Investment Rating - The industry investment rating is "Increase" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [28]. Core Insights - The summer tourism market in 2024 has set new records, with significant increases in ticket and hotel bookings compared to previous years. The integration of tourism, culture, art, sports, and technology is becoming more pronounced, with museum searches up 10% and art gallery searches up 30% year-on-year [18][19]. - The film market is experiencing a recovery, with a diverse supply of quality films expected to meet the audience's varied viewing demands. The summer box office for 2024 reached 11.4 billion yuan, a decrease of nearly 50% compared to 2023, but still surpassing the figures from 2021 and 2022 [21][22][23]. Summary by Sections Market Review - The social services sector index rose by 2.44% in the week of August 26 to August 30, ranking 13th out of 31 in the Shenwan first-level industry performance [10][11]. - Sub-industry performance showed professional services leading with a 4.08% increase, followed by hotel and catering at 3.64%, and tourism and scenic spots at 3.55% [15]. Core Insights - Investment Theme 1: The summer tourism season is exceptionally strong, with county-level tourism and cultural tourism integration showing remarkable results. Hotel bookings in lower-tier cities increased by 113% compared to the previous summer, indicating a robust recovery in domestic travel [18][19]. - Investment Theme 2: The film market is undergoing a transformation, with a significant drop in box office revenue compared to last year, but the diversity in film offerings is expected to drive future growth [21][22]. Industry News Dynamics - The film "Borderlands" faced a poor reception, leading to a quick transition to streaming platforms after only three weeks in theaters, highlighting the challenges in the film industry [24]. - The integration of sports and tourism is being promoted through events like the automotive and motorcycle challenge in Han Yin, showcasing the potential for growth in this sector [24].

Investment Rating - The report maintains a "Buy" rating for CIMC Enric (3899 HK) [1] Core Views - CIMC Enric's clean energy business significantly boosted revenue growth, with new orders growing rapidly and stable operations [1] - The company achieved revenue of RMB 11 48 billion in H1 2024, up 6 7% YoY, while net profit attributable to shareholders was RMB 490 million, down 14 5% YoY [1] - Clean energy revenue increased by 25 1% YoY, with overseas business growing faster than domestic, particularly in waterborne clean energy and hydrogen energy [1] - The company's cumulative new orders reached RMB 16 4 billion in H1 2024, up 29 5% YoY, with clean energy new orders showing significant growth [1] Business Segments Clean Energy - Revenue from clean energy reached RMB 7 876 billion in H1 2024, up 25 1% YoY, with domestic revenue at RMB 5 71 billion, up 17 8% YoY, and overseas revenue at RMB 2 17 billion, up 49 6% YoY [1] - New orders for clean energy totaled RMB 12 92 billion in H1 2024, up 63 3% YoY, with outstanding orders at RMB 22 93 billion, up 70 7% YoY [1] - LNG vehicle cylinder revenue surged 711% YoY to RMB 720 million, with new orders for LNG vehicle cylinders reaching RMB 790 million, up 168 8% YoY [1] - Waterborne clean energy revenue grew 48 9% YoY to RMB 1 77 billion, with overseas revenue up 153 6% YoY [1] - Hydrogen energy revenue increased by 65 2% YoY to RMB 450 million, with new orders up 29 3% YoY [2] Chemical Environment - Chemical environment revenue declined 47 1% YoY to RMB 1 3 billion in H1 2024, with Q2 revenue improving 30 8% QoQ [2] - New orders for chemical environment totaled RMB 1 69 billion in H1 2024, down 26 8% YoY, but Q2 new orders surged 245 4% QoQ [2] Liquid Food - Liquid food revenue grew 14 7% YoY to RMB 2 31 billion in H1 2024, with domestic revenue up 113 9% YoY [3] - Beer revenue increased by 9 5% YoY to RMB 1 71 billion, while non-beer revenue grew 32 7% YoY [3] Financial Data and Valuation - The company's revenue is expected to grow from RMB 27 068 billion in 2024E to RMB 35 425 billion in 2026E, with net profit attributable to shareholders projected to increase from RMB 1 364 billion in 2024E to RMB 1 815 billion in 2026E [5] - The PE ratio is expected to decline from 8 72x in 2024E to 6 56x in 2026E, indicating potential undervaluation [5] Industry Trends - The global LNG bunkering market is expected to grow from 1 million tons in 2023 to 3 000-4 000 million tons by 2030, with significant opportunities in LNG-powered vessels and bunkering stations [2] - The domestic market for LNG-powered inland vessels is projected to reach RMB 30 5 billion, driven by policy support for equipment upgrades [2]

