¼d 源达 证券研究报告/投资策略 机构调研策略周报(20240722-20240726) 主要内容 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有澜起科技、水晶光电和心脉医疗等， 近7天机构调研数前二十的热门公司有奇安信-U、天奈科技和博众精工等。上 述公司中机构评级家数大于或等于10家的公司合计有20家。20家公司中有11 家公司已发布2024年半年度业绩预告，其中2024年半年度归母净利润出现正 增长的公司有澜起科技、水晶光电、心脉医疗、晶晨股份、兆驰股份、中际旭 创、明阳电气、广电计量和明泰铝业。 近一月来外资机构调研次数较多的公司有华测检测、比亚迪和埃斯顿等。其 中和内资机构调研热度重合度高的公司有中际旭创和心脉医疗等。 ➢ 投资建议 建议关注机构调研热度高且业绩表现较佳的公司： 1）澜起科技：公司是内存接口芯片领军企业，并和三星、海力士和美光等全 球头部存储厂商建立了稳定合作关系，未来有望受益存储行业复苏。 2）水晶光电：公司深耕光学领域二十多年，已构成具备长期增长力的多元化 布局，有望受益消费电子和汽车电子行业发展机遇。 3）心脉医疗：公司是港股公司微创医疗的控股子公司，主要负责 ...

Group 1 - The report highlights the implementation of employee stock ownership plans and equity incentives across various companies, indicating a trend towards aligning employee interests with company performance [2][4][6] - Specific companies such as SANY Heavy Industry (600031.SH) and BYD (002594.SZ) have initiated significant stock repurchase and cancellation plans, reflecting their commitment to enhancing shareholder value [2][4] - The report notes that companies like China Railway (601390.SH) and Oriental Yuhong (002271.SZ) have completed equity incentive cancellations, which may impact their future stock performance and investor sentiment [2][4][6] Group 2 - The analysis includes a detailed breakdown of stock incentive plans, with companies like Jinke Property (000656.SZ) and TCL Zhonghuan (002129.SZ) implementing substantial employee stock ownership plans [2][4][6] - The report emphasizes the importance of these initiatives in fostering a motivated workforce and potentially improving operational efficiency within the companies [2][4] - It also points out that the overall market response to these equity incentive measures has been positive, suggesting investor confidence in the strategic direction of these firms [2][4][6]

Investment Rating - The report gives an investment rating of "Positive" for the PCB industry [5]. Core Insights - The global PCB industry is expected to recover, driven primarily by demand from the server and automotive electronics sectors. The projected market value for 2024 is approximately $73 billion globally and $39.3 billion in China, representing year-on-year growth of about 5.0% and 4.1% respectively [2][9]. - High-performance electronic products are driving the demand for high-end PCB products, particularly HDI boards and packaging substrates, which are increasingly used in high-end consumer electronics, servers, and chips [3][13]. - The rapid development of the artificial intelligence (AI) industry is a major driver for the recovery of the PCB industry, with significant growth expected in AI server shipments [4][17]. Summary by Sections 1. Global PCB Industry Recovery - The global PCB industry is projected to rebound in 2024 after a decline in 2023 due to macroeconomic factors and poor electronic industry performance. The estimated market value for 2023 was around $69.5 billion, down approximately 15.0% year-on-year [9][10]. 2. Demand for High-End PCB Products - The demand for high-end PCB products is increasing due to the growth of high-performance electronic products. The market share of HDI boards and packaging substrates is expected to rise, driven by the need for higher integration and complexity in PCB products [3][15]. 3. AI Industry as a Key Driver - The AI industry's rapid growth is expected to significantly boost the demand for PCBs, particularly with the anticipated increase in AI server shipments, which are projected to reach 72.5 thousand units for standard AI servers and 54.3 thousand units for high-end AI servers in 2024 [4][17]. 4. Domestic PCB Manufacturers' Competitive Position - Domestic PCB manufacturers are becoming increasingly competitive on a global scale, with companies like Shenzhen South Circuit Technology, Huada Empyrean, and others actively expanding their high-end production capacity [19][20]. 5. Key Companies to Watch - The report highlights several key companies in the PCB sector, including Shenzhen South Circuit Technology, Huada Empyrean, Shengyi Technology, and Dongshan Precision, all of which are expected to benefit from the industry's recovery and growth opportunities [5][28].

