电力设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 工信部发布意见稿，加强废旧电池综合利用 ——锂电行业周报（20240812-20240816） ◼ 核心观点 据工信部官网，2024 年 8 月 14 日发布《新能源汽车废旧动力电池综 合利用行业规范条件（2024 年本 征求意见稿）》（以下简称"意见稿"）。 该意见稿对"综合利用"大致分为"梯次利用"和"再生利用"两类。 对于企业总体要求，其中包括工艺废水循环利用率应达 90%以上，每 年研发等费用不低于废旧动力电池综合利用业务收入 3%。梯次利用 企业年梯次利用量不低于回收量的 60%，再生利用企业冶炼过程中锂 回收率不低于 90%，镍钴锰回收率不低于 98%。 我们认为，工信部发布该意见稿，有助于加强行业废旧电池综合利用 管理，推动行业高质量发展。 ◼ 数据跟踪 车端需求：据中汽协数据，2024 年 7 月，中国新能源汽车销量 99.1 万 辆，环比增速-6%，同比增速+27%。 储能需求：据 CNESA，2024 年 7 月，中国新型储能新增功率规模约 3.4GW，同比+80%，能量规模约 8.5GWh，同比+114 ...

机械设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 "以旧换新"政策发力，工程机械设备需求有望 大幅增长 ——行业周报（20240805-20240809） ◼ 板块行情回顾 本期（8 月 5 日-8 月 9 日），沪深 300 下跌 1.56%，A 股申万机械设 备指数下跌 2.55%，在申万 31 个一级子行业中排名第 24。申万机械 设备二级子行业中工程机械表现较好，下跌 0.91%，轨交设备 II 表现 较差，下跌 4.57%。申万机械设备三级子行业中楼宇设备表现较好， 上涨 0.92%，电机Ⅲ较差，下跌 5.04%。 ◼ 核心观点 "以旧换新"政策发力，设备工器具购置投资大幅提升。根据人民网， 2024 年 3 月国务院印发《推动大规模设备更新和消费品以旧换新行动 方案》，加快实施设备更新、消费品以旧换新、回收循环利用、标准 提升等四大行动。2024 上半年，我国机动车回收量达到 307.4 万辆， 同比增长 24.8%；1—5 月，主要电商平台家电以旧换新销售额同比增 长 82.8%；我国设备工器具购置投资同比增长 17.3%，拉动固定资产 投资增长 2.1 个百 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 电子 行业研究/行业周报 SK 海力士加入 4F² DRAM 研发阵营，为 Waymo 自动 驾驶独家供应 HBM2E ——存储芯片周度跟踪（2024.08.12-2024.08.16） ◼ 核心观点 NAND：NAND 颗粒市场价格小幅波动，2Q24 NAND Flash/DRAM 市场营收排名出炉。根 据 DRAMexchange，上 周（0812-0816） NAND颗粒22个品类现货价格环比涨跌幅区间为-3.77%至 3.81%，平 均涨跌幅为-0.01%。其中 7个料号价格持平，6个料号价格上涨，9个 料号价格下跌。根据 CFM 闪存市场报道，在 AI 服务器出货大幅增长 的推动下，eSSD、 DDR5 RDIMM 和 HBM 需求稳定提升，带动原厂 NAND Flash 和 DRAM ASP 逐季上涨。2024 年全球存储市场规模的显 著增长，主要取决于上半年全面上涨的存储价格，以及服务器市场复 苏对服务器存储量价齐升带来的积极影响。 DRAM：颗粒价格小幅波动，SK 海力士加入 4F² DRAM 研发阵营。 根据 DRAMexchange， ...

