Investment Rating - The investment rating for the company is "Positive" [8] Core Views - The company's main business is recovering, with the state-owned controlling shareholder planning to fully subscribe to the private placement, demonstrating confidence in the company's future [2][7] - The textile and apparel professional market is experiencing a continuous recovery, and the company's business is achieving growth [6][15] - The company is focusing on traditional business development, leading to a sustained improvement in profitability [11][12] Summary by Sections 1. Focus on Traditional Business Development and Continuous Profitability Recovery - In H1 2024, the company achieved operating revenue of 356 million, a year-on-year decrease of 24.64%, while net profit attributable to shareholders was 73 million, a year-on-year increase of 61.79% [3][11] - The company is concentrating on its core business and reducing new retail operations, which impacted Q2 performance [11] 2. Deepening Professional Market Management and Commercial Retail Business - The professional market management business, which includes the Hangzhou and Nanjing wholesale markets, is the core business, accounting for over 60% of total revenue [15] - In H1 2024, the professional market management business generated revenue of 221 million, a year-on-year increase of 2.31%, with a gross margin of 78.55% [6][15] 3. State-Owned Controlling Shareholder Plans Full Subscription to Private Placement - The state-owned controlling shareholder, Yuanming Holdings, plans to raise 530 million for core business development, digital transformation, and hotel investment projects [17] 4. Comparable Company Valuation - The company's current valuation is at a reasonable level compared to peers, with a market cap of 2.695 billion and a projected PE ratio of 20.26 for 2024 [18]

Group 1: Key Insights - The People's Bank of China conducted a buyback of special government bonds worth 400 billion RMB, leading to a significant appreciation of the RMB, which rose nearly 300 basis points, surpassing the 7.1 mark against the USD [2][8] - Huawei reported a sales revenue of 417.5 billion RMB for the first half of 2024, representing a year-on-year growth of 34.3%, with a net profit margin of 13.2% [11][22] - The government is focusing on improving the market access system, emphasizing a negative list approach to clarify which industries are restricted or require permission for investment, aiming to enhance market entry efficiency and reduce barriers [9][10] Group 2: Market Overview - The domestic securities market showed mixed performance, with the Sci-Tech 100 index gaining the most at 3.1%, while the average daily trading volume was 604.28 billion RMB [2][19] - Among the Shenwan first-level industries, the media sector saw the highest increase of 4.4%, followed by power equipment and comprehensive sectors, both at 4.3% [16][18] - Tesla's global delivery volume reached 1,808,581 vehicles in 2023, a 38% increase from 2022, solidifying its position as the leading new energy vehicle manufacturer [11][12] Group 3: Investment Recommendations - Focus on high-dividend sectors such as banking and oil & petrochemicals, as well as industries with stable growth like electronics, automotive, and public utilities that may benefit from pricing mechanisms [3][21] - New productivity-related sectors such as artificial intelligence and low-altitude economy are highlighted as potential investment opportunities [3][21] - Long-term investment opportunities in gold are also suggested [3][21]

7d 源达 证券研究报告/行业研究 电动汽车领航，能源生态与人形机器人共筑未来 特斯拉研究之业务篇 投资要点 ＞ 特斯拉：电动汽车先锋，推动全球可持续能源变革 特斯拉 (Tesla) 是一家知名的电动汽车和清洁能源公司。公司宗旨是加速世界向可持续能 源的转变,从2006年至2023年,特斯拉合计发布了"秘密蓝图"的三个篇章,将公司发展 步调定义为：电动车平价化→清洁能源产品进一步普及→打造能源可持续和智能化世界。 > 汽车业务：打造全系列电动汽车产品矩阵，树立新能源汽车行业先锋形象 特斯拉开创全新品类且全球大单品模式，通过Roadster-Model S/X-Model 3/Y三代主力产 品逐步实现价格覆盖由高至低,囊括轿车/SUV两大主力品类,实现降本增效。此外，特斯 拉采用直营模式,消除中间环节,简化了购买流程,并且使得价格更加透明和公开，保持 品牌信息的一致性和控制力。2020年，特斯拉凭借4款爆款车型成为全球份额第一的新能 源车企。2023年，特斯拉的全球交付量达到了1.808,581辆，比2022年的1,310,048辆增长 了38%。根据特斯拉披露,2023 年特斯拉在中、美、欧的销量分别为60. ...

