高于固投和制造业投资增速；其次是我国产业继续升级趋势之下高技术制造业投资 对整体制造业投资的拉动。前 8 月高技术制造业投资增速为+9.6%,依然高于制造 业投资总体增速，对制造业投资起到较大带动作用。 2024年09月17日 证券研究报告|宏观研究|宏观点评 增量稳增长政策必要性提升 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|----------|-----------| | | | | | | 核心观点 | 主要数据 | | | | 从 8 月各项经济及金融数据看,稳增长政策必要性进一步提升:8 月金融数据 | 上证指数 | | 2704.0896 | | 显示当前经济融资需求依然较弱,新增社融、人民币贷款均同 ...

中航证券有限公司 公司网址：www.avicsec.com 联系电话：010-59219558 传真：010-59562637 2024年09月16日 证券研究报告|策略研究|策略点评 美国大选进入白热化阶段,国内提振内需政策或将加码 | --- | --- | --- | --- | |-------|--------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------| | | | | | | | 报告摘要 | | 作者 | | | 核心观点： | | 董忠云 分析师 | | | ◆ 哈里斯在与特朗普的首次辩论中较好的展示出其政策主张和应变能 | | SAC 执业证书: S0640515120001 | | | | | 联系电话:010-59562478 | | | 力,其表现更受市场认可。在本场辩论中,哈里斯一方面较为清晰 | | 邮箱：dong ...

2024年09月12日 证券研究报告|行业研究|军工行业点评 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------|-----------------------------------------------------------|----------| | | | | | | | 国防军工 | | | 投资评级 | 增持 | | 军工电子月报:把握两个"新" | | | | 维持评级 | | 报告摘要 | | | 行业走势图 | | | 一、军工电子行情回顾: | | | 30% | | | 8 月份,中航证券军工电子指数(-10.39%),军工(申万)指数(-8.90%), | | | 20% | | | 跑输行业 1.48个百分点。 | ...

2024年09月13 B 证券研究报告|行业研究|军工行业深度报告 国防军工 航天产业发展综述&9 月月报：星河漫漫，曙光在前 报告摘要 一、航天行业行情回顾: 8月,上证综指(-3.28%),深证成指(-4.63%),创业板指(-6.38%), 国防军工（申万）指数（-8.90%）,中航证券航天产业相关指数走势如 下: 中航证券航天行业指数(-9.66%),跑输军工(申万)行业 0.75个 百分点; 作者 | --- | --- | --- | |------------------------------------------------------------|-------|-----------------------------------------| | | | | | 中航证券航天防务行业指数(-8.44%),跑赢军工(申万)行业 0.47 | | 张超 分析师 | | 个百分点; | | SAC执业证书:S0640519070001 | | | | 联系电话:010-59219568 | | 中航证券商业航天行业指数(-12.25%),跑输军工(申万)行业 3.35 | | 邮箱:zha ...

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [1]. Core Viewpoints - The defense and military industry index decreased by 1.72%, while the Shanghai Composite Index fell by 2.23% and the Shenzhen Component Index by 1.81%. The market sentiment remains low, but certain stocks within the China Shipbuilding sector saw significant gains, indicating potential resilience [1][4]. - The industry is experiencing its worst mid-year performance in a decade, with median revenue growth for core military enterprises turning negative for the first time, and net profit growth dropping to -17.99% [1][7]. - Despite the negative performance, there is a notable increase in ETF inflows into the military sector, suggesting a high allocation value at current valuation levels and a reliable growth expectation in domestic demand [1][4]. - The report highlights that the military industry is likely to see a wave of mergers and acquisitions, driven by policy support and the need for industry consolidation [5][15]. Summary by Sections Recent Market Performance - The defense and military index saw a decline of 1.72%, with notable stock performances from companies like Kunshan Intelligent (+15.97%) and China Marine (+8.82%) [12]. - The trading volume for the military sector dropped to 54.637 billion yuan, the lowest since May 2022 [1]. Mergers and Acquisitions - The report discusses the anticipated merger between China Shipbuilding and China Shipbuilding Heavy Industry, which is seen as a strategic move to enhance competitiveness and reduce industry rivalry [4][5]. - The report emphasizes that the military industry is entering a new phase of mergers and acquisitions, supported by recent policy measures aimed at promoting industry consolidation [5][15]. Financial Performance Analysis - The median revenue growth for military enterprises fell to -3.08%, and net profit growth dropped to -22.56% in the latest mid-year reports [6][7]. - The report notes a significant increase in inventory and accounts receivable, indicating growing financial pressure within the industry [7]. Investment Opportunities - The report suggests focusing on investment opportunities in unmanned equipment, satellite internet, and electronic countermeasures, as well as in the civil-military integration sectors [8]. - Specific companies and sectors are highlighted for potential investment, including those involved in aircraft, aerospace equipment, and military materials [9][8].

