Group 1 - The People's Bank of China has established a swap facility with an initial scale of 500 billion yuan to support the healthy and stable development of the capital market [2][11] - The Shanghai Stock Exchange has extended the time for accepting designated trading instructions to improve efficiency [2][12] - The National Development and Reform Commission has introduced a series of policies to boost economic recovery and stabilize the capital market [2][13] Group 2 - The report recommends focusing on investment opportunities in the securities, consumption, and technology sectors due to the recent policy measures aimed at boosting the economy and domestic demand [22][33] - Industries with strong performance include electronics, automobiles, home appliances, public utilities, and telecommunications [33] - The report emphasizes the importance of nurturing emerging industries and the transformation of traditional industries for long-term growth [33] Group 3 - The domestic securities market indices showed mixed performance, with the ChiNext 50 index experiencing the highest increase of 3.0% [4][28] - The report highlights significant trading activity, with the total trading volume reaching historical highs, indicating increased investor participation [23][28] - The report notes that the top-performing sectors this week included near-term new stocks and semiconductor-related industries, while sectors like real estate and certain consumer goods faced declines [32][30]

% 源达 沪深 300 与申万包装印刷指数 资料来源：wind，源达信息证券研究所 | --- | --- | |----------------------------------------------------------|-------| | 证券研究报告/行业研究 | | | 需求升级推动行业数字化转型，价值链重塑有望打破集中度困局 | | | ——包装印刷行业研究 | | 投资评级: 看好 投资要点 ➢ 客户需求升级推动企业数字化转型，行业细分赛道机会抢眼 客户需求定制化、个性化趋势明显，可追溯、防伪、品牌宣传功能的诉求日益 提高。客户需求升级推动包装印刷企业数字化转型，依托云计算、互联网、物 联网等技术赋能产品设计与生产两端。标签印刷能够搭载丰富信息，并据此 实现品牌宣传、追溯和防伪功能，满足客户的个性化需要，符合市场发展趋 势。中国标签印刷市场2019年为478亿元，随后稳定增长至2023年的607亿 元，四年复合增速约为6.2%，持续看好数字化浪潮下的细分赛道机会。 ➢ 产业转型升级加速行业分化，价值链重塑有望打破集中度困局 包装印刷行业壁垒弱，企业外购纸板，采购设备便可生产，进入门槛较低 ...

Investment Rating - The investment rating for the blood products industry is "Positive" [6] Core Insights - The blood products industry in China has significant growth potential, with the market size expected to exceed 50 billion yuan in 2023 and reach 95 billion yuan by 2030 [2][11] - The overall development of the blood products industry is favorable, with improved profitability indicated by a gross margin of 48.81% and a net margin of 30.87% in the first half of 2024, both showing year-on-year increases [3][17] - The industry concentration is increasing due to mergers and acquisitions, with major players like TianTan Biological, Shanghai Raas, and others forming a competitive landscape [4][13] Summary by Sections 1. Overview of Blood Products - Blood products are a sub-sector of the biopharmaceutical industry, essential for medical emergencies and specific disease treatments, with a market that has evolved significantly since the 1960s in China [11][12] 2. Policy and Industry Growth - Recent regulations have been implemented to strengthen and standardize the management of blood plasma collection and production, which is expected to enhance industry consolidation and healthy development in the long term [14][15] 3. Improvement in Industry Profitability - The blood products industry has shown a notable improvement in profitability, with a decrease in sales expense ratio to 6.38% in the first half of 2024, down 2.29 percentage points year-on-year [3][17][19] 4. Key Companies - **TianTan Biological**: Achieved revenue of 2.841 billion yuan in the first half of 2024, a 5.59% increase year-on-year, with a net profit of 726 million yuan, up 28.10% [24][26] - **Pailin Biological**: Reported a revenue of 1.136 billion yuan, a 60.23% increase year-on-year, and a net profit of 327 million yuan, up 128.44% [27][29] - **Shanghai Raas**: Generated revenue of 4.252 billion yuan in the first half of 2024, a 9.02% increase year-on-year, with a net profit of 1.241 billion yuan, a slight increase of 0.15% [31][30] 5. Investment Recommendations - The report suggests focusing on companies like TianTan Biological, Pailin Biological, and Shanghai Raas due to the increasing demand driven by an aging population and greater awareness of the clinical value of blood products [5][33]

