Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific companies recommended for investment including Great Wall Motors, Yutong Bus, and Fuyao Glass [1][9]. Core Insights - The automotive sector is expected to see upward momentum, driven by new policies and market dynamics. The increase in subsidies for scrapping old vehicles in Shanghai is anticipated to significantly stimulate demand for new energy vehicles [8][9]. - Tesla plans to launch its Full Self-Driving (FSD) system in China by Q1 2025, which is expected to enhance its competitive edge and accelerate the development of the domestic autonomous driving industry [8][9]. Summary by Sections 1. Weekly Dynamics - Tesla's FSD system is set to launch in China in Q1 2025, pending regulatory approval. The system has accumulated over 1.6 billion miles of driving data, which supports its advanced capabilities [8]. - Shanghai has increased subsidies for purchasing new energy vehicles, raising the subsidy for personal consumers from 10,000 yuan to 20,000 yuan, which is expected to boost sales significantly [8]. 2. Sector Performance - The automotive sector outperformed the broader market during the week of September 2-6, 2024, with the automotive index rising by 0.5% while the Shanghai Composite Index fell by 2.7% [10]. - The sector's PE-TTM (unadjusted) stands at 22.8, with historical valuation percentiles indicating a relatively low valuation compared to the past year [10]. 3. Recommendations - The report suggests increasing allocations to the automotive sector, highlighting that the combination of new policies and a low base from the previous year could lead to a significant increase in retail sales of passenger vehicles [9]. - Recommended stocks include BYD, Great Wall Motors, and Yutong Bus for the vehicle segment, and Fuyao Glass and other component manufacturers for the parts segment [9].

Investment Rating - The report maintains the investment suggestion for the environmental protection industry [2] Core Viewpoints - The Sichuan Province has launched an "Air Quality Continuous Improvement Action Plan," aiming to meet national air quality improvement targets and reduce nitrogen oxides and volatile organic compounds by 2025. The plan emphasizes green and low-carbon transformation in industry, energy, and transportation, along with source pollution control and regional collaborative governance [1][30] - The environmental protection sector is experiencing a valuation shift towards "low valuation, high dividend" characteristics, with traditional environmental companies showing stable operational capabilities. New growth opportunities are emerging in sectors like semiconductor waste gas treatment [3][34] - The report highlights the importance of operational stability and suggests focusing on companies with strong operational capabilities and potential for secondary growth [3][35] Summary by Sections Important Data Tracking - From September 2 to September 6, 2024, the national carbon market saw a trading volume of 321,200 tons, down 25.40% from the previous period. The closing price for carbon emission allowances was 93.13 yuan/ton, showing a slight increase [11] - The EU carbon emission allowance futures trading volume increased by 56.07% during the same period, with an average settlement price of 67.07 euros/ton, down 4.49% [8] Market Performance - During the period from September 2 to September 6, 2024, the A-share environmental protection index decreased by 1.79%, while the H-share index increased by 0.26%. The A-share environmental protection sector's PE (TTM) valuation stands at 15 times [19][36] Investment Recommendations - The report recommends focusing on companies with "low valuation, high dividend" characteristics and those with potential for growth in emerging environmental sectors. Specific recommendations include: - Water and wastewater treatment: Hongcheng Environment - Solid waste treatment and resource utilization: Hanlan Environment, Weiming Environmental - Emerging environmental sectors: Qinda Environmental [3][32][34]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai and Wuliangye, and an "Increase" rating for several other companies including Jinsiyuan and Shanxi Fenjiu [2][8][9]. Core Viewpoints - The white liquor industry has shown a "hot then cold" trend in the first half of 2024, with revenue growth of 14.09% year-on-year and net profit growth of 13.87% [6][7]. - High-end liquor maintains stable growth, while mid-range and regional liquor show significant deceleration [6][7]. - The beer sector faces sales pressure but shows strong gross profit performance, with a revenue decline of 1.34% year-on-year but a net profit increase of 11.78% [7][8]. - The overall food and beverage sector is recommended to focus on companies with high earnings certainty and potential for steady dividend increases [8]. Summary by Sections 1. Industry Overview - The white liquor sector experienced a strong demand during the Spring Festival, followed by a slowdown influenced by high base effects from the previous year [6]. - Revenue for high-end liquor grew by 15.84% in Q1 and 14.24% in Q2, while mid-range liquor saw a decline in growth rates [6][7]. 2. Key Recommendations - Recommended companies include Guizhou Moutai and Wuliangye for their strong brand power, and Jinsiyuan and Shanxi Fenjiu for their market share growth potential [8][9]. - In the beer sector, Qingdao Beer, Yanjing Beer, and Zhujiang Beer are highlighted for their resilient performance [8][9]. 3. Market Performance - The food and beverage index has decreased by 22.30% year-to-date, underperforming the CSI 300 index by 16.48 percentage points [10][19]. - The beer segment is expected to see profit acceleration in Q3 2024 due to cost elasticity and mid-range upgrades [7][10]. 4. Macro and Industry Data - In July 2024, the CPI rose by 0.5%, with food and beverage categories showing varied performance [21][24]. - The disposable income and consumption expenditure of urban residents grew by 4.6% and 6.1% respectively in Q2 2024 [21][24].

