2024 年 07 月 27 日 公司点评 买入/维持 比亚迪(002594) 目标价: 昨收盘:254.95 双宋齐发，进入批量打造销冠爆款车型的比亚迪时刻 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/7/2723/10/8 23/12/2024/3/224/5/1424/7/26 比亚迪 沪深300 ◼ 股票数据 相关研究报告 证券分析师：刘虹辰 电话： E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：近日，比亚迪宋 L DM-i 及 2025 款宋 PLUS DM-i 两款新品上 市发布会在河南开封举行。两款车型是比亚迪首搭第五代 DM 技术的 SUV 车型， NEDC 百公里亏电油耗 3.9L，综合续航达 1500KM 以上。开创了 SUV 油耗 3 时代，为新能源 SUV 车型树立了新的油耗和续航标杆。 第五代 DM 技术创新三大架构打造全球领先插混系统。第五代 DM 技 术通过一系列技术创新，实现了 46.06%的发动机热效率、2.9 升的百公里 亏电油耗和 2100 公里的综合续航，刷新了汽车能效记录。EHS ...

2024–07–28 行业周报 看好/维持 农林牧渔 农林牧渔 周报（第 30 期）：猪价上涨，养殖盈利高涨，重视板块的投资机会 ■ 大学对比 | --- | |-------------| | 于什业并被 | | 动争保健 II | 妈养 非常生 舟点点 推荐公司及详紙■ 天底生物 (002100) 科育生物 (688526) 点人神 (002567) 相关研究机卡: 《周报（穿 29 剪） 奇 盈利&低估 值，查視养殖板块的投资机会》- 2024/7/22 《周报（穿 28 病） 养疼业有望持 续商盈利，查视希殖板块的投资机 会》-2024/7/15 《周报（穿 27 剪） 养将业持续高 盈利，查視券殖板块的投资机会》 −2024/7/7 迁移分析师：任职务 电话：010-88321761 E-MAIL： chengxd@@@yzq.com 执业资格证书编码：S1190511050002 一、市场官网 农业泰属大市调整，途业进市上旅。1、上周，中方农业招致下跌 4. 44%，同期，上证综程下跌 3. 06%，深成租下跌 3. 43%，农业核块 整体表現爭追于大市。2、編分未看，六大二级子行业稻数多数下 跌 ...

N :年山美 IFIC SECURITIES 汽车行业 深度 | 汽车以旧换新办力开启新一轮板块行情 大学心教 报告摘要 2024-07-28 行业深度研究 看好 / 维持 汽车 求綠 港海教育四今震冷冷冷防 ■ 才什业开展 神关研究教育 证券分析师：对北京 电话：010-88321818 E-Mail: liuho@tpyzq.com 执业资格证咨询今：$1190524010002 汽车以旧装新会商加力补贴。国家发展改革委、财政部联合印发了 《关于か力支持大规模设备更新和消费品以旧装新的若千搭能》，和较于 4 月出台的《汽车以旧技新补贴实施购到》，此次食用本価幅，报废支新 补贴标准由购买新能源来用车补1 万元、塔油条用车补 7000 无，分别装 奇圣 2 万元秒 1.5 万元。真周本新增，摄度并更新的重符合条件的贷丰/ 无损疫卫支新，手均等辆车分别补贴 8 万元/3.5 万元：支新车龄 8 年及 以上的新能涨公交车及助力屯池, 千均等辆车补贴 6 万元。中央财政办办， 支持竞金失地分披比例总体从原来的6:4 调整为 9:1。据中汽中心，目前 表面面三及以下条周季保有至 1600 万辆，季龄 15 年以上的达 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][59]. Core Viewpoints - The company is backed by the State Energy Group, which is expected to continuously inject wind power assets, leading to sustained high growth in installed capacity [3][12]. - The acceleration of green certificate trading policies is anticipated to enhance the unit revenue through increased green premiums [3][37]. - The company is projected to achieve significant revenue and profit growth over the next three years, with expected revenues of CNY 399.29 billion, CNY 451.75 billion, and CNY 495.70 billion for 2024, 2025, and 2026 respectively [3][59]. Summary by Sections 1. Company Overview - The company is a leading player in wind power, having developed over 10GW of wind power capacity since 2012. It has a strong background in self-development, construction, and operation of renewable energy projects [9][14]. - The company’s controlling shareholder, the State Energy Group, has committed to injecting wind power assets, which will enhance the company's asset base [12][14]. 2. Market Dynamics - The market for renewable energy is shifting towards increased market-based trading, with a significant portion of renewable energy expected to participate in market transactions [33][37]. - The average on-grid electricity price for wind power is under pressure due to the increase in market-based trading and the rise of parity projects [33][37]. 3. Financial Projections - The company’s revenue is expected to grow at rates of 6.08%, 13.14%, and 9.51% for the years 2024, 2025, and 2026 respectively, with net profits projected to grow by 20.46%, 11.64%, and 7.80% in the same years [3][59]. - The earnings per share (EPS) are forecasted to be CNY 0.90, CNY 1.01, and CNY 1.08 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 19.40, 17.38, and 16.12 [3][59]. 4. Operational Efficiency - The company has a competitive edge in wind power utilization hours, with an average of 640 hours compared to the industry average of 596 hours [44]. - The company plans to enhance its operational efficiency by upgrading older wind turbines, which will reduce operational costs and increase capacity [44][45]. 5. Renewable Energy Growth - The company’s installed capacity is expected to grow significantly, with projections of 9.5GW, 11.5GW, and 13.5GW of new installations for 2024, 2025, and 2026 respectively [59]. - The company’s solar power segment is also expected to see high growth, with new installations projected to reach 4-5GW in 2024 [49].

