行业 海 外 研 周报 证券研究报告 yanningxin@xyzq.com.cn SAC：S0190521010001 sunzhonglian@xyzq.com.cn SAC：S0190521080001 香港本地股的卖空交易：本周卖空股数/成交量前三的公司为新鸿基地产、 新世界发展和嘉里建设，分别达到 47.4%、35.9%和 26.8%；截至本周末， 未平仓卖空股数/流通股本前三的公司为新世界发展、新鸿基地产和恒隆地 产，分别达到 10.3%、8.6%和 6.3%。 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 | --- | --- | --- | --- | --- | --- | |-------------------------------------------|------------|-------|-------|-------|-------| | 相关报告 \n《香港本地股的业绩派息更坚 | 指数表现： | | | | | | 韧》 20240908 《关注业绩和派息稳健的公 | | | | | | | 司》 2024090 ...

行 业 研 究 证券研究报告 ＃industryId＃ | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 银行 政府债支撑社融增速，中小银行改革重组持续推进 ＃ investSugges tion＃ 推荐 ＃ investSugg estionChan ge＃ (维持) ——银行业周报（2024.09.09-2024.09.13） 2024 ＃年createTime1 9 月 15 日＃ 投资要点 行 业 周 报 ＃相关报告 relatedReport＃ 陈绍兴 分析师： ＃emailAuthor＃ SAC:S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC:S0190520060001 wangchenyjy@xyzq.com.cn 曹欣童 SAC:S0190522060001 caoxintong@xyzq.com.cn ⚫ 中国人民银行有关部门负责人解读 8 月金融统计数据，重要内容包括：1） 信贷方面，信贷资源更多流向重大战略、重点领域和薄弱环节，8 月末制造 业中长期贷款同比增长 15.9%，其中高技术制造业中长期贷款同比增长 13.4%；科技型中小企业贷款同比增长 21.2%；"专精特新"企业贷 ...

Investment Rating - The report maintains a positive outlook on the industry, suggesting that ETFs will become a significant growth driver in the public fund market, particularly for brokerage firms [1]. Core Insights - The overall market fund size increased by 12.6% year-on-year to 31.08 trillion yuan as of the first half of 2024, with equity funds declining by 2.0% to 6.65 trillion yuan and non-cash funds growing by 9.6% to 17.90 trillion yuan [1]. - The top 100 distribution institutions saw a decrease in equity holdings by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan, driven by a 17.2% increase in bond fund holdings [1]. - The report highlights a shift in focus among banks towards fixed-income products, with a 5.6% increase in non-cash holdings to 4.04 trillion yuan, despite a 7.6% decrease in equity holdings [1]. - Brokerages experienced a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a leading position in index funds, with seven of the top ten institutions being brokerages [1]. - Third-party institutions, particularly Ant Fund, achieved a 10.3% increase in equity holdings, driven by a strong performance in index funds, surpassing other major distributors [1]. Summary by Category Fund Size and Growth - As of mid-2024, the total market fund size reached 31.08 trillion yuan, with equity funds at 6.65 trillion yuan and non-cash funds at 17.90 trillion yuan [1]. - The top 100 institutions' equity holdings decreased by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan [1]. Institutional Performance - Banks' equity holdings decreased by 7.6% to 2.12 trillion yuan, while non-cash holdings increased by 5.6% to 4.04 trillion yuan [1]. - Brokerages saw a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a strong position in index funds [1]. - Ant Fund's equity holdings increased by 50.7% to 6.92 trillion yuan, making it the largest distributor [1]. Investment Recommendations - The report suggests that the trend towards passive investment will enhance the growth of ETFs, with brokerages like Citic Securities and Huatai Securities expected to benefit significantly [1].

行 业 研 究 证券研究报告 ＃industryId＃ 摩托车及其他 | --- | --- | --- | |---------------------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 恩捷股份 （ 002812 ） 002812 ＃title＃ 盈利短期承压，全球化布局不断推进 ＃createTime1＃ 2024 年 09 月 14 日 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 26.13 | | 总股本（百万股） | 977.18 | | 流通股本（百万股） | 823.02 | | 净资产（百万元） | 25489.36 | | 总资产（百万元） | 49061.2 | | 每股净资产 ( 元 ) | 26.08 | ＃相关报告 relatedReport＃ 《【兴证电新】恩捷股份 2023 年 年报及 2024 年一季报点评：盈 利暂时承压，海外布局可期 ...

