＃assAuthor＃ 行 业 研 究 行 业 周 报 the subject of the subject of the subject of the successful 来源：兴业证券经济与金融研究院 证券研究报告 ＃相关报告 relatedReport＃ jiyuze@xyzq.com.cn S0190522080004 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | |----------|-------| | | | | 重点公司 | | | 重点公司 | 评级 | | 海大集团 | 买入 | | 温氏股份 | 增持 | | 牧原股份 | 增持 | | 普莱柯 | 增持 | | 金龙鱼 | 增持 | 《【兴证农业】周报：猪价维持 震荡，鸡苗价格坚挺》 《【兴证农业】周报：猪价上涨 预期持续兑现，价格向上突破》 《【兴证农业】周报：猪价连续 调涨，毛鸡价格回落》 ...

＃title＃ 行 业 周 报 行 业 研 究 重点公司 资料来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证建材】周观点：地产政 策持续改善，继续关注建材底部 机会》2024-01-21 《【兴证建材】周观点：政策推 动地产资金改善，行业有望逐渐 走出底部》2024-01-14 《【兴证建材】周观点：地产政 策再度加码，布局建材底部机 会》2024-01-07 ＃ emailAuthor＃ | --- | --- | |----------|-------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 森鹰窗业 | 增持 | | 伟星新材 | 增持 | | 科顺股份 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | 证券研究报告 ＃industryId＃ 建筑材料 | --- | --- | --- | --- | --- | |-------|----------------|-------|------------------------|-------| ...

行 ＃title＃ S0190522050001 S0190524070011 赵远喆 zhaoyuanji@xyzq.com.cn 证券研究报告 ＃industryId＃ 有色金属 旺季需求预期好转，锂价底部反弹 维持 ） ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ ＃createTime1＃ 2024 年 09 月 01 日 重点公司 投资要点 ＃summary＃ 核心观点：本周碳酸锂期货呈现底部反弹，这一方面是由于前期锂价持续下跌， 最新现货报价跌破众多矿山生产成本支撑价位；另一方面则是 9 月旺季将至，碳 酸锂下游排产环比上行，在价格已经大幅回落之际，需求阶段性好转带来锂价底 部反弹。虽然当前价格已经击破了众多锂盐企业成本支撑线，但基于信贷压力、 政府监管、重启成本等因素考量，矿端实质性减产数量较少。从中期维度看，锂 价要彻底扭转颓势，仍需更为明确的产能出清信号。但即便当前价格下行周期尚 未完全结束，其跌幅最大阶段已经过去，同时板块个股从高位已明显回落，最新 PB 估值基本处于历史底部，股票处于左侧观察窗口周期，重点个股如中矿资源、 永兴材料 ...

行 业 研 究 证券研究报告 ＃industryId＃ 煤炭开采 行 业 周 报 | --- | --- | --- | |------------------------------------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggestion 推荐 ＃ | （ ＃ investS uggesti 维持 ） | ＃ title ＃ 煤炭行业周报（ 08.25-08.31 ）—— 动煤价格小幅回升，焦煤开启补库行情 ＃ createTime1 ＃ 2024 年 09 月 01 日 | | | onChan ...

研 ＃title＃ 究 证券研究报告 ＃industryId＃ 环保 S0190523070002 王禹萱 本期（8.26-8.30）板块行情：上证综指下跌 0.43%，深证成指上涨 2.04%，创业板 指上涨 2.17%。A 股环保板块指数上涨 0.26%，子板块固体废物处理及资源化利用、 大气治理、环卫、水务及水处理、环境监测及其他环保装备、综合环境治理的涨 跌幅分别为+1.27%，+4.54%，-1.25%，-2.90%，+4.34%，+4.90H 股环保板块指数 上涨 2.01%。截至 2024 年 8 月 30 日收盘，A 股环保板块 PE（TTM）估值 16 倍。 wangyuxuan@xyzq.com.cn 史一粟 行业要闻：江西省发布《推动废旧产品设备回收循环利用实施方案》，《方案》 明确，到 2027 年，废旧产品设备回收网络更加完善，二手商品流通秩序和交易行 为更加规范，再生资源加工利用行业集聚化、规模化、规范化、信息化水平稳步 提升。报废汽车回收量较 2023 年增加 1 倍，废旧家电回收量较 2023 年增长 30%。 废钢铁等主要再生资源循环利用量进一步加大。 shiyisu@xyz ...

