Investment Rating - The report assigns a "Buy" rating to Chongqing Beer (600132) with a target price of 71.00, compared to the last closing price of 60.65 [1]. Core Views - The company's performance met expectations, with a slight increase in sales in Q2. For H1 2024, the company achieved revenue of 8.861 billion yuan, a year-on-year increase of 4.18%, and a net profit attributable to shareholders of 900 million yuan, also up 4.19% year-on-year [2][4]. - In Q2 2024, the company reported revenue of 4.568 billion yuan, a year-on-year increase of 1.54%, but a net profit of 449 million yuan, which represents a decline of 5.99% year-on-year [2][4]. - The report highlights that the beer industry faced challenges in Q2 due to adverse weather conditions and a slowdown in the dining sector, leading to a 5.4% year-on-year decline in beer production among large enterprises in China [2][4]. Financial Summary - For H1 2024, the company sold 1.7838 million tons of beer at an average price of 4,834 yuan per ton, reflecting a year-on-year increase of 3.30% in sales volume and 0.25% in price [2][4]. - In Q2 2024, the sales volume was 917,000 tons with an average price of 4,848 yuan per ton, showing a year-on-year increase of 1.53% in volume but a decrease of 0.66% in price [2][4]. - The company's revenue from high-end, mainstream, and economy products for H1 2024 was 5.26 billion, 3.17 billion, and 190 million yuan, respectively, with year-on-year growth rates of 2.8%, 4.4%, and 11.4% [2][4]. Future Outlook - The report anticipates a revenue growth rate of 3% for 2024, 4% for 2025, and 3% for 2026, with net profit growth rates of 3%, 7%, and 7% for the same years [2][4]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 2.84, 3.03, and 3.25 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21x, 20x, and 19x [2][4].

行业深度研究报告 当金铜遇上降息，观一叶而知深秋 行业深度报告 证券研究报告 太平洋证券研究院 新能源团队 首席 刘强 执业资格证书登记编号：S1190522080001 分析师 梁必果 执业资格证书登记编号：S1190524010001 研究助理 钟欣材 一般证券业务登记编号：S1190122090007 2024年8月13日 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 行业深度研究报告 报告摘要 1、降息前后金价表现较好，铜价多以下跌为主。我们整理了过去30年美联储4次降息前后的金铜价格表现：（1）降息前 3月至降息期间，黄金多出现上涨；铜涨跌不一，更倾向于先跌后涨；（2）降息至降息后3月期间，黄金多继续上涨；铜 涨跌不一，更倾向于先涨后跌：（3）降息前3月至降息后3月期间，金价涨幅较为明显，铜价多以下跌为主。 2、降息周期中铜与经济呈现较强正相关性，本轮降息周期看好金价上涨趋势。在降息前后，铜价与美国经济呈现较强的 正相关性；金价的运行逻辑更为复杂，但多以上涨为主。本轮降息，黄金面临的宏观叙事为美元超发导致美元地位下降 带来的黄金估值的提升，我们坚定看好本轮降息中黄金价格上升趋势。 3、本 ...

Investment Rating - The industry is rated positively, with expectations of returns exceeding the market index (CSI 300) by more than 5% in the next six months [43]. Core Insights - Gold prices tend to perform well before and after interest rate cuts, while copper prices generally decline [3][9]. - The current interest rate cut cycle shows a strong positive correlation between copper prices and the economy, with a bullish outlook for gold prices due to macroeconomic factors [25][28]. - The macroeconomic environment of the current rate cut cycle is more similar to that of 2019, suggesting a high probability of a "soft landing" for the economy [28]. - The tight supply of copper concentrate remains unchanged, supported by demand from both traditional and emerging sectors [33]. Summary by Sections Section 1: Price Performance Analysis - Historical analysis shows that gold prices typically rise before and during interest rate cuts, while copper prices exhibit mixed performance [3][10]. - In the 1995 rate cut cycle, gold prices were stable, and copper prices performed well, indicating a strong correlation with economic recovery [11]. - The 2001 rate cut cycle saw gold prices decline and copper prices weaken, reflecting a "hard landing" scenario [13]. - During the 2007 rate cut, gold prices increased while copper prices initially rose but later fell due to worsening economic conditions [15]. - The 2019 rate cut cycle resulted in rising gold prices and fluctuating copper prices, influenced by global economic concerns [18]. Section 2: Economic Correlation and Outlook - The current interest rate cut cycle shows a strong positive correlation between copper prices and the U.S. economy, with expectations of rising gold prices due to the depreciation of the dollar [25]. - The macroeconomic environment is similar to 2019, with a high likelihood of a "soft landing" as inflation decreases and unemployment rises [28]. Section 3: Supply and Demand Dynamics - The tight supply of copper concentrate is expected to persist, with both the U.S. and China in a replenishment cycle, supporting demand [33]. - China's investment in the power grid is projected to exceed 600 billion yuan in 2024, reflecting a 14% year-on-year increase, indicating strong demand resilience [33].