Investment Rating - The report maintains a "Hold" investment suggestion for the real estate sector [1]. Core Insights - The report indicates that the year-on-year decline in new housing sales has narrowed, with August's new housing sales area at 0.65 billion square meters, down 12.6% year-on-year, compared to a 15.4% decline in July [2][3]. - The total sales area of new and second-hand homes in 12 tracked cities was 192.6 million square meters, reflecting a 6.8% decrease month-on-month and a 19.8% decrease year-on-year [2]. - The report highlights that the overall transaction area for new and second-hand homes from January to August 2024 has decreased by 18.8% year-on-year [2]. Summary by Sections Market Overview - In August, the total sales area of new residential properties was 0.65 billion square meters, with a sales value of 0.64 trillion yuan, marking a year-on-year decline of 17.2% [2]. - The cumulative sales area from January to August 2024 was 6.06 billion square meters, down 18.0% year-on-year, with a sales value of 5.97 trillion yuan, down 23.6% [2]. Loan and Financing Data - In August, new long-term loans for residents amounted to 120 billion yuan, accounting for 13.3% of the total new RMB loans [2][3]. - The total social financing scale at the end of August was 398.56 trillion yuan, with a year-on-year growth of 8.1% [2]. Policy Changes - Various cities have implemented targeted policies to stimulate the housing market, such as increasing loan limits and providing purchase subsidies [3]. Company Announcements - Poly Developments reported a sales area of 1.2543 million square meters in August, down 21.8% year-on-year, with a sales amount of 22.115 billion yuan, down 29.4% [3]. - China Merchants Shekou achieved a sales area of 574,000 square meters in August, down 25.7% year-on-year, with a sales amount of 14.004 billion yuan, down 28.2% [3]. Investment Recommendations - The report suggests a long-term recovery in the real estate sector, recommending companies such as Poly Developments, China Merchants Shekou, and others for investment [3][26].

证券研究报告 ＃industryId＃ 银行 行 业 研 究 ＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持） 行 业 点 评 报 告 相关报告 ＃relatedReport＃ 《信贷偏弱，静待政策发力— —2024 年 7 月金融数据点评》 2024.8.14 分析师：＃emailAuthor＃ 陈绍兴 SAC：S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC: S0190520060001 wangchenyjy@xyzq.com.cn ⚫ 信贷结构方面，对公端中长期贷款贡献主要增量，短贷负增长幅度收窄，票据融 资加大，零售端延续年初以来偏弱的态势。2024 年 8 月全口径新增人民币贷款 9000 亿元，同比少增 4600 亿元，具体来看： （1）对公贷款新增 8400 亿元，同比少增 1088 亿元。其中，对公中长期贷款+4900 亿元，同比少增 1544 亿元；对公短贷-1900 亿元，同比少增 1499 亿元；票据贴现 +5451 亿元，同比多增 1979 亿元。对公中长期贷款同比少增，但仍贡献主 ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-09-13 | | 收盘价（元） | 67.88 | | 总股本（百万股） | 124.80 | | 流通股本（百万股） | 34.63 | | 净资产（百万元） | 6075.59 | | 总资产（百万元） | 6913.76 | | 每股净资产（元） | 48.68 | wangshuai21@xyzq.com.cn S0190521110001 lifengyjy@xyzq.com.cn S0190524030001 ＃相关报告 relatedReport＃ 《【兴证电新】华宝新能公司跟 踪报告：便携式储能龙头，以品 牌为核心筑牢高增长》 ＃分析师： emailAuthor＃ 王帅 李峰 券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ⚫ 24Q2 公司营收 5.6 亿元，同比+18.5%，环比 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 37.95 billion yuan in H1 2024, representing a year-on-year growth of 5.29%. The net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% year-on-year. The non-recurring net profit was 894 million yuan, an increase of 5.78% year-on-year [3]. - The company completed the acquisition of a 30% stake in its subsidiary, Xinhua San, which is expected to enhance profitability and strengthen core competitiveness [3]. - The company is actively expanding its overseas channels and has established 17 representative offices globally, covering regions such as Europe, Asia, Africa, and Latin America [3]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 77.308 billion yuan, with a year-on-year growth of 4.4%. The projected revenues for 2024, 2025, and 2026 are 87.206 billion yuan, 97.228 billion yuan, and 106.204 billion yuan, respectively, with growth rates of 12.8%, 11.5%, and 9.2% [2]. - The net profit attributable to shareholders for 2023 was 2.103 billion yuan, with projections of 2.336 billion yuan, 2.833 billion yuan, and 3.256 billion yuan for the following years, reflecting growth rates of -2.5%, 11.1%, 21.3%, and 14.9% [2]. - The gross margin is expected to improve from 19.6% in 2023 to 20.7% by 2026, while the return on equity (ROE) is projected to increase from 6.2% to 7.9% over the same period [2]. Strategic Developments - The company is focusing on the intelligent computing market and has launched several new products and solutions, including the Lingxi Intelligent Computing Solution and the G7 series modular heterogeneous computing servers [3]. - The acquisition of Xinhua San is anticipated to bolster the company's earnings per share and enhance its competitive edge in the market [3].