＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 建筑材料 建材 2024 中报总结：谷底静盘桓，蓄势待飞扬 ——推荐零售主导与提价品种 （维持） 投资要点 ＃ sum行ma业ry＃总览：地产下行压制建材需求，密集新政有望提振市场信心。分领域来 看，受地产下行趋势影响，2024 年上半年各大板块营收及利润阶段性承压， 仅玻璃板块收入微增，其余各板块收入均同比下滑，消费建材板块下降幅度 相对较小，玻纤、水泥板块同比下降幅度较大。需求方面，地产需求萎缩， 基建投资稳健增长。二手房市场则在"以价换量"等政策优化的带动下，维 持着较高的活跃度，有效对冲新房销售下行。成本方面，原燃料价格持续回 落，建材企业成本优化。 水泥：行业持续亏损，淡季提价亮眼。2024 年上半年全国水泥市场平均成交 价为 367 元/吨，同比回落 54 元/吨，跌幅为 13%，产量 8.5 亿吨，同比下降 10%，2024 年上半年水泥样本企业合计营收 1937.35 亿元，同比-18.74%；归 母净利润 1.3 亿元，同比-98.63%，收入和利润降幅较 2023 年同期扩大。上 半年全行业呈现亏损局面，大部分水泥企业 ...

＃ 除 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 ＃非银industryId＃ | --- | --- | |---------------------|-------| | 重点公司 \n重点公司 | 评级 | | 南华期货 | 增持 | | 中国太保 | 买入 | | 中国平安 | 增持 | | 新华保险 | 增持 | | 中国人寿 | 增持 | | 江苏金租 | 增持 | | 东方财富 | 增持 | | 中信证券 | 增持 | | 瑞达期货 | 增持 | | | | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《 兴 证 非 银 周 报 （ 240819- 240823）：券商整合再下一城，关 注并购主线投资》2024-08-25 《 兴 证 非 银 周 报 （ 240812- 240816）：险企保费延续正增，科 创板新股配售迎新规》2024-08-18 ＃分析师： emailAuthor＃ 孙寅 S0190521060002 S0190524070004 开妍 推荐 investSuggestionChange （维持）＃ ） 保险行业： 本 ...

行 业 研 证券研究报告 ＃国防军工 industryId＃ 究 行 业 跟 踪 请务必阅读正文之后的信息披露和重要声明 | --- | --- | --- | --- | |-------------------------------------|----------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( 公 司 点 评 报 告 | --- | --- | |---------------------------------|--------------------------------------| | | | | 日期 | 2024-09-02 | | 收盘价（元） | 50.81 | | 总股本（百万股） | 1340.82 | | | | | 流通股本（百万股） | 1340.82 | | 净资产（百万元） | 14649.05 | | 总资产（百万元） | 18922.26 | | 每股净资产（元） 来源： iFinD | 10.93 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃ invest Sugge stionC hange ＃ 维持 ） ＃dyC ...

Investment Rating - The report maintains a "Buy" rating for key companies including Beijing-Shanghai High-Speed Railway, Guangzhou-Shenzhen Railway, Ninghu Expressway, Anhui Expressway, and Spring Airlines [1][2][3]. Core Insights - The express delivery industry is experiencing better-than-expected mid-year performance, with policies being developed to support price increases in the sector [2][3]. - The report highlights significant changes in international air routes and the prohibition of route subsidies, which may impact consumer travel [6][9]. - The overall performance of major express companies shows a positive trend, with revenue and profit growth across the board [7][8]. Summary by Sections Weekly Focus (8.25-8.31) - The report discusses the prohibition of route subsidies and major changes in international routes, emphasizing the importance of hub airport development [6]. - It notes the merger of Eastern Airlines with its subsidiary, aiming to optimize management and improve operational efficiency [6]. Industry Data Tracking (8.25-8.31) - Domestic flight volume reached 99,495 flights, with a daily average of 14,214 flights, reflecting a 2.13% decrease from the previous week [9]. - Domestic passenger volume was 14.54 million, down 2.31% from the previous week, but still 121.70% of the same period in 2019 [9][10]. - The average ticket price decreased by 4.74% compared to the previous week, indicating a trend towards lower fares [9]. Express Delivery Performance - YTO Express reported a revenue of 32.565 billion yuan, a year-on-year increase of 20.61%, with a net profit of 1.988 billion yuan, up 6.84% [7]. - Yunda Express achieved a revenue of 23.252 billion yuan, a 7.78% increase, and a net profit of 1.041 billion yuan, up 19.80% [8]. - SF Express reported a revenue of 134.41 billion yuan, an 8.08% increase, with a net profit of 4.807 billion yuan, up 15.10% [8]. Weekly Recommendations - The report suggests focusing on companies like YTO Express, Yunda Express, and SF Express due to their strong performance and market positioning [1][2][3].

