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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 ...

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 萝卜快跑订单累计超 700 万单，看好自动驾驶景气提升 ——计算机行业周报（2024.08.19-2024.08.23） ◼ 本周核心观点及要闻回顾 人形机器人：人形机器人"领航者 2 号 NAVIAI"发布：1.65 米、 60 千克，AI 算力 275 TOPS，机器人产业链或将受益。 IT 之家 8 月 21 日消息，中控技术官方公众号宣布，其作为单一最 大股东投资入股的浙江人形机器人创新中心发布了首个具有精确技 能作业能力的人形机器人"领航者 2 号 NAVIAI"NAVIAI 单臂负载 达 5 公斤，负载自重比 > 0.75，操作精度≤0.1mm，其中多自由度灵 巧手有 15 个手指关节，6 个主动自由度，指尖力 10N，单手重量 600g，关节速度 150 度 / 秒。"领航者 2 号 NAVIAI"还能够适应 多种地面，达到拟人化全身协调运动，最快速度≥6km/h，支持物品搬 运、物品抓放、伺服插孔等作业能力，可持续作业 2 个小时。技术方 面，"领航者 2 号 NAVIAI"除了常规采用大模型进行人机交 ...

24H1 增长稳健，龙头韧性尽显 ——安井食品 2024 半年报业绩点评 ◼ 事件概述 公司发布 2024 年半年报，24H1 实现营收 75.4 亿元，同比增长 9.42%， 实现归母净利润 8.0 亿元，同比增长 9.17%；24Q2 实现营收 37.9 亿 元，同比增长 2.31%，实现归母净利润 3.6 亿元，同比减少 2.51%。 ◼ 核心观点 收入端，聚焦主业，营收稳健增长。24H1 分产品来看，速冻调制食品 / 速冻菜肴制品 / 速 冻 面 米 制 品 / 速 冻 农 副 产 品 分别实现营收 38.3/22.1/12.9/1.9 亿元，分别同比+21.86%/+0.40%/+1.37%/-27.08%； 24H1 分渠道来看，经销商/特通直营/商超/新零售/电商分别实现营收 61.1/5.2/4.3/3.3/1.5 亿 元 ， 分 别 同 比 +12.42%/-15.27%/- 3.03%/+27.32%/+7.28%。24 年行业需求偏弱，餐饮端相对承压，公司 聚焦主业发展，速冻调制食品增长势头良好。 利润端，费用率有所提升，净利率基本稳定。24H1 公司毛利率/净利 率分别为 23.91% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Insights - The company reported a strong performance in H1 2024, with revenue of 405 million yuan, a year-on-year increase of 18.60%, and a net profit of 143 million yuan, up 101.97% [1]. - Software sales showed robust growth, driven by demand for updates in power pricing software and strong performance in power monitoring equipment, indicating effective marketing strategies and product strength [1]. - The company's gross margin improved to 68.15%, with a net profit margin of 35.29%, reflecting enhanced profitability and effective cost control [1]. - The electric grid business has significant growth potential, with the market expected to exceed 80 billion yuan by 2025, and the company is well-positioned to capitalize on this trend [2]. - A proposed cash dividend of 3.9 yuan per 10 shares is expected to enhance shareholder returns and boost investor confidence [2]. Financial Projections - Revenue projections for 2024-2026 are 1.316 billion yuan, 1.546 billion yuan, and 1.737 billion yuan, representing year-on-year growth rates of 19.9%, 17.5%, and 12.3% respectively [3]. - Earnings per share (EPS) estimates for the same period are 0.89 yuan, 1.10 yuan, and 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 17x, 14x, and 11x [3][5].

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Investment Rating - The investment rating for the textile and apparel industry is maintained at "Overweight" [1]. Core Viewpoints - The retail sales in July showed a year-on-year growth of 2.7%, with apparel and jewelry categories under pressure, indicating a mixed performance in consumer spending [7][10]. - The performance of sports brands remains resilient, with notable growth in e-commerce channels, particularly for companies like Li Ning and 361 Degrees [8][10]. - Vietnam's textile exports reached a record high in July, suggesting a stabilization in the performance of textile manufacturing enterprises [9][10]. Summary by Sections 1. Core Viewpoints - Retail sales in July totaled 37,757 billion yuan, up 2.7% year-on-year, with apparel and jewelry categories declining by 5.2% and 10.4% respectively [7][18]. - The demand for basic living goods is strong, while optional consumer goods show a mixed performance due to seasonal sales [7][10]. 2. Industry Dynamics 2.1. Market Performance - During the period from August 12 to August 16, the Shanghai and Shenzhen 300 index rose by 0.42%, while the textile and apparel sector fell by 1.22%, underperforming the index by 1.64 percentage points [11][13]. - Among the sub-sectors, textile manufacturing increased by 0.28%, while apparel and accessories declined by 1.24% and 3.40% respectively [13]. 2.2. Individual Stock Performance - In the A-share market, 37 out of 113 retail companies saw their stock prices rise, while 76 experienced declines [14]. 3. Industry Tracking 3.1. Industry Data Tracking - In July, textile and apparel exports amounted to 190.69 billion yuan, a year-on-year decrease of 1.5%, with textile exports increasing by 3% and apparel exports decreasing by 4.6% [28]. - The domestic cotton price index B stood at 14,760.47 yuan/ton as of August 16, reflecting a decrease of 0.31% [26]. 3.2. Industry News - The outdoor children's clothing market is gaining popularity, with brands like Xtep focusing on research collaborations to enhance product offerings [33]. - SHEIN was recognized for its innovative case in empowering industrial upgrades at the recent cross-border e-commerce trade fair [34].