Investment Rating - The industry investment rating is maintained as "Hold" [1] Core Insights - The textile and apparel sector is experiencing pressure, particularly in the brand apparel segment, while the midstream manufacturing sector shows signs of recovery [1] - In Q2 2024, the overall revenue for the brand apparel sector was under pressure, with notable declines in net profits across various sub-sectors [1] - The upstream manufacturing sector, particularly in nylon, is performing well, while the leather segment faces challenges [1] - The midstream manufacturing sector is benefiting from high growth in auxiliary materials and continued demand from overseas brands [1] Summary by Sections 1. Market Review for H1 2024 - The textile and apparel sector significantly underperformed compared to the CSI 300 index, with declines of -24.1% for the textile and apparel sector and -1.9% for the CSI 300 from the beginning of the year [7] - Brand apparel outperformed textile manufacturing, with a decline of -22.6% [7] 2. H1 2024 Financial Overview 2.1 Brand Apparel - Q2 2024 revenue for men's wear, mass apparel, mid-to-high-end women's wear, and home textiles were 6.99 billion, 4.16 billion, 2.55 billion, and 2.56 billion yuan respectively, showing year-on-year changes of -4.3%, +1.7%, -6.7%, and -9.9% [1] - The overall profit for Q2 2024 saw declines across all sub-sectors, with men's wear and mass apparel showing net profits of 960 million and 220 million yuan, reflecting year-on-year decreases of -16.0% and -8.3% [1] 2.2 Upstream Manufacturing - In Q2 2024, the revenue growth rates for chemical fiber, cotton spinning, wool, leather, and textile machinery were 19%, 0%, 8%, 7%, and 38% respectively [1] - The nylon segment, particularly represented by Taihua New Materials, showed impressive revenue growth of 59% in Q2 [1] 2.3 Midstream Manufacturing - Q2 2024 revenues for the OEM, auxiliary materials, and fabric sectors were 10.8 billion, 2.22 billion, and 2 billion yuan, with year-on-year growth rates of +9%, +34%, and +1% respectively [1] - The midstream sector's net profit reached 2.13 billion yuan, reflecting an 8% year-on-year increase [1] 3. Future Outlook - The report suggests that the brand apparel sector may require policy stimulus to boost consumer confidence in the second half of the year [1] - Recommendations include focusing on growth potential and low valuations for companies like Biyinlefen and Baoxiniiao, as well as high dividend stocks like Hailan Home and Fuanna [1]

Investment Rating - The report maintains an "Overweight" rating for the company [2][5] Core Views - The company reported a revenue of 39.06 billion yuan for H1 2024, a year-over-year decrease of 2.16%, while the net profit attributable to shareholders was 3.573 billion yuan, an increase of 4.80% year-over-year [5] - The excavator segment has turned to positive growth, with revenue of 15.215 billion yuan in H1 2024, a year-over-year increase of 0.43% [5] - The overseas market has shown significant growth, particularly in Africa, where revenue increased by 66.71% year-over-year [5] Financial Summary - For H1 2024, the company achieved a gross margin of 28.24%, up 0.03 percentage points year-over-year, and a net profit margin of 9.15%, up 0.63 percentage points year-over-year [5] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 8.438 billion yuan, a year-over-year increase of 2204.61% [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 6.410 billion, 7.674 billion, and 8.979 billion yuan, respectively, with corresponding P/E ratios of 21.3, 17.8, and 15.2 times [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 31.265 billion yuan and a net profit of 3.283 billion yuan for the first half of 2024, reflecting a year-on-year decline of 12.81% and 15.07% respectively [6][8]. - The decline in revenue is primarily attributed to a significant drop in sales in Hainan, with daily shopping visitors and duty-free sales decreasing [6][9]. - The gross profit margin improved to 33.53% in H1 2024, up 2.92 percentage points