CITI Com 电子行业研究方法 中信证券研究部 梁骏 2010.08 半导体行业产品分类 | --- | --- | --- | --- | --- | --- | |----------|----------------------------|------------|------------------|----------------------------------|--------------| | | 分类 | 子类 | 二级子类 | 代表公司 | 代码 | | 分立器件 | 三极管二, 二饮昌 功率器件 | | | International RectifierFairchild | IRFFCS | | | 光电器件 | | | On Semiconductor | ONNN | | | | 1.微处理器 | MPU/MCU/DSP | IntelAMD | INTCAMD | | | | 2.存储器 | DRAMFLASH | MicronSanDisk | MUSNDK | | | a .数字电路 | | 手机Baseband | TIQualcomm | TXNQCOM | | ...

Industry Overview - The textile and apparel industry is divided into two main segments: **processing and manufacturing** (focused on export markets, with core elements being equipment, technology, cost, and scale) and **brand retail** (focused on domestic markets, with core elements being design, brand, channels, and supply chain) [6] - The industry is transitioning from a **manufacturing-driven model** to a **brand-retail-driven model**, with the latter generally offering higher profitability [61] Processing and Manufacturing Segment - **Textile fibers** are categorized into natural fibers (e.g., cotton, wool) and chemical fibers (e.g., polyester, nylon) [11][15] - Key manufacturing processes include **weaving**, **knitting**, and **non-woven fabric production** [16] - Major companies in this segment include **Weiqiao Textile**, **Huafang Textile**, and **Luthai Textile**, which specialize in cotton spinning, dyeing, and integrated production [19][20] - The segment is characterized by **overcapacity**, with long-term supply exceeding demand, and production is heavily influenced by global GDP and import market dynamics [32][28] Brand Retail Segment - The **domestic retail market** is driven by factors such as **replacement demand** (64%), **relocation purchases** (22%), and **wedding-related purchases** (8%) [53][54] - Companies are shifting from **traditional wholesale models** to **direct retail models**, with a focus on **channel control** and **brand diversification** [49][47] - Key performance indicators include **average selling price (ASP)**, **store expansion**, **same-store sales growth**, and **inventory turnover** [58] Valuation and Investment Strategy - Valuation methods include **PE**, **PEG**, **PB**, **PS**, **DCF**, and **sum-of-the-parts (SOTP)**, with different methods suited to different types of companies (e.g., PE for stable profit companies, PB for asset-heavy manufacturers) [60] - The **processing and manufacturing segment** is recommended for companies with **low valuations**, **potential earnings surprises**, and **catalysts** such as **Weixing股份**, **Hangmin股份**, and **Jiangnan High Fiber** [65] - The **brand retail segment** is recommended for **stable performers** like **Septwolves** and **Saint Angelo**, with **Meibang Apparel** noted for potential operational improvements [65] Market Dynamics - China's textile and apparel exports account for **35% of global exports**, with significant market shares in the EU (42%), the US (37%), and Japan (84%) [27] - Despite a weakening **price advantage**, China maintains strong competitiveness due to **ample production capacity** and **comprehensive supply chain support** [30]

CITI Comm 房地产行业研究方法 中信证券研究部 陈聪 分布阿简介 -陈聪 ▷ 中信证券房地产行业首席分析师。 ▷ 剑桥大学城市规划硕士，南开大学金融学学士。 > 毕业后曾于戴德梁行从事物业整栋收购， 2007年初进入中信证券研究。 ▷ 2009年新财富房地产行业最佳分析师第二名。 > 2009年证券市场周刊"水晶球奖"房地产行业最佳分 析 师第一名。 GITI ( 199 2 目录 内 容 ▪ 第一章 估值方法和个股选择 行业生态和周期判断 ■ 第二章 CITISE 3 一、估值方法和个股选择 CITIGE 4 1.1倍值理论 相对金面的等式模型 融资性 企业报表上所反映的现金及 现金 愤务 银行存款。 非核心 非核心资产通常为企业非主 ✦ 营业务的资产，如长期股权 资产 优先股股权 投资、其他长期资产等。 期权 少数股权 企业价值是指公司核心资产 企业价值 运营产生的价值。 股东权益 企业的融资性债务（如银行借款、 金融负债、关联方资金占用等）， 包括短期与长期融资性债务；企业 的经营性负债（如应付往来敦项等） 不属于此范畴。 融资性债务的判断标准，是否承担 利息 • 债务净额 = 融资性债务 – ...

