行 业 研 究 证券研究报告 ＃industryId＃ 交通运输 ＃title＃ 交通运输行业周报（2024.9.8-2024.9.14）—— 国庆假期出行预热，8 月快递件量同比+19.5% 推荐 （维持） | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 研 究 证券研究报告 ＃industryId＃ 公用事业 ＃title＃ 8 月火电发电量同比+3.7%，前 8 月进口煤规模同 比+11.8% | --- | --- | --- | --- | |-----------------------------------------------------------|---------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ＃ inve 推 stSu 荐 ggestion ＃ | ＃ investSuggestionChan ge ＃ （维持） ...

行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） ＃title＃ 新型电力系统稳步推进，设备出口打开成长空间 ——电网设备行业 2024 年半年报总结 ＃createTime1＃ 2024 年 9 月 17 日 重点公司 | --- | --- | |----------|-------| | | | | | | | 重点公司 | 评级 | | 平高电气 | 增持 | | 许继电气 | 增持 | | 思源电气 | 增持 | | 中国西电 | 增持 | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 【兴证电新】电网设备行业 2024 年一季报总结：海内外需 求持续高涨，行业稳步向上—— 2024 年 5 月 11 日 【兴证电新】电网设备行业 2023 年半年报总结：电网建设 加速，行业稳步增长——2023 年 9 月 17 日 ＃分析师： emailAuthor＃ 王帅 wangshuai21@xyzq.com.cn S0190521110001 ＃e ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 环保 生态环境部发布《全国碳排放权交易市场覆盖水泥、钢 铁、电解铝行业工作方案（征求意见稿）》 维持 ） ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 行 业 周 报 ＃相关报告 relatedReport＃ 《【兴证环保】环保周报：四川 省推动空气质量持续改善行动 计划，扎实推进绿色低碳转型》 2024-09-08 《【兴证环保】环保周报：江西 省推动废旧产品设备回收循环 利用，国家发改委下达陕西省污 染治理和节能降碳资金》2024- 09-01 《【兴证环保】环保周报：青海 推动环境基础设施提标改造，广 西提出制造业绿色化升级提升》 2024-08-25 ＃分析师： emailAuthor＃ 蔡屹 caiyi@xyzq.com.cn S0190518030002 王禹萱 wangyuxuan@xyzq.com.cn S0190523070002 史一粟 shiyisu@xyzq.com.cn S0190523110001 | --- | --- | |------------ ...

＃title＃ 请务必阅读正文之后的信息披露和重要声明 ＃summary＃ 重点数据跟踪：1）综艺方面，本期（07/08-07/11）腾讯视频/爱奇艺/优酷视频/芒 果 TV 分别各有 12/10/9/8 款综艺进入 TOP30，环比上期（07/01-07/05）+0/-1/- 1/+0 部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果 TV 分别各有 14/14/9/4 款剧集进入 TOP30，环比上期-3/+3/+2/-1 部。 核心观点：经历大小盘分化行情的演绎，当前传媒板块估值及基金持仓均回到历 证券研究报告 ＃industryId＃ 传媒 行 业 研 究 Open AI 发布 o1 模型，快手启动"可灵 AI"电影共创计划 行 业 周 报 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 2024＃createTime1 年 09 月 17 ＃日 | --- | --- | --- | |------------------------------------------------------------------------- ...

Investment Rating - The report maintains a positive investment rating for the computer industry, particularly focusing on domestic and AI sectors [1]. Core Viewpoints - The report emphasizes a sustained optimism towards the development of domestic and AI industries, particularly in focusing on leading companies within these segments [7]. - The computer sector has shown strong performance recently, indicating a potential bottoming out, with institutional holdings and market expectations at low levels, suggesting a high safety margin [7]. - Future positive changes are anticipated due to personnel structure optimization, the issuance of long-term government bonds improving demand, and the expected rise in mainstream sectors like domestic innovation and AI [7]. Summary by Sections 1. Industry Weekly Viewpoints - The computer sector is expected to continue its upward trend, with a focus on domestic innovation and AI opportunities [7]. - The report suggests increasing allocations to the sector as it approaches the end of the third quarter [7]. 2. Database: Core Infrastructure Software - The database industry is identified as a core area benefiting from the rise of domestic innovation, with resilient demand and a clear industry structure [9]. - The report highlights the growth of the database market, with China's market size reaching approximately 74.1 billion USD in 2023, expected to grow to 930.29 billion RMB by 2028, reflecting a CAGR of 12.23% [19][21]. - Domestic database products are gaining market share, with local vendors increasing their presence from 33.51% to 38.54% from 2021 to 2023 [22]. 3. Market Performance Review - The report notes that the CITIC computer index rose by 0.30%, outperforming both the ChiNext index and the Shanghai Composite index [30]. 4. Key Companies in the Database Sector - The report recommends focusing on key companies such as Dameng Data, Haima Data, and Softcom Power, which are expected to benefit from the domestic innovation wave [29].