year-on-year, due to optimized product structure and enhanced supply chain efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, a slight increase of 0.25 percentage points year-on-year, but the Q2 net profit margin decreased to 9.73% [6][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 31.265 billion yuan, a net profit of 3.283 billion yuan, and a net profit excluding non-recurring items of 3.238 billion yuan, with year-on-year declines of 12.81%, 15.07%, and 16.00% respectively [6][8]. - Q2 2024 figures showed a revenue of 12.458 billion yuan, net profit of 0.976 billion yuan, and net profit excluding non-recurring items of 0.939 billion yuan, with year-on-year changes of -17.44%, -37.60%, and -39.79% [6][8]. Sales and Market Dynamics - The sales in Hainan faced significant pressure, leading to a revenue decline in H1 2024, with daily shopping visitors and duty-free sales showing negative trends [6][9]. - The company’s various segments showed mixed results, with significant declines in Hainan and Sanya, while the Shanghai duty-free store saw a remarkable recovery [6][22]. Profitability and Margins - The gross profit margin for H1 2024 was 33.53%, an increase of 2.92 percentage points year-on-year, attributed to product structure optimization and improved operational efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, with a decrease in Q2 to 9.73%, influenced by rising rental costs and higher tax rates [6][9]. Future Outlook - The company is expected to benefit from the implementation of city duty-free store policies, which may attract additional demand and open up growth opportunities in the industry [6][28]. - Forecasts for net profit from 2024 to 2026 are projected at 6.099 billion yuan, 7.187 billion yuan, and 8.639 billion yuan respectively, with corresponding price-to-earnings ratios of 19.9, 16.9, and 14.1 [6][28].

Investment Rating - The report maintains an "Accumulate" rating for Baosteel Co., Ltd. [2] Core Views - The company reported a revenue of 163.25 billion yuan for H1 2024, a year-on-year decrease of 3.89%, while the net profit attributable to shareholders was 4.545 billion yuan, a slight decline of 0.17%. However, the net profit excluding non-recurring items increased by 14.11% to 4.235 billion yuan [1][2] - In Q2 2024, the company achieved a revenue of 82.437 billion yuan, a quarter-on-quarter increase of 2.0% but a year-on-year decrease of 9.7%. The net profit attributable to shareholders rose by 35.9% quarter-on-quarter to 2.618 billion yuan, although it was down 3.3% year-on-year [1][2] - The company demonstrated strong resilience in a challenging industry environment, with its profit performance declining less than the industry average, as the national crude steel output fell by 1.1% in H1 2024 [2][4] Summary by Sections Financial Performance - For H1 2024, the company sold 25.514 million tons of steel, a slight decrease of 0.19% year-on-year. The average selling price per ton was 6,398 yuan, with a cost of 6,032 yuan, resulting in a gross profit of 367 yuan per ton [2][4] - The report forecasts the company's net profit for 2024-2026 to be 9.735 billion yuan, 11.525 billion yuan, and 12.487 billion yuan respectively, with corresponding EPS of 0.44, 0.52, and 0.56 yuan [4][5] Market Position and Strategy - The company has been actively upgrading its product structure and expanding its market reach, achieving a record high of 3.035 million tons in export orders during H1 2024 [2][4] - Cost control measures have been effective, with a reduction of 4.55 billion yuan in costs during H1 2024, supporting the company's operational performance [2][4] Industry Context - The steel industry is facing increased downward pressure, with rising procurement costs and widespread losses among key enterprises. However, Baosteel's strong market position and risk management capabilities have allowed it to maintain a leading performance in the domestic industry [2][4]