2024 年 07 月 28 日 行业周报 看好/维持 生物医药Ⅱ 医药 2024 年 ESMO：中国超过 30 项研究闪耀巴塞罗那 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/2823/10/8 23/12/1924/2/2924/5/1124/7/22 医药 沪深300 报告摘要 本周我们讨论即将在 2024 年 ESMO 亮相的中国报告。 2024 年 ESMO 大会（ESMO Congress）将于欧洲当地时间 9 月 13 日至 17 日在西班牙巴塞罗那以线上结合线下的形式举行。 本次会议旨在传播肿瘤学领域前沿研究进展，为全球的肿瘤学者、 肿瘤医生等相关医疗卫生工作者提供高水平的医学教育与良好的学术 交流机会。 ESMO 官方网站已正式公布本届年会的摘要题目及作者信息 （LBA 标题将于 8 月底对外公布）。在优选论文专场（Proffered Paper session）和简短口头摘要专场（Mini Oral session）中，32 位中国专家 将展示其针对 10 个不同瘤种，涵盖肺癌、乳腺癌、泌尿生殖系统肿 瘤、中枢神经系统肿瘤、妇科肿瘤、头颈部肿瘤、血液 ...

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly in the gaming sector, which is rated as "optimistic" [3]. Core Insights - The report highlights the ongoing advancements in AI models by major overseas companies, noting that Meta released the open-source model Llama 3.1 with 405 billion parameters, and OpenAI introduced the SearchGPT prototype [3]. - The report emphasizes the narrowing gap between open-source and closed-source models, suggesting that leading companies are enhancing application functionalities, which is expected to drive AI application development [3]. - The domestic gaming market showed a revenue of 147.27 billion yuan in the first half of 2024, reflecting a year-on-year growth of 2.08% [3]. Summary by Sections 1. Industry Performance Overview - The report notes that the Shanghai Composite Index and the media index experienced declines of -3.07% and -1.50% respectively in the last week [8]. - The top-performing stocks in the media and internet sector included Qitian Technology and Zitian Technology, with weekly gains of 22.63% and 20.98% respectively [9]. 2. Industry Operating Data 2.1 Gaming - The domestic gaming market generated a revenue of 147.27 billion yuan in the first half of 2024, with mobile and client games contributing 107.52 billion yuan and 33.76 billion yuan respectively [3]. - The iOS best-selling games as of July 27, 2024, included "Dungeon & Fighter: Origin," "Honor of Kings," and "Peacekeeper Elite" [12]. 2.2 AI - In June 2024, the global AI product access rankings were led by ChatGPT with 2.95 billion visits, followed by New Bing and Canva Text to Image [20][21]. - The domestic AI product access rankings were topped by Baidu Wenku AI features with 6.063 million visits, reflecting a growth of 71.18% [24]. 2.3 Film - The total box office for domestic films in 2024 reached 28.7 billion yuan, with a daily box office of 302 million yuan on July 27, 2024 [25][26]. 2.4 Television - The CSM data indicated that the top-rated TV dramas on July 25, 2024, were "You Are More Beautiful Than the Stars," "Lonely War in the City," and "Sky Eagle" [28]. 2.5 Variety Shows - The top variety shows as of July 26, 2024, included "Singer 2024," "Wonderful Night," and "Chinese Restaurant Season 8" [33]. 2.6 Channels - The MAU for major video platforms in May 2023 were reported as follows: iQIYI (58.783 million), Tencent Video (42.742 million), Youku (17.375 million), and Mango TV (32.953 million) [35]. 2.7 Live E-commerce - The top three sales rankings for Douyin live streamers from July 15 to July 21 were led by Yunshang Jewelry, Yuhui Tongxing, and Xinjiang Hetian Jade [39].