司总 评 | --- | --- | |-------------------------------------------|------------------| | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | | | 收盘价（元） | 2024-09-16 40.42 | | 总股本（百万股） | 193.34 | | 流通股本（百万股） | 171.23 | | 净资产（百万元） | 1344.11 | | 总资产（百万元） | 1658.12 | | 每股净资产(元 ) | 6.95 | | | | 理 投资要点 ＃summary＃ 事件：2024 年 H1 公司实现营业总收入 7.05 亿元，同比下降 1.80%；归母 净利润 0.24 亿元，同比下降 43.99%；扣非净利润 0.16 亿元，同比下降 54.77%。2024 年二季度，公司实现营业总收入 3.47 亿元，同比下降 4.41%；归母净利润亏损 0.01 亿元，去年同期 0.23 亿元；扣非净利润亏损 0.07 亿元，去年同期 0.17 亿元。 视频业务稳健，实用工具业务略降。2024H1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Tonghuashun (300033) [3]. Core Insights - In H1 2024, the company achieved operating revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%. The net profit attributable to shareholders was 363 million yuan, down 20.99% year-on-year [3][4]. - The company is focusing on AI applications, launching multiple products across various business segments, including financial information, investment research, and customer service [3][4]. Financial Performance Summary - For H1 2024, the average daily trading volume in the market was 984.6 billion yuan, a decline of 6.8% year-on-year. The company's value-added telecommunications business revenue was 769 million yuan, down 10.96% year-on-year [3]. - The company's contract liabilities reached 1.202 billion yuan, reflecting a year-on-year growth of 9.7% [3]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 1.052 billion yuan, 1.446 billion yuan, and 1.748 billion yuan, respectively [4]. Key Financial Metrics - The company's gross profit margin for H1 2024 was 84.9%, a decrease of 1.16 percentage points year-on-year. The sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [3][4]. - The report provides projections for operating revenue and net profit for the years 2024E to 2026E, indicating a revenue forecast of 3.233 billion yuan in 2024E, with a year-on-year decline of 9.3% [5].

Investment Rating - The report maintains a "增持" (Overweight) rating for the company, indicating an expected relative performance of 5% to 15% compared to the relevant market index [5][4] Core Views - The company achieved H1 2024 revenue of 2.836 billion yuan, a slight increase of 0.32% YoY, but net profit attributable to shareholders dropped significantly by 93.30% to 29.89 million yuan [1] - Wealth technology services revenue declined by 16.99% to 549 million yuan due to slowing demand for existing products and intensified competition, while asset management technology services grew by 9.17% to 722 million yuan [1] - The company's gross margin remained stable at 71.32% in H1 2024, with a slight decrease of 0.68 percentage points YoY [1] - The company has made progress in AI and Xinchuang (信创) products, with Warren Q gaining industry-wide trial adoption and 8 main products receiving exchange test certifications [4] Financial Performance - The company's total assets stood at 13.13595 billion yuan as of H1 2024, with net assets of 7.79832 billion yuan and net assets per share of 4.12 yuan [1] - For 2024-2026, the report forecasts revenue growth of 0.1%, 10.3%, and 10.7% respectively, with net profit attributable to shareholders expected to be 1.270 billion, 1.595 billion, and 1.761 billion yuan [3] - The company's ROE is projected to be 14.1%, 15.3%, and 14.7% for 2024-2026, with EPS of 0.67, 0.84, and 0.93 yuan respectively [3] Business Segments - Wealth technology services: 549 million yuan (-16.99% YoY) [1] - Asset management technology services: 722 million yuan (+9.17% YoY) [1] - Operation and institutional technology services: 552 million yuan (+3.51% YoY) [1] - Risk and platform technology services: 218 million yuan (-0.25% YoY) [1] - Data services: 167 million yuan (-3.51% YoY) [1] - Innovation business: 251 million yuan (+3.03% YoY) [1] - Enterprise finance, insurance core, and financial infrastructure technology services: 237 million yuan (-3.96% YoY) [1] - Other businesses: 138 million yuan (+71.77% YoY) [1]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 深信服 （ 300454 ） 300454 ＃title＃ Q2 利润亏损收窄，大模型持续布局 ＃createTime1＃ 2024 年 09 月 16 日 投资要点 ＃summary＃ 事件：2024 年上半年，公司实现营业总收入 27.07 亿元，同比下降 7.72%； 归母净利润亏损 5.92 亿元，去年同期亏损 5.54 亿元；扣非净利润亏损 6.54 亿元，去年同期亏损 5.88 亿元。二季度，公司实现营业总收入 16.72 亿元， 同比下降 2.84%；归母净利润亏损 1.03 亿元，去年同期亏损 1.42 亿元；扣非 净利润亏损 1.44 亿元，去年同期亏损 1.62 亿元。 网安业务承压，合同负债表现良好。2024H1 网安业务收入 13.98 亿元，同比 下降 7.34%，主要是由于下一代防火墙 AF、全网行为管理 AC 等成熟产品 线的收入下滑；云计算及 IT 基础设施业务收入 ...