7d 源达 证券研究报告/投资策略 | --- | --- | |----------------------------------------------------------------------------|-------------------------| | | 报告日期:2024年08月23日 | | 住建部积极推进保交房工作，发改委印发《能源重点领域大规模设备更新实施方案》 | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1. 8月21日，国家发展改革委办公厅、国家能源局综合司印发《能源重点领域大规模设备 更新实施方案》的通知：目标到2027年，能源重点领域设备投资规模较2023年增长25%以 上，重点推动实施煤电机组节能改造、供热改造和灵活性改造"三改联动"，输配电、风 电、光伏、水电等领域实现设备更新和技术改造。 2. 8月23日，国务院新闻办公室举行"推动高质量发展"系列主题新闻发布会，住房和城 乡建设部副部长董建国今日在国新办新闻发布会上表示，对列入今年计划建设的项目,落 实好财税、土地、金融等支持政策，加快项目开工、建设进度，加强工程质量安全监管, 尽早开展配租、配售 ...

% 源达 沪深 300 与新质生产力指数 资料来源：wind，源达信息证券研究所 证券研究报告/行业研究 发展新质生产力，疏解北京非首都职能，推动京津冀一体化发展 ——雄安新区专题研究 投资要点 ➢ 多家央企总部入驻雄安，雄安新区中关村科技园初具规模 包含中国卫星网络集团有限公司、中国中化控股有限责任公司、中国华能集 团有限公司、中国矿产资源集团有限公司以及中国大唐集团有限公司在内的 五家央企总部落户雄安，为雄安新区的建设和发展起到强有力的支撑作用， 在政策引领下，未来或吸引更多大型央企入驻雄安。 雄安新区中关村科技园以空天信息、人工智能、智能硬件、科技服务为主导产 业，打造高端高新产业集聚地，已入驻70家与园区产业定位相匹配的企业， 其中包括天融信、利亚德等行业龙头企业，以及妙心生物、眼神科技等具有高 成长性的专精特新、高新技术企业。 ➢ 固定资产投资保持较高增速，雄安新区建设提速 2023年雄安新区固定资产投资增长16%，远高于河北6%的增速。当前启动区 重点市政基础设施基本建成，"三横四纵"骨干路网具备通车条件，雄商、雄 忻高铁等重大工程正在加快建设，入驻雄安的央企总部以及高校正在施工建 设，在庞大投资 ...

Key Points - The report highlights the systematic deployment of green transformation by the central government, aiming for significant progress in key areas by 2030 and establishing a green low-carbon circular economy by 2035 [1][4]. - The broad money supply (M2) reached 303.31 trillion yuan at the end of July, with a year-on-year growth of 6.3%, while the narrow money supply (M1) decreased by 6.6% [5][9]. - The total social financing stock was 395.72 trillion yuan at the end of July, showing a year-on-year increase of 8.2%, with RMB loans to the real economy growing by 8.3% [9][11]. - In July, the industrial added value above designated size grew by 5.1% year-on-year, with notable acceleration in equipment manufacturing and high-tech manufacturing sectors [12][15]. Investment Recommendations - Focus on high-dividend sectors such as banking and oil & petrochemicals [24]. - Industries with stable growth prospects include electronics, automotive, machinery, and home appliances, which are expected to benefit from large-scale equipment upgrades and consumer replacement [24]. - New productivity-related sectors such as artificial intelligence and low-altitude economy are recommended for investment [24]. - Long-term investment opportunities in gold are also suggested [24]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index increasing by 0.6% and the Shenzhen Component Index decreasing by 0.5% [20][21]. - The banking sector led the industry gains with a 2.7% increase, while the overall market trading volume averaged 5272.31 billion yuan [22][23].

