Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The humanoid robot "Navigator 2" NAVIAI has been released, featuring a height of 1.65 meters, weight of 60 kilograms, and AI computing power of 275 TOPS, indicating potential benefits for the robotics supply chain [2][6] - Meta has developed a new method called Transfusion, which integrates language and diffusion AI models to reduce computational load and enhance operational efficiency, suggesting opportunities for the AI computing sector [2][8] - Baidu's autonomous driving service "萝卜快跑" has accumulated over 7 million orders, with the sixth-generation vehicle undergoing large-scale testing, indicating positive prospects for the autonomous driving and virtual cockpit sectors [2][7] Summary by Sections 1. Key Insights and Investment Recommendations - Focus on the humanoid robotics supply chain benefiting from the new model release, the AI computing sector benefiting from Meta's new method, and the autonomous driving/virtual cockpit sector benefiting from Baidu's business disclosures [8] 2. Market Review (2024/08/19-2024/08/23) - The A-share Shenwan Computer Index fell by 2.69%, underperforming the CSI 300 Index by 2.14 percentage points [9] - The performance of the computer sector ranked 15th among 31 first-level sub-industries [9] 3. Industry News - The humanoid robot "Navigator 2" NAVIAI has been launched, showcasing advanced capabilities and potential market impact [19] - Baidu's autonomous driving service has seen significant growth, with a 26% year-on-year increase in orders for the second quarter of 2024 [20] 4. Company Dynamics - Notable companies to watch include Hechuan Technology and Beite Technology in the humanoid robotics sector, and Haiguang Information and Zhongke Shuguang in the AI computing sector [8]

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].

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|--------------- ...

策略研究/策略点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------- ...

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].

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 ...