＃title＃ 行 业 周 报 公司 评级 中国中免 增持 锦江酒店 增持 行动教育 增持 科锐国际 增持 爱美客 增持 珀莱雅 增持 贝泰妮 增持 锦波生物 增持 润本股份 增持 来源：兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ ＃板su块mm观ary点＃ ： 景区：出行景气度延续，行业利好政策频出，服务消费成为政策新的发力点，期 待 8 月数据提升带动需求继续向上。 教育：看好 K12、招录及管理培训。K12 方向行业政策面再迎利好，服务消费鼓 励支持教育和培训服务，供需结构较好且需求稳健，经营效率提升，部分公司门 店重启扩张，暑期旺季收款情况良好；24 年高校毕业生和高考报名人数均再创新 高，24 年国考报名及参考人数增长明显，招录就业培训需求旺盛，行业竞争格局 改善，部分公司凭借高质量和高品质的教学脱颖而出；管理培训业务景气度有所 走弱，但公司高分红；另外可关注 IT 培训相关的鸿蒙生态体系发展。 线下美护：线下美护行业需求端增速放缓，消费力减弱，医美机构现金流恶化； 上游产品端竞争格变差，传统品类如玻尿酸竞争格局恶化，部分再生材料、重组 胶原蛋白赛道热度仍然较高；头部医美机构 ...

行 业 研 究 行 业 周 报 | --- | --- | --- | --- | |----------------------------------------------------|--------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggestion investSuggestion 推荐 ＃ | ( ＃ investS 维持） \nuggesti onChan | ＃ | ＃ title ＃ \n三氯蔗糖厂商开启集体挺价，涤纶长丝需求渐起 （ 20240826-20240830 ） \ncreateTime1 ＃ 2024 年 09 月 03 日 | | 重点公司 | ge ＃ | | 投资要点 | | 重点公司 | 评级 | ＃ | summary ＃ | | 万华化学 ...

Investment Rating - The report maintains a "Hold" investment suggestion for the real estate industry [1]. Core Insights - The overall transaction area for new and second-hand homes in 12 tracked cities decreased by 2.0% week-on-week and 19.0% year-on-year, with a cumulative year-to-date decline of 19.0% [2]. - The report indicates that the sales decline for the top 100 real estate companies has narrowed, with a total sales amount of 238.21 billion yuan from January to August 2024, reflecting a year-on-year decrease of 36.5% [2]. - The report highlights ongoing policy adjustments in various cities to stimulate the housing market, including changes in housing loan policies and property management regulations [2]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in the tracked cities was 2.251 million square meters, with a year-to-date decline of 19.0% [2]. - The cumulative sales amount for the top 100 real estate companies from January to August 2024 was 238.21 billion yuan, down 36.5% year-on-year [2]. Policy Changes - Shanghai has adjusted the construction standards for small and medium-sized housing units, mandating that a minimum of 70% of the supply in certain areas must meet these standards [2]. - Nanjing has optimized its housing loan policies to facilitate better access for contributors to public housing funds [2]. - Other cities like Chongqing and Nanning have implemented measures to ease property transactions and broaden the scope of housing fund withdrawals [2]. Company Announcements - Major companies such as China Merchants Shekou and Vanke reported significant declines in revenue for the first half of 2024, with Vanke's revenue down 199.82% year-on-year [3][8]. - Huafa Group announced a privatization plan for its property service subsidiary, which has been approved by relevant stakeholders [3]. Transaction Data - The report provides detailed transaction data for new homes across various city tiers, indicating a mixed performance with some cities showing positive trends while others continue to decline [9][10][11]. - The overall transaction volume for new homes in 49 key cities showed a week-on-week increase of 12% but a year-on-year decrease of 37% [17].