＃title＃ ＃summary＃ 行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 输变电第四批招标落地，电网设备景气度持续提升 维持 ） ＃createTime1＃ 2024 年 09 月 1 日 行 业 周 报 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------|--------------------------------------------------------------------------- ...

＃title＃ 行 业 研 究 行 业 周 报 jiangjialin@xyzq.com.cn S0190515050002 sunqian@xyzq.com.cn S0190518110001 chenxin21@xyzq.com.cn S0190522030001 杨本鸿 yangbenhong@xyzq.com.cn S0190522080001 张旭光 zhangxuguang@xyzq.com.cn S0190523090002 杨海盟 yanghaimeng@xyzq.com.cn S0190523070001 ＃相关报告 relatedReport＃ 【兴证计算机】信创：政策持续 加码，景气提升可期（8.18-8.24） 【兴证计算机】"千帆"竞发，卫 星互联网发展提速（8.11-8.17） 【兴证计算机】信息安全：网络 身份认证带来新机遇（8.3-8.10） ＃assAuthor＃ 孙乾 陈鑫 桂杨 guiyang@xyzq.com.cn S0190524040005 ＃分析师： emailAuthor＃ 蒋佳霖 证券研究报告 ＃industryId＃ 计算机 ＃investSuggestio ...

Industry Investment Rating - The report maintains a **"Buy"** rating for the defense and military industry, specifically focusing on the domestic commercial aircraft sector, with a positive outlook on the growth driven by the C919's mass delivery and potential for domestic substitution in core systems [1] Core Views - **C919's Mass Delivery Phase**: The C919 has entered the mass delivery phase, with confirmed orders exceeding 800 units and over 700 units in tentative orders By June 2024, the C919 fleet of China Eastern Airlines is expected to reach 10 aircraft, marking the full-scale commercial procurement, delivery, and operation of the C919 [1] - **Competitive Advantages of C919**: The C919 offers several competitive advantages, including a lower catalog price of $0 99 billion per unit (approximately ¥7 13 billion at an exchange rate of 7 2:1), a wide-view cockpit design, and the use of advanced materials such as third-generation aluminum-lithium alloys and composites, which account for 26 2% of the aircraft's structural weight [1] - **International Supply Chain System**: The domestic commercial aircraft industry adopts an international supply chain system, with state-owned enterprises leading the development and private enterprises collaborating to cultivate a local supply chain system This includes strategic partnerships with international suppliers and the establishment of joint ventures for localized production [1] - **High Demand for Core Components**: The report highlights the high demand and significant value contribution of core components such as the airframe structure and onboard systems, which account for 30%-35% and 25%-30% of the total value of a civil aircraft, respectively [1] Summary by Relevant Sections Domestic Commercial Aircraft Development - **ARJ21 and C919 Certification**: Both ARJ21 and C919 have completed all airworthiness certification processes, with ARJ21 having delivered over 120 units and C919 entering mass delivery phase [1][6] - **Order Backlog**: As of June 2024, ARJ21 has secured at least 775 orders (610 confirmed, 165 tentative), while C919 has over 1500 orders (800 confirmed, 700 tentative) [1][11] - **Market Competition**: C919 competes directly with Boeing's B737 MAX 8 and Airbus's A320neo, with a lower catalog price and advanced design features such as a wide-view cockpit and improved aerodynamics [1][14][18] Supply Chain and Localization - **International Collaboration**: The supply chain strategy involves international collaboration, with domestic suppliers focusing on metal structures and foreign suppliers providing high-tech components like transparent windshields and complex bearings [1][26] - **Localization Efforts**: Domestic suppliers are continuously working to localize high-tech components, with the goal of reducing reliance on foreign suppliers in the long term [1][26] Core Components and Market Potential - **Airframe Structure**: The airframe structure, which accounts for 30%-35% of the aircraft's value, is primarily supplied by domestic companies such as AVIC XAC, which is responsible for 50% of the airframe structure's workload [1][38] - **Onboard Systems**: The onboard systems, including avionics and electromechanical systems, account for 25%-30% of the aircraft's value Domestic companies like AVIC Systems are expected to benefit significantly from the C919's production, with projected revenue increases of ¥12 53 billion by 2025 and ¥76 54 billion by 2030 [1][56][58] Future Market Demand - **Global Market Projections**: Boeing projects that 32,630 single-aisle aircraft will be delivered globally from 2023 to 2042, with China accounting for 20% of this demand The C919 is expected to capture a significant share of this market, with a projected demand of 2,588-6,477 units over the next 20 years [1][33]