Investment Strategy Report Summary Key Points - The report emphasizes the importance of government policies aimed at boosting the capital market and stimulating economic growth, highlighting the resilience and potential of the Chinese economy [2][14][15] - A series of monetary and fiscal measures are proposed, including lowering the reserve requirement ratio and interest rates, which are expected to enhance market liquidity and support economic recovery [8][10][15] - The report identifies specific sectors to focus on, including consumption, real estate, and brokerage firms, in light of the recent policy announcements [4][27] Section Summaries 1. News and Insights - The Central Political Bureau meeting on September 26 emphasized the need for increased fiscal and monetary policy adjustments to support economic stability and growth, including the issuance of special bonds and the promotion of real estate market recovery [2][14][15] - The China Securities Regulatory Commission announced measures to encourage long-term capital inflow into the market, aiming to enhance the investment environment for institutional investors [17][18] 2. Industry Perspectives - The semiconductor industry is highlighted as a key area for growth, with expectations of a recovery driven by domestic demand and the need for equipment localization due to export restrictions [20] - The report discusses the potential for breakthroughs in domestic photolithography equipment, which is critical for semiconductor manufacturing, indicating a shift towards self-sufficiency in this sector [20] 3. Market Overview - Major domestic stock indices experienced significant gains, with the ChiNext Index rising by 22.7% over the week, indicating a strong market response to policy measures [3][22] - The food and beverage sector led the gains among industries, with a weekly increase of 26.1%, reflecting positive market sentiment [24] 4. Investment Recommendations - The report suggests focusing on sectors that are expected to benefit from the new policies, including consumption, real estate, and brokerage firms, as well as industries that performed well in recent half-year reports [4][27] - Long-term investment opportunities in gold are also highlighted, particularly as the U.S. enters a rate-cutting cycle [4][27]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.25 CNY for the next six months, based on a 25x PE ratio for 2024 [5][49]. Core Insights - The company, Guodian Nanzi (600268), is a pioneer in the power automation sector, benefiting from accelerated grid construction and a strong historical and technical foundation in the industry [2][17]. - The company has a diversified "5+2" industrial system focusing on power automation, power plant automation, industrial automation, rail transit automation, information and security technology, and power electronics, transitioning towards intelligent, digital, and autonomous upgrades [11][15]. - The company has shown robust growth in its electric grid automation business, with a 9.5% year-on-year increase in new orders totaling 2.48 billion CNY and a 10.2% increase in revenue to 1.84 billion CNY in the first half of 2024 [2][23]. Summary by Sections Section 1: Electric Technology Pioneer - Guodian Nanzi is recognized as China's first listed high-tech power company, established in 1940, and has a rich history of technological advancements in power automation [11][12]. - The company has established a strong R&D capability, with numerous national-level research platforms and a commitment to innovation [11][12]. Section 2: High Prosperity in Grid Investment - The new infrastructure initiative is a key growth driver, with significant investments in renewable energy and grid construction expected to continue [2][20]. - The company has a strong brand recognition and technical strength in the electric grid automation sector, supported by a rich resource background from its parent company, China Huadian Group [2][23]. Section 3: Rapid Development of System Integration Center - The company’s system integration center has seen rapid growth, with new orders increasing from 800 million CNY in 2019 to 2.57 billion CNY in 2023, reflecting a compound annual growth rate of 34% [3][34]. - The company is actively involved in multiple renewable energy projects, enhancing its market position in the system integration business [3][34]. Section 4: Virtual Power Plant as a New Profit Engine - The construction of virtual power plants is expected to accelerate, providing a cost-effective solution for energy management and efficiency [4][39]. - The company has developed a comprehensive solution for virtual power plants, which is anticipated to become a significant revenue source as the energy market evolves [4][39]. Section 5: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 337 million CNY, 389 million CNY, and 446 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.33, 0.38, and 0.44 CNY [5][49]. - The company’s strong historical and technical foundation in power automation justifies its valuation compared to industry peers, leading to a "Buy" recommendation [5][49].

7d 源达 证券研究报告/投资策略 | --- | --- | |----------------------------------------|-------------------------| | | 报告日期:2024年09月20日 | | 美联储降息 50BP，国内 LPR 报价维持不变 | | | | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1. 9月19日，美联储大幅降息50个基点，将联邦基金利率目标区间下调至4.75%-5%，为 2020年3月来首次降息。美联储自2022年3月至2023年7月连续11次加息，累计加息幅度达 525个基点。过去一年间，美联储将联邦基金利率目标区间维持在5.25%至5.5%之间，为 近23年来最高水平。 2. 9月20日，中国人民银行授权全国银行间同业拆借中心公布，2024年9月20日贷款市场 报价利率(LPR)为：1年期LPR为3.35%，5年期以上LPR为3.85%。以上LPR在下一次发布 LPR之前有效。 3.9月19日,国家发展改革委举行9月份新闻发布会。重点表述有:1）我们有条件、有能 力、有信心实现全年经济社会发展目标任务。2）加强政策 ...