Investment Rating - The report maintains an "Overweight" rating for the beer industry, highlighting strong performance in gross profit despite sales pressure in 2024 [2][4]. Core Insights - The beer industry is experiencing sales pressure due to weak consumer demand and adverse weather conditions, but there is strong performance in gross profit margins driven by cost benefits and product upgrades [4][5]. - The report anticipates a significant acceleration in profits in Q3 2024, with a positive outlook for 2025, supported by cost elasticity and ongoing product upgrades [4][5]. Summary by Sections 1. Sales Performance and Profitability - In H1 2024, the beer sector's revenue was CNY 40.423 billion, a slight decline of 1.34% year-on-year, while net profit increased by 11.78% to CNY 5.824 billion [4][11]. - Q1 and Q2 revenues were CNY 19.332 billion and CNY 21.091 billion, with year-on-year changes of 0.78% and -1.85%, respectively [4][11]. 2. Market Dynamics - Sales pressure is evident, with major brands like China Resources and Tsingtao facing declines, while regional leaders like Yanjing and Zhujiang show resilience and growth [4][14]. - The report notes a clear differentiation in performance among companies, with Yanjing and Zhujiang benefiting from strong regional sales and effective pricing strategies [4][14]. 3. Cost and Margin Analysis - Cost benefits are being realized, with stable packaging prices and a significant drop in barley costs compared to early 2023, contributing to improved gross margins [4][17]. - The gross profit margin for major companies has shown steady improvement, with Tsingtao's gross margin at 42.79% in Q2 2024, up 2.71 percentage points year-on-year [4][19]. 4. Company Highlights - Tsingtao Brewery's sales volume in H1 2024 was 4.63 million tons, down 7.82% year-on-year, but it maintained a strong gross profit margin [4][25]. - Yanjing Brewery reported a revenue increase of 4.63% in H1 2024, driven by strong performance from its U8 product line [4][26]. - Chongqing Brewery's revenue in Q2 2024 was CNY 4.446 billion, with a sales volume of 917,000 tons, reflecting a 1.53% year-on-year growth [4][28]. - Zhujiang Brewery continues to show strong performance with a revenue increase of 8.07% in Q2 2024, supported by its 97 Pure Draft product [4][29].

行 业 研 究 行 业 投 资 策 略 报 告 证券研究报告 ＃industryId＃ | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 周 报 相关报告 《【兴证通信】周观点：铜连接 进入订单释放期》2024-08-25 《【兴证通信】周观点：美股 AI 反弹下的光模块机会》2024-08- 20 《【兴证通信】周观点：中国移 动发布财报，运营商配置价值不 变》2024-08-11 | --- | |------------------------| | | | 分析师： 章林 | | zhanglin20@xyzq.com.cn | | S0190520070002 | | 代小笛 | | daixiaodi@xyzq.com.cn | | S0190521090001 | | 仇新宇 | | qiuxinyu@xyzq.com.cn | | S0190523070005 | | 朱锟旭 | | zhukunxu@xyzq.com.cn | | S0190524040001 许梓豪 | | xuzihao@xyzq.com.cn | | S0190524070002 | 研究助理： 王灵境 wanglingjing@xyzq.com.cn 风险提示：国际关系紧张；产品升级进度不及预期；市场竞争加剧。 请务必阅读正文之后的信息披露和重 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific recommendations for companies such as Baosteel, Hualing Steel, and Nanjing Steel [1][2][3]. Core Insights - The steel market is showing signs of stabilization after a period of decline, with expectations for demand to improve during the peak season. The apparent demand for rebar has increased to 2.1837 million tons, a week-on-week rise of 190,300 tons [2][3]. - The report highlights that the supply-demand structure for rebar is improving, while the hot-rolled steel market still requires monitoring due to potential inventory pressures [2][3]. - Iron ore inventory at ports has reached historical highs, and the average daily iron water output has decreased to 2.2089 million tons, down by 35,700 tons week-on-week, indicating a weak demand environment [2][3]. Summary by Sections 1. Market Performance Review - The steel sector has seen a 0.7% increase, outperforming the Shanghai Composite Index by 1.13 percentage points [6]. 2. Fundamental Tracking 2.1 National Steel Price Recovery - National steel prices have shown an overall recovery, with rebar prices in major cities like Beijing and Shanghai increasing by 68 and 92 yuan per ton respectively [10]. 2.2 Decrease in Blast Furnace Operating Rates - The operating rate of blast furnaces has decreased to 76.41%, a week-on-week decline of 1.06 percentage points, indicating reduced production capacity [27][32]. 2.3 Demand Recovery in Construction Steel - The average transaction volume of construction steel nationwide is 121,000 tons, with a slight week-on-week decrease of 140 tons, but the apparent consumption of rebar has increased [36]. 3. Industry Dynamics 3.1 Key Industry News - The report notes that Shanghai has optimized the supply structure for new residential land, which may positively impact steel demand [34]. 3.2 Major Company Announcements - Companies like Xining Special Steel and Shandong Steel reported varying financial performances, with Xining Special Steel achieving a revenue of 2.697 billion yuan, a year-on-year increase of 3.75% [37][39].

