松江区计划到 2026 年实现百亿卫星互联网产业规 模，相关板块有望受益。在 2024 松江区首届卫星互联网产业生态大 会上，《松江区商业航天和空间信息产业卫星互联网细分赛道高质量 发展行动计划（2024—2026 年）》正式发布，其中提到，计划到 2026 年，松江区全区商业卫星批量化智能制造能力将达到每年 300 颗，在 轨运营卫星数量将超过 600 颗，卫星互联网产业规模将达到 100 亿元 以上。 通 ...