Investment Rating - The investment rating for the company is "Buy" with a target return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Insights - The company reported a revenue of 3.609 billion yuan for the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit attributable to shareholders of 517 million yuan, up 53.88% year-on-year [1]. - The semiconductor industry is experiencing a recovery, with demand in consumer and networking markets driving sales and revenue growth for the company's storage chips [1]. - The company maintains a market share-focused strategy, continuously investing in R&D and product iteration, leading to improved competitiveness across all product lines [1]. - The gross profit margin for the first half of 2024 was 38.16%, an increase of 4.72 percentage points year-on-year [1]. Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78%. The net profit for the same period was 312 million yuan, up 67.95% year-on-year and 52.46% quarter-on-quarter [1]. - The company's gross profit margin for Q2 was 38.15%, reflecting a year-on-year increase of 8.70 percentage points [1]. - The company's sales, management, finance, and R&D expense ratios were 4.72%, 6.21%, -4.92%, and 16.30%, respectively, with year-on-year changes of 0.39 percentage points, 0.41 percentage points, 1.77 percentage points, and 0.21 percentage points [1]. Product Line Insights - The company is a leading manufacturer of NOR Flash, maintaining technological and market advantages, particularly in automotive applications [2]. - The NAND Flash segment has seen the full-scale production of 38nm and 24nm processes, with a capacity range of 1Gb to 8Gb [2]. - The DRAM segment has benefited from increased investment in high-end products by overseas manufacturers, leading to improved supply-demand dynamics and price increases for niche products [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.334 billion yuan, 9.045 billion yuan, and 10.467 billion yuan, respectively, with net profits of 1.021 billion yuan, 1.504 billion yuan, and 1.940 billion yuan [3]. - The corresponding price-to-earnings ratios for these years are expected to be 47x, 32x, and 25x [3].

2024年08月25日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024年第三十期）: 券商行业并购重组再添新例 市场表现: | --- | |-------------------------------------------------------------------------| | 本期（2024.8.19-2024.8.23）非银(申万)指数-0.39%, 行业排名 4/31, 券商 II | | 指数-2.21%，保险Ⅱ指数+3.97%； | 上证综指-0.87%，深证成指-2.01%，创业板指-2.80%。 个股涨跌幅排名前五位：仁东控股（+7.42%）、中国人寿（+4.50%）、南华期货 (+4.33%)、中国平安(+4.18%)、中国太保(+3.13%); 个股涨跌幅排名后五位：新力金融（-13.20%）、天风证券（-10.04%）、国盛金控 (-10.01%)、香溢融通（-7.95%）、锦龙股份（-7.49%）。 (注：去除 ST 及退市股票) 核心观点： 证券: | --- | |------------------------------------------ ...

联系电话:010-59219558 - 传真:010-59562637 2024年08月26日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|----------|--------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | | | 超图软件（300036） | | 投资评级 | | 买入 | | 2024 半年报点评:短期业绩承压,积极推进第二增 | | | | 维持评级 | | | | | 2024年 08月23 日 | | | 长曲线 | | 收盘价(元): | | 13.31 | | 报告摘要 | | 公司基本数据 | | | | 事件:公司发布半年度业绩报告,2024年上半年 ...

2024年08月23日 证券研究报告|公司研究|公司点评 | --- | --- | |--------------------------------------------------------------------|-------| | 金山办公 (688111) | | | 2024 半年报点评:To C 拉动订阅业务成长,AI+办 | | | | | | 公赋能在路上 | | | 事件:公司 2024年上半年实现营业收入 24.13 亿元(+11.09%),归母净 | | | 利润 7.21 亿元（+20.38%）, 扣非净利润6.88 亿元（+19.35%）。 | | | | | | To C 收入拉动订阅业务成长,"服务 SaaS 化+产品 AI 化"战略稳健。� | | | 报告期内,公司营业收入保持稳健增长。其中,订阅业务作为公司的核心增 | | | 长引擎收入 19.73 亿元，总收入占比约 82%，同比提升近 5 个百分点。从 | | | 收入结构来看,(1) 国内个人办公服务订阅业务收入 15.30 亿元 | | | (+22.17%)。期末，主要产品月度活跃设备数为 6.02亿（ ...

行业报告：光伏月报M8 2024年8月24日 标 有限公司 供给侧改革指引优化行业生态；行业洗牌阶段产能出清提速 行业评级:增持 分析师:曾帅 证券执业证书号：S0640522050001 分析师:王卓亚 证券执业证书号：S0640523110001 股市有风险，入市需谨慎 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 中航新能源团队投资观点 ■ 重点组合:皖能电力(月金股)、福莱特(月金股)、比亚迪、中国重汽A+H、亿纬理能、天赐材料、恩捷股份、淞柴动力A、中集安瑞科H ■ 月度投资观点: > 国内外宏观环境变化: 1）8月11日国务院发布《关于加快经济社会发展全面绿色转型的意见》，对加快经济社会发展全面绿色转型作出系统谋划和总体部署，意见中提出大力 推动规铁、有色、石化、化工、建材、造纸、印染等行业绿色低碳转型。到2030年节能环保产业规模达15万亿元左右。"十四五"时期严格合理控制媒 炭消费增长，接下来5年逐步减少。稳妥推进能源绿色低碳转型，加强能源产供储销体系建设，坚持先立后破，推进非化石能源安全可靠有序替代化石能 源，持续优化能源结构，加快规划建设新型能源体系。加快西北风电光伏、 ...