7 月社零同比+2.7%，消费市场平稳恢复 ——7 月社零数据点评 ◼ 核心观点 2024 年 7 月社零同比增长 2.7%，增速环比增加 0.7pct。据国家统计局， 7 月份，社会消费品零售总额 37757 亿元，同比增长 2.7%，低于 wind 一 致预期的 3.06%，增速环比增加 0.7pct。其中，除汽车以外的消费品零售 额 33959 亿元，增长 3.6%，增速环比增长 0.6pct。我们认为，7 月消费市 场总体呈现平稳恢复态势，考虑到暑期旅游需求释放及以旧换新等政策支 持，居民消费潜力有望持续向好。 从消费类型看，商品零售环比增速高于餐饮消费。7 月份，商品零售额 33354 亿元，同比增长 2.7%，增速环比提升 1.2pct；餐饮收入 4403 亿元， 增长 3.0%，增速环比下降 2.4pct。7 月服务业持续恢复，全国服务业生产 指数同比增长 4.8%，比上月加快 0.1 个百分点，铁路运输、航空运输、文 化体育娱乐等行业商务活动指数位于 55.0%以上较高景气区间。我们认 为，虽然餐饮消费增速有所放缓，但考虑到 23 年同期较高基数影响及暑 期消费刺激，服务及文旅消费有望保持活跃 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company achieved a net profit attributable to shareholders of approximately 1.197 billion yuan in the first half of 2024, representing a year-on-year increase of about 22%. The net profit for Q2 alone was approximately 722 million yuan, a quarter-on-quarter increase of about 52% [1]. - The company's R&D expenses decreased by approximately 42% year-on-year to 323 million yuan in the first half of 2024, contributing to an increase in net profit margin by 2.1 percentage points to 9.13% [1]. - The international offshore oil and gas engineering industry is gradually recovering, driven by increased capital expenditure from oil companies due to high oil prices. The company completed a steel processing volume of 271,300 tons in the first half of 2024, a year-on-year increase of 16% [1]. - The company signed new contracts worth 12.518 billion yuan in the first half of 2024, with overseas contracts accounting for approximately 39.74% of the total [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of approximately 1.197 billion yuan, up 22% year-on-year, and a net profit of approximately 722 million yuan in Q2, up 52% quarter-on-quarter [1]. - The company’s net profit margin increased to 9.13%, up 2.1 percentage points year-on-year, due to a reduction in R&D expenses and tax refunds [1]. Market Outlook - The report highlights a recovery in the offshore oil and gas engineering industry, supported by China's ongoing energy engineering construction needs [1]. - The company has a robust order backlog of approximately 38.8 billion yuan, providing strong support for long-term business development [1]. Profit Forecast and Valuation - The profit forecasts for the company for 2024, 2025, and 2026 are 2.058 billion yuan, 2.381 billion yuan, and 2.783 billion yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [2].

博俊科技(300926) 公司研究/公司点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 24Q2 业绩强势延续，下游优质客户持续放量 ——24H1 业绩点评 ◼ 事件描述 公司发布 2024 年中报。24H1 公司实现营收约 17.23 亿元，同比 +68.73%；归母净利润约 2.32 亿元，同比+143.66%。其中 24Q2，营收 约 9.25 亿元，同比+52.05%，环比+15.89%；归母净利润约 1.31 亿元， 同比+115.68%，环比+29.83%。 ◼ 核心观点 公司业绩表现亮眼，主要系 1）下游主机厂客户 24Q2 持续放量。 据 Marklines，24Q2，问界 M9 交付 47817 辆，环比+277.91%；理想 L6 于 24 年 4~6 月逐月爬升，分别交付 4756、14810、23329 辆，24Q2 累 计交付 42895 辆；比亚迪宋 PLUS 交付 137572 辆，环比+53.73%，同 比+76.40%；吉利星越 L 交付 56352 辆，环比+9.18%，同比+49.78%。 2）客户及产品双升级。客户端，公司从 Tier1 供应商向整车厂供应 ...

Group 1: Monetary Policy and Financial Data - As of July 2024, M2 increased by 6.30% year-on-year, up by 0.1 percentage points from the previous value[4] - M1 decreased by 6.60%, a decline of 1.60 percentage points compared to the previous value[4] - The total social financing (TSF) stock grew by 8.2% year-on-year, with new TSF in July amounting to 770.8 billion yuan, an increase of 8.20% year-on-year[4][9] Group 2: Credit Demand and Financing Trends - New RMB loans in July were -76.7 billion yuan, marking the first negative value since July 2005, a decrease of 117.2 billion yuan year-on-year[9] - Government bond net financing reached 691.1 billion yuan, an increase of 280.2 billion yuan compared to the same period last year[9] - Non-standard financing decreased by 75.5 billion yuan, with a year-on-year reduction of 97 billion yuan[9] Group 3: Investment Recommendations and Risks - The central bank's counter-cyclical monetary policy space is expected to open up, with potential adjustments in response to recent financial data fluctuations[17] - Future government financing is anticipated to continue supporting TSF growth in the second half of 2024[9] - Risks include geopolitical tensions, unexpected adjustments in U.S. Federal Reserve policies, and domestic price changes exceeding market expectations[19]