2024 年 08 月 14 日 行业周报 看好/维持 汽车 行 业 研 究 汽车 车路云：从招标到中标 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/8/7 23/10/1923/12/3124/3/1324/5/2524/8/6 汽车 沪深300 百度+四维图新中标北京车路云一体化项目。近日，根据北京市公共 资源交易服务平台招标公告，百度与四维图新旗下世纪高通联合中标北京 高级别自动驾驶示范区 3.0 扩区建设项目路侧智能感知设备-1 标段，中 标金额为 2.5 亿元。主要建设内容包括新建边缘计算节点 MEC 759 台， 毫米波雷达 1888 台，正向低时延摄像机 2617 台，反向低时延摄像机 2368 ◼ 子行业评级台，低时延鱼眼摄像机 2036 台，多合一补光灯 4642 台，一级补光标准频 ◼ 推荐公司及评级 闪灯 4642 台，智能终端 1271 台。交货期：合同签订后 30 日历天设备到 货，180 日历天完成最终验收工作。四维图新此次中标项目将围绕通州区 175 平方公里范围，针对 580 个路口部署智能化路侧系统，包括智能化感 知、传输、边缘计 ...

2024 年 08 月 14 日 公司点评 买入/上调 长白山(603099) 目标价: 昨收盘:21.59 进山客流大幅增长 景区接待能力持续改善 ◼ 走势比较 (20%) 22% 64% 106% 148% 190% 23/8/14 23/10/2624/1/724/3/2024/6/124/8/13 长白山 沪深300 事件：公司发布 2024 中报，上半年公司实现营业收入 2.54 亿元，同 比增长 51.73%；实现归母净利润 2,103.30 万元，同比增长 71.70%；实现 归母扣非净利润 2709.14 万元，同比增长 138.31%。 其中，Q2 公司实现营业收入 1.27 亿元，同比增长 29.02%；实现归母 净利润 1033.13 万元，同比下降 36.95%；实现归母扣非净利润 1548.06 万元，同比下降 2.09% 点评： 上半年长白山景区客流保持高增长。2024 年 1-7 月公司共接待游客 166.4 万人次，同比增长 28.5%。其中上半年公司共接待游客 108.64 万人 次，同比增长 64.13%。受到到台风天气影响，7 月 27 日-8 月 2 日公司景 区关闭， ...

Investment Rating - The report maintains a "Positive" rating for the automotive industry [4][18]. Core Insights - Baidu and Four-dimensional Map Technology won the bid for the Beijing Vehicle-Road Cloud Integration Project, with a contract amount of 250 million yuan. The project includes the construction of various intelligent sensing devices and edge computing nodes [1][16]. - The Vehicle-Road Cloud Integration project in Beijing has a total investment of 9.9 billion yuan, covering over 90% of traffic lights in the city, with plans to deploy intelligent roadside systems across 580 intersections [4][9]. - The report emphasizes the synergy between Robotaxi and the Vehicle-Road Cloud policies, highlighting their overlapping operational areas as a continuous catalyst for growth [18]. Summary by Sections Industry Investment Rating - The automotive industry is rated as "Positive" [4][18]. Recent Industry Developments - Baidu and Four-dimensional Map Technology won the bid for the Beijing Advanced Autonomous Driving Demonstration Zone 3.0 project, with a total bid amount of 250 million yuan [1][16]. - The project will deploy intelligent roadside systems over a 175 square kilometer area in Tongzhou District, targeting 580 intersections [1][17]. - The second bid segment was awarded to Zhongxin Kezhilian Technology with a bid amount of 261 million yuan, focusing on similar intelligent infrastructure [8][17]. Key Companies and Recommendations - Key companies highlighted include Huawei, BYD, and various automotive manufacturers such as Changan Automobile and BAIC Blue Valley [18]. - The report suggests that BYD will benefit significantly from the old-for-new vehicle replacement policy [18]. Market Performance Overview - The automotive sector has seen a decline, with the automotive index dropping 3.23% in the week of August 5-11, 2024, underperforming compared to the Shanghai Composite Index [20][21]. - The report notes that the current valuation of the automotive sector is at a low point, with a PE ratio of 18.09, below the median level of 20.75 [27]. Recent Policy and Regulatory Updates - The report discusses the acceleration of Vehicle-Road Cloud integration projects across various cities, including significant investments in Wuhan and Changchun [4][9]. - New policies are being introduced to support electric vehicle charging and promote the integration of electric vehicles with the power grid [32][33].