Investment Rating - The report maintains a positive investment rating for the home appliance sector, recommending "Overweight" for key companies such as Midea Group, Haier Smart Home, and Stone Technology [1][2]. Core Insights - The home appliance industry shows solid performance with a year-on-year revenue growth of 4.6% in Q2 2024, driven by strong export demand and supportive policies like the trade-in program [1][2]. - The white goods segment is highlighted as the most resilient, with a revenue increase of 4.8% in Q2 2024, while other segments like kitchen appliances and black goods face challenges [1][2]. - The report emphasizes the importance of structural optimization and cost reduction in improving profitability across various segments [1][2]. Summary by Sections 1. Home Appliance Industry Overview - Q2 2024 revenue growth of 4.6% year-on-year, with notable performance in white goods (+4.8%) and components (+10.3%) [7][9]. - Profitability improved with a net profit growth of 9.6% year-on-year, driven mainly by white goods and lighting segments [9][12]. 2. White Goods - Revenue for major players: Midea Group (+10.4%), Haier Smart Home (+0.1%), and Hisense Home Appliances (+7.0%) in Q2 2024 [16][17]. - Profit margins improved, with net profit margins for Midea Group at 10.6% and Haier at 8.5% [18]. 3. Kitchen Appliances - Revenue decline of 9.3% year-on-year in Q2 2024, with companies like Boss Electric and Zhejiang Midea facing significant challenges [1][2]. - Profitability under pressure, with net profit margins declining for several key players [1][2]. 4. Small Appliances - Revenue growth of 5.5% year-on-year in Q2 2024, with strong performance from companies like Supor and Xinbao [1][2]. - Profitability remains stable, with some companies like Stone Technology showing improvement [1][2]. 5. Black Goods - Revenue growth of 2.3% year-on-year in Q2 2024, with Hisense maintaining a focus on high-end products [1][2]. - Profitability under pressure due to cost fluctuations, but potential for recovery in the second half of 2024 [1][2]. 6. Lighting and Electrical - Revenue growth slowed to 2.0% year-on-year in Q2 2024, but profitability improved due to structural optimization [1][2]. 7. Components - Continued strong performance with a revenue increase of 10.3% year-on-year in Q2 2024, indicating robust demand [1][2].

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and 信达生物, and an "Accumulate" rating for 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [1][20]. Core Insights - The pharmaceutical sector is expected to continue its steady growth, with a positive performance outlook for the second half of 2024, driven by innovative drugs and internationalization [2][3]. - The report highlights that the pharmaceutical industry has experienced a 0.39% year-on-year increase in revenue for the first half of 2024, while net profit attributable to shareholders decreased by 0.01% [3][9]. - The report emphasizes the importance of innovation as a key trend in the industry, with companies that have blockbuster products likely to thrive [3][14]. Summary by Sections 1. September 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report reviews the performance of the pharmaceutical sector in August 2024, noting a decline in the CSI 300 index by 3.51% and a 3.27% drop in the CITIC Pharmaceutical Index, which outperformed the broader market [7][23]. - The investment strategy for September 2024 focuses on high-growth areas, including innovative drugs and medical devices, while considering performance catalysts and industry trends [9][15]. 2. Pharmaceutical and Biological Sector Performance in August 2024 - The pharmaceutical sector's valuation as of August 30, 2024, stands at 23.12 times TTM, with a premium of 112.81% over the CSI 300 index [25]. - The report indicates that 175 stocks in the pharmaceutical sector rose in August, with notable performers including *ST 景峰 and 乐心医疗 [29][30]. 3. Recommended Companies and Rationale - Recommended companies include: - 恒瑞医药: Transitioning through innovation, with multiple new drugs gaining traction [20]. - 信达生物: Entering a rapid growth phase with significant product launches expected [20]. - 百济神州: Experiencing strong performance from its flagship product, 泽布替尼 [20]. - 翰森制药: A comprehensive pharmaceutical company with expanding international opportunities [20]. - 爱博医疗: Growth driven by innovative product launches [20]. - 恩华药业: Steady growth in the anesthetic sector [20]. - 鱼跃医疗: Leading in home medical devices with stable growth [20].