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Bank [1][6]. Core Insights - The bank's revenue accelerated with a year-on-year increase of 5.36% in the first half of 2024, while net profit attributable to shareholders grew by 20.06% [3][4]. - The bank's total assets and loans increased by 13.8% and 16.7% year-on-year, respectively, indicating strong growth in scale and loan expansion [4][6]. - The net interest margin for the first half of 2024 was 1.42%, a decrease of 8 basis points from the end of the previous year [2][4]. - The non-performing loan ratio remained stable at 0.76%, reflecting strong asset quality [5][6]. - The bank's EPS forecasts for 2024 and 2025 have been slightly adjusted to 2.91 CNY and 3.35 CNY, respectively, with an estimated PB of 0.73 times by the end of 2024 [6][9]. Summary by Sections Revenue and Profitability - Revenue for the first half of 2024 was 19.34 billion CNY, up 5.36% year-on-year, with a net profit of 9.996 billion CNY, up 20.06% [3][4]. - Net interest income increased by 0.5% year-on-year, while non-interest income saw a significant rise of 28.3% due to gains from trading financial assets [4][6]. Loan and Asset Growth - Total assets grew by 13.8% year-on-year, with loans expanding by 16.7% [4][6]. - New loans in Q1 and Q2 were 63.7 billion CNY and 30.6 billion CNY, respectively, with corporate loans contributing 82% of the increase [4][6]. Asset Quality - The non-performing loan ratio remained at 0.76%, with a provision coverage ratio of 545% [5][6]. - The bank's asset quality is considered to be in the top tier, despite slight increases in overdue rates [5][6]. Capital and Earnings Forecast - Core Tier 1, Tier 1, and total capital adequacy ratios were 8.63%, 10.92%, and 12.87%, respectively [6]. - The report projects a net asset value per share of 18.18 CNY by the end of 2024 [6][9].

Investment Rating - The investment rating for the company is "Accumulate" [1][25]. Core Views - The company reported significant profit growth, with a 20.57% year-on-year increase in revenue to 482 million yuan and an 84.09% increase in net profit attributable to shareholders to 80 million yuan in the first half of 2024 [3][5][6]. - The company continues to enhance its research and development efforts, with R&D expenses increasing by 65.98% year-on-year, reflecting a commitment to innovation in core products [3][12]. - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, which includes granting 3.6 million restricted shares [19][22]. Financial Performance - For the first half of 2024, the company achieved a revenue of 482 million yuan, a 20.57% increase year-on-year, and a net profit of 80 million yuan, up 84.09% year-on-year [3][5]. - The gross profit margin for the first half of 2024 was 36.16%, an increase of 2.06 percentage points year-on-year [11][12]. - The company expects net profits for 2024, 2025, and 2026 to be 181 million, 222 million, and 289 million yuan respectively, with corresponding EPS of 1.03, 1.26, and 1.64 yuan per share [25]. Business Segmentation - The military products segment generated 460 million yuan in revenue in the first half of 2024, a 26.15% increase year-on-year, accounting for 95.42% of total revenue [9][11]. - The civilian products segment saw a decline in revenue to 19 million yuan, down 36.84% year-on-year, representing 3.98% of total revenue [9][11]. - The company’s subsidiary, Pioneer Company, reported a revenue of 119 million yuan, a 20.07% increase year-on-year, while another subsidiary, Jiujiang Guoke, experienced a revenue decline of 28.90% [16][18]. Research and Development - The company has increased its R&D personnel to 192, a 20% increase year-on-year, with R&D expenses accounting for 8.84% of total revenue [12][13]. - The company aims to maintain a research and development intensity of no less than 7% from 2025 to 2027 as part of its incentive plan [22][24]. Incentive Mechanism - The company announced a stock incentive plan on July 3, 2024, targeting 200 employees, which represents 23.26% of the total workforce [19][22]. - The plan includes performance targets for net asset return rates and net profit growth, ensuring alignment with long-term company goals [22][24].