在需求环比提升下将带来业绩的回升。 2024年09月12日 证券研究报告|行业研究|军工行业深度报告 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------|--------------------------|-----------------------------------------|---------------------------------------| | | | | | | | | | | | | | | | 投资评级 | | 增持 | | | 军工材料月报:中报业绩不佳,静待柳暗花明 | | | 维持评级 | | | | 行业走势图 | | | | | | | | | | | 8 月份中航证券军工材料指数(-6.38%),军工(申万)指数(- | | | | | | 8.90%） 跑赢行业 2.53个百分点。 | | | | | | 上证综指(-3.28%)，深证成指（-4.63%） 创业板指（-6.38%）; | | ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company is experiencing significant pressure on its performance due to a sharp decline in the photovoltaic industry chain prices, with total revenue for the first half of 2024 at 43.797 billion yuan, down 40.87% year-on-year, and a net profit attributable to shareholders of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The company maintains its leading position in high-purity silicon production, achieving a sales volume of 228,900 tons in the first half of 2024, an increase of 28.82% year-on-year, and holds over 25% market share domestically [1] - The company is expanding its integrated production capacity, with plans to increase high-purity silicon capacity to 800,000 to 1 million tons by 2026, and solar cell capacity to 130,000 to 150,000 MW [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 43.797 billion yuan, a decrease of 40.87% year-on-year, and a net profit of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The gross margin was 7.12%, and the net margin was -8.31% [1] Production and Capacity - The company achieved a high-purity silicon production volume of 228,900 tons in the first half of 2024, with a continuous improvement in production efficiency, including a reduction in comprehensive electricity consumption to below 50 kWh [1][6] - The company has over 650,000 tons of high-purity silicon capacity, with new projects in Yunnan and Baotou expected to contribute significantly to future production [1][6] Market Position and Technology - The company has maintained its position as the world's largest solar cell manufacturer, with over 35 GW of battery sales in the first half of 2024 and a focus on N-type technology development [1][2] - The company is actively investing in new technologies, including TOPCon and HJT, with significant advancements in efficiency and production capabilities [2][6] Component Business - The company has expanded its component business, achieving 18.67 GW in sales in the first half of 2024, a year-on-year increase of 108.36% [6] - The company is also developing markets in South Africa and the UAE, leveraging its strong financing capabilities [6]

2024年09月14日 证券研究报告|行业研究|行业点评 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------------------|----------| | | | | | | | | 社会服务行业·周观点 | 投资评级 | | | | | OpenAI 发布 o1 模型，复杂推理能力适配多场景 | | | 增持 | | | | | | 维持评级 | | | 本周行情：社会服务（申万）板块指数周涨跌幅为-3.71%，在申万 | | 行业走势图 | | | | 一级行业涨跌幅中排名29/31。 | | | | | � | 各基准指数周涨跌幅情况为：各基准指数周涨跌幅情况为：创业板 | 30% 20% | | | | | 指（-0.19%）、深证成指（-1. ...

| --- | --- | |------------------------------------------|-----------------------------------------------| | 行业报告:先进制造行业周报 2024年9月10日 | 中航证券有限公司 AVIC SECURITIES CO., LTD. | | | | | 车路云一体化落地加速，关注产业链投资机会 | | | 行业评级:增持 | | | | 分析师：邹润芳 证券执业证书号：S0640521040001 | | | 分析师：闫智 证券执业证书号：S0640524070001 | | | 分析师：卢正羽 证券执业证书号：S0640521060001 | 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造——投资观点 | --- | --- | |------------------------------------------------------------------------------------------------------------- ...

联系电话：010-59219558 传真:010-59562637 2024年09月10日 证券研究报告|宏观研究|宏观点评 | --- | --- | --- | --- | |-------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------------|-----------| | 出口同比增速延续高增，进口表现转弱 | 三要视频 | 2024 年 8 月进出口数据点评 | | | ◆ 2024年 8 月出口同比延续高增 | 上证指数 | | 2744.1921 | | 据海关统计,以美元计价,2024年8月,我国实现出口总值 3086.50 亿美元,环 | 沪深300 | | 3195.7552 | | 比+4.57%,同比增长 8.7%,强于市场预期(+7.17%),同比增速较上 ...