2024 年 07 月 26 日 行业周报 看好/维持 医药 艾伯维双抗创新药在华启动 3 期临床，针对血液癌 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/2523/10/6 23/12/1824/2/2924/5/1224/7/24 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 中性 其 他 医 药 医 疗 中性 ◼ 推荐公司及评级 相关研究报告 <>-- 2024-07-25 <>--2024-07-25 <>--2024-07-25 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 市场表现： 2024 年 7 月 25 日，医药板块涨跌幅-0.12%，跑输沪深 300 指数 0.43pct，涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，医疗研 发外包(+1.21%)、医院(+0.99%)、疫苗（+0.86%）表现居前，血液制品( ...

2024 年 07 月 28 日 行业周报 看好/维持 家电 行 业 研 究 家电 家电以旧换新具体措施发布，中央财政支持下补贴比例提升至 15-20% ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/7/2723/10/8 23/12/2024/3/224/5/1424/7/26 家电 沪深300 ◼ 子行业评级 白色家电Ⅱ 无评级 黑色家电Ⅱ 无评级 小家电Ⅱ 无评级 无评级 照 明 电 工 及 其他 厨房电器Ⅱ 无评级 相关研究报告 <<中央财政直接安排资金支持，家电以 旧换新补贴比例由上轮 10%提升至 15- 20%>>--2024-07-26 <>--2024-07-25 <<荣泰健康：外销把握韩国基本盘+拓 展欧美东南亚潜力市场，内销按摩椅龙 头双品牌战略清晰>>--2024-07-18 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E ...

2024 年 07 月 27 日 行业周报 看好/维持 医药 医药 Transposon 小分子疗法即将展开三期临床，用于治疗 ALS ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/2623/10/7 23/12/1924/3/124/5/1324/7/25 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 中性 其 他 医 药 医 疗 中性 ◼ 推荐公司及评级 相关研究报告 <>-- 2024-07-25 <>--2024-07-25 <>--2024-07-25 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 市场表现： 2024 年 7 月 26 日，医药板块涨跌幅+0.16%，跑输沪深 300 指数 0.13pct，涨跌幅居申万 31 个子行业第 28 名。各医药子行业中，医药流 通(+0.96%)、医疗设备(+0.67%)、体外诊断（+0.3 ...

2024 年 07 月 25 日 行业点评 看好/维持 家电 中央财政直接安排资金支持，家电以旧换新补贴比例由上轮 10% 提升至 15-20% ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/7/2523/10/6 23/12/1824/2/2924/5/1224/7/24 家电 沪深300 ◼ 推荐公司及评级 美的集团 买入 海尔智家 买入 格力电器 买入 海信家电 买入 TCL 电子 买入 海信视像 买入 老板电器 买入 火星人 买入 相关研究报告 <>--2024-07-25 <<荣泰健康：外销把握韩国基本盘+ 拓展欧美东南亚潜力市场，内销按摩 椅龙头双品牌战略清晰>>--2024- 07-18 <>--2024- 07-16 证券分析师：孟昕 分析师登记编号：S1190524020001 研究助理：赵梦菲 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 一般证券业务登记编号：S1190124030010 事件：2024 年 7 月 25 日，国家发展改革委和财政部联合发布《关于 加力支持大规模设备更新和消费品以旧换新的若干措施》的通知，加力 ...