农林牧渔 行 业 研 究 报 告 [Table_Message]2024-08-12 行业周报 看好/维持 [Table_Title] 农林牧渔 周报（第 32 期）：猪价迭创新高，养殖盈利高涨，重视板块的投资机会 ◼ 走势对比 (20%) (14%) (8%) (2%) 3% 9% 22/12/2623/2/2623/4/2623/6/2623/8/2623/10/26 农林牧渔 沪深300 | --- | |----------------------------------| | [Table_IndustryList]◼ 子行业评级 | | 动物保健Ⅱ 看好 | | 饲料 看好 | | 养殖业 看好 | | | | --- | --- | |--------------------------------------|-------| | [Table_Company ◼ 推荐公司及评级Info] | | | 天康生物(002100) | 买入 | | 科前生物(688526) | 买入 | | 唐人神(002567) | 买入 | [Table_ReportInfo] 相关研究报告： 《周报（第 3 ...

2024 年 08 月 11 日 行业周报 看好/维持 化工新材料 基础化工 "硅岛"地震提升电子化学品关注度，新政策或拉动碳纤维需求 ◼ 走势比较 (40%) (32%) (24%) (16%) (8%) 0% 23/8/10 23/10/2224/1/324/3/1624/5/2824/8/9 基础化工 沪深300 相关研究报告 <<24H1 业绩符合预期，阿碱项目持续 放量>>--2024-08-08 <<24H1 主营业务盈利改善，持续聚焦 新材料>>--2024-08-08 <<维生素价格大幅上涨，麦芽酚新一 轮提价>>--2024-08-06 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 研究助理：周冰莹 E-MAIL：zhoubingying@tpyzq.com 一般证券业务登记编号：S1190123020025 研究助理：陈桉迪 E-MAIL：chenad@tpyzq.com 一般证券业务登记编号：S119012401 ...

公 司 研 究 | --- | |-------| | | | | | | | | | | 盐津铺子(002847) 目标价: 60 昨收盘:37.75 电商、零食量贩渠道红利延续，大单品打造初显成效 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 盐津铺子 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.74/2.74 总市值/流通(亿元) 103.58/103.58 12 个月内最高/最低价 (元) 84.55/35.53 相关研究报告 <<全渠道驱动核心品类扩张，一季度 延续高势能增长>>--2024-04-25 <<2023 年顺利收官，打造爆品全渠道 发力，2024Q1 利润超预期>>--2024- 03-29 <<盐津铺子：2023 年顺利收官，增长 势能有望延续>>--2024-01-16 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 事件：盐津铺子发布 2024 年半年报，2024H1 实现营收 24.5 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company has shown significant growth in visitor numbers, with a 28.5% year-on-year increase in total visitors from January to July 2024, reaching 1.664 million [1]. - The company reported a revenue of 254 million yuan for the first half of 2024, a 51.73% increase year-on-year, and a net profit attributable to shareholders of 21.03 million yuan, up 71.70% year-on-year [1]. - The report highlights improvements in gross margin and cost management, with an overall gross margin of 29.43% for the first half of 2024, an increase of 4.21 percentage points year-on-year [1]. Financial Summary - Revenue projections for the company are as follows: 620.43 million yuan in 2024, 752.04 million yuan in 2025, and 864.85 million yuan in 2026, with growth rates of 21.21%, 15.00%, and 21.27% respectively [3]. - Net profit attributable to shareholders is projected to be 138.06 million yuan in 2024, 177.47 million yuan in 2025, and 213.20 million yuan in 2026, with growth rates of 28.55%, 20.13%, and 25.33% respectively [3]. - Earnings per share (EPS) are expected to be 0.67 yuan in 2024, 0.80 yuan in 2025, and 1.00 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 32X, 27X, and 22X [1][3]. Operational Developments - The company has enhanced its transportation services by acquiring a local bus company and participating in ride-hailing operations, improving local transportation networks for visitors [1]. - A management agreement with the controlling shareholder for the Long White Mountain scenic area is expected to generate approximately 13.5 million yuan in revenue from 2024 to 2028 [1].