CITI Comm 电力行业研究方法 中信证券研究部 杨治山 中信远券：电力行业研究团队 ■ 杨治山 ▪ 中信证券：电力及公用事业首席分析师。 ▪ 复旦大学经济学硕士。97.6-04.8，南方证券研究所电力、煤炭行 业分析师，后期担任行业研究部经理，04.8-06.6，国信证券电力 行业首席分析师、研究联席主管；06.7加盟中信证券至今。 ▪ 证券从业13年，是迄今从业时间最长的电力及公用事业分析师。 ▪ 《新财富》杂志05～07年最佳分析师第二名，08、09年第一名。 ▪ 粤电力（000539）、漳泽电力（000767）独立董事。 ■ 吴 非 ■ 中信证券：电力行业高级分析师。 ▪ 上海交通大学热能工程、金融学双学位，上海财经大学金融学硕 士。01.7-02.7: 华北电科院助理工程师；04.11-06.6: 国信证券 电力行业分析师。06.6加盟中信证券研究部至今。 ▪ 《新财富》杂志05～07年最佳分析师第二名，08、09年第一名。 CITI COE 2 目录 ▪ 行业部分 ▪ 公司部分 ▪ 卖方报告阅读要点 ▪ 换个角度看电力 CITISE 3 行业部分 CITIGE 4 1、产品特点 ■ 同质性：产 ...

2024年上半年美国经济温和降温，美联储何时打响降息"第一枪"成为博弈重点，在此期间美国 通胀先强后弱的表现使市场对美联储降息预期出现"两段式"定价，10年美债收益率自年初的 3.9%一度升至4.7%以上的水平，随后震荡回落至4.3%左右。 回顾2024年上半年，居民消费以及财政支出对美国经济的支撑力度均有所减弱，不过在私人投 资的对冲下美国经济温和降温，并未有明显失速的迹象。2023年美国居民和政府部门在消费和 投资等领域的发力使得美国经济呈现出超预期韧性,而随着居民商品消费以及财政支出力度的减 弱，2024年一季度美国GDP环比折年率由2023年四季度的3.4%回落至1.4%。不过受住房和 知识产权投资的支撑，美国一季度私人投资环比折年率回升至4.4%，部分对冲了消费及财政支 出降温对经济的负面影响，因此整体来看美国经济目前仍是温和降温。 美国:零售和食品服务销售额:总计:季调:同比 美国:个人可支配收入:不变价:季调:折年数:同比 15 10 5 0 -5 -10 -15 500500 5005008 5000000 2015-01 2015-08 2016-10 2017-05 2017-12 201 ...

Index Strategy Overview - The Global Multi-asset Balancing Allocation Index (GMBA) includes domestic stock indices, long-term interest rate bonds, commodity futures, as well as foreign stock indices, bond assets, and commodity futures[18] - The index achieves diversification through both country and strategy dispersion, with equal weights assigned to foreign and domestic strategy indices, and further equal weighting within domestic strategies (CMAM and CMABC)[22] - The index is rebalanced monthly, with weights of 50% for foreign strategy indices, 25% for CMAM, and 25% for CMABC[22] Performance Metrics - The global diversified balanced strategy index has an annualized return of 5.09% and an annualized volatility of 2.73% since its base date of January 5, 2015, with a maximum drawdown of -5.44%[3] - The index achieved an absolute return of 3.78% year-to-date as of June 30, 2024, with a maximum drawdown of -0.87% during the period[3] Risk Management - The foreign strategy index is constructed with multiple sub-strategies, with equal-weighted allocation to foreign assets each month, targeting a volatility of 4.5% and a leverage cap of 250%[10] - The index aims to reduce strategy resonance risk through country and strategy diversification[12] Accessibility - The GMBA index can be queried through the Wind terminal with the code GMBA.WI, and will be available on other financial terminals in the future[16]