Investment Rating - The report maintains an "Accumulate" rating for Ganfeng Lithium [2] Core Views - The decline in lithium prices has negatively impacted the company's profitability, with a shift from profit to loss in the first half of 2024, primarily due to falling lithium salt prices [2][4] - The company is making steady progress in expanding its production capacity in the lithium battery sector, which is expected to drive future growth [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 9.589 billion yuan, a year-on-year decrease of 47.16%, and a net profit attributable to shareholders of -760 million yuan, marking a shift from profit to loss [2][4] - The average price of battery-grade lithium carbonate in the first half of 2024 was 103,700 yuan per ton, a year-on-year decline of 68.44% [2] - The company's lithium battery business achieved a gross profit of 267 million yuan in the first half of 2024, down 66.33% year-on-year [2] Production Capacity and Expansion - The company has a lithium compound production capacity exceeding 200,000 tons per year, with plans to expand to over 600,000 tons by 2030 [4][5] - Ongoing projects include the Goulamina lithium spodumene project and the Cauchari-Olaroz salt lake project, which are expected to enhance the company's self-sufficiency in lithium raw materials [4][5] Market Outlook - The report anticipates continued pressure on lithium salt prices due to an oversupply in the market, with expectations of sustained price declines in the medium term [5] - The company's net profit forecasts for 2024-2026 are -770 million, 1.054 billion, and 1.938 billion yuan, respectively, reflecting adjustments based on expected price fluctuations [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the media industry [2] Core Viewpoints - The media sector has returned to historical valuation lows and fund holdings have also reached historical bottoms, indicating significant investment value [9][11] - Recent breakout events, such as the success of "Black Myth: Wukong," have rekindled investor interest in the media sector, leading to a rebound trend [9][13] - The AI industry is experiencing continuous upgrades, with domestic AI applications gaining traction and user numbers increasing significantly [13][14] Summary by Sections Industry Performance Review - From September 2 to September 6, 2024, the Shenwan Media sector experienced a decline of 0.74%, outperforming the CSI 300 by 1.97 percentage points and the ChiNext Index by 1.94 percentage points [7][8] Key Data Tracking - In the variety show segment, Mango TV had 5 exclusive shows in the Top 20, while Tencent Video had 7, and iQIYI had 3 [32] - In the drama segment, Tencent Video led with 9 exclusive dramas in the Top 20, followed by iQIYI with 4 and Youku with 3 [34] Investment Insights - The report highlights three main investment themes: 1. **Gaming Sector**: The success of "Black Myth: Wukong" is expected to drive single-player games as a new growth point, benefiting companies like Kayi Network and Yaoji Technology [16][18] 2. **Traditional Culture**: The success of "Black Myth: Wukong" is anticipated to inspire more high-quality games and cultural products based on traditional IPs [16][19] 3. **AI Applications**: Continuous breakthroughs in AI applications are expected to drive growth in the media sector, with recommendations for companies involved in multi-modal AI applications [17][19] Important Sub-Sector and Key Company Insights - The gaming sector saw a record number of game approvals in August 2024, with 117 games receiving licenses, indicating a robust pipeline for new releases [18] - The report recommends companies such as Shanghai Film and Light Media for their potential in the film and long-video sectors, as well as companies like Mango Super Media and Huace Film for their strong positions in the long-video market [20][21]

行 北 研 行业 周 周 究 | --- | --- | --- | --- | |-------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------| | ＃ inve 推 stSu 荐 ggestion ＃ | ＃ investSuggestionChan （维持） \nge ＃ | | | | ＃相关 rel 报 ate 告 dReport | ＃ | | | | | | | | | 《【兴证公用 前 7 月电力及热力行业利润总 额同比 +23 ...