分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行医药行业领涨 A 股窄幅波动 ——市场分析 相关报告 《市场分析：汽车地产行业领涨 A 股小幅震 荡》 2024-08-09 《市场分析：证券消费行业领涨 A 股小幅震 荡》 2024-08-08 《市场分析：汽车通信行业领涨 A 股小幅上 扬》 2024-08-07 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 08 月 12 日 投资要点： ◼ A 股市场综述 周一（08 月 12 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2869 点附近遭遇阻力，午后股指震荡回落，盘中中药、 医疗器械、环保以及银行等行业表现较好；半导体、软件开发、房地产以 及汽车等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。创业板 市场周一震荡整固，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周一 A 股市场冲高遇阻、小幅震荡整理，早盘 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 业绩增长稳健，点位有序扩张，中期分红 回报股东 传媒 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-09) | --- | --- | |----------------------|---------------------------| | 收盘价(元) | 5.78 | | 一年内最高/最低 | 7.76/5.58 | | 沪深 300 指数 | 3,331.63 | | 市净率(倍) | 5.29 | | 流通市值(亿元) | 834.76 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 1.09 | | 每股经营现金流 | 0.20 | | (元) | | | 毛利率(%) | 65.13 | | 净资产收益率_摊 | 15.81 | | 薄(%) | | | 资产负债率(%) | 31.48 | | 总股本/流通股 | 1,444,219.97/1,444,219.97 | | (万股) | | | B 股/H 股(万股) | 0.00/0 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 半导体 沪深300 -32% -27% -22% -16% -11% -6% -1% 4% 2023.08 2023.12 2024.04 2024.08 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：全球科技巨头发力 AI， 加速 AI 终端变革》 2024-07-11 《半导体行业月报：大基金三期成立，关注 国产替代方向》 2024-06-11 《半导体行业月报：半导体行业 24Q1 复苏 趋势明显， 存储器板块业绩表现亮眼》 2024-05-13 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道 1788 号 16 楼 邮编： 200122 半导体 半导体出口管制或再加严，关注国产 替代方向 ——半导体行业月报 发布日期：2024 年 08 月 12 日 投资要点： 7 月国内半导体行业表现相对较强。2024 年 7 月国内半导体行业 （中信）上涨 5.30%，同期沪深 ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1]. Core Insights - The semiconductor industry has shown strong performance in July 2024, with a 5.30% increase in the domestic semiconductor sector, while the CSI 300 index decreased by 0.57% [2][11]. - Global semiconductor sales continued to grow year-on-year, with a 18.3% increase in June 2024, marking the eighth consecutive month of growth [3][18]. - The demand for consumer electronics is gradually recovering, with significant growth expected in AI smartphones and AI PCs [3][18]. - The semiconductor industry is entering a new upward cycle, driven by AI as a key growth driver [3]. Summary by Sections 1. Market Performance in July 2024 - The semiconductor industry (CITIC) rose by 5.30% in July, significantly outperforming the CSI 300 index [2][11]. - The integrated circuit sector increased by 3.99%, discrete devices by 10.46%, semiconductor materials by 3.88%, and semiconductor equipment by 9.25% [11]. 2. Global Semiconductor Sales Growth - In June 2024, global semiconductor sales reached approximately $50 billion, with a year-on-year growth of 18.3% and a month-on-month increase of 1.7% [18]. - The sales growth was driven by regions such as the Americas (42.8% growth) and China (21.6% growth), while Japan and Europe experienced declines [18][20]. 3. Demand Recovery and AI Influence - Consumer demand is gradually recovering, with global smartphone shipments in Q2 2024 increasing by 12% year-on-year [3]. - The AI smartphone market is expected to grow rapidly, with significant contributions from AI PCs as well [3][18]. 4. Inventory and Capacity Utilization - Some global chip manufacturers reported an increase in inventory levels, while domestic manufacturers saw a decrease in inventory levels [3]. - Wafer fab capacity utilization rates are expected to continue improving in the second half of 2024 [3]. 5. Price Trends in Memory Products - The prices of DRAM and NAND Flash products showed divergence in July 2024, but the overall trend remains upward [3][18]. 6. Semiconductor Equipment Sales - Global semiconductor equipment sales in Q1 2024 decreased by 2% year-on-year, while China's semiconductor equipment sales surged by 113% [3][18]. - The global semiconductor equipment market is projected to grow by 3.4% in 2024 and 17% in 2025 [3]. 7. Export Controls and Domestic Substitution - Japan has tightened export controls on semiconductor-related goods, accelerating the process of domestic substitution in China [4]. - Companies such as SMIC, Changdian Technology, and others are expected to benefit from this trend [4].