行 业 研 究 证券研究报告 ＃industryId＃ 汽车 ＃相关rel报ate告dReport＃ ＃title＃ 行业整体量利双升，乘用车及客车表现亮眼 ——汽车板块 2024 中报总结 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 9 月 5 日 行 业 投 | --- | --- | --- | |-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the defense and military industry, specifically focusing on loitering munitions [1] Core Views - Loitering munitions, also known as "suicide drones" or "kamikaze drones," are a fusion of UAV technology, precision-guided munitions, and cruise missile technology, capable of performing reconnaissance, target designation, precision strikes, and damage assessment [2] - Loitering munitions offer cost advantages and high flexibility compared to larger UAVs and cruise missiles, making them suitable for rapid deployment and penetration in various military operations [2] - The development of loitering munitions is trending towards universalization, long endurance, precision, and stealth, with a focus on integrating reconnaissance, surveillance, and strike capabilities [2][62] - Recent geopolitical conflicts have highlighted the effectiveness of loitering munitions, with significant usage by the US, Azerbaijan, and Ukraine, demonstrating their impact on modern warfare [2][66][67] Summary by Sections 1. Loitering Munitions Overview - Loitering munitions are categorized into reconnaissance and attack types, with attack types further divided into main combat and suppression types, each serving different tactical purposes [7][8] - The structure of loitering munitions includes a warhead, guidance system, propulsion system, control system, and stabilization system, allowing for versatile deployment and operation [9][10][11][12][13][14][15][16][17] - Compared to larger UAVs and cruise missiles, loitering munitions are more cost-effective and flexible, with lower operational costs and the ability to be deployed from multiple platforms [18][19][20][21] 2. International Development of Loitering Munitions - The US leads in loitering munition technology, with a well-established product line including the LOCAAS, LAM, Switchblade, Quicklook, and Phoenix Ghost [23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] - Other countries, such as the UK, Israel, Russia, Poland, and Iran, have also developed their own loitering munitions, each with unique capabilities and operational ranges [44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61] 3. Trends in Loitering Munition Development - Future loitering munitions are expected to become more universal, with longer endurance, higher precision, and stealth capabilities, driven by advancements in propulsion, guidance, and data link technologies [62][63][64][65] 4. Geopolitical Impact and Demand - Recent conflicts, such as those in Afghanistan, Nagorno-Karabakh, and Ukraine, have demonstrated the strategic value of loitering munitions, leading to increased procurement by the US military and other nations [66][67][68][69][70][71][72][73]

行 ＃title＃ 行 बार 周 周 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 重点公司 福耀玻璃 买入 科博达 增持 yupengliang@xyzq.com.cn Liusiyi23@xyzq.com.cn 风险提示：汽车销量不及预期；原材料价格波动；行业价格战加剧 dongxiaobin@xyzq.com.cn S0190520080001 wangkaili@xyzq.com.cn S0190522070001 S0190524030006 liuxinyao@xyzq.com.cn S0190524070005 刘思仪 《【兴证汽车】周动态：阿维塔入 股华为引望，腾势 Z9/Z9GT 开始预 售》2024-8-25 《【兴证汽车】周动态：三部门联 合发文促进电动汽车基建加速，享 界 S9 正式发布》2024-8-12 《【兴证汽车】周动态:广州拟立法 支持自动驾驶出租车和公交车，比 亚迪与 Uber 合作》2024-8-4 ＃emailAuthor＃ 分析师： 董晓彬 证券研究报告 ＃industryId＃ 汽车 周动态：小鹏 Mona ...