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 ...

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Investment Rating - The report assigns a "Buy" rating for AMD based on its strong fundamentals and expected performance relative to the market benchmark index over the next 6 months [6]. Core Insights - AMD is set to acquire ZT Systems for $4.9 billion, enhancing its AI data center design capabilities and strengthening its competitive position in the AI industry [3]. - The acquisition is part of AMD's broader strategy to significantly enhance its AI capabilities, having invested over $1 billion in the past 12 months to expand its AI ecosystem and software capabilities [3]. - ZT Systems is recognized as a leading provider of AI infrastructure solutions, and this acquisition is expected to improve AMD's data center system design capabilities [3]. - AMD aims to leverage its comprehensive innovations in chips, software, and systems to provide leading AI training and inference solutions [3]. - The collaboration between AMD and ZT Systems is anticipated to create synergies that will help AMD close the gap with NVIDIA in the AI infrastructure sector [3]. Summary by Sections - **Industry**: The report focuses on the mid-cap sector, highlighting AMD's strategic moves within the AI industry [3]. - **Event**: AMD's acquisition of ZT Systems is a significant event aimed at bolstering its AI data center capabilities [3]. - **Analyst Commentary**: AMD's CEO, Lisa Su, emphasized that the acquisition is a crucial step in AMD's long-term AI strategy, aimed at providing advanced training and inference solutions for cloud and enterprise customers [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The NAND market is experiencing slight price fluctuations, with expectations for price increases in the second half of 2024. The average price change for 22 NAND product categories ranged from -2.12% to 3.32%, with an average change of 0.25% [1] - DRAM prices are also fluctuating, with expectations for double-digit growth in Q3 2024 and high single-digit growth in Q4 2024, driven by increased demand from AI applications. The average price change for 18 DRAM product categories ranged from -3.98% to -0.07%, with an average decline of 1.08% [1] - The HBM industry is expected to benefit from the rising demand for AI chips, with Rebellions planning to mass-produce AI chips equipped with 144GB of memory by the end of the year [1][11] Summary by Sections 1. Storage Chip Weekly Price Tracking - NAND prices are expected to maintain an upward trend in the second half of 2024, despite a slowdown in the rate of increase due to improved upstream capacity [1] - DRAM prices are projected to see significant growth in Q3 2024, with limited supply expected to drive prices higher [1] 2. Industry News - The channel memory prices have dropped below the levels of the same period in 2023, with overall market demand remaining weak [9] - The storage market is facing uncertainty, particularly in consumer demand, which has not improved despite seasonal factors [9] 3. Company Dynamics - Companies like 江波龙 are actively engaging with major clients in AI development, providing storage solutions for various AI applications [13] - 德明利 is enhancing its management practices to improve operational efficiency and adapt to currency fluctuations [12] 4. Company Announcements - 江波龙 plans to provide guarantees for its subsidiaries totaling up to RMB 90 billion [15] - 兆易创新 is proposing a share buyback of approximately 1.25 million shares, representing 0.19% of its total share capital [15]

电子 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 高通推出入门骁龙 XPlus，苹果 Vision Pro 出新专利 ——电子行业周报（2024.08.19-2024.08.23） ◼ 核心观点 本周核心观点与重点要闻回顾 被动元件：村田、TDK 等被动元件一线厂部分产品或将涨价，被动 元件产业链有望受益。被动元件一线大厂包括村田、TDK 等，有望 调升积层式电感／磁珠报价，预期大尺寸会先涨价，涨幅约 10%至 20%。我们认为，随着智能手机旺季即将到来叠加 PC 市场复苏，或 将驱动被动元件价格上涨，国内被动元件厂商有望持续受益。 算力芯片：高通推出入门级 8 核骁龙 X Plus 芯片，算力芯片产业链 有望持续收益。高通 CEO 安蒙最近宣布，其目标是在 2025 年之前推 出低于 700 美元的骁龙 X 系列机型。高通推出了一款新的入门级 SKU X1P-42-100，这意味着骁龙 X Plus 产品定价可能会进一步降 低。我们认为，AI 推动算力需求攀升，相关产业链有望持续受益。 苹果产业链：苹果专利探索未来 Vision Pro 头显，相关产业链有望持 续受益。苹果新 ...