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 lily2@ccnew.com 021-50586278 证券研究报告-行业月报 同步大市(维持) 通信行业指数相对沪深 300 指数表现 通信 沪深300 -24% -20% -16% -13% -9% -5% -2% 2% 2023.08 2023.12 2024.04 2024.08 资料来源：聚源，中原证券研究所 相关报告 《通信行业月报：智能手机市场持续回暖，光 模块出口再创新高》 2024-07-09 《通信行业半年度策略：踏浪而行，AI 引领 产业新篇》 2024-06-30 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 运营商大数据业务快速增长，北美云厂商 资本开支展望乐观 ——通信行业月报 发布日期：2024 年 08 月 12 日 投资要点： ⚫ 通信行业北向资金持仓集中于光模块、电信运营及应用、线缆、通 信设备、物联网等板块。2024 年 7 月，通信行业北向资金持股市 值占流通市 ...

锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 销量同比增长但环比回落，短期仍谨慎 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2024 年 08 月 12 日 投资要点： 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业月报：销量高增长，短期谨慎 关注》 2024-07-11 《锂电池行业年度策略：业绩承压，分化持 续》 2024-06-26 《锂电池行业月报：销量持续高增长，短期 可关注》 2024-06-14 联系人：马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 7 月锂电池板块指数走势弱于沪深 300 指数。2024 年 7 月，锂电 池指数下跌 1.17%，新能源汽车指数下跌 1.04%，而同期沪深 300 指数下跌 1.11%，锂电池指数走势弱于沪深 300 指数。 7 月我国新能源汽车销售持续增长。2024 年 7 月，我国新能源汽车 销售 99.10 万辆，同比增长 27.05%，环 ...

行业周观点 中原证券行业周观点 —2024 年第二十九期：8 月 5 日-8 月 9 日 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -26% -23% -19% -15% -11% -8% -4% 0% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,862.19 | -0.27 | | 深证成指 | 8,393.70 | -0.62 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,331.63 | -0.34 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,174.60 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 上证指数 深证成指 -26% -23% -19% -15% -11% -8% -4% 0% 2023.08 2023.12 2024.04 2024.08 资料来源：聚源，中原证券研究所 国内市场表现 | --- | --- | --- | |--------------------------------|------------|-----------| | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 2,862.19 | -0.27 | | 深证成指 | 8,393.70 | -0.62 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,331.63 | -0.34 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,174.60 | -0.24 | | 中证 500 | ...

Investment Rating - The industry is rated as "outperforming the market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [17]. Core Insights - The A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 2887 points, while sectors such as real estate, automotive, consumer electronics, and electronic components performed well [4][5]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 12.26 times and 26.60 times, respectively, both below the median levels of the past three years, suggesting that the market is still undervalued and suitable for medium to long-term investments [5][16]. - The recent "New National Nine Articles" policy is expected to enhance market maturity and boost long-term confidence, alongside supportive macroeconomic policies aimed at stabilizing growth [5][16]. Summary by Sections A-share Market Overview - On August 9, the A-share market showed a slight upward trend before encountering resistance, with the Shanghai Composite Index closing at 2862.19 points, down 0.27% [8]. - The trading volume for the day was 566.1 billion yuan, which is below the median trading volume of the past three years [5][16]. Future Market Outlook and Investment Recommendations - The market is anticipated to maintain a fluctuating pattern, with a focus on sectors such as automotive, real estate, electronic components, and consumer electronics for short-term investment opportunities [5][16]. - The report emphasizes the need to closely monitor policy changes, funding conditions, and external factors that may impact market dynamics [5][16].