证券研究报告/公司研究 旗下品牌矩阵多元化,大单品表现亮眼 ——珀莱雅(603605)深度报告 投资要点 ➢ 旗下品牌产品矩阵丰富,满足不同消费者需求 珀莱雅于2003年成立,2017年A股上市,经过多年经营,成长为国货美妆龙头公司,旗下拥有 "珀莱雅"、"彩棠"、"Off&Relax"、"悦芙媞"、"CORRECTORS"、"INSBAHA 原 色波塔"、"优资莱"、"韩雅"等品牌,产品覆盖大众精致护肤、彩妆、洗护、高功效护肤 等领域,公司致力于向不同年龄段、不同收入区间、不同肌肤类型的客户提供符合她们需求的 产品,提升市场竞争力。 ➢ 公司表现持续超预期,营业收入&归母净利润均呈双位数增长 公司2023&2024一季度业绩均超预期,公司线上销售规模不断扩大,带动总营业收入增长,其 中,线上直营渠道增长显著。公司营业收入从2019年的31.24亿元增长至2023年的88.90亿元, 复合增长率为29.94%。公司归母净利润从2019年的3.93亿元增长至2023年的11.94亿元,复合 增长率为32.05%。2024Q1公司分别实现营业收入、归母净利润21.82/3.03亿元,同比增长 34.56%/45. ...

伴随数字金融政策的不断出台，金融大模型的不断丰富完善，金融数字应用 场景的不断落地和数字金融基础设施的不断升级，中国数字金融及数字经济 正在呈现加速发展的趋势。因此我们认为具备充足产业数字化数据、拥有AI 技术应用经验和众多潜在应用场景的相关企业将深度受益于数字金融及数字 经济的发展。建议关注数字金融、数字经济相关行业的投资机会及河北经济 高质量发展的投资机会。 政策落地不及预期风险；数字化进程不及预期风险；市场竞争加剧风险。 投资评级: 看好 分析师：吴起涤 执业登记编号：A0190523020001 wuqidi@yd.com.cn 3、深度绑定数字经济，释放数字金融价值 数字经济占 GDP 的比重越来越高，对中国经济的作用与影响逐渐加深。中国数字经济快速发展为金融科技 的创新和应用提供了发展空间与新的需求。为满足数字经济的发展需要，金融业的数字化转型刻不容缓，数 字金融是产业数字化的重要构成部分，将有力推动数字经济的持续发展，实体经济对金融科技的依赖也将 逐渐加深。金融科技将深度绑定数字经济并为数字经济赋能，推动数实共生、数实融合发展。 7d 源达 数字金融通过广泛应用大数据、人工智能、云计算、区块链等 ...

7d 源达 证券研究报告/投资策略 | --- | --- | |----------------------------------------------------|-------------------------| | | 报告日期:2024年07月19日 | | 上半年我国 GDP 同比增长 5%，二十届三中全会胜利召开 | | | | | | 宏观策略周报 | | 投资要点 1. 7月15日，国家统计局发布数据，初步核算，上半年我国国内生产总值616,836亿元，按 不变价格计算，同比增长5.0%。国民经济延续恢复向好态势，运行总体平稳、稳中有进。 分产业看，第一产业增加值30,660亿元，同比增长3.5%；第二产业增加值236,530亿元， 增长5.8%;第三产业增加值349,646亿元,增长4.6%。分季度看,一季度国内生产总值同 比增长5.3%，二季度增长4.7%。从环比看，二季度国内生产总值增长0.7%。 分析师:刘丽影 执业登记编号: A0190519050001 liuliying@yd.com.cn > 资讯要闻 2.7月15日至月18日，中国共产党第二十届中央委员会第三次全体会议 ...

A、首先要在国内站稳脚跟，公司也在实时关注海外走向。目前海外市场还处在初期投入 阶段，公司在密切关注。预计公司 2025 年会有所尝试，2026 有实质性动作，2027 年是 国内站稳脚跟+海外大规模出货元年。 A、推测 2025 年全年整体大盘会稳住，影响会持续到 2026 年上半年，用户需要适应期， 但对公司来说是机遇期。 A、重量如果不放开（1）电自，传统品牌可能会进入阵痛期，做价格竞争。但公司用户相 对年轻，对产品需求和理解更深，电自市场会更有优势；（2）电摩，部分地区放开电轻 摩限制。电摩/电轻摩对产品要求更高，公司综合竞争力还会有所增强。 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 1 月 1 日至 7 月 19 日，发布增持计划公告的公司共计 1146 家，其中，评级机构 家数大于 10 家（含 10 家）的有 60 家，详情见下表： 7d 源达 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-----------------------|-------------------|-----------------------|-------------------------------|------------------------|------------------------|----------------------------------------|----------------------------------------| | 序 号 | 证券代码 | 证券简称 | 首次公告日 期 | 增持股东身份 | 增持金 额下限 （亿元） | 增持金 额上限 （亿元） | 增持金 额下限 占公告 日市值 比例 （%） | 增持金 额上限 占公告 日市值 比例 （%） | ...