¼ 原达 沪深 300 指数走势图 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(20240916-20240920) 主要内容 ➢ 本周A股上市公司增持情况 2024 年 9 月 16 日至 2024 年 9 月 20 日，共计 20 家公司发布增持公告， 其中，亚太实业、宝立食品、中盐化工、嘉华股份、神马股份、杰瑞股份、 百邦科技、平煤股份、新锦动力发布增持计划公告，4 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。 雪天盐业控股股东拟出资 1-2 亿元增持公司股票，占公告日总股本的 1.06%- 2.11%。 ➢ 2024/01/01-2024/09/20部分上市公司增持情况 2024 年 1 月 1 日至 9 月 20 日，发布增持计划公告的公司共计 1266 家，其 中，评级机构家数大于 10 家（含 10 家）的有 79 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%。 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com. ...

% 源达 | --- | --- | |------------------------------------------------------------|-------| | 证券研究报告/行业研究 | | | 六维力传感器：高附加值核心部件，人形机器人推动行业长足发展 | | | | | | ——力传感器专题研究 | | 投资要点 ➢ 六维力传感器是机器人核心部件，市场空间有望加速扩容 六维力传感器适用于力作用点随机并对测量精度要求较高的场景，适合在人 形机器人和协作机器人中应用。人形机器人产品加快迭代成熟，有望拉动六 维力传感器市场空间。2023年12月特斯拉发布的Optimus Gen2已能完成单 腿瑜伽等复杂动作。2023年国产人形机器人领军企业优必选推出工业版人形 机器人Walker S，可在工商业领域精密作业。根据MIR睿工业数据，2023年 中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 成本降低，市场有望迎来快速扩容期。 ➢ 人形机器人商业图景远大，推动六维力传感器市场加快增长 以O ...

%l 源达 证券研究报告/投资策略 | --- | --- | |---------------------------------------------------------------------|-------------------------| | | 报告日期:2024年09月13日 | | 8 月 CPI 同比涨幅继续扩大，全国人大常委会正式批准渐进式延迟退休方案 | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1. 9月9日，国家统计局公布8月份CPl和PPl数据。1）8月份，受高温多雨天气等因素影响， 全国CPl同比涨幅继续扩大，环比季节性上涨。从同比看，CPI上涨0.6%，涨幅比上月扩大 0.1个百分点。从环比看，CPI上涨0.4%，涨幅比上月回落0.1个百分点。2）8月份，受市 场需求不足及部分国际大宗商品价格下行等因素影响，全国PPI同比、环比均下降。从同 比看, PPI下降1.8%,降幅比上月扩大1.0个百分点。从环比看, PPI下降0.7%，降幅比上 月扩大0.5个百分点。 2. 9月13日，全国人民代表大会常务委员会关于实施渐进式延迟法定退休年龄的决定，同 步启动延 ...

7d 源达 申万农林牧渔指数与沪深 300 走势 资料来源：wind，源达信息证券研究所 证券研究报告/行业研究 2024H1 业绩高增，板块处于估值低位 ——农林牧渔行业 2024 半年报点评 投资要点 ➢ 农林牧渔行业经营业绩边际改善 申万农林牧渔行业所有上市公司2024H1共实现营业收入5,678亿元，同比减 少约5%，虽然营业总收入规模略有下降，但归母净利润大幅增长。2024H1 共实现归母净利润91亿元，相较于2023H1的-109亿元同比增长184%，行业 整体业绩明显修复。归母净利润增速在31个申万一级行业中排名第一，且显 著高于排名第二的社会服务行业92%的归母净利润增速。 ➢ 细分行经营整体向好，种业业绩高增，生猪养殖行业业绩修复 申万农林牧渔行业众多细分行业经营业绩明显修复，归母净利润相较2023年 同期大幅改善，其中种子同比增长140%、生猪养殖同比增长111%、水产饲 料同比增长100%、其他农产品加工同比增长95%、畜禽饲料同比增长84%， 众多细分行业经营业绩表现突出，处于周期上行通道，后续盈利规模有望继 续增加。 申万生猪养殖行业业绩大幅改善，2023H1受猪价低迷影响，行业内所 ...