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 银行 业绩平稳，中期分红方案落地 ——银行业周报（2024.08.26-2024.08.30） 2024＃年createTime1 9 月 2 日＃ 投资要点 ⚫ 本周（8.19-8.23）中信银行指数整体下跌 5.86%，跑输沪深 300 指数＃summary 5.69 个＃ 百分点，表现居前为：青岛银行（+0.92%）、郑州银行(-0.57%)、江阴银行 (-1.07%)。 ⚫ 上市银行均已披露 2024 年半年报，2024H1 上市银行营收和归母净利润分别 同比-2.0%、 +0.4%，主要受规模增速下行，息差降幅收窄、投资收益高增 以及信用成本下行影响。 ✓ 规模：扩张增速放缓，2024H1 上市银行总资产同比+7.2%、贷款同比 +9.0%。国有大行发挥头雁作用，城农商行受益于区域信贷需求相对旺盛， 整体贷款增速较快，股份行贷款增长相对乏力。从贷款结构来看，对公贷款 贡献超 9 成，其中制造业、基建、租赁商业合计贡献近 60%，房地产小幅贡 献 5%；零售增速维持低位，按揭和信用卡余额持续下降，消费类信贷需求 疲弱，经营贷增长形 ...

＃title＃ 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 中报落地市场担忧解除，破圈催化带动传媒重拾关注度 行 业 周 报 重点公司 重点公司 评级 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 相关报告 ＃relatedReport＃ 《【兴证传媒】每周一报 20240825： 《黑神话：悟空》销量超 1000 万份， 传媒有望重拾资金关注度》 《【兴证传媒】每周一报 20240818： 《黑神话：悟空》获 IGN 中国 10 分评 价，国产游戏迎来新里程碑时刻》 《【兴证传媒】每周一报 2 ...

Investment Rating - The report maintains the investment rating for the power and gas sectors, indicating a stable outlook for these industries [2]. Core Insights - The total profit of the electricity and heat industry increased by 23% year-on-year in the first seven months of 2024, with the electricity and heat production and supply sector achieving a profit growth of 23.2% [44]. - The report highlights the performance of various segments within the power sector, including thermal, hydro, and nuclear power, as well as the gas sector, recommending specific companies for investment based on their performance and market conditions [2][44]. Summary by Sections 1. Power Sector Data Tracking - Thermal power: The domestic coal spot price decreased by 0.6% week-on-week, with Qinhuangdao port coal inventory down by 10.3% [8]. - Hydro power: As of August 30, 2024, the inflow and outflow of the Three Gorges Reservoir decreased by 35.11% and 27.44% year-on-year, respectively [17]. - Green energy: In the first seven months of 2024, new wind and solar installations reached 29.91 GW and 125.53 GW, respectively [25]. - Total electricity consumption: The total electricity consumption for the first seven months of 2024 was 55,971 billion kWh, reflecting a year-on-year increase of 7.7% [36]. 2. Natural Gas Key Data Tracking - Domestic gas prices increased by 3.29%, while imported gas prices rose by 0.95% as of August 30, 2024 [40]. - The average LNG ex-factory price in Shanghai was 5,112 RMB/ton, marking a 3.29% increase from August 23 [40]. 3. Industry News - The report notes that the total profit of large-scale industrial enterprises in the first seven months of 2024 was 40,991.7 billion RMB, with a year-on-year growth of 3.6% [44]. - The report also mentions the issuance of green certificates, with 1.82 million green certificates issued in July 2024, and a total of 8.89 billion green certificates issued by the end of July 2024 [44]. 4. Company Announcements - Zhejiang Energy Power reported a net profit of 3.927 billion RMB for the first half of 2024, while Changjiang Power reported a net profit of 11.362 billion RMB [4]. 5. Investment Recommendations - For the power sector, the report recommends focusing on thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng, as well as hydro and nuclear power companies like China Nuclear Power and China General Nuclear Power [2]. - In the gas sector, the report suggests investing in companies like Xin'ao and Jiufeng Energy [2].