Core Viewpoints - The report highlights the rapid development of the "Vehicle-Road-Cloud Integration" system in China, which leverages advanced information and communication technologies to integrate humans, vehicles, roads, and cloud systems This system aims to enhance the safety, efficiency, and comfort of intelligent connected vehicles and transportation systems [1][9] - China's infrastructure advantages, such as its extensive 5G network, IoT, and smart transportation systems, along with the world's largest highway network, position the country to lead in the development of vehicle-road-cloud integration [1][36] - The report emphasizes that vehicle-road-cloud integration is a strategic solution for China's smart transportation, addressing the limitations of single-vehicle intelligence and reducing the complexity and cost of autonomous driving [1][9][33] Vehicle-Road-Cloud Integration: China's Smart Transportation Solution - Vehicle-road-cloud integration enables data interconnection between humans, vehicles, roads, and cloud systems, creating a unified information-physical system that enhances traffic safety, efficiency, and comfort [1][9] - The system consists of vehicles, roadside infrastructure, cloud control platforms, and communication networks, which work together to collect, process, and share real-time traffic data [24][25][26] - Traditional advanced driver-assistance systems (ADAS) have limitations, especially for higher levels of autonomous driving (L3 and above), where AI-based algorithms are needed to handle complex urban environments [29][33] - Vehicle-road-cloud integration addresses the limitations of single-vehicle intelligence by enabling real-time information exchange through V2V, V2I, V2N, and V2P communications, reducing blind spots and improving safety [33] Policy Support and Industry Development - China has introduced multiple policies to support the development of intelligent connected vehicles, with vehicle-road-cloud integration being a key strategic focus [2][37] - As of June 2024, China has established 17 national intelligent connected vehicle test zones, 7 vehicle networking pilot zones, and 16 "dual-intelligence" pilot cities, with over 32,000 kilometers of open test roads and more than 8,700 roadside units (RSUs) deployed [2][61] - The industry is expected to grow rapidly, with the total output value of the vehicle-road-cloud integration industry projected to reach 7295 billion yuan by 2025 and 25825 billion yuan by 2030, with a CAGR of 288% from 2026 to 2030 [18][64] Investment Recommendations - The report recommends focusing on companies such as **Wanji Technology**, **Qianfang Technology**, and **Tongxingbao**, which are actively involved in the development of vehicle-road-cloud integration technologies [4][67][70][90] - Wanji Technology is investing in vehicle-road-cloud integration, developing technologies such as vehicle-mounted LiDAR, V2X communication terminals, and intelligent roadside perception systems [87] - Qianfang Technology is a leading provider of digital solutions for the transportation industry, leveraging AI and IoT to enhance traffic management and safety [90] - Tongxingbao is the exclusive ETC service provider in Jiangsu Province, offering smart transportation platform solutions and leveraging its data capabilities to support the development of intelligent transportation systems [93]

证券研究报告/投资策略 ➢ 机构调研热门公司梳理 研究助理：程治 执业登记编号：A0190123070008 chengzhi@yd.com.cn 1）中控技术：公司是流程工业智能控制解决方案领域的领军供应商。公司多 项智能控制软件均在国内市场市占率保持多年第一。 5）九号公司：公司是智能短交通和服务机器人领域的领先企业，在智能服务 机器人领域发展多年，与公司智能短交通产品在底层技术上具有一定共通性。 沪深 300 指数走势图 主要内容 近一月来外资机构调研次数较多的公司有汇川技术、新天绿能和埃斯顿等。 其中和内资机构调研热度重合度高的公司有汇川技术、中控技术和华润微等。 建议关注机构调研热度高且业绩表现较佳的公司： 3）乐鑫科技：公司是全球物联网Wi-Fi MCU芯片的头部设计公司，根据公司 2023年年报信息，2022年全球出货量中公司居于首位。 风险提示 请阅读最后评级说明和重要声明 目录 表 1：近 30 天机构调研次数前二十公司排名（2024/06/12-2024/07/12） 表 9: 九号公司机构调研公告摘录 (2024/06/23) … 近 30 天机构调研数前二十的热门公司有中控技术、心脉医 ...