Investment Rating - The investment rating for the industry is "Positive" [6] Core Insights - Liquid cooling technology has multiple parallel routes, and market applications are gradually maturing. The main types of liquid cooling technologies include immersion, spray, and cold plate cooling, with cold plate technology being the most mature and reliable [2][12] - The advantages of liquid cooling technology align with the trend of increasing computing power demands, particularly driven by artificial intelligence and digital economy transformations. Traditional air cooling can only meet a heat dissipation requirement of 2.7kW per cabinet, while liquid cooling can handle 2.7-30kW per cabinet, addressing the needs of high-density data centers [3][21] - National policies are encouraging the deployment of liquid cooling systems in data centers to improve energy efficiency. The PUE (Power Usage Effectiveness) of liquid cooling can be below 1.1, significantly better than the traditional air cooling's limit of 1.25 [4][29] - Domestic liquid cooling technology has matured, with companies like Invec and Sugon entering the global top 10. The global market for data center liquid cooling technology was approximately $1.982 billion in 2023, with a concentrated market share among leading companies [5][35] Summary by Sections Liquid Cooling Technology Maturity - Liquid cooling technology includes immersion, spray, and cold plate methods, with cold plate technology being the most developed and widely used [2][12] - Cold plate cooling offers high reliability and compatibility, while immersion cooling provides better energy efficiency but has higher maintenance costs [12][13] Energy Efficiency and Cooling Performance - Liquid cooling systems can achieve a PUE below 1.2, saving 30-50% of energy compared to traditional air cooling systems [18][19] - The cooling capacity of liquid cooling is significantly higher than that of air cooling, making it suitable for high-power servers [17][18] Market Expansion Driven by AI - The demand for AI infrastructure is driving the growth of liquid cooling technology, with expectations of a compound annual growth rate of 59% in the Chinese liquid cooling data center market over the next five years [26][21] - The global AI server shipment is expected to grow significantly, with a 490.5% increase in high-end AI server shipments in 2023 compared to 2022 [21][24] National Policies and Support - The Chinese government has set higher PUE requirements for data centers, promoting the adoption of energy-efficient technologies like liquid cooling [27][29] - Policies encourage the use of liquid cooling systems to meet energy efficiency goals in data centers [30][29] Competitive Landscape - The domestic liquid cooling technology market is becoming increasingly competitive, with major players like Invec, Sugon, and Huawei gaining global recognition [5][35] - The market is characterized by high entry barriers and significant first-mover advantages, with a concentrated market share among leading manufacturers [33][35]

% 源达 资料来源：Wind，源达信息证券研究所 | --- | --- | |--------------------------------------------------------|-------| | 证券研究报告/行业研究 | | | | | | 关注医药生物公司中报业绩，重点关注创新药、医疗器械板块 | | | —— 医药生物专题研究 | | 投资评级: 看好 投资要点 ➢ 2024半年报陆续披露，医药生物行业有望迎来拐点 截至8月12日，医药生物（申万）行业共有34家公司披露2024半年报，其中22 家公司归母净利润同比增长；共有101家公司披露业绩预告，其中，59家公司 预计净利润同比增长。2024上半年行业整体业绩有望向好。 ➢ 医药生物行业估值水平处于历史底部 截至2024年8月12日，医药生物(申万)行业估值水平(PE-TTM)为27.1倍，处于 历史底部区域。其中，化学制药\生物制品\医疗器械\医药商业\中药\医疗服务 （申万二级）行业估值水平(PE-TTM)分别为35.4\23.8\29.3\15.0\25.4\23.3 倍。 ➢ 中国医药生物市场发展空间巨大，细分行业前景广阔 ...

7d 源达 证券研究报告/投资策略 | --- | --- | |------------------------------------------------|-------------------------| | | 报告日期:2024年08月14日 | | 中央层面首次系统部署，全面绿色转型提速 | | | 《关于加快经济社会发展全面绿色转型的意见》点评 | | | | | 投资要点 > 中共中央、国务院发布《关于加快经济社会发展全面绿色转型的意见》 2024年8月11日，中共中央、国务院印发《加快经济社会发展全面绿色转型的意见》，我 国首次从国家层面对全面绿色转型进行系统部署。意见指出，到2030年重点领域绿色转型 取得积极进展,到2035年绿色低碳循环发展经济体系基本建立。具体目标方面,意见指出: 1）大力发展绿色低碳产业：到2030年，节能环保产业规模达到15万亿元左右。2）大力发 展非化石能源：非化石能源消费比重提高到25%左右。加快西北风电光伏、西南水电、海 上风电、沿海核电等清洁能源基地建设，积极发展分布式光伏、分散式风电，因地制宜开 发生物质能、地热能、海洋能等新能源，推进氢能"制储输 ...

7d 源达 资料来源：Wind，源达信息证券研究所 证券研究报告/投资策略 增持回购策略周报(20240805-20240809) 主要内容 ➢ 本周A股上市公司增持情况 2024 年 8 月 5 日至 2024 年 8 月 9 日，共计 70 家公司发布增持公告，其 中，玲珑轮胎、云南白药等 8 家公司发布增持计划公告，54 家公司发布完成 增持公告，其余公司发布增持进展情况公告。华菱精工实控人拟以自有资金 2000-4000 万元增持公司股票，占公告日市值 1.18%-2.35%。 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com.cn ➢ 2024/01/01-2024/08/09部分上市公司增持情况 2024 年 1 月 1 日至 8 月 9 日，发布增持计划公告的公司共计 1215 家，其 中，评级机构家数大于 10 家（含 10 家）的有 66 家，山鹰国际、平煤股份、 华凯易佰拟增持比例较高，其拟增持金额占公告日市值的比例分别为 3.71%、 1.23%-2.46%、1.12%。 ➢ 本周A股上市公司回购情况 2024 年 8 月 5 日至 2024 ...