换手率回升,随后 A 股见底回升。 2024年08月24 | 证券研究报告|策略研究|策略点评 稳增长政策有望提速，大盘或将触底回升 � | --- | --- | --- | |--------------------------------------------------------------|-----------|------------------------------| | | | | | 报告摘要 | 作者 | | | 核心观点： | 董忠云 | 分析师 | | ◆ 本周Ａ股日均成交金额为 5294.40 亿元，较上周增加 129.70 亿 | | SAC 执业证书: S0640515120001 | | | | 联系电话：010-59562478 | | 元,但仍处于极低水平。在市场弱势阶段中,出现极低的成交额和 | | 邮箱：dongzy@avicsec.com | | 换手率既反映出投资者信心低迷，又反应当前价格水平市场压力持 | 得肠 | 分析师 | | | | SAC执业证书: S0640514070001 | | 续衰竭。回顾历史,"地量"往往出现在市场底部。因此,投资者关 ...

08-19 2024年08月25日 证券研究报告|宏观研究|宏观点评 美联储降息预期加强 2024 年 8 月 18 日-8 月 25 日周报 鲍威尔全面转鸽,美元指数单边下行,人民币汇率回升至 7.15 以内 美东时间8月23日,鲍威尔在杰克逊霍尔召开的全球央行年会上的发言全面转鸽。 此外,本周三公布的美联储 7月议息会议纪要鸽派程度较强,纪要显示美联储官员强烈 倾向于在9月的政策会议上降息,其中几位官员甚至愿意立即降息。美元指数受到消息 影响本周单边下行,已突破101关口。市场降息预期增强,根据 CME Fedwatch 的数 据,截止8月24日市场预期年底前美联储降息幅度将达到100BP,降幅比上周上涨了 25BP。周内十年期美债利率随之波动下行,截止8月24日,10年期美债收益率报收 3.81%,较上周五下行 8BP;美元指数录得 100.68,较上周五下滑 0.73%。 鲍威尔在全球年会上发出了迄今为止最为明确的降息信号。鲍威尔表示,"政策调 整的时机已经到来。政策方向已经明确,降息时机和速度将取决于后续数据、前景变化 和风险平衡。"并且鲍威尔对于美国经济软若陆的信心并没有受到最近疲软的就业数据 的 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [9]. Core Insights - The company has experienced rapid profit growth, with a 14.08% year-on-year increase in revenue, reaching approximately 1.956 billion yuan in the first half of 2024. Net profit attributable to shareholders rose by 48.11% to about 142 million yuan [1]. - The sales revenue from pet staple food surged by 83.96% year-on-year, amounting to 422 million yuan, which constituted 21.56% of total revenue, reflecting a significant increase of 8.19 percentage points compared to the same period last year [1]. - The company's domestic business has shown remarkable growth, with domestic revenue increasing by 23.45% to 617 million yuan, accounting for 31.55% of total revenue, up 2.39 percentage points year-on-year [1]. - The gross margin for the pet staple food business improved significantly, reaching 35.84%, an increase of 8.18 percentage points year-on-year, contributing to the notable profit growth in the first half of 2024 [1]. - The pet food industry is expected to maintain rapid growth, with projected compound annual growth rates of 17% for pet staple food, 15% for pet nutrition products, and 25% for pet snacks by 2026, as per Deloitte's report [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of approximately 1.956 billion yuan, a year-on-year increase of 14.08%. The net profit attributable to shareholders was about 142 million yuan, reflecting a 48.11% increase [1]. - The gross margin for the pet staple food business was 35.84%, up 8.18 percentage points year-on-year, supporting significant profit growth [1]. Market Strategy - The company has implemented a brand marketing strategy that has supported rapid growth in its pet food business. It focuses on three core self-owned brands: "Wanpy," "Zeal," and "Toptrees" [1]. - The company has increased its marketing expenditure by 40.80% year-on-year to 219 million yuan, enhancing brand visibility and market penetration across various channels, including online platforms and supermarkets [1]. Industry Outlook - The pet food sector is anticipated to continue its high-speed growth trajectory, with significant market opportunities driven by evolving consumer preferences and increased spending on pet care [1].