Investment Rating - The industry investment rating is maintained at "Overweight" for the electronics sector [1]. Core Insights - Passive Components: Major manufacturers like Murata and TDK are expected to raise prices for certain products, with anticipated increases of approximately 10% to 20% due to the upcoming smartphone season and a recovering PC market, benefiting domestic passive component manufacturers [5][15]. - Computing Chips: E Ink Holdings has developed a new timing control chip, T2000, which is expected to enhance the computing chip supply chain as AI demand continues to rise [5][16]. - Apple Supply Chain: Apple will allow third-party access to its iPhone payment chip, enhancing competition with Apple Pay and potentially accelerating user upgrades, benefiting the related supply chain [5][17]. - Advanced Packaging: TSMC is urgently hiring advanced packaging technicians, with salaries significantly higher than the industry average, indicating the growing importance of advanced packaging in the computing era [5][18]. Summary by Sections 1. Core Insights and Investment Recommendations - The report continues to favor the passive components supply chain, AI-driven computing chip supply chain, Apple Intelligence-related supply chain, and advanced packaging as key areas for investment [6]. 2. Market Review - During the week of August 12-16, the A-share Shenwan Electronics Index rose by 0.66%, outperforming the CSI 300 Index by 0.24 percentage points [8]. - The performance of the Shenwan Electronics secondary sectors varied, with "Other Electronics II" leading at 5.4% growth, while "Electronic Chemicals II" fell by 1.26% [10]. 3. Industry News - Major passive component manufacturers are expected to increase prices by 10% to 20% due to rising demand from smartphone launches and a recovering PC market [15]. - E Ink Holdings announced the development of the T2000 chip, which significantly improves speed and energy efficiency for electronic paper applications [16]. - Apple will permit third-party use of its payment chip, enhancing competition and potentially benefiting the supply chain [17]. - TSMC is actively recruiting for advanced packaging roles, with salaries approximately 40% higher than the industry average, reflecting the growing demand in this area [18]. 4. Company Dynamics - Companies like Sunlord Electronics are positioning their inductors for applications in AI smart glasses, indicating a trend towards integrating basic components into advanced technologies [19]. - KTC focuses on providing thermal management solutions for data centers, showcasing the diversification of electronic component applications [20]. - Ruikeda's connectors are being utilized in flying car projects, highlighting innovation in the industry [21]. 5. Company Announcements - New Clean Energy reported a 15.16% increase in revenue for the first half of 2024, while Crystal Morning's net profit surged by 96.06% [22].

石油石化 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 分析师： 赵飞 E-mail： zhaofei@yongxingsec. com SAC编号： S1760524040002 行 业 周 报 长丝库存明显去化，旺季价差修复可期 ——石油化工行业周报（20240812-20240816） ◼ 市场行情回顾 市场表现 本周（20240812-20240816）中信石油石化板块上涨约 0.66%，上证综 合指数上涨约 0.6%，同上证综合指数相比，石油石化板块领先约 0.06 个百分点。子板块方面，石油石化子板块涨跌互现，其中石油开采、 炼油等子板块涨幅居前。 本周（20240812-20240816）石油石化板块领涨个股包括宝利国际、ST 新潮、中国石油、中国海油、广汇能源等；领跌个股包括沈阳化工、 国际实业、博汇股份、新凤鸣、润贝航科等。其中民营大炼化公司周 度涨跌幅如下：恒力石化（+0.45%）、东方盛虹（-2.48%）、恒逸石化 （-3.14%）、荣盛石化（-4.04%）、桐昆股份（-4.9%）、新凤鸣（-7.66%） 等。 ◼ 核心观点 上游板块方面，上周国际油价高位震荡。从周度数据以 ...

传媒 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 3A 级游戏大作《黑神话：悟空》即将推出，相关 板块或将受益 ——传媒行业点评报告 ◼ 事件 据界面新闻消息，3A 级游戏大作《黑神话：悟空》预计将于 2024 年 8 月 20 日上线。市场分析显示，《黑神话：悟空》的预售表现火热， 一个月内销量达到 120 万份，销售额近 4 亿元。根据 Valve 公布的 Steam平台最新一周销量榜（2024年 8 月 6日至 13日），《黑神话：悟 空》预购拿下当期全球第 1 名（排除免费游戏内容和 SteamDeck）。 据财联社报道，8 月 17 日晚，《黑神话：悟空》迎来媒体评分解禁。 截至周六凌晨，52 家全球媒体平均给出了 82 分的评价。 ◼ 核心观点 内容为王，优质内容会获得市场认可。据有连云消息，《黑神话：悟 空》的全球同步上线和在 Steam 平台的高销量，展现了我国文化传媒 行业在全球逐渐具备一定竞争力。《黑神话：悟空》的成功，表明在 内容为王的时代，优质内容的生产者能够获得市场的高度认可和丰厚 的回报。 国产优质游戏有望在全球市场拥有竞